Adopted by TONO's annual meeting on June 9, 2026

The investment strategy, as set out in this document, shall apply until the annual meeting has adopted a new and amended strategy. The investment strategy shall be considered by TONO's annual meeting each year.  

 The document has been adopted by the annual meeting as the organization's investment principles pursuant to Section 12, fourth paragraph, letter c, of the Collective Management Act. The principles set out overall frameworks and risk management, while specific investment decisions are made by the board within these frameworks.  

1. Purpose and objectives 

The main objective of TONO's investment principles is to manage the funds in the best possible way pending their settlement and payment to the licensees. Despite frequent settlements and an increasing number of payments on account, TONO has a large and long-term capital base. In the period leading up to payment, the capital shall be managed in a safe and responsible manner that preserves purchasing power and facilitates moderate value growth within a low risk environment. 

 Two financial portfolios 

Financial management is built around two financial portfolios: 

• A short-term financial portfolio that will ensure that TONO has sufficient funds with low risk and high liquidity to cover ongoing payments and act as a liquidity buffer.
   

• A long-term financial portfolio with higher expected returns and risk with the goal of preserving and increasing real value over time. The long-term portfolio should also have high liquidity. 

 The goal of management will be to achieve the highest possible return, given the risk limits set for the portfolios.  

Real estate assets are excluded from the guidelines in this document. 

2. Management principles 

The management is based on the following principles: 

 MANAGEMENT PRINCIPLES 

• Broad diversification through Norwegian, Nordic and global funds.
• Individual stocks and bonds are not used.
• Mutual funds with daily liquidity.
• Ongoing follow-up to ensure that the strategy is adhered to.
• All fixed income investments are hedged to Norwegian kroner.
• Equity investments can be currency hedged if necessary.

3. Investment principles 

3.1 Investment objectives 

The goal of management will be to achieve the highest possible return, given the risk limits set for each of the portfolios. 

 3.2 Asset allocation and investment regulations 

The capital shall be allocated so that TONO can meet short-term liquidity needs, while the long-term capital seeks somewhat higher risk in order to preserve and increase real value over time. The proportion of the total capital allocated between the short-term and long-term portfolio must therefore be continuously assessed. 

The capital should be diversified across different asset classes, funds and geography. 

Investments can be made in the following assets: Equity funds, fixed income funds, combined funds, liquidity funds, bank deposits and property.
 

Short-term portfolio 

Long-term portfolio 

More details about the composition of the long-term portfolio 

Equity funds should be diversified across regions and sectors. Active and passive funds can be used. Equity investments can be hedged if necessary. 

The fixed income funds shall consist mainly of securities with high creditworthiness (investment grade). Fixed income funds that invest in securities with higher credit risk (high yield) may be used, but they shall not be the dominant part of the fixed income portfolio. Liquidity funds may be used in the long-term portfolio. 

The fixed income portfolio should have an average duration (maturity) of between 0 and 5 years. All foreign fixed income investments are hedged to Norwegian kroner. 

4. Ethics and sustainability 

TONO will strive to follow ethical guidelines where we have the opportunity to do so. This means that we only choose placements that are transparent, so that we have the opportunity to verify our requirements to a certain extent. 

In society, great importance is placed on the sustainability of all activities. The field of sustainable management is also constantly developing. TONO will emphasize this in the selection of investment objects, and we will also request quality-assured data related to sustainability considerations.
 

5. Management and control 

The investment principles are adopted by the annual meeting. The board follows up and evaluates the strategy, while daily management is responsible for implementation and reporting. 

Adopted by TONO's annual meeting on June 9, 2026.