COUNCIL ON ETHICS

For the Norwegian Government Pension Fund Global

Tahoe Resources Inc.

On 8 April 2014, the Council on Ethics recommended the exclusion of Tahoe Resources Inc. (Tahoe Resources) because of an unacceptabel risk that the company, through its operations in Guatamala, contributes to serious human rights violations.

On 1 January 2015 new Guidelines for Observation and exclusion from the Government Pension Fund Global came into force. The new Guidelines apply to companies in the Fund’s portfolio.

As of 1 January 2015 Tahoe Resources was not included in the Fund’s portfolio. As set out in paragraph 12 litra b) of the new Guidelines, all recommendations from the Council on Ethics which the Ministry of Finance had received, but not finally processed by 1 January 2015, should be taken note of by the Ministry and made public. The recommendation is thus published on the Council on Ethics’ website.

Please find the recommendation here.