April ManageR s report. Monthly report

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1 ManageR s report In March, our Nordic equity fund Delphi Norden returned 0.5 per cent in NOK, while the benchmark returned 0.8 per cent, also in NOK. There were greater differences between the various sectors developments in March than in the previous months. Consumer shares rose the most, while commodities-sensitive and manufacturing companies shares fell. Finland s Nokian Tyres made the most positive contribution to the portfolio in March. This share was severely punished when the market fell last autumn, but has now more than doubled in price since the market bottomed out. We are still positive to Nokian Tyres and believe it will have higher earnings than expected in EMGS was noticeable on the negative side. This share was negatively affected by a major investor reducing its shareholding and this led to an abnormal sales pressure. During March, we increased our shareholdings in Subsea 7, Christian Hansen and Coloplast. We can see that Subsea 7 s earnings will grow rapidly in a market where demand exceeds supply, while both Christian Hansen and Coloplast are stable companies with sound trends and a long-term growth potential. During the month, we reduced our shareholdings in Sandvik and Metso. Both are sensitive to news that may affect their mining operations and tendencies towards signs of weakness in the Chinese economy will no doubt affect these companies for a while to come. We also saw clearly weaker trends for both companies. Here at Delphi we believe the stock markets are in an upturn and have positioned our portfolios for this. On the way upwards, however, it is normal for there to be some small rest periods. March was an example of this in many markets. The manager has personal savings in the Fund. Monthly report Delphi Norden April 2012 Delphi Norden Equity fund Inception: Manager: Øyvind Fjell Track record since: SRRI-class: 7/7 Benchmark: VINX Nordic * Annual management fee: 2,0 % Fund size: NOK 703 mill UCITS: Yes Base currency: NOK ISIN: NO * VINX Benchmark Cap Net Index Dealing: Anti-dilution fee: Dividends: Administrator: Custodian: Auditors: Performance statistics (NOK) Standard deviation fund: Standard deviation benchmark: Information ratio: Relative volatility: Beta: Correlation: Daily forward to 1pm CET 10bps on subs/reds Income accumulated in fund Storebrand Fondene AS J.P. Morgan Europe Ltd - Oslo Deloitte 23,9 % 21,3 % 0,09 9,1 % 1,04 0,93 Based on monthly returns, past 5 years. Annualized Delphi Norden VINX Benchmark Cap Net Index Mar-91 Mar-94 Mar-96 Mar-98 Mar-00 Mar-02 Mar-04 Mar-06 Mar-08 Mar-10 Mar-12 Delphi Norden VINX Nordic * Relative YTD 3 MTD 12 MTD 60 MTD (p.a.) ,85 % 16,85 % -15,96 % -1,45 % -29,02 % 34,18 % 49,46 % -44,96 % 4,41 % 10,52 % 10,52 % -7,18 % -2,28 % -15,90 % 28,40 % 26,82 % -39,51 % 1,36 % 6,32 % 6,32 % -8,78 % 0,83 % -13,12 % 5,78 % 22,63 % -5,44 % 3,05 % Since inception (p.a.) Since inception (cml.) 11,55 % 896,18 % 7,91 % 395,43 % 3,65 % 500,74 % * VINX Nordic = VINX Benchmark Cap Net Index All performance figures presented net of fees, all figures based on NOK.

Portfolio content Largest holdings Sector allocation Geographic allocation DnB 3,46 % Novo-Nordisk 9,01 % 22,94 % Health Care Clavis Pharma 3,60 % Royal Caribbean Cruises 3,63 % Carlsberg 3,70 %

2 Portfolio content Largest holdings Sector allocation Geographic allocation DnB 3,46 % Novo-Nordisk 9,01 % 22,94 % Health Care Clavis Pharma 3,60 % Royal Caribbean Cruises 3,63 % Carlsberg 3,70 % Polarcus 3,94 % Nokian Renkaat 7,22 % Subsea 7 6,21 % 19,91 % 14,58 % 11,52 % 9,68 % Energy Consumer Discretionary Financials Industrials 38,56 % 29,46 % 18,56 % 10,23 % 3,19 % Norway Sweden Denmark Finland 9,38 % Materials Algeta 4,07 % Svenska Celloulosa 5,73 % 9,46 % 2,53 % Cash Portfolio characteristics Capitalisation bias: All cap Style: Blend of value and growth stocks Number of stocks in the portfolio: Max cash position: 20 % Currency hedging: No Strategy ØYVIND FJELL Fund Manager Investment approach The Delphi Norden Fund is a Nordic longonly equity fund which follows an active and unconstrained approach. The Fund seeks to identify trends, sectors and stocks that exhibit the best prospects for growth, depending on where we are in the economic cycle. As such, the Fund aims to deliver positive excess return versus the benchmark in most market environments. The portfolio will have a blend of value and growth stocks across the Nordic region, i.e. Denmark, Finland, Sweden, Iceland and Norway. Investment restrictions There are no specific limits apart from exposure to a minimum of five different MSCI GICS sectors, and normally max 1/3 in any one sector. The Fund has normally 5 to 10 stocks in the majority of sectors. wise free to have any country bias we like. Although we take targeted bets on some sectors driven by a bottom up stock selection process, we typically seek to invest in many different companies with different fundamental drivers. In certain circumstances, we may also hold up to 20% in cash. Besides this, the fund follows the regular UCITS restrictions. Contact information - Enquiries Arne Fredrik Håstein Tel arne.fredrik.hastein@delphi.no Kurt Hauge Tel kurt.hauge@delphi.no Postal address: Delphi Fondene Professor Kohts vei 9 P.O. Box 484 NO-1327 Lysaker Internet: Tel: Fax: Nominee applications Please note that you have to apply for an approval from the Finanstilsynet (Financial Supervisory Authority of Norway) to act as a nominee, ref. the Norwegian nominee regulation of 18 December 2003 nr Certain duties arise in connection with the approval to act as a nominee including registration of information about the beneficial owner and reporting of holding- and realisation information to the Norwegian authorities regarding beneficial owners who are liable to Norwegian taxation. This is a marketing communication from Delphi Funds which is not intended to be viewed as a piece of independent investment research. This communication is for private circulation only, and is directed only to institutional clients and professional investors and advisers. It is not intended for and must not be distributed to private investors. It is not an offer to sell, or a solicitation of an offer to buy or invest in the Fund. Such an offer or solicitation can only be made pursuant to the applicable fund s Prospectus and otherwise in accordance with applicable securities laws. While believed to be reliable, no representation or warranty, expressed or implied, is given as to the accuracy or completeness of the information contained herein, and nothing shall be relied upon as a promise or representation as to the future performance of the Funds. Historical performance is no guarantee for future returns. Future returns depend on the market, fund manager skill, fund risk level, costs, among others. Performance may become negative due to losses and it may vary considerably within periods. Unit holder s realized gain or loss will therefore depend on the actual timing of subscription and redemption. Investments that have an exposure to currencies other than the base currency of the fund may be subject to exchange rate fluctuations Grafisk senter 04/2012

3 ManageR s report In March, our European equity fund Delphi Europa returned 1.7 per cent in NOK, while the benchmark returned 2.0 per cent, also in NOK. After a strong start to the year, March offered a slight rest. The appetite for risk was slightly lower and there were weaker developments in the more risky parts of the market. While the macro figures were on the whole stronger than expected in Europe, some of the more leading indicators suggested slightly weaker growth going forward without this having any noticeable effect on the stock market. The level of activity in the stock market has normalised slightly, although the trading volumes are still low. Some of the low trading volume can, however, be attributed to more structural causes. Monthly report Delphi Europa April 2012 In March, we saw the first successful stock exchange listing of a company in Europe for a long time. Netherlands cable company Ziggo was listed on the Dutch stock exchange in a transaction that was oversubscribed 15 times. We have to go five years back in time to find a similarly successful listing. This is a sign of a more healthy stock market. Delphi Europa participated in the transaction and the share rose by 15 per cent after the listing. The portfolio had a slightly lower level of activity last month. We bought new shareholdings in, among others, French car part manufacturer Valeo and cement manufacturer Lafarge. Both these companies are expected to have a considerable earnings potential over the next few years. wise, we sold our shareholding in mobile phone operator Vodafone. Our investment was mainly based on self-help, in the sense that the company s new management has tidied up the structure and cost base and thus increased the company s earnings ability. This process has now to a large extent been completed, but the sales growth in this sector is still very low. With this as a starting point, we believe the future value-creation potential is greater in other sectors. Delphi Europa Equity fund Inception: Manager: Espen Furnes Track record since: Inception SRRI-class: 6/7 Benchmark: MSCI Europe NTR Annual management fee: 2,0 % Fund size: NOK mill UCITS: Yes Base currency: NOK ISIN: NO Dealing: Daily forward to 1pm CET Anti-dilution fee: 10bps on subs/reds Dividends: Income accumulated in fund Administrator: Storebrand Fondene AS Custodian: J.P. Morgan Europe Ltd - Oslo Auditors: Deloitte Here at Delphi we believe the stock markets are in an upturn and have positioned our portfolios for this. On the way upwards, however, it is normal for there to be some small rest periods. March was an example of this in many markets. The manager has personal savings in the Fund. Performance statistics (NOK) Standard deviation fund: Standard deviation benchmark: Information ratio: Relative volatility: Beta: Correlation: 17,5 % 16,4 % 0,52 8,3 % 0,94 0,88 Based on monthly returns, past 5 years. Annualized. 200 Delphi Europa MSCI Europe NTR Mar-99 Jul-01 Oct-03 Jan-06 Apr-08 Jul-10 Jan-12 Delphi Europa MSCI Europe NTR YTD 3 MTD 12 MTD 60 MTD (p.a.) Since inception (p.a.) Since inception (cml.) 5,97 % 5,97 % -10,96 % -0,97 % -16,91 % 23,90 % 29,76 % -30,39 % 1,02 % 4,00 % 66,57 % 5,77 % 5,77 % -4,66 % -5,28 % -8,68 % 4,52 % 12,06 % -30,91 % -0,70 % 0,61 % 8,21 % All performance figures presented net of fees, all figures based on NOK. Relative 0,20 % 0,20 % -6,29 % 4,31 % -8,23 % 19,38 % 17,70 % 0,52 % 1,73 % 3,39 % 58,36 %

Portfolio content Largest holdings Sector allocation Geographic allocation Siemens 3,36 % BP 3,47 % Saipem 4,97 % Adidas 4,52 % 27,72 % Consumer Discretionary 21,01 % Energy 31,47 % 21,06 % 9,75 %

4 Portfolio content Largest holdings Sector allocation Geographic allocation Siemens 3,36 % BP 3,47 % Saipem 4,97 % Adidas 4,52 % 27,72 % Consumer Discretionary 21,01 % Energy 31,47 % 21,06 % 9,75 % 7,96 % 6,96 % 6,54 % 16,26 % United Kingdom Germany Netherlands France Sweden Switzerland Shire 3,52 % Aegon 3,65 % Deutsche Bank 4,09 % Arm Holdings 4,34 % Volkswagen 4,12 % Burberry Group 4,10 % 15,51 % Financials 12,73 % Materials 7,56 % Industrials 6,31 % Information Technology 6,80 % 2,36 % Cash Portfolio characteristics Capitalisation bias: Large/mid cap Style: Blend of value and growth stocks Number of stocks in the portfolio: Max cash position: 20 % Currency hedging: No ESPEN FURNES Fund Manager Strategy Investment approach The Delphi Europa Fund is a pan-european long-only equity fund which follows an active and unconstrained approach. The Fund seeks to identify trends, sectors and stocks that exhibit the best prospects for growth, depending on where we are in the economic cycle. As such, the Fund aims to deliver positive excess return versus the benchmark in most market environments. The portfolio will have a blend of value and growth stocks, of which majority of the Fund s investments will be in companies based in Western European countries. Investment restrictions There are no specific limits apart from exposure to a minimum of five different MSCI GICS sectors, normally 5 to 10 stocks in the majority of sectors, and max 1/3 in any one sector. wise free to have any region or country bias we like. Although we take targeted bets on some sectors driven by a bottom up stock selection process, we typically seek to invest in many different companies with different fundamental drivers. In certain circumstances, we may also hold up to 20% in cash. Besides this, the fund follows the regular UCITS restrictions. Contact information - Enquiries Arne Fredrik Håstein Tel arne.fredrik.hastein@delphi.no Kurt Hauge Tel kurt.hauge@delphi.no Postal address: Delphi Fondene Professor Kohts vei 9 P.O. Box 484 NO-1327 Lysaker Internet: Tel: Fax: Nominee applications Please note that you have to apply for an approval from the Finanstilsynet (Financial Supervisory Authority of Norway) to act as a nominee, ref. the Norwegian nominee regulation of 18 December 2003 nr Certain duties arise in connection with the approval to act as a nominee including registration of information about the beneficial owner and reporting of holding- and realisation information to the Norwegian authorities regarding beneficial owners who are liable to Norwegian taxation. This is a marketing communication from Delphi Funds which is not intended to be viewed as a piece of independent investment research. This communication is for private circulation only, and is directed only to institutional clients and professional investors and advisers. It is not intended for and must not be distributed to private investors. It is not an offer to sell, or a solicitation of an offer to buy or invest in the Fund. Such an offer or solicitation can only be made pursuant to the applicable fund s Prospectus and otherwise in accordance with applicable securities laws. While believed to be reliable, no representation or warranty, expressed or implied, is given as to the accuracy or completeness of the information contained herein, and nothing shall be relied upon as a promise or representation as to the future performance of the Funds. Historical performance is no guarantee for future returns. Future returns depend on the market, fund manager skill, fund risk level, costs, among others. Performance may become negative due to losses and it may vary considerably within periods. Unit holder s realized gain or loss will therefore depend on the actual timing of subscription and redemption. Investments that have an exposure to currencies other than the base currency of the fund may be subject to exchange rate fluctuations Grafisk senter 04/2012

5 ManageR s report In March, our global equity fund Delphi Verden returned 2.1 per cent in NOK, while the benchmark returned 4.0 per cent, also in NOK. There were large differences in the returns at both a country and regional level in March, and the level of volatility also increased noticeably during the month. Investors became considerably more risk-averse and adopted a more wait-and-see attitude, something that was due, among other things, to slightly weaker macro data this month. The markets were primarily worried about a slowdown in China. As usual, one must be cautious about placing too much emphasis on individual figures for a short period and we believe it is still most likely that China will experience a certain slowdown and a soft landing. Monthly report Delphi Verden April 2012 As a result of a greater macro focus and higher level of volatility, the investment conditions became much more difficult in March, as always happens when the focus shifts away from individual companies. Cyclical industries and energy stood out as two weak areas for Delphi Verden, while the pharmaceuticals and consumer sectors were among the best areas. The USA was the best region in March and is also the fund s largest region, with just over 50 per cent. The cash percentage remained relatively stable throughout the month (8.7 per cent at the end of March). We made several changes to the companies in March. These were mainly in relation to us once more wanting a slightly broader composition of sectors and less exposure to cyclical industries for a while to come. We therefore sold both our small shareholdings in two commodities companies, VALE and Xstrata. In addition, we sold our shares in the Weir Group, an engineering company. We bought shares in sports equipment manufacturer Adidas, which we have been monitoring for a while since Delphi Verden has been a shareholder of its competitor, NIKE, for a long time. Adidas seems to be a well run company that is also favourably priced compared to its competitors. IT company Intel, whose earnings are now growing rapidly, was also included in the portfolio in March. Here at Delphi we believe the stock markets are in an upturn and have positioned our portfolios for this. On the way upwards, however, it is normal for there to be some small rest periods. March was an example of this in many markets. Delphi Verden Equity fund Inception: Manager: Stig Tønder Track record since: Inception SRRI-class: 6/7 Benchmark: MSCI World NTR Annual management fee: 0,0-4,0 % * * Variable fee, see details p.2 Fund size: NOK mill UCITS: Yes Base currency: NOK ISIN: NO Dealing: Daily forward to 1pm CET Anti-dilution fee: 10bps on subs/reds Dividends: Income accumulated in fund Administrator: Storebrand Fondene AS Custodian: J.P. Morgan Europe Ltd - Oslo Auditors: Deloitte Performance statistics (NOK) Standard deviation fund: 16,5 % Standard deviation benchmark: 13,7 % Information ratio: 0,26 Relative volatility: 9,3 % Beta: 1,00 Correlation: 0,83 The manager has personal savings in the Fund. Based on monthly returns, past 5 years. Annualized. 200 Delphi Verden MSCI World NTR May-06 Feb-07 Nov-07 Aug-08 May-09 Feb-10 Nov-10 Aug-11 Feb-12 Delphi Verden MSCI World NTR YTD 3 MTD 12 MTD 60 MTD (p.a.) Since inception (p.a.) Since inception (cml.) 9,69 % 9,69 % -0,85 % 0,43 % -11,45 % 24,29 % 13,14 % -32,70 % 12,52 % 4,48 % 29,17 % 6,63 % 6,63 % 3,69 % -2,03 % -3,01 % 12,45 % 7,24 % -23,55 % -4,91 % 0,88 % 5,24 % Relative 3,06 % 3,06 % -4,54 % 2,47 % -8,43 % 11,84 % 5,90 % -9,15 % 17,43 % 3,61 % 23,93 % All performance figures presented net of fees, all figures based on NOK.

Portfolio content Largest holdings Sector allocation Geographic allocation Varian Medical Systems 2,00 % Pfizer 2,00 % Nestle 2,04 % Coca-Cola 2,10 % Bank of America Corp 2,43 % Starbucks Corp 2,29 %

6 Portfolio content Largest holdings Sector allocation Geographic allocation Varian Medical Systems 2,00 % Pfizer 2,00 % Nestle 2,04 % Coca-Cola 2,10 % Bank of America Corp 2,43 % Starbucks Corp 2,29 % Deutsche Bank 2,20 % Valeant Pharmaceuticals 2,11 % 22,05 % 14,90 % 12,47 % 11,09 % 9,67 % 6,90 % 13,32 % Consumer discretionary Energy Health Care Industrials Materials Consumer staples 50,79 % 10,95 % 5,69 % 5,13 % 3,96 % 3,20 % 20,28 % United States Germany United Kingdom Denmark Switzerland Netherlands Saipem 2,10 % AMEC 2,10 % 9,60 % Cash Portfolio characteristics Capitalisation bias: Large/mid cap Style: Blend of value and growth stocks Number of stocks in the portfolio: Max cash position: 20 % Currency hedging: No Strategy STIG TØNDER Fund Manager Investment approach The Delphi Verden Fund is a global long-only equity fund which follows an active and unconstrained approach. The Fund seeks to identify trends, sectors and stocks that exhibit the best prospects for growth, depending on where we are in the economic cycle. As such, the Fund aims to deliver positive excess return versus the benchmark in most market environments. The portfolio will have a blend of value and growth stocks, of which majority of the Fund s investments will be in companies based in the developed world. Investment restrictions There are no specific limits apart from exposure to a minimum of five different MSCI GICS sectors, and max 1/3 in any one sector. The Fund has normally 5 to 10 about equally weighted stocks in the majority of sectors. wise free to have any region or country bias we like. Although we take targeted bets on some sectors driven by a bottom up stock selection process, we typically seek to invest in many different companies with different fundamental drivers. In certain circumstances, we may also hold up to 20% in cash. Besides this, the fund follows the regular UCITS restrictions. Contact information - Enquiries Arne Fredrik Håstein Tel arne.fredrik.hastein@delphi.no Kurt Hauge Tel kurt.hauge@delphi.no Postal address: Delphi Fondene Professor Kohts vei 9 P.O. Box 484 NO-1327 Lysaker Internet: Tel: Fax: Nominee applications Please note that you have to apply for an approval from the Finanstilsynet (Financial Supervisory Authority of Norway) to act as a nominee, ref. the Norwegian nominee regulation of 18 December 2003 nr Certain duties arise in connection with the approval to act as a nominee including registration of information about the beneficial owner and reporting of holding- and realisation information to the Norwegian authorities regarding beneficial owners who are liable to Norwegian taxation. This is a marketing communication from Delphi Funds which is not intended to be viewed as a piece of independent investment research. This communication is for private circulation only, and is directed only to institutional clients and professional investors and advisers. It is not intended for and must not be distributed to private investors. It is not an offer to sell, or a solicitation of an offer to buy or invest in the Fund. Such an offer or solicitation can only be made pursuant to the applicable fund s Prospectus and otherwise in accordance with applicable securities laws. While believed to be reliable, no representation or warranty, expressed or implied, is given as to the accuracy or completeness of the information contained herein, and nothing shall be relied upon as a promise or representation as to the future performance of the Funds. Historical performance is no guarantee for future returns. Future returns depend on the market, fund manager skill, fund risk level, costs, among others. Performance may become negative due to losses and it may vary considerably within periods. Unit holder s realized gain or loss will therefore depend on the actual timing of subscription and redemption. Investments that have an exposure to currencies other than the base currency of the fund may be subject to exchange rate fluctuations. Variable Symmetric Management Fee: The fixed annual management fee equals 2.00%. However, a variable symmetric management fee is applied to this fund. The performance fee is based on the Norwegian FSA s standard language as that is the only approved method for variable management fees. Total management fee will always be in the range of 0-4%. The variable management fee is calculated and charged to the fund on a daily basis and is included in the fund s final official NAV. It is calculated by multiplying the fund s daily return less the fund benchmark s daily return multiplied by the Net Asset Value of the fund and by 10% (90/10 profit split). As the variable performance fee is symmetric, the fund is charged for positive relative performance while the fund is compensated should it have a negative relative performance. The variable management fee is accumulated based on the daily charges and on December 31 is finally crystallized and reset. As such the fund does not have a high water mark that is carried forward from one year to the next Grafisk senter 04/2012

November MONTHLY REPORT

November MONTHLY REPORT November 2014 MONTHLY REPORT Comment Delphi Global Delphi Europe Delphi Nordic p. 2 p. 3 p. 5 p. 7 The stock exchanges hit back October can be summed up as a rollercoaster trip on the stock exchanges.