Stefnir - Icelandic Growth Fund
Icelandic Equities
Investing in funds

Investment policy

The fund’s objective is to principally invest in Icelandic equities, both in companies listed on NASDAQ Iceland and in Icelandic private equity. Stefnir – Icelandic Growth Fund will seek to invest in what it considers to be the highest yielding investment options. The fund is suitable for investors who wish to invest in listed and unlisted Icelandic companies and are willing to accept considerable volatility in returns.

Asset allocation

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Nominal rate of return

Performance

Icelandic Equities
Stefnir - Icelandic Growth Fund
Stefnir hf.
Borgartún 19
444 7000
www.stefnir.is

Investment authorisation

<table border="1" cellpadding="1" cellspacing="1" style="height:159px; width:536px"> <tbody> <tr> <td>Equities listed on NASDAQ OMX Nordic Iceland or First North</td> <td>45-100%</td> </tr> <tr> <td>Equities listed on international stock exchange (companies active in Iceland)</td> <td>0-55%</td> </tr> <tr> <td>Icelandic private equity</td> <td>0-25%</td> </tr> <tr> <td>Deposits of financial institutions</td> <td>0-30%</td> </tr> <tr> <td>Derivatives</td> <td>0-10%</td> </tr> <tr> <td>Other financial instruments than those listed above</td> <td>0-20%</td> </tr> </tbody> </table>

Disclaimer

The information provided here has not been independently reviewed.

Stefnir hf. operates as an alternative investment fund manager pursuant to Act No. 45/2020 on Alternative Investment Fund Managers, and UCITS pursuant to Act No. 116/2021 on Undertakings for Collective Investment in Transferable Securities (UCITS).

Please note that investing in unit shares involves a certain amount of risk. Investments can fall in value or lose all of their value. An alternative investment fund is generally considered to represent a higher risk investment than a UCITS. The greater risk associated with alternative investment funds is a result of its broader investment limits which could result in less risk distribution than in a UCITS.

Funds' investment returns are generally presented as nominal returns. Investment returns on Stefnir's website and promotional material connected to the funds show nominal returns, unless otherwise stated. All returns are calculated in Icelandic krónur.

Stefnir hf. has divided its funds into seven different categories depending on the standard deviation in weekly returns over the past 5 years. Category 1 is the least volatile, while category 7 is the most volatile. A fund can be moved into a different category if the volatility of the underlying financial instruments changes. The categorization is based on guidelines issued by the European Securities and Markets Authority. Previous returns on investments in funds are no indication of future returns on investments. Categorizing funds according to the volatility of returns does not reflect all risks involved in the funds' investments. For example, the categorization does not take into account possible defaults by the issuers of financial instruments in which the fund has invested, or other risk factors. The categorization of the funds is subject to the above provisos.

Deposits of funds for collective investment are not insured under Act No. 98/1999 on Deposit Guarantees and Investor Compensation Schemes.

Further information on the fund, including more detailed information on the risk inherent in investing in unit shares, can be found in the fund’s prospectus or KID which can be obtained from branches of Arion Bank or viewed here: www.stefnir.is/english/funds/.