Arctic Norwegian Equities Monthly Report May 2021 FUND COMMENTS Arctic Norwegian Equities gave 1.3% return in May (I-class) versus 2.5% for the OSEFX benchmark index. Year-to- date the fund is up 7.7% compared to 13.1% for the OSEFX index. Since inception the fund has returned 198% ver- sus 170% for the benchmark index. In May there were continued gains for the Oslo Stock Exchange. Some com- modity prices corrected down through May but recovered towards month-end. In May positive attribution for the fund versus the benchmark index came from overweights in Golden Ocean and Bakkafrost, and underweight in NEL. The fund is overweight in Golden Ocean. Dry bulk dayrates rose in April and held good levels through May. Its quarterly results announcement included a re-instatement of dividends, at 0.25 dollars for the 1st quarter. This surprised some analysts. The fund is overweight in Bakkafrost, the share rose in May. Bakkafrost’s results for Q1 were above analyst consensus due to better margins in its division for value-added products. According to management biological development is good, both in Scotland and on the Faroe Islands. The fund is underweighted in NEL, the share fell in May. NEL’s sales for the 1st quarter were below consensus esti- mates. Revenues were 157 million kroner in Q1, the company has a market cap in excess of 26 billion. NEL will start test production at its new facility on Herøya in the 2nd quarter and plans to ramp up production in Q3. In May, negative attribution for the fund versus the benchmark index came from overweight in Kahoot! and Cray- on, and underweight in Equinor. Kahoot! announced the acquisition of Clever, an American e-learning platform. The acquisition values Clever at between 435 and 500 million dollars. Kahoot! also raised 200 million dollars in new equity to part-finance the acquisition. Kahoot! had 254 million dollars in cash per Q1. The fund is overweighted in Crayon, the share fell somewhat this month. Crayon’s results for the 1st quarter were above analyst expectations, both on the top and bottom line. The company raised its margin outlook for 2021. Gross profit growth was 23 per- cent and 27 percent on a constant currency basis. The fund is underweighted in Equinor. Oil prices rose somewhat in May, Brent crude ended the month just below 70 dollars per barrel. There were no big company announcements this month, but in April Equinor announced results for the 1st quarter which were above market expectations. Year-to-date positive attribution for the fund comes from overweight in Atea and underweight in Scatec Solar. Neg- ative attribution in 2021 comes from overweights in NRC Group and Kahoot!. Oslo, June 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 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. 50% 38.9 %40.8 % 40% 30% 20% 13.1 % 12.8 % 10.9 % 11.0 % 11.5 %10.5 % 7.7 % 8.4 % 9.8 % 9.9 % 10% 1.3 % 2.5 % 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 8.9 % Salmar ASA 4.9 % Atea ASA 5.4 % Equinor ASA -6.7 % Gjensidige Forsikring ASA 6.4 % Crayon Group holding AS 4.7 % Crayon Group Holding ASA 4.4 % Telenor ASA -2.7 % Atea ASA 6.4 % Yara International ASA 4.5 % Gjensidige Forsikring ASA 3.7 % Tomra Systems -2.6 % Mowi ASA 6.0 % Telenor ASA 4.0 % Vaccibody AS 3.1 % Schibsted ASA CL A -2.3 % Bakkafrost P/F 4.9 % Schibsted ASA 4.0 % SalMar ASA 2.6 % Adevinta ASA -2.0 % FUND PERFORMANCE AND RISK FIGURES —CLASS I NOK Month 3 6 YTD 1 year 3 years 5 years Since Fund 1.3 % 4.2 % 16.6 % 7.7 % 38.9 % 27.3 % 67.7 % 183.6 % Benchmark 2.5 % 9.9 % 18.7 % 13.1 % 40.8 % 32.4 % 82.9 % 157.1 % Difference -1.2 % -5.6 % -2.1 % -5.4 % -1.9 % -5.1 % -15.1 % 26.5 % Vinx Nordic Net, NOK 4.2 % 9.8 % 13.4 % 11.8 % 31.5 % 64.2 % 79.3 % 167.1 % Euro Stoxx 600, EUR 2.6 % 11.6 % 16.4 % 13.5 % 30.4 % 25.5 % 46.2 % 120.0 % S&P 500 TR, USD 0.7 % 10.7 % 17.0 % 12.6 % 40.3 % 64.3 % 120.8 % 335.1 % MSCI AC World, LC 1.1 % 8.5 % 15.2 % 11.0 % 37.7 % 46.5 % 91.5 % 200.1 % 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 5.6 % 38.3 % 1.87 % Nrc Group Asa 1.9 % -46.3 % -2.68 % Dnb Asa 9.0 % 15.3 % 1.34 % Nel Asa 2.0 % -37.5 % -0.87 % Yara International A 4.5 % 30.9 % 1.24 % Kahoot! Asa 3.4 % -34.1 % -0.72 % Norsk Hydro Asa 3.5 % 40.5 % 1.20 % Scatec Asa 1.3 % -34.2 % -0.60 % Salmar Asa 4.2 % 22.0 % 0.88 % Elop As 1.2 % -21.4 % -0.29 % 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 % 7.74 % 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.