Arctic Norwegian Equities Monthly Report June 2021

FUND COMMENTS Arctic Norwegian Equities gave 0.2% return in June -(I class) versus 1.3% for the OSEFX benchmark index. Year-to- date the fund is up 8.0% compared to 14.6% for the OSEFX index. Since inception the fund has returned 198% ver- sus 174% for the benchmark index. The had a strong first half of the year and June was anoth- er month of gains. The commodity price rally took a breather this month. The oil price, however, continued to rise. In June positive attribution for the Fund versus the benchmark index came from overweight in Golden Ocean, and underweights in and Nordic Semiconductor. Dry bulk day rates have been strong year-to-date, and rose further in June. Last month Golden Ocean re-instated its dividend distribution. The fund is underweight in Sto- rebrand. Storebrand fell in June as government bond yields declined. This was despite higher inflation in the USA, where CPI inflation was 5% in May from 4.2% the prior month. Nordic Semiconductor corrected down in June after strong returns year-to-date. There is concern that the global chip shortage will negatively affect Nordic’s results for the 2nd half of the year. The fund is underweighted in Nordic Semiconductor. In June negative attribution for the Fund versus the benchmark index came from underweights in and MPC Container Ships, and overweigh in Kahoot!. The fund is underweighted in Tomra. Tomra rose this month, there were no major announcements from the company. Tomra’s results for the first quarter were slightly above consen- sus expectations due to its Collection division. Order intake was high, and the order backlog is at an all-time high. Kahoot! fell in June. Datum sold 12 million shares this month. Datum has previously been represented on the board of directors. Kahoot! in May announced the acquisition of Clever, an American e-learning platform. The acquisition valued Clever at 435-500 million dollars. Kahoot! also raised 200 million dollars in new equity. The fund holds no shares in MPC Container Ships. The share is no large constituent in the benchmark index but rose 63% in June. This was driven by continued rise in container freight rates. The company also announced the acquisition of Songa Con- tainer AS. Drewry’s World Container Index shows the price of a standardized container shipment has increased five -fold since the start of 2020. Year-to-date positive attribution for the Fund comes from overweights in Atea and Golden Ocean. Negative attribu- tion in 2021 comes from overweights in NRC Group and Kahoot!, and underweight in .

Oslo, July 2021 Albert Collett Alexander Larstedt Lager Arild Huitfeldt CIO Portfolio Manager Analyst 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 . 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. 50% 42.3 % 39.8 % 40%

30%

20% 14.6 % 13.8 % 10.2 % 11.6 % 11.3 %10.6 % 11.5 %10.6 % 8.0 % 8.2 % 10% 0.2 % 1.3 % 0% Month YTD 12m 36m p.a. 60m p.a. 120m 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 9.3 % Crayon Group holding AS 4.9 % Atea ASA 5.7 % Equinor ASA -6.4 % Forsikring ASA 6.7 % P/F 4.5 % Crayon Group Holding ASA 4.5 % Tomra Systems -2.7 % Atea ASA 6.7 % ASA 4.3 % Gjensidige Forsikring ASA 4.0 % ASA -2.4 % ASA 6.2 % Schibsted ASA 4.2 % SalMar ASA 3.2 % Schibsted ASA CL A -2.2 % Salmar ASA 5.3 % Telenor ASA 4.1 % Vaccibody AS 2.8 % Adevinta ASA -1.9 %

FUND PERFORMANCE AND RISK FIGURES —CLASS I NOK

Month 3 6 YTD 1 year 3 years 5 years Since Fund 0.2 % 1.9 % 8.0 % 8.0 % 39.8 % 26.6 % 73.2 % 190.8 % Benchmark 1.3 % 5.8 % 14.6 % 14.6 % 42.3 % 34.0 % 90.9 % 173.9 % Difference -1.1 % -3.9 % -6.6 % -6.6 % -2.5 % -7.4 % -17.8 % 16.9 % Vinx Nordic Net, NOK 2.5 % 10.0 % 14.6 % 14.6 % 32.8 % 70.3 % 85.9 % 170.5 % Euro Stoxx 600, EUR 1.5 % 6.4 % 15.2 % 15.2 % 28.4 % 28.2 % 55.9 % 123.3 % S&P 500 TR, USD 2.3 % 8.5 % 15.3 % 15.3 % 40.8 % 67.1 % 125.4 % 345.3 % MSCI AC World, LC 2.1 % 7.1 % 13.4 % 13.4 % 36.8 % 49.7 % 97.6 % 206.6 %

5 top contribut. Fund Fund Contri- 5 bottom contribut. Fund Fund Contri- year to date weight return bution year to date weight return bution Atea Asa 5.8 % 40.3 % 1.97 % Nrc Group Asa 1.6 % -46.3 % -2.68 % Dnb Asa 9.0 % 17.2 % 1.50 % Kahoot! Asa 3.1 % -41.4 % -0.94 % Yara International A 4.5 % 33.3 % 1.34 % Nel Asa 1.8 % -30.7 % -0.81 % Asa 3.6 % 41.0 % 1.23 % Scatec Asa 1.3 % -32.9 % -0.59 % L 1.1 % 89.3 % 0.97 % Elop As 1.1 % -29.4 % -0.39 %

Standard Sharpe Tracking Information Portfolio characteristics Deviation Ratio Error Ratio Arctic Norwegian Equities 18.2 % 0.4 5.2 % -0.2 Benchmark 17.7 % 0.5 *) Based on 36 months rolling performance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2021 -2.16 % 5.66 % 2.49 % 0.43 % 1.26 % 0.22 % 7.97 % 2020 -2.83 % -12.08 % -16.06 % 8.63 % 6.80 % -0.43 % 3.44 % 4.32 % 2.26 % -4.09 % 13.08 % 8.19 % 7.27 % 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 %

250.0 % Disclaimer: Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund man- 200.0 % ager’s skill, the fund’s risk profile and subscription and management fees. The return may become negative as a result of negative price develop- 150.0 % ments. Arctic Asset Management AS seeks to the best of its ability to ensure that all information given in this report is correct, however, makes reserva- 100.0 % tions regarding possible errors and omissions. Statements in the report reflect the portfolio managers’ viewpoint at a given time, and this view- 50.0 % point may be changed without notice. The report should not be perceived as an offer or recommendation to buy or sell financial instruments. Arctic 0.0 % 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 11/20 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.