The report, commissioned by the Ministry of Finance, has been prepared by Investment Property Databank (“IPD”) to provide quality assurance of Norges Bank’s return calculation and to provide a return objective (benchmark) with corresponding benchmarking analysis of the Government Pension Fund Global (“GPFG”) real estate portfolio. In the report IPD verifies Norges Bank’s calculations of total return for the real estate portfolio at -0. 79% and -4. 37% measured in NOK, and the GPFG’s currency basket respectively. This Net Asset Value (NAV) return is based upon fund subsidiaries and structures used for holding real estate assets, taking into account the effects of leverage, other assets and liabilities, fees, and any other financial structuring.