Arctic Norwegian Equities Monthly Report October 2020

FUND COMMENTS Arctic Norwegian Equities gave -4.09% return in October (I-class) versus -5,07% for the OSEFX benchmark index. Year to date the fund has returned -12,32% compared to -11,13% for the OSEFX. Since inception the fund has re- turned 126% versus 98% for the benchmark index. The Oslo Stock Exchange corrected down in October. World eq- uity markets fell, partly due to a new wave of the coronavirus. In October positive attribution for the Fund versus the benchmark index included overweights in Kahoot! and un- derweights in Equinor and Lerøy Seafood. The fund has a position in Kahoot. Kahoot this month got an investment from Japanese SoftBank. The share responded positively. Kahoot also announced numbers for the third quarter which showed 21 percent growth in invoiced revenues from the 2nd quarter. The company originally guided for no sequential growth between Q2 and Q3. Equinor is the fund’s largest underweight position. Equinor announced re- sults for the third quarter which were below analyst consensus. In addition, the company cut its oil price assump- tions, which affects its leverage ratio. The company however increased its quarterly dividend, from $0.09 to $0.11. The company’s CFO Lars Christian Bacher decided to leave Equinor in October. Oil prices continued to decline; Brent ended the month at 37.7 dollars per barrel. The fund holds no shares in Lerøy Seafood, the share fell. Sea- food shares declined in October, on lasting demand impact from Covid-19 on hotels and restaurants in Europe. In October negative attribution for the Fund versus the benchmark index included overweights in Crayon Group, Grieg Seafood and NRC. Crayon announced results for the third quarter. The company grew its gross profit by 26 percent from the comparable quarter last year. This was slightly above analyst consensus, but growth was also helped by a weaker Norwegian krone (21 % growth in constant currency). Crayon reiterated its 2020 guiding of 25- 30 % gross profit growth. October was a month when many technology shares corrected down in world equity mar- kets. Crayon is the largest overweight position in Arctic Norwegian Equities. The fund has a small overweight posi- tion in Grieg Seafood. The company released a profit warning for the third quarter. It raised its close-down costs for its Skye operation, guided down its 2020 harvest volumes, and adjusted up capital expenditures for its project in Newfoundland, Canada. In addition, salmon prices stayed relatively low. NRC Group declined in October. The com- pany announced some new contracts this month, including its first award on the Fornebu line. After a number of contracts in the first half of 2020 announced orders have in sum been somewhat muted since June, compared with the company’s current turnover. Year to date the strongest attributors include overweight in Crayon Group and underweight in Equinor. The weak- est attributors include overweight in NRC Group and underweight in Tomra Systems.

Oslo, November 2020 Albert Collett Alexander Larstedt Lager CIO Portfolio Manager ABOUT THE FUND The investment objective is to achieve long-term capital appreciation primarily through equity investments in companies listed ro traded on markets in Norway. The Fund may be considered as a focused equity fund – a “stock picker”. Our investment team has long experience in challenging the market consensus and invests only in companies and sectors we have knowledge of and understand. We seek to achieve the investment objective through active portfolio management based on competence and analysis of companies, sectors, marketsand the macro-economic outlook. This results in selective company investments. There are no limitations of which sectors within the Norwegian stock market the Fund may invest in. The portfolio composition may deviate significantly from the reference index. The Fund’s reference index is the Oslo Stock Exchange Mutual Fund Index (OSEFX) which is a total return index. The Fund is a UCITS fund. 10% 6.1 % 6.2 % 8.5 % 7.1 % 5% 1.1 % 1.4 % 0%

-5% -4.1 % -5.1 % -10% -6.6 % -7.3 % -11.1 % -15% -12.3 % Month YTD 12m 36m p.a. 60m p.a. Incep. p.a. Arctic Norwegian Equities Class I (15/11-10) OSEFX FUND COMPOSITION END OF MONTH

Real Estate Real Estate Energy Energy Industrials Industrials Health Care Health Care Consumer Staples Consumer Staples Materials Materials IT IT Financials Financials Consumer Discr. Consumer Discr. Telecom Telecom Utilities Utilities 0% 5% 10% 15% 20% 25% -10% -5% 0% 5% 10% 15%

10 largest positions 5 largest overweights +/- 5 largest underweights +/- DNB ASA 8.6 % Mowi ASA 4.8 % Crayon Group Holding AS 4.9 % Equinor ASA -5.8 % Gjensidige Forsikring ASA 7.9 % Schibsted ASA 4.8 % Gjensidige Forsikring ASA 4.4 % Telenor -3.9 % Crayon Group holding AS 5.2 % Yara International ASA 4.6 % Atea 4.2 % Tomra Systems -2.8 % Atea ASA 5.1 % Salmar ASA 4.3 % NRC Group ASA 4.0 % Schibsted ASA CL A -2.2 % Telenor ASA 5.0 % Bakkafrost P/F 4.1 % Kahoot! AS 3.7 % Entra ASA -2.1 %

FUND PERFORMANCE AND RISK FIGURES —CLASS I NOK

3 6 Since Month months months YTD 1 year 3 years 5 years launch Fund -4.1 % 2.3 % 12.5 % -12.3 % -6.6 % 3.4 % 34.4 % 125.8 % Benchmark -5.1 % -1.1 % 6.6 % -11.1 % -7.3 % 4.4 % 35.3 % 98.0 % Difference 1.0 % 3.4 % 5.9 % -1.2 % 0.7 % -1.0 % -0.9 % 27.9 % Vinx Nordic Net, NOK -2.8 % 4.9 % 13.0 % 16.8 % 19.6 % 34.3 % 32.0 % 95.9 % Euro Stoxx 600, EUR -5.1 % -3.6 % 1.8 % -16.1 % -11.9 % -6.3 % 4.3 % 66.1 % S&P 500 TR, USD -2.7 % 0.4 % 13.3 % 2.8 % 9.7 % 34.6 % 74.0 % 235.4 % MSCI AC World, LC -2.5 % 0.3 % 11.8 % -1.3 % 4.2 % 18.0 % 47.6 % 133.7 %

5 top contribut. Fund Fund Contri- 5 bottom contribut. Fund Fund Contri- year to date weight return bution year to date weight return bution Crayon Group Holding 3.9 % 103.5 % 2.96 % Nrc Group Asa 5.5 % -64.8 % -4.28 % Vaccibody As 3.0 % 165.0 % 2.68 % Mowi Asa 6.1 % -33.2 % -2.48 % Kahoot! As 1.1 % 168.2 % 1.28 % Aker Bp Asa 2.4 % -46.2 % -2.35 % Schibsted Asa-B Shs 3.5 % 36.1 % 1.23 % Grieg Seafood Asa 2.9 % -51.9 % -1.97 % Nel Asa 1.4 % 109.2 % 0.74 % Dnb Asa 8.3 % -21.5 % -1.93 % Standard Sharpe Tracking Information Portfolio characteristics Deviation Ratio Error Ratio Arctic Norwegian Equities 16.2 % 0.0 4.3 % -0.1 Benchmark 15.7 % 0.0 *) Based on 36 months rolling performance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2020 -2.83 % -12.08 % -16.06 % 8.63 % 6.80 % -0.43 % 3.44 % 4.32 % 2.26 % -4.09 % -12.32 % 2019 3.69 % 2.82 % -0.34 % 2.07 % -2.03 % 1.07 % 0.26 % -0.31 % 0.77 % 3.12 % 3.12 % 3.31 % 18.83 % 2018 -0.59 % 0.34 % -1.79 % 6.33 % 2.10 % 0.83 % 1.38 % 2.75 % 2.32 % -5.34 % -3.07 % -5.98 % -1.40 % 2017 -0.10 % -0.87 % -2.12 % 1.68 % 0.72 % -1.70 % 4.13 % 1.08 % 5.18 % 2.28 % -0.87 % 1.53 % 11.22 % 2016 -8.62 % 2.65 % 1.28 % 3.19 % 2.45 % -2.94 % 1.65 % 1.75 % 2.42 % 3.82 % 1.80 % 2.48 % 11.85 % 2015 4.11 % 0.12 % 1.53 % 3.45 % 0.94 % -1.80 % 1.84 % -5.80 % -2.34 % 3.05 % 2.87 % 2.23 % 10.19 % 2014 0.79 % 2.67 % -0.32 % 0.71 % 3.31 % 2.66 % 0.43 % 0.49 % 0.97 % -1.01 % -0.22 % 2.03 % 13.15 % 2013 4.40 % 5.27 % -0.66 % 2.24 % 3.70 % -3.49 % 3.93 % 0.44 % 1.46 % 6.51 % 4.29 % -0.03 % 31.37 % 2012 5.26 % 9.20 % 0.42 % 0.97 % -7.84 % 4.40 % 1.93 % 2.59 % 2.13 % -2.45 % -1.75 % 1.67 % 16.68 % 2011 -2.89 % 2.19 % -0.17 % -0.06 % -3.43 % -2.25 % -1.08 % -8.59 % -9.19 % 9.65 % -2.28 % 2.43 % -15.78 %

200.0 % Disclaimer: Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund man- ager’s skill, the fund’s risk profile and subscription and management fees. 150.0 % The return may become negative as a result of negative price develop- ments. Arctic Asset Management AS seeks to the best of its ability to ensure 100.0 % that all information given in this report is correct, however, makes reserva- tions regarding possible errors and omissions. Statements in the report 50.0 % reflect the portfolio managers’ viewpoint at a given time, and this view- point may be changed without notice. The report should not be perceived 0.0 % as an offer or recommendation to buy or sell financial instruments. Arctic Asset Management AS does not assume responsibility for direct or indirect loss or expenses incurred through use or understanding of the report. -50.0 % Employees of Arctic Asset Management AS may be owners of securities 11/10 11/11 11/12 11/13 11/14 11/15 11/16 11/17 11/18 11/19 issued by companies that are either referred to in this rapport or are part of Arctic Norwegian Equities Class I OSEFX the fund's portfolio.