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1st of July 2025

MARKETING MATERIAL for Sophisticated Investors:

FENRIR – Nordic Digital Asset Treasury Strategy: Capturing NAV Arbitrage and Asymmetric Risk-Reward

Market Context & Strategic Positioning

The emergence of Digital Asset Treasury Companies (DATs) represents one of the most compelling investment opportunities in 2025, offering sophisticated investors access to a new frontier in public market crypto exposure with built-in asymmetric risk-reward characteristics. FENRIR introduces its Nordic Digital Asset Treasury Strategy, leveraging our deep regional expertise to identify and capitalize on DAT opportunities while maintaining strict risk management protocols suited for Norwegian and European regulatory frameworks.
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The DAT landscape has evolved rapidly, with publicly traded companies now holding 841,715 BTC worth over $90 billion, while private firms control another 292,047 BTC worth over $31 billion. This structural adoption creates sustainable supply constraints and institutional validation that supports long-term value appreciation for quality DAT operators.

Strategic Investment Framework

1. Asymmetric NAV Arbitrage: The Core Opportunity

Investment Thesis:
DATs offer unique "heads you win, tails you don't lose much" positioning by investing at or near 1.0x Net Asset Value (NAV) before companies trade at premiums in the open market. The peer set currently trades at 1.5x-10.0x NAV, with MicroStrategy (Strategy) commanding a +112% premium to its combined Bitcoin holdings and software business fair value.

Upside Scenario:

Downside Protection:

2. Nordic Regulatory Advantage

Norwegian Framework:
Norwegian authorities maintain a pragmatic approach to digital assets, with clear tax treatment (assets subject to wealth tax) and no VAT on Bitcoin transactions. The pending implementation of MiCA regulation will harmonize crypto-asset service provider requirements while maintaining Norway's technology-neutral regulatory stance.

Operational Benefits:

3. Quality Operator Selection Criteria

Management Alignment:
FENRIR prioritizes DAT operators with incentive-aligned management teams committed to shareholder value creation rather than empire building. Key selection criteria include proven track records in capital allocation, transparent governance structures, and commitment to buybacks or M&A when trading below NAV.

Business Model Sophistication:
Target companies demonstrate value creation beyond passive accumulation, including:

FENRIR's Implementation Strategy

Portfolio Construction Framework

Geographic Allocation:

Asset Class Diversification:

Risk Management Protocol

Position Sizing:

Hedging Strategies:

Market Dynamics & Competitive Landscape

Supply-Demand Fundamentals

Institutional Adoption Acceleration:
Coinbase's S&P 500 inclusion has forced index managers worldwide to acknowledge digital assets, creating structural demand for DAT exposure among investors unable to hold cryptocurrencies directly. This trend represents early innings of mainstream institutional adoption.

Performance Validation:
Leading operators demonstrate compelling track records, with Pantera Bitcoin Fund achieving 1,000x returns (131,165% net of fees) since inception, while more recent DAT strategies show consistent NAV premium sustainability.

Nordic Market Opportunity

Regulatory Environment:
Swedish and Norwegian banks have historically discouraged direct Bitcoin investment, creating pent-up demand for equity-based exposure through traditional brokerage accounts. DAT companies provide familiar investment vehicles for Nordic institutional and retail investors seeking digital asset allocation.

Market Entry Timing:
Current market conditions present optimal entry opportunities, with established operators trading at normalized premiums while new entrants offer ground-floor exposure. FENRIR's Nordic expertise enables early identification of quality regional operators before broader market recognition.

Risk Assessment & Mitigation

Principal Investment Risks

Regulatory Evolution:
While Norway and Sweden maintain supportive frameworks, evolving regulations could impact operational flexibility. FENRIR monitors proposed restrictions on energy-intensive operations and potential changes to digital asset taxation.

Market Volatility:
DAT valuations exhibit high correlation to underlying digital asset prices, requiring sophisticated risk management and position sizing discipline. Standard Chartered analysis indicates 50% of corporate treasuries risk going underwater if Bitcoin falls below $90,000.

Competition Intensification:
Rapid industry growth may compress excess returns as competition increases. FENRIR emphasizes early-stage positioning and operational excellence to maintain competitive advantages.

FENRIR's Strategic Advantages

Nordic Expertise:
Deep understanding of Scandinavian regulatory frameworks, investor preferences, and market dynamics enables superior deal sourcing and risk assessment relative to global competitors.

Institutional Quality:
Rigorous due diligence processes, proven risk management frameworks, and established relationships with Nordic financial institutions provide competitive advantages in operator selection and monitoring.

ESG Integration:
Emphasis on sustainable digital asset operations aligns with Nordic environmental leadership and institutional investor requirements, supporting long-term value creation and stakeholder alignment.

12-Month Investment Strategy

Tactical Positioning

Entry Strategy:
Utilize market volatility and regulatory clarity timing for optimal position building, targeting companies trading at or below 1.2x NAV with strong management teams and clear value creation strategies.

Catalyst Timeline:

Value Realization:
Target 25-40% annual returns through NAV premium capture, operational leverage, and multiple expansion as institutional adoption accelerates and regulatory frameworks mature.

FENRIR's Strategic Conviction

The Digital Asset Treasury sector represents a structural shift in corporate finance and investment management, offering sophisticated investors asymmetric risk-reward characteristics through a rapidly maturing asset class. Our Nordic expertise, combined with disciplined operator selection and comprehensive risk management, positions FENRIR to capture superior returns while maintaining downside protection.

The convergence of regulatory clarity, institutional adoption, and operational innovation creates compelling opportunities for patient capital willing to navigate short-term volatility for long-term value creation. FENRIR's strategy emphasizes quality operators with proven management teams and sustainable competitive advantages in this emerging investment category.

Ready to access the Digital Asset Treasury opportunity with Nordic expertise and institutional-grade risk management? Contact FENRIR Global at www.fenrir.fund to explore our Nordic Digital Asset Treasury Strategy.

Investments involve risks, including potential loss of capital. Past performance is not indicative of future results. FENRIR's strategies are suitable for qualified investors only. Consult your financial advisor. www.fenrir.fund

#AlternativeInvestments #DigitalAssetTreasury #CryptocurrencyInvesting #NordicExpertise #NAVArbitrage #FENRIRGlobal

FENRIR – Norwegian Private Wealth Fund Management

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30th of June 2025

MARKETING MATERIAL for Sophisticated Investors:

FENRIR – Enhanced Investment Platform: Advanced Basket Solutions and Factor Analytics for Strategic Alpha Generation

Revolutionary Tools for Sophisticated Capital Allocation

FENRIR is pleased to introduce our enhanced investment platform, leveraging cutting-edge basket solutions and advanced factor analytics to deliver superior risk-adjusted returns for our sophisticated investor base. Our commitment to innovation drives continuous evolution of our product offering, ensuring optimal exposure capture across global markets while maintaining our Nordic excellence foundation.

These developments represent a quantum leap in our ability to construct targeted exposures, manage portfolio risks, and capitalize on market inefficiencies through institutional-grade tools previously available only to the largest investment platforms.

1. Wrapper Evolution: Precision Exposure Management

X7 Index: Beyond Magnificent 7 Concentration Risk

Strategic Implementation:
FENRIR now provides exclusive access to the US 500 Excluding Magnificent 7 Index, a groundbreaking instrument that removes concentration risk from the seven largest US technology companies (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla) while maintaining S&P 500 methodology.

Investment Rationale:

FENRIR's Application:
This instrument perfectly complements our Nordic-focused strategies by providing diversified US exposure without technology concentration risk, particularly valuable during periods of factor rotation and style divergence.

Tradable Pair Baskets: Operational Excellence

Enhanced Execution:
Our platform now enables sophisticated long/short pair trades as single line items with daily rebalancing to maintain notional neutrality. This advancement eliminates execution complexity while preserving precise factor exposure.

Strategic Value:

Options on Baskets: Asymmetric Risk Management

Platform Capabilities:

FENRIR's Integration:
These tools enhance our ability to provide downside protection while maintaining upside participation in our core Nordic and European strategies, particularly valuable during volatile market conditions.

2. Advanced Factor Analytics: Precision Alpha Generation

Sector Factor Solutions

Methodology Enhancement:
FENRIR's factor implementation now leverages Barra and Wolfe optimization within specific sectors, providing targeted factor exposure while controlling for unintended risks such as growth or residual volatility.

Key Insights:
Sector-specific factor performance demonstrates significant divergence—financial sector momentum severely underperformed broad momentum strategies, highlighting the importance of sector-aware factor implementation in portfolio construction.

Strategic Application:

European Barra Indices: Continental Alpha

Advanced Framework:
Utilizing Barra's Europe Long Term Equity Factor Model, our European factor baskets optimize maximum factor exposure while limiting sector, industry, and country biases.

FENRIR's Advantage:
These tools directly support our European investment strategies, providing precise factor exposure across continental markets while maintaining our quality bias and ESG integration requirements.

Japanese Factor Baskets: Asia-Pacific Expansion

Medium-Term Focus:
Constructed using JPE4, Barra's Japan market equity model, these baskets provide optimized factor exposure for medium-term investment horizons.

Portfolio Integration:
Japanese factor exposure complements our global diversification strategy while maintaining factor purity and risk control essential for institutional portfolio management.

3. Advanced Positioning Analytics: Market Intelligence

S3 Positioning Data Integration

Real-Time Intelligence:
FENRIR's platform now provides instant access to aggregate long-short crowding ratios, enabling sophisticated positioning analysis across our investment universe.

Strategic Value:

Crowding Analytics: Tactical Advantage

Market Navigation:
Our enhanced monitoring capabilities provide early warning systems for crowding episodes, enabling proactive portfolio adjustments and risk mitigation.

FENRIR's Application:
These tools proved invaluable during the March crowding unwind, allowing our investment team to position defensively while maintaining strategic exposures to our core Nordic and European themes.

Strategic Implementation Framework

Portfolio Construction Enhancement

Integrated Approach:
FENRIR's enhanced platform enables sophisticated multi-dimensional portfolio construction combining:

Client Benefits

Operational Excellence:

Strategic Advantages:

FENRIR's Competitive Edge

Nordic Excellence Foundation:
Our deep Nordic market expertise, combined with these advanced analytical tools, creates unmatched ability to identify and capture alpha opportunities across Scandinavian and broader European markets.

Institutional Quality:
These platform enhancements position FENRIR at the forefront of alternative investment management, providing institutional-grade tools with boutique attention to our sophisticated investor base.

Innovation Leadership:
Our commitment to technological advancement ensures continuous evolution of our investment capabilities, maintaining our competitive edge in dynamic global markets.

Ready to leverage advanced factor analytics and basket solutions for superior risk-adjusted returns? Contact FENRIR Global at www.fenrir.fund to explore our Enhanced Investment Platform.

Investments involve risks, including potential loss of capital. Past performance is not indicative of future results. FENRIR's strategies are suitable for qualified investors only. Consult your financial advisor. www.fenrir.fund

#AlternativeInvestments #FactorInvesting #BasketSolutions #RiskManagement #NordicExcellence #FENRIRGlobal

FENRIR – Norwegian Private Wealth Fund Management

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28th of June 2025

MARKETING MATERIAL for Sophisticated Investors:

FENRIR – Stolt-Nielsen (SNI.OL) Strategic Analysis: Navigating Chemical Logistics Leadership Through Market Volatility

Market Context & Strategic Positioning

Stolt-Nielsen Limited presents a compelling asymmetric opportunity as the global leader in chemical tanker logistics faces near-term headwinds while maintaining structural competitive advantages across its diversified portfolio. Trading at NOK 266 with ABG Sundal Collier's NOK 366 target price representing 38% upside potential, FENRIR identifies exceptional value in this integrated chemicals transportation and storage platform during a critical market inflection point.

Recent market dynamics show chemical tanker rates sliding 2-5% quarter-over-quarter in Q2 2025, yet fundamental supply constraints and geopolitical trade route disruptions continue supporting tonne-mile demand. The company's defensive characteristics through its terminal network, tank container operations, and aquaculture division provide portfolio stability while maintaining exposure to the anticipated chemical tanker recovery cycle.

Strategic Investment Framework

1. Stolt Tankers: Quality Fleet Through Commodity Volatility

Current Market Dynamics:
Chemical tanker spot rates have declined almost 40% year-over-year, with deepSea chemical index at USD 27,620 per operating day compared to the 2018-2022 average of USD 19,825. However, FENRIR emphasizes the structural factors supporting medium-term recovery, including Red Sea shipping disruptions adding approximately 1.7% to demand and port congestion remaining elevated at 46.2%.

Competitive Positioning:
Stolt Tankers operates the world's largest fleet of parcel chemical tankers with 158 vessels, providing unmatched scale advantages and customer relationship depth. The orderbook-to-fleet ratio has increased to 20.9% from 16.5% at year-start, yet limited newbuild ordering in April and May suggests supply discipline returning.

Value Proposition:
Despite near-term rate weakness, the company's integrated logistics solutions benefit customers during geopolitical uncertainty, with chemical production expected to grow moderately at 1.9% annually. The fleet's modern specification and coating technology provides premium positioning for specialized chemical transportation requirements.

2. Stolthaven Terminals: Defensive Infrastructure with Margin Expansion

Operational Excellence:
Terminal utilization improved to 91.9% in Q1 2025 with average marketable capacity of 1.75 million cubic meters globally. The company expects continued utilization improvement throughout 2025 while maintaining disciplined cost control.

Strategic Value:
The global terminal portfolio provides natural hedge against shipping market volatility, with recurring revenue streams from storage contracts and value-added services. Recent investments of USD 200 million in US terminals since 2019, with an additional USD 200 million planned, demonstrate commitment to expanding in high-margin markets.

3. Stolt Tank Containers: Supply Chain Resilience Leadership

Market Position:
Operating 51,011 tank containers globally, Stolt Tank Containers benefits from strengthening demand in key geographies despite market instability from geopolitical factors. The cancellation of International Longshoremen's Association strike action in January 2025 eased volatility, supporting both spot rates and shipment volumes.

ESG Integration:
The division achieved 39.5% reduction in Scope 2 emissions in 2022 through renewable energy adoption, including wind energy in Netherlands operations and solar installations in Taiwan and India. The sustainability reporting tool allows customers to monitor cargo carbon footprints, supporting their Scope 3 emission reduction targets.

4. Stolt Sea Farm: Premium Aquaculture Growth Engine

Financial Performance:
Stolt Sea Farm delivered exceptional 2024 results with USD 127 million operating revenue and USD 29 million operating profit, driven by record sales of 6,861 tonnes turbot and 1,806 tonnes sole. Prices increased 14.3% for turbot and 8.8% for sole, reflecting strong market demand for premium farmed fish.

Strategic Expansion:
The company targets annual production capacity of 23,000 tonnes by 2035, supported by substantial infrastructure investments including expansion of the Cervo hatchery—recognized as the world's largest flatfish hatchery—and construction of new RAS production facilities in Portugal.

Valuation Framework & Strategic Allocation

Financial Architecture Analysis

Earnings Trajectory:
ABG Sundal Collier estimates 2025 EPS of USD 6.85 declining from USD 7.38 in 2024, reflecting near-term tanker market normalization before recovery. Net profit forecasts of USD 367 million (2025) and USD 376 million (2026) represent 7% and 47% premiums versus consensus expectations.

Capital Returns Program:
The company maintains an exceptional 15.3% dividend yield for 2025-2027, supported by strong free cash flow generation of 28.7% (2025) expanding to 37.8% (2027). The board recommended final 2024 dividend of USD 1.25 per share, bringing total 2024 distribution to USD 2.50.

Balance Sheet Strength:
Net debt-to-EBITDA increased to 2.8x in Q1 2025 following strategic acquisitions of Avenir LNG Limited and Hassel Shipping, yet remains within conservative leverage parameters. The company completed USD 75 million in step-up acquisition gains during Q1, enhancing future earnings potential.

Sum-of-the-Parts Valuation

Component Analysis:
ABG Sundal Collier's NOK 366 target price derives from 25% discount to estimated one-year forward sum-of-the-parts valuation of NOK 529 per share, combined with 12% yield requirement on average 2025-2026 dividend expectations. Current book values yield SOTP of NOK 425 per share, while broker quotes suggest NOK 479 per share current SOTP.

Multiple Analysis:
Trading at 3.8x 2025 P/E and 4.8x EV/EBITDA, Stolt-Nielsen offers compelling value relative to chemical transportation peers, particularly considering the integrated terminal and aquaculture diversification benefits.

Risk Assessment & Portfolio Integration

Principal Investment Risks

Market Cyclicality:
Chemical tanker markets face continued pressure from orderbook deliveries through 2025-2027, with approximately 85 product-capable MRs scheduled for delivery in 2025. However, limited scrapping activity and aging global fleet provide supply-side support.

Geopolitical Volatility:
Red Sea shipping disruptions continue impacting 15% of global ocean carrier traffic, forcing longer routing around Cape of Good Hope and adding 10 days to month of travel time. While creating operational challenges, these disruptions also support tonne-mile demand and freight rates.

Regulatory Transition:
Enhanced environmental regulations drive fleet renewal requirements, creating both compliance costs and competitive advantages for modern, efficient vessels. Stolt-Nielsen's sustainability leadership positions the company favorably for regulatory transitions.

FENRIR's Risk Management Framework

Position Sizing:
Maximum 4% single-name exposure within diversified shipping and logistics allocation, recognizing both cyclical volatility and defensive terminal characteristics.

Hedging Strategies:
Currency derivatives for USD/NOK exposure management, given significant US dollar revenue streams across all business segments.

Catalyst Monitoring:
Q2 2025 earnings (July 3), chemical tanker rate developments, and terminal utilization trends provide key performance indicators.

ESG Leadership & Sustainability Integration

Environmental Commitments

Decarbonization Targets:
Stolt Tankers targets 50% carbon intensity reduction by 2030 (relative to 2008 levels), with at least one carbon-neutral ship by 2030 and carbon-neutral business operations by 2050. Stolthaven Terminals aims for carbon-neutral primary activities by 2040.

Innovation Leadership:
The company explores alternative fuels including LNG and methanol, while investing in vessel efficiency technologies and operational optimization. Tank Containers division achieved 50% renewable energy consumption target at wholly-owned depots.

Social Impact & Governance

Industry Leadership:
Stolt-Nielsen's 50-year operating history and global scale provide unique competitive moats, while strong governance frameworks support sustainable value creation. The company's customer-centric approach during supply chain disruptions demonstrates relationship value beyond commodity transportation.

FENRIR's 12-Month Investment Strategy

Implementation Framework

Entry Strategy:
Accumulate positions utilizing Q2 earnings volatility and chemical tanker market headlines, targeting support levels around NOK 250-260 for optimal risk-reward.

Catalyst Timeline:

Value Realization:
The combination of defensive income characteristics (15.3% dividend yield), terminal asset appreciation, and eventual chemical tanker cycle recovery provides multiple value creation pathways.

Strategic Conviction

Stolt-Nielsen represents sophisticated exposure to global chemical logistics leadership at compelling valuations, combining defensive terminal infrastructure with operational leverage to shipping market recovery. The company's diversified platform provides unique exposure to chemical transportation, storage, and premium aquaculture markets while maintaining strict ESG leadership standards.

FENRIR's conviction centers on the asymmetric risk-reward profile offered by this market-leading platform trading at cyclically depressed valuations, supported by exceptional dividend yields and balance sheet flexibility for strategic growth investments.

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Ready to access chemical logistics leadership with defensive characteristics and premium yield? Contact FENRIR Global at www.fenrir.fund to explore our Maritime Infrastructure Strategy.

Investments involve risks, including potential loss of capital. Past performance is not indicative of future results. FENRIR's strategies are suitable for qualified investors only. Consult your financial advisor. www.fenrir.fund

#AlternativeInvestments #ChemicalLogistics #MaritimeInfrastructure #DividendYield #ESGLeadership #FENRIRGlobal

FENRIR – Norwegian Private Wealth Fund Management

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26th of June 2025

MARKETING MATERIAL for Sophisticated Investors:

FENRIR – Subsea Excellence Strategy: Navigating Offshore Vessel Value at Cycle Inflection

Market Context & Strategic Positioning

The global subsea support vessel market presents compelling asymmetric opportunities as commodity cycles mature and supply constraints create structural advantages for quality operators. FENRIR identifies exceptional value in Norway's Solstad complex—comprising both Solstad Offshore and Solstad Maritime—where defensive cash generation, operational excellence, and contrarian positioning converge to deliver superior risk-adjusted returns for sophisticated capital allocation.

Recent market dynamics show 3% fewer active CSVs year-to-date versus 2024, while orderbook discipline at 11% of fleet capacity provides supply-side tailwinds through 2026-27. FENRIR's analysis reveals compelling entry points across both entities, with combined enterprise values trading at significant discounts to replacement cost and normalized cash generation potential.

Dual-Platform Investment Framework

1. Solstad Offshore (SOFF.OL): Deep Value & Technical Momentum

Fundamental Thesis:

Technical Framework & Entry Strategy:

2. Solstad Maritime: Broader Market Leadership

Strategic Assessment:

Market Dynamics & Risk Management

Supply-Demand Rebalancing:

Risk Assessment & Mitigation:

Valuation Framework & Strategic Allocation

Comparative Analysis

Strategic Implementation:

FENRIR's Strategic Conviction

The Solstad complex offers sophisticated exposure to Norwegian subsea excellence at compelling valuations, combining defensive cash flows with operational leverage to the market recovery. The combination of Solstad Offshore's deep value characteristics and Solstad Maritime's operational scale creates a diversified, risk-managed entry into the subsea market's structural inflection point.

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Ready to access Norwegian subsea leadership with sophisticated risk management and cycle-aware positioning? Contact FENRIR Global at www.fenrir.fund to explore our Subsea Excellence Strategy.

Investments involve risks, including potential loss of capital. Past performance is not indicative of future results. FENRIR's strategies are suitable for qualified investors only. Consult your financial advisor. www.fenrir.fund

#AlternativeInvestments #NorwegianSubsea #OffshoreVessels #CyclicalInvesting #MaritimeInfrastructure #FENRIRGlobal

FENRIR – Norwegian Private Wealth Fund Management

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26th of June 2025

MARKETING MATERIAL for Sophisticated Investors:

FENRIR – Norwegian Banking Strategy: Capital Relief, Margin Dynamics, and Defensive Yield Opportunities

Market Context & Strategic Positioning
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Norwegian banking presents a compelling investment landscape as the sector navigates a critical inflection point, with interest rate cuts creating margin headwinds while capital relief measures unlock significant value for sophisticated investors. Following the Norwegian central bank's 25bps rate reduction in June and expectations for two additional cuts in 2025, FENRIR identifies asymmetric opportunities across Nordic banking leaders trading at undemanding valuations despite superior profitability metrics.

The sector's transformation is underscored by Basel IV implementation (CRR3) providing substantial capital relief for standard banks, while IRB institutions face regulatory headwinds from raised mortgage risk-weight floors. This regulatory divergence creates distinct alpha generation opportunities for disciplined capital allocation, particularly as the sector maintains a 15-13% median ROE outlook versus historical 12% averages.

Strategic Investment Framework

1. Interest Rate Environment: Tactical Positioning Amid Margin Pressure

Rate Cut Trajectory:

Strategic Assessment:
Norwegian banks' asset-heavy funding structures provide defensive characteristics during rate normalization, with estimated 11% average EPS sensitivity to 100bps rate cuts. FENRIR emphasizes institutions with high deposit-to-lending ratios and diversified income streams positioned to outperform during margin compression periods.

2. Capital Relief Revolution: Standard Banks vs. IRB Divergence

Basel IV Implementation Benefits:

IRB Bank Challenges:
From July 2025, mortgage risk-weight floors increase from 20% to 25%, with CRE floors rising from 35% to 45%, creating 0.4-1.5 percentage point CET1 headwinds for larger institutions 1. This regulatory bifurcation favors nimble regional operators over traditional market leaders.

3. FENRIR's Bank-by-Bank Strategic Analysis

Top Conviction Plays:

SpareBank 1 SMN (MING) - BUY, NOK 210 Target:

SpareBank 1 SR-Bank (SB1NO) - HOLD, NOK 180 Target:

SpareBank 1 Østlandet (SPOL) - HOLD, NOK 190 Target:

4. Sector Fundamentals: Asset Quality and Credit Dynamics

Lending Growth Recovery:
Norwegian lending demonstrates resilient momentum with 4.0% year-over-year total growth, while household lending maintains robust 4.1% expansion 1. Reduced equity ratio requirements from 15% to 10% for mortgages provide additional tailwinds for retail segment expansion.

Credit Quality Stability:

Risk Assessment & Portfolio Construction

Principal Investment Risks

Margin Compression Acceleration:
Faster-than-expected rate cuts combined with intensified competition could compress margins beyond current forecasts, particularly affecting high-NII institutions 1. FENRIR monitors deposit rate migration and mortgage pricing dynamics for early warning signals.

Regulatory Implementation Challenges:
Customer dividend removal proposals for savings banks (SPOL, SBNOR, ROGS) could eliminate tax benefits worth 0.5-0.9 percentage points of ROE impact 1. Additionally, raised mortgage risk-weight floors may constrain IRB bank capital generation more severely than anticipated.

Cost Inflation Persistence:
Enhanced pressure from specialized recruitment, digitalization investments, and regulatory compliance could offset revenue growth, particularly given reduced branch closure potential. SpareBank 1 Alliance litigation settlement adds NOK 260m one-off costs and NOK 100m annual IT expense increases.

FENRIR's Implementation Strategy

Portfolio Allocation Framework:

Position Sizing & Risk Management:

Tactical Entry Strategy:
Utilize Norwegian central bank policy announcements and regulatory implementation periods for position building, targeting support levels during headline-driven volatility while maintaining conviction in sector fundamentals.

Valuation Framework & Return Expectations

Sector Metrics & Historical Context

Current Valuations:
The sector trades at 12.3x average 2026e P/E, representing fair value relative to 15-13% ROE projections and superior capital generation characteristics. Combined dividend and buyback yields averaging 20% across coverage universe provide attractive income profiles during rate transition.

Total Return Potential:

FENRIR's Strategic Conviction

Norwegian banking represents a sophisticated opportunity to capture defensive yield characteristics while positioning for regulatory-driven alpha generation. The sector's unique combination of capital relief tailwinds, conservative underwriting standards, and enhanced profitability focus creates asymmetric risk-reward profiles for patient capital.

Our emphasis on standard banks benefiting from Basel IV implementation, combined with selective exposure to quality regional franchises, positions portfolios to outperform during the interest rate normalization cycle. The sector's undemanding 12.3x 2026e P/E valuation, supported by 20% average distribution yields, provides compelling entry points for sophisticated investors seeking Nordic financial exposure.

Implementation Priorities:

Ready to capitalize on Norwegian banking's regulatory transformation with sophisticated risk management and sector expertise? Contact FENRIR Global at www.fenrir.fund to explore our Nordic Banking Strategy.

Investments involve risks, including potential loss of capital. Past performance is not indicative of future results. FENRIR's strategies are suitable for qualified investors only. Consult your financial advisor. www.fenrir.fund

#NordicBanking #CapitalRelief #InterestRates #DividendYield #AlternativeInvestments #FENRIRGlobal

FENRIR – Norwegian Private Wealth Fund Management

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25th of June 2025

MARKETING MATERIAL for Sophisticated Investors:

FENRIR – Nordic Banking Strategy: Lending Recovery and Deposit Dynamics Create Alpha

Market Context & Strategic Positioning

Norwegian lending markets demonstrate resilient momentum with total lending growth accelerating to 4.0% year-over-year, while household lending maintains robust 4.1% expansion despite monetary tightening cycles. Corporate lending shows measured 2.6% growth, indicating business confidence stabilization as rate cut expectations build. FENRIR identifies compelling opportunities across Nordic banking as credit normalization, deposit repricing, and margin expansion create asymmetric value propositions for sophisticated capital.

Strategic Investment Framework

1. Norwegian Banking Leaders: Defensive Yield with Upside

Thesis:

Implementation:

2. Nordic Credit Cycle: Cross-Border Arbitrage

Thesis:

Strategic Positioning:
Overweight Norwegian banks versus Swedish peers facing continued corporate lending contraction at -1.6% year-over-year.

3. Mortgage Market Recovery: Residential Real Estate Proxy

Thesis:

Cross-Nordic Opportunities

Denmark: Corporate Lending Surge

Sweden: Contrarian Value

Finland: Stabilization Signs

FENRIR's Implementation Strategy

Portfolio Allocation:

Risk Management:

Tactical Positioning:

Ready to capitalize on Nordic banking recovery with sophisticated cross-border strategies? Contact FENRIR Global at www.fenrir.fund.

Investments involve risks, including potential loss of capital. Past performance is not indicative of future results. FENRIR's strategies are suitable for qualified investors only. Consult your financial advisor. www.fenrir.fund

#NordicBanking #CreditRecovery #LendingGrowth #AlternativeInvestments #FENRIRGlobal

FENRIR – Norwegian Private Wealth Fund Management

25th of June 2025

MARKETING MATERIAL for Sophisticated Investors:

FENRIR – Nordic Shipping Strategy: Navigating Cycle Weakness and Capital Discipline Opportunities

Market Context & Strategic Positioning

Global shipping markets demonstrate increasing cycle maturation, with tanker and LPG rates declining while dry bulk shows mixed performance amid fundamental supply-demand rebalancing. FENRIR identifies compelling asymmetric opportunities as our shipping peer group trades at 0.76x P/NAV—a significant discount to net asset values that historically signals attractive entry points for sophisticated capital allocation.

The sector's 52% YTD decline in new ordering across all segments, combined with first year-over-year newbuilding price reduction since February 2021, creates structural tailwinds for asset values and operational leverage. FENRIR's analysis reveals differentiated opportunities across shipping segments, emphasizing quality operators with strong balance sheets positioned to capitalize on supply constraint dynamics and potential rate recovery.

Strategic Investment Framework

1. Tanker Market: Contrarian Value Positioning

Current Market Dynamics:

FENRIR's Tactical Assessment:
While near-term rate weakness reflects geopolitical risk normalization, underlying fundamentals support medium-term value creation through aging global fleet requiring accelerated replacement cycles. Environmental regulations (IMO 2030) create operational cost advantages for modern tonnage, while limited orderbook replenishment provides supply-side discipline.

2. Dry Bulk: Mixed Signals, Selective Opportunities

Rate Structure Analysis:

Strategic Positioning:
FENRIR emphasizes operators with geographic diversification reducing single-trade route dependency, scrubber-fitted vessels providing fuel cost advantages, and strong balance sheets enabling counter-cyclical fleet expansion.

3. LPG Transportation: Energy Transition Beneficiary

Market Fundamentals:

Long-Term Thesis:
LPG transportation benefits from US shale gas production providing abundant feedstock, Asian petrochemical demand supporting ton-mile growth, and LPG as transitional fuel supporting vessel utilization through energy transformation.

4. LNG Shipping: Premium Asset Class

Strategic Value Proposition:

Supply-Side Dynamics and Orderbook Analysis

Orderbook Discipline Creating Value

Key Structural Changes:

FENRIR's Assessment:
Current cycle weakness, absent higher tanker/bulk carrier rates, supports continued newbuilding price normalization—creating attractive asset acquisition opportunities for quality operators with balance sheet flexibility. The combination of reduced ordering activity and compressed lead times indicates shipyard capacity normalization, supporting our thesis of supply-side discipline.

Container Segment Divergence

Exceptional Performance:
Container ordering demonstrates +261% growth versus January-May 2024, driven by supply chain resilience investments and distinct fundamental drivers versus commodity shipping. This divergence reflects the sector's evolution toward specialized trade requirements and technological advancement.

Investment Strategy and Risk Management

Portfolio Construction Framework

Quality Bias Emphasis:
FENRIR targets shipping companies with Net Asset Value discounts exceeding 20%, debt-to-asset ratios below 40%, management teams with proven through-cycle execution, and geographic and cargo diversification. Our sector allocation emphasizes 40% tankers (product tanker exposure and modern VLCC operators), 30% dry bulk (quality Capesize and Supramax operators), 20% gas shipping (LNG and LPG specialists), and 10% specialized segments.

Risk Assessment and Mitigation

Principal Risks:
Key risks include commodity demand volatility from global economic slowdown affecting seaborne trade volumes, accelerating environmental regulation compliance costs, and geopolitical factors disrupting trade routes. FENRIR implements comprehensive hedging strategies including bunker price exposure management, multi-currency FX hedging, and asset value protection through comprehensive operational risk mitigation.

FENRIR's 12-Month Outlook

Catalyst Timeline and Opportunities

Near-Term Catalysts:
Q3 2025 seasonal demand recovery traditionally supports summer rate improvements, while IMO carbon intensity regulations create competitive advantages for efficient operators. M&A activity acceleration is expected as weaker operators face refinancing challenges during the cycle downturn.

Medium-Term Value Creation:
Limited orderbook provides 18-24 month rate recovery runway, while asset value appreciation through P/NAV convergence benefits from replacement cost inflation supporting vessel values. Quality operators offer 8-12% dividend yields during cycle normalization, providing defensive income characteristics.

FENRIR's Strategic Conviction

The global shipping sector's current weakness creates compelling risk-adjusted opportunities for sophisticated capital, particularly targeting quality operators trading below replacement asset values. Our emphasis on balance sheet strength, operational excellence, and environmental compliance positions portfolios to capture asymmetric upside as supply-demand fundamentals rebalance.

The combination of orderbook discipline, regulatory tailwinds, and P/NAV discounts provides multiple value creation pathways while maintaining downside protection through asset backing and defensive dividend characteristics. FENRIR's conviction centers on structural margin expansion opportunities during supply constraint periods and the sector's historical mean reversion tendencies.

Ready to navigate shipping cycle opportunities with sophisticated risk management and sector expertise? Contact FENRIR Global at www.fenrir.fund to explore our Maritime Transportation Strategy.

Investments involve risks, including potential loss of capital. Past performance is not indicative of future results. FENRIR's strategies are suitable for qualified investors only. Consult your financial advisor. www.fenrir.fund

#AlternativeInvestments #ShippingMarkets #MaritimeTransportation #CyclicalInvesting #NordicShipping #FENRIRGlobal

FENRIR – Norwegian Private Wealth Fund Management

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25th of June 2025

MARKETING MATERIAL for Sophisticated Investors:

FENRIR – Aker BP Strategic Assessment: Norwegian Continental Shelf Excellence at Valuation Crossroads

Market Context & Strategic Positioning

Aker BP trades at NOK 269.00 following ABG Sundal Collier's downgrade to HOLD with a NOK 290 target price, reflecting the sector's transition from geopolitical premium valuations to fundamental commodity cycle realities. While the company has delivered massive outperformance versus international peers (+47% YTD in USD terms including dividends), FENRIR identifies compelling strategic value in Norway's premier E&P operator, particularly as conventional multiples compress toward historical norms.

The company's exceptional operational performance and strategic positioning on the Norwegian Continental Shelf creates distinctive competitive advantages within FENRIR's Nordic energy strategy. Our conviction centers on Aker BP's unique combination of tier-1 asset quality, operational excellence, and balance sheet flexibility supporting superior through-cycle shareholder returns.

FENRIR's Investment Framework

1. Commodity Cycle Positioning: Tactical Opportunity

Macro Environment:

Strategic Assessment:
While consensus oil forecasts reflect well-supplied markets, FENRIR emphasizes the quality of Aker BP's reserve base and operational excellence driving superior cash conversion. The company's integrated Norwegian Continental Shelf portfolio, including stakes in Johan Sverdrup, Edvard Grieg, and Valhall, provides defensive characteristics during commodity volatility.

2. Financial Architecture & Capital Allocation Excellence

Earnings Trajectory:

Balance Sheet Strength:

3. Operational Excellence & Production Growth

Asset Quality:

Growth Trajectory:

Valuation Analysis & Strategic Allocation

Multiple Compression Dynamics

Current Metrics vs. History:

Peer Positioning:
Aker BP's recent outperformance versus European E&P average reflects Norwegian Continental Shelf quality advantages and operational excellence 1. However, conventional metrics suggest fair value convergence toward NOK 290-300 range absent sustained commodity recovery.

Sum-of-the-Parts Analysis

Asset Valuation:

Sensitivity Framework:

Risk Assessment & Portfolio Integration

Principal Investment Risks

Commodity Exposure:

Operational Considerations:

Strategic Mitigation

FENRIR's Approach:

Monitoring Framework:

FENRIR's 12-Month Strategy

Tactical Positioning Framework

Current Opportunity:
Recent valuation compression creates attractive entry points for quality Norwegian energy exposure, particularly for investors seeking defensive energy characteristics and operational excellence. The combination of Norwegian Continental Shelf stability, proven management execution, and balance sheet strength provides asymmetric risk-reward during the current commodity environment.

Implementation Strategy:

Strategic Investment Rationale

While traditional oil equity metrics appear normalized following recent outperformance, Aker BP represents sophisticated exposure to Norwegian Continental Shelf leadership, operational excellence, and balance sheet quality supporting through-cycle value creation 1. The company's integrated approach to E&P operations provides defensive characteristics during commodity volatility while maintaining upside participation in energy price recovery.

Ready to access Norwegian Continental Shelf excellence with sophisticated risk management? Contact FENRIR Global at www.fenrir.fund to explore our Nordic Energy Strategy.

Investments involve risks, including potential loss of capital. Past performance is not indicative of future results. FENRIR's strategies are suitable for qualified investors only. Consult your financial advisor. www.fenrir.fund

#AlternativeInvestments #NorwegianEnergy #ContinentalShelf #AkerBPAnalysis #EnergyStrategy #FENRIRGlobal

FENRIR – Norwegian Private Wealth Fund Management

‍

25th of June 2025

MARKETING MATERIAL for Sophisticated Investors:

FENRIR – Rana Gruber Strategic Analysis: Nordic Resource Excellence and High-Grade Iron Ore Transition

Market Context & Strategic Positioning

FENRIR presents a comprehensive assessment of Rana Gruber (RANA-NO) at NOK 71.80, following ABG Sundal Collier's initiation coverage with a BUY rating and NOK 84 target price, representing 17% upside potential. As Europe's steel industry undergoes a fundamental transformation toward sustainable Direct Reduced Iron (DRI) production, FENRIR identifies compelling strategic value in Norway's premier iron ore producer, uniquely positioned to capitalize on the structural shift toward high-grade ore demand exceeding 67% Fe content.

The company's 200-year operational heritage, combined with proven reserves exceeding 400 million tonnes and integrated logistics infrastructure, creates distinctive competitive advantages within FENRIR's Nordic resource strategy. Our conviction centers on Rana Gruber's transition from traditional 62% Fe production to premium-grade concentrate, targeting Fe 65% by 2025 and ultimately Fe 67% by 2030, aligning precisely with European steel mills' decarbonization requirements.

FENRIR's Investment Framework

1. High-Grade Iron Ore: The Green Steel Catalyst

Structural Demand Transformation:

Competitive Positioning:
Rana Gruber's northern Norway location provides strategic proximity to European steel producers, with 6-8 monthly hematite shipments and 6-10 magnetite deliveries ensuring reliable supply chain integration. The company's 35km rail connection from Dunderland Valley mines to ice-free Mo i Rana port creates year-round export capabilities with minimal transportation costs.

2. ESG Leadership and Carbon Advantage

Operational Excellence:

Regulatory Alignment:
European Union's Green Deal 2.0 and carbon border adjustment mechanisms increasingly favor low-carbon input materials, positioning Rana Gruber as a preferred supplier for ESG-focused steel producers pursuing Net Zero 2050 commitments.

3. Production Optimization and Margin Expansion

Operational Metrics:

Cost Structure Excellence:

Valuation Analysis & Strategic Allocation

Financial Architecture

Earnings Trajectory:

Multiple Analysis:

Strategic Risk-Reward Assessment

Key Investment Drivers:

Risk Factors:

FENRIR's Strategic Implementation

Portfolio Integration Strategy

Thematic Alignment:

Position Sizing Framework:

12-Month Investment Horizon

Catalyst Timeline:

Performance Expectations:

FENRIR's Strategic Conviction

Rana Gruber exemplifies the intersection of Nordic operational excellence, ESG leadership, and structural commodity transition that defines FENRIR's investment philosophy. The company's unique positioning within Europe's green steel transformation, combined with proven resource quality and integrated logistics advantages, creates asymmetric upside opportunities for sophisticated capital.

Our analysis emphasizes the defensive dividend characteristics, sustainable cost structure, and premium product development potential that distinguish Rana Gruber from traditional commodity exposures. The convergence of European industrial policy, climate transition requirements, and regional supply security concerns supports long-term value creation through specialized high-grade iron ore production.

Ready to access Nordic resource leadership with ESG integration and defensive yield characteristics? Contact FENRIR Global at www.fenrir.fund to explore our Materials Strategy.

Investments involve risks, including potential loss of capital. Past performance is not indicative of future results. FENRIR's strategies are suitable for qualified investors only. Consult your financial advisor. www.fenrir.fund

#AlternativeInvestments #NordicResources #IronOre #GreenSteel #ESGInvesting #DividendYield #FENRIRGlobal

FENRIR – Norwegian Private Wealth Fund Management

‍

25th of June 2025

MARKETING MATERIAL for Sophisticated Investors:

FENRIR – Equinor Strategic Assessment: Nordic Energy Leadership Amid Commodity Cycle Maturation

Market Context & Strategic Positioning

Equinor trades at NOK 263.50 following ABG Sundal Collier's downgrade to HOLD with a NOK 290 target price, reflecting the sector's transition from post-conflict premium valuations to fundamental commodity cycle realities. While oil markets demonstrate robust supply conditions absent geopolitical disruptions, FENRIR identifies compelling strategic value in Europe's leading integrated energy transition platform, particularly as conventional multiples compress toward historical norms.

The company's massive outperformance versus international peers (+47% YTD in USD terms including dividends) has eliminated traditional value metrics, yet FENRIR's analysis reveals structural positioning advantages that justify selective exposure during the current valuation reset. Our conviction centers on Equinor's unique combination of Norwegian Continental Shelf cash generation, renewable energy leadership, and balance sheet flexibility supporting long-term shareholder returns.

FENRIR's Investment Framework

1. Commodity Cycle Positioning: Tactical Opportunity

Macro Environment:

Strategic Assessment:
While consensus oil forecasts reflect well-supplied markets, FENRIR emphasizes the quality of Equinor's reserve base and operational excellence driving superior cash conversion. The company's 7.9x 2025e P/E versus 8.6x 2026e indicates earnings trajectory stabilization, supporting dividend sustainability at current NOK levels.

2. Financial Architecture & Capital Allocation

Earnings Trajectory:

Balance Sheet Strength:

3. Energy Transition Leadership

Renewable Energy Platform:

Carbon Management:

Valuation Analysis & Peer Comparison

Multiple Compression Dynamics

Current Metrics vs. History:

Peer Positioning:
Equinor's premium versus European integrated oil average reflects renewable energy optionality and Norwegian fiscal regime advantages 1. However, conventional metrics suggest fair value convergence toward NOK 280-300 range absent commodity recovery.

Sum-of-the-Parts Analysis

NAV Components:

Sensitivity Framework:

Risk Assessment & Portfolio Integration

Principal Investment Risks

Commodity Exposure:

Transition Execution:

Strategic Mitigation

FENRIR's Approach:

Monitoring Framework:

FENRIR's 12-Month Strategy

Tactical Entry Strategy

Current Opportunity:
Recent underperformance creates attractive entry points for quality Norwegian energy exposure, particularly for investors seeking defensive energy characteristics and transition optionality 1. The combination of Norwegian Continental Shelf stability, renewable energy leadership, and balance sheet strength provides asymmetric risk-reward during the current commodity cycle 1.

Implementation Framework:

Strategic Positioning Rationale

While traditional oil equity metrics appear stretched, Equinor represents sophisticated exposure to Nordic energy leadership, renewable technology development, and balance sheet quality supporting through-cycle value creation. The company's integrated approach to energy transition provides defensive characteristics during commodity volatility while maintaining upside participation in renewable energy development.

Ready to access Nordic energy transition leadership with sophisticated risk management? Contact FENRIR Global at www.fenrir.fund to explore our Energy Transition Strategy.

Investments involve risks, including potential loss of capital. Past performance is not indicative of future results. FENRIR's strategies are suitable for qualified investors only. Consult your financial advisor. www.fenrir.fund

#AlternativeInvestments #NordicEnergy #EnergyTransition #EquinorAnalysis #OffshoreWind #FENRIRGlobal

FENRIR – Norwegian Private Wealth Fund Management

‍

FENRIR – Nordic Credit Strategy: Navigating Geopolitical Volatility and Structural Transitions

25th of June 2025
MARKETING MATERIAL for Sophisticated Investors

The credit markets present a compelling dichotomy as geopolitical tensions subside while structural credit opportunities emerge across Nordic high-yield segments. Oil's retreat from $81 to $67/bbl following the Iran-Israel ceasefire creates tactical entry points, while Brent's fundamental weakness toward our $60 2025 target suggests strategic short positioning remains attractive. FENRIR's analysis reveals significant alpha opportunities across credit sectors, with Nordic HY spreads offering 100-200bps premiums versus European peers.

The Arctic HY Index trades at 224bps risk premium versus iTraxx CrossOver, reflecting persistent dislocations in specialized sectors where FENRIR maintains strategic positioning 6. Our proprietary framework identifies five compelling investment themes across energy transition, technology consolidation, and defensive credit positioning.

Strategic Investment Framework

1. Energy Transition Credit: Selective Long Positioning

Tidewater Capital Structure Optimization

The offshore services leader's USD 650m unsecured bond issuance at 9.125% represents exemplary liability management, retiring higher-cost secured debt (8.50% '26 bonds) and unsecured obligations (10.375% '28 bonds) . This refinancing extends maturity profile while reducing blended cost of capital by approximately 75bps, strengthening balance sheet flexibility amid drilling market normalization .

Saudi Aramco Rig Suspensions: Contrarian Opportunity

The ongoing suspension of 39 jack-up rigs across eight contractors creates sector-wide pressure, yet positions surviving operators for margin expansion as supply tightens . FENRIR targets drilling contractors with diversified geographic exposure and strong balance sheets capable of redeploying assets to Southeast Asia and West Africa markets showing sequential recovery .

2. Nordic Technology Convergence: Consolidation Alpha

IT and Software Sector Analysis

Nordic software companies trading at significant discounts to global peers present compelling M&A targets 6. FENRIR's analysis of companies like Sinch (STIB3M + 175bps), representing defensive growth characteristics, versus higher-risk ventures requiring 600-750bps spreads 6. The sector's digital transformation tailwinds support credit quality improvement across our targeted exposures.

Gaming and Entertainment: Regulatory Resilience

Betsson's negative spread (-176bps) on EUR003M + 460bps bonds reflects regulatory adaptation success, while sector consolidation continues with Stillfront trading at reasonable STIB3M + 365-395bps spreads 6. FENRIR emphasizes operators with diversified jurisdictional exposure and proven compliance frameworks.

3. Real Estate Credit: Selective Distressed Opportunities

Swedish Property Sector Differentiation

Significant dispersion exists between quality domestic operators (Platzer at STIB3M + 130-285bps) and distressed assets (Samhallsbyggnadsbolaget trading 77-96% of par) 6. FENRIR's strategy targets geographically diversified landlords with defensive tenant profiles while avoiding development-heavy exposure.

Norwegian Commercial Real Estate Stability

Norwegian Property's secured obligations trading at NIBOR3M + 80-140bps reflect underlying asset quality and conservative leverage profiles 6. These defensive characteristics align with FENRIR's emphasis on inflation-protected real assets amid monetary policy normalization.

4. Energy and Commodities: Tactical Positioning

Renewable Energy Infrastructure

Scatec's progressive spread tightening (NIBOR3M + 660bps to 315bps across 2027-2029 maturities) demonstrates improving ESG credit profiles 6. FENRIR emphasizes renewable developers with construction-to-operations risk mitigation and long-term PPA coverage exceeding 70%.

Seafood Sector: Margin Recovery Cycle

Norwegian aquaculture leaders (Austevoll, Grieg Seafood) benefit from normalized biology costs and feed price deflation, supporting credit spread compression 6. FENRIR targets integrated producers with superior fish ratios and Asian market exposure commanding premium pricing.

5. Financial Services: Nordic Banking Resilience

Regional Banking Consolidation

Nordic banks maintain 17.0% weighted-average RAC ratios with diversified income streams supporting credit stability. FENRIR emphasizes institutions with digital leadership and fee income diversification as net interest margin compression accelerates through 2025-26.

Alternative Lending Opportunities

Consumer finance specialists offering STIB3M + 500-675bps spreads reflect normalization from COVID-era stress while maintaining attractive risk-adjusted returns 6. FENRIR targets operators with proven underwriting discipline and geographic diversification.

Risk Management & Portfolio Construction

Macro Risk Factors

Sector-Specific Risks

FENRIR's Implementation Strategy

Our Nordic credit allocation emphasizes quality bias with investment-grade-to-crossover credits featuring strong sponsorship and market positioning . Sector diversification maintains maximum 15% allocation to any single sector, emphasizing defensive characteristics while geographic focus targets 60% Nordic exposure with selective European and North American opportunities.

Duration management prioritizes floating-rate preference given monetary policy uncertainty, while our comprehensive risk management framework captures opportunities across sectors while maintaining alignment with core objectives.

Key Positioning Priorities:

FENRIR's conviction centers on structural margin expansion driven by biological optimization, feed cost normalization, and quality premiums across our targeted Nordic credit exposures 6. The sector's compelling valuations represent significant value versus historical averages, particularly for integrated operators with superior operational metrics and processing capabilities.

Ready to access Nordic credit alpha through sophisticated risk management and fundamental analysis? Contact FENRIR Global at www.fenrir.fund to explore our Credit Opportunities Strategy.

Investments involve risks, including potential loss of capital. Past performance is not indicative of future results. FENRIR's strategies are suitable for qualified investors only. Consult your financial advisor. www.fenrir.fund

#AlternativeInvestments #NordicCredit #EnergyTransition #CreditOpportunities #FENRIRGlobal

FENRIR – Norwegian Private Wealth Fund Management

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25th of June 2025

MARKETING MATERIAL for Sophisticated Investors:

FENRIR – Norwegian Seafood Strategy: Navigating Supply Cycles and Margin Expansion

Market Context & Strategic Positioning

Norwegian salmon exports surged 17.8% WoW to 32,585 tonnes, with prices retreating to low NOK 60s amid robust supply dynamics. While headline volatility reflects seasonal patterns, FENRIR identifies compelling structural opportunities in Europe's premium protein complex, where regulatory tailwinds, biological optimization, and consolidation dynamics create asymmetric value propositions for sophisticated capital.

Our analysis reveals that current spot pricing of NOK 74/kg represents a 19% discount to our NOK 92/kg normalized assumptions, creating tactical entry points across the value chain. With Q3 2025 Chilean export growth projected at 16.9% and Norwegian biomass expanding 8.7% YoY, supply-side pressures mask underlying demand resilience and margin recovery catalysts.

FENRIR's Thematic Investment Framework

1. Norwegian Aquaculture Leaders: Quality Premium Convergence

Thesis:

Strategic Positioning:

2. Biological Innovation & Technology Platform

Thesis:

Implementation Strategy:
Companies demonstrating superior biological performance metrics command 25-30% EBIT/kg premiums, justifying quality-focused allocation strategies.

3. Land-Based Aquaculture: Emerging Alpha Generation

Thesis:

Selective Exposure:

4. Feed & Input Cost Arbitrage

Thesis:

Margin Recovery Timeline:
Feed cost improvements translating to NOK 5-7/kg EBIT expansion through 2025-26, supporting consensus 11.2x average sector P/E compression.

Demand Architecture & Export Dynamics

Geographic Diversification Strategy

Protein Complex Positioning

Norwegian salmon trading at 2.1x average protein multiples, justified by:

Valuation Framework & Strategic Allocation

Sector Metrics Overview

Company-Specific Targets

Risk Management & Portfolio Construction

Operational Risk Factors

Market Risk Mitigation

FENRIR's Strategic Implementation

While near-term pricing volatility reflects seasonal supply dynamics, our conviction centers on structural margin expansion driven by biological optimization, feed cost normalization, and quality premiums. The sector's 11.2x 2025e EV/EBITDA represents compelling value versus historical 14.5x averages, particularly for integrated operators with superior fish ratios and processing capabilities.

Key Investment Priorities:

Ready to capitalize on Norwegian seafood's margin expansion cycle with sophisticated risk management? Contact FENRIR Global at www.fenrir.fund to explore our Nordic Aquaculture Strategy.

Investments involve risks, including potential loss of capital. Past performance is not indicative of future results. FENRIR's strategies are suitable for qualified investors only. Consult your financial advisor. www.fenrir.fund

#AlternativeInvestments #NorwegianSeafood #Aquaculture #SalmonFarming #NordicEquities #FENRIRGlobal

FENRIR – Norwegian Private Wealth Fund Management

‍

24th of June 2025

MARKETING MATERIAL for Sophisticated Investors:

FENRIR – Kongsberg Gruppen Strategic Analysis: Defense Premium vs. Maritime Value Convergence

Executive Summary & Market Context

FENRIR presents a comprehensive analysis of Kongsberg Gruppen (KOG:NO) at a critical inflection point, trading at NOK 378.2 amid unprecedented NATO defense spending commitments and maritime technology transformation. While consensus maintains elevated defense optimism following today's NATO Summit agreement to raise spending targets to 5% of GDP by 2035, our proprietary analysis reveals significant valuation disparities and strategic opportunities across the company's diversified industrial portfolio.

The market currently assigns singular defense narratives to a sophisticated technology conglomerate where maritime operations represent 60% of revenues, creating both risks and asymmetric value opportunities for discerning investors. FENRIR's assessment integrates geopolitical defense spending realities with maritime digitalization trends, positioning for the next phase of industrial technology convergence.

Strategic Investment Framework

1. Valuation Architecture & Premium Justification Analysis

Current Market Positioning:

FENRIR's Valuation Framework:
The market's defense-centric valuation methodology overlooks the fundamental business composition, where maritime technology platforms offer distinct risk-return characteristics.
Our analysis suggests the 60% maritime revenue base trades at unwarranted defense multiples, creating both downside protection and re-rating opportunities.

2. NATO Summit Implications & Defense Spending Reality

Policy Architecture:

Strategic Assessment:
While NATO's spending commitments provide supportive headlines, FENRIR emphasizes execution risks and timeline uncertainties.
Spain's rejection of the 5% target and requests for extensions from major economies highlight implementation challenges that current valuations appear to discount.

3. Maritime Division: Technology Transformation Catalyst

Business Fundamentals:

Competitive Advantages:

Order Backlog Dynamics & Revenue Visibility

Contract Portfolio Analysis

Historic Growth Trajectory:

Quality Metrics:

Contract Value & Margin Analysis

High-Margin Defense Portfolio:

Peer Analysis & Competitive Positioning

Defense Sector Comparison

Valuation Disconnect:
Kongsberg's premium cannot be justified by European defense exposure alone, given its mixed business portfolio 4. The company's 50% European revenue exposure and 40% defense purity suggest misalignment with pure-play defense valuations.

Maritime Technology Positioning

Technology Leadership:

FENRIR's Strategic Trade Structures

1. Relative Value: Maritime Technology vs. Defense Premium

Implementation Strategy:

Risk-Reward Profile:

2. Event-Driven NATO Policy Implementation

Near-Term Catalysts:

Execution Framework:

3. Long-Term Maritime Digitalization Theme

Investment Horizon: 24-36 months
Structural Drivers:

Risk Assessment & Mitigation Framework

Principal Investment Risks

Geopolitical Risk Factors:

Operational Execution Risks:

FENRIR's Risk Controls

Portfolio Management:

Monitoring Framework:

ESG Integration & Sustainability Leadership

Environmental Impact Leadership

Carbon Reduction Commitments:

Innovation Investment:

Social Impact & Governance

Talent Development:

Governance Excellence:

FENRIR's 12-Month Price Targets & Scenario Analysis

Base Case (55% probability): NOK 365

Key Assumptions:

Catalysts:

Bull Case (25% probability): NOK 420

Assumptions:

Key Drivers:

Bear Case (20% probability): NOK 280

Risk Scenarios:

Downside Catalysts:

Implementation Strategy & Portfolio Construction

Strategic Positioning Framework

Entry Strategy:

Monitoring Metrics:

Portfolio Integration

Thematic Alignment:

Risk Budgeting:

FENRIR's Strategic Recommendation

Kongsberg Gruppen represents a sophisticated investment opportunity at the intersection of defense spending cycles and maritime technology transformation.
While near-term valuation concerns warrant caution, the company's diversified platform provides unique exposure to multiple structural growth themes with defensive characteristics.

Our analysis emphasizes the maritime division's undervalued technology leadership and the defense business's geopolitical hedge qualities.
The current valuation disconnect creates asymmetric opportunities for patient capital willing to navigate short-term volatility around NATO policy implementation.

Strategic Implementation:

Ready to access defense-maritime technology convergence with sophisticated risk management?
Contact FENRIR Global atwww.fenrir.fundto explore our Nordic Industrial Technology Strategy.

Investments involve risks, including potential loss of capital. Past performance is not indicative of future results. FENRIR's strategies are suitable for qualified investors only. Consult your financial advisor. www.fenrir.fund

#DefenseInvesting #MaritimeTechnology #NordicEquities #TechnologyConvergence #AlternativeInvestments #FENRIRGlobal

FENRIR – Norwegian Private Wealth Fund Management

Karl Johans Gate 37
‍
Oslo, Norway