European Financials Fund rose 2.8% as of June 8th 2015.

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1 European Financials Fund rose 2.8% as of June 8th The European markets have recently, been characterized by a certain uneasiness. The uncertainty is particularly associated with interest rate developments and a possible Chinese credit bubble. Years with quantitative easing can go towards the end. This is particularly the US Federal Reserve and the European Central Bank. As one commentator expressed: "This could be the end of cheap money" and thereby end of the budget financing of households and businesses. The background is a very cautious rate hike in US Treasuries and a rise in German 10-year government bonds from about 0 to 1%. In addition, the unresolved situation in Greece with a total debt due in June, amounted till 1.5 billion Euro. Overall debt of unimaginable 320 billion euros - 177% of its GDP (gross domestic product). The country will never be able to repay its debt. Admittedly, the country's economy only represent 2% of the Eurozone's overall economy, but a solution has consequences for other highly indebted countries. A so-called Grexit is possible and might have hugh impact on the financial markets, as we speak. The overall market in Germany (DAX index) were virtually unchanged in May, but has declined in the beginning of June, based on the factors mentioned above. The picture is roughly the same for the two big German banks Deutsche Bank and Commerzbank. The surprise came in early June when two of the bigwigs in Deutsche Bank had to leave their positions. It sparked spontaneous enthusiasm in the market and the stock rose 8% before it stabilized at lower level. Spiegel points out several factors for the price rally. Primarily, a cultural change. The bank has in the period 2010 to 2014 paid more than $ 14 billion in costs related to the litigation. In addition, the bank was fined (along with numerous other banks) at $ 2.5 billion for the manipulation of Libor and Euribor (interbank rates). An informal survey among European CFOs show greater optimism than ever. The European stock market has ticked steadily upwards, helped by low interest rates and favorable exchange rates (Euro against the US dollar). In addition, the European Central Bank decided to keep its key rate unchanged at 0.05%, and continue buy-back activity bonds. The aim is to bring up inflation. Optimism among CFOs were particularly high in Germany, Italy and the UK. Spain was the most positive country, where 75% of CFOs were

2 NEF EUROPEAN FINANCIALS - Portfolio Allocation 1 ALLOCATION ON JUN CHANGE IN ALLOCATION OVER PERIOD WEIGHT Country Start End Change Norway Unclassified United Kingdom France Denmark Italy Sweden Spain Cash ALLOCATION TRENDS FROM FEB TO JUN

3 NEF EUROPEAN FINANCIALS - Security Allocations 2 Top 10 Holdings Security Weight End Return Contribution Market Value Value Change B2holding As Nok ,374,893 2,374,893 Sparebank 1 S Nok20 Grunn ,311,500 2,311,500 Norwegian Fin Nok ,722,000 1,722,000 Pareto Bank A Nok ,552,500 1,552,500 Sparebk 1 Nor Grunnfondsb ,245,975 1,245,975 Protector For Nok ,183,875 1,183,875 Dnb Asa Nok ,169, ,000 Storebrand As Ser'a'nok , ,000 Totens Spareb Nok60 Grunn , ,000 Royal Bk Scot Ord Gbp1 (P , ,563 Top 10 Value Change Security Return Weight End Contribution Market Value Value Change Norwegian Krone ,903-10,485,216 B2holding As Nok ,374,893 2,374,893 Sparebank 1 S Nok20 Grunn ,311,500 2,311,500 Norwegian Fin Nok ,722,000 1,722,000 Pareto Bank A Nok ,552,500 1,552,500 Sparebk 1 Nor Grunnfondsb ,245,975 1,245,975 Protector For Nok ,183,875 1,183,875 Storebrand As Ser'a'nok , ,000 Totens Spareb Nok60 Grunn , ,000 Royal Bk Scot Ord Gbp1 (P , ,563

4 NEF EUROPEAN FINANCIALS - Security Allocations 3 Average Weight Return Contribution Market Value Value Change Total ,661,476 13,646,757 Cash ,916-10,018,203 British Pound ,093 34,093 Danish Krone , ,715 European Union Euro ,417-55,417 Norwegian Krone ,903-10,485,216 Swedish Krona ,623 9,623 Denmark , ,285 Danske Bank A Dkk , ,285 France ,214,923 1,214,923 Credit Agrico Eur , ,476 Soc Generale Eur , ,447 Germany Commerzbank A Npv Deutsche Bank Npv(Regd) Italy , ,911 Bca Mps Npv (Post Reverse ,039 49,039 Intesa Sanpao Eur , ,306 Unicredit Spa Npv , ,567 Norway ,480,127 9,984,527 Dnb Asa Nok ,169, ,000 Gjensidige Fo Nok , ,250 Helgeland Spa Nok10 Grunn , ,000 Protector For Nok ,183,875 1,183,875 Sandnes Spare Nok100 Grun Sandnes Spare Nok100 Grun , ,000 Sparebank 1 B Nok50 Grunn , ,502 Sparebank 1 S Nok20 Grunn ,311,500 2,311,500 Sparebank 1 S Nok , ,750 Sparebanken M Nok100 Grun , ,175 Sparebanken O Nok10 Grunn , ,500 Sparebk 1 Nor Grunnfondsb ,245,975 1,245,975

5 NEF EUROPEAN FINANCIALS - Security Allocations 4 Average Weight Return Contribution Market Value Value Change Storebrand As Ser'a'nok , ,000 Totens Spareb Nok60 Grunn , ,000 Totens Spareb Nok60 Grunn Spain , ,833 Banco Santand Eur0.50(Reg , ,833 Sweden , ,130 Svenska Hande Ser'a'npv , ,130 Unclassified ,906,725 5,906,725 B2holding As Nok ,374,893 2,374,893 Banco Santand Eur0.50(Stk Bca Mps Npv Sub Right , ,151 Norwegian Fin Nok ,722,000 1,722,000 Pareto Bank A Nok ,552,500 1,552,500 Stoxx 600 P430 18sep15etd , ,181 United Kingdom ,983,626 3,983,626 Barclays Ord Gbp , ,829 Hsbc Holdings Ord Usd Lloyds Bankin Ord Gbp , ,388 Royal Bk Scot Ord Gbp1 (P , ,563 Standard Char Ord Usd , ,086 Tsb Banking G Ord Gbp , ,761

6 NEF EUROPEAN FINANCIALS - Contribution 1 CONTRIBUTION TO RETURN RETURN AVERAGE WEIGHT ALLOCATION TRENDS FROM FEB TO JUN

7 NEF EUROPEAN FINANCIALS - Contribution 2 Top/Bottom 5 by Weight Security Average Weight Contribution to Return Return Market Value Value Change Dnb Asa Nok ,169, ,000 Sparebank 1 S Nok20 Grunn ,311,500 2,311,500 Norwegian Krone ,903-10,485,216 Danske Bank A Dkk , ,285 B2holding As Nok ,374,893 2,374,893 Stoxx 600 P430 18sep15etd , ,181 Swedish Krona ,623 9,623 Bca Mps Npv Sub Right , ,151 Banco Santand Eur0.50(Stk Danish Krone , ,715 Top/Bottom 5 Contributors Security Contribution to Return Average Weight Return Market Value Value Change Protector For Nok ,183,875 1,183,875 Sparebank 1 S Nok20 Grunn ,311,500 2,311,500 Danske Bank A Dkk , ,285 Dnb Asa Nok ,169, ,000 Deutsche Bank Npv(Regd) Sandnes Spare Nok100 Grun , ,000 Gjensidige Fo Nok , ,250 Sparebank 1 B Nok50 Grunn , ,502 Bca Mps Npv (Post Reverse ,039 49,039 Stoxx 600 P430 18sep15etd , ,181 Top/Bottom 5 Performers Security Return Average Weight Contribution to Return Market Value Value Change Dnb Asa Nok ,169, ,000 Norwegian Krone ,903-10,485,216 Norwegian Fin Nok ,722,000 1,722,000 Intesa Sanpao Eur , ,306 Hsbc Holdings Ord Usd Helgeland Spa Nok10 Grunn , ,000 Deutsche Bank Npv(Regd) European Union Euro ,417-55,417 Dnb Asa Nok ,169, ,000 Norwegian Krone ,903-10,485,216

8 NEF EUROPEAN FINANCIALS - Contribution 3 Weight Contribution to Return Return Market Value Value Change Total ,661,476 13,646,757 Cash ,916-10,018,203 British Pound ,093 34,093 Danish Krone , ,715 European Union Euro ,417-55,417 Norwegian Krone ,903-10,485,216 Swedish Krona ,623 9,623 Denmark , ,285 Danske Bank A Dkk , ,285 France ,214,923 1,214,923 Credit Agrico Eur , ,476 Soc Generale Eur , ,447 Germany Commerzbank A Npv Deutsche Bank Npv(Regd) Italy , ,911 Bca Mps Npv (Post Reverse ,039 49,039 Intesa Sanpao Eur , ,306 Unicredit Spa Npv , ,567 Norway ,480,127 9,984,527 Dnb Asa Nok ,169, ,000 Gjensidige Fo Nok , ,250 Helgeland Spa Nok10 Grunn , ,000 Protector For Nok ,183,875 1,183,875 Sandnes Spare Nok100 Grun Sandnes Spare Nok100 Grun , ,000 Sparebank 1 B Nok50 Grunn , ,502 Sparebank 1 S Nok20 Grunn ,311,500 2,311,500 Sparebank 1 S Nok , ,750 Sparebanken M Nok100 Grun , ,175 Sparebanken O Nok10 Grunn , ,500 Sparebk 1 Nor Grunnfondsb ,245,975 1,245,975

9 NEF EUROPEAN FINANCIALS - Contribution 4 Weight Contribution to Return Return Market Value Value Change Storebrand As Ser'a'nok , ,000 Totens Spareb Nok60 Grunn , ,000 Totens Spareb Nok60 Grunn Spain , ,833 Banco Santand Eur0.50(Reg , ,833 Sweden , ,130 Svenska Hande Ser'a'npv , ,130 Unclassified ,906,725 5,906,725 B2holding As Nok ,374,893 2,374,893 Banco Santand Eur0.50(Stk Bca Mps Npv Sub Right , ,151 Norwegian Fin Nok ,722,000 1,722,000 Pareto Bank A Nok ,552,500 1,552,500 Stoxx 600 P430 18sep15etd , ,181 United Kingdom ,983,626 3,983,626 Barclays Ord Gbp , ,829 Hsbc Holdings Ord Usd Lloyds Bankin Ord Gbp , ,388 Royal Bk Scot Ord Gbp1 (P , ,563 Standard Char Ord Usd , ,086 Tsb Banking G Ord Gbp , ,761