ODIN Norden. Årskommentar 2017

ODIN Norden Årskommentar 2017

Fondets portefølje

Avkastning ODIN Norden A - desember 2017 Avkastning siste måned og hittil i år Fondet leverte siste måned en avkastning på 0,4 prosent. Referanseindeksens avkastning var -0,1 prosent. Hittil i år er fondets avkastning 14,5 prosent. Referanseindeksens avkastning er 19,2 prosent hittil i år. Kjøp og salg siste måned og hittil i år Siste måned har vi solgt oss ut av Investor. Hittil i år er de største endringene kjøp av Addtech, Beijer REF, ISS og Atea, samt salg av SCA, Nordea og Investor. Bidragsytere siste måned og hittil i år De beste bidragsyterne siste måned var Pandora og Sweco. De svakeste bidragsytere siste måned var Huhtamäki og H&M. Hittil i år er de beste bidragsyterne Novo Nordisk og Thule. De svakeste bidragsyterne hittil i år er Pandora og H&M. * Avkastning for fondsklassene B og C fremkommer av egen tabell.

Prising av ODIN Norden - desember 2017 Prising av fondet Fondet prises til 16,4 ganger neste 12 måneders resultater. Fondet gir en forventet direkteavkastning på 3,2 prosent. Målt mot bokført egenkapital prises fondet til 3,2 ganger. Selskapene i fondet har en gjennomsnittlig egenkapitalavkastning på 17,8 prosent. Prising av det nordiske aksjemarkedet - VINXBCAPNOKNI Markedet prises til 16,7 ganger neste 12 måneders resultater. Markedet gir en direkteavkastning på 3,5 prosent. Målt mot bokført egenkapital prises markedet til 2,5 ganger. Selskapene i VINXBCAPNOKNI har en gjennomsnittlig egenkapitalavkastning på 14,1 prosent. Makroøkonomi OECDs ledende indikatorer indikerer nå at den økonomiske aktiviteten i områdene vokser noe over trend, og at veksten er i en ekspansjonsfase.

Årskommentar ODIN Norden Refleksjon 2017 Året 2017 har vært preget av generelt sterke aksjemarkeder og de politiske hendelsene vi uroet oss for i 2016, viste seg å bli tilnærmet ikke-hendelser for aksjemarkedet i 2017. Aksjemarkedet hadde likevel en liten tilbakegang over sommeren etter mange måneder med solid oppgang. Norden har igjen vist seg å være et godt sted å være investert. ODIN Norden skal over tid slå indeks, noe som tilsier at vi skal avvike fra indeks. Flest år foran, men noen år vil vi ligge bak. 2017 ble et slikt år. Vi er en langsiktig aksjeplukker med få selskaper i porteføljen for å maksimere våre investeringsideer og vi vet at verdiskaping tar tid. Derfor er det viktig å finne de selskapene som er godt posisjonert på lang sikt, fremfor de som leverer gode tall i det korte bildet. Verden er i stadig endring og selskapenes evne til å tilpasse seg disse endringene er noe vi og andre følger nøye med på. Vi er eksponert mot konsumenten, og dette har gitt motvind i løpet av året som har gått. I år er det handelsnæringen som har vært det store temaet hva skjer med kjøpesentrene, hvem blir vinnerne på netthandel, hvem klarer å kombinere butikk og netthandel på beste måte? Disse spørsmålene skaper usikkerhet for flere av våre investeringer. Vi er av den oppfatning at det er de som evner å ha en god kombinasjon av butikker og netthandel som blir de langsiktige vinnerne. Endringstakten er høy, og utviklingen går veldig raskt. Handelsnæringen virker også noe overrasket over mindre butikktrafikk. Men som alltid er noen betydelig bedre rustet for fremtiden og vi forsøker å finne vinnerne på lang sikt. Med sterk makro og global korrelert etterspørselsvekst så er det ikke overraskende at sektorene industri og finans er de som har bidratt best i 2017. På den negative siden finnes syklisk konsum, der handel inngår. I 2018 forventes en inntjeningsvekst til selskapene i ODIN Norden å bli i overkant av 11 prosent. Med en direkteavkastning på rundt 3,3 prosent tilsier dette en mulig totalavkastning på i overkant av 14 prosent før eventuelle prisendringer på fondet. Her har vi ingen bedre spåkule enn andre.

Årskommentar ODIN Norden Posisjonering Norden som region skiller seg ut på flere områder. Takket være god eierstyring, god transparens og profesjonelle eiere, er det nordiske aksjemarkedet mer aksjonærvennlig enn mange andre markeder. De økonomiske rammebetingelsene i Norden er stabile. Landene har i tillegg lange tradisjoner som eksportnasjoner, noe som gjør at selskapene i stor grad er blitt globale aktører. På grafen til høyre viser vi verdiskapingen i ulike regioner, målt i avkastning mot egenkapitalen. Norden som region leverer verdiskaping i verdensklasse. 25 World - ROE - LTM Europe - ROE - LTM United States - ROE - LTM Nordic - ROE - LTM 20 15 Nordic 10 5 0 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 Vi har en god spredning i både sektor- og landeksponering. Vi har størst relativ eksponering til Sverige og Norge, vises i nedre graf til høyre. Danmark har med sin høye verdivurdering gjort at vi de siste årene har slitt med å finne attraktive investeringer. Vi har derimot i høst utnyttet muligheten til å kjøpe danske ISS da aksjen har kommet betydelig ned på hva vi mener er forbigående utfordringer. I fondet har vi 37 prosent små- og mellomstore selskaper. 63 prosent av fondet er i større selskaper. Vårt minste selskap i fondet er norske Protector Forsikring med en markedsverdi på ca NOK 8 milliarder.

Årskommentar ODIN Norden Underliggende utvikling Det vi fokuserer på når vi evaluerer året som har gått er den fundamentale utviklingen for selskapene vi eier i fondet. Våre selskaper i ODIN Norden forventes å vise en resultatvekst i 2017 på 7,5 prosent målt i NOK. Til sammenligning forventes vår referanseindeks (VINXBCAP) å levere resultat-vekst på 3,7 prosent. Gitt valutabevegelsene med en svekket norsk krone viser våre selskaper noe lavere underliggende resultatvekst i lokal valuta. I 2018 forventes fondets selskaper å levere en gjennomsnittlig vekst i resultater på 12,2 prosent. Avkastning på egenkapitalen forventes samtidig å bli 21,7 prosent for fondets selskaper. De selskapene som har bygd mest bokverdier i 2017 er Indutrade, Addtech og Marine Harvest. En direkteavkastning på i overkant av 3,2 prosent fra utbytte (målt i NOK) i selskapene i fondet er bra også relativt til andre aktiva-klasser. Sammenligner man dette med 10-årige statsobligasjoner er det svært fordelaktig. Salgsveksten for ODIN Norden sine selskaper er nærmere 8,5 prosent målt i NOK. Protector Forsikring, NIBE, Nokian og Pandora var blant selskapene i Norden porteføljen med høyest salgsvekst i 2017. Den beste resultatutviklingen i fondet ble levert av Atlas Copco, Indutrade og Metso, mens den svakeste resultatutviklingen kom fra Yara, Intrum Justitia og Hennes & Mauritz. 7 av våre 32 selskaper har vist en negativ resultatvekst fra 2016 til 2017 målt i NOK.

Årskommentar ODIN Norden Endringer Vi har tatt inn fire selskaper i porteføljen i løpet av 2017. I løpet av første halvår ble Svenska Cellulosa (SCA) splittet i to. Det nye selskapet vi fikk var Essity. Vi kjøpte norske Atea i første halvår. I andre halvdel av 2017 gikk vi ut av posisjonen i SCA, og kjøpte tre nye selskaper; ISS, Beijer Ref og Addtech. ISS ISS tilbyr servicetjenester på verdensbasis til en rekke ulike bransjer. Selskapet ble grunnlagt i 1901 som et vaktselskap, men startet tidlig med å tilby renholdstjenester. I senere tid har ISS utvidet sine tjenester til å også gjelde blant annet kantinedrift, sikkerhet, vedlikehold, støttetjenester, samt administrasjon/ledelse av disse tjenestene. Det brede tjenestespekteret gjør det mulig for ISS å tilby totalpakker for sine kunder, slik at de kan fokusere på kjernevirksomheten. ISS er blitt et verdensledende serviceselskap med over en halv million ansatte i 50 land. ISS er et globalt selskap innen sin bransje. Selskapet har over tid vokst ved egen hjelp, men ikke minst også som følge av en rekke oppkjøp. Fremover er det organisk vekst som er fokus. Selskapet fortsetter sitt arbeid med å øke deres andel av integrerte tjenester, som vil si at de samler tjenester i pakkeløsninger for kunden. ISS opererer innen en stabil bransje, med en kapitallett forretningsmodell med svært god kontantstrøm. For denne type stabile forretningsmodeller rettes mye fokus på organisk vekst. ISS har over tid i snitt vist nesten 4 prosent årlig organisk vekst. I det korte bildet har den organiske veksten svingt noe, i all hovedsak koblet til «bevegelser» knyttet til enkelte kontrakter. Dette har satt aksjekursen noe under press, og vi har benyttet muligheten til å posisjonere oss.

Årskommentar ODIN Norden Endringer Beijer Ref Beijer Ref er en ledende aktør innen distribusjon av kjølesystemer og komponenter, samt air condition og varmepumper i B2B-markedet. De fører kjente merkevarer, og størsteparten av salget skjer i Europa. Selskapet er veldrevet og har en tydelig strategi for lønnsom vekst. De opererer innen fragmenterte markeder som gir gode muligheter for videre konsolidering. Beijer Ref er også en investering i ODIN Sverige. Addtech Addtech tilbyr høyteknologiske produkter og løsninger til industriselskaper og kunder innen ulike bransjer. Selskapet jobber som mellomledd mellom leverandører og kunder, og målet er å tilføre teknisk og økonomisk merverdi til verdikjeden. De største kundesegmentene er innen mekanisk industri, energi og kjøretøy. Selskapet er desentralisert, og en stor del av deres forretningside går ut på oppkjøp av selskaper som kan forsterke eksisterende virksomheter eller bidra med nye produktog markedssegmenter. Addtech er også en investering i ODIN Sverige.

Årskommentar ODIN Norden Hva har fungert? Novo Nordisk Går vi et år tilbake var Novo Nordisk et av selskapene som «ikke fungerte». Novo Nordisk var fondets svakeste bidragsyter i 2016 på grunn av økt konkurranse og prispress, spesielt i USA. Prispresset avtok utover 2017, og volumvekst kompenserte på topplinjen. Et av deres viktigste produkter i forskningsporteføljen var Semaglutide. Dette er et produkt for behandling av diabetes2 innen kategorien GLP1 som stimulerer insulinproduksjon. Fordelen med produktet er at det kun trengs å inntas en gang i uken, samtidig som det reduserer risikoen for store blodtrykksfall og risiko for hjerteinfarkt. FDA godkjenningen i desember var en svært god nyhet for selskapet. Produktet antas å generere en høy andel av forventet vekst i Novo Nordisk s salg i årene fremover. Tålmodigheten med investeringen gjennom 2016 har gitt god avkastning til andelseierne i 2017 og Novo Nordisk ble fondets beste bidragsyter siste år. Atlas Copco Atlas Copco er et svensk selskap med verdensledende posisjoner innen bl.a. kompressorteknikk, industriverktøy og utstyr til gruvedrift. Selskapet var en av de beste bidragsyterne i fondet i 2016, og har fortsatt den gode reisen i 2017. Aksjekursen har svingt noe i løpet av året som har gått, og vi har benyttet muligheten til å kjøpe flere aksjer på attraktive nivåer. Selskapet fokuserer på innovasjon og har tette bånd med kundene for å gjøre de bedre og mer effektive. Dette mener vi gir gode forutsetninger for å fortsette å bygge verdier. Oppdelingen av selskapet og det fortsatt gode aktivitetsnivået innen kompressor- og vakumteknologi gjør at vi fortsatt har stor tro på selskapet. Thule Thule er et globalt selskap med hovedsete i Norden. Selskapet var også en av de beste bidragsyterne i 2017. Vi er imponert over de markedsposisjonene selskapet har bygd i Europa, USA, Latin Amerika og Asia. I alle markeder varierer markedsandelen mellom 30 og 55 prosent. Segmentene takbokser, takstativ og sykkelstativ er veldig lønnsomme mens de nye segmentene ryggsekker og barneutstyr viser bra vekst. Siste nytt i år er at de skal satse mer innen barnevogner og kofferter.

Årskommentar ODIN Norden Hva har ikke fungert? De investeringene som ikke har fungert i 2017 finner vi, ikke overraskende, innenfor handelsnæringen. H&M Selskapet har vært gjennom en tøff periode med fall i marginer og lavere vekst på topplinjen siden første halvår 2015. Da vi gikk inn i 2017 kunne det se ut til at det svake utviklingen var i ferd med å snu. Men økt fokus på netthandel og usikkerhet rundt aktører i handelsnæringen, samt skuffende tall sendte kursen videre nedover. H&M er krevende å analysere. Det vi ser er at de andre merkene H&M eier (som COS og Monki) gjør det veldig bra, og det er H&M-merket som har slitt de siste årene. Vi har fortsatt tro på potensialet, selv om ledelsen har en jobb å gjøre med å få selskapet på rett kjøl igjen. Vi er positive til mer åpenhet i kommunika-sjonen og ser frem til kapitalmarkedsdag i februar, den første i historien. Pandora Pandora er nå et av verdens største smykkeselskap innen «affordable luxury»-segmentet, og jobber iherdig for å gjøre navnet til en global merkevare. Et av fortrinnene til selskapet er at de har kontroll på hele verdikjeden, fra produksjon til butikksalg. Selskapet har de senere år hatt en fantastisk utvikling med høye marginer og god vekst. I deler av investormiljøet stilles det spørsmål ved om selskapet kan opprettholde den langsiktige utviklingen, samt hvor avhengig de er av «Charms»-produktene. Vi mener selskapet har gode forutsetninger for å lykkes med ytterligere å bredde produktmiksen, og armbåndenes andel av omsetningen utgjør en stadig fallende andel. Veksten fremover kommer også via gode posisjoner i fremvoksende markeder der vi ser en voksende middelklasse. Pandora fremstår som meget attraktivt priset. XXL XXL er en av de raskest voksende sportsutstyrskjedene i Norden. Vi er imponert over ledelsens evne til å drive selskapet fremover, og det ekstreme fokus på kostnader. Selv med fysiske butikker har de en kostnadsandel på linje med rene nettaktører. Vi ser utrullingen av butikker i Europa og økt online satsning som spennende initiativ. På kort sikt er det likevel marginbildet i Norden som er av avgjørende betydning for selskapets utvikling. XXL har ikke klart å overbevise investorene i det korte bildet, og kursen har falt i 2017 som mye annet innen handel. Vi mener XXL er bedre posisjonert enn sine konkurrenter både i forhold til kostnadsnivå og online-satsning. Dette gjør at vi på lang sikt er positive til selskapet.

Årskommentar ODIN Norden Utsikter Fallende boligpriser, mer forsiktige konsumenter, FANG (Facebook, Amazon, Netflix, Google) aksjer på tapetet internasjonalt og en oljepris som stiger har lagt bakteppe for neste års utsikter. Det er alltid knyttet usikkerhet og forventninger til kommende års utvikling. Vi har ingen konkurransefortrinn i å spå børsen. Vi i ODIN prøver heller å finne konkurransefortrinn i selskapene notert på børsen. Da tror vi sannsynligheten er noe større for å finne selskaper som kan levere god verdiskaping til våre andelseiere. Børsen verdsetter verdiskaping over tid. 140% 120% 100% 80% 60% 40% 20% 0% Markedsprising mot Brutto nasjonalprodukt - Norden 121% '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 Warren Buffets beste indikator har over tid vært markedsverdi på børsen sett mot landets brutto nasjonalprodukt. Det er flere feilkilder i denne, men sammenlignes den mot historien kan den gi noen perspektiver. I dag er denne på nivåer i Norden som vi så før finanskrisen. Dette er på linje med det vi observerer i USA. Ratio Average I perioder, som nå, der vi har et syklisk oppsving i makro vil stigende inntjening sannsynligvis føre til økte kurser. Vi tror ikke korreksjonen i boligmarkedet i Norge og Sverige er nok til at dette knekker børsoppgangen. Lave renter, synkronisert vekst i alle regioner er sterke drivkrefter til ytterligere oppgang. På den negative siden har prisingen kommet opp, men markedene er ikke ekstremt dyre. Det er også vanskelig å få et «riktig» bilde av prisingen da både inntjening og bokverdier er i vekst.

Årskommentar ODIN Norden Utsikter De største risikomomentene er slik vi ser det knyttet til renteutviklingen. 10 år med fallende renter har blitt som dop for økonomien. Mindre av dop utgjør en åpenbar risiko for veksten i verdensøkonomien. At den amerikanske sentralbanken har startet sine forsiktige renteøkninger håper vi kan virke «lærende» for resten av verden. Bratte og raske endringer til dette mønstret utgjør en åpenbar risiko for tiden fremover. Avkastningen i aksjemarkedet er vanskelig å spå, i alle fall i det korte bildet. Det vi vet er at totalavkastningen består av selskapets fundamentale utvikling (inntjeningsvekst + utbytte) og endring i pris (multippelendring). Hvis vi ser på inntjeningsforventningene for neste år ligger disse for det nordiske markedet (VINXBCAP) på 7 prosent for 2018 og 9 prosent for 2019. I ODIN Norden forventes inntjeningsveksten å bli i overkant av 12 prosent. Med en direkteavkastning på rundt 3,3 prosent tilsier dette en mulig totalavkastning på i overkant av 15 prosent før eventuelle prisendringer på fondet. Når det gjelder markedsprisingen har vi ingen bedre spåkule enn andre. 180 160 140 120 100 80 60 40 20 0 VINX Benchmark = 2.32 Index level Price book=1.5 Price book=2.5 Avg. Price Book = 2.07

Nøkkeltall og nyheter fra porteføljen - presentert på engelsk

Return Last 5 years % (NOK) - ODIN Norden A ODIN Norden A Index Historical Return % (NOK)* Last Month YTD 1 Y 3 Y 5 Y 10 Y Since inception ODIN Norden A 0,40 14,52 14,48 15,19 18,55 6,85 13,89 Benchmark -0,14 19,24 19,07 11,86 18,28 8,26 9,94 * Returns for periods exceeding 12 months are annualized Excess Return 0,54-4,71-4,59 3,33 0,26-1,41 3,95 ** Returns for Fund Classes B and C are shown in a separate table. Returns prior to the share class inception date are based on calculations from the fund's oldest share class, taking into account the management fee in each share class.

Annual returns last 10 years - ODIN Norden A

Up or down In or out ODIN Norden Significant Portfolio changes year to DATE Number of changes in portfolio year to date 1 1 3 Buy Sell Q1 Q2 Q3 Q4-1 -1 Q1 Q2 Q3 Q4 + - + - + - + - Atea Essity (Spin off) ISS Beijer Ref Addtech AB SCA Investor Nordea Investor Atlas Copco B Pandora Ahlsell XXL Atea Nibe Industrier H&M Metso Indutrade Atlas Copco B Addtech XXL ISS Hexagon Indutrade Investor Yara

Pricing of the fund Company Weight Country Industry P/E (LTM)* P/E (NTM)* DivYield (LTM) DivYield (NTM) P/B ROE Novo Nordisk A/S Class B 6,5% Denmark Pharmaceuticals 21,5 20,3 2,3 2,5 16,9 78,4 Autoliv Inc Shs Swedish DR 5,4% Sweden Auto Components 19,8 17,6 1,9 2,0 2,7 13,9 Huhtamaki Oyj 3,8% Finland Containers & Packaging 19,0 17,0 2,2 2,5 2,9 15,3 Sampo Oyj Class A 3,7% Finland Insurance 11,3 15,4 5,3 5,6 2,0 17,4 Sweco AB Class B 3,7% Sweden Construction & Engineering 19,6 18,1 2,7 3,0 3,6 18,6 Pandora A/S 3,6% Denmark Textiles Apparel & Luxury Goods 12,2 10,7 5,3 6,0 10,5 86,1 Thule Group AB 3,5% Sweden Leisure Products 24,3 22,5 2,2 2,3 5,3 21,7 Danske Bank A/S 3,3% Denmark Banks 11,2 10,8 4,1 4,4 1,4 12,5 Intrum Justitia AB 3,3% Sweden Commercial Services & Supplies 16,5 13,6 3,0 3,4 3,8 22,9 Protector Forsikring ASA 3,3% Norway Insurance 17,3 14,4 0,0 0,0 3,1 17,7 Topp 10 39,9% 16,6 15,6 2,8 3,1 3,4 20,4 ODIN Norden 18,0 16,4 3,2 3,4 3,2 17,8 * NTM = Next 12 months LTM = Last 12 months Adjusted earnings and fully diltuted number of shares

Sector allocation - GICS Sectors

Sector allocation - Morningstar Super Sectors Cyclical Sensitive Defensive Cash GICS sectors included in Morningstar Super Sectors: Cyclical: Materials, Consumer Discretionary, Financials, Real Estate Sensitive: Telecommunication Services, Energy, Industrials, Information Technology Defensive: Consumer Staples, Health Care, Utilities

Current holdings

Share price performance*, year to date (NOK) (Sorted by weight in portfolio) *) Share price performance for equities included in the benchmark. Equities not included in the benchmark are calculated from portfolio figures.

Contribution, year to date (NOK)

Risk Statistics (3 Years), NOK Portfolio Index Active share 0,68 Sharpe ratio 1) 1,05 Standard Deviation 2) 12,67 1,00 11,66 Portfolio Alpha 1,16 Beta 1,03 Tracking error 4,07 Information ratio 0,41 1) Sharpe Ratio uses Norway - 3 MT Bills as risk free rate. 2) Standard Deviation is based upon monthly volatility. Risk figures are based on the fund class C for funds with fund classes

Macro and Market

Pricing - Nordic Equities (VINX Benchmark Cap.)

OECD Leading indicator Level above 100 indicates expanding activity in OECD area

The International Monetary Fund (IMF) Economic growth forecast

Historical Return - All fund classes (NOK) Last Month YTD 1 Y 3 Y 5 Y 10 Y Since inception ODIN Norden A 0,40 14,52 14,48 15,19 18,55 6,85 13,89 ODIN Norden B 0,38 14,27 14,22 14,91 18,26 6,59 13,61 ODIN Norden C 0,30 13,13 13,09 13,78 17,11 5,51 12,46 Benchmark -0,14 19,24 19,07 11,86 18,28 8,26 9,94 * Returns for periods exceeding 12 months are annualized Annual returns last 10 years - All fund classes (NOK) ODIN Norden A 2017 14,51 2016-0,51 2015 34,74 2014 14,93 2013 32,77 2012 12,30 2011-22,48 2010 20,31 2009 39,16 2008-43,11 ODIN Norden B 14,27-0,76 34,40 14,65 32,44 12,02-22,67 20,01 38,81-43,26 ODIN Norden C 13,13-1,79 33,15 13,56 31,18 10,81-23,51 18,85 37,39-43,87 Benchmark 19,24-3,06 22,45 18,22 38,46 15,38-15,90 28,40 26,82-39,51

ODIN Norden - 29/12/2017 Security (Company) Currency Market Number of shares Market price Cost price Market value Unrealised gain (loss) % of assets under management Local currency NOK 1000 NOK 1000 NOK 1000 Autoliv SEK Stockholm 634 638 1 050,00 247 593 665 770 418 178 5,4 Hennes & Mauritz B SEK Stockholm 2 377 492 170,50 569 152 404 998-164 154 3,3 Nokian Renkaat/Tyres EUR Helsinki 1 031 217 37,71 226 550 382 043 155 493 3,1 Pandora DKK København 495 006 672,50 501 058 439 250-61 807 3,6 Thule Group SEK Stockholm 2 320 000 185,20 249 835 429 277 179 442 3,5 XXL NOK Oslo 3 470 347 85,00 333 434 294 979-38 455 2,4 Total Consumer Discretionary 2 127 622 2 616 318 488 696 21,2 Axfood SEK Stockholm 2 297 768 158,40 324 897 363 639 38 742 2,9 Essity B SEK Stockholm 1 469 520 233,10 154 218 342 237 188 019 2,8 Marine Harvest NOK Oslo 2 021 613 139,00 191 734 281 004 89 270 2,3 Total Consumer Staples 670 849 986 880 316 031 8,0 Danske Bank DKK København 1 281 000 241,30 327 759 407 864 80 106 3,3 Nordea (Sek) SEK Stockholm 3 768 223 99,30 251 521 373 848 122 327 3,0 Protector Forsikring NOK Oslo 4 485 857 90,00 36 742 403 727 366 985 3,3 Sampo A EUR Helsinki 1 027 602 45,73 131 906 461 671 329 765 3,7 Svenska Handelsbanken ser. A SEK Stockholm 2 251 389 112,60 229 574 253 278 23 704 2,0 Total Financials 977 501 1 900 388 922 887 15,4 Novo Nordisk B DKK København 1 826 561 334,60 469 028 806 435 337 407 6,5 Total Health Care 469 028 806 435 337 407 6,5 ASSA ABLOY AB ser. B SEK Stockholm 1 863 010 170,90 204 798 318 102 113 304 2,6 Addtech B SEK Stockholm 1 430 000 179,50 213 628 256 454 42 826 2,1 Ahlsell SEK Stockholm 6 509 563 52,45 292 641 341 119 48 478 2,8 Atlas Copco AB ser. B SEK Stockholm 1 255 924 315,50 203 145 395 887 192 742 3,2 Beijer Ref SEK Stockholm 600 000 316,00 148 429 189 429 41 000 1,5 ISS DKK København 439 011 240,30 137 041 139 200 2 159 1,1 Indutrade SEK Stockholm 1 616 951 223,50 146 102 361 063 214 961 2,9 Intrum Justitia SEK Stockholm 1 334 587 301,90 277 142 402 549 125 408 3,3 Kone B EUR Helsinki 836924 44,70 219218 367536 148318 3,0 Metso EUR Helsinki 1 072 257 28,51 180 191 300 332 120 142 2,4 NIBE Industrier B SEK Stockholm 4 838711 78,75 279837 380706 100869 3,1 Securitas B SEK Stockholm 2 628 638 143,60 175 004 377 133 202 128 3,0 Sweco B SEK Stockholm 2 495 159 181,90 268 468 453 461 184 993 3,7 Total Industrials 2 745 644 4 282 971 1 537 327 34,6 Atea NOK Oslo 3 302 977 115,50 338 227 381 494 43 267 3,1 Hexagon B SEK Stockholm 919252 412,60 256821 378942 122121 3,1 Total Information Technology 595 048 760 436 165 387 6,1 Huhtamäki EUR Helsinki 1 361 657 34,99 137 109 468 077 330 969 3,8

Security (Company) Currency Market Number of shares Market price Cost price Market value Unrealised gain (loss) % of assets under management Local currency NOK 1000 NOK 1000 NOK 1000 Yara International NOK Oslo 917 497 376,70 263 249 345 621 82 372 2,8 Total Materials 400 358 813 699 413 341 6,6 Total portfolio 7 986 051 12 167 127 4 181 077 98,4

Investments

Atea ASA Company description: Atea is the leading IT infrastructure reseller in the Nordics, with a turnover that is larger than the aggregate of the next ten companies. In addition they offer the customers installation and services their IT-infrastructure. Why invested? Size is important in this industry for several reasons; 1) the geographical reach is higher, 2) the range of products to be offered is larger, 3) the discounts from subcontractors are larger, 4) the company can offer a pan-nordic service 5) it is easier to grow through bolt-on acquisitions at low prices. Atea is rather resilient to changes in economic cycles, as the products are bread-and-butter for customers, a model which proved to be strong during the financial crisis. Inline with increased use of IT in both private and public sector we expect Atea to grow slightly higher than GDP. On top of that we forecast that they improve margin. 350 300 250 200 150 100 50 Performance - last 5 years 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Atea ASA Atea ASA OMX VINX Benchmark Capped Information Technology /IT Services Market Value (mill.) 12 544 Price 116,60 Price currency NOK Net debt (mill.) 1 347 Reporting currency NOK Enterprise Value (mill.) 13 891 FX rate (NOK) 1,00 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 20 930 22 096 24 588 27 904 31 188 31 907 33 433 EBIT (Operating Income - mill.) 559 453 585 516 752 790 949 Net Income (reported - mill.) 506 339 429 393 512 569 676 Equity 3 835 3 533 3 549 3 480 3 200 2 899 3 053 Return on Equity (%) 13,2 % 9,6 % 12,1 % 11,3 % 16,0 % 19,6 % 22,1 % EPS 5,0 3,3 4,1 3,7 4,9 5,4 6,5 Book value per share 37,9 34,3 34,1 33,3 30,3 27,2 27,8 DPS 5,5 10,0 6,5 6,5 6,5 6,5 6,7 Price/Earnings 11,9 18,0 18,6 19,7 16,3 21,6 17,9 Price/Book Value 1,6 1,7 2,3 2,2 2,6 4,3 4,2 EV/EBIT 10,8 14,5 15,2 16,5 11,8 17,6 14,6 Dividend Yield (%) 9,2 % 16,7 % 8,4 % 8,8 % 8,2 % 5,6 % 5,8 %

Marine Harvest ASA Company description: Marine Harvest is one of the largest seafood companies in the world, and the world s largest producer of Atlantic salmon. The company controls the entire value chain, from feed production and farming to processing and smoking. 500 400 300 200 100 Performance - last 5 years Why invested? Marine Harvest is a well run company in an attractive industry. Modest capacity growth and strong demand growth has led to a considerably increase in salmon prices. We believe demand for salmon will continue to be strong going forward. Marine Harvest has a strong market position. Increased supply of salmon has had a negative effect on prices lately, nevertheless, profitability is good also at these price levels. Long term capital return has been very high and we consider Marine Harvest to be an attractive investment. 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Marine Harvest ASA Marine Harvest ASA OMX VINX Benchmark Capped Consumer Staples /Food Products Market Value (mill.) 67 202 Price 137,10 Price currency NOK Net debt (mill.) 6 249 Reporting currency EUR Enterprise Value (mill.) 73 451 FX rate (NOK) 1,00 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 2 083 2 456 3 025 3 096 3 502 3 641 3 818 EBIT (Operating Income - mill.) 133 420 479 320 782 797 852 Net Income (reported - mill.) 55 310 87 159 540 590 673 Equity 1 584 1 952 1 621 1 891 2 068 2 506 2 561 Return on Equity (%) 3,5 % 15,9 % 5,4 % 8,4 % 26,1 % 23,5 % 26,3 % EPS 0,1 0,9 0,2 0,4 1,2 1,3 1,3 Book value per share 4,2 4,8 3,9 4,2 4,6 5,1 5,2 DPS - 0,4 1,0 0,6 0,9 1,3 1,3 Price/Earnings 47,4 10,3 50,7 34,6 14,3 10,7 10,8 Price/Book Value 1,7 1,9 2,9 3,0 3,7 2,7 2,7 EV/EBIT 25,8 11,1 15,4 23,9 12,6 9,4 8,8 Dividend Yield (%) 0,0 % 5,0 % 8,7 % 4,7 % 5,4 % 9,5 % 9,3 %

Protector Forsikring ASA Company description: Protector Forsikring provides non-life insurance for companies and public entities in the Nordics, and distributes products through selected insurance brokers. In the Norwegian market, Protector Forsikring also sell ownership insurance via estate agents and lawyers who have an agreement with Protector. 1000 800 600 400 200 Performance - last 5 years 0 jan.13 jan.14 jan.15 jan.16 jan.17 Protector Forsikring ASA OMX VINX Benchmark Capped Why invested? Protector Forsikring has experienced strong Gross Written Premium (GWP) growth over the last years and we expect to see significant growth potential in Scandinavia also going forward. The company has also entered the UK market, mirroring the business concept from the Nordic Markets. Despite the strong share-price appreciation during last years, we still find the valuation of the highly focused Protector Forsikring attractive. A clear strategy, strong top-line growth and low combined ratio, bodes well for shareholders going forward. Protector Forsikring ASA Financials /Insurance Market Value (mill.) 8 047 Price 93,40 Price currency NOK Net debt (mill.) 975 Reporting currency NOK Enterprise Value (mill.) 9 022 FX rate (NOK) 1,00 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 1 315 1 541 2 109 2 395 2 894 4 191 4 968 EBIT (Operating Income - mill.) - - - - - 576 687 Net Income (reported - mill.) 199 287 383 464 453 440 532 Equity 583 777 991 2 013 2 268 2 521 3 076 Return on Equity (%) 34,1 % 36,9 % 38,6 % 23,1 % 20,0 % 17,4 % 17,3 % EPS 2,4 3,5 4,6 5,5 5,3 5,2 6,3 Book value per share 7,1 9,4 12,0 23,4 26,3 29,3 35,7 DPS 1,2 1,8 2,0 2,3 2,3 - - Price/Earnings 5,6 5,5 8,3 13,5 13,1 18,0 14,9 Price/Book Value 1,9 2,0 3,2 3,2 2,6 3,2 2,6 EV/EBIT - - - - - 15,7 13,1 Dividend Yield (%) 9,0 % 9,1 % 5,2 % 3,1 % 3,3 % 0,0 % 0,0 %

XXL ASA Company description: XXL is the largest and fastest growing sports retailer by revenue in the Nordic region. 200 Performance - last 5 years The company operates many large unit stores as well as an e-commerce platform in Norway, Sweden, Denmark and Finland and now also Austria. Why invested? XXL has a consistent track record of rolling out new stores in these three Nordic countries, together with strong EPS growth. The managements' objective is to double the number of stores over the next five years, starting in 2014, as well as expanding its online presence. XXL is the market leader in Norway with over 28% market share. Their market share in Sweden and Finland is 15 % and 17%, respectively. In addition, XXL opened two stores in Austria in 2017. Going forward, XXL focus on improving the omni-channel experience, launching XXL in new markets and further cost improvement. 150 100 50 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 XXL ASA XXL ASA OMX VINX Benchmark Capped Consumer Discretionary /Specialty Retail Market Value (mill.) 12 037 Price 86,90 Price currency NOK Net debt (mill.) 1 905 Reporting currency NOK Enterprise Value (mill.) 13 942 FX rate (NOK) 1,00 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 3 101 4 008 5 212 6 486 7 813 8 752 10 541 EBIT (Operating Income - mill.) 319 404 518 633 697 675 927 Net Income (reported - mill.) 61 125 262 427 516 513 720 Equity 1 048 1 173 3 219 3 366 3 608 3 829 4 271 Return on Equity (%) 5,9 % 10,7 % 8,1 % 12,7 % 14,3 % 13,4 % 16,9 % EPS #N/A #N/A 1,5 3,1 3,7 3,7 5,1 Book value per share 3,8 4,3 23,2 24,3 26,1 27,6 30,8 DPS #N/A #N/A 2,0 2,0 2,0 2,0 2,4 Price/Earnings #N/A #N/A 47,9 33,1 26,3 23,5 16,9 Price/Book Value #N/A #N/A 3,2 4,2 3,8 3,1 2,8 EV/EBIT - - 25,9 24,1 21,7 20,6 15,0 Dividend Yield (%) #N/A #N/A 2,7 % 2,0 % 2,0 % 2,3 % 2,7 %

Yara International ASA Company description: Yara is a leading global fertilizer company. The company has operations in more than 50 countries and offers the most comprehensive range of fertilizer products in the industry, including ammonia, nitrates, NPK and specialty fertilizers. 200 150 100 50 Performance - last 5 years Why invested? Fertilizers are important for optimizing agricultural production. Demand for fertilizers is increasing annually by approximately 2%, twice the worlds population growth. There are many moving parts determining Yara s future earnings, such as weather, gas prices, fertilizer prices, Chinese tax-regime and environmental considerations, nitrate premiums etc. However, historically the company has navigated impressively in this market. In addition, the company is currently undergoing a cost reduction program that will significantly improve earnings going forward. Valuation is considered to be attractive. 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Yara International ASA Yara International ASA OMX VINX Benchmark Capped Materials /Chemicals Market Value (mill.) 103 577 Price 379,10 Price currency NOK Net debt (mill.) 16 478 Reporting currency NOK Enterprise Value (mill.) 120 055 FX rate (NOK) 1,00 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 83 997 84 668 95 047 108 011 95 245 94 278 102 562 EBIT (Operating Income - mill.) 10 945 8 031 10 700 11 981 7 870 5 390 8 972 Net Income (reported - mill.) 10 602 5 748 7 625 8 083 6 360 4 389 6 434 Equity 48 246 53 621 63 765 73 890 74 444 76 330 79 897 Return on Equity (%) 22,0 % 10,7 % 12,0 % 10,9 % 8,5 % 5,8 % 8,1 % EPS 37,3 20,7 27,6 29,4 23,3 15,7 22,8 Book value per share 172,0 193,5 231,5 269,5 272,5 279,0 296,4 DPS 13,0 10,0 13,0 15,0 10,0 9,0 10,7 Price/Earnings 7,3 12,6 12,1 13,0 14,6 24,1 16,6 Price/Book Value 1,6 1,3 1,4 1,4 1,2 1,4 1,3 EV/EBIT 7,3 9,7 10,1 9,9 13,7 22,3 13,4 Dividend Yield (%) 4,7 % 3,8 % 3,9 % 3,9 % 2,9 % 2,4 % 2,8 %

Addtech AB Company description: Addtech offers high-tech industrial components and systems and provides value added in the link between manufacturers and customers. 400 300 Performance - last 5 years The operations are organized in four business areas; components, energy, industrial process and power solutions. The largest customer segments are energy, mechanical industry and vehicle in the Nordic area. Why invested? Addtech has a decentralized structure with 100 subsidiaries in well-defined product niches. Acquisitions, financed by running cash flow, is an important growth driver. The last ten years, Addtech has had a top-line growth of more than 10% yearly, combined with a high return on equity. With their business model of adding technology for clients and acquiring small companies at low prices, we believe the company will be able to continue its profitable growth. 200 100 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Addtech AB Class B Addtech AB Class B OMX VINX Benchmark Capped Industrials /Trading Companies & Distributors Market Value (mill.) 12 180 Price 178,60 Price currency SEK Net debt (mill.) 1 135 Reporting currency SEK Enterprise Value (mill.) 13 315 FX rate (NOK) 0,99 Year end (March) 2013 2014 2015 2016 2017 2018E 2019E Sales (mill.) 5 706 6 089 6 776 6 175 7 132 7 936 8 472 EBIT (Operating Income - mill.) 734 487 519 450 527 718 751 Net Income (reported - mill.) 318 363 392 314 440 539 565 Equity 1 122 1 330 1 504 1 479 1 701 2 037 2 349 Return on Equity (%) 28,3 % 27,3 % 26,1 % 21,2 % 25,9 % 26,5 % 24,1 % EPS 4,9 5,5 5,9 5,8 6,6 8,8 9,3 Book value per share 17,1 20,1 22,6 22,1 25,5 30,4 35,1 DPS 2,7 3,0 3,3 14,3 3,5 3,8 3,9 Price/Earnings 14,9 18,5 19,6 19,2 22,6 20,3 19,2 Price/Book Value 4,2 5,1 5,1 5,1 5,8 5,9 5,1 EV/EBIT 7,2 15,0 15,9 18,1 20,5 18,5 17,7 Dividend Yield (%) 3,7 % 2,9 % 2,8 % 12,7 % 2,4 % 2,1 % 2,2 %

Ahlsell AB Company description: Ahlsell is the leading Nordic distributor of installation products, tools and supplies addressing installers, contractors, facility managers, industry, energy and infrastructure companies and the public sector. With over 200 stores and three central warehouses, they are a leading distributor in the Nordics to professionals. Performance - last 5 years 140 120 100 80 60 40 20 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Ahlsell AB OMX VINX Benchmark Capped Why invested? The management has a solid track record and sales growth has been driven by both acquisitions and organic growth. Ahlsell has scale and holds a strong position in Sweden. This creates entry barriers for new entrants. Ahlsell AB Industrials /Trading Companies & Distributors Market Value (mill.) 22 600 Price 51,80 Price currency SEK Net debt (mill.) 7 562 Reporting currency SEK Enterprise Value (mill.) 30 162 FX rate (NOK) 0,99 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 13 494 20 435 21 779 22 586 24 606 27 270 28 778 EBIT (Operating Income - mill.) 777 1 435 1 399 1 490 1 765 2 037 2 352 Net Income (reported - mill.) 177-95 -181 70 342 1 394 1 573 Equity 901 797 775 711 8 089 9 330 10 198 Return on Equity (%) 19,6 % -11,9 % -23,3 % 9,9 % 4,2 % 14,9 % 15,4 % EPS #N/A #N/A #N/A #N/A 1,1 3,8 4,2 Book value per share #N/A 11,4 11,0 10,0 18,5 21,3 23,3 DPS #N/A #N/A #N/A #N/A 0,4 1,6 1,8 Price/Earnings #N/A #N/A #N/A #N/A 46,8 13,5 12,2 Price/Book Value #N/A #N/A #N/A #N/A 2,8 2,4 2,2 EV/EBIT - - - - 13,3 14,8 12,8 Dividend Yield (%) #N/A #N/A #N/A #N/A 0,7 % 3,1 % 3,5 %

ASSA ABLOY AB Company description: ASSA ABLOY is the largest global supplier of intelligent lock and security solutions. The company was formed in 1994 through the merger of ASSA in Sweden and ABLOY in Finland. Since then ASSA ABLOY has grown from a regional company to an international group with around 47,000 employees and annual sales of over SEK 71 billion. Performance - last 5 years 300 250 200 150 100 50 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 ASSA ABLOY AB Class B OMX VINX Benchmark Capped Why invested? ASSA ABLOY is the clear global market leader within an industry with high entry barriers. They are about twice the size of the next competitor. Urbanization, increased wealth and rapid shift to new technologies create an underlying strong demand and good growth prospects for access controls. Looking forward, ASSA ABLOY has a strong focus on innovation and product launches and aim to achieve 10% annual growth with an EBIT-margin between 16-17%. ASSA ABLOY AB Class B Industrials /Building Products Market Value (mill.) 188 860 Price 169,75 Price currency SEK Net debt (mill.) 22 488 Reporting currency SEK Enterprise Value (mill.) 211 348 FX rate (NOK) 0,99 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 46 619 48 481 56 843 68 099 71 293 75 735 79 013 EBIT (Operating Income - mill.) 7 474 7 964 9 025 10 725 11 304 12 277 13 046 Net Income (reported - mill.) 5 101 4 783 6 436 7 693 6 623 8 565 9 192 Equity 25 819 28 813 36 096 41 575 47 220 52 257 57 730 Return on Equity (%) 19,8 % 16,6 % 17,8 % 18,5 % 14,0 % 16,4 % 15,9 % EPS 4,7 4,3 5,8 6,9 6,0 7,7 8,4 Book value per share 23,2 25,9 32,5 37,4 42,5 47,0 52,0 DPS 1,7 1,9 2,2 2,7 3,0 3,3 3,5 Price/Earnings 17,4 26,3 23,9 25,7 28,3 22,0 20,3 Price/Book Value 3,5 4,4 4,3 4,8 4,0 3,6 3,3 EV/EBIT 13,8 18,0 19,1 20,2 18,4 17,2 16,2 Dividend Yield (%) 2,1 % 1,7 % 1,6 % 1,5 % 1,8 % 1,9 % 2,1 %

Atlas Copco AB Company description: Atlas Copco is an industrial group with a worldleading position in compressors, expanders and air treatment systems, construction and mining equipment, power tools and assembly systems. With innovative products and services, Atlas Copco delivers solutions for sustainable productivity. Performance - last 5 years 300 250 200 150 100 50 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Atlas Copco AB Class B OMX VINX Benchmark Capped Why invested? Atlas Copco is a strong value creator. The combination of innovation and a customer focused business model have shown a strong historical track record. The company has solid customer relationships which generates service-revenues of 40% of total revenues. As a market leader with focus on innovation and capacity for strategic acquisitions we believe Atlas Copco will continue to be a value creator. Atlas Copco AB Class B Industrials /Machinery Market Value (mill.) 418 808 Price 313,50 Price currency SEK Net debt (mill.) 4 873 Reporting currency SEK Enterprise Value (mill.) 423 681 FX rate (NOK) 0,99 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 90 533 83 888 93 721 102 161 101 356 115 962 123 369 EBIT (Operating Income - mill.) 19 074 17 002 16 805 19 666 19 660 24 731 27 062 Net Income (reported - mill.) 13 901 12 072 12 169 11 717 13 768 17 089 19 083 Equity 34 131 39 647 50 575 46 591 53 105 61 948 71 609 Return on Equity (%) 40,7 % 30,4 % 24,1 % 25,1 % 25,9 % 27,6 % 26,6 % EPS 11,5 10,0 10,0 9,6 9,8 14,4 15,8 Book value per share 28,1 32,7 41,5 38,3 43,7 50,8 58,5 DPS 5,5 5,5 6,0 12,3 6,8 7,0 7,8 Price/Earnings 13,8 16,4 20,1 20,3 25,3 21,8 19,8 Price/Book Value 5,6 5,0 4,8 5,1 5,7 6,2 5,4 EV/EBIT 10,5 12,1 15,4 12,8 16,1 17,1 15,7 Dividend Yield (%) 3,5 % 3,4 % 3,0 % 6,3 % 2,7 % 2,2 % 2,5 %

Autoliv Company description: Autoliv develops and manufactures automotive safety systems for automotive manufacturers. The company's products include seat belts, airbags, anti-whiplash seats, child restraints, and leg protection equipment. Autoliv is growing within the active safety segment which includes radars and electronic safety. Performance - last 5 years 300 250 200 150 100 50 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Autoliv Inc. OMX VINX Benchmark Capped Why invested? Autoliv is a worldwide leader in automotive safety, a pioneer within both seatbelts and airbags, and also the technology leader with the widest product offering for active and automotive safety. A bankruptcy of the competitor Takata in Japan has resulted in increased investments in passive safety for Autoliv. Short term margin pressure in 2017 will result in nice growth and margin going forward. Increased safety content in cars and car production are the main drivers for fundamental development of the company. An announced split of the company in 2018 between passive and active safety will be a positive happening for the company. Autoliv Inc. Consumer Discretionary /Auto Components Market Value (mill.) 11 118 Price 127,86 Price currency USD Net debt (mill.) 547 Reporting currency USD Enterprise Value (mill.) 11 665 FX rate (NOK) 8,14 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 8 267 8 803 9 241 9 170 10 074 10 362 11 103 EBIT (Operating Income - mill.) 705 797 763 889 888 877 990 Net Income (reported - mill.) 483 486 468 457 567 517 609 Equity 3 759 3 981 3 427 3 456 3 677 4 071 4 523 Return on Equity (%) 12,9 % 12,2 % 13,7 % 13,2 % 15,4 % 12,7 % 13,5 % EPS 5,1 5,1 5,1 5,2 6,4 6,3 7,1 Book value per share 39,4 42,2 38,6 39,2 41,7 45,3 50,4 DPS 1,9 2,0 2,1 2,2 2,3 2,4 2,5 Price/Earnings 13,3 18,1 21,0 24,1 17,6 20,3 18,1 Price/Book Value 1,7 2,2 2,7 3,2 2,7 2,8 2,5 EV/EBIT 8,6 10,4 13,0 12,6 11,9 13,3 11,8 Dividend Yield (%) 2,9 % 2,2 % 2,0 % 1,8 % 2,1 % 1,9 % 2,0 %

Axfood Company description: Axfood is the second largest food retailer in Sweden with brands such as Willys, Närlivs, Hemköp, Snabbgross, Mat.se, Middagsfrid and Eurocash. Axfood currently has a market share of approximately 21 percent. Axfoods business model is built on a strong focus on their customers and employees, in addition to sustainability, efficiency and profitable growth. Performance - last 5 years 350 300 250 200 150 100 50 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Axfood AB OMX VINX Benchmark Capped Why invested? Urbanization, digitalization and focus on sustainable lifestyles are trends that affect the food retail trade. We believe Axfood is up to the task, with a broad selection of brands in different segments, including private label (28%), omni-channel strategies and focus on sustainability. With decent growth and stable operating margins we find the business appealing. We think the strong fundamental story will continue despite higher investments within digital offering going forward. Axfood AB Consumer Staples /Food & Staples Retailing Market Value (mill.) 33 086 Price 157,65 Price currency SEK Net debt (mill.) -305 Reporting currency SEK Enterprise Value (mill.) 32 781 FX rate (NOK) 0,99 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 36 306 37 522 38 484 41 247 43 355 45 919 47 755 EBIT (Operating Income - mill.) 957 972 1 118 1 410 1 486 1 916 2 000 Net Income (reported - mill.) 895 987 1 095 1 361 1 473 1 487 1 552 Equity 3 474 3 768 4 029 4 530 4 117 4 365 4 668 Return on Equity (%) 25,8 % 26,2 % 27,2 % 30,0 % 35,8 % 34,1 % 33,2 % EPS 4,3 4,7 5,2 6,5 7,0 7,1 7,4 Book value per share 16,6 18,0 19,2 21,6 19,6 20,8 21,7 DPS 3,0 3,8 4,3 9,0 6,0 6,3 6,3 Price/Earnings 14,4 17,2 22,4 22,7 20,4 22,3 21,3 Price/Book Value 3,7 4,5 6,1 6,8 7,3 7,6 7,3 EV/EBIT 13,4 17,1 21,1 20,5 19,1 17,1 16,4 Dividend Yield (%) 4,9 % 4,6 % 3,6 % 6,1 % 4,2 % 4,0 % 4,0 %

Beijer Ref AB Company description: Beijer Ref is one of the largest refrigeration wholesalers in the world and offers its customers competitive solutions within refrigeration and air conditioning, including refrigeration systems, components for refrigeration systems, air conditioning and heat pumps. The aftermarket accounts for 60-70 percent of sales. Europe make up 82 % of sales. 400 300 200 100 Performance - last 5 years 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Beijer Ref AB Class B OMX VINX Benchmark Capped Why invested? Beijer REF is a well-run company with exposure to the refrigeration business. The market is still fragmented and Beijer Ref is one of only three global players, which makes it possible to further consolidate the market. As older refrigeration systems are being phased out, Beijer will likely see increased demand. We believe Beijer Ref is well positioned to continue to grow through acquisitions as well as organic growth. Beijer Ref AB Class B Industrials /Trading Companies & Distributors Market Value (mill.) 13 338 Price 314,00 Price currency SEK Net debt (mill.) 1 741 Reporting currency SEK Enterprise Value (mill.) 15 079 FX rate (NOK) 0,99 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 6 758 6 595 7 189 8 361 9 045 9 721 10 480 EBIT (Operating Income - mill.) 417 398 462 550 577 707 823 Net Income (reported - mill.) 295 234 316 366 389 476 560 Equity 2 372 2 368 2 592 2 594 2 915 3 209 3 474 Return on Equity (%) 12,4 % 9,9 % 12,2 % 14,1 % 13,3 % 14,8 % 16,1 % EPS 7,0 5,5 7,5 8,6 9,2 11,2 13,2 Book value per share 56,0 55,9 61,1 61,2 68,8 74,8 81,5 DPS 4,8 4,8 5,0 5,3 5,5 6,5 7,0 Price/Earnings 15,5 25,4 17,1 23,2 23,6 27,9 23,8 Price/Book Value 1,9 2,5 2,1 3,3 3,1 4,2 3,9 EV/EBIT 13,9 17,9 14,7 18,0 18,9 21,3 18,3 Dividend Yield (%) 4,4 % 3,4 % 3,9 % 2,6 % 2,5 % 2,1 % 2,2 %

Essity AB Company description: Essity is a leading global hygiene and health company that develops, produces and sells Personal Care, Consumer Tissue and Professional Hygiene products and solutions. Sales are conducted in approximately 150 countries under many strong brands. Essity was previously part of SCA Group. Performance - last 5 years 120 100 80 60 40 20 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Essity AB Class B OMX VINX Benchmark Capped Why invested? Essity has one of the most stable business models in our portfolio. The majority of their products are generating recurring revenues and have a less cyclical nature. Essity operates in attractive markets supported by demographic trends like population growth and an elderly population. In addition they have a strong presence in emerging markets. After the split the value of the brands and products within Essity became more visible. We think valuation do not appreciate the fact that it is a global consumer brand. Essity AB Class B Consumer Staples /Household Products Market Value (mill.) 163 007 Price 232,10 Price currency SEK Net debt (mill.) 51 101 Reporting currency SEK Enterprise Value (mill.) 214 108 FX rate (NOK) 0,99 Year end (December) #N/A #N/A #N/A #N/A 2016 2017E 2018E Sales (mill.) #VALUE! #VALUE! #VALUE! #VALUE! 101 238 109 173 114 655 EBIT (Operating Income - mill.) #VALUE! #VALUE! #VALUE! #VALUE! 9 031 12 766 14 136 Net Income (reported - mill.) #VALUE! #VALUE! #VALUE! #VALUE! 3 800 7 242 8 745 Equity #VALUE! #VALUE! #VALUE! #VALUE! 33 204 40 279 45 528 Return on Equity (%) #VALUE! #VALUE! #VALUE! #VALUE! 11,4 % 18,0 % 19,2 % EPS #VALUE! #VALUE! #VALUE! #VALUE! 5,4 11,8 13,4 Book value per share #VALUE! #VALUE! #VALUE! #VALUE! 47,1 57,4 64,6 DPS #VALUE! #VALUE! #VALUE! #VALUE! #N/A 5,6 6,3 Price/Earnings #VALUE! #VALUE! #VALUE! #VALUE! #N/A 19,7 17,3 Price/Book Value #VALUE! #VALUE! #VALUE! #VALUE! #N/A 4,0 3,6 EV/EBIT #VALUE! #VALUE! #VALUE! #VALUE! - 16,8 15,1 Dividend Yield (%) #VALUE! #VALUE! #VALUE! #VALUE! #N/A 2,4 % 2,7 %

Hennes & Mauritz AB Company description: The H&M group is one of the world s leading fashion companies with the brands H&M and H&M Home, COS, & Other Stories, Monki, Weekday Cheap Monday and ARKET. They have 43 online markets and more than 4,500 stores in 69 markets. The plan is to offer e-commerce in the future in all store markets as well as in other markets. 200 150 100 50 Performance - last 5 years 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Hennes & Mauritz AB Class B OMX VINX Benchmark Capped Why invested? The company has been through a tough period with falling margins and lower growth since the first half of 2015. We, as many others, were waiting for payback of the large investments done in the past but we have been disappointed. H&M is a difficult case. Too many shops in the Nordics but probably too few in India and other emerging markets. We still believe in the case, although management has a job to do getting the company back on track. We are positive to more openness in communication and look forward to capital markets day in February, the first in history. Hennes & Mauritz AB Class B Consumer Discretionary /Specialty Retail Market Value (mill.) 279 575 Price 168,92 Price currency SEK Net debt (mill.) -5 254 Reporting currency SEK Enterprise Value (mill.) 274 321 FX rate (NOK) 0,99 Year end (November) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 120 799 128 562 151 419 180 861 192 267 199 987 211 532 EBIT (Operating Income - mill.) 21 754 22 168 25 583 26 942 23 823 21 091 22 221 Net Income (reported - mill.) 16 867 17 152 19 976 20 898 18 636 16 386 17 427 Equity 43 835 45 248 51 556 58 049 61 236 61 423 61 740 Return on Equity (%) 38,5 % 37,9 % 38,7 % 36,0 % 30,4 % 26,7 % 28,2 % EPS 10,2 10,4 12,1 12,6 11,3 9,9 10,4 Book value per share 26,5 27,3 31,2 35,1 37,0 37,1 37,8 DPS 9,5 9,5 9,8 9,8 9,8 9,8 9,8 Price/Earnings 21,2 26,8 26,5 25,6 23,8 17,0 16,2 Price/Book Value 8,2 10,2 10,3 9,2 7,2 4,5 4,5 EV/EBIT 15,6 20,0 20,0 19,4 18,3 13,0 12,3 Dividend Yield (%) 4,4 % 3,4 % 3,1 % 3,0 % 3,6 % 5,8 % 5,8 %

Hexagon AB Company description: Hexagon AB is a global provider of design, measurement and visualization technologies. Their main segments are geospatial enterprise solutions and industrial enterprise solutions. The geospatial product portfolio consist of surveying, positioning, machine control, mapping, 3D scanning and public safety. The industrial solutions consist of sensors, CAD and CAM. Performance - last 5 years 300 250 200 150 100 50 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Hexagon AB Class B OMX VINX Benchmark Capped Why invested? Hexagon is a global, research-intensive technology company with an extensive line of service and hardware that spans customers and industries worldwide. They have an impressive track record of acquisition and growth and makes them a global beneficiary of global trends as automation, precision and accuracy. We think they have a strong global platform for executing on an underlying growth industry. Hexagon AB Class B Information Technology /Electronic Equipment Instruments & Components Market Value (mill.) 147 565 Price 409,40 Price currency SEK Net debt (mill.) 19 756 Reporting currency EUR Enterprise Value (mill.) 167 322 FX rate (NOK) 0,99 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 2 380 2 430 2 622 3 044 3 149 3 412 3 630 EBIT (Operating Income - mill.) 476 501 564 688 719 816 919 Net Income (reported - mill.) 354 368 403 500 573 581 708 Equity 2 765 2 840 3 459 4 092 4 577 4 962 5 310 Return on Equity (%) 12,8 % 13,0 % 11,6 % 12,2 % 12,5 % 11,7 % 13,3 % EPS 1,0 1,0 1,1 1,4 1,6 1,8 2,0 Book value per share 7,8 8,0 9,7 11,4 12,7 12,7 14,4 DPS 0,3 0,3 0,4 0,4 0,5 0,5 0,6 Price/Earnings 18,8 22,1 22,6 24,7 21,4 23,5 21,0 Price/Book Value 2,4 2,9 2,6 3,0 2,7 3,3 2,9 EV/EBIT 17,2 19,6 20,2 19,9 19,3 20,8 18,5 Dividend Yield (%) 1,5 % 1,4 % 1,4 % 1,2 % 1,4 % 1,2 % 1,4 %

Indutrade AB Company description: Indutrade provides engineering and equipment, flow technology, industrial components, and special products. The company sells its products to industrial companies primarily in Northern Europe. The group consists of more than 200 independent subsidiaries in 31 countries and four continents. The foundation of their business model is to acquire many small companies with strong positions in a narrow niche at low prices. Performance - last 5 years 500 400 300 200 100 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Indutrade AB OMX VINX Benchmark Capped Why invested? Indutrade has an impressing track record when it comes to profitable growth. The last ten years they have acquired more than 100 companies while the average return on equity has been well above 25 % the same period. We believe the company will continue its profitable growth through a combination of acquisitions and organic growth. In addition the new CEO will also work on profitability improvement in existing underperforming businesses. We tend to like decentralized business models where benchmarking are a strong internal driver. Indutrade AB Industrials /Trading Companies & Distributors Market Value (mill.) 26 672 Price 220,80 Price currency SEK Net debt (mill.) 3 775 Reporting currency SEK Enterprise Value (mill.) 30 447 FX rate (NOK) 0,99 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 8 384 8 831 9 746 11 881 12 955 14 813 15 996 EBIT (Operating Income - mill.) 769 832 932 1 222 1 222 1 793 1 977 Net Income (reported - mill.) 565 587 704 893 936 1 153 1 293 Equity 2 288 2 623 3 160 3 703 4 389 5 177 6 016 Return on Equity (%) 24,7 % 22,4 % 22,3 % 24,1 % 21,3 % 22,3 % 21,5 % EPS 4,7 4,9 5,9 7,4 7,8 11,5 12,8 Book value per share 19,1 21,9 26,3 30,9 36,6 43,1 50,0 DPS 2,4 2,4 2,6 3,0 3,2 3,9 4,6 Price/Earnings 13,9 18,3 17,7 21,5 23,5 19,2 17,3 Price/Book Value 3,4 4,1 3,9 5,2 5,0 5,1 4,4 EV/EBIT 13,1 15,5 15,8 17,9 20,8 17,0 15,4 Dividend Yield (%) 3,6 % 2,6 % 2,5 % 1,9 % 1,7 % 1,7 % 2,1 %

Intrum Justitia AB Company description: Intrum Justitia AB provides credit management services and solutions. The company offers commercial and consumer debt collection, debt surveillance, international debt collection, purchased debt services, sales ledger administration, and optimization services. Intrum Justitia serves customers worldwide. 500 400 300 200 100 Performance - last 5 years Why invested? After acquisition of Lindorff Intrum Justitia is one of Europe s leading providers of credit management services. The company is riding on the wave of European overdue debt. The long term market prospects look favorable despite higher competition on buying large portfolios. Their business model differs from many competitors in the sense that they focus on both purchased debt and cash collection through CMS business. We think this is important long term and creates barriers of entry. 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Intrum Justitia AB Intrum Justitia AB OMX VINX Benchmark Capped Industrials /Commercial Services & Supplies Market Value (mill.) 39 502 Price 300,30 Price currency SEK Net debt (mill.) 34 122 Reporting currency SEK Enterprise Value (mill.) 73 624 FX rate (NOK) 0,99 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 4 056 4 566 5 184 5 628 6 088 11 120 13 511 EBIT (Operating Income - mill.) 896 1 202 1 432 1 599 1 986 3 607 4 739 Net Income (reported - mill.) 584 817 1 031 1 164 1 458 1 342 2 623 Equity 3 019 3 235 2 948 3 086 4 043 22 542 23 966 Return on Equity (%) 19,3 % 25,3 % 35,0 % 37,7 % 36,1 % 6,0 % 10,9 % EPS 7,3 10,3 13,5 15,9 20,2 18,4 22,2 Book value per share 37,9 41,2 39,9 42,7 55,9 80,2 123,6 DPS 5,0 5,8 7,0 8,3 9,0 9,0 10,2 Price/Earnings 13,3 17,5 17,2 18,1 15,3 16,4 13,5 Price/Book Value 2,6 4,4 5,8 6,8 5,5 3,7 2,4 EV/EBIT 12,1 15,4 16,3 16,9 14,8 20,4 15,5 Dividend Yield (%) 5,2 % 3,2 % 3,0 % 2,9 % 2,9 % 3,0 % 3,4 %

NIBE Industrier AB Company description: NIBE manufacture heating technology products, mainly heat pumps, for both households and commercial use. The company operates through the following three segments: NIBE Elements, NIBE Energy Systems and NIBE Stoves. 500 400 300 200 100 Performance - last 5 years 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 NIBE Industrier AB Class B OMX VINX Benchmark Capped Why invested? We believe NIBE can reach their 2020 targets of SEK 20 bn in sales already next year. We also expect them to deliver higher profitability going forward. Lower oil prices could dampen the need of heat pumps, but trend with environmental friendly heating will continue. Replacement market within Energy Systems are encouraging in both the Swedish market and also in Germany and North America. The combination of a relative young market in most of the European countries creates a long term structural growth story. NIBE Industrier AB Class B Industrials /Building Products Market Value (mill.) 39 501 Price 78,28 Price currency SEK Net debt (mill.) 6 366 Reporting currency SEK Enterprise Value (mill.) 45 867 FX rate (NOK) 0,99 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 9 192 9 834 11 033 13 243 15 348 18 957 19 708 EBIT (Operating Income - mill.) 926 1 063 1 272 1 583 1 891 2 363 2 551 Net Income (reported - mill.) 766 858 982 1 237 1 376 1 638 1 786 Equity 4 926 5 575 6 560 7 428 12 129 13 341 14 625 Return on Equity (%) 15,5 % 15,4 % 15,0 % 16,7 % 11,3 % 12,3 % 12,2 % EPS 1,7 1,9 2,1 2,7 2,9 3,3 3,6 Book value per share 10,7 12,1 14,2 16,1 24,1 26,5 29,0 DPS 0,5 0,6 0,6 0,8 0,9 1,0 1,1 Price/Earnings 13,5 18,6 22,5 25,4 24,5 23,9 21,9 Price/Book Value 2,1 2,9 3,4 4,2 3,0 3,0 2,7 EV/EBIT 14,8 17,7 21,8 23,1 20,8 19,4 18,0 Dividend Yield (%) 2,1 % 1,6 % 1,3 % 1,2 % 1,2 % 1,3 % 1,4 %

Nordea Bank AB Company description: Nordea is the largest and most diversified financial service group in the Nordics, with leading positions in corporate and institutional banking, as in retail and private banking, including Asset Management. Retail Banking comprises 50% of revenues, Wholesale Banking 24% and Wealth Management 19%. Sampo is the main shareholder with approximately 21,4% of the outstanding shares. Performance - last 5 years 250 200 150 100 50 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Nordea Bank AB OMX VINX Benchmark Capped Why invested? There should be significant possibilities when net interest margins stabilize as interest rates are unlikely to fall further. Loan losses are under control, although uncertainties within a falling real estate market. Nordea is starting to deliver on their ambitious cost savings plan, and the digitalization efficiency gains should be visible going forward. The Nordea case is to a large extent high dividend payments as growth capital need is limited. Nordea Bank AB Financials /Banks Market Value (mill.) 404 266 Price 99,82 Price currency SEK Net debt (mill.) 1 996 150 Reporting currency EUR Enterprise Value (mill.) 2 400 416 FX rate (NOK) 0,99 2012 2013 2014 2015 2016 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Total Income 10 236 9 891 10 224 10 140 9 927 9 745 9 978 Net Interest Income 5 752 5 525 5 482 5 110 4 727 4 743 4 742 Net Result 3 119 3 107 3 371 3 662 3 766 3 221 3 560 Equity 28 000 29 207 29 835 31 031 32 409 32 955 33 772 Return on Equity (%) 11,1 % 10,6 % 11,3 % 11,8 % 11,6 % 9,8 % 10,5 % EPS 6,8 6,7 7,6 8,5 8,8 7,8 8,7 Book value per share 59,7 64,3 70,2 70,5 76,9 80,2 82,0 DPS 2,8 3,8 5,8 5,9 6,2 6,6 6,9 Price/Earnings 9,1 13,0 12,0 11,0 11,5 1,3 1,2 Price/Book Value 1,0 1,3 1,3 1,3 1,3 0,1 0,1 Dividend Yield (%) 4,6 % 4,4 % 6,4 % 6,4 % 6,1 % 6,6 % 6,9 %

Securitas AB Company description: Securitas provides a wide range of security services, from mobile patrols, access control, fire prevention, receptionist and concierge, monitoring and call-out services to specialized, site specific duties. The company was founded in 1934 and is headquartered in Stockholm, Sweden. Performance - last 5 years 350 300 250 200 150 100 50 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Securitas AB Class B OMX VINX Benchmark Capped Why invested? Securitas is the European and the North American leader in guarding services. The company has a good track record when it comes to return on equity. We believe Securitas will start to grow organically going forward as they are the market leader in a security market with favorable growth prospects. Securitas has over time showed a stable business and top line development. We think the increasing share of technology based revenues will improve margins long term. Securitas AB Class B Industrials /Commercial Services & Supplies Market Value (mill.) 52 240 Price 143,10 Price currency SEK Net debt (mill.) 14 029 Reporting currency SEK Enterprise Value (mill.) 66 269 FX rate (NOK) 0,99 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 66 458 65 700 70 217 80 860 86 738 91 695 94 552 EBIT (Operating Income - mill.) 2 798 3 037 3 230 3 779 2 793 4 647 4 817 Net Income (reported - mill.) 1 201 1 853 2 068 2 437 2 642 2 875 3 077 Equity 8 588 9 365 11 280 12 510 14 487 15 991 17 591 Return on Equity (%) 14,0 % 19,8 % 18,3 % 19,5 % 18,2 % 18,0 % 17,5 % EPS 3,2 5,1 5,7 6,7 7,2 7,9 8,5 Book value per share 23,5 25,7 30,9 34,3 39,7 43,8 47,7 DPS 3,0 3,0 3,0 3,5 3,8 4,0 4,2 Price/Earnings 17,6 13,5 16,7 19,5 19,8 18,1 16,8 Price/Book Value 2,4 2,7 3,1 3,8 3,6 3,3 3,0 EV/EBIT 11,0 11,4 14,0 15,3 23,7 14,3 13,8 Dividend Yield (%) 5,3 % 4,4 % 3,2 % 2,7 % 2,6 % 2,8 % 2,9 %

Svenska Handelsbanken AB Company description: Svenska Handelsbanken attracts deposits and offers commercial banking services. The Bank offers corporate finance, securities brokerage, commodity trading, structured products, custody services, and institutional asset management services. 250 200 150 100 50 Performance - last 5 years 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Svenska Handelsbanken AB Class A OMX VINX Benchmark Capped Why invested? No Nordic banks can show the same history of almost zero loan losses as Handelsbanken. We are impressed by the de-centralized banking model. All employees are major shareholders due to the pension system «Oktogonen». We think this gives the bank an edge on culture and incentives. Digitalization trends is a big question mark. Low short term rates are negative for net interest margins. Falling real estate prices could hit banks down the road but we think Handelsbanken is the most robust retail bank. Higher amortization could put pressure on loan growth going forward. Svenska Handelsbanken AB Class A Financials /Banks Market Value (mill.) 219 140 Price 112,70 Price currency SEK Net debt (mill.) 1 139 663 Reporting currency SEK Enterprise Value (mill.) 1 358 803 FX rate (NOK) 0,99 2012 2013 2014 2015 2016 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Total Income 35 062 36 327 38 314 40 336 40 763 41 042 42 649 Net Interest Income 26 081 26 669 27 244 27 740 27 943 29 575 30 817 Net Result 14 525 14 173 15 142 16 197 16 231 16 400 16 730 Equity 106 895 111 337 126 824 128 264 136 375 142 950 147 298 Return on Equity (%) 13,6 % 12,7 % 11,9 % 12,6 % 11,9 % 11,5 % 11,4 % EPS 7,7 7,5 8,0 8,6 8,4 8,3 8,5 Book value per share 56,3 58,4 66,5 67,3 70,1 73,1 75,0 DPS 3,6 5,5 5,8 6,0 5,0 6,5 6,1 Price/Earnings 10,0 14,0 15,4 13,2 15,0 13,6 13,2 Price/Book Value 1,4 1,8 1,8 1,7 1,8 1,5 1,5 Dividend Yield (%) 4,6 % 5,2 % 4,8 % 5,3 % 3,9 % 5,8 % 5,4 %

Sweco AB Company description: Sweco AB is a consulting company specializing in engineering, environmental technology, and architecture. The company's services include urban planning, feasibility studies, environmental projects, structural engineering, water treatment, and IT technology. Sweco sells its services to companies and organizations worldwide. 500 400 300 200 100 Performance - last 5 years 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Sweco AB Class B OMX VINX Benchmark Capped Why invested? Sweco will be one of the main beneficiaries of increased infrastructure investments in the years to come in the Nordic countries. With the acquisition of the Dutch company Grontmij in 2015 Sweco is now the European leader in infrastructure services. That gives them a great opportunity to capitalize on public infrastructure spending in Northern Europe A fragmented industry with few leading players will give Sweco room to continue their organic growth. In addition environment, energy usage and 3D planning are ongoing long term structural trends which the company benefits from. Sweco AB Class B Industrials /Construction & Engineering Market Value (mill.) 21 906 Price 181,00 Price currency SEK Net debt (mill.) 2 312 Reporting currency SEK Enterprise Value (mill.) 24 218 FX rate (NOK) 0,99 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 7 504 8 199 9 214 11 389 16 531 16 771 17 538 EBIT (Operating Income - mill.) 683 668 826 741 1 389 1 450 1 593 Net Income (reported - mill.) 454 375 542 438 930 1 081 1 183 Equity 1 652 1 618 1 874 4 899 5 424 5 984 6 567 Return on Equity (%) 27,5 % 23,2 % 28,9 % 8,9 % 17,1 % 18,1 % 18,0 % EPS 4,9 3,9 5,7 4,4 7,8 9,3 10,1 Book value per share 17,4 17,1 19,8 41,0 45,4 49,9 54,7 DPS 3,1 3,1 3,4 3,5 4,3 4,9 5,5 Price/Earnings 14,2 25,8 17,8 28,5 23,2 19,5 18,0 Price/Book Value 4,0 6,0 5,1 3,0 4,0 3,6 3,3 EV/EBIT 10,4 16,5 13,2 19,4 16,9 16,7 15,2 Dividend Yield (%) 4,5 % 3,1 % 3,3 % 2,8 % 2,4 % 2,7 % 3,0 %

Thule Group AB Company description: Thule is a global consumer brand which promotes an active life. Thule is building their brand around the concept of bring your life. With over 50 percent global market share in the Sports & Cargo segment, they are over five times larger than the number two player globally. Their dominant position enables them to generate superior returns in this segment together with much bigger resources on product innovation. We think this will enable them to grow into other consumer segments as outdoor and bags together with kids categories. Why invested? A strong cash flow, reduced debt position and strong return on capital give support to the current valuation of the company. The company has told investors to intensify product development in the kids stroller market and the luggage market. Both markets represent USD 30 bn market where Thule could start to penetrate with their new products. 300 250 200 150 100 50 Performance - last 5 years 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Thule Group AB Thule Group AB OMX VINX Benchmark Capped Consumer Discretionary /Leisure Products Market Value (mill.) 18 792 Price 184,10 Price currency SEK Net debt (mill.) 1 673 Reporting currency SEK Enterprise Value (mill.) 20 465 FX rate (NOK) 0,99 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 4 362 4 331 4 693 5 320 5 611 5 940 6 264 EBIT (Operating Income - mill.) 535 517 666 837 957 1 071 1 158 Net Income (reported - mill.) 246 298 199 587 676 785 844 Equity 1 673 1 797 2 966 3 228 3 826 3 601 4 036 Return on Equity (%) 14,7 % 16,6 % 6,7 % 18,2 % 17,7 % 21,8 % 20,9 % EPS 0,6 0,1-1,6 5,7 6,7 7,6 8,2 Book value per share 16,7 18,0 29,7 32,3 37,9 35,0 39,9 DPS #N/A #N/A 2,0 2,5 10,9 4,0 4,3 Price/Earnings #N/A #N/A -54,6 20,2 21,3 24,2 22,4 Price/Book Value #N/A #N/A 3,0 3,6 3,8 5,3 4,6 EV/EBIT - - 15,4 16,4 17,0 19,1 17,7 Dividend Yield (%) #N/A #N/A 2,2 % 2,2 % 7,6 % 2,2 % 2,3 %

Danske Bank A/S Company description: Danske Bank is a Nordic universal bank, and the largest in Denmark. Denmark accounts for ca. 60% of the group loan book. Danske Bank has the secondlargest mortgage operation in Denmark with a market share of about 27%. Through acquisitions, they have established positions in Sweden (6% market share lending), Norway (6%), Finland (10%), Northern Ireland and the Baltics. Why invested? Restructuring efforts (among others the almost exit from the Irish venture) as well as an improving macroeconomic environment have supported a strong profitability recovery since the financial crisis and the Danish recession. The missing Danish lending growth is turned into a strong capital repatriation story in the form of dividends and share buy-backs. As such, there is capital available for further growth. In Norway and particularly Sweden Danske Banks is in a challenger position, and is currently increasing market shares through strategic partnerships. In Norway through the agreement with Akademikerne and in Sweden through the TCO union agreement in Sweden initiated in April 2017. In December, Danske bank s pension unit, Danica, announced the intention to buy SEB s Danish pension business. The transaction is expected to be closed in the summer of 2018. 350 300 250 200 150 100 50 Performance - last 5 years 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Danske Bank A/S Danske Bank A/S OMX VINX Benchmark Capped Financials /Banks Market Value (mill.) 227 368 Price 242,70 Price currency DKK Net debt (mill.) 1 493 936 Reporting currency DKK Enterprise Value (mill.) 1 721 304 FX rate (NOK) 1,32 2012 2013 2014 2015 2016 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Total Income 47 685 40 004 43 866 44 201 47 959 48 183 49 344 Net Interest Income 24 788 22 245 23 107 21 476 22 028 23 353 24 262 Net Result 4 745 7 115 3 585 12 516 19 195 19 784 19 449 Equity 138 230 145 657 147 445 149 513 152 272 153 470 154 181 Return on Equity (%) 3,4 % 4,9 % 2,4 % 8,4 % 12,6 % 12,9 % 12,6 % EPS 5,1 7,1 3,6 12,7 20,1 21,5 22,3 Book value per share 138,0 145,6 147,5 153,2 162,8 171,7 178,1 DPS - 2,0 5,5 8,0 9,0 10,0 10,6 Price/Earnings 18,8 17,5 46,5 14,6 10,7 11,3 10,9 Price/Book Value 0,7 0,9 1,1 1,2 1,3 1,4 1,4 Dividend Yield (%) 0,0 % 1,6 % 3,3 % 4,3 % 4,2 % 4,1 % 4,4 %

ISS A/S Company description: ISS A/S is engaged in the provision of facility services, and it offers its services worldwide to a broad range of sectors. ISS was founded in 1901 as a security company and entered the cleaning business early on. Over the years the company has expanded their services to also include facility management, property, catering, and support services. This makes it possible for ISS to offer packaged solutions, and ISS has become one of the world s leading Facility Services companies with more than half a million employees in 50 countries. Why invested? ISS is truly global company within its industry. The company has grown over the years both organically but also through a number of acquisitions. Going forward the key growth drivers will be organic growth, and a continued focus to further increase their share of integrated facility services (IFS) i.e. bundling of several service categories into packages. The company operates in a stabile industry, and the business model is capital light with significant free cash flow generation. 200 150 100 50 ISS A/S Performance - last 5 years 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 ISS A/S OMX VINX Benchmark Capped Industrials /Commercial Services & Supplies Market Value (mill.) 44 746 Price 241,00 Price currency DKK Net debt (mill.) 13 983 Reporting currency DKK Enterprise Value (mill.) 58 729 FX rate (NOK) 1,32 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 79 454 78 459 74 105 79 579 79 137 79 915 81 189 EBIT (Operating Income - mill.) 3 707 3 203 3 530 3 838 3 939 4 521 4 495 Net Income (reported - mill.) -447-399 1 011 2 211 2 216 2 231 2 406 Equity 5 013 4 237 12 910 14 494 13 910 14 588 14 839 Return on Equity (%) -8,9 % -9,4 % 7,8 % 15,3 % 15,9 % 15,3 % 16,2 % EPS -4,0-2,9 5,8 12,0 12,1 15,3 15,9 Book value per share 37,0 31,3 69,9 78,8 75,8 78,7 80,9 DPS #N/A #N/A 4,9 7,4 11,7 7,6 8,1 Price/Earnings #N/A #N/A 30,7 20,7 19,7 15,7 15,2 Price/Book Value #N/A #N/A 2,5 3,2 3,1 3,1 3,0 EV/EBIT - - 12,4 14,9 14,0 13,0 13,1 Dividend Yield (%) #N/A #N/A 2,8 % 3,0 % 4,9 % 3,2 % 3,4 %

Novo Nordisk A/S Company description: Novo Nordisk is the world leader in diabetes care with the broadest diabetes product portfolio in the industry, including the most advanced products within the area of insulin delivery systems. In addition, Novo has a leading position within areas such as coagulation disorders, growth disorders and hormone replacement therapy. 250 200 150 100 50 Performance - last 5 years Why invested? The strong growth in earnings reflects the strong growing markets driven by sustainable structural factors; the position as a global leader; scale effects coupled with capital and technological barriers to entry. High profitability is leading to considerable free cash flow generation. Obesity is the main growth driver for diabetes prevalence and thereby a very important long-term growth driver for Novo Nordisk. In Q4 2017 Novo Nordisk s once-a-week semaglutide, (under the name Ozempic) was approved by FDA. Ozempic should significantly strengthen Novo's position in the early stages of the diabetes treatment as well as in a future multi-billion USD obesity franchise. 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Novo Nordisk A/S Class B Novo Nordisk A/S Class B OMX VINX Benchmark Capped Health Care /Pharmaceuticals Market Value (mill.) 834 875 Price 333,95 Price currency DKK Net debt (mill.) -21 451 Reporting currency DKK Enterprise Value (mill.) 813 424 FX rate (NOK) 1,32 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 78 026 83 572 88 806 107 927 111 780 112 410 115 777 EBIT (Operating Income - mill.) 28 837 30 840 33 596 46 268 48 224 49 449 50 321 Net Income (reported - mill.) 21 432 25 184 26 481 34 860 37 925 38 595 39 689 Equity 40 632 42 569 40 294 46 969 45 269 48 943 52 709 Return on Equity (%) 52,7 % 59,2 % 65,7 % 74,2 % 83,8 % 78,9 % 75,3 % EPS 7,8 9,4 10,1 13,6 15,0 15,6 16,5 Book value per share 15,0 16,1 15,5 18,4 18,1 19,8 21,8 DPS 3,6 4,5 5,0 6,4 7,6 7,8 8,4 Price/Earnings 23,4 21,1 25,8 29,5 17,0 21,5 20,3 Price/Book Value 12,2 12,4 16,8 21,7 14,1 16,8 15,3 EV/EBIT 17,0 16,9 19,9 21,9 13,0 16,4 16,2 Dividend Yield (%) 2,0 % 2,3 % 1,9 % 1,6 % 3,0 % 2,3 % 2,5 %

Pandora A/S Company description: Established in 1982, Pandora is one of the world's largest jewelry brand, and the largest jewelry brand in the "affordable luxury" segment. The company is fully integrated with production facilities in Thailand and essentially all design is done in-house. Products are sold in more than 50 countries (the largest markets are the US with around 30% of group sales and the UK with around 15%) through nearly 10,000 retailers. 77% of sales are generated by charms, 12% by rings and 11% by Other jewelry. Why invested? Pandora offers a combination of strong growth with margin expansion and solid free cash flow. The stock has been under pressure lately as many investors are uncertain about the dependency on charms. We believe Pandora will continue to grow strongly based on its new product categories, upgrades and expansion of its store network into under-penetrated markets (mainly Asia) and store productivity uplift. 1000 800 600 400 200 Performance - last 5 years 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Pandora A/S Pandora A/S OMX VINX Benchmark Capped Consumer Discretionary /Textiles Apparel & Luxury Goods Market Value (mill.) 75 155 Price 668,00 Price currency DKK Net debt (mill.) 5 530 Reporting currency DKK Enterprise Value (mill.) 80 685 FX rate (NOK) 1,32 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 6 652 9 010 11 942 16 737 20 281 22 975 25 598 EBIT (Operating Income - mill.) 1 478 2 681 4 075 5 814 7 408 7 993 8 764 Net Income (reported - mill.) 1 202 2 220 3 098 3 674 6 025 6 201 7 015 Equity 6 038 6 462 7 032 6 139 6 794 7 189 7 832 Return on Equity (%) 19,9 % 34,4 % 44,1 % 59,8 % 88,7 % 86,3 % 89,6 % EPS 9,2 17,2 25,0 30,9 52,8 55,5 63,4 Book value per share 46,5 51,0 58,2 52,8 60,7 64,5 73,2 DPS 5,5 6,5 9,0 13,0 9,0 36,0 40,5 Price/Earnings 13,5 17,1 20,2 28,2 17,5 12,0 10,5 Price/Book Value 2,7 5,8 8,7 16,5 15,2 10,4 9,1 EV/EBIT 10,9 14,1 15,2 18,3 14,6 10,1 9,2 Dividend Yield (%) 4,4 % 2,2 % 1,8 % 1,5 % 1,0 % 5,4 % 6,1 %

Huhtamäki Oyj Company description: Huhtamäki is a pure global consumer packaging company, with sales targeted at foodservice-, food and beverage-, non-food-, and fresh food. The company operates within three distinctive packaging technologies: Paperboard converting, Flexibles (plastics and foil) and Moulded fibre. 400 300 200 100 Performance - last 5 years Why invested? Huhtamäki s sales and earnings are broadly diversified in terms of regions, customers and product areas. North America is the largest market at around 34% of sales. After the 2015 acquisition of Positive Packaging, India now represents 15% of sales. Emerging Markets in total now accounts for nearly 40% of group revenues. Demand for consumer packaging in developed countries is typically relatively stable, irrespective of macroeconomic cycles. In emerging markets demand is growing fast, creating the potential for organic growth. Profitability and cash generation imply a stable and competitive business model. Huhtamaki also has a good track record of growing by acquisitions. 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Huhtamaki Oyj Huhtamaki Oyj OMX VINX Benchmark Capped Materials /Containers & Packaging Market Value (mill.) 3 751 Price 34,81 Price currency EUR Net debt (mill.) 749 Reporting currency EUR Enterprise Value (mill.) 4 500 FX rate (NOK) 9,80 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 2 335 2 342 2 236 2 726 2 865 2 992 3 170 EBIT (Operating Income - mill.) 141 145 152 213 251 270 295 Net Income (reported - mill.) 124 94 128 148 188 193 215 Equity 779 780 862 1 001 1 135 1 249 1 377 Return on Equity (%) 15,9 % 12,1 % 14,9 % 14,8 % 16,6 % 15,5 % 15,6 % EPS 1,2 0,9 1,3 1,4 1,8 1,8 2,1 Book value per share 7,6 7,5 8,3 9,7 10,9 12,0 13,3 DPS 0,6 0,6 0,6 0,7 0,7 0,8 0,9 Price/Earnings 10,3 20,5 17,1 23,4 19,5 18,9 16,9 Price/Book Value 1,6 2,5 2,6 3,5 3,2 2,9 2,6 EV/EBIT 12,2 16,5 17,0 19,1 17,5 16,7 15,3 Dividend Yield (%) 4,6 % 3,1 % 2,7 % 2,0 % 2,1 % 2,2 % 2,6 %

Kone Oyj Company description: Kone is the global no. 1 Elevator and Escalator company with a 20% market share in new equipment units. The estimated global market share in installed service base is 8%, giving KONE a nr. 4 position after Otis, Schindler and Thyssen. Services, consisting of maintenance and modernization, make up 44% of sales. New elevators and escalators represent 55% of revenue. Kone's top-4 markets in terms of revenue are China, US, France and UK. Why invested? KONE is very well positioned to benefit from the megatrends driving the elevator and escalator industry: urbanization, safety, changing demographics and environment. KONE has strong service growth potential after the long spree of elevator deliveries in past years. The Chinese maintenance market represents the single largest long-term opportunity. Short-term, the Chinese new construction market have and will continue - to put some pressure on the company growth figure. The company runs a very capital light business model which generates strong cash flows. 250 200 150 100 50 Performance - last 5 years 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Kone Oyj Class B Kone Oyj Class B OMX VINX Benchmark Capped Industrials /Machinery Market Value (mill.) 23 586 Price 44,74 Price currency EUR Net debt (mill.) -334 Reporting currency EUR Enterprise Value (mill.) 23 252 FX rate (NOK) 9,80 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 6 277 6 933 7 335 8 647 8 784 8 880 9 105 EBIT (Operating Income - mill.) 786 898 1 019 1 225 1 270 1 223 1 251 Net Income (reported - mill.) 601 702 756 1 032 1 024 969 951 Equity 1 812 1 694 2 018 2 528 2 783 2 963 3 095 Return on Equity (%) 33,2 % 41,4 % 37,4 % 40,8 % 36,8 % 32,7 % 30,7 % EPS 0,6 1,4 1,5 2,0 2,0 1,9 1,9 Book value per share 3,5 3,3 3,9 4,9 5,4 5,7 5,9 DPS 1,5 1,0 1,2 1,4 1,6 1,6 1,7 Price/Earnings 47,7 23,9 25,7 19,5 21,3 23,5 23,4 Price/Book Value 7,9 9,9 9,6 8,0 7,9 7,8 7,6 EV/EBIT 17,4 18,2 18,3 15,3 15,9 19,0 18,6 Dividend Yield (%) 5,5 % 3,0 % 3,2 % 3,6 % 3,6 % 3,6 % 3,7 %

Metso Oyj Company description: Metso is a global provider of minerals processing solutions for mining and aggregates industries and flow control solutions for the oil and gas and mining industries. 65% of total sales is service offerings ranging from wear and spare parts, maintenance and repairs to performance services. 200 150 100 50 Performance - last 5 years 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Why invested? Metso Oyj OMX VINX Benchmark Capped Metso is still valued as a low quality and volatile company. The de-merger of Valmet and the exit from risky mining projects/big size projects, have reduced the risk profile. The weak mining capex market have put pressure on earnings. However, mining capex seems to have bottomed out, feeding some optimism of recovery into the share. 65% of total sales are service-related, and cost cutting benefits are coming through. The balance sheet is very strong and dividend capacity high. Metso Oyj Industrials /Machinery Market Value (mill.) 4 270 Price 28,40 Price currency EUR Net debt (mill.) 54 Reporting currency EUR Enterprise Value (mill.) 4 324 FX rate (NOK) 9,80 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 7 504 3 858 3 658 2 977 2 586 2 740 3 001 EBIT (Operating Income - mill.) 628 439 445 327 256 249 347 Net Income (reported - mill.) 373 238 188 442 130 141 215 Equity 2 207 1 173 1 221 1 436 1 431 1 417 1 476 Return on Equity (%) 16,9 % 20,3 % 15,4 % 30,8 % 9,1 % 9,9 % 14,6 % EPS 2,5 2,1 1,3 3,0 0,9 1,1 1,4 Book value per share 14,7 7,8 8,1 9,6 9,5 9,4 9,8 DPS 1,9 8,2 1,5 1,1 1,1 1,1 1,1 Price/Earnings 12,9 14,9 19,9 7,0 31,1 25,5 19,6 Price/Book Value 2,2 4,0 3,1 2,2 2,8 3,0 2,9 EV/EBIT 8,6 11,9 9,7 10,0 15,9 17,4 12,5 Dividend Yield (%) 5,8 % 26,4 % 5,8 % 5,1 % 3,9 % 3,7 % 3,9 %

Nokian Tyres Company description: Nokian manufactures tyres in areas with special challenges for tire performance, snow, forest and harsh driving conditions in different seasons. NT is the leading winter tyre brand in the world. The tire chain Vianor, operates as a wholesaler and a retailer. The company benefits greatly from having nearly 80% of the Group tire production in the highly efficient Russian factory, of which 60% is exported out of Russia. Why invested? Driven by Russia, Nokian Tyres sales and profit have made a big recovery in 2017, after three years of struggling with sluggish demand in this market. Probably at least half of the volume growth of 9% for Nokian in 2017 reflects a recovery in Russia, whereas the volume growth in Europe excluding Russia is 4 5%. North America is also growing well and recovering from the decline in 2016. With toprated products the brand awareness continues to improve, enabling the company to gain shares from its key rivals Continental and Michelin, especially in North America and in Central Europe, including strong growth within summer tires.a new factory is currently under construction in the US, fueling market share gains going forward. The company will also in the period 2018-20 add 50% capacity within its heavy tyres production in Finland. 200 150 100 50 Performance - last 5 years 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Nokian Renkaat Oyj Nokian Renkaat Oyj OMX VINX Benchmark Capped Consumer Discretionary /Auto Components Market Value (mill.) 5 187 Price 37,79 Price currency EUR Net debt (mill.) 117 Reporting currency EUR Enterprise Value (mill.) 5 304 FX rate (NOK) 9,80 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 1 612 1 521 1 389 1 360 1 391 1 569 1 672 EBIT (Operating Income - mill.) 412 380 306 295 312 360 402 Net Income (reported - mill.) 331 184 208 241 252 228 319 Equity 1 437 1 393 1 209 1 242 1 458 1 475 1 574 Return on Equity (%) 23,0 % 13,2 % 17,2 % 19,4 % 17,3 % 15,4 % 20,3 % EPS 2,5 1,4 1,6 1,8 1,9 1,8 2,3 Book value per share 10,9 10,4 9,1 9,2 10,7 10,8 11,6 DPS 1,5 1,5 1,5 1,5 1,5 1,6 1,6 Price/Earnings 11,9 25,1 13,0 18,4 18,9 20,8 16,2 Price/Book Value 2,8 3,3 2,2 3,6 3,3 3,5 3,3 EV/EBIT 9,9 12,5 8,4 14,3 14,5 14,7 13,2 Dividend Yield (%) 4,8 % 4,2 % 7,1 % 4,5 % 4,3 % 4,2 % 4,4 %

Sampo Oyj Company description: Sampo is the leading pan-nordic non-life insurance company through its subsidiary, If P&C, and a leading life insurer in Finland through Mandatum Life. After selling its banking operations to Danske Bank in early 2007, Sampo has been using the proceeds to acquire stakes in Nordea and TopDanmark. As Sampo now holds approx. 21,4% of Nordea and 49% of TopDanmark. TopDanmark results have in 2017 been reclassified to a subsidiary. Why invested? Sampo is geographically and operationally the most diversified financial institution in the Nordics. The management have full ownership to the company structure as they have established it. The Sampo shares have long-term attractions as Sampo s operations are stable with strong cash flows, visibility is good and the dividend story looks strong ever in light of the group s strong capital position and the underlying companies cash generation possibilites. Underlying P&C operations show stable trends, with both pricing and claims increases subdued. Sampo's short investment duration and ownership of Nordea should allow it to benefit from potentially higher yields and a steepening yield curve. 300 250 200 150 100 50 Performance - last 5 years 0 jan.13 jan.14 jan.15 jan.16 jan.17 jan.18 Sampo Oyj Class A Sampo Oyj Class A OMX VINX Benchmark Capped Financials /Insurance Market Value (mill.) 25 570 Price 45,66 Price currency EUR Net debt (mill.) 1 274 Reporting currency EUR Enterprise Value (mill.) 26 844 FX rate (NOK) 9,80 Year end (December) 2012 2013 2014 2015 2016 2017E 2018E Sales (mill.) 6 475 6 522 6 702 6 591 6 252 5 313 5 463 EBIT (Operating Income - mill.) - - - - - 1 615 1 899 Net Income (reported - mill.) 1 404 1 452 1 540 1 656 1 650 2 253 1 798 Equity 10 020 10 643 10 924 11 411 11 934 13 009 13 386 Return on Equity (%) 14,0 % 13,6 % 14,1 % 14,5 % 13,8 % 17,3 % 13,4 % EPS 2,5 2,6 2,8 3,0 3,0 4,1 3,0 Book value per share 17,9 19,0 19,5 20,4 21,3 23,3 23,9 DPS 1,4 1,7 2,0 2,2 2,3 2,5 2,6 Price/Earnings 9,7 13,8 14,1 15,9 14,4 11,2 15,4 Price/Book Value 1,4 1,9 2,0 2,3 2,0 2,0 1,9 EV/EBIT - - - - - 16,6 14,1 Dividend Yield (%) 5,5 % 4,6 % 5,0 % 4,6 % 5,4 % 5,4 % 5,6 %

About ODIN

Investment Objective Long term value creation

Investment Philosophy Performance - prospects - price

Om ODIN Norden På vegne av våre kunder, er ODIN en aktiv og ansvarsfull forvalter med fokus på langsiktig verdiskaping. I Norden skjer verdiskapingen i stor grad av selskaper som er verdensledende i sine bransjer. Norden er ODINs hjemmemarked, noe som gjør at vi har kunnskap, historikk og erfaring på vår side. Gjennom aksjefondet ODIN Norden kan også du ta del i verdiskapingen som skjer i det nordiske næringslivet. Fondet har andelsklasser. Klasse A Etableringsdato 18/08/2016 Basisvaluta NOK Forvaltningshonorar 0.75% Tegn./innløsningsgebyr 0.00% Minste tegningsbeløp 10,000,000 NOK Referanseindeks B C 18/08/2016 01/06/1990 NOK NOK 1.00% 2.00% 0.00% 0.00% 1,000,000 NOK 3,000 NOK VINXBCAPNOKNI

Om forvalter Investeringsdirektør Vegard Søraunet har jobbet i ODIN siden mai 2006. Vegard er utdannet siviløkonom fra Handelshøyskolen BI med spesialisering i finans. I tillegg har han en master i regnskap og erfaring fra PriceWaterhouseCoopers. Vegard har også vært sentral i utformingen av ODINs investeringsprosess og analyseapparat. Vegard har vært ansvarlig forvalter for ODIN Norden sammen med Truls Haugen siden juni 2014. Vegard forvalter også ODIN Sverige. Vegard tiltrådte som investeringsdirektør i ODIN 1. november 2017.