Cash (CHF) (FX = 6.9361) Dividends tax receivable TILGUDBSKAT 12,994.20 12,994.20 12,994.20 0.00 90,129.69 0.03 Cash Account (CHF) TRKONTO 39,309.91 39,309.91 39,309.91 0.00 272,659.33 0.09 SUM Cash (CHF) 52,304.11 52,304.11 0.00 362,789.02 0.11 Cash (DKK) (FX = 1.0000) Accrued expenses (DKK) GEBYR -37,500.00-37,500.00 0.00-37,500.00-0.01 Påløbende BEC rente (DKK) PLBECRENTE 183.57 183.57 0.00 183.57 0.00 Cash Account (DKK) TRKONTO 4,331,818.37 4,331,818.37 0.00 4,331,818.37 1.35 SUM Cash (DKK) 4,294,501.94 4,294,501.94 0.00 4,294,501.94 1.34 Cash (EUR) (FX = 7.4355) Dividends tax receivable TILGUDBSKAT 189,803.66 189,803.66 189,803.66 0.00 1,411,294.60 0.44 Cash Account (EUR) TRKONTO 911,149.90 911,149.90 911,149.90 0.00 6,774,900.64 2.12 SUM Cash (EUR) 1,100,953.56 1,100,953.56 0.00 8,186,195.24 2.56 Cash (GBP) (FX = 8.7108) Dividends tax receivable TILGUDBSKAT 634.39 634.39 634.39 0.00 5,526.05 0.00 Cash Account (GBP) TRKONTO 533,551.27 533,551.27 533,551.27 0.00 4,647,665.35 1.45 Accrued Dividend (GBP) UDBYTTE 14,503.95 14,503.95 14,503.95 0.00 126,341.20 0.04 SUM Cash (GBP) 548,689.61 548,689.61 0.00 4,779,532.60 1.49 Cash (NOK) (FX = 0.8190) Dividends tax receivable NOK TILGUDBSKAT 233,330.22 233,330.22 233,330.22 0.00 191,093.57 0.06 Cash Account (NOK) TRKONTO 728,859.95 728,859.95 728,859.95 0.00 596,924.18 0.19 SUM Cash (NOK) 962,190.17 962,190.17 0.00 788,017.75 0.25 Cash (SEK) (FX = 0.7760) Cash Account (SEK) TRKONTO 402,028.41 402,028.41 402,028.41 0.00 311,970.61 0.10 Cash (USD) (FX = 7.0496) Cash Account (USD) TRKONTO 814.75 814.75 814.75 0.00 5,743.65 0.00 Equities (CHF) (FX = 6.9361) Feintool International Holding CH0009320091 3,704 96.4940 357,413.86 109.2000 404,476.80 47,062.94 2,805,510.70 0.88 Sum 357,413.86 404,476.80 47,062.94 2,805,510.70 0.88 Communications Equipment Ascom Holding AG CH0011339204 60,087 17.3847 1,044,595.71 16.0000 961,392.00-83,203.71 6,668,356.61 2.08 Sum 1,044,595.71 961,392.00-83,203.71 6,668,356.61 2.08
Life Sciences Tools & Services Tecan Group AG CH0012100191 4,754 129.6882 616,537.51 158.9000 755,410.60 138,873.09 5,239,639.26 1.64 Sum 616,537.51 755,410.60 138,873.09 5,239,639.26 1.64 SUM Equities (CHF) 2,018,547.08 2,121,279.40 102,732.32 14,713,506.57 4.59 Equities (DKK) (FX = 1.0000) Food Products Schouw & Co. DK0010253921 9,715 439.3658 4,268,439.17 526.0000 5,110,090.00 841,650.83 5,110,090.00 1.60 Sum 4,268,439.17 5,110,090.00 841,650.83 5,110,090.00 1.60 Commercial Banks Ringkjøbing Landbobank A/S DK0060032068 6,400 1,410.6863 9,028,392.25 1,463.0000 9,363,200.00 334,807.75 9,363,200.00 2.92 Sum 9,028,392.25 9,363,200.00 334,807.75 9,363,200.00 2.92 SUM Equities (DKK) 13,296,831.42 14,473,290.00 1,176,458.58 14,473,290.00 4.52 Equities (EUR) (FX = 7.4355) Real Estate Real Estate Management & Development Aroundtown Property Holdings P CY0105562116 285,617 4.1144 1,175,144.18 4.2700 1,219,584.59 44,440.41 9,068,282.20 2.83 Sum Real Estate 1,175,144.18 1,219,584.59 44,440.41 9,068,282.20 2.83 Utilities Independent Power Producers & Energy Traders Energiekontor AG DE0005313506 42,679 14.0085 597,867.40 15.1300 645,733.27 47,865.87 4,801,382.02 1.50 Sum Utilities 597,867.40 645,733.27 47,865.87 4,801,382.02 1.50 Media CTS Eventim AG DE0005470306 28,217 29.4413 830,744.29 29.9500 845,099.15 14,354.86 6,283,776.98 1.96 Sum 830,744.29 845,099.15 14,354.86 6,283,776.98 1.96 Duerr AG DE0005565204 8,875 67.1239 595,724.35 76.3500 677,606.25 81,881.90 5,038,375.15 1.57 Krones AG DE0006335003 13,500 94.2632 1,272,553.59 86.9000 1,173,150.00-99,403.59 8,723,015.48 2.72 Sum 13,761,390.63 4.30 Sum 1,868,277.94 1,850,756.25-17,521.69 13,761,390.63 4.30
Equipment & Supplies Sartorius AG-Vorzug DE0007165631 9,718 52.0244 505,572.96 70.5000 685,119.00 179,546.04 5,094,236.58 1.59 Sum 505,572.96 685,119.00 179,546.04 5,094,236.58 1.59 Capital Markets Aurelius AG DE000A0JK2A8 33,984 55.2367 1,877,163.47 55.6200 1,890,190.08 13,026.61 14,054,602.85 4.39 Sum 1,877,163.47 1,890,190.08 13,026.61 14,054,602.85 4.39 Life Sciences Tools & Services Eurofins Scientific FR0000038259 1,050 310.6209 326,151.98 405.0000 425,250.00 99,098.02 3,161,967.64 0.99 Sum 326,151.98 425,250.00 99,098.02 3,161,967.64 0.99 Media Havas SA FR0000121881 90,397 7.4218 670,904.41 8.0000 723,176.00 52,271.59 5,377,211.31 1.68 Maisons Du Monde SA FR0013153541 38,528 25.0206 963,995.23 25.0450 964,933.76 938.53 7,174,813.22 2.24 Sum 1,634,899.63 1,688,109.76 53,210.13 12,552,024.53 3.92 Industria Macchine Automatic IT0001049623 11,999 46.6269 559,475.62 57.6000 691,142.40 131,666.78 5,139,023.87 1.60 Interpump Group SpA IT0001078911 45,715 13.1967 603,287.61 15.5500 710,868.25 107,580.64 5,285,696.42 1.65 Sum 10,424,720.29 3.26 Sum 1,162,763.24 1,402,010.65 239,247.41 10,424,720.29 3.26 Commercial Banks Banca Sistema SpA IT0003173629 193,284 2.4582 475,132.57 2.2000 425,224.80-49,907.77 3,161,780.26 0.99 Sum 475,132.57 425,224.80-49,907.77 3,161,780.26 0.99 Electronic Equipment, Instruments & Components Datalogic SpA IT0004053440 43,252 13.7064 592,830.82 18.6900 808,379.88 215,549.06 6,010,749.02 1.88 Sum 592,830.82 808,379.88 215,549.06 6,010,749.02 1.88 Stabilus SA LU1066226637 12,356 37.6472 465,168.47 51.0400 630,650.24 165,481.77 4,689,231.39 1.46
Electrical Equipment Senvion SA LU1377527517 63,146 15.2396 962,322.89 12.2000 770,381.20-191,941.69 5,728,207.93 1.79 Sum 1,427,491.36 1,401,031.44-26,459.92 10,417,439.32 3.25 Beter Bed Holding NV NL0000339703 73,566 15.3420 1,128,652.01 16.9000 1,243,265.40 114,613.39 9,244,362.04 2.89 Sum 1,128,652.01 1,243,265.40 114,613.39 9,244,362.04 2.89 Electrical Equipment TKH Group NV NL0000852523 25,539 35.3981 904,031.46 37.5900 960,011.01 55,979.55 7,138,209.87 2.23 Aalberts Industries NV NL0000852564 18,269 28.5070 520,794.06 30.8200 563,050.58 42,256.52 4,186,590.74 1.31 Sum 1,424,825.52 1,523,061.59 98,236.07 11,324,800.61 3.54 Materials Paper & Forest Products Corticeira Amorim SGPS SA PTCOR0AE0006 76,545 7.9122 605,635.76 8.5000 650,632.50 44,996.74 4,837,810.49 1.51 Sum Materials 605,635.76 650,632.50 44,996.74 4,837,810.49 1.51 SUM Equities (EUR) 15,633,153.14 16,703,448.36 1,070,295.22 124,199,325.45 38.78 Equities (GBP) (FX = 8.7108) Food Products Greencore Group PLC IE0003864109 489,183 2.3266 1,138,117.48 2.4650 1,205,836.09 67,718.62 10,503,812.76 3.28 Sum 1,138,117.48 1,205,836.09 67,718.62 10,503,812.76 3.28 IT Services Paysafe Group PLC GB0034264548 59,645 3.5252 210,258.17 3.7130 221,461.88 11,203.71 1,929,113.07 0.60 Communications Equipment Telit Communications PLC GB00B06GM726 188,507 2.3932 451,137.60 2.7500 518,394.25 67,256.65 4,515,635.39 1.41 Sum 661,395.77 739,856.13 78,460.37 6,444,748.46 2.01 Materials Chemicals Essentra PLC GB00B0744359 178,260 5.4631 973,843.80 4.6100 821,778.60-152,065.20 7,158,359.73 2.24 Sum Materials 973,843.80 821,778.60-152,065.20 7,158,359.73 2.24
Commercial Services & Supplies Berendsen PLC GB00B0F99717 46,459 8.3748 389,083.11 8.7050 404,425.59 15,342.49 3,522,875.74 1.10 Sum 389,083.11 404,425.59 15,342.49 3,522,875.74 1.10 Hotels, Restaurants & Leisure Restaurant Group Plc GB00B0YG1K06 13,529 6.3951 86,518.74 3.2450 43,901.60-42,617.14 382,418.67 0.12 Lookers PLC GB00B17MMZ46 637,086 1.2254 780,712.46 1.1725 746,983.33-33,729.13 6,506,832.17 2.03 Sum 867,231.21 790,884.94-76,346.27 6,889,250.84 2.15 Communications Equipment Sepura PLC GB00B1ZBLD47 2,449,755 0.4130 1,011,848.43 0.1900 465,453.45-546,394.98 4,054,477.98 1.27 Sum 1,011,848.43 465,453.45-546,394.98 4,054,477.98 1.27 Commercial Banks Bank Of Georgia Holdings PLC GB00B759CR16 17,363 21.6620 376,117.08 29.8400 518,111.92 141,994.84 4,513,176.06 1.41 Sum 376,117.08 518,111.92 141,994.84 4,513,176.06 1.41 Life Sciences Tools & Services Clinigen Group Plc GB00B89J2419 89,957 6.8985 620,565.53 7.1000 638,694.70 18,129.17 5,563,550.11 1.74 Sum 620,565.53 638,694.70 18,129.17 5,563,550.11 1.74 Consumer Finance Arrow Global Group Plc GB00BDGTXM47 355,384 2.2248 790,647.02 2.9800 1,059,044.32 268,397.30 9,225,137.06 2.88 Sum 790,647.02 1,059,044.32 268,397.30 9,225,137.06 2.88 Rotork PLC GB00BVFNZH21 234,126 2.5048 586,431.78 2.4120 564,711.91-21,719.87 4,919,099.88 1.54 Building Products Eurocell PLC GB00BVV2KN49 259,368 1.7722 459,640.15 1.7900 464,268.72 4,628.57 4,044,158.01 1.26 Sum 1,046,071.93 1,028,980.63-17,091.29 8,963,257.89 2.80 Insurance Beazley PLC GB00BYQ0JC66 112,416 3.5491 398,974.81 3.8750 435,612.00 36,637.19 3,794,534.68 1.18
Diversified Financial Services Premier Asset Management Group GB00BZB2KR63 460,579 1.3201 608,004.37 1.3000 598,752.70-9,251.67 5,215,622.82 1.63 Capital Markets Burford Capital Ltd GG00B4L84979 215,425 4.0965 882,497.73 5.7250 1,233,308.12 350,810.40 10,743,116.48 3.35 Sum 1,889,476.91 2,267,672.82 378,195.91 19,753,273.99 6.17 IT Services SafeCharge International Group GG00BYMK4250 94,429 2.0616 194,678.38 2.0600 194,523.74-154.64 1,694,459.93 0.53 Sum 194,678.38 194,523.74-154.64 1,694,459.93 0.53 SUM Equities (GBP) 9,959,076.64 10,135,262.95 176,186.31 88,286,380.56 27.57 Equities (NOK) (FX = 0.8190) Equipment & Supplies Medistim ASA NO0010159684 120,114 65.1781 7,828,799.74 73.5000 8,828,379.00 999,579.26 7,230,295.57 2.26 Sum 7,828,799.74 8,828,379.00 999,579.26 7,230,295.57 2.26 Insurance Protector Forsikring ASA NO0010209331 102,590 74.7997 7,673,702.72 68.7500 7,053,062.50-620,640.22 5,776,340.88 1.80 Sum 7,673,702.72 7,053,062.50-620,640.22 5,776,340.88 1.80 Telecommunication Services Wireless Telecommunication Services Link Mobility Group ASA NO0010219702 5,399 165.8747 895,557.24 155.0000 836,845.00-58,712.24 685,362.14 0.21 Sum Telecommunication Services 895,557.24 836,845.00-58,712.24 685,362.14 0.21 Food & Staples Retailing Arcus ASA NO0010776875 314,659 43.0288 13,539,404.66 44.5000 14,002,325.50 462,920.84 11,467,671.70 3.58 Sum 13,539,404.66 14,002,325.50 462,920.84 11,467,671.70 3.58 SUM Equities (NOK) 29,937,464.35 30,720,612.00 783,147.65 25,159,670.29 7.86 Equities (SEK) (FX = 0.7760) Food Products Aarhuskarlshamn AB SE0001493776 13,338 545.2227 7,272,180.21 599.5000 7,996,131.00 723,950.79 6,204,929.23 1.94 Sum 7,272,180.21 7,996,131.00 723,950.79 6,204,929.23 1.94
Byggmax Group AB SE0003303627 128,587 59.3864 7,636,319.35 63.0000 8,100,981.00 464,661.65 6,286,291.93 1.96 Sum 7,636,319.35 8,100,981.00 464,661.65 6,286,291.93 1.96 Building Products Inwido AB SE0006220018 85,441 91.0758 7,781,607.92 94.5000 8,074,174.50 292,566.58 6,265,490.32 1.96 Sum 7,781,607.92 8,074,174.50 292,566.58 6,265,490.32 1.96 Materials Chemicals Hexpol AB SE0007074281 63,909 83.2214 5,318,596.57 84.3500 5,390,724.15 72,127.58 4,183,155.81 1.31 Sum Materials 5,318,596.57 5,390,724.15 72,127.58 4,183,155.81 1.31 Alimak Group AB SE0007158910 68,800 94.5897 6,507,769.19 129.2500 8,892,400.00 2,384,630.81 6,900,426.30 2.15 Sum 6,507,769.19 8,892,400.00 2,384,630.81 6,900,426.30 2.15 Auto Components Dometic Group AB SE0007691613 93,457 61.0638 5,706,838.03 66.9500 6,256,946.15 550,108.12 4,855,336.67 1.52 Sum 5,706,838.03 6,256,946.15 550,108.12 4,855,336.67 1.52 SUM Equities (SEK) 40,223,311.26 44,711,356.80 4,488,045.54 34,695,630.25 10.83 TOTAL 320,256,553.92 100.00