Semiannual report Mutual funds 2021 3 Pareto Aksje Norge Contents 9 Pareto Investment Fund 16 Pareto Global

23 Pareto Nordic Return

32 Fixed income funds

42 Ethical framework, returns and risk Pareto Aksje Norge Pareto Aksje Norge 4

Portfolio manager commentary

The portfolio had a strong performance in the first supply growth, according to Kontali, indicate a tight and the gas price have almost doubled from the same half of the year. The upturn is broadly founded across market and high salmon prices. time last year. Equinor, like other companies in the oil sectors. A sharp improvement in the business conditions industry, has implemented sharp cost cuts since the for several of our companies and solid operational In February, we became co-owners of Sonans Holding downturn in 2015. It is expected that the company this performance contributed to improved earnings, which in in connection with the IPO. Our ownership period is year will generate approximately NOK 180 billion in cash turn contributed to the good returns in the first half of the relatively short, but the start has been good and we are flow from operations. This is the highest in the company’s year. We note that analysts have gradually begun to raise optimistic about the prospects for education in the post- history. In comparison, cash flow from operations in their estimates for the current year and next. COVID world. 2011 to 2013, with an average oil price of 110 dollars per barrel, was between 101 and 119 billion. All our bank investments could show improved return Our industrial companies account for just over a third of on equity in the first quarter of the year, driven by lower this year’s return. Our second largest investment, Yara, Investments have also fallen sharply, and for the current loss provisions and good operations. The return on has gone up by 33 per cent. Higher raw material prices year investments of approximately NOK 81 billion are equity ranged from 10 to 14.8 per cent, with Sparebank1 and good operations provide a solid earnings boost in expected. This is 35 per cent lower than in the peak Midt-Norge at the upper end and DNB at the lower end of our raw material-based industrial companies. Higher year of 2015. With an expected free cash flow of NOK the range. The signals from Norges Bank of an interest food prices improve the farmer’s economy, which in turn 99 billion before acquisitions and the like, this provides rate hike already in September and an additional 0.75% increases demand for Yara’s premium fertiliser products. good room for manoeuvring to reduce debt sharply and increase will improve conditions for our banks. distribute parts of value creation through dividends and Focus on sustainability and the environment has been repurchases. The rise in long-term interest rates over the past year strengthened through the pandemic. Our companies are contributes positively to the earnings of all our financial well positioned to take part in the business opportunities The oil service companies TGS NOPEC and Subsea 7 have investments, which make up almost a quarter of the that will manifest themselves in battery technology, green had a weak development so far this year. TGS reported a portfolio. This is particularly positive for Storebrand. The ammonia and electrification. free cash flow in the first quarter of 84 million dollars, guaranteed products tie up more than three quarters which is equivalent to six kroner per share. Investments of the company’s equity and provide a return on equity We became part owners of Elopak in connection with for the current year were reduced from $356 million of around three per cent, while the capital-light savings the IPO. The company has strong positions in fresh to $170 million, i.e. they are more than halved. This has products generate a return on equity of well over 50 per and aseptic packaging production. We see a significant weighed heavily on the share price last year and this cent. growth potential in both segments, as a consequence of year. We believe that the demand for seismic will pick up substitution of plastic for cardboard. Stable margins and through the second half of the year and into 2022. Our consumer companies have developed well good operations have resulted in good value creation over throughout the half year. Our largest single investment, time. The company can be acquired for less than 14 times Lerøy Seafood Group, has increased by 28 per cent so far this year’s earnings. this year. The reopening of society and HoReCa business (hotels, restaurants and catering) will be positive for Business conditions for the companies in oil and oil Portfolio management team the salmon demand. Expectations of 2.2 per cent global service have been significantly improved. The oil price Einar Løvoll, Besim Zekiri, Eirik Andresen (analytiker) Pareto Aksje Norge 5

Performance history

Performance by periods Name 30.06.2021 2020 2019 2018 2017 2016 Typically invest in sectors where Pareto Aksje Norge A1 15.6% 1.7% 12.6% 1.0% 12.4% 25.9% Norwegian companies have global Pareto Aksje Norge B2 16.1% 1.3% 13.6% 0.8% 13.3% 26.5% Pareto Aksje Norge C 16.5% 2.1% 14.4% 1.5% 14.2% 27.4% competitive advantages. Long Pareto Aksje Norge D 16.8% 2.6% 15.0% 2.0% 14.7% 28.0% term, actively managed, based on Pareto Aksje Norge I 16.9% 2.9% 15.3% 2.3% 15.0% 28.4% fundamental advantages. Oslo Børs Mutual Fund Index 14.6% 7.3% 19.2% -2.2% 17.0% 11.5%

Annualised return Inception date: 06.09.2001 Name Startdato 3 years 5 years 10 years From start Benchmark: Oslo Børs Mutual Fund Index (OSEFX) Pareto Aksje Norge A1 09.09.2002 7.0% 13.3% 7.0% 11.8% Legal structure: UCITS Pareto Aksje Norge B2 31.12.2005 7.1% 13.8% 7.1% 6.7% Dealing days: all Norwegian banking days except 31.12 Pareto Aksje Norge C 13.07.2015 7.9% 14.6% - 11.2% Pareto Aksje Norge D 13.07.2015 8.4% 15.2% - 11.8% Pareto Aksje Norge I 06.09.2001 8.7% 15.5% 8.7% 12.6%

Oslo Børs Mutual Fund Index 10.2% 13.8% 10.6% 1 2 3 4 5 6 7 Lower risk Higher risk Other information Typically lower rewards Typically higher rewards Name Minimum initial subscription amount (NOK) ISIN Bloomberg Pareto Aksje Norge A 500 NO0010160575 POAKTNY NO The risk indicator was calculated using historical data and may not be a reliable indication of the future risk profile of the fund. Pareto Aksje Norge B 500 NO0010297898 PRVERDI NO Pareto Aksje Norge C 20 million NO0010740590 PAAKNOC NO Pareto Aksje Norge D 50 million NO0010740608 PAAKNOD NO Pareto Aksje Norge I 100 million NO0010110968 POAKTIV NO

1Returns until 13.07.2015 are achieved in Pareto Aktiv. The fund continues as unit class A in Pareto Aksje Norge. 2Returns until 13.07.2015 are achieved in Pareto Verdi. The fund continues as unit class B in Pareto Aksje Norge. Pareto Aksje Norge 6

Units issued and management fees

NAV and units issued as at 30 June 2021 Management fee Subscription fee* Redemption fee Management fee Unit class A Unit class A Up to 1.00% Up to 0.50% 0.00–3.00% p.a. Number of units 114 730.71 Unit class B Up to 1.00% Up to 0.50% 2.00% p.a. Net asset value 8 387.38 Unit class C Up to 1.00% Up to 0.50% 1.25% p.a. Redemption price after maximum fee 8 345.44 Unit class D Up to 1.00% Up to 0.50% 0.75% p.a. Unit class I Up to 1.00% Up to 0.50% 0.50% p.a. Unit class B Number of units 232 745.92 *The Board of Directors of Pareto Asset Management AS may decide that the charges shall increase by Net asset value 2 747.25 up to 5.00 per cent of the subscription amount. The difference between 1.00 per cent and the adopted increased subscription fee of up to 5.00 per cent shall accrue to the fund. The Board may set an increased Redemption price after maximum fee 2 733.52 subscription fee for a certain period with the possibility of extension or shortening by board resolution.

Unit class C Number of units 190 953.25 Net asset value 1 886.01 Redemption price after maximum fee 1 876.58

Unit class D Number of units 323 068.88 Net asset value 1 942.61 Redemption price after maximum fee 1 932.89

Unit class I Number of units 348 080.38 Net asset value 10 473.30 Redemption price after maximum fee 10 420.93

Pareto Aksje Norge 7

Pareto Aksje Norge 1/2

Securities portfolio as at 30 June 2021

Securities Listing Number of shares Cost price Market value Unrealised Share in % (NOK) (NOK) gain/loss of portfolio Energy Bonheur ASA Oslo 719 290 109 035 060 175 147 115 66 112 055 2.8 Equinor ASA Oslo 1 398 933 211 736 205 254 857 614 43 121 409 4.1 Subsea 7 SA Oslo 2 548 775 229 341 355 210 681 742 - 18 659 613 3.4 TGS ASA Oslo 2 379 545 375 164 280 261 155 064 - 114 009 216 4.2 Total Energy 925 276 900 901 841 535 - 23 435 365 14.5

Financials DNB Bank ASA Oslo 327 189 37 901 052 61 380 656 23 479 605 1.0 SpareBank 1 Nord-Norge Oslo 3 344 231 154 478 416 285 262 904 130 784 488 4.6 SpareBank 1 SMN Oslo 2 619 766 179 660 920 312 276 107 132 615 188 5.0 SpareBank 1 SR-Bank ASA Oslo 2 740 221 179 442 514 311 563 128 132 120 614 5.0 Sparebanken Møre Oslo 246 214 54 122 540 90 606 752 36 484 212 1.4 Sparebanken Vest Oslo 1 742 562 103 111 479 155 959 299 52 847 820 2.5 Storebrand ASA Oslo 3 361 321 230 478 591 262 183 038 31 704 447 4.2 Total Financials 939 195 512 1 479 231 884 540 036 374 23.7

Industrials AKVA Group ASA Oslo 1 623 672 108 995 645 142 883 136 33 887 491 2.3 Elopak ASA Oslo 3 931 000 110 068 000 106 137 000 - 3 931 000 1.7 GC Rieber Shipping ASA Oslo 1 544 443 30 029 116 11 197 212 - 18 831 904 0.2 Multiconsult ASA Oslo 488 400 82 133 251 87 179 400 5 046 149 1.4 Odfjell SE ser. A Oslo 2 010 748 98 780 148 63 338 562 - 35 441 586 1.0 Odfjell SE ser. B Oslo 1 101 929 57 871 155 33 498 642 - 24 372 514 0.5 Veidekke ASA Oslo 1 787 370 180 897 130 205 905 024 25 007 894 3.3 Wallenius Wilhelmsen ASA Oslo 1 866 246 68 815 534 55 950 055 - 12 865 479 0.9 Wilh. Wilhelmsen Holding ASA ser. A Oslo 1 111 791 175 969 594 202 345 962 26 376 368 3.2 Wilh. Wilhelmsen Holding ASA ser. B Oslo 710 760 99 088 419 129 002 940 29 914 521 2.1 Total Industrials 1 012 647 992 1 037 437 933 24 789 940 16.6 Pareto Aksje Norge 8

Pareto Aksje Norge 2/2

Securities Listing Number of shares Cost price Market value Unrealised Share in % (NOK) (NOK) gain/loss of portfolio Consumer Staples Austevoll Seafood ASA Oslo 2 058 655 108 348 408 219 864 354 111 515 946 3.5 Lerøy Seafood Group ASA Oslo 7 298 409 217 809 139 550 883 911 333 074 772 8.8 Orkla ASA Oslo 1 939 697 117 840 749 170 111 427 52 270 678 2.7 SalMar ASA Oslo 487 829 128 829 444 278 647 925 149 818 481 4.5 Total Consumer Staples 572 827 740 1 219 507 617 646 679 877 19.5

Consumer Discretionary Kid ASA Oslo 2 171 227 79 758 460 231 018 553 151 260 093 3.7 Sonans Holding AS Oslo Merkur 997 906 49 967 694 56 880 642 6 912 948 0.9 Total Consumer Discretionary 129 726 154 287 899 195 158 173 041 4.6

Materials Borregaard ASA Oslo 1 340 676 95 933 826 252 047 088 156 113 262 4.0 Elkem ASA Oslo 7 728 400 225 477 658 242 053 488 16 575 830 3.9 Norsk Hydro ASA Oslo 4 612 860 170 451 763 253 430 528 82 978 765 4.1 Yara International ASA Oslo 1 200 554 367 186 172 544 091 073 176 904 901 8.7 Total Materials 859 049 419 1 291 622 177 432 572 758 20.7

Total Equities 4 438 723 717 6 217 540 341 1 778 816 625 99.6

Cash 35 171 769 35 171 769 0 0.6 Accrued management fee (NOK) - 14 300 508 - 14 300 508 0 - 0,1

Total 4 459 594 978 6 238 411 602 1 778 816 625 100,0 Pareto Investment Fund Pareto Investment Fund 10

Portfolio manager commentary

By the end of the first half of the year, the fund had risen by succeeded in achieving a satisfactory price while freeing financial markets and, in addition, companies have on about 16 per cent and thus more than the market, despite up working capital. Liquidity will improve by just over average surprised positively with this year's earnings a weak month at the very end. Nordic Semiconductor, two billion kroner, which we consider to be very positive. – without growth this year being extrapolated into next Bank Norwegian and Protector Forsikring contributed The market has doubted whether anyone would buy and year. Therefore, we believe that the market may continue the most to the half-year return. Scatec, Hydrogenpro feared a share issue to strengthen a rather weak balance to rise on increasing earnings, even though it may look and Aker Offshore Wind pulled the most down. sheet. That worst case scenario is thus over. a bit expensive in a historical perspective. In a regime with continued low interest rates, however, there are not There has been a headwind for green stocks this year. At the end of June, the fund participated in the listing many alternatives to equities and corporate bonds. When it comes to Scatec, we are confident that the of Finnish Spinnova as part of a cornerstone investor company is on the right track. They have managed to group. Spinnova has developed a unique technology for add important projects to the order backlog, which the producing fibres for sustainable textiles. The clothing market was sceptical about. industry today has two major challenges: There is not enough supply of natural fibres to meet the growth in Nordic Semiconductor has good momentum in all demand, while they must reduce the use of petrochemical segments. We expect increasing growth from the Internet fibres. Spinnova’s method can use different raw of Things. There has been speculation this spring about materials for its further processing, but the focus is the company being acquired. It can happen quickly, but primarily on the use of wood. The process is 100 per we believe we are best served by owning the share for cent mechanical, while their competitors use a chemical several years to come, given the growth prospects. process. In addition, the process is 100 per cent circular. Spinnova is on the threshold of commercialisation. The Protector has spent two to three years regaining company relies on partnerships, technology sales and a profitability. So far, the stock has only returned to where model that requires little capital with good economies of it once was. With growth in earnings and increasing scale. Demand already seems strong and we believe it confidence in management, we view the further will grow strongly for many years. development positively. At the end of the half-year, we are not surprised that the Grieg Seafood finally sold its business in Shetland. market has continued to rise. Expansionary monetary Portfolio management team Attempts have been made before, and now they have and fiscal policies have continued to add liquidity to the Tore Været, Patrick Meum Pareto Investment Fund 11

Performance history

Return by periods Name 30.06.2021 2020 2019 2018 2017 2016 Norwegian companies with sound and Pareto Investment Fund A 15.6% 5.7% 20.0% -7.7% 9.1% 14.7% Pareto Investment Fund B 16.0% 6.6% 21.0% -6.9% 10.0% 15.7% solid business models. Actively Pareto Investment Fund C 16.3% 7.1% 21.5% -6.5% 10.5% 16.2% managed, seeks undervalued companies with good growth prospects. Oslo Børs Mutual Fund Index 14.6% 7.3% 19.2% -2.2% 17.0% 11.5%

Annualised return Name Inception date 3 years 5 years 10 years From start Inception date: 1985 Pareto Investment Fund A 1985 6.5% 11.0% 13.0% 8.6%* Benchmark: Oslo Børs Mutual Fund Index (OSEFX) Pareto Investment Fund B 29.11.2013 7.4% 11.9% - 13.4% Legal structure: UCITS Pareto Investment Fund C 29.11.2013 7.9% 12.4% - 13.9% Dealing days: all Norwegian banking days except 31.12 Oslo Børs Mutual Fund Index 10.2% 13.8% 10.6%

Other information 1 2 3 4 5 6 7 Name Minimum initial subscription amount (NOK) ISIN Bloomberg Lower risk Higher risk Pareto Investment Fund A 500 NO0010040496 ORFINF NO Typically lower rewards Typically higher rewards Pareto Investment Fund B 10 million NO0010694771 ORFINBB NO Pareto Investment Fund C 50 million NO0010694789 ORFINBC NO The risk indicator was calculated using historical data and may not be a reliable indication of the future risk profile of the fund.

*From start with current portfolio manager 01.01.2007 Pareto Investment Fund 12

Units issued and management fees

NAV and units issued as at 30 June 2021 Management fee Subcription fee* Redemption fee Management fee Unit class A Unit class A Up to 1.00% Up to 0.50% 1.80% p.a. Number of units 1 690.66 Unit class B Up to 1.00% Up to 0.50% 0.95% p.a. Net asset value 405 653.09 Unit class C Up to 1.00% Up to 0.50% 0.50% p.a.

Redemption price after maximum fee 403 624.82 *The Board of Directors of Pareto Asset Management AS may decide that the charges shall increase by up to 5.00 per cent of the subscription amount. The difference between 1.00 per cent and the adopted increased subscription Unit class B fee of up to 5.00 per cent shall accrue to the fund. The Board may set an increased subscription fee for a certain period with the possibility of extension or shortening by board resolution. Number of units 12 080.13 Net asset value 25 911.65 Redemption price after maximum fee 25 782.09

Unit class C Number of units 19 540.36 Net asset value 26 800.98 Redemption price after maximum fee 26 666.98 Pareto Investment Fund 13

Pareto Investment Fund 1/3

Securities portfolio as at 30 June 2021

Securities Listing Number of shares Cost price Market value Unrealised Share in % of (NOK) (NOK) gain/loss portfolio Energy Aker BP ASA Oslo 252 000 33 974 959 69 148 800 35 173 841 4.5 BW Energy Ltd Oslo 70 209 1 713 101 1 839 476 126 375 0.1 BW Offshore Ltd Oslo 1 550 000 58 445 818 47 709 000 - 10 736 818 3.1 DNO ASA Oslo 3 266 000 35 335 212 32 790 640 - 2 544 572 2.2 Flex LNG Ltd Oslo 307 000 38 741 672 38 221 500 - 520 172 2.5 Frontline Ltd New York 327 000 33 855 641 25 324 515 - 8 531 126 1.7 Magseis Fairfield ASA Oslo 2 340 000 39 744 359 8 307 000 - 31 437 359 0.5 Subsea 7 SA Oslo 501 000 54 954 600 41 412 660 - 13 541 940 2.7 Total Energy 296 765 362 264 753 591 - 32 011 771 17.3

Financials B2Holding ASA Oslo 2 859 000 42 071 302 28 161 150 - 13 910 152 1.8 Norwegian Finans Holding ASA Oslo 749 000 40 273 449 72 615 550 32 342 101 4.8 Protector Forsikring ASA Oslo 595 000 34 633 228 49 206 500 14 573 272 3.2 Total Financials 116 977 979 149 983 200 33 005 221 9.8

Utilities Scatec ASA Oslo 283 000 33 807 818 64 524 000 30 716 182 4.2

Health Care PhotoCure ASA Oslo 379 000 27 167 676 51 619 800 24 452 124 3.4 Vaccibody AS Oslo Merkur 494 000 28 258 966 37 297 000 9 038 034 2.4 Total Health Care 55 426 642 88 916 800 33 490 158 5.8 Pareto Investment Fund 14

Pareto Investment Fund 2/3

Securities Listing Number of shares Cost price Market value Unrealised Share in % of (NOK) (NOK) gain/loss portfolio Industrials Aker Carbon Capture AS Oslo 1 656 000 3 124 565 32 780 520 29 655 955 2.2 Aker Offshore Wind Holding AS Oslo Merkur 1 529 000 2 247 630 8 440 080 6 192 450 0.6 Frøy ASA Oslo 420 000 25 620 564 24 129 000 - 1 491 564 1.6 HydrogenPro AS Oslo Merkur 543 000 12 108 900 12 407 550 298 650 0.8 Komplett ASA Oslo 330 000 19 682 280 19 041 000 - 641 280 1.2 Multiconsult ASA Oslo 298 732 28 761 470 53 323 662 24 562 192 3.5 Norse Atlantic ASA Oslo Merkur 1 013 000 20 260 000 20 432 210 172 210 1.3 Spinnova Plc Helsinki 334 567 25 864 608 34 243 312 8 378 705 2.2 Zaptec AS Oslo Merkur 832 000 10 289 438 36 757 760 26 468 322 2.4 Total Industrials 147 959 455 241 555 094 93 595 640 15.8

Information Technology Crayon Group Holding ASA Oslo 160 000 18 898 880 20 144 000 1 245 120 1.3 Elliptic Laboratories AS Oslo Merkur 164 000 26 889 396 28 306 400 1 417 004 1.9 GFjord Invest AS Unlisted 257 000 23 570 741 167 050 - 23 403 691 0.0 Huddly AS Oslo Merkur 1 403 000 21 677 980 13 747 997 - 7 929 983 0.9 Mercell Holding AS Oslo 4 681 000 39 412 976 37 916 100 - 1 496 876 2.5 Nordic Semiconductor ASA Oslo 497 000 20 138 322 108 445 400 88 307 078 7.1 poLight ASA Oslo 85 500 8 996 652 15 492 600 6 495 948 1.0 Total Information Technology 159 584 947 224 219 547 64 634 600 14.7

Consumer Discretionary Elektroimportøren AS Oslo 411 000 19 830 750 33 706 110 13 875 360 2.2 Europris ASA Oslo 1 009 000 29 185 024 54 486 000 25 300 976 3.6 Kid ASA Oslo 560 000 18 955 132 59 584 000 40 628 868 3.9 Total Consumer Discretionary 67 970 906 147 776 110 79 805 204 9.7 Pareto Investment Fund 15

Pareto Investment Fund 3/3

Securities Listing Number of shares Cost price Market value Unrealised Share in % of (NOK) (NOK) gain/loss portfolio Consumer Staples Arctic Fish Holding AS Oslo Merkur 206 000 12 505 677 12 360 000 - 145 677 0.8 Austevoll Seafood ASA Oslo 241 000 12 456 420 25 738 800 13 282 380 1.7 Bakkafrost P/F Oslo 44 000 23 351 828 31 284 000 7 932 172 2.1 Grieg Seafood ASA Oslo 644 000 40 736 763 57 122 800 16 386 037 3.7 Ice Fish Farm AS Oslo Merkur 525 000 18 523 107 25 042 500 6 519 393 1.6 Icelandic Salmon AS Oslo Merkur 295 133 17 707 980 35 711 093 18 003 113 2.3 Lerøy Seafood Group ASA Oslo 521 000 30 921 707 39 325 080 8 403 373 2.6 Total Consumer Staples 156 203 482 226 584 273 70 380 791 14.8

Materials Borregaard ASA Oslo 259 000 13 198 916 48 692 000 35 493 084 3.2 Yara International ASA Oslo 140 000 49 089 279 63 448 000 14 358 721 4.2 Total Materials 62 288 195 112 140 000 49 851 805 7.4

Total Equities 1 096 984 786 1 520 452 615 423 467 830 99.5

Currency Futures NOK Forward torsdag 15. juli 2021 11 973 640 11 973 640 11 973 640 0.8

USD Forward torsdag 15. juli 2021 - 1 400 000 - 11 973 640 - 12 046 055 - 72 415 -0.8

Total Currency Futures 0 - 72 415 - 72 415 0.0

Cash 3 648 367 3 647 487 - 879 0.3

Total 1 100 633 153 1 524 027 687 423 394 536 99.8 Pareto Global Pareto Global 17

Portfolio manager commentary

Pending the reporting season, June was a quiet month. In March 2019, we included EssilorLuxottica in the At the latest US Federal Reserve Open Market Commit- portfolio. The company is the world’s largest and most tee, the interest rate level and bond purchases were innovative manufacturer of ophthalmic lenses, frames kept unchanged. They emphasised that inflation had and sunglasses, and owns well-known brands such increased, but assumed that this was of a temporary as Ray-Ban and Oakley. In terms of distribution, it is a nature as a result of varying production levels during leader both online and through optician chains such as the pandemic. The world’s most important benchmark LensCrafters and Sunglass Hut. rate, on U.S. 10-year Treasury bonds, immediately fell by 14 basis points, which is actually quite a lot in The company was established in 2018 through the today’s low-yield climate. merger of French Essilor, which is a leader in ophthal- mic lenses, with Italian Luxottica, which is a leader in The connection between rising interest rates and frames and sunglasses. At the time of our acquisition, excess returns on value stocks has been prominent so the potential for significant synergies had been overs- far in 2021, although the trend was in the opposite di- hadowed by the struggle for control of the company. rection in June. This goes to show how difficult it is to Leonardo del Vecchio, former main owner of Luxottica, predict the direction of the market in the short term. It accused Essilor of breaching the merger agreement. is all the more important to base investment decisions The share price plummeted to the point that the mar- on good company analysis. A well-run company will do ket value of the merged company was lower than the well regardless of the macro climate. Pareto Global’s sum of the market value of the two companies before investment philosophy is based on growth at a reaso- the well-received merger news was announced two nable price. Growth is important for a company’s value years earlier. This created a good point of entry for a creation. Our value-oriented profile identifies ideal ti- long-term and value-oriented investor like us. mes to buy. The fund delivered a good return in June even with falling interest rates. The winner of this power struggle was del Vecchio, who in May this year appointed his former CEO from Here is an example of how the fund has identified the Luxottica as head of the merged company. We are very ideal timing for both purchases and partial divestment: pleased with the outcome, as del Vecchio has a long Pareto Global 18

history of being shareholder-friendly. As in all merger nergies. The positive sentiment, from things starting Today, the growth in the number of computers is at the processes, strong management is needed to bring out to fall into place, raised the stock price to an all-time highest level in ten years, and 83 per cent of all com- revenue and cost synergies. In reality, Luxottica acqui- high in June. We took the opportunity to reduce our puters come with Windows. red Essilor without paying an acquisition premium. holding from 5.3 to 4.0 per cent of the fund portfolio. Microsoft became climate neutral already in 2012. The In July 2019, EssilorLuxottica submitted a bid for the As an increasing proportion is vaccinated, we gradual- company has implemented further measures and is optician chain GrandVision. The chain has 7,200 stores ly return to a normal life. In some areas, the pandemic investing in a number of new environmental technolo- in 43 countries worldwide, with the majority of stores will have changed our habits permanently. This ap- gies. They have the ambition to remove all CO2 that the in Europe. EssilorLuxottica, being a major supplier to plies in particular to the digitalisation of society, where company has emitted since its founding in 1975, both the chain, saw an opportunity to consolidate its mar- quantum leaps have been taken in the last year. Teams directly and indirectly through electricity consump- ket-leading position and extract synergies. meetings and cloud computing have become part of tion, by 2050. It is essential that the world’s leading everyday speech, and many will continue to work from companies show leadership in the fight against clima- While the competition authorities in the various coun- home offices in the future. te change. tries were dealing with the case, the Covid epidemic broke out. The bid of 7.3 billion euros with a "break-up An important contributor to this transformation is fee" of 400 million euros was considered less favou- Microsoft, which has been a portfolio company since rable than before as a result of the pandemic. Essilor- 2012. By continuously developing new technology and Luxottica sued GrandVision for lack of information on making it available to regular end users, the compa- the financial position of the optician chain during the ny has been a very good investment with a return of pandemic. The lawsuit was upheld and the verdict said over 1,600 per cent during our ownership period. The that EssilorLuxottica could terminate the acquisition market cap passed two trillion (two thousand billion) without paying a "break-up fee". dollars this month, with Microsoft being the second company in history to reach this milestone. What is Despite this, the company recently announced that even more impressive is that it is actually less than the acquisition would continue to be carried out at the two years since the market cap passed one trillion dol- agreed price. The message was positively received by lars. The previous milestone, 500 billion, was passed the market, as the risk of a longer round of renegotia- in 2017. In the meantime, the company’s products have Portfolio management team tion could delay the work of realising the strategic sy- become an important part of people’s everyday lives. Andreas Sørbye, Andreas Kamvissis Pareto Global 19

Performance history

Return by periods Name 30.06.2021 2020 2019 2018 2017 2016 Global, well-run companies in Pareto Global A 18.3% 8.0% 29.9% -13.0% 16.0% 0.9% Pareto Global B 19.0% 9.4% 31.2% -14.5% 17.3% 0.0% developed markets. Actively managed, Pareto Global C 19.2% 9.7% 31.7% -14.2% 17.7% 0.3% seeks solid companies with strong Pareto Global D1 19.5% 10.3% 32.4% -13.7% 18.3% 0.8% earnings power. Pareto Global I 19.6% 10.6% 32.7% -13.5% 18.6% 1.1%

MSCI World i NOK 13.6% 12.9% 29.6% -3.3% 5.0% 17.2%

Annualised return Inception date: 12.08.2005 Name Inception date 3 years 5 years 10 years From start Benchmark: MSCI World World in NOK, dividend adjusted Pareto Global A 12.08.2005 14.4% 12.8% 12.7% 9.7%* Legal structure: UCITS Pareto Global B 01.11.2012 15.2% 13.3% - 14.6% Dealing days: Norwegian banking days except 31.12 Pareto Global C 01.11.2012 15.6% 13.7% - 15.1% and days when local markets are closed Pareto Global D1 22.11.2006 16.2% 14.3% 14.3% 11.3%* Pareto Global I 13.07.2015 16.5% 14.5% - 11.8%

MSCI World i NOK 17.1% 15.4% 16.0% 1 2 3 4 5 6 7

Lower risk Higher risk Other information Typically lower rewards Typically higher rewards Name Minimum initial subscription amount (NOK) ISIN Bloomberg Pareto Global A 500 NO0010279979 PAAKTGL NO The risk indicator was calculated using historical data and may not be Pareto Global B 500 NO0010660434 PAAKTGB NO a reliable indication of the future risk profile of the fund. After the Pareto Global C 20 million NO0010660459 PAAKTGC NO balance sheet date, the risk indicator for Pareto Global A has changed. The risk indicator is now one category lower than the table shows for Pareto Global D 50 million NO0010342892 PARAKSJ NO this unit class. Pareto Global I 100 million NO0010740624 PAAKTGI NO

1 Returns until 13.07.2015 are achieved in Pareto Global I (formerly Pareto Aksje Global). Unit class D is a continuation of Pareto Global I and was established after the merger of Pareto Global and Pareto Global I as at 13.07.2015.

*From start with current portfolio manager 01.01.2008 Pareto Global 20

Units issued and management fees

NAV and units issued as at 30 June 2021 Management fee Subscription fee* Redemption fee Management fee Unit class A Unit class A Up to 1.00% Up to 0.50% 0.00–3.00% p.a Number of units 108 335.68 Unit class B Up to 1.00% Up to 0.50% 1.60% p.a. Net asset value 3 773.31 Unit class C Up to 1.00% Up to 0.50% 1.25% p.a. Unit class D Up to 1.00% Up to 0.50% 0.75% p.a. Redemption price after maximum fee 3 754.44 Unit class I Up to 1.00% Up to 0.50% 0.50% p.a.

Unit class B *The Board of Directors of Pareto Asset Management AS may decide that the charges shall increase by up to 5.00 per cent of the subscription amount. The difference between 1.00 per cent and the adopted increased subscription Number of units 387 638.09 fee of up to 5.00 per cent shall accrue to the fund. The Board may set an increased Net asset value 3 242.83 Redemption price after maximum fee 3 226.62

Unit class C Number of units 77 193.90 Net asset value 3 377.19 Redemption price after maximum fee 3 360.30

Unit class D Number of units 37 510.30 Net asset value 3 541.32 Redemption price after maximum fee 3 523.62

Unit class I Number of units 785 556.96 Net asset value 1 947.03 Redemption price after maximum fee 1 937.30 Pareto Global 21

Pareto Global 1/2

Securities portfolio as at 30 June 2021

Securities Listing Number of shares Cost price Market value Unrealised Share in % of (NOK) (NOK) gain/loss portfolio Financials Affiliated Managers Group Inc New York 98 200 119 835 111 130 309 146 10 474 035 3.6 Discover Financial Services Inc New York 63 950 47 875 936 65 093 775 17 217 838 1.8 Goldman Sachs Group Inc New York 25 823 45 780 289 84 334 190 38 553 902 2.3 M&G plc London 1 101 628 25 149 021 29 970 792 4 821 771 0.8 Prudential Plc London 1 101 828 147 716 954 179 870 493 32 153 538 5.0 Total Financials 386 357 311 489 578 396 103 221 084 13.5

Health Care Anthem Inc New York 31 147 61 270 675 102 330 011 41 059 336 2.8 Attendo AB Stockholm 942 402 78 885 924 37 136 960 - 41 748 964 1.0 Boston Scientific Corp New York 486 500 154 832 539 179 007 578 24 175 039 5.0 Centene Corp New York 281 225 140 229 960 176 486 306 36 256 346 4.9 CVS Health Corp New York 198 670 128 214 366 142 645 298 14 430 932 4.0 Laboratory Corp of America Holdings New York 57 600 80 358 871 136 724 501 56 365 630 3.8 Total Health Care 643 792 335 774 330 654 130 538 319 21.5

Industrials AFRY AB ser. B Stockholm 590 854 71 795 552 167 432 709 95 637 157 4.7

Information Technology Fidelity National Information Services New York 58 601 62 701 989 71 438 742 8 736 753 2.0 Keysight Technologies Inc New York 102 917 82 217 005 136 745 617 54 528 612 3.8 Microsoft Corp New York Nasdaq GS 120 084 46 471 110 279 927 152 233 456 042 7.8 Oracle Corp New York 196 733 99 690 618 131 774 360 32 083 743 3.7 SAP SE Xetra 145 879 125 977 594 176 907 869 50 930 275 4.9 Alphabet Inc ser. C New York Nasdaq GS 7 977 80 653 861 172 039 030 91 385 170 4.8 Total Information Technology 497 712 177 968 832 770 471 120 595 27.0 Pareto Global 22

Pareto Global 2/2

Securities Listing Number of shares Cost price Market value Unrealised Share in % of (NOK) (NOK) gain/loss portfolio Consumer Staples Essity AB ser. B Stockholm 490 800 141 298 939 140 166 561 - 1 132 378 3.9 Reckitt Benckiser Group Plc London 99 720 71 258 261 75 818 655 4 560 394 2.1 Unilever plc Amsterdam 136 497 60 884 451 68 759 701 7 875 250 1.9 Total Consumer Staples 273 441 651 284 744 917 11 303 266 7.9

Consumer Discretionary Compass Group plc London 257 793 36 157 350 46 634 060 10 476 710 1.3 EssilorLuxottica SA Euronext 89 707 103 127 217 142 475 203 39 347 987 4.0 Industria de Diseno Textil SA Madrid 246 200 59 576 309 74 641 856 15 065 548 2.1 Michelin CGdE Euronext 65 100 65 064 021 89 350 092 24 286 071 2.5 Polaris Industries Inc New York 90 278 66 854 601 106 396 306 39 541 705 3.0 Ralph Lauren Corp New York 120 310 91 254 460 121 964 870 30 710 410 3.4 Total Consumer Discretionary 422 033 958 581 462 387 159 428 431 16.3

Materials BASF SE Xetra 93 058 72 783 302 63 092 112 - 9 691 190 1.8

Total Equities 2 367 916 286 3 329 473 945 961 557 662 92.7

Cash 263 029 950 267 847 866 4 817 915 7.4 Accrued management fee (NOK) - 5 850 440 - 5 850 440 0 - 0,1

Total 2 625 095 796 3 591 471 371 966 375 577 100,0 Pareto Nordic Return Pareto Nordic Return 24

Portfolio manager commentary

The first half year as a whole was satisfactory, with succeeded in achieving a satisfactory price while priced, despite the exchange rate having doubled in six an increase in the fund’s values of just over twelve per freeing up working capital. Liquidity will improve by months. The stock has long been illiquid and unknown cent. The fund has had an average equity ratio of 89 just over two billion kroner, which we consider to be to many, but this is now changing. Troax, on the other per cent during the period. Nordic Semiconductor, TF very positive. The market has doubted whether anyone hand, has been popular for some time and has a more Bank, Troax and Bank Norwegian have pulled the most would buy and feared a share issue to strengthen a demanding pricing, but has shown impressive organic up, while Scatec and Hydrogenpro have pulled in the rather weak balance sheet. That worst case scenario growth since the listing in 2015. Future normalisation opposite direction. is thus over. in the economy should provide a basis for increased earnings. We keep it as one of our largest single There has been a headwind for green stocks this year. At the end of June, the fund participated in the listing holdings. When it comes to Scatec, we are confident that the of Finnish Spinnova as part of a cornerstone investor company is on the right track. They have managed to group. Spinnova has developed a unique technology At the end of the half-year, we are not surprised that the add important projects to the order backlog, which for producing fibres for sustainable textiles. The market has continued to rise. Expansionary monetary the market was sceptical about. That being said, we clothing industry today has two major challenges: and fiscal policies have continued to add liquidity to the will not rule out a comeback for the green stocks. The There is not enough supply of natural fibres to meet financial markets and, in addition, companies have on green shift is coming and there is reason to expect the growth in demand, while they must reduce the average surprised positively with this year's earnings new liquidity into green stocks in the next few years. use of petrochemical fibres. Spinnova’s method can – without growth this year being extrapolated into The stocks were perhaps somewhat overbought in the use different raw materials for its further processing, next year. Therefore, we believe that the market may latter half of last year, and a technical correction was but the focus is primarily on the use of wood. The continue to rise on increasing earnings, even though it appropriate. process is 100 per cent mechanical, while their may look a bit expensive in a historical perspective. In competitors use a chemical process. In addition, the a regime with continued low interest rates, however, Nordic Semiconductor has good momentum in all process is 100 per cent circular. Spinnova is on the there are not many alternatives to equities and segments. We expect increasing growth from the threshold of commercialisation. The company relies corporate bonds. We therefore choose to maintain a Internet of Things. There has been speculation this on partnerships, technology sales and a model that high allocation to equity going forward. spring about the company being acquired. It can requires little capital with good economies of scale. happen quickly, but we believe we are best served by Demand already seems strong and we believe it will owning the share for several years to come, given the grow strongly for many years. growth prospects. Over several years, TF Bank and Troax have contributed Grieg Seafood finally sold its business in Shetland. well to the return, and this year is no exception. TF Portfolio management team Attempts have been made before, and now they have Bank continues to deliver solid figures and is still low Tore Været, Patrick Meum Pareto Nordic Return 25

Performance history

Performance by periods Name 30.06.2021 2020 2019 2018 2017 2016 Nordic balanced fund. Seeks solid Pareto Nordic Return A 11.8% 21.5% 17.3% -10.7% 11.3% 5.3% company management, strong balance Pareto Nordic Return B 11.9% 21.8% 17.6% -10.5% 11.6% 5.5% Pareto Nordic Return C 12.2% 22.4% 18.1% -10.1% 12.1% 6.0% sheets and good earnings power. Annualised return Name Inception date 3 years 5 years 10 years From start Pareto Nordic Return A 1987 12.5% 11.3% 12.5% 10.4%* Pareto Nordic Return B 31.12.2014 12.8% 11.5% - 11.8% Pareto Nordic Return C 12.02.2015 13.3% 12.0% - 12.0% Inception date: 1987 Benchmark: n.a Legal structure: UCITS Other information Dealing days: all Norwegian banking days except 31.12 Name Minimum initial subscription amount (NOK) ISIN Bloomberg Pareto Nordic Return A 2 000 NO0010040504 ORKOMBI NO Pareto Nordic Return B 10 million NO0010727670 PANOREB NO Pareto Nordic Return C 50 million NO0010694797 PANOREC NO

1 2 3 4 5 6 7

Lower risk Higher risk Typically lower rewards Typically higher rewards

The risk indicator was calculated using historical data and may not be a reliable indication of the future risk profile of the fund.

*From start with current portfolio manager 01.01.2007 Pareto Nordic Return 26

Units issued and management fees

NAV and units issued as at 30 June 2021 Management fee Subscription fee* Redemption fee Management fee Unit class A Unit class A Up to 1.00% Up to 0.50% 1.20% p.a. Unit class B Up to 1.00% Up to 0.50% 0.95% p.a. Number of units 3 857.11 Unit class C Up to 1.00% Up to 0.50% 0.50% p.a. Net asset value 157 116.15 Redemption price after maximum fee 156 330.57 *The Board of Directors of Pareto Asset Management AS may decide that the charges shall increase by up to 5.00 per cent of the subscription amount. The difference between 1.00 per cent and the adopted increased subscription fee of up to 5.00 per cent shall accrue to the fund. The Board may set an increased subscription fee for a certain Unit class B period with the possibility of extension or shortening by board resolution. Number of units 16 517.47 Net asset value 10 327.64 Redemption price after maximum fee 10 276.00

Unit class C Number of units 9 437.07 Net asset value 10 325.40 Redemption price after maximum fee 10 273.77 Pareto Nordic Return 27

Pareto Nordic Return 1/5

Securities portfolio as at 30 June 2021

Securities Listing Number of shares Cost price Market value Unrealised Share in % of (NOK) (NOK) gain/loss portfolio Energy Akastor ASA Oslo 1 339 000 21 344 378 8 569 600 - 12 774 778 1.0 BW Energy Ltd Oslo 14 684 358 290 384 721 26 431 0.0 BW Offshore Ltd Oslo 537 000 23 613 891 16 528 860 - 7 085 031 1.9 Flex LNG Ltd Oslo 103 000 14 677 500 12 823 500 - 1 854 000 1.5 Magseis Fairfield ASA Oslo 737 319 12 502 034 2 617 482 - 9 884 551 0.3 Subsea 7 SA Oslo 199 500 24 114 862 16 490 670 - 7 624 192 1.9 Total Energy 96 610 955 57 414 833 - 39 196 121 6.6

Financials Danske Bank A/S København 170 000 40 683 112 25 743 662 - 14 939 451 2.9 Nordic Capital Partners II AS Unlisted 5 000 4 345 000 12 100 - 4 332 900 0.0 Norwegian Finans Holding ASA Oslo 350 000 13 877 545 33 932 500 20 054 955 3.9 TF Bank AB Stockholm 189 717 15 982 067 34 096 922 18 114 855 3.9 Total Financials 74 887 724 93 785 184 18 897 459 10.7

Utilities Scatec ASA Oslo 136 000 13 480 784 31 008 000 17 527 216 3.5

Health Care Nanoform Finland Plc Helsinki 244 713 12 726 658 17 804 849 5 078 191 2.0 Novo Nordisk A/S ser. B København 59 500 24 834 392 42 899 882 18 065 490 4.9 Pihlajalinna Oyj Helsinki 39 587 3 925 505 4 564 811 639 306 0.5 Vaccibody AS Oslo Merkur 139 400 8 097 328 10 524 700 2 427 372 1.2 Total Health Care 49 583 883 75 794 242 26 210 359 8.6 Pareto Nordic Return 28

Pareto Nordic Return 2/5

Securities Listing Number of shares Cost price Market value Unrealised Share in % of (NOK) (NOK) gain/loss portfolio Industrials ABB Ltd Stockholm 42 500 6 237 634 12 415 478 6 177 844 1.4 Coor Service Management Holding AB Stockholm 338 642 13 400 001 23 104 575 9 704 574 2.6 Frøy ASA Oslo 245 901 14 999 961 14 127 012 - 872 949 1.6 HydrogenPro AS Oslo Merkur 298 000 6 645 400 6 809 300 163 900 0.8 Instalco Intressenter AB Stockholm 93 000 4 941 090 33 222 995 28 281 905 3.8 Komplett ASA Oslo 170 000 10 142 019 9 809 000 - 333 019 1.1 Norse Atlantic ASA Oslo Merkur 597 000 11 940 000 12 041 490 101 490 1.4 Spinnova Plc Helsinki 174 026 13 453 551 17 811 759 4 358 208 2.0 Troax Group AB Stockholm 124 000 3 885 403 34 876 345 30 990 942 4.0 Zaptec AS Oslo Merkur 480 763 5 408 584 21 240 109 15 831 526 2.4 Total Industrials 91 053 643 185 458 063 94 404 421 21.1

Information Technology Crayon Group Holding ASA Oslo 95 000 11 221 210 11 960 500 739 290 1.4 Elliptic Laboratories AS Oslo Merkur 73 535 11 555 476 12 692 141 1 136 665 1.5 Huddly AS Oslo Merkur 666 667 10 333 339 6 532 670 - 3 800 669 0.7 Kitron ASA Oslo 1 665 000 9 009 023 33 066 900 24 057 877 3.8 Nordic Semiconductor ASA Oslo 184 000 7 311 669 40 148 800 32 837 131 4.6 TietoEvry Oyj Helsinki 42 000 8 837 275 11 417 611 2 580 336 1.3 Total Information Technology 58 267 992 115 818 622 57 550 630 13.3 Pareto Nordic Return 29

Pareto Nordic Return 3/5

Securities Listing Number of shares Cost price Market value Unrealised Share in % of (NOK) (NOK) gain/loss portfolio Consumer Staples Arctic Fish Holding AS Oslo Merkur 103 000 6 252 840 6 180 000 - 72 840 0.7 Carlsberg A/S ser. B København 15 900 10 454 336 25 507 077 15 052 741 2.9 Essity AB ser. B Stockholm 56 000 9 038 398 15 992 925 6 954 526 1.8 Grieg Seafood ASA Oslo 250 000 8 143 721 22 175 000 14 031 279 2.5 Icelandic Salmon AS Oslo Merkur 43 750 5 031 250 5 293 750 262 500 0.6 Schouw & Co A/S København 18 000 7 101 195 16 994 563 9 893 368 1.9 Total Consumer Staples 46 021 740 92 143 315 46 121 574 10.4

Consumer Discretionary Autoliv Inc ser. SDR Stockholm 29 000 16 961 732 24 577 670 7 615 938 2.8 Betsson AB ser. B Stockholm 306 000 23 928 868 21 493 360 - 2 435 508 2.5 Elektroimportøren AS Oslo 244 754 11 809 381 20 072 276 8 262 895 2.3 Europris ASA Oslo 400 000 14 584 556 21 600 000 7 015 444 2.5 Pandora A/S København 25 400 24 761 211 29 383 962 4 622 752 3.4 Veoneer Inc ser. SDR Stockholm 34 249 6 750 437 6 827 471 77 033 0.8 Total Consumer Discretionary 98 796 185 123 954 739 25 158 554 14.3

Materials Stora Enso Oyj ser. R Helsinki 131 000 14 622 533 20 566 506 5 943 973 2.4

Total Equities 543 325 439 795 943 504 252 618 065 90.9 Pareto Nordic Return 30

Pareto Nordic Return 4/5

Securites Listing Maturity Coupon rate Interest. Principal Cost price Yield2 Market value Unrealised Share in % in % adj. date1 (NOK) + acc. interest gain/loss of portfolio NOK Real Estate Bulk Industrier AS 20/23 FRN FLOOR C Oslo 14.07.2023 6.60 14.07.2021 8 000 000 8 030 000 4.29 8 454 400 310 000 1.0 North Property AS 20/22 FRN FLOOR C Nordisk ABM 21.09.2022 6.70 21.09.2021 2 000 000 2 000 000 6.07 2 018 722 15 000 0.2 Total Real Estate 10 030 000 10 473 122 325 000 1.2

Energy BW Offshore Limited 19/23 FRN FLOOR Oslo 04.12.2023 4.74 07.09.2021 1 500 000 1 500 000 4.36 1 517 208 11 875 0.2 Dof Subsea AS konv. forfalt rente Unlisted 31.12.2099 0.00 - 87 445 - - - - 0.0 Dof Subsea AS konv. forfalt rente 220520 Unlisted 31.12.2099 0.00 - 25 334 - - - - 0.0 Dolphin Group ASA konv. forfalt rente Unlisted 15.03.2099 0.00 15.03.2099 22 522 - 8577.87 3 3 0.0 Seadrill Ltd 18/25 12.00% C Dublin 15.07.2025 12.00 15.07.2025 32 738 266 720 35.32 171 468 - 110 840 0.0 Total Energy 1 766 720 1 688 679 - 98 962 0.2

Financials Aker ASA 19/24 FRN FLOOR C Oslo 22.11.2024 2.16 23.08.2021 8 000 000 7 936 100 2.56 7 897 760 - 56 100 0.9

Industrials Chip Bidco AS 19/24 FRN C Nordisk ABM 13.12.2024 5.71 13.09.2021 2 000 000 2 000 000 5.23 2 035 393 30 000 0.2 Odfjell SE 17/22 FRN Oslo 13.06.2022 5.46 13.09.2021 2 000 000 2 035 000 3.33 2 045 157 5 000 0.2 Odfjell SE 18/23 FRN FLOOR Oslo 19.09.2023 5.70 20.09.2021 2 000 000 2 025 000 4.35 2 060 451 32 284 0.2 Total Industrials 6 060 000 6 141 001 67 284 0.6

Consumer Discretionary Desenio Group AB 20/24 FRN FLOOR C Stockholm 16.12.2024 5.50 16.09.2021 3 750 000 3 836 329 4.15 3 947 369 102 392 0.5 LeoVegas AB 20/23 FRN Stockholm 10.12.2023 5.47 10.09.2021 3 750 000 3 892 125 4.35 3 881 260 - 22 895 0.4 Total Consumer Discretionary 7 728 454 7 828 629 79 497 0.9 Pareto Nordic Return 31

Pareto Nordic Return 5/5

Securites Listing Maturity Coupon rate Interest. Principal Cost price Yield2 Market value Unrealised Share in % in % adj. date1 (NOK) + acc. interest gain/loss of portfolio NOK Information Technology Crayon Group Holdi ASA 19/22 FRN FLOOR C Oslo 21.11.2022 3.76 23.08.2021 2 000 000 2 000 000 2.26 2 048 564 40 000 0.2 Mercell Holding AS 20/25 FRN SEK FLOOR C Oslo 08.12.2025 6.00 08.09.2021 1 800 000 1 872 540 5.06 1 886 209 6 725 0.2 SuperOffice Group AS 20/25 FRN FLOOR C Oslo 05.11.2025 6.79 05.08.2021 2 500 000 2 500 000 5.63 2 631 252 104 375 0.3 Total Information Technology 6 372 540 6 566 025 151 100 0.7

Utilities Solis Bond Company 21/24 FRN EUR FLOOR C Oslo 06.01.2024 6.50 06.07.2021 400 000 4 241 640 6.07 4 185 999 - 119 022 0.5

Total Bonds 44 135 454 44 781 215 348 797 5.0

Cash 34 276 538 34 099 363 - 177 175 3.9

Total 621 737 431 874 824 082 252 789 687 99.8

1. Applicable only to floating rate bonds. 2. Yield to maturity is the average annual rate of return of a bond held to maturity. The yield to maturity will change from day to day, and is no guarantee of performance in the period. Fixed income funds Fixed income funds 33

Fixed income funds

Legal structure: UCITS Performance by periods Dealing days: all Norwegian banking days except 31.12. Name 30.06.2021 2020 2019 2018 2017 2016 Pareto Obligasjon A 0.7% 3.3% 0.3%* - - - Pareto Obligasjon Pareto Obligasjon B 0.7% 3.4% 0.3%* - - - The fund invests in interest-bearing securities with good credit quality Pareto Obligasjon C 0.8% 2.6%** - - - - (investment grade) denominated in Norwegian kroner. NORM123FERN1 0.5% 1.4% 2.3% 1.4% 2.0% 2.7% Benchmark: NBP Norwegian RM1-RM3 Floating Rate Index (NOK) Other relevant information: The fund invests in issuers with good credit quality (investment grade). Investments in interest-bearing securities where the issuer is considered to have a lower credit quality than the investment grade after the Pareto Likviditet 0.2% 1.7% 1.7% 1.1% 1.3% 1.9% investment date may represent a maximum of 10 per cent of the fund’s total assets. Annualised return Name Inception date 3 years 5 years 10 years From start 1 2 3 4 5 6 7 Pareto Obligasjon A 11.11.2019 - - - 2.6% Lower risk Higher risk Pareto Obligasjon B 11.11.2019 - - - 2.7% Typically lower rewards Typically higher rewards Pareto Obligasjon C 25.02.2020 - - - 2.5%

NORM123FERN** - - - Pareto Likviditet The fund invests in senior loans to financial institutions and covered bonds. Pareto Likviditet 27.09.1999 1.4% 1.3% 1.7% 3.1% Benchmark: n.a Other relevant information: The fund has authorisation from Finanstilsynet to invest up to 100 per cent of the fund’s assets in transferable securities or money market instruments issued by Den norske stat. The investments must include at Other information least six different issues, and investments from one and the same issue must Name Minimum initial subscription amount (NOK) ISIN Bloomberg not exceed 30 per cent of the fund’s total assets. Pareto Obligasjon A 500 NO0010025190 POOBLII NO Pareto Obligasjon B 10 million NO0010864069 PAOBLIB NO Pareto Obligasjon C 50 million NO0010864077 PAOBLIC NO 1 2 3 4 5 6 7 Pareto Likviditet 2 million NO0010025174 POLIKV NO Lower risk Higher risk Typically lower rewards Typically higher rewards *Inception date 11.11.2019 ** Inception date 25.02.2020 The risk indicator was calculated using historical data and may not be a reliable indication of the future risk profile of the fund. 1NBP Norwegian RM1-RM3 Floating Rate Index (NOK) Fixed income funds 34

Units issued and management fees

NAV and units issued as at 30 June 2021 Management fees

Pareto Obligasjon A Fund Subscription fee Redemption fee Management fee Pareto Obligasjon A - - 0.35% p.a. Number of units 76 462.85 Pareto Obligasjon B - - 0.25% p.a. Net asset value 1 034.96 Pareto Obligasjon C - - 0.15% p.a. Redemption price after maximum fee 1 034.96 Pareto Likviditet - - 0.25% p.a.*

Pareto Obligasjon B Number of units 204 581.35 *Pareto Likviditet Net asset value 1 024.82 Subscriptions of more than 25 000 units are given a discounted management fee. Redemption price after maximum fee 1 024.82

Pareto Obligasjon C Number of units 286 900.09 Net asset value 1 014.69 Redemption price after maximum fee 1 014.69

Pareto Likviditet Number of units 751 370.38 Net asset value 997.94 Redemption price after maximum fee 997.94 Fixed income funds 35

Pareto Obligasjon 1/4

Securities portfolio as at 30 June 2021

Securites Listing Maturity Coupon rate Interest. Principal Cost price Yield2 Market value Unrealised Share in % in % adj. date1 (NOK) + acc. interest gain/loss of portfolio NOK Government Bonds Oslo komm 15/24 2.35% Oslo 04.09.2024 2.35 04.09.2024 13 000 000 13 471 900 1.37 13 643 637 - 80 301 2.3 Oslo komm 19/24 2.05% Oslo 31.10.2024 2.05 31.10.2024 12 000 000 12 322 800 1.40 12 414 829 - 72 654 2.1 Total Government Bonds 25 794 700 26 058 466 - 152 955 4.4

Financials Arion Banki hf 19/29 FRN NOK C SUB Luxembourg 09.07.2029 4.00 09.07.2021 5 000 000 5 050 000 3.50 5 096 284 173 0.9

Bank Norwegian ASA 16/26 FRN C SUB Nordisk ABM 21.09.2026 3.20 21.09.2021 4 000 000 4 000 000 1.93 4 014 904 11 348 0.7 Bank Norwegian ASA 19/22 FRN Oslo 16.09.2022 1.60 16.09.2021 5 000 000 5 044 500 0.90 5 045 969 - 1 864 0.9 Bank Norwegian ASA 19/22 FRN Oslo 29.03.2022 1.69 29.09.2021 5 000 000 5 044 400 0.72 5 036 887 - 7 983 0.9 BN Bank ASA 18/23 FRN Nordisk ABM 30.08.2023 0.89 30.08.2021 5 000 000 4 794 400 0.48 5 044 937 246 705 0.9 Brage Finans AS 20/23 FRN Nordisk ABM 04.09.2023 0.89 06.09.2021 15 000 000 15 054 670 0.57 15 104 010 39 327 2.6 Danske Bank A/S 19/22 FRN Dublin 16.05.2022 1.40 16.08.2021 15 000 000 15 156 050 0.50 15 138 302 - 43 415 2.6 DNB Bank ASA 17/27 FRN C SUB Oslo 19.01.2027 2.09 19.07.2021 10 000 000 10 132 400 0.56 10 120 247 - 54 534 1.7 DNB Bank ASA 19/23 FRN Oslo 05.04.2023 0.83 05.07.2021 5 000 000 4 803 000 0.41 5 031 405 218 491 0.9 DNB Bank ASA 20/30 FRN C SUB Oslo 28.05.2030 2.55 30.08.2021 2 000 000 2 000 000 1.03 2 119 346 114 529 0.4 Eika Boligkreditt AS 18/28 FRN C SUB Nordisk ABM 02.02.2028 1.70 02.08.2021 5 000 000 4 688 000 0.85 5 074 179 372 249 0.9 Eika Gruppen AS 21/24 FRN Nordisk ABM 15.01.2024 0.98 15.07.2021 7 000 000 7 000 000 0.74 7 031 767 17 094 1.2 Fana Spb 18/28 FRN C SUB Nordisk ABM 21.03.2028 1.45 21.09.2021 10 000 000 10 121 000 0.87 10 103 425 - 21 603 1.7 Høland og Setskog Spb 17/27 FRN C SUB Nordisk ABM 22.02.2027 2.51 23.08.2021 12 000 000 12 144 000 1.01 12 144 297 - 30 660 2.1 Høland og Setskog Spb 19/29 FRN C SUB Nordisk ABM 28.08.2029 2.25 30.08.2021 4 000 000 4 098 720 1.40 4 108 852 1 632 0.7 Jæren Spb 18/28 FRN C SUB Nordisk ABM 20.06.2028 1.85 20.09.2021 3 000 000 3 033 600 1.01 3 051 460 16 319 0.5

Kredittforeningen for Spb 21/24 FRN Nordisk ABM 03.05.2024 0.69 03.08.2021 14 000 000 14 000 000 0.57 14 026 096 10 265 2.4 Landsbankinn hf. 19/22 FRN NOK Dublin 21.02.2022 2.01 23.08.2021 6 000 000 6 081 622 0.56 6 068 451 - 26 906 1.0 Nordea Bank Abp 18/23 FRN Dublin 18.09.2023 1.08 20.09.2021 16 000 000 16 164 300 0.60 16 178 603 8 063 2.8 OBOS-banken AS 17/27 FRN C SUB Nordisk ABM 18.05.2027 1.76 18.08.2021 8 000 000 8 100 800 0.73 8 086 588 - 31 421 1.4 Fixed income funds 36

Pareto Obligasjon 2/4

Securites Listing Maturity Coupon rate Interest. Principal Cost price Yield2 Market value Unrealised Share in % in % adj. date1 (NOK) + acc. interest gain/loss of portfolio NOK OBOS-banken AS 18/23 FRN Nordisk ABM 31.08.2023 0.81 31.08.2021 2 000 000 1 982 600 0.48 2 014 353 30 358 0.3 Pareto Bank ASA 19/23 FRN Nordisk ABM 20.04.2023 1.21 20.07.2021 10 000 000 10 080 500 0.53 10 126 657 21 957 1.7 Protector Forsikring ASA 17/47 FRN C SUB Oslo 31.03.2047 3.10 30.09.2021 10 000 000 10 050 000 1.98 10 084 963 34 102 1.7 Resurs Bank AB 21/23 FRN Oslo 14.06.2023 1.21 14.09.2021 10 000 000 10 000 000 1.17 10 012 402 6 688 1.7 Sandnes Spb 18/28 FRN C SUB Nordisk ABM 16.02.2028 1.81 16.08.2021 2 000 000 2 021 860 0.86 2 033 801 7 516 0.3 Sandnes Spb 18/28 FRN C SUB Nordisk ABM 16.10.2028 2.25 16.07.2021 2 000 000 2 057 400 0.96 2 061 961 - 4 939 0.4 Skue Spb 19/23 FRN Nordisk ABM 15.05.2023 0.88 16.08.2021 2 000 000 1 997 900 0.47 2 015 427 15 376 0.3 Spb 1 Boligkreditt AS 18/28 FRN C SUB Nordisk ABM 22.06.2028 1.73 22.09.2021 12 000 000 12 223 800 0.92 12 198 131 - 30 859 2.1 Spb 1 Gudbrandsdal 17/27 FRN C SUB Nordisk ABM 24.05.2027 2.16 24.08.2021 5 000 000 5 067 500 0.93 5 064 058 - 14 543 0.9 Spb 1 Helgeland 18/28 FRN C SUB Nordisk ABM 11.04.2028 1.75 12.07.2021 3 000 000 3 023 670 0.89 3 050 052 14 716 0.5 Spb 1 Nord-Norge 18/28 FRN C SUB Nordisk ABM 28.08.2028 1.65 30.08.2021 3 000 000 3 042 210 0.87 3 052 157 5 272 0.5 Spb 1 SMN 18/28 FRN C SUB Nordisk ABM 04.09.2028 1.69 06.09.2021 5 000 000 5 079 200 0.88 5 091 278 5 741 0.9 Spb 1 Sørøst-Norge 16/26 FRN C SUB Nordisk ABM 10.11.2026 2.52 10.08.2021 3 000 000 3 082 500 0.56 3 031 746 - 61 674 0.5 Spb 1 Sørøst-Norge 20/25 FRN Nordisk ABM 28.02.2025 0.83 30.08.2021 5 000 000 4 651 059 0.59 5 038 374 383 395 0.9 Spb 1 Østfold Akershus 18/23 FRN Nordisk ABM 11.09.2023 0.88 13.09.2021 10 000 000 10 030 700 0.48 10 089 351 53 762 1.7 Spb 1 Østlandet 17/27 FRN C SUB Nordisk ABM 16.11.2027 1.66 16.08.2021 13 000 000 13 161 800 0.75 13 180 397 - 7 779 2.3 Spb 1 Østlandet 18/28 FRN C SUB Nordisk ABM 20.06.2028 1.62 20.09.2021 5 000 000 4 700 000 0.85 5 078 489 376 239 0.9 Spb DIN 17/27 FRN C SUB Nordisk ABM 08.11.2027 2.27 09.08.2021 13 200 000 13 416 216 1.14 13 434 845 - 24 652 2.3 Spb Sør 18/28 FRN C SUB Nordisk ABM 23.11.2028 1.91 23.08.2021 3 000 000 3 070 290 0.90 3 074 260 - 1 919 0.5 Spb Sør 21/27 FRN C Nordisk ABM 10.02.2027 0.99 10.08.2021 10 000 000 10 000 000 0.85 10 047 441 33 141 1.7 Spb Øst Boligkreditt AS 19/24 FRN C COVD Oslo 19.06.2024 0.66 20.09.2021 4 000 000 4 024 000 0.33 4 039 981 15 248 0.7 SSB Boligkreditt AS 18/24 FRN C COVD Nordisk ABM 27.09.2024 0.69 27.09.2021 5 000 000 5 025 000 0.35 5 057 909 32 621 0.9 Stadshypotek AB 19/24 ADJ C COVD Oslo 19.03.2024 0.49 20.09.2021 10 000 000 10 065 300 0.28 10 059 083 - 7 578 1.7 Storebrand Liv AS 14/PERP FRN STEP C SUB Oslo 31.12.2099 2.89 - 13 000 000 13 443 200 1.67 13 438 165 - 11 297 2.3 Storebrand Livsforsik AS 20/50 FRN C SUB Oslo 19.06.2050 2.25 20.09.2021 2 000 000 2 000 000 1.85 2 032 502 31 252 0.4 Strømmen Spb 17/27 FRN C SUB Nordisk ABM 21.04.2027 2.57 21.07.2021 3 200 000 3 248 000 1.16 3 249 838 - 14 381 0.6 Fixed income funds 37

Pareto Obligasjon 3/4

Securites Listing Maturity Coupon rate Interest. Principal Cost price Yield2 Market value Unrealised Share in % in % adj. date1 (NOK) + acc. interest gain/loss of portfolio NOK Swedbank AB 20/23 FRN NOK Dublin 26.05.2023 1.11 26.08.2021 5 000 000 5 000 000 0.43 5 065 298 59 748 0.9 Sydbank A/S 20/24 FRN C Dublin 25.11.2024 1.26 25.08.2021 6 000 000 6 000 000 0.79 6 067 301 59 531 1.0 Totens Spb 19/29 FRN C SUB Nordisk ABM 14.06.2029 1.86 14.09.2021 15 000 000 15 400 500 1.04 15 370 540 - 43 136 2.6 Tryg Forsikri A/S 13/PERP FRN STEP C SUB Nordisk ABM 31.12.2099 3.95 - 7 000 000 7 370 000 1.41 7 313 186 - 64 495 1.3 Ørland Spb 21/24 FRN Nordisk ABM 29.04.2024 0.77 29.07.2021 15 000 000 15 000 000 0.62 15 039 860 19 647 2.6 Aasen Spb 16/26 FRN C SUB Nordisk ABM 01.12.2026 2.94 01.09.2021 5 000 000 5 095 000 1.07 5 050 982 - 56 268 0.9 Total Financials 376 921 667 379 190 797 1 700 599 65.2

Utilities Glitre Energi AS 21/24 FRN Oslo 24.04.2024 0.71 26.07.2021 10 000 000 10 000 000 0.62 10 012 163 - 854 1.7 Ringerikskraft AS 19/22 FRN Nordisk ABM 16.05.2022 0.91 16.08.2021 5 000 000 4 998 500 0.57 5 018 344 14 283 0.9 Total Utilities 14 998 500 15 030 507 13 429 2.6

Materials Elkem ASA 18/21 FRN FLOOR Oslo 06.12.2021 1.48 06.09.2021 6 000 000 6 032 880 0.62 6 027 896 - 10 904 1.0 Elkem ASA 21/24 FRN FLOOR Oslo 26.02.2024 1.26 26.08.2021 9 000 000 9 000 000 1.10 9 036 120 24 780 1.6 Norsk Hydro ASA 20/23 FRN Oslo 15.05.2023 3.16 16.08.2021 20 000 000 20 946 655 0.63 21 007 994 - 15 905 3.6 Total Materials 35 979 535 36 072 010 - 2 029 6.2

Real Estate Entra ASA 17/22 FRN Oslo 14.10.2022 1.07 14.07.2021 15 000 000 15 063 600 0.57 15 104 021 5 646 2.6 OBOS BBL 21/26 FRN Nordisk ABM 10.03.2026 1.09 10.09.2021 9 000 000 9 000 000 1.02 9 025 680 19 958 1.6 Rikshem AB 17/22 FRN Stockholm 24.01.2022 1.19 26.07.2021 15 000 000 15 092 850 0.37 15 095 713 - 29 862 2.6 Steen & Strøm AS 17/22 FRN Oslo 14.09.2022 0.91 14.09.2021 5 000 000 5 023 250 0.64 5 017 874 - 7 525 0.9 Vasakronan AB 17/22 FRN Oslo 13.01.2022 1.26 13.07.2021 5 000 000 5 035 150 0.34 5 034 757 - 14 218 0.9 Total Real Estate 49 214 850 49 278 045 - 26 001 8.6 Fixed income funds 38

Pareto Obligasjon 4/4

Securites Listing Maturity Coupon rate Interest. Principal Cost price Yield2 Market value Unrealised Share in % in % adj. date1 (NOK) + acc. interest gain/loss of portfolio NOK

Energy Heimstaden Bostad AB 21/24 FRN Oslo 22.04.2024 1.06 22.07.2021 16 000 000 16 000 000 0.89 16 061 144 28 166 2.8

Communication Schibsted ASA 17/23 FRN Oslo 22.06.2023 1.65 22.09.2021 1 000 000 1 018 970 0.75 1 018 172 - 1 211 0.2 Schibsted ASA 20/23 FRN Oslo 23.10.2023 2.71 23.07.2021 4 000 000 4 000 000 0.80 4 188 010 167 234 0.7 Total Communication 5 018 970 5 206 182 166 023 0.9

Consumer Discretionary BMW Finance N.V. 19/22 FRN NOK Luxembourg 22.08.2022 0.79 23.08.2021 5 000 000 4 997 950 0.49 5 018 214 16 205 0.9 Scania CV 20/23 FRN NOK Luxembourg 24.01.2023 0.90 26.07.2021 5 000 000 5 000 000 0.67 5 019 062 10 812 0.9 Volkswagen Financial Servi 21/24 FRN NOK Luxembourg 01.02.2024 1.05 02.08.2021 16 000 000 16 000 000 0.85 16 068 724 41 658 2.8 Volvo Treasury AB 19/22 FRN NOK Luxembourg 11.02.2022 1.00 11.08.2021 5 000 000 4 975 000 0.39 5 024 297 42 214 0.9 Total Consumer Discretionary 30 972 950 31 130 297 110 889 5.5

Total Bonds 554 901 172 558 027 448 1 838 121 96.2

Cash 21 981 437 21 981 437 3.8

Total 576 882 609 580 008 885 1 838 121 100.0

1. Applicable only to floating rate bonds. 2. Yield to maturity is the average annual rate of return of a bond held to maturity. The yield to maturity will change from day to day, and is no guarantee of performance in the period. Fixed income funds 39

Pareto Likviditet 1/3

Securities portfolio as at 30 June 2021

Securites Listing Maturity Coupon rate Interest. Principal Cost price Yield2 Market value Unrealised Share in % in % adj. date1 (NOK) + acc. interest gain/loss of portfolio NOK Financials Andebu Spb 19/22 FRN Nordisk ABM 07.06.2022 0.76 07.09.2021 14 000 000 14 051 100 0.39 14 052 284 - 5 909 1.9 Arendal og Omegns Spb 16/21 FRN Nordisk ABM 23.11.2021 1.46 23.08.2021 17 000 000 17 090 610 0.30 17 101 977 - 14 142 2.3 Askim & Spydeberg Spb 18/22 FRN Nordisk ABM 09.02.2022 0.92 09.08.2021 15 000 000 14 959 700 0.27 15 074 281 94 648 2.0 Aurskog Spb 17/21 FRN Nordisk ABM 25.10.2021 0.98 26.07.2021 10 000 000 10 047 800 0.21 10 040 152 - 25 615 1.3 Bank Norwegian ASA 19/22 FRN Oslo 29.03.2022 1.69 29.09.2021 10 000 000 10 025 000 0.72 10 073 774 47 835 1.3 Bien Spb ASA 17/22 FRN Nordisk ABM 14.03.2022 1.24 14.09.2021 6 000 000 6 049 440 0.36 6 040 695 - 12 258 0.8 Brage Finans AS 18/22 FRN Nordisk ABM 21.02.2022 0.94 23.08.2021 15 000 000 15 063 000 0.34 15 069 739 - 9 320 2.0 Danske Bank A/S 19/22 FRN Dublin 16.05.2022 1.40 16.08.2021 10 000 000 10 073 000 0.50 10 092 201 2 090 1.3 Flekkefjord Spb 18/21 FRN Nordisk ABM 07.10.2021 0.94 07.07.2021 20 000 000 20 046 300 0.22 20 073 933 - 16 756 2.7 Haugesund Spb 18/22 FRN Nordisk ABM 26.01.2022 0.90 26.07.2021 20 000 000 20 085 800 0.26 20 096 972 - 21 828 2.7 Jernbanepersonalets Spb 18/22 FRN Nordisk ABM 22.08.2022 0.82 23.08.2021 15 000 000 15 084 450 0.34 15 086 221 - 10 870 2.0 Jæren Spb 17/22 FRN Nordisk ABM 07.04.2022 1.20 07.07.2021 20 000 000 19 914 400 0.29 20 169 743 198 676 2.7 Kredittforeningen for Spb 17/21 FRN Nordisk ABM 17.09.2021 0.82 17.09.2021 6 000 000 6 018 780 0.15 6 010 464 - 10 229 0.8 Kredittforeningen for Spb 18/21 FRN Nordisk ABM 29.11.2021 0.77 30.08.2021 10 000 000 10 014 400 0.19 10 029 653 8 622 1.3 Landkreditt Bank AS 17/22 FRN Nordisk ABM 07.04.2022 1.06 07.07.2021 2 000 000 2 001 420 0.27 2 014 457 8 031 0.3 Lillestrøm Spb 18/22 FRN Nordisk ABM 20.05.2022 0.83 20.08.2021 20 000 000 19 889 400 0.32 20 101 911 193 144 2.7 Melhus Spb 18/22 FRN Nordisk ABM 13.05.2022 0.85 13.08.2021 10 000 000 10 049 700 0.31 10 053 564 - 7 469 1.3 Orkla Spb 17/22 FRN Nordisk ABM 31.01.2022 1.04 30.07.2021 15 000 000 15 077 700 0.27 15 087 302 - 17 265 2.0 Rørosbanken Røros Spb 17/22 FRN Nordisk ABM 01.06.2022 1.12 01.09.2021 10 000 000 10 085 100 0.35 10 077 760 - 16 673 1.3 Selbu Spb 18/21 FRN Nordisk ABM 13.09.2021 0.75 13.09.2021 10 000 000 9 988 200 0.26 10 013 527 21 785 1.3 Skagerrak Spb 18/22 FRN Nordisk ABM 13.06.2022 0.94 13.09.2021 15 000 000 15 107 250 0.33 15 093 487 - 20 421 2.0 Skudenes & Aakra Spb 17/22 FRN Nordisk ABM 03.02.2022 1.20 03.08.2021 5 000 000 5 037 195 0.27 5 035 085 - 11 943 0.7 Spb 1 Gudbrandsdal 16/21 FRN Nordisk ABM 31.08.2021 1.24 31.08.2021 10 000 000 10 080 100 0.17 10 028 461 - 62 317 1.3 Fixed income funds 40

Pareto Likviditet 2/3

Securites Listing Maturity Coupon rate Interest. Principal Cost price Yield2 Market value Unrealised Share in % in % adj. date1 (NOK) + acc. interest gain/loss of portfolio NOK Spb 1 Helgeland 16/22 FRN Nordisk ABM 16.03.2022 1.10 15.09.2021 20 000 000 19 984 200 0.26 20 129 335 135 968 2.7 Spb 1 Lom og Skjåk 19/22 FRN Nordisk ABM 10.05.2022 1.04 10.08.2021 13 000 000 13 084 500 0.34 13 091 303 - 12 726 1.7 Spb 1 Nordmøre 17/22 FRN Nordisk ABM 07.02.2022 1.30 09.08.2021 15 000 000 15 139 200 0.26 15 118 943 - 50 049 2.0 Spb 1 Nord-Norge 16/21 FRN Nordisk ABM 29.09.2021 1.04 29.09.2021 20 000 000 19 896 800 0.17 20 044 044 146 088 2.7 Spb 1 Ringerike Hadeland 18/22 FRN Nordisk ABM 22.06.2022 0.72 22.09.2021 10 000 000 10 049 400 0.30 10 043 137 - 8 063 1.3 Spb 1 SMN 17/21 FRN Nordisk ABM 12.10.2021 0.90 12.07.2021 20 000 000 20 061 800 0.18 20 073 336 - 28 464 2.7 Spb 1 Søre Sunnmøre 19/21 FRN Nordisk ABM 25.11.2021 0.91 25.08.2021 20 000 000 19 999 400 0.23 20 070 722 52 616 2.7 Spb 1 Sørøst-Norge 17/22 FRN Nordisk ABM 02.02.2022 1.03 02.08.2021 20 000 000 19 784 000 0.23 20 119 081 301 320 2.7 Spb 1 Østfold Akershus 17/22 FRN Nordisk ABM 07.04.2022 1.06 07.07.2021 15 000 000 15 091 950 0.27 15 108 426 - 21 066 2.0 Spb DIN 17/22 FRN Nordisk ABM 27.04.2022 1.22 27.07.2021 20 000 000 20 167 000 0.34 20 175 320 - 35 736 2.7 Spb Møre 19/22 FRN Oslo 12.04.2022 0.75 12.07.2021 10 000 000 9 779 800 0.26 10 043 645 247 178 1.3 Spb Narvik 18/22 FRN Nordisk ABM 02.11.2022 0.90 02.08.2021 20 000 000 20 125 000 0.37 20 146 394 - 8 106 2.7 Spb Sogn og Fjordane 19/22 FRN Nordisk ABM 28.02.2022 0.79 30.08.2021 28 000 000 28 101 290 0.24 28 117 368 - 4 813 3.7 Spb Sør 17/22 FRN Nordisk ABM 17.02.2022 1.01 17.08.2021 15 000 000 14 839 500 0.23 15 088 276 230 259 2.0 Spb Vest 16/21 FRN Nordisk ABM 01.09.2021 1.00 01.09.2021 15 000 000 15 066 000 0.13 15 034 604 - 43 896 2.0 Spb Vest 17/22 FRN Nordisk ABM 30.06.2022 0.85 30.09.2021 15 000 000 15 100 050 0.30 15 083 999 - 16 406 2.0 Storebrand ASA 17/22 FRN Nordisk ABM 23.05.2022 1.81 23.08.2021 15 000 000 15 074 250 0.37 15 215 562 113 408 2.0 Voss Veksel ASA 17/22 FRN Nordisk ABM 31.03.2022 1.10 30.09.2021 20 000 000 19 912 600 0.33 20 116 693 203 482 2.7 Total Financials 597 096 585 599 337 831 1 512 810 79.6 Fixed income funds 41

Pareto Likviditet 3/3

Securites Listing Maturity Coupon rate Interest. Principal Cost price Yield2 Market value Unrealised Share in % in % adj. date1 (NOK) + acc. interest gain/loss of portfolio NOK Government Bonds Askøy komm 16/21 FRN Oslo 14.10.2021 0.99 14.07.2021 15 000 000 15 110 325 0.16 15 062 166 - 80 298 2.0 Ferde AS 19/21 FRN Nordisk ABM 13.09.2021 0.30 13.09.2021 15 000 000 14 987 550 0.17 15 006 373 16 670 2.0 Oslo komm 16/21 FRN Oslo 02.09.2021 0.78 02.09.2021 25 000 000 25 080 000 0.10 25 044 893 - 50 815 3.3 Skudenes & Aakra Spb 17/22 FRN Nordisk ABM 15.08.2022 0.95 16.08.2021 15 000 000 15 094 350 0.36 15 092 070 - 2 280 2.0 Spb 1 Modum 17/21 FRN Nordisk ABM 27.10.2021 1.04 27.07.2021 21 000 000 21 059 850 0.22 21 090 050 - 9 234 2.8 Spb 68 grader Nord 19/22 FRN Nordisk ABM 29.08.2022 0.77 30.08.2021 19 000 000 19 087 590 0.36 19 083 562 - 4 028 2.5 Ørsta komm FRN CERT 365 100921 Unlisted 10.09.2021 0.34 10.09.2021 15 000 000 14 995 050 0.13 15 009 025 10 999 2.0 Ålesund komm 19/21 FRN Oslo 15.11.2021 0.41 16.08.2021 15 000 000 14 998 800 0.17 15 019 357 12 986 2.0 Total Government Bonds 140 413 515 140 407 496 - 106 000 18.6

Total Bonds 737 510 100 739 745 327 1 406 810 98.2

Cash 10 236 018 10 236 018 1.4

Total 747 746 118 749 981 345 1 406 810 99.6

1. Applicable only to floating rate bonds. 2. Yield to maturity is the average annual rate of return of a bond held to maturity. The yield to maturity will change from day to day, and is no guarantee of performance in the period. Important information 42

Ethical framework, returns and risk

Ethical framework In our view, our management philosophy is well The fund’s KIIDs, prospectuses, annual and semiannual Pareto Asset Management AS aims at contributing to suited for this purpose. Active management, thorough reports are available from www.paretoam.com/en/ long-term value creation by investing in a responsible analyses of a limited number of companies and a fund-reports. Other information is available at www. and ethical manner. We believe that responsible long-term perspective form a good starting point paretoam.com/en/client-information. investments are important for achieving the best for sustainable investments. If you are serious about possible risk-adjusted return for our unitholders and achieving something by way of your investments, you Subscription and redemption fees are not taken into customers. just can’t invest blindly in a broadbased index. account in the historical performance given for our funds, this could affect the return adversely. Unless Our portfolio management has a decidedly Sustainable investment, however, is a demanding otherwise stated, the performance information longterm perspective, it is only natural that we take exercise. It raises a lot of dilemmas and provides no given does not take into account any tax that may be environmental, social and governance aspects into clear answers, and it requires subjective judgement. It incumbent on the product and/or customer. The tax account. Such factors do influence long-term value also means that we can make mistakes. We learn from impact depends on the individual client’s situation and creation and sustainability, and they entail a clear these mistakes, and we must admit that we still have may change. ethical guidance: We shall not make investments a lot to learn. which constitute an unacceptable risk of contributing Contact information to unethical acts or omissions. Twice a year we publish a report on responsible Pareto Asset Management AS investments, which includes our guidelines as well as Dronning Mauds gate 3 In 2014 we decided to formalise our commitment to practical challenges in complying with them. 0250 Oslo responsible investments by signing the UN PRI (United Nations Principles for Responsible Investment). In Considerations regarding returns and risk P.O. Box 1810, Vika March 2017, we presented our first PRI report. In 2017 Historical returns are no guarantee for future returns. NO-0123 Oslo we became a member of Norsif, the Norwegian forum Future returns will depend, inter alia, on market Norway for responsible and sustainable investments, and of developments, the portfolio manager’s skill, the its Swedish sister organisation Swesif. Later the same fund’s risk profile, as well as fees for subscription, t: 22 87 87 00 year Pareto Global Corporate Bond became the first management and redemption. Returns may become f: 22 01 58 50 fixed income fund in Norway and Sweden to receive negative as a result of negative price developments. e: [email protected] the Nordic Swan Ecolabel. Org. nr.: 977 287 677 www.paretoam.com