Arctic Norwegian Equities Monthly Report January 2021

FUND COMMENTS Arctic Norwegian Equities gave- 2.2% return in January (I-class) versus -1,1% for the OSEFX benchmark index. Since inception the fund has returned 170% versus 136% for the benchmark index. January was a mixed month in the financial markets. The exchange started the year on an optimistic note but fell back towards month-end. In January positive attribution for the Fund versus the benchmark index came from overweights in Kahoot!, Atea and Forsikring. Kahoot! announced a trading update for Q4. Invoiced revenue was 17.5 million dollars for the quarter, which was above the company’s previous guiding. For 2021 Kahoot! sees invoiced revenues of 90- 100 million dollars, this too above its previous ambitions. Venture fund Northzone sold out of Kahoot! in January. Of their 12 million shares, 11 million were purchased by Softbank and 1 million was bought by CEO Eilert Hanoa. It was positively received that Softbank and Hanoa wanted to add significant exposure at a stock price of 110 kr. Atea continued up in January. Atea Denmark showed improved results in the 3rd quarter; more normalized results in Denmark can improve Atea’s margins in 2021. Atea expects increased hardware sales in the Nordics in 2021, in line with estimates from market researchers like IDC. Gjensidige Forsikring announced solid results for the 4th quarter. Both the technical and the financial results were above market expectations. Growth in earned premiums was 6.3 percent adjusted for currency effects, and Gjensidige sees growth above GDP-growth near-term. This is driven by both price and volumes. The combined ratio was 83.1 percent. Arctic Norwegian Equities has 7.7 percent weight in Gjensidige Forsikring. In January negative attribution for the Fund versus the benchmark index came from overweight in NRC Group and underweight in . NRC announced a profit warning for the 4th quarter and for 2021. Their division for demo- lition and renovation, Norsk Saneringsservice, took a project write-down and shows generally weak results. NRC also guides down for 2021, in part due to strong competition in the Swedish market. The company sees an oper- ating margin in 2021 of 1.75-2.5 percent, from previously “up towards” 4 percent. We are disappointed that a new division shows weak results, and had expected necessary structures to be in place now. We are also disappointed with the company’s communication. We must partly base our calculations on the company’s guidance, and the guidance has been shown not to be accurate. NRC has not delivered on the expectations we formulated after the company’s equity issue in February 2020, with regards to its financial results, market developments, and order in- take. Arctic Norwegian Equities now has a 2.1 percent weight in NRC. Negative attribution also came from Equinor, where the fund is underweight. Equinor rose with oil and gas prices through the start of January but declined to- wards the end of the month. European natural gas prices rose considerably at the start of the year in response to cold weather conditions.

Oslo, February 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 Mutual Fund Index (OSEFX) which is a total return index. The Fund is a UCITS fund. 15% 12.1 % 10.8 % 9.7 % 10.4 % 8.5 % 9.0 % 10% 8.0 % 8.1 % 7.3 % 7.7 %

5%

0% -1.1 % -1.1 % -5% -2.2 % -2.2 % 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 9.2 % ASA 4.5 % Crayon Group Holding AS 4.9 % Equinor ASA -6.6 % Gjensidige Forsikring ASA 7.7 % Kahoot! AS 4.4 % Gjensidige Forsikring ASA 4.6 % -4.0 % ASA 5.5 % Salmar ASA 4.2 % Atea 4.5 % ASA -2.6 % Atea ASA 5.4 % P/F 4.0 % Kahoot! AS 4.4 % Systems -2.3 % Crayon Group holding AS 5.2 % Telenor ASA 3.9 % Vaccibody AS 3.4 % Schibsted ASA CL A -1.9 %

FUND PERFORMANCE AND RISK FIGURES —CLASS I NOK

Month 3 6 YTD 1 year 3 years 5 years Since Fund -2.2 % 19.7 % 22.5 % -2.2 % 8.0 % 23.7 % 67.4 % 153.6 % Benchmark -1.1 % 19.5 % 18.1 % -1.1 % 8.1 % 24.9 % 76.8 % 126.6 % Difference -1.1 % 0.2 % 4.4 % -1.1 % 0.0 % -1.1 % -9.4 % 27.0 % Vinx Nordic Net, NOK 0.0 % 7.0 % 12.2 % 0.0 % 20.6 % 47.2 % 72.4 % 133.4 % Euro Stoxx 600, EUR -0.7 % 15.9 % 11.8 % -0.7 % -1.6 % 8.3 % 32.3 % 92.5 % S&P 500 TR, USD -1.0 % 14.0 % 14.5 % -1.0 % 17.2 % 39.4 % 111.5 % 282.5 % MSCI AC World, LC -0.2 % 15.5 % 15.9 % -0.2 % 14.7 % 27.6 % 83.4 % 170.0 %

5 top contribut. Fund Fund Contri- 5 bottom contribut. Fund Fund Contri- year to date weight return bution year to date weight return bution Kahoot! As 5.2 % 14.5 % 0.78 % Nrc Group Asa 4.4 % -52.3 % -2.77 % Yara International A 4.3 % 12.5 % 0.51 % Schibsted Asa-B Shs 3.5 % -13.3 % -0.50 % Atea Asa 4.9 % 8.1 % 0.39 % Crayon Group Holding 5.2 % -4.6 % -0.23 % Gjensidige Forsikrin 7.3 % 4.7 % 0.32 % Vaccibody As 3.4 % -5.3 % -0.20 % Aker Asa-A Shares 1.2 % 22.0 % 0.22 % Asa 3.2 % -4.4 % -0.14 %

Standard Sharpe Tracking Information Portfolio characteristics Deviation Ratio Error Ratio Arctic Norwegian Equities 18.3 % 0.4 4.8 % -0.1 Benchmark 17.9 % 0.4 *) Based on 36 months rolling performance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2021 -2.16 % -2.16 % 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 %

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 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.