The Nordic Council of Ministers’ (NCM) first Arctic Co-operation Programme was formulated in 1996. The 2003–05 Programme was the third in a series of three-year programmes and has financed a great many activities in both Nordic and Russian parts of the Arctic. Significant work on the Arctic is also conducted under other NCM sectors, working groups, institutions and programmes. This report describes thegeographic and thematic objectives defined for the NCM’s co-operation, gives tabular and graphical overviews of the project portfolio, and evaluates project implementation and results within each of six priority areas: welfare, children and young adults, commerce and industry, resource management, environmental and energy issues, and culture, education and research. The report then examines the ncm structures for selecting and evaluating project proposals and disseminating results and offers a series of specific recommendations for further improving the NCM’s Arctic co-operation.