Milestones 2021 19 March The Norwegian government presents the National Transport Plan (NTP for 2022-2033), outlining the government’s transport policy plan for the next 12 years. March-September Dismantling and recycling of parts from old trains. One locomotive, one airport train and two train sets are scheduled to be dismantled and scrapped by the company Hellik Teigen in Hokksund. The parts from the dismantled train sets will be used by Norske tog to supply critical components to operators in accordance with lease agreements. Any metals that cannot be used will be melted down and recycled. May Norske tog enters into a framework agreement with the Czech company Borcad concerning the delivery of 180 reclining seats distributed across six carriages. The reclining seats will be installed and put into operation in 2022. These reclining seats will be used by Go-Ahead for the overnight trains running on the Sørland Line and SJ Norge for trains running on the Nordland Line and Dovre Line. Norske tog also enters into a framework agreement with the Norwegian company Ove Eknes AS concerning the delivery of reclining seats that will be oﬀered by Vy Tog to passengers travelling on overnight trains between Bergen and Oslo. 19 July Conclusion of contract with Alstom Transport AB concerning mid-life upgrades to Class 72 local trains. These local trains run between Lillestrøm and Spikkestad, as well as on the Jæren Line. Upgrades will be made to existing train sets in order to reduce the risk of failure and improve travel comfort for passengers. July During the summer of 2021, Norske tog completed the installation of mobile ampliﬁers on board all long-distance trains, i.e. Oslo-Kristiansand- Stavanger, Oslo-Bergen and Oslo-Trondheim-Bodø. The mobile ampliﬁers provide passengers with better mobile connectivity when travelling by train. Introduction 31 August The ﬁrst three of a total of 14 bimodal train sets were put into service on the Trøndelag Line by the operator, SJ Norge. The bimodal trains will replace the Class 92 diesel trains, which are now more than 30 years old. Bimodal trains run as electric trains on electriﬁed lines and on diesel on other lines. 30 September Norske tog secures NOK 2 billion with two green bond issues, one with a ﬁxed interest rate and one with variable interest rates. There was great interest in the capital market to participate in the two bond issues. Through the green bonds, Norske tog has managed to secure ﬁnancing on very good terms. 12 October The Norwegian state budget for 2022 includes a proposal to purchase new long-distance trains. The initial plan is to acquire 17 trains. The estimated cost is NOK 6.5 billion, with a maximum budget of up to NOK 8 billion. 18 October Norske tog celebrates reaching 51 employees. During the year, the company hired 17 new employees in order to be able to implement and manage the acquisition process for new local trains and long-distance trains in parallel. Further recruitment will be made in 2022. 9 November Norske tog announces tender competition for new long-distance trains. The new long-distance trains will be put into service during the 2026-2033 period on the Oslo-Bergen, Oslo-Trondheim-Bodø and Oslo-Kristiansand-Stavanger routes. Throughout 2021, Norske tog has worked on the quality assurance of the tender competition, including through dialogue with the supplier market and user groups. 17 December Norske tog announces that Alstom has been awarded the largest contract in Norwegian railway history, for the delivery of up to 200 train sets, including options. Initially, 30 local trains will be acquired and these will replace the current old local trains running on the Stabekk-Oslo-Ski route from 2025.

5 Annual Report 2021 This is Norske tog About the company Norske tog procures, owns and manages vehicles for rail passenger trans- port in Norway. The company enters into agreements for the lease of train sets with train operating companies that have an agreement with the Norwe- gian Railway Directorate to run passenger transport trains in Norway. This leads to the eﬃcient procurement and management of trains and ensures that specialist expertise can be found in one place. The headquarter of Nor- ske tog AS are in Oslo. State ownership Norske tog AS is owned by the Ministry of Transport and Communications and is a category 3 company. The state’s rationale for ownership of Norske tog is to have a provider of vehicles for rail passenger traﬃc on competi- tion-neutral terms. The state’s goal as owner is cost-eﬀective procurement and leasing of trains. Speciﬁc frameworks for the company The quality and size of Norske tog’s train ﬂeet shall be adapted to the publicly funded passenger train service. Based on the conditions that arise from the Norwegian Railway Directorate’s traﬃc agreements with train operators, op- erators pay a lease to Norske tog for the use of the company’s vehicles. Financial key ﬁgures (MNOK) 2021 2020 Operating proﬁt 336 299 Pre-tax proﬁt 206 127 Proﬁt for the year 161 99 Net cash ﬂow** 497 -1 444 Working capital 1,029 -70 Equity 3,297 3,164 Equity ratio 25.3% 27.3% Return on equity 5.08% 3.2% *Norske tog uses the following terms for rolling stock and vehicles: rolling stock, railway vehicle, train, vehicle, passenger train, train set and passenger train vehicle. **The negative net cash ﬂow can partly be attributed to repayment of liabilities

6 Introduction Norske tog’s role in the railway sector Ministry of Transport and Communications Strategic management of the sector. Agency management of the Norwegian Railway Directorate and the Norwegian Railway Authority. Corporate governance. Regulation. Ministry of Trade, Industry and Fisheries The Norwegian Railway Directorate Coordination, operational management and development of the sector. The Accident Investigation Board Norway The Norwegian Railway Authority Bane NOR SF Manages existing and builds new rail infrastructure. Traﬃc control. Manages and develops property. Commercial approach. Compete for contracts. Norske tog AS Owns, manages and provides access to rolling stock for train operators. Entur AS Journey planning and ticketing. SJ Norge AS Passenger train operator. Go-Ahead Nordic passenger train operator. Vygruppen AS Passenger trains, freight and buses. Mantena AS Vehicle maintenance. Moved to a diﬀerent Ministry 01.01.20. Flytoget AS Administrative bodies Train companies, maintenance companies, contractors and suppliers State-owned standalone units Private sector *From the website of the Norwegian Railway Directorate – https://www.jernbanedirektoratet.no/no/jernbanesektoren/

12 18.7 years average age of current ﬂeet The goal is to procure a minimum of one train per month, retiring the trains that are oldest and in worst condition ﬁrst. This will ensure that Norske tog has a more modern and reliable train ﬂeet. Introduction Norske Tog in ﬁgures *With the exception of: The Flåm Railway, Flytoget, some sleeping carriages in Traﬃc Package 3, the Royal carriage, some trains from Sweden to Norway, Museum Trains. 270 21 135 trainsets A motor coach is a non- divisible train formation that can be operated as a train. By deﬁnition, this assumes that the conﬁguration of the unit can only be modiﬁed in a workshop. A motor coach comprises single vehicles with traction, or vehicles with and without traction. engines An engine is a motor coach (or a combination of several single vehicles) that is not intended to carry a payload and that, in normal operation, can be uncoupled from a train and operated independently. passenger coaches A passenger coach is a single vehicle without traction that can carry passengers in a ﬁxed or variable train formation. 82 17 satisﬁed passengers The majority of Norwegian train passengers are satisﬁed with the comfort of the com- partments in the train classes they travel on. vehicle classes including subseries Norske Tog will eﬀectively facilitate access to a suﬃcient number of safe, reliable and up-to-date trains, in line with society’s demand for passenger transport by train. The company aims to reduce the number of train classes, in order to obtain better purchasing terms and reduce operational and maintenance costs.

19 Annual Report 2021 Norske tog has delivered annual results in line with the expectations of the owner and has met important major targets in 2021. A strong ﬁnancial performance and solid equity are important in ensuring the ﬁnancial freedom to deliver on our mission going forward. The work to establish a new, sustainable leasing price model is therefore important to the company. We will utilise our ﬁnancial freedom to invest in new trains and an attractive rail service. When society starts returning to everyday life following the pandemic, an attractive rail service will be more important than ever. The advantages of using the railway include fast and energy-eﬃcient transport with high capacity into the cities and low CO 2 emissions. For this reason, the railway has an important role to play and, as a company, we have some major tasks ahead of us. For the state-owned Norske tog, which procures and manages the majority of passenger trains in Norway, our main objective is to contribute to the government achieving its target of reducing greenhouse gas emissions by 50-55 per cent by 2030. Emissions will be halved in the transport sector. Norske tog will contribute to achieving this target as follows: • By making it even more attractive for passengers to choose the train over the plane, bus or car • By replacing old trains with new electric and bimodal models through new procurements • By enforcing strict requirements relating to the climate and environment, as well as human rights and labour rights on our suppliers • By having a focus on reuse and recycling when scrapping old train sets In 2021, Norske tog worked on the largest train procurement in Norwegian history – the procurement of new train sets that are more comfortable, electric and emit less CO 2. In December, Norske tog announced that we will be buying 30 new local trains from the French train manufacturer Alstom, within a budget limit of NOK 4.2 billion, including an option to buy a further 170 train sets. These are eﬃcient and comfortable train sets that, from 2025, will replace the local trains on the Stabekk- Oslo-Ski route, which are up to 40 years old. The trains will ensure a much more comfortable journey for train commuters. There was keen competition and Alstom secured the contract following thorough assessments pursuant to the procurement regulations and the UN’s Guiding Principles on Business and Human Rights. Throughout 2021, Norske tog has also worked on the quality assurance of the tender competition for new long-distance trains, including through dialogue with and input from the supplier market and user groups. Norske tog imposes strict requirements on both suppliers and partners in order to contribute to a sustainable society and working life. The new long-distance trains will be put into service by Vy Tog, SJ Norge and Go-Ahead during the 2026-2033 period on the Oslo-Bergen, Oslo-Trondheim- In 2021, Norske tog worked on the largest train procurement in Norwegian history – the procurement of new train sets that are more comfortable, electric and emit less CO 2 .

20 Bodø and Oslo-Kristiansand-Stavanger routes. In December, four suppliers qualiﬁed to participate in the tender competition. Initally, a total of 17 new long- distance trains will be procured. Around 90 per cent of Norske tog’s train sets are electric. Our ambition is to become fully electric as soon as possible. In August, the ﬁrst of a total of 14 bimodal Class 76 train sets were put into service on the Trøndelag Line by SJ Norge. The bimodal trains replace the Class 92 diesel trains, which are now more than 30 years old. The bimodal trains run as electric trains on electriﬁed lines and on diesel on lines that have yet to be electriﬁed. During 2021, Norske tog installed modern 4G ampliﬁers on board 184 train sets, including Flirt trains that will be delivered next year. The goal is to improve mobile connectivity for train passengers so that they can spend their journey time working, reading the news or watching ﬁlms via their mobile devices. Data speed measurements on board the trains show that connectivity has improved since the installation of the mobile ampliﬁers, but it is still the case that we need good connectivity outside of the trains to be able to achieve good connectivity inside trains. Norske tog has also entered into a contract with Alstom Sweden to upgrade Class 72 local trains. These train sets are used for local train traﬃc in the Oslo region and on the Jæren Line. The upgrades will lead to a more reliable train service for passengers. 2021 was a hectic year for Norske tog employees. Never before have we experienced activity levels this high. The organisation grew from 39 to 51 employees during the year. A number of new appointments have been made to strengthen the management of the company’s train ﬂeet and also to better manage the major procurements that we are now undertaking. Our ambition is to have a lean and eﬃcient organisation that delivers on the mission from our owner, while also serving our customers. Norske tog had a net proﬁt after tax of NOK 161 million in 2021, up from NOK 99 million in 2020, which gives a return on book equity of 5.1% (3.2% in 2020). The long-term goal is a 5% return on equity. This increase can be attributed to lower costs, largely as a result of vehicle updates and lower ﬁnancial costs. CEO’s comment Øystein Risan CEO

25 Annual Report 2021 Financial freedom Norske tog has a high credit rating. Standard & Poor’s has given the company a credit rating for long-term borrowing of A+ (stable). The company borrows through the Euro Medium Term Note (EMTN) programme. The EMTN programme does not include any ﬁnancial requirements, but there is an ownership clause stipulating that the state must own 100 per cent of Norske tog. As of 31 December 2021, Norske tog AS has an unused ﬁve-year committed credit facility of NOK 3,000 million that is due to mature in June 2026. Competitive services Norske tog has a ﬂeet of around 300 train sets, with 17 diﬀerent train classes. The current train ﬂeet can be divided into three categories, by age: • Less than ten years: Flirt (Class 74, 75, 75-2 and 76), of which 150 have been ordered and 133 have been delivered, as of 31 December 2021. • Around 20 years: 71 train sets, all of which date from around the year 2000 (Class 72, 73A, 73B, 93). • Older than 20 years: 67 train sets, 21 locomotives and 135 carriages from the 70s, 80s and 90s (Class 69C, 69D, 69H, 70, 92, Di4, El18, 5, 7 and WLAB2). The average age in the company’s train ﬂeet in 2021 was 18.7 years, compared to 19.2 years in 2020. Signiﬁcant investment in new trains is required to accommodate both traﬃc growth and the phasing out of older train sets. In its long-term plan for train acquisitions, Norske tog has proposed reducing today’s 17 classes of trains to three main classes, which will give increased reliability, lower costs and greater ﬂexibility. Local trains Norske tog has entered into a contract with Alstom SA concerning the procurement of 30 new local trains, with an option for a further 170 trains. Production of the new trains will start in 2023. The ﬁrst trains are due in Norway for testing in 2024, and the trains will be delivered and put into operation in 2025. These will replace the current Class 69 local trains on line L2 Stabekk-Oslo-Ski. Regional trains The ﬁrst bimodal train set in Norway was put into service on the Trøndelag Line in September. The bimodal Class 76 train can be run as an electric train set on electriﬁed lines and on diesel on non-electriﬁed routes. In 2021, a total of 10 new bimodal train sets have been supplied to SJ Norge to run on the Trøndelag Line and the Trondheim-Røros route. The bimodal train sets, supplied by Stadler, replace diesel trains that were more than 30 years old. Norske tog has taken delivery of a total of 40 out of 53 Class 74 Flirt trains. These train sets will be used on regional services. The last 13 Class 74 train sets will be delivered after the bimodal Class 76 trains have been delivered. In total, Stadler will have delivered 150 FLIRT trains to Norway by 2022. Long-distance trains Several of the current long-distance trains are more than 40 years old and have reached the end of their service life. Norske tog will therefore invest in 17 new long- distance trains. The estimated cost is NOK 6.5 billion, with a maximum budget of up to NOK 8 billion. Production will start no earlier than 2024 and the trains will be put into service from 2026 at the earliest. After the ﬁrst 17 long-distance trains have been delivered, the contract includes the option to order up to a total of 100 trains. The trains will mainly operate on the Dovre Line, the Sørland Railway, Bergen Line and Nordland Line. Norske tog announced the tender competition for new long-distance trains in November 2021 and four suppliers qualiﬁed to participate in the competition in December. Customers and passengers In 2021, Norske tog had four operational customers: SJ Norge, Vy Tog, Go-Ahead and VyGruppen. Go-Ahead is the operator for Traﬃc Package 1 South and operates the long-distance train routes on the Sør- landet Line from Oslo S via Kristiansand to Stavanger, as well as local trains on the Stavanger-Sandnes-Egersund route and regional trains on the Arendal Line. SJ Norge is the operator for Traﬃc Package 2 North and operates the long-distance train routes on the Dovre Line (Oslo-Trondheim), the Røros Line and the Nordland Line, as well as the regional train routes on the Rauma Line, the Trøndelag Line (Lundamo-Trondheim-Steinkjer), the Meråker Line, the northernmost part of the Nordland Line and the Salten commuter route (Bodø-Rognan).

26 Vy Tog is the operator for Traﬃc Package 3 West. Vy Tog operates the long-distance Oslo-Bergen train route, as well as the regional Bergen-Voss-Myrdal train route and the local Bergen-Arna train route. VyGruppen currently operates the passenger train service in eastern Norway. The plan was originally to put this train service up for tender through two packages - Traﬃc Package 4 and 5, but both of these tender competitions were cancelled in November 2021. In the Hurdal Platform, the government has decided that further competition for passenger traﬃc on the railways will be stopped and that the train service in eastern Norway will be allocated directly rather than through a tender competition. • Traﬃc Package 4 comprises the passenger train ser - vices on the Østfold Line, Gjøvik Line and local trains on the Spikkestad-Lillestrøm and Stabekk-Ski routes. • Traﬃc Package 5 comprises the InterCity trains on the Skien-Eidsvoll and Drammen-Lillehammer routes, the local trains on the Kongsberg-Eidsvoll, Drammen-Dal and Asker-Kongsvinger routes, as well as the train service between Porsgrunn and Notodden. Norske tog reports on rail passengers’ satisfaction with the vehicles. When asked how satisﬁed passengers are with the compartment comfort on their journeys, the overall response across all train operators was a score of 82 (out of a maximum of 100) in 2021. Bane NOR reported a decrease in punctuality of 2.4 percentage points in 2021, down to 90.3 per cent* Please refer to the Bane NOR website. Eﬃcient operations Norske tog works continuously to achieve cost-eﬀective procurement and leasing of trains. Due to the special conditions in the Norwegian rail net- work, combined with harsh weather and wind conditions, trains that will operate in Norway need to be adapted to Norwegian conditions. Large contracts (ordering enough trains) are therefore crucial in achieving a good price in the market and encourage suppliers to participate in tender competitions. In 2021, Norske tog announced that the company had entered into Norway’s largest train procurement agreement with Alstom. The agreement involves the procurement of 30 new local trains, with an option for an additional 170 trains. In order to ensure eﬃciency and cost-control when procuring many trains in a short period of time, it is crucial for Norske tog to have a strong, specialist internal team in order to follow up on the projects. Upgrading trains and critical components Norske tog is continuously working on upgrading existing train sets. It can be challenging to obtain spare parts for older train sets, as such spare parts are often discontinued. We refer to spare parts that have been discontinued, that are complex or time-consuming to obtain or particularly expensive as “critical components”. Such spare parts are essential for older train sets that remain operational to be repaired and continue to operate for a few more years. When train sets are retired from service, they are sent to a workshop for the critical components to be removed before being sent for scrapping. In 2021, Norske tog sent one locomotive and two older Class 70 train sets for dismantling to retrieve critical components before the trains were scrapped. The locomotive was retired due to the need for spare parts for other operational locomotives. The Class 70 train sets had reached end of their service life and were retired when there was no longer a need for them. In 2020, Norske tog bought a train set from Flytoget in order to use spare parts from the train set for Norske Norske tog’s goals

27 Annual Report 2021 tog’s Class 73 trains. This airport train was also sent for dismantling and scrapping in 2021. In 2021, Norske tog established a 2,000 square metre warehouse, where the spare parts from the dismantled train sets are stored. These subcomponents ensure the supply of critical components to train operators that lease trains from Norske tog. In 2021, Norske tog also entered into a contract with Alstom Transport AB concerning mid-life upgrades to Class 72 local trains running between Lillestrøm and Spikkestad, as well as on the Jæren Line. Upgrading the trains will reduce the risk of vehicle failure by extending the service life of components and systems. Talented and satisﬁed employees Norske tog aims to have satisﬁed employees with high levels of relevant skills. In order to ensure eﬃcient management of the train ﬂeet, while also procuring a record number of trains in a short period of time, it is absolutely essential for Norske tog to have a strong, specialist internal team in order to follow up on these extensive and challenging projects, in terms of both eﬃciency and costs. In 2021, Norske tog conducted an annual employee survey that showed that employee satisfaction remains at a high level. The job satisfaction score is 79 per cent (up from 72 per cent in 2020) and the loyalty score is 85 per cent (up from 80 per cent in 2020). A score of more than 75 per cent is considered high. Sick leave remains low at 2.3 per cent. «Sørtoget», Class 73, in Kongsberg

31 From left; Linda Marie Venbakken, Kjell-Arthur Abrahamsen, Øystein Risan, Iren Marugg and Luca Cuppari. Chief Executive Oﬃcer Øystein Risan Chief Legal Oﬃcer Iren Marugg Responsible for legal and procurement 5 employees Chief Financial Oﬃcer Linda Venbakken Responsible for ﬁnance, IT and HR 8 employees Chief Technical Oﬃcer Luca Cuppari Responsible for two sub-departments: System Technology and Development Head of System Technology Carlos Arias Brunet Responsible for technical speciﬁcations, modiﬁcations, components and documentation 12 employees Head of Finance Pål Hansen Responsible for ﬁnancial management and follow-up in all projects 3 employees Head of Development Jan Leonard Gårderhagen Responsible for quality control, the maintenance programme and documentation management 10 employees Asset Manager Kjell-Arthur Abrahamsen Responsible for the train ﬂeet and project management, as well as rolling stock and customer contact 11 employees It is the expertise and experience of its employees that make Norske tog a strong knowledge based enterprise. At the end of 2021, the company had 51 employees. After ﬁve years in operation and with the experience that has brought, customer-facing work was stepped up in 2021. The Management Group in Norske tog

37 Annual Report 2021 Through legislation and principles for corporate governance, Norske tog is required to report on its activities relating to sustainability and corporate social responsibility. • Report to the Storting no. 8 (2019-2020) The state’s direct ownership of companies - sustainable value creation sets out clear requirements concerning sustainable value creation. The guidelines from this report are also monitored through clear expectations from the Ministry of Transport and Communications, which emphasises requirements such as: - Transparency and reporting on signiﬁcant matters relating to business activities - Preparation and implementation of clear goals and strategies to achieve these - Implementation of due diligence measures in keeping with recognised methods - Use of recognised standards for sustainability and climate, including in company reporting - Responsible business operations in keeping with the Norwegian recommendations on corporate governance as relevant to the company’s activities - Clear goals and initiatives to promote increased diversity and gender balance in the company • The Financial reporting Act imposes requirements for large companies to report on corporate social responsibility, including considerations relating to human rights, labour rights and social conditions, the external environment and anti-corruption, as well as the working environment, gender equality and anti- discrimination. • The new Transparency Act, which enters into force on 1 July 2022, imposes requirements for larger companies (as deﬁned in the Financial reporting Act) to conduct due diligence in line with the OECD Guidelines for Multinational Enterprises and to publicly report on these. Furthermore, the act gives anyone the right to request information, general or speciﬁcally associated with a product or service, from a company in relation to how the company manages actual and potential negative consequences. This report describes all important matters relating to Norske tog’s work on sustainability. The work to develop a speciﬁc framework for targets and indicators for the various areas will conclude in 2022 in order to meet the requirements set down in the most commonly used standards for sustainability reporting. Norske tog is owned by the Ministry of Transport and Communications and the Ministry is aware of the status and development of this work. In addition to this report, the 2021 annual report also includes a collection of articles relating to key matters associated with Norske tog’s sustainability work. Where relevant, this report will reference these articles for further information. Responsibility as an integral part of the management system Norske tog’s work on sustainability and corporate social responsibility is integrated in the company’s day-to-day operations. Responsibility for the work rests with the CEO and his management team, as well as the company’s Board of Directors. This ensures accountability and makes it easier to integrate the work in Norske tog’s day-to-day business processes and workﬂows: • “Finance” – the workﬂows that contribute to eﬃcient operations and ﬁnancial freedom. • “Customer oﬀerings” – areas that are crucial in ensuring competitive oﬀerings for operators. • “Management and internal processes” – includes core processes such as customer services, procurement, management and development of vehicles, as well as communication and ﬁnancial management. • “Learning and growth” – initiatives aimed at attracting and retaining expert and satisﬁed employees. In order to ensure comprehensiveness and make sure that Norske tog fulﬁls its overall responsibilities, the four business processes are supported by guidelines, targets and key performance indicators (KPIs). Based on recognised principles enshrined in the UN Declaration of Human Rights, the ILO’s Core Our work on sustainability

38 Sustainability and corporate social responsibility Conventions and the UN Sustainable Development Goals, Norske tog has drawn up speciﬁc guidelines and governing documents. These are subject to regular revisions, most recently in connection with the introduction of the Transparency Act and the sizable procurement processes Norske tog is involved in. Important guidelines and governing documents include: • “Norske tog’s Code of Conduct for Employees and Suppliers”, which deﬁnes the requirements and expectations for employees and suppliers. • “Norske tog’s guidelines and qualiﬁcation require- ments for procurements”, which deﬁne requirements for suppliers linked to procurements. • “Guidelines for internal and external whistleblowing channels”, which guarantee anonymity for whistle- blowers, and ensure that any matters reported are treated seriously and dealt with thoroughly. • “Norske tog’s strategy and governance model”, which deﬁnes work processes, goals and metrics for the business. Revised materiality analysis The materiality analysis is an important instrument in the company’s work on sustainability. The analysis is an instrument that helps the company assess how we can best make a positive contribution to societal develop- ment, while also supporting our long-term value creation. During the year, Norske tog revised its materiality analy- sis. The aim is to ensure that the company’s operations are conducted in a way that meets the expectations and requirements of society and its stakeholders, and that the work focuses as much as possible on the areas that are most important to stakeholders and where Norske tog has the greatest opportunity exert inﬂuence. Norske tog has a wide range of stakeholders, all with legitimate expectations of how the company is run. The most important stakeholders are • The Ministry of Transport and Communications (owner) • The Norwegian Railway Directorate and other regulatory and political authorities • Operators and other parties within the railway sector • Passengers • Partners and suppliers • Enterprise confederations, trade unions and special interest organisations • Investors • Employees In 2021, the company gathered information through meetings with the owner, investors and suppliers, ongoing contact with operators and partners within the railway sector, customer satisfaction analyses and employee surveys. Together with the results from qualitative in-depth interviews with key representatives of all Norske tog stakeholder groups during the autumn of 2020, this forms the basis for the company’s main priorities. Unsurprisingly, most stakeholders are particularly inter- ested in issues linked directly to their own relationship with Norske tog and/or the railway. Nevertheless, there are certain topics that are common across stakeholder groups. These are particularly linked to: • Norske tog’s contribution to the overall development of the railway, including the ability to collaborate con- structively with other parties. • The quality of vehicles, including reliability and matters aﬀecting punctuality and disruption to services.

39 Annual Report 2021 • Expertise and deliverability linked to the predictability of maintenance, upgrades, modernisation and replace- ment of vehicles. • Eﬀorts to reduce the environmental and climate foot- print of the vehicles during operation and from a life cycle perspective. This item is also closely linked to expectations relating to social responsibility in other areas, such as procurement. Norske tog reviews the materiality analysis on an annual basis. The organisation, management team and board of directors are all involved with this work. The most im- Importance for stakeholders Degree of economic, environmental and social impact Norske tog’s materiality analysis Diversity and equality Customer service Good and attractive workplace Passenger safety Eﬃcient procurement Competence and delivery ability Development of the railway Vehicle quality and reliability Responsbile operation and maintenance portant change from the latest review is the simpliﬁcation of the analysis by gathering topics linked to the environ- ment, climate and responsible procurement under a sin- gle item – Responsible operations and development. The reason for this is that the various topics covered under this are expected to be so tightly integrated that it makes most sense to treat them as a single item. The various aspects associated with this are also closely linked in the value chain in terms of operations and business activities and it therefore makes sense to address these topics collectively rather than individually.

40 Sustainability and corporate social responsibility Based on the materiality analysis and feedback from stakeholders, Norske tog has chosen to continue the four priority areas for sustainability that were established in 2020. 1. Development of the railway This is about helping the Norwegian railway to achieve its overall objective - moving passenger traﬃc from road and air to the railway. There are two particular areas where Norske tog can contribute, namely through: • Initiatives that help raise user satisfaction, leading to more people choosing the train. • Contributing increased capacity in the railway through procurements and initiatives that help better utilise trains and infrastructure. 2. Responsible operations and development This relates to Norske tog’s responsibilities in connection with the environment, climate and responsible procure- ments. This area covers the entire value chain of Norske tog, including: • Ethical, social and environmental requirements relating to procurements. Four main priorities Around half of the money allocated above the nation- al budget for road and rail goes to the railways. This demonstrates the government’s investment in the rail- ways and sends a strong signal to all parties within the rail sector concerning the importance of contributing to a positive development. Norske tog’s most important contribution in this context is linked to the replacement of train sets that is no longer advantageous to upgrade, with new and modern trains that can better meet passengers’ expectations for a modern railway and help move passenger traﬃc from air and road to rail. Through the introduction of the new sig- nalling system (ERTMS), we will also be able to contrib- ute to trains running more frequently, thereby increasing capacity through improved utilisation of the tracks. This represents the critical capacity limitation for the develop- ment of the railway as a transport system. • Initiatives to reduce the climate footprint of vehicles during the operational phase. • Requirements concerning reuse and recycling when retiring old vehicles. 3. Quality and reliability Punctuality and reliability are among the most important drivers for operators to succeed in providing a service that passengers perceive to be good. Norske Tog can contribute to this in several ways, including through: • Initiatives to improve reliability and availability. • Initiatives to streamline operations and increase main- tenance-friendliness. 4. Talented and developing working environment The correct expertise and capacity, as well as an inclu- sive and positive working environment, are crucial to Norske tog’s ability to successfully fulﬁl its role in the railway sector. We can achieve this through initiatives aimed at • Diversity and equal opportunities. • Learning and development. • Healthy work-life balance. 1. 1. Development of the railway Accordingly, the overall objectives for Norske tog’s con- tribution to the development of the railway are to: • Increase the number of passengers travelling by rail. • Increase the capacity in the railway. The instruments needed to achieve this are linked to: • Ensuring a train design and capacity that contribute to increased user satisfaction. • Procuring new trains with an aim to increase capacity and standardisation. • Installing ERTMS so that traﬃc management can be automated and improved over time. 2021 was an active year with regard to the commence- ment and completion of projects and activities in the following areas:

41 Annual Report 2021 Procurement: • The delivery and run-in of the ﬁrst ten out of a total of 14 bimodal train sets for use on the Trøndelag Line to replace the diesel trains, which are now more than 30 years old. • The announcement of the tender competition for the procurement of an initial 17 new long-distance trains. These will be put into service during the 2026-2033 period on the Oslo-Bergen, Oslo-Trondheim-Bodø and Oslo-Kristiansand-Stavanger routes. • Selection of supplier for 30 new local trains for the Stabekk-Oslo-Ski route, with an option for an addition- al 170 trains. These train sets will replace the current local trains and will run on the Østfold Line from 2025. Upgrades: • Conclusion of contract with Alstom Transport AB con- cerning mid-life upgrades to local trains running on the Lillestrøm and Spikkestad route, as well as the Jæren Line. The upgrade will reduce the risk of vehicle failure by extending the service life of components and systems. • The work on installing ERTMS continued in collabora- tion with the supplier, Alstom. ERTMS is a joint Europe- an system initiated by the EU to standardise signalling and traﬃc management in the European rail network. The system will lead to fewer signalling failures and more predictable and punctual railway traﬃc. Raising quality: • Conclusion of contract and framework agreement for the delivery of reclining seats for the overnight trains on the Sørlandet Line, Nordland Line, Dovre Line and the overnight train between Bergen and Oslo. • Installation of 4G mobile ampliﬁers on board all long-distance trains, as well as Flirt trains. This will improve mobile connectivity on the trains, which is es- sential in ensuring that passengers have the opportuni- ty to work or use streaming services on their journeys. Achievement of objectives With regard to the achievement of the objectives, the majority of these initiatives will only have an eﬀect in the long term, when the large volumes of new trains are delivered. 2021 was also an exceptional year in the sense that the COVID-19 restrictions that were introduced contributed to a signiﬁcant decline in traﬃc. 82 80 78 76 270 265 260 255 250 245 80,000 60,000 40,000 20,000 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 User satisfacton Number of trains Passenger growth (thousand) * * Figures for 2021 were not available from SSB

42 Sustainability and corporate social responsibility 2. Responsible operations and development Environment and climate The impact of trains on the environment and climate From a life cycle perspective, Norske tog’s operations impact the environment and climate as follows: • Vehicle manufacturing The production of trains and carriages aﬀects the envi- ronment and climate through emissions from energy sources and chemical components, interventions in nature and use of energy, water and natural resources for the production of steel and aluminium, as well as the production of various forms of waste. • Management, development and operation During use, the environmental and climate footprint is primarily related to energy consumption, noise and any local pollution from particles. Approximately 80 per cent of rail traﬃc in Norway uses electric trains running on electricity that comes with a guarantee of origin from Norwegian hydro-power. As such, climate emissions from operations are largely linked to the few routes that have yet to be electriﬁed and where diesel is currently used as the energy source. The choice of materials and technological solutions in connection with maintenance and upgrades also aﬀects the trains’ environmental accounting. • Disposal The last stage of the train life cycle is the disposal and recycling of retired train sets. Here, the degree and type of recycling determine the footprint. The more we can reuse or recycle, the better for the climate and environment. Norske Tog’s approach Norske tog takes a holistic approach to environmental and climate challenges in the sense that we seek to inﬂu- ence all stages of the train life cycle: • Strict requirements relating to procurements We impose strict requirements on suppliers in con- nection with procurement and choose the most climate-friendly solutions in areas where this is pos- sible, including solutions that will help reduce energy consumption and emissions during use and increase the recyclability of the material. We require compre- hensive and up-to-date life cycle analyses for materials procured. In the tendering processes we managed in 2021, we included requirements relating to: - Energy consumption, noise reduction, weight and passenger capacity. - Qualities associated with materials and equipment, including recyclability. - Documentation in the form of life cycle analyses and documentation of CO2 emissions from the manu- facturing process, as well as evaluating trains for recyclability in connection with scrapping. - Employee rights and work processes to safeguard these rights being in line with Norske tog’s require- ments. • Train modernisation and upgrades Modern trains are generally more climate-friendly than old trains. The most important contribution to reduced emissions from operations is, of course, the procure- ment of new trains, including replacement of diesel locomotives during the transition to bimodal solutions. Norske tog’s vehicles currently have an average age of 18.7 years, but several train sets are more than 40 years old and large parts of the train ﬂeet are therefore due for replacement. Norske tog has put ambitious plans into place to modernise the train ﬂeet and this plan also includes replacing diesel locomotives with bimodal trains. In 2021, Norske tog took delivery of ten new trains, which have been put into operation by SJ Norge in Traﬃc Package 2. During the same period, two trains and one locomotive were retired from the train ﬂeet and scrapped. Because so much of the trains’ environmental and climate footprint is linked to the production of train sets, life cycle extensions are not only economically sensible, but also important from a climate perspec- tive. Mid-life upgrades help increase standards, reduce disruption and, in some cases, also help reduce energy consumption. Norske Tog also imposes strict requirements on the suppliers of such upgrades, both

43 Annual Report 2021 in terms of material choices and solutions, as well as recyclability and work processes. A contract was entered into in 2021 with Alstom Transport AB concerning mid-life upgrades to 36 train sets used for local traﬃc in the Oslo region and on the Jæren Line. These upgrades will be completed during the 2022-2025 period. • Reuse and recycling The trains that are now being retired are so old that they have not been designed for reuse and recycling. However, Norske tog still imposes strict requirements for recycling and prefers for recycling to take place as high up in the waste pyramid as possible – i.e. by crit- ical components being dismantled for reuse in other trains and that as much materials as possible are re- cycled rather than used for energy recovery or sent to landﬁll. We have agreements with recycling companies for all train sets that are being retired and recyclability is also an important criterion in procurement and main- tenance. (Please see separate article on the scrapping of trains on page 66). Since 2021, Norske tog has sent two train sets, one airport train and one locomotive for dismantling and scrapping. The trains were dismantled part by part. As much as 90 per cent of the vehicles were recovered. In 2022, 22 train sets and diesel-driven motor coach sets are scheduled for scrapping. Objectives for the work on climate and the environ- ment The overall objectives of Norske tog’s work on climate and the environment are to: • Reduce emissions and energy consumption. • Increase the extent of train electriﬁcation. • Increase the degree of recycling for scrapped train sets. Green ﬁnancing – a driving force for sustainability Norske tog issued two green bonds totalling NOK 2 billion during the autumn of 2021 to ﬁnance new electric train sets. Together with loans totalling NOK 1.2 bil- lion, which were issued during the autumn of 2019, the company has now secured NOK 3.2 billion through green bonds, on very good terms. Green bonds provide lenders with the opportunity to achieve guaranteed returns on green and sustainable investments. In order to document the climate impact of the bonds, Norske tog has developed a framework for the bonds – the “Green Bond Framework”. This framework is based on the International Capital Market Association (ICMA) Green Bond Principles from 2018 and imposes requirements concerning the documentation of and reporting on the climate impact of investments. The framework has been independently audited by Cicero, which awarded the highest score available on their rating scale. In connection with the development of the 2021 Impact Report (available on Norske tog’s website), Norske tog announced its ambition to align its framework with the EU’s Green Bond Standard. This would mean that: • Bonds can be used only for purposes that fulﬁl the EU taxonomy criteria. • The bond issuer must develop and ensure external ver- iﬁcation of the framework for the bond, including envi- ronmental objectives, before the bond can be issued. 89% 88% 87% 86% Proportion of electriﬁed trains Recycling rate Material recycling Energy recovery 2017 2018 2019 2020 2021 90% 10% Class 70

44 Sustainability and corporate social responsibility • Both the allocation and the impact of the investments must be reported on and these must be veriﬁed by an external party. • The bond issuer must ensure that investments meet the projects’ speciﬁc environmental requirements and social objectives, as described in the OECD guidelines. In addition to securing ﬁnancing for new trains, the work on the green framework and the development of the 2021 Impact Report has also contributed to increased expertise and raised awareness surrounding Norske tog’s emissions. The issue of green bonds is therefore also a positive and important driving force for the development of expertise and frameworks for sustainability across all Norske tog business activities. Further information about green bonds can be found in a separate article in the annual report, as well as on our website. Responsible procurements In addition to imposing technical and environmental requirements on procurements, Norske tog has also committed to imposing ethical and social requirements on its suppliers. An important aspect of this commitment is adhering to the principles enshrined in the UN Guiding Principles on Business and Human Rights, as well as the OECD Guidelines for Multinational Enterprises. It is also important to ensure that procurements are based on processes that ensure transparency and veriﬁability. Due diligence The choice of Alstom as the supplier of 30 local trains with an option for an additional 170 trains has led to crit- icism due to the company’s links to Israeli settlements in occupied areas of Palestine (see page ..... for a separate article on the background and handling of this matter). The matter also highlighted Norske tog’s work on pro- curements and particularly the quality of the company’s due diligence in the procurement process. In connection with the procurement process and the choice of Alstom as the supplier, Norske tog has conducted assessments in line with the procurement regulations and the UN Guiding Principles on Business and Human Rights. The assessments have shown that this case is an example of the complexity and legal considerations in procurement processes in light of important international processes and initiatives aimed at ensuring a responsible business sector. The case has helped strengthen Norske tog’s work with due diligence measures in procurement processes in order to meet our responsible procurement targets. When the new Transparency Act enters into force on 1 July 2022, requirements will be imposed for larger companies, as deﬁned in the Accounting Act, to conduct due diligence in line with the OECD Guidelines for Multinational Enterprises and publicly report on this. The act also gives anyone the right to request information regarding matters linked to human and labour rights in association with a speciﬁc product or service. Responsible procurements are important at Norske tog. This also means that requirements must be imposed upon suppliers and not only on the products that are procured. Regardless of the act, Norske tog has established proper procedures and processes for due diligence in connection with its procurements, in line with the UN Guiding Principles on Business and Human Rights, as well as the OECD Guidelines for Multinational Enterprises. Due diligence is a continuous process that is based around six steps. 1. Embedding responsible business conduct into policies and management systems. 2. Identifying and assessing adverse impacts in operations, supply chains and business relationships. 3. Ceasing, preventing or mitigating adverse impacts. 4. Tracking implementation and results. 5. Communicating how impacts are addressed. 6. Providing for or cooperating in remediation where appropriate. Based on the fact that Norske tog’s procurements are largely at an early stage, Norske tog has so far focused particularly on steps 1-3, which are most relevant to where in the process the procurements take place. At Norske tog, we comply with these steps as follows: • Norske tog’s guidelines for procurement include a commitment to take into account the OECD Guidelines for Multinational Enterprises in all procurements. • Our Code of Conduct for Suppliers is included in all contracts. This commits our suppliers and sub- contractors to comply with basic human and labour rights, manage matters relating to the environment and climate, ethics and anti-corruption and also provides Norske tog with the right to verify compliance on the part of both suppliers and subcontractors, including through the use of local inspections.

45 Annual Report 2021 • For the procurement of new local trains and new long-distance trains, contractual requirements have been drawn up concerning due diligence measures relating to human rights and the environment. This commits our suppliers to conduct due diligence and, among other things, provides Norske tog with the opportunity to audit the suppliers’ own procedures in relation to this. Risk assessments are conducted at several stages of the procurement process: • Upon conclusion of a contract, a risk mapping is con- ducted based on information about the relevant supply chains, including country of origin, manufacturing processes and speciﬁc subcontractors and business associates. This mapping is based, among other things, on the Norwegian Agency for Public and Financial Management’s high-risk product list. Based on this mapping, we will prioritise risk-mitigating measures. • Potential main suppliers for procurements will be sub- ject to special considerations. We therefore conduct Integrity Due Diligence (IDD) for all relevant suppliers in larger tenders. This is done by an external party and aims to uncover matters that can be identiﬁed through open sources and includes all information about owner- ship of rights, negative press coverage, legal disputes, political exposure, sanctions and regulatory status. • Based on the information identiﬁed through IDD measures, Norske tog will request further information from tenderers, in the form of accounts and separate assessments from the supplier in relation to some of the identiﬁed matters. Initiatives to cease, prevent or reduce any negative impacts/damage are identiﬁed on the basis of the severity, as well as an assessment of Norske tog’s links to the matter. The grounds for any sanctions will be based on the requirements imposed upon suppliers with regard to compliance with guidelines and contractual requirements. When awarding the contract for local trains to Alstom, Norske tog and its external legal advisers concluded that there was no legal basis to exclude Alstom from the competition. The justiﬁcation for this is described in a separate article on page 64. Regardless of this, the case has documented the importance of robust due diligence systems and that the processes applied by Norske tog are also suﬃcient for identifying and managing relevant issues. In addition to imposing requirements concerning compliance with basic human rights, Norske tog also imposes speciﬁc requirements relating to environmental and climate standards for products, processes and suppliers alike. These are addressed in a separate chapter on page 42 of this report. Objectives The overall objective linked to responsible procurements is to ensure full compliance with contracts, requirements and fundamental guidelines. In the new procurement contracts for local trains and long-distance trains, non-conformity management will be governed and the associated work will be closely monitored by the company. Integrity and anti-corruption Responsible procurements also require our own organisation to act with integrity. Norske tog works to promote a strong anti-corruption culture in the company. Norske tog shall actively prevent undesired behaviour and shall use routines, controls and training to equip its employees to handle diﬃcult situations. Norske tog makes major purchases of both trainsets and other goods and services linked to management of the trains. Since this type of purchase is often of high economic value, it is important that employees are aware of the company’s anti-corruption eﬀorts in their dealings with suppliers and business partners. Norske tog has established a Code of Conduct and guidelines for corporate social responsibility that, among other things, address the company’s stance on human rights, employee rights and anti-corruption. These apply to both our own employees and contracted resources. Procedures have also been established for annual dilemma training for the company’s employees. In 2021, one dilemma training session was conducted. An external whistleblowing channel has been established and can be accessed via the company’s website. • Goal: No corruption incidents • Result: No reported corruption incidents

46 Sustainability and corporate social responsibility 3. Quality and reliability Few things cause more frustration on the part of our passengers than cancelled or delayed trains. Predicta- bility and punctuality are also important drivers for the reputation of the entire railway. During the 2016-2021 period, an average of 5.8 per cent of registered delays and 2 per cent of all cancellations were due to faults in trains. These are low ﬁgures by percentage. However, the number of instances is still much too high. Norske tog are working systematically to improve these results. The greatest challenges associated with operational reliability and quality are the age of trains and access to spare parts, as well as a lack of standardisation across the existing train ﬂeet. In order to address the short-term challenges, Norske tog is working to increase the pace of the work associat- ed with modiﬁcations and improvements. In this context, the scrapping of materials will be an important source for obtaining critical components. In 2021, Norske tog acquired one train set from Flytoget. This train set was moved directly to the workshop for dis- mantling/removal of critical components for maintenance and parts that can be used as spare parts for other train sets so that these can be maintained. The remain- ing parts of the train set were subsequently sent oﬀ for recycling. The most important measures to solve these challenges on a long-term basis are the train renewal and standardisation that will take place in the following years. The operating companies are responsible for ongoing maintenance of the trains, but Norske tog is responsible for upgrades. Both of these are important in terms of operational reliability, energy consumption and for main- 18 17 16 20 years 19 years 18 years 17 years Number of train classes Average age of trains 20,000 16,000 12,000 8,000 4,000 0 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Train related delays Delay hours Proportion of total delay hours 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

47 Annual Report 2021 taining the technical service life of the trains. Technical upgrades, i.e. upgrades to the technical components and interiors of the trains, provide an important opportunity for Norske tog to inﬂuence the characteristics of the trains with regard to energy consumption and opera- tional reliability, as well as how long the trains can be used for. The contract entered into with Alstom in 2021 concerning mid-life upgrades to 36 train sets constitutes an important initiative for improving the operational relia- bility of these trains. Customer and user satisfaction Norske tog has high requirements for customer and user satisfaction In 2021, the Norwegian Railway Directorate conducted the ﬁrst overall survey on customer satisfac- tion for all train operators (passenger satisfaction). When asked how satisﬁed passengers are with the com- partment comfort on their journeys, the overall response across all train operators was a score of 82 (out of a maximum of 100) in 2021. Even though the survey was conducted during a situa- tion characterised by COVID-19 lockdowns and reduced traﬃc, it still forms a good basis for measuring future developments. Norske tog’s customers are the three train service op- erators in Norway: Vy, SJ and Go-Ahead. No separate customer satisfaction measurements have been per- formed for these operators, but proper processes have been established for dialogue and contact, during which relevant topics are discussed. Electric locomotive EL18 – locomotive and carriage

48 Sustainability and corporate social responsibility 4. Talented and developing working environment Norske tog wishes to provide its employees with a working environment in which people are happy and have the opportunity to develop both professionally and personally. At the same time, we have traditionally been a lean and small organisation with major duties, for which the need for specialist expertise is signiﬁcant during certain phases. In addition to focusing on a positive and diverse working environment, it has been just as important for us to reduce organisational and expertise-related vulnerability. Our ambition is to have a lean and eﬃcient organisation to serve our four customers – SJ Norge, Go-Ahead, Vy Tog and Vy – in the best possible manner. Nevertheless, it has been important and appropriate for us to increase the number of employees at Norske tog due to the workload and management associated with the major procurement processes that are currently ongoing. This work requires both capacity and specialist expertise and, during certain periods of the year, we have had just as many contracted consultants as employees on our books in order to carry out these tasks. In light of both the working environment and the need to build resilience in the organisation, we have therefore increased the number of employees from 39 to 51 during the course of the year. Talented and satisﬁed employees Norske tog aims to have satisﬁed employees with strong, relevant expertise. In 2021, Norske tog conducted an annual employee survey that showed that employee satisfaction remains at a high level. The job satisfaction score is 79 per cent (up from 72 per cent in 2020) and the loyalty score is 85 per cent (up from 80 per cent in 2020). A score of more than 75 per cent is considered high. Health, safety and environment Norske tog’s operations shall not cause serious injury to persons or serious damage to the environment or material assets. This also applies to injury/damage caused by faults in Norske tog’s vehicles. Management is responsible for employees at all levels developing good attitudes and prioritising safety in their work. If deviations in goal achievement or from speciﬁed safety requirements come to light, the responsible manager shall implement corrective measures. • Sick leave remains low at 2.3 per cent. • No serious injuries have been reported. Promoting equal opportunities and preventing discrimination Over time, Norske tog has worked systematically on an inclusive working environment, to promote equal opportunities and prevent discrimination. Our goal is for the workforce of Norske tog to reﬂect the diversity of the population. At Norske tog, no-one will experience discrimination based on gender, age, disability, sexual orientation or religious, cultural or ethnic background. This is made clear through our values and governing documents and is emphasised in connection with the implementation of internal courses and training sessions, recruitment and employees’ pay and working conditions. As a result of a deliberate focus and facilitation, the proportion of women at Norske tog has increased year on year since the company was formed. From a female proportion of 10 per cent when the company was formed in 2016 to 35 per cent (18 out of 51) at the end of 2021. This has been possible as the result of systematic work to increase the proportion of women in the company. The most important initiative is that there must always be a qualiﬁed female candidate and one candidate from a minority background invited for all second interview rounds. We are pleased with what we have achieved, but would like an even better balance and will continue to systematically work to identify qualiﬁed female candi- dates. The company’s board of directors now has a female proportion of 66 per cent among shareholder-elected board members and the proportion in the company’s management team is 40 per cent.

49 Annual Report 2021 The work to increase the number of employees from a minority background has also yielded results. There are now ten diﬀerent nationalities represented by our 51 employees. Where possible, Norske tog will invite a minimum of one applicant from a minority background to interviews. All new employees at Norske tog are assigned a buddy and a mentor and we have also developed an onboard- ing programme that includes a dedicated “railway school” with lectures about the special conditions associated with the Norwegian rail network. These initiatives help ensure that it is easy to become part of the social and professional working environment at Norske tog and make it easier to recruit employees without experience from the Norwegian railways. Gender and pay The management team at Norske tog has a female proportion of 40 per cent. We evaluate pay based on position and length of service and, on this basis, women and men should achieve virtually the same pay regardless of gender. Our local pay policy will ensure that employees with the same type of expertise and duties have the same opportunities for pay and skills development. Norske tog will not have any unfounded pay disparities between women and men. Our pay statistics show no tendency for pay disparities that can be attributed to gender. In 2021, Norske tog implemented several initiatives to strengthen inclusion, the most important of which were: • To always invite a minimum of one qualiﬁed female candidate and one candidate from a minority back- ground to all second interview rounds. • To provide all new employees with a buddy and mentor, as well as the onboarding programme, which includes a dedicated “railway school” with lectures about the special conditions associated with the Norwegian rail network. • The company had a separate KPI on the proportion of females among employees and a goal for this to exceed 30 per cent in 2021 – a goal that was easily reached. • Deliberate work to recruit women to project manage- ment positions resulted in two new female project managers. • Systematic work to increase the number of employees from a minority background resulted in 5 out of 17 new employees recruited in 2021 being included in that category. For 2022, Norske tog will continue the initiatives that the company has conducted so far and will also implement the following new initiatives to strengthen inclusion: • New and higher target for the proportion of females in the company to exceed 40 per cent by the end of 2022. • Implement statutory risk assessments in relation to equal opportunities and diversity. • Implement risk assessments in relation to recruitment processes and consider improvements. • When procuring recruitment services, we require the supplier to possess expertise relating to inclusion and to contribute to us meeting the targets we have set for Norske tog. • Apply to participate in the government’s trainee pro- gramme for people with higher education qualiﬁcations and disabilities or gaps in their CV. • Consider the possibility of creating apprenticeships, including for people with disabilities. • Ensure that all employees who conduct or participate in interviews have participated in or watched the Norwegian Agency for Public and Financial Management’s seminar on inclusion eﬀorts. Employees at the Norske tog headquarter

54 How Norske tog works to make train journeys greener When more people choose to travel by train from A to Z, Norske tog helps meet the government’s target of reducing greenhouse emissions from the transport sector. Norske tog’s overriding objective is therefore to contribute to making train journeys as attractive, eﬃcient and comfortable as possible. In order to achieve this, Norske tog is investing in new, comfortable, modern local trains, regional trains and long-distance trains. We are also making upgrades to older train sets that will remain in service for a few more years. Furthermore, we are also installing mobile ampliﬁers to improve mobile connectivity for train passengers and we are purchasing reclining seats for long-distance routes so that train operators can provide passengers with a better overnight train service. In addition, Norske tog also works continuously to reduce its own emissions across the entire value chain, from train procurement to operation and scrapping. Around 90 per cent of Norske tog’s train sets are electric and generate zero emissions. At the same time, there is still room for improvement when it comes to the energy eﬃciency of the electric train sets we have and when it comes to replacing diesel-driven trains with electric or hybrid trains. In this year’s report, we explain how Norske tog works on sustainability along the entire train journey. The ﬁrst chapter looks at ourselves and the working environment at Norske tog. We move on to how the company works to secure green ﬁnancing for trains. We also look at how we use our purchasing power to inﬂuence suppliers to comply with UN Human Rights and also at the dilemmas we face on this journey. Finally, we talk about how Norske tog works on the scrapping and recycling of all retired train sets. The most specialised working environment for trains The autumn of 2021 marked ﬁve years since Norske tog was divested from NSB and established as a separate company. During this period, Norske tog has developed a professionally strong organisation with highly specialised and knowledgeable employees. In 2021, Norske tog recruited several new employees. The organisation now consists of 51 train enthusiasts. In Article 1, we talk about the people who work at Norske tog and what we do to ensure safe and climate-friendly train sets for the rail network. Green ﬁnancing of train journeys. Norske tog is a state-owned company and train procurements are ﬁnanced by the Norwegian govern- ment guaranteeing 75 per cent of the book value of the vehicles above the national budget, as well as through borrowing in the bond market. In the last two years, Norske tog has been developing a framework for green ﬁnancing, the Green Bond Framework, so that the company can borrow from the bond market in order to ﬁnance train procurements. During the autumn of 2021, Norske Tog issued two green bonds totalling NOK 2 billion. Norske Tog also issued green bonds totalling NOK 1.2 billion during the autumn of 2019. Through this, Norske Tog has secured favourable ﬁnancing for new electric regional and local trains. Over the next few years, Norske tog will be acquiring up to 100 new long-distance trains, as well as the new local and regional trains. Our goal is for a number of these trains to be funded through the issuing of green bonds. We will tell you more about this in Article 2. This year’s articles Norske tog takes a sustainable approach to purchasing, maintaining and scrapping trains. The goal is to make train journeys even more attractive, while also reducing our own emissions from departure to arrival.

55 Annual Report 2021 Requirements and expectations for suppliers The Norwegian parliament passed a Transparency Act in 2021. The new act, which is based on the UN Guiding Principles for Business and Human Rights and the OECD Guidelines for Responsible Enterprise, means that com- panies need to conduct due diligence on the working conditions at its suppliers. The Transparency Act will apply to Norwegian companies, including Norske tog, from the summer of 2022. For us, as a company, this means that we need to conduct due diligence on, among other things, the work- ing conditions at our suppliers. If we identify breaches relating to the contract, we will require changes to be made. At the same time, as a state-owned company, Norske tog has an obligation to comply with the Procurement Act. This act sets out strict requirements relating to matters such as excluding companies from tender competitions. In Article 3, we will explain how Norske tog worked on these issues ahead of signing the agreements for the procurement of local trains from Alstom SA. Scrapping of old train sets Norske tog works on sustainability by imposing require- ments relating to energy consumption and emissions in connection with the procurement of new train sets and concerning reuse and recycling when scrapping trains. Now that Norske tog is buying new local trains and long-distance trains, we require our suppliers to provide life cycle analyses for the trains, including calculations of energy consumption, noise, material consumption and the environmental footprint associated with disposal/ scrapping. When older train sets are retired and scrapped, our goal is to reuse and recycle as much of the materials as possible. This is an important part of Norske tog’s work on the circular economy. Through a collaboration with the Norwegian recycling company Hellik Teigen, Norske tog has achieved a material recycling ratio of almost 90 per cent when scrapping old train sets. In Article 4, we will talk more about how Norske tog works on the circular economy through professional management when scrapping older train sets. Bimodal train set, Class 76

56 This year’s articles ployee survey conducted in 2021. Both job satisfaction and loyalty increased from 2020 to 2021, despite the fact that the majority of employees have worked from home a lot and only had the opportunity to meet digitally during the year. Norske tog is committed to including and involving all employees. New employees quickly come to learn their duties through the buddy and mentoring schemes. In the rest of this article, you will have the chance to get to know ﬁve Norske tog employees a bit better. The autumn of 2021 marked ﬁve years since the rolling stock arm of NSB was separated from NSB and estab- lished as a separate limited company under the Ministry of Transport and Communications, tasked with pro- curing, owning and managing trains to lease out to the operators that run passenger trains in Norway. The company was renamed in 2017 to Norske tog. 32 employees, all with extensive experience from NSB, followed the new company. Since then, Norske tog has grown substantially and the number of customers has increased from one to four and the number of employees from 32 to 51. In 2021 alone, Norske tog recruited 17 new employees. Fun at work Norske tog is the leading professional environment for the procurement, adaptation and management of railway vehicles in Norway. Norske tog employees need to pos- sess specialist expertise on both trains and the unique Norwegian conditions that are crucial when procuring and managing trains. The Norwegian climate, with its wintry weather and snow, as well as the mountainous terrain, mean that the train sets need to fulﬁl a number of technical requirements in order to be suitable for Norwe- gian conditions. The train enthusiasts at Norske tog come from varied backgrounds. 35 per cent of the company’s employees are female. This is a high proportion in the traditionally male-dominated railway environment, but it is not high enough for us. Two out of ﬁve people in the management team are female. The 51 employees represent a total of ten diﬀerent na- tionalities and our colleagues hold passports from Italy, Iran, Sweden, Germany, Cuba, Romania, the UK, France, India and Norway. Norske tog employees report high levels of job satisfac- tion and a strong sense of loyalty, according to the em- The train enthusiasts at Norske tog A total of 51 train enthusiasts and experts work at Norske tog. Let’s meet some of them. Climbing on top of, under and inside trains Name: Karoline Kjuus (28 years) Education: Mechanical Engineer. Graduated from the University of Southeast Norway. Job: Technical Inspector From: Ski, Follo During working hours, Karoline Kjuus can be found climbing on top of, under and inside trains. She works as a quality controller with Norske tog and conducts tech- nical inspections of carriages, locomotives and motor coach sets. “In practice, it is basically a complete inspection of the train. I carry out a visual inspection, which means that I visit the trains to look around and report on whether everything is as it should be. I also carry out functional testing from the driver’s cabs in the train sets, where we check that things like IDU, PIS and GSM-R work as intended, carry out brake tests and check that all of the functions in the driver’s cab work as intended; doors, steps and engine rooms, including cabinets, cables and valves. It’s a pretty physical job, we climb onto the roof and underneath the trains, both externally and internally,” Kjuus explains.

58 This year’s articles She is a trained Mechanical Engineer specialising in product design and worked in the oil industry after grad- uating. “The job I had in the oil industry was not all that diﬀerent to my current role with Norske tog, except I worked on hydraulic subsea hoses rather than trains. The biggest diﬀerence is the ﬂuctuations: In the oil industry, activity levels vary signiﬁcantly and it gets really busy for a while, then it goes quiet and then it picks back up again. It is more balanced at Norske tog and there are plenty of opportunities to develop and lots of interesting projects taking place. I enjoy that,” she says. Kjuus is one of 17 employees to join Norske Tog in 2021. “I have gained a new colleague each month, but that has been great. The people who work here are diﬀerent, in terms of age, gender and background. We have an excel- lent onboarding programme for new employees, which means that I have received close follow-up from my man- ager. I was also assigned a buddy and a mentor.” From oil to tram cars to trains Name: Julian Zeitzmann (39 years) Education: Graduated with a degree in Mechanical Engineering and Manufacturing. Graduated from the University of Bremen, Germany. Job: Technical Project Manager for the procurement of new long-distance trains From: Rügen in Germany Julian Zeitzmann started in the oil industry before he joined Sporveien, where he procured trams. He now brews beer and works as the Technical Project Manager for new long-distance trains at Norske tog. “I brew beer together with my brother. But let me just say that I enjoy the brewing more than the drinking. It’s impor- tant to clarify that when you work in transport,” Zeitzmann says with a laugh. “What did you ﬁnd most surprising when you joined Norske tog?” “One of the biggest diﬀerences between Sporveien and Norske tog is that the latter feels a lot more close-knit. The company consists of around 50 people and we all get to know each other pretty well. Everyone’s based in the same place and we have lunch together. We’re almost like a big family.” Julian Zeitzmann

59 Annual Report 2021 First female engineer in the technical department Name: Razieh Nejati Fard (34 years) Education: Graduate Engineer, Electrical Power. Grad- uated from the Norwegian University of Science and Technology (NTNU). Job: Special Adviser, Electrical Engineering. From: Teheran, Iran “I’m a train enthusiast! Trains are very climate-friendly and we can make them an even more climate-friendly mode of transport by replacing diesel with electricity. That’s something that is important to me,” says Razieh Nejati Fard. She has been working at Norske tog since early 2019, initially as an Electrical Engineer and now as a Special Adviser responsible for electrical installations and trac- tion systems, i.e. the electricity that propels the trains forward. “When I joined, I was the ﬁrst female engineer in the technical department at Norske tog. Norske tog now employs more female engineers, so there has been great progress in the last two years,” Fard explains. She studied engineering and specialised in electrical power at NTNU and has worked on ship engines in the shipping industry and as a researcher at NTNU looking at mining in the seabed. “I hadn’t really planned to leave research, but when I saw the job advert from Norske tog it felt just right for me. I fell in love with the job. When you work as a researcher it is very theoretical, but at Norske tog I have the chance to work on physical things. I also realised that it wasn’t quite right for me to conduct research into mining in the seabed. It destroys nature. I felt guilty when I was work- ing on that,” she explains. Fard is originally from Iran, but she and her husband moved to Trondheim together in 2011 to study. Now, they both live in Bærum, together with their son. “When I joined Norske tog, I received excellent help and training from Erland Rasten, who has since retired. I could talk to him about all kinds of materials and all types of trains. It was incredibly educational. As an engi- neer, it’s important to me that I am able to have produc- tive technical discussions with my colleagues, as well as having varied work tasks. And those are things I do have at Norske tog.” Razieh Nejati Fard

60 This year’s articles From air to rail to contributing to the green shift Name: Vibeke Bergmo (44 years) Education: Bachelor in Marketing and Tourism. Graduated from the BI Business School and Otto Treider. Job: Key Account Manager From: Nordreisa in Nord-Troms “For me, the environmental perspective was crucial to my decision to switch workplaces from air to rail. Working at Norske tog allows me to contribute to the green shift,” says Vibeke Bergmo. Vibeke joined Norske tog as a Key Account Manager in the middle of the pandemic, in August 2020, after working for the airline Norwegian for 17 years. “I remember seeing the Norske tog role advertised and how I felt that it seemed perfect for me when it came to both work activities and the climate. I could have applied for hundreds of other positions, but I only applied for this one. This was the job I wanted,” says Bergmo. At Norske Tog, Bergmo is responsible for Traﬃc Package 2 North, i.e. the train traﬃc between Oslo and Trondheim and between Trondheim and Bodø. She is the main point of contact at Norske tog for the operator SJ Norge. “This position allows me to be involved with several parallel processes and to juggle a lot of balls at the same time. Last autumn, for example, the new bimodal trains were put into service on the Trøndelag Line and that meant I had to work closely with suppliers, the Norwegian Railway Directorate, Bane NOR and the operator. I also work closely with and receive a lot of support from the various departments at Norske tog, such as the technical department, the legal department and ﬁnance.” 2021 was a challenging year and involved working from home a lot. “It went well. I feel that we have become a family at Norske tog, there’s a strong sense of community and we spend a lot of time together, both at work and during our free time.” Vibeke Bergmo

62 sustainability and green ﬁnancing must be viewed in light of the extensive climate work that is being undertaken in the EU – work that has a signiﬁcant eﬀect on Norway and Norwegian companies. In 2019, the EU launched the European Green Deal – an ambitious plan laying out how Europe will become a net zero-emission region by 2050. The EU’s Green Deal outlines how all sectors will, and must, cut their own CO 2 emissions, such that the net zero emissions target can be met. To achieve this, our energy systems, transport systems and consumption patterns must undergo a major restructuring. Fossil fuels must be replaced by renewable energy and materials need to be used and recycled in a much more eﬃcient way. In 2020, the European Commission reinforced the EU Green Deal through the introduction of a larger legislative package called ‘Fit for 55’. The goal of this package of laws is to, by 2030, reduce the EU’s CO 2 emissions by 55% compared to 1990. Gigantic climate investments The European Green Deal also facilitates gigantic investments in greener, sustainable activities. Enormous amounts of renewable energy must be developed using solar, wind and water. A number of sectors, including transport, must adapt to these sources of energy. Only using public capital will not provide enough to actualise such ambitious plans. Private capital must also contribute. The EU has therefore adopted several regulations that aim to motivate private capital to invest sustainably. And this is where the EU Taxonomy comes in. The taxonomy functions as a classiﬁcation system that sets the criteria for exactly which activities are sustainable. This will help the ﬁnance sector, the public sector and individual companies in gaining a common understanding of what actually constitutes a sustainable In its annual environmental impact report, Norske tog highlighted the potential for reduced CO 2 emissions by replacing cars and buses with electric trains as a means of transport. Estimations show that the potential for savings in greenhouse gas emissions is at least 37,649 tonnes of CO 2 per year if passengers choose to travel on the new electric trains rather than using alternative means of transport. As an environmentally friendly means of transport that contributes to reducing the climate footprint from the transport sector, the railway appeals to many green investors. This is why there was great interest when Norske tog issued two new green bonds, totalling NOK 2 billion, to the market during the autumn of 2021. The bonds were highly oversubscribed, with demand from both Norwegian and international investors. These green bonds have helped Norske tog secure favourable ﬁnancing for 34 new electric regional and local trains, as well as contributing to the procurement of 30 new local trains. Going forward, Norske tog has an ambition to ﬁnance the procurement of 17 long-distance trains using green bonds. The EU Green Deal Norske tog’s framework for issuing green bonds in the bond market, the Green Bond Framework, which was established in 2019, forms the basis for the successful borrowing. The ambition in developing this framework is for it to contribute to making the railway even more climate-friendly by making further investments in climate-friendly vehicles and supporting the signiﬁcant investments made to expand and upgrade the Norwegian railway infrastructure. Over time, Norske tog will work to adapt its framework and environmental impact reporting to be in line with the EU Green Bond Standard. The company’s work on Green bonds for even greener train journeys Norske tog has secured NOK 3.2 billion through green bonds issued in 2021 and 2019 to ﬁnance the procurement of new electric train sets. The electric trains will contribute to savings in greenhouse gas emissions compared to alternative transport if passengers choose to travel by train rather than car or bus. This year’s articles

63 Annual Report 2021 Green investment projects 34 electric Class 74 and Class 75 train sets have been ﬁnanced with funds from green bonds. The trains are manufactured by Stadler and are of the FLIRT type. The two train classes were ordered in 2018 and the last train set is scheduled for delivery to Norske tog in December 2022. Both of these classes of train are adapted to the Norwegian climate, with its snow and cold winters. The trains can travel at up to 200 kilometres per hour and have a universal design so that passengers with impaired vision and varying degrees of disability can easily ﬁnd their way around. Flirt Class 74 are electric train sets that can be used on regional train journeys lasting up to three hours and are conﬁgured with 44 comfort seats. Flirt Class 75 are electric train sets that will largely be used for local traﬃc in the Oslo and Bergen regions. These train sets are designed for shorter train journeys. Additionally, funding has been set aside for allocation to the local train project for which the contract was signed in January 2022. Initially, the funds will be used to cover the advance payments for the 30 local trains that have been ordered, with estimated delivery scheduled for 2025. activity, or simply put: Which activities signiﬁcantly contribute to our achieving the six deﬁned climate and environmental objectives. 90 per cent electric During the autumn of 2021, two of the six environmental and climate targets in the taxonomy were adopted; the limitation of climate change and climate adaptation. These two targets had already been implemented in January 2022. In order for the transport sector to be deﬁned as sustainable, it must convert to electrical energy by 2025. In this respect, Norske tog is particularly well-positioned. Around 90% of Norske tog’s train sets are already electric. Norske tog still owns 39 locomotives and train sets that run on diesel. These train sets were supplied in the 1980s and 2000s. From 2022, 14 Class 92 train sets are scheduled to be retired and replaced by electric or bimodal trains. The remaining ﬁve Di4 locomotives will be retired when the new long-distance trains are delivered. The retirement of the ﬁnal 15 Class 93 trains will depend on the pace of the procurement of further new trains and the electriﬁcation of routes. Eirik Jenssen, Quality Controller at Norske tog, controlling the roof of a Flirt-train

64 lations are not necessarily linked to the speciﬁc procurement made by Norske tog, but could be associated with other parts of the supplier’s activities. There may be cases where there are violations of human and labour rights, but the procurement regulations do not allow for the exclusion of the supplier from a competition. Multinational groups When Norske tog decided to buy new local trains, six suppliers pre-qualiﬁed to submit tenders. These were: • Construcciones Auxiliar De Ferrocarrilles (CAF) • Alstom Transport • Bombardier Transportation (since acquired by Alstom) • Hitachi Rail • Siemens Mobility • Stadler Rail All six train manufacturers are major global groups with worldwide activities. A simple Google search would show that the companies or their subsidiaries have been criticised by the UN and several civil society organisations for individual projects or parts of their operations that are linked to violations of human and labour rights. Thorough investigations As part of the tender competition, Norske Tog conducted a thorough process in order to assess the various suppliers in relation to the environment, human rights and corporate social responsibility. As part of the due diligence measures associated with the procurement of new local trains, Norske tog conducted IDD (integrity due diligence) on pre-qualiﬁed suppliers. IDD means that Norske Ttog is able to identify the ownership structures of the supplier, as well as identifying any sanctioned companies and individuals, conduct regulatory checks and identify any links to tax havens, legal disputes, corruption or organised crime. In December 2021, Norske tog announced that the company has entered into an agreement with the French train manufacturer Alstom concerning the purchase of 30 train sets worth NOK 4 billion. The train sets will be in service on the Østfold Line from 2025. Norske tog also secured the option to purchase an additional 170 train sets from Alstom. Several parties, including the Norwegian Confederation of Trade Unions, are critical of the fact that Norske tog has awarded the local train contract to Alstom. The reason for this is that one of Alstom’s subsidiaries was involved in a collaboration to build a light railway in East Jerusalem. As a result, Alstom was placed on a list of companies with activities in occupied Palestinian territory by the UN High Commissioner for Human Rights. Alstom has since withdrawn from the project in question, but is now involved in the tendering process for the development of the Jerusalem Blue Line. It is important to Norske tog that we are transparent about the assessments we conduct prior to major procurements. In this article, we will explain how we work on assessments of potential suppliers ahead of major contracts. Must comply with Norwegian law The starting point is that Norske tog, as a state-owned company, has to comply with the procurement rules set down in Norwegian laws and regulations. Such regulations impose strict requirements when it comes to excluding companies from competitions. On the part of Norske tog, which buys goods and services from multinational groups with operations in multiple countries, this means that we may have suppliers whose operations involve indirect or direct violations of human or labour rights. This may either be within the supplier’s own activities or through business associates. Such vio- Requirements and expectations for suppliers Norske tog buys trains and services from multinational groups with operations in many countries. Prior to major procurements, Norske tog conducts thorough processes to ensure that suppliers respect human rights and assume corporate social responsibility. This year’s articles

65 Annual Report 2021 Transparency Act, which enters into force during the summer of 2022. The new Transparency Act is based on the UN’s Guiding Principles for Business and Human Rights and the OECD Guidelines for Responsible Business. The Transparency Act means that all Norwegian companies over a certain size must carry out due diligence on the working conditions of their suppliers and partners. In the event that Norwegian companies identify violations on the part of suppliers, the companies are expected to demand change. Non-compliance with such demands for change could in time provide grounds for termination of the contract. Norske tog will be subject to the new Transparency Act. This is something we are very happy about. It was during this process that Norske tog identiﬁed that Alstom had been involved in supplying trains to a railway project in the occupied territory in East Jerusalem. On this basis, Norske tog chose to obtain a legal opinion concerning Alstom’s involvement in East Jerusalem from an external law ﬁrm, in which all questions and critical comments from the Norwegian Confederation of Trade Unions and others were considered. Norske tog engaged in dialogue with Alstom in relation to these matters and received satisfactory answers. Must have a court ruling Norske tog’s interpretation of the procurement regulations was that Alstom’s involvement in East Jerusalem was not enough to exclude the company from participating in the tender competition, nor from being selected as a supplier. Pursuant to the procurement regulations, Norske tog cannot exclude a supplier from participating in a tender competition and justify such exclusion on these grounds. Norske tog must follow up to ensure that Alstom conducts itself responsibly and we will engage in close dialogue with Alstom in relation to this matter going forward. Each case is unique The review of the six suppliers that were pre-qualiﬁed to submit a tender for new local trains showed just how complicated and complex the situation is when looking to enter into agreements with multinational enterprises. Norske tog imposes strict requirements on its suppliers with regard to compliance with human rights and the working conditions of their employees. At the same time, a company on the UN’s list of companies (or one of its subsidiaries) that may be in violation of human rights is not automatically excluded from participation in tender com- petitions without speciﬁc assessments being carried out. It is the actual tenderer/supplier that will be evaluated and that must be associated with any grounds for exclusion. As a general rule, neither the parent company nor aﬃliated companies may be identiﬁed together with the tenderer. New Transparency Act In June 2021, the Norwegian parliament passed a new Karoline Kjuus and Eirik Jenssen, Quality Controllers in Norske tog, onboard a Class 76 train

66 10-12 tonnes and requires specialist storage. Using large cranes, the bogie trucks are stacked on top of one another in twos in the enormous halls. Critical components We refer to spare parts that have been discontinued, that are complex or time-consuming to obtain or particularly expensive as “critical components”. Such spare parts are essential for older train sets that are still operational to be repaired and remain in service for a few more years. The dismantling of older train sets with Hellik Teigen is therefore crucial to Norske tog now being able to build up a stock of critical components. Originally a scrap dealer The family-owned company Hellik Teigen started oﬀ as a scrap dealer 120 years ago. Today, the Hokksund company, which has 110 employees, is one of Norway’s largest when it comes to the recycling of iron, other metals and EE waste. At Hellik Teigen, enormous machines are used to crush ships and oﬀshore installations as though they were matchsticks. Even train sets weighing several hundred tonnes are broken down like kindling when subjected to Hellik Teigen’s heavy machinery. Nothing is small at the former scrap dealer: Every year, Hellik Teigen recycles around 250,000 tonnes of scrap metal on behalf of its customers. Everything from train sets to ships and platforms is cut up and recycled. The main focus is on recycling scrap metals in an environmentally friendly, safe and eﬃcient manner. Recycling scrap metals is good for both the climate and the economy. For Norske Tog, the work on the circular economy is important from a climate perspective and also because it contributes to securing adequate spare parts that Norske tog requires to repair train sets that are still in service. In 2021, Norske tog sent two older train sets, one locomotive and one airport train, to be scrapped by our partner Hellik Teigen in Hokksund. As many as 22 train sets will be sent for scrapping at the recycling company in 2022. The train sets are dismantled at Hellik Teigen piece by piece using heavy machines. It’s almost a bit like dismantling a Lego structure, but with each Lego piece weighing up to 12 tonnes and measuring tens of metres long. A gigantic warehouse All dismantled parts that can be reused in train sets that remain in service are subjected to functional quality checks before they can be used. The parts are carefully packaged onto various pallets before being transported to a warehouse the size of a football pitch that Norske Tog constructed in 2021. There, the parts are sent for functional testing before they can be used again. At the warehouse, there is shelf upon shelf of spare parts in the form of electronics, transformers, control components, circuit boards, capacitors, refrigeration units, cables, train seats, cover panels for seat backs and walls and ceilings for train compartments – all of the spare parts that could be required when a 30-40 year old train has to go into the workshop for maintenance, repair or replacement of parts. Bogie trucks are also stored at the Norske tog warehouse. A bogie truck is an wheeled assembly that attaches to the underside of the train set. Each bogie truck weighs How train sets are dismantled like giant Lego pieces In 2021, Norske tog sent two train sets, one airport train and one locomotive, for dismantling and scrapping. The trains were dismantled part by part. As much as 90 per cent of the trains have been recovered. This year’s articles

68 2. Machine cutting During this phase, the train sets are cut into smaller parts using enormous mobile scissors. 3. Machine sorting Any reusable components are sorted during this process. All cables are sorted. Cables are cut open and copper is recovered. The following fractions are also sorted: Pure coarse iron is moved to stationary scissors and mixed thin materials are sent for crushing in a giant “shredder”, like those used in oﬃces. Eddy currents, magnets and magnetic ﬂuids are all used to help sort the metals. Manual sorting is also carried out for any parts that the machines are unable to sort correctly. Everything that can be sent to the reﬁnery is sorted and sold on. Anything that cannot be reused is burned and turned into energy through heat recovery. 90 per cent material recovery In 2021, Norske tog prepared a detailed report that documented the entire process associated with the scrapping of the two Class 70 train sets and measured the recycling ratio for all materials. These two train sets comprised a total of eight carriages and the report looked at the scrapping and material recovery for seven of the carriages, but only half of the bogie trucks for one of the train sets as these were required for other trains that remain in service. The investigation found that the material recovery rate for the two train sets was as high as 89.7 per cent. Energy recovery represented 10.3 per cent. If all of the carriages had been included, i.e. the eight carriages and all dismantled components, the material recovery rate would likely have been even higher, perhaps as high as 93-94 per cent. This is because each bogie truck weighs 10-12 tonnes and is made of 100 per cent iron. For Norske tog, the high material recovery rate is inspiring and shows how important and eﬀective it is to focus on reuse and recycling throughout the entire value chain. Given the key role it has to play in achieving a more eﬃcient and climate-friendly transport system, Norske tog considers it indispensable to recycle and reuse as much as possible when retiring old train sets. 30-year old trains The two train sets that were sent to Hellik Teigen in 2021 were Class 70 train sets, electric motor coach sets consisting of four carriages. The train sets were supplied during the 1992-1996 period, which means that they are around 30 years old and by 2021 the train sets were in a poor technical condition. The train sets were used as regional trains in eastern Norway. An old locomotive that was no longer required in the traﬃc packages was also sent for dismantling and scrapping in 2021 due to the need for spare parts for the remaining locomotives in service. The same was the case for a train set that Norske tog bought from Flytoget in December 2020. The airport train set is similar to the Class 73 trains used by Norske tog and was bought to secure critical components for the company. The airport train set was therefore sent straight to Hellik Teigen for dismantling and scrapping after the acquisition of the train set in 2021. In 2022, additional Class 70 train sets are scheduled for retirement in parallel with more Class 74 train sets being delivered as part of the ﬁfth option under the FLIRT contract. In addition to the scrapping of Class 70, 14 Class 92 diesel-driven motor coach sets will also be sent for scrapping. These motor coach sets will be replaced by new bimodal Class 76 train sets in Trøndelag. Documenting the recycling ratio To the untrained eye, the Hellik Teigen process involves tonnes of steel, kilometres of wires, electronics and transformers, heavy machinery and enormous reﬁneries. However, behind the scenes there is a carefully planned process consisting of three stages: 1. Manual remediation During this phase, hazardous waste is identiﬁed. Fluorescent tubes and lamps, as well as batteries, are removed from the train sets. Oil is emptied from all containers. The transformer oil from the train sets is puriﬁed. Capacitors, refrigeration units, cables and other electrical and electronic waste are also dismantled. This year’s articles

73 Annual Report 2021 Area Explanation Comment Corporate governance report The company is wholly owned by the Norwegian state, represented by the Ministry of Transport and Communications, and conducts its operations in line with the company’s articles of association. The company’s Board of Directors ensures good corporate governance by adopting frameworks for risk management and internal control and by considering the company’s strategy. Business The company’s purpose is to procure, own and manage trains to lease to passenger train operating companies in Norway, as well as related activities. The Board of Directors evaluates the company’s goals, strategies and risk proﬁle on an annual basis. The company has adopted a set of values and guidelines for ethics and corporate social responsibility. Equity and dividends As of 31 December 2021, Norske tog had equity of NOK 3,297 million. The company targets an equity ratio of over 20%. The earnings model and plans for signiﬁcant investments in new train sets mean that the Board will not propose dividend payments in the coming strategy period. Equal treatment of shareholders and transactions with related parties The company has only one share class. All the shares are owned by the Norwegian state and administered by the Ministry of Transport and Communications. Guidelines for handling transactions that are not insigniﬁcant between the company and board members/senior employees are incorporated in the Code of Conduct and instructions for the Board of Directors and CEO. Free negotiability All of the shares are owned by the Ministry of Transport and Communications. The NUES require- ments in this area are not considered to be relevant. General meeting The Norwegian state, represented by the Ministry of Transport and Com- munications, makes up the general meeting. The annual general meeting is held by the end of June each year. As a minimum, the chair- person of the Board of Directors, CEO and auditor shall participate in the meeting. The notice convening the annual general meeting is sent to the shareholder no later than one week in advance of the General meeting of the Ministry of Transport and Communications. The annual general meet- ing is opened by the chairperson of the Board of Directors. The general meeting subsequently elects a chairperson for the meeting. Nomination committee The general meeting comprises the Ministry of Transport and Commu- nications and no nomination committee has been appointed. Election of board members follows the Ministry’s processes for composition of boards of directors in wholly owned companies. The chairperson of the Board of Directors is appointed by the Board of Directors. An employ- ee-elected board member is elected by and from among the employees. The NUES require- ments in this area are not considered to be relevant.

74 Area Explanation Comment Corporate assembly and the Board of Directors: composition and independence Norske Tog AS does not have a corporate assembly. In 2021, the Board of Directors comprised three shareholder-elected members, of which two were female and one was male, as well as one male employee-elected representative. The employee-elected board member is not part of the management group. The Board of Directors possesses broad experience from diﬀerent areas of business and industry and has good knowledge of the company’s operations. The recommendation that board members should be encouraged to own shares in the company is not applicable. The work of the Board of Directors The Board of Directors meets a minimum of six times a year, including one annual strategy meeting. Meetings are otherwise convened as required. The number of meetings convened in 2021 was 11 – ﬁve ordinary and six extraordinary board meetings. The Board of Directors draws up an annual plan for its meetings. The Board of Directors evaluates its work and expertise on an annual basis. Risk management and internal control Each year, the Board of Directors issues guidance and sets require- ments for assessing risk and capital requirements in accordance with the company’s guidelines. Risk management is treated as an integral part of the company’s business plan. To ensure integrated management of the company, a dedicated management system has been drawn up comprising processes and routines to manage and control the business. Principles and guidelines, routines and authorisation matrices have been prepared in order to manage and control the company’s ﬁnancial position, accounts and ﬁnancing. Remuneration to the Board of Directors The Board of Directors’ remuneration is set at the general meeting. Remuneration is not dependent on performance. No board members or companies of which they are related parties have undertaken special tasks for the company. Remuneration of executive management A detailed overview of remuneration of senior employees in the company can be found in Note 23. Pursuant to the articles of association, the Board of Directors has drawn up a declaration on executive pay. The CEO is authorised to set the salary and other remuneration for the company’s senior management within the framework of the government’s “Guidelines for salaries and other remuneration of senior executives in companies with state ownership”, and the principles for executive pay set by the Board of Directors. The Board of Directors’ declaration on executive pay is considered as a separate agenda item at the annual general meeting. Corporate governance

79 Annual Report 2021 Summary of results and trends for Norske tog AS in 2021 Activity levels at Norske tog were high in 2021, with the company working on the largest train procurement in Norwegian history. New local trains and long-distance trains are both due to be procured. The government is investing in the Norwegian railways and this has led to high levels of activity in the railway sector, including Norske tog. In 2021, Norske tog announced that Alstom had won the contract to supply new local trains, which means that Norske tog will initially purchase 30 local trains from the company, with an option to buy an additional 170 trains. The company has also announced a tender competition for the supply of new long-distance trains and four suppliers have now pre-qualiﬁed to submit tenders. The work to make the railway more environmentally friendly and also more attractive to passengers continued in 2021. During the year, Norske tog took delivery of ten bimodal trains from Stadler, which have been handed over to SJ Norge and were put into service on the Trøndelag Line during the autumn. These trains will replace diesel trains that are more than 30 years old. The new trains will contribute to a reduction in CO 2 emissions of 30 per cent per passenger. During the year, Norske tog also completed the installation of mobile ampliﬁers on board 184 train sets, resulting in improved and more stable mobile connectivity for passengers. Following an extraordinary allocation from the Norwegian parliament in order to improve overnight train services for passengers, Norske tog has entered into framework agreements with the Norwegian company Georg Eknes AS and the Czech company Borcad concerning the delivery of new reclining seats. Financial developments at Norske tog In 2021, Norske tog achieved a proﬁt of MNOK 161 after tax, up from MNOK 99 in 2020. This increase in proﬁts can be attributed to lower costs, largely associated with backlogs in upgrades to vehicles and lower ﬁnancial costs. The ﬁnancial result in 2021 was up MNOK 42 from 2020. The main explanation is the diﬀerence in loan values, amounting to NOK 57 million in 2021 compared to 2020. The result gives a return on book equity of 5.1% compared to 3.2% in 2020. In the long term, the company aims to deliver a return of 5 per cent. The annual return may ﬂuctuate over time, in line with the scale of planned investment in new train sets or modiﬁcations to existing vehicles. Net cash ﬂow from operations was MNOK 706 in 2021, compared to MNOK 1,112 in 2020. Net cash ﬂow used for investments was MNOK 1,383 (compared to MNOK 840 in 2020). The company’s working capital was MNOK 1,029 (MNOK -70 in 2020). The working capital has changed largely due to new borrowing. The balance sheet (debt and equity) was MNOK 13,030 in 2021, compared to MNOK 11,560 in 2020. The balance sheet total is higher as a result of investments in new trains and new borrowing. Including proﬁt for the year, equity amounted to MNOK 3,297 (MNOK 3,164 in 2020). The equity ratio is 25 per cent. Non-restricted equity amounts to MNOK 924 (MNOK 764 in 2020). Going concern Pursuant to Section 3-3a of the Norwegian Accounting Act, it is conﬁrmed that the ﬁnancial statements have been presented under the assumption of a going concern. The proﬁt for the year will be transferred to Other equity. Purpose of the company Norske tog procures, owns and manages vehicles for rail passenger transport in Norway. The company enters into agreements with train operating companies that have a traﬃc agreement with the Norwegian Railway Directorate for the lease of train sets. The state’s goal as owner is cost-eﬀective procurement and leasing of trains. The quality and size of Norske tog’s train ﬂeet shall be adapted to the publicly funded passenger train service. Based on the conditions that arise from the Norwegian Railway Directorate’s traﬃc agreements with train operators, operators pay a lease to Norske tog for the use of the company’s vehicles. Corporate governance report The Corporate governance report is appended to the annual report and ﬁnancial statements and discussed by the Board of Directors.

80 Goals and strategies Norske tog will eﬀectively facilitate access to a suﬃcient number of standardised and modern trains, in line with society’s demand for passenger transport by train. In this way, the company will contribute to an integrated ﬂeet of trains on Norway’s railways. Norske tog will draw up plans to cope with capacity requirements and traﬃc growth for existing and future contracts. The company has drawn up a lease agreement that will form the basis for leasing trains to all operators. Norske tog’s vehicle strategy shall help to ensure standardisation and optimisation of trains and systems. The company shall also act in an advisory capacity concerning factors at the interface between vehicles and infrastructure/workshops and shall possess leading expertise in the procurement of trains and systems. Norske tog shall at all times follow technological developments and have an overview of new technological solutions in the sector. Internal control Norske tog has a separate framework for internal control and has established internal control systems that cover its values, guidelines for ethics and corporate social responsibility, organisation, authorisation structure and steering documents. Financial risk is assessed through separate risk analyses. Based on this, the internal control system is revised as required, in connection with revision of management documents, guidelines, procedures and key control matters. HR, non-discrimination and the external environment Norske tog conducts an annual employee survey. This year’s survey shows that employees at Norske tog report an average score of 79 per cent in terms of Job Satisfaction, up from 72 per cent in 2020. A score of between 60 and 74 per cent is considered “medium” and a score of between 75 and 100 is considered “high”. In terms of Loyalty, the average score is 85 per cent, up from 80 per cent in 2020. In total, this shows that Norske tog’s employees have high levels of job satisfaction and loyalty to the company. Norske tog works purposefully with the company’s employees on skills development and engagement. Sick leave remains low, averaging 2.3% in 2021. The company recruited 17 employees in 2021 and said goodbye to ﬁve employees, three of whom retired. The increase in the number of FTEs is the result of a deliberate focus on ensuring adequate expertise and capacity to follow up on the procurement processes relating to local and long-distance trains. Since its formation, Norske tog has worked to improve diversity in the company. The proportion of women has now increased to 35 per cent (18 out of 51 employees). The goal during recruitment has been to ensure that there is always one qualiﬁed female candidate and one candidate from a minority background invited to all second interview rounds. The systematic eﬀorts to recruit well-qualiﬁed female candidates will continue in order to further improve the gender balance in coming years. The eﬀorts to increase the number of employees from minority backgrounds has also yielded results and Norske tog now has a more diverse group of employees. Norske tog can conﬁrm that the company has fulﬁlled its activity requirement pursuant to the Equality and Anti-Discrimination Act. Please refer to the section on page XX - 4. talented and developing working environment in the annual report. There have not been any serious accidents or incidents involving Norske tog’s vehicles in 2021. There were no reports of injuries to Norske tog’s employees or passengers as a result of faults or defects in trains. In 2021, Norske tog’s Board of Directors was unchanged from the previous year, with three shareholder-elected members, two female and one male, as well as one employee-elected male representative. A new employee representative was elected in March 2021. Board liability insurance covering all board members, including deputies and the company’s management team, has been taken out. Excluding the USA and Canada, the insurance is global and covers up to NOK 500 million per claim. Please also refer to the corporate social responsibility report for Norske tog, which has been prepared in accordance with Section 3-3c of the Accounting Act. Outlook Norske tog has an important role to play in presenting Board of Directors’ Annual Report

81 Annual Report 2021 the Norwegian rail system as an attractive transport option for local, regional and long-distance travel. Helping more passengers choose to travel by train rather than car, bus or plane is important in reducing total greenhouse gas emissions from the transport sector. Large parts of 2020 and 2021 were characterised by strict infection control measures related to COVID-19, with large parts of the population working from home. During the ﬁrst half of 2021, the demand for train journeys in passenger traﬃc reduced signiﬁcantly compared to similar periods in a “normal year”. Demand increased in the latter half of 2021, but declined towards the end of the year as a result of another wave of infections. Before the pandemic, the Norwegian Railway Directorate estimated there would be an increase in passenger journeys from 80.4 million in 2019 to 112 million in 2033. This corresponds to an increase of nearly 40 per cent. The big question now is whether this growth is realistic for the coming years, even if society fully reopens. Multiple companies are accommodating a more ﬂexible working day, with increased use of remote working and ﬂexible hours. It is therefore diﬃcult to predict how “a new normal” would aﬀect passenger trends and the demand for train transport going forward. Norske tog will continue to work on the following projects in 2022: • The procurement of new long-distance trains, including the evaluation of tenders submitted during the tender competition. In the 2022 national budget, the company has been allocated an investment budget for the procurement of 17 new long-distance trains. • ERTMS installation is well under way on board trains. The Nordland Line northbound and the northern part of the Gjøvik Line have been prioritised, as these lines will start using ERTMS from the end of 2022. • The work on installing mobile ampliﬁers is continuing in 2022. Mobile ampliﬁers still need to be installed in Class 72 local trains and Class 93 regional trains. When the Flirt Class 74, 75 and 76 trains are due for mid-life upgrades, the mobile ampliﬁers on board these trains will also be upgraded. • Together with the supplier, Siemens, Norske tog will install new “First of Class” train radios on four vehicle classes during the second half of 2022. This work involves obtaining train radio licenses, delivering training to the operators’ instructors and starting test operations of the radios in regular traﬃc. • The overnight train service will be improved in 2022 and new reclining seats will be installed on all long- distance routes. The Oslo-Stavanger route is scheduled for completion ﬁrst and passengers on the Sørland Line will be able to enjoy a better overnight product from as early as the start of March. During the summer of 2022, reclining seats will also be installed on trains running on the Nordland Line and the Dovre Line. Passengers travelling on the Bergen Line will also get a better overnight train service during the autumn of 2022 using “ﬂatbeds” that allow the back of the seat to be laid completely ﬂat. Risk Financial risk The company’s overall risk management plan focuses on the unpredictability of the capital markets and seeks to minimise the potential negative impact on the company’s ﬁnancial performance. The company uses ﬁnancial derivatives to hedge against changes in interest and exchange rates. Norske tog takes out loans in the markets and currencies that are believed to provide the most favourable conditions overall. Loans in foreign currency are converted to NOK through combined interest rate and currency swaps. Norske tog aims to minimise currency risk in its ﬁnancial management. The company has had limited exposure to foreign currency risk, as the majority of costs have been in NOK. The new contract for the procurement of local trains has been entered into in EUR. The contract will not be currency hedged, as the Norwegian state acts as a self-insurer and has clearly expressed that it does not require the company to hedge currency risk for the procurement. Additional foreign currency costs will be covered through increased lease income and adjusted residual value guarantees for the procurement. Norske tog is exposed to interest rate changes. The company uses interest rate swaps to reduce interest rate risk and to achieve the desired interest structure for the debt. Targets have been set regulating the proportion of loans that shall be interest adjusted for a twelve-month period, and for the ﬁxed interest rate on the portfolio. The aim is to achieve a mix of approximately 70% at ﬁxed and 30% at ﬂoating rates.

82 According to established targets, 150 per cent of the capital requirement for the company in the next twelve- month period will be covered through free cash ﬂow and established credit facilities. The company has a target for free cash ﬂow of approximately NOK 300 million. In collaboration with KPMG, Norske tog has developed a framework for issuing green bonds in the bond market, the Green Bond Framework. Over time, this framework will be adapted to the EU’s Green Bond Standard. During the autumn of 2021, Norske tog issued two green bonds to the market, totalling NOK 2 billion, in order to ﬁnance the purchase of new electric train sets that can contribute to major annual cuts to emissions. There was signiﬁcant interest from green investors in Norway and abroad and the bonds were fully subscribed to within a short period of time. Together with Norske tog’s ﬁrst green bond from 2019, when the company secured NOK 1.2 billion, the bonds have secured ﬁnancing for Norske Tog to buy new electric local and regional trains. Norske Tog has prepared four indicators for the com- pany’s reporting in the future, thereby ensuring that the funds are invested according to their purpose. The four indicators Norske tog needs to report on are: The number of electric trains procured, increased passenger capacity, increased passenger mileage and reduced CO 2 emissions. Operational risk Systematic analyses are conducted of operational risk and achievement of ﬁnancial targets. Based on the risk analyses, control activities have been established to reduce identiﬁed risks, including automated controls, audits and extended follow-up analyses related to speciﬁc risk areas. Norske tog is responsible for maintaining and, if possible, extending the technical service life of all vehicles owned by the company. Lack of government funding to maintain the service life by means of mid-life upgrades and other modiﬁcations represents a risk for the company. In order for Norske tog to deliver on our tasks, we must have a funding model that provides suﬃcient leasing income and returns for the company to be able to make the necessary procurements on time and allows for the required upgrades. A large proportion of Norske tog’s train ﬂeet is getting old and needs to be replaced. In order for the company to deliver a better train service in accordance with the expectations set out in the National Transport Plan (NTP) for 2022-2033, Norske tog will be dependent on being able to exercise the options in existing procurement agreements. It takes at least two years from exercising an option until the trains are delivered. One risk would be that the company is unable to secure the necessary budget allocations, or does so too late, resulting in an outdated train ﬂeet and the desired improvements to train services not being completed due to a lack of trains. Another risk for the company is not being able to access the train sets at the right time to make major upgrades or changes. There is therefore a risk of projects being delayed. In 2022, this will largely relate to the installation of mobile ampliﬁers and new reclining seats for the improved overnight service. Norske tog is in the process of completing the largest train procurement in Norwegian history. Both new local trains and new long-distance trains will be procured. This procurement is essential for maintaining the Norwegian train service and making the service more attractive. When a record number of trains need to be procured in such a short period of time, it is essential that Norske tog has the key expertise internally to properly follow up on the projects in terms of both eﬃciency and costs. Oslo, 27 April 2022 Annette Malm Justad Marianne Abeler Chairperson Board member Espen Opedal Bjørn Erik Olsson Board member Board member Henriette Torgersen Øystein Risan Board member CEO Board of Directors’ Annual Report

87 Annual Report 2021 Statement of comprehensive income 88 Statement of ﬁnancial position 89 Cash ﬂow statement 90 Statement of changes in equity 91 Notes for the Annual report 2021 92 1. General information and summary of key accounting principles 92 2. Segment information 95 3. Property, plant and equipment 96 4. Trade and other receivables 97 5. Financial risk management 98 6. Derivates 100 7. Financial instruments by category 101 8. Cash and bank deposits 102 9. Share capital and share premium 102 10. Borrowings 103 11. Deferred income tax/Income tax expense 105 12. Payroll and related expense 106 13. Retirement beneﬁt obligations and similar obligations 107 14. Trade and other payables 108 15. Provisions for other liabilities and charges 108 16. Loss on contracts 108 17. Depreciation, amortization and impairment 109 18. Other expenses 109 19. Financial income and expenses 110 20. Unrealised fair value changes 110 21. Rental leases and tenancy agreements 111 22. Related party transactions 113 23. Executive- and Board member compensation 114 24. Contingencies 114 25. Events after the balance sheet date 115 26. Hedge accounting 115 27. Guidelines on the determination of salaries and other beneﬁts for senior executives 116 Declaration from the Board of Directors and CEO in connection with the 2021 annual report 118 APM 119 Auditor’s report 121 Content in the ﬁnancial statements

88 Income statement (All numbers in TNOK) Notes 2021 2020 Operating revenue 2 1,230,464 1,234,078 Payroll and related expenses 12 41,008 43,735 Depreciation and impairment 17 708,574 715,327 Other operating expenses 18 144,963 175,815 Total operating expenses 894,545 934,877 Operating proﬁt 335,919 299,201 Financial posts Financial income 19 59,704 80,525 Financial expenses 19 -213,254 -219,083 Net ﬁnancial expenses - pensions 13, 19 -39 -123 Unrealised fair value changes 20 23,841 -33,507 Net ﬁnancial items -129,748 -172,188 Proﬁt before income tax 206,170 127,013 Income tax expense 11 45,381 27,970 Proﬁt for the year 160,789 99,043 Attributable to Equity holders 160,789 99,043 Other comprehensive income Proﬁt for the year 160,789 99,043 Items that will not be reclassiﬁed to proﬁt or loss Hedge account – currency 26 -36,250 Tax related to items that will be reclassiﬁed 11 7,975 Items that will not be reclassiﬁed to proﬁt or loss Deviation retirement beneﬁt obligations 13 -28 -5 Tax related to items that will not be reclassiﬁed 11 6 1 Total comprehensive income for the period 132,492 99,039 Attributable to Equity holders 132,492 99,039 Statement of comprehensive income Financial statements

92 General information Norske Tog AS was incorporated on 16 June 2016. The White Paper 27 (2014-2015) estab- lished that passenger train rolling stock previously owned by VyGruppen AS (formerly NSB) would be consolidated through a state-controlled rolling stock owner, in order to ensure low barriers to establishment and competition on equal terms. Purpose and scope of application of the company The purpose of the company is to pro- cure, own and manage rolling stock that is to be used mainly for the provision of rail passenger transport as a public service obligation. The company’s rolling stock is to be oﬀered on non-competitive terms. The company also has an adviso- ry function to the Norwegian state. The company’s operations shall have eﬃcient operations. Norske Tog AS is headquartered in Oslo. All shares in Norske Tog AS are owned by the Ministry of Transport and Commu- nications. The 2021 annual accounts were ap- proved by the Board of Directors on 15 February 2022. All ﬁgures in the report are stated in MNOK, unless otherwise speciﬁed in the text. Framework for presentation of the ﬁnancial statements The corporate ﬁnancial statements of Norske Tog AS have been prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations from the IFRS Interpretation Committee (IFRIC), as approved by the EU. The key accounting principles used in the preparation of the company accounts are described below. The ﬁnancial statements have been pre- pared on the basis of the historical cost principle, except for ﬁnancial derivatives and some ﬁnancial assets and liabilities. The company accounts have been submitted on the condition of continued operations. Key assumptions and accounting estimates The application of the company’s ac- counting principles involves the use of estimates and assumptions. Estimates and assumptions are continuously assessed and are based on historical experiences combined with expectations of future events that are deemed likely at the time of assessment. Areas in which the use of estimates and assumptions are important to the com- pany accounts: Financial assets and liabilities at fair value The company has long-term liabilities, ﬁnancial derivatives and some ﬁnancial assets recognised at fair value. The calculation of fair value uses es- timates based mainly on observable pric- es which can change over time. Changed assumptions will result in changes in recognised values, with the diﬀerences reported through the statement of com- prehensive income. Property, plant and equipment The company continuously assesses the expected service life and residual value of ﬁxed assets. This is signiﬁcant for de- preciation and amortisation for the year. Furthermore, the company also assesses the value of the ﬁxed assets and whether there are any indicators of a decrease in value. An impairment assessment is carried out in the event that the recov- erable amount is lower than the book value. These assessments involve a high degree of estimation. Estimated provisions for losses on contracts The company conducts annual tests to assess provisions for losses on contracts for which there are negative operating results and thereby indications for a need for provisions. An impairment assess- ment, cf. the above, is ﬁrst performed for ﬁxed assets used in contracts. The present value of future cash ﬂows for the contract in question is subsequently measured. These assessments involve a high degree of estimation. Please refer to the note relating to provisions for a more detailed description. Pension obligations During the 2020 ﬁnancial year, the com- pany settled its pension liabilities to the Norwegian Government’s Pension Fund and no longer has any obligations to this scheme. The company has an operating pen- sion for employees who will be unable to accrue the right to a contractual early retirement pension under the new contribution scheme. This obligation will be payable only if the employee retires before turning 67 years of age. Segment information Norske Tog AS has only one segment, the leasing of trains. Currency Functional currency and presentation currency The ﬁnancial statements have been pre- sented using Norwegian kroner, which is both the functional and presentation currency of the company. The company’s operations take place solely in Norway. Operating income and costs, procure- ments and ﬁnancing costs predominantly occur in NOK, CHF and EUR. Transac- tions in foreign currencies are converted to functional currency at the time of the transaction. Currency gains and losses that arise during the conversion of items in foreign currencies are recognised in the statement of comprehensive income. The company’s operations take place solely in Norway. Revenue recognition The company’s revenue comes from leasing out rolling stock. Lease agree- Financial statements 1. General information and summary of key accounting policies

93 Annual Report 2021 ments are classiﬁed as operational lease agreements in accordance with IAS 17 and revenue is accrued linearly over the lease period, as the lease agreements are based entirely on ﬁxed prices. Lease agreements are invoiced monthly in advance. Leasing income is not covered by the scope of IFRS 15, the company considers the leasing out of trains for passenger transport to be covered by IFRS 16. Property, plant and equipment Property, plant and equipment are recognised on the statement of ﬁnancial position at acquisition cost less depre- ciation. Acquisition cost includes costs linked directly to the acquisition of the ﬁxed asset so that it is ready for use. Subsequent expenses are recognised on the statement of ﬁnancial position when it is likely that future ﬁnancial beneﬁts associated with the expense will accrue to the company and the expense can be measured reliably. Other repair and maintenance costs are recognised on the statement of ﬁnancial position for the period during which the expenses are incurred. Larger projects are recognised on the statement of ﬁnancial position at the following times: 1. The payment of advances at the time of entering into contracts is classiﬁed as advance payment, part delivery, trains (see Note 3) 2. When progress milestones have been achieved, Norske Tog (PTO) is invoiced and the cost is classiﬁed as advance payment, part delivery, trains (see Note 3) 3. Upon handover of train sets to Norske Tog AS and on to the customer, part delivery, trains, is capitalized and the remaining cost of the means of trans- port is estimated for depreciation 4. Upon receipt of the ﬁnal invoice (FTO), the estimated value is capitalized for depreciation is calculated Borrowing costs incurred in connection with the construction of operating assets are activated as part of plant under construction and included in the basis for depreciation. The company works on multiple major procurements. Since 2021, the company has started to capitalize the hours spent on larger projects by its own employees. This will lead to increased value of ﬁxed assets and a corresponding reduction in payroll costs. Fixed assets are depreciated in accord- ance with the linear method, so that the acquisition cost of the ﬁxed asset is depreciated at residual value over the anticipated service life within the follow- ing intervals: There may be certain cases in which some ﬁxed assets have less service life remaining than the 10 years mentioned below and the depreciation period will then be the expected service life of the ﬁxed asset. Vehicles 10-30 years Right-of-use assets (IFRS 16) 2-12 years The depreciation method, service life of the ﬁxed assets and residual value are assessed each statement of ﬁnancial position day and amended as necessary. Gains and losses upon retirement of ﬁxed assets are recognised in the statement of comprehensive income and constitute the diﬀerence between the sales price and book value. IFRS 16 Leasing IFRS 16 entered into force on 1 January 2019. Leasing out Norske Tog AS’s revenue from leasing out rolling stock will be covered by IFRS 16. In relation to Norske Tog AS’s leasing contracts, IFRS 16 results in only minor changes to disclosure requirements. Norske Tog AS owns the trains that are leased out and, pursuant to IFRS 16.C14, no adjustments to accounting will be implemented during the transition. Leasing Pursuant to IFRS 16, the lessee must recognise all lease agreements on the statement of ﬁnancial position by incorporating all liabilities to pay the lease amounts during the lease period, as well as associated usage rights for the underlying assets. All lease agree- ments that transfer rights to the lessee to control the use of an identiﬁed asset and receive ﬁnancial beneﬁts must also be recognised. There will no longer be any diﬀerence in accounting for ﬁnancial and operational lease agreements. Impairment Fixed assets that are depreciated are tested for impairments only when there are indicators that future earnings cannot justify the value recognised in the bal- ance sheet. Impairment are performed if the value recognised on the statement of ﬁnancial positionis higher than the recoverable amount. The recoverable amount is the highest of the sales value less sales costs and the utility value. To assess a decrease in value, the ﬁxed assets are grouped at the lowest level at which it is possible to diﬀerentiate independent cash ﬂows (cash-generat- ing units). The possibilities for reversing previous impairments are assessed on each reporting date. Derivative instruments and hedging The company enters into derivative instruments to hedge interest rates and foreign currency risks on long-term debt in order to ensure predictability and to achieve the lowest possible price, as well as price predictability. The company practices hedge account- ing for foreign currency futures associat- ed with future procurements, but not for interest rates and foreign currency swaps associated with bonds – see Note 26. Derivative instruments are recognised on the statement of ﬁnancial position at fair value at the time of entering into derivative contracts and are continu- ously adjusted to fair value in the proﬁt and loss statement. Changes in the fair value of concluded derivative contracts associated with debt are recognised in the statement of comprehensive income as ﬁnancial items. The company has had limited exposure to foreign currency risk, as the majority of costs have been in NOK. The new contract for the procurement of local trains has been entered into in EUR. Contracts will not be subject to currency hedging, as the Norwegian government is a self-insurer and does not want the company to hedge procurements. Norske Tog will cover additional foreign currency costs through increased lease income and adjusted residual value guar- antees for procurements. Foreign currency futures contracts have been entered into in order to currency-

94 hedge future payments in accordance with the contract entered into for mid-life upgrades to Class 72 (local train) train sets entered into in EURO. The foreign currency futures contracts have been recognised at fair value. Hedge account- ing managed through cash ﬂow hedging is used in the company. The part of the change in value of the hedging instrument considered to be eﬀective hedging is recognised in other comprehensive income and classiﬁed as cash ﬂow hedging reserve in equity. Upon payment, the corresponding value change is reclassiﬁed from cash ﬂow hedging reserve to Property, plant and equipment (classiﬁed as plant under construction until the mid-life upgrades have been completed). Financial derivative instruments are rec- ognised in accordance with IFRS 9. Financial assets held for trading purposes A ﬁnancial asset is classiﬁed as held for trading purposes if it has been acquired primarily for the purpose of making proﬁts relating to short-term changes in value. Receivables Receivables include trade receivables and are measured upon initial recogni- tion on the statement of ﬁnancial position at the original value considered to be fair value. In subsequent measurements, trade receivables are measured at amortised cost, determined using the eﬀective interest method less provisions for expected bad debts. Provisions for bad debts are recognised on the statement of ﬁnancial position when there are objec- tive indicators that the company will not receive settlement in accordance with the original terms. The transition from an incurred loss mod- el in IAS 39 to an expected loss model in IFRS 9 will result in losses on receivables being recognised at an earlier stage. In December 2019, Norske Tog AS gained a new main customer, Go-Ahead Norge AS, which now operates Traﬃc Package South (started on 15 Decem- ber 2019). SJ Norge AS operates Traﬃc Package North (started on 8 June 2020). Vy tog now operates Traﬃc Package West (started on 13 December 2020). VyGruppen AS operates the rest of the traﬃc packages in Norway. Norske Tog has not identiﬁed a need to increase pro- visions for contract losses on receivables as of 31/12/2021. Cash and bank deposits Cash and bank deposits include con- tingent tax withholding funds and have been speciﬁed in Note 8. In cases where overdraft facilities are used, these have been included in bor- rowing under short-term liabilities. Borrowing Borrowing is measured upon initial rec- ognition at fair value, adjusted for directly attributable transaction costs. In subsequent periods, borrowing is gen- erally measured at amortised cost using the eﬀective interest method, so that the eﬀective interest is the same throughout the term of the loan. The company has multiple bonds for which associated interest rate and for- eign currency swaps have been entered into. Where measuring and reporting on the use of options for measuring at fair value provides more relevant information by eliminating or signiﬁcantly reducing inconsistent measuring of borrowing and associated interest rate swaps, this principle will form the basis for report- ing. The principle used will be chosen in connection with each loan being taken out and will be binding for the term of the loan. In connection with the business transfer from VyGruppen AS, Norske Tog AS ac- quired borrowings on 9 December 2016. The company acquired the following borrowings at the following values: Bond, nominal value: TNOK 5,886,250 Bond, fair value: TNOK 7,561,273 Tax The tax expenses for the period consist of tax payable for the period and chang- es to deferred tax. Deferred tax is calculated on all tempo- rary diﬀerences between taxable and accounting values, as well as the tax eﬀects of loss carry-forwards. Deferred tax is determined using tax rates and tax rules adopted on the balance sheet date. Deferred tax advantages are recognised in the balance sheet to the extent that it is likely that the advantage can be used. Deferred tax advantages and deferred tax are oﬀset if there is a legal right to oﬀset and this applies to income tax imposed by the same tax authority for (i) the same taxable company or (ii) dif- ferent taxable companies for which the purpose is to settle the tax positions on a net basis. Pension obligations Norske Tog switched to a deﬁned contri- bution plan on 1 January 2019 in which the company pays a contribution towards the employee’s future pension without any further obligations after this contri- bution has been paid. The contributions are recognised as personnel expenses. In 2020, the company settled its liabilities to the Norwegian Government’s Pension Fund. Other short-term liabilities Other short-term liabilities include trade payable and are measured upon initial recognition at nominal value considered to be fair value. In subsequent meas- urements, trade payable are assessed at amortised cost, determined using the eﬀective interest method. Measurement of fair value The company measures several ﬁnancial assets and liabilities at fair value. For the classiﬁcation of fair value, the company uses a system which reﬂects the sig- niﬁcance of the input used to make the measurements, broken down as follows: Level 1 Fair value is measured using quoted prices from active markets for identical assets or liabilities. Level 2 Fair value is determined from input based on other observable factors, either direct (price) or indirect (derived from prices), than the quoted price (used in level 1) for the asset or liability. Level 3 Fair value is measured using input which is not based on observable market data. Financial statements

95 Annual Report 2021 2. Segment information Analysis of operating income by category 2021 2020 Leasing revenue 1,225,206 1,232,423 Other revenue 5,258 1,654 Total 1,230,464 1,234,078 Overview future leasing agreements (nominal numbers) 2021 2020 Leasing agreements next 12 months 1,249,231 1,248,429 Leasing agreements next 2-5 years 2,940,351 2,861,537 Leasing agreements more than 5 years 1,367,220 1,114,525 Sum 5,556,802 5,224,491 Norske Tog has only one operating segment – leasing out trains Other operating income includes a gain of TNOK 158 on the sale of ﬁxed assets. Information about major customers Norske Tog has four customers. Traﬃc Package 1 South – Oslo-Kristiansand (Go-Ahead), Traﬃc Package 2 North - Oslo-Bodø (SJ Norge AS). Traﬃc Package 3 West - Oslo-Bergen (Vy Tog). Together with VyGruppen AS, these three companies account for 100 per cent of leasing income. Leasing out Norske Tog AS’s income from leasing out rolling stock will be covered by IFRS 16. In relation to leasing contracts, IFRS 16 only results in minor changes to disclosure requirements. Norske Tog AS owns the trains that are leased out and, pursuant to IFRS 16.C14, no adjustments to accounting will be implemented during the transition. Financial assets and liabilities classiﬁed as level 1, 2 or 3. Changes to accounting principles, new standards and interpreta- tions New and amended stand- ards and interpretations that have been adopted New standards and interpretations that have not yet entered into force and that have not been applied Changes to IFRS 3 Mergers Here, there was only one update in the reference to IFRS 3 for the “Conceptual Framework” for ﬁnancial reporting, with- out any changes to the actual require- ments relating to mergers. Changes to IAS 16 ﬁxed assets – COVID-19 Regarding decrease in income in relation to COVID-19. As the Norwegian govern- ment has so far provided support to the operators that lease trains from Norske Tog, this will not aﬀect the company as long as this support remains in place. Changes to IAS 16 ﬁxed assets A company cannot reduce the costs of ﬁxed assets by selling such pro- duced ﬁxed assets while they are being constructed for their originally intended use. This must be included in income or costs. This will not aﬀect the company, as such transactions rarely/never take place. Changes to IAS 37 Provisions, contin- gent liabilities and contingent assets Costs relating to loss contracts must be speciﬁed. This should not be relevant to the company. IFRS 1 Initial implementation of IFRS Annual improvement measures. Not relevant, as the company has already implemented IFRS. Already implemented measures IAS 1 Speciﬁcation of short-term and long-term liabilities Already implemented in accounts. New standards and interpretations that have not yet entered into force and that have not been applied Annual improvement measures relating to IFRS 9 Financial instruments and IFRS 16 Leasing. Amendments relating to IAS 12 Tax. Amendments relating to IFRS 17 Insurance contracts. These are not expected to aﬀect the company. Other IASB has also adopted some minor changes and speciﬁcations in several dif- ferent standards. None of these changes are deemed to have any signiﬁcant impact on the company.

96 Financial statements 3. Property, plant and equipment Machin- ery and equipm. Transpor- tation Partially delivered trains Under construction Right-to- use other assets Total At 1 st of January 2021 Accumulated acquisition cost 81,995 12,516,006 893,834 83,545 46,764 13,622,144 Accumulated depreciation -44,583 -2,839,651 - - -5,287 -2,889,521 Total 37,412 9,676,355 893,834 83,545 41,477 10,732,622 Year ended 31 st of December 2021 Opening net book value 37,412 9,676,355 893,834 83,545 41,477 10,732,622 Additions 2,253 -1,161 256,177 1,119,005 12,516 1,388,790 Disposals - -24,187 - - - -24,187 Accum. depr. disposals - 18,179 - - - 18,179 Transfers within PPE 45 ,831 1,403,212 -957,383 -491,659 - - Depreciations -15,646 -687,444 - - -5,484 -708,574 Total 69,850 10,384,953 192,628 710,890 48,509 11,406,830 At 31 st of December 2021 Accumulated acquisition cost 130,079 13,893,869 192,628 710,890 59,280 14,986,747 Accumulated depreciation -60,229 -3,508,916 - - -10,771 -3,579,916 Total 69,850 10,384,953 192,628 710,890 48,509 11,406,830 At 1 st of January 2020 Accumulated acquisition cost 47,880 11,730,461 978,076 15,373 10,824 12,782,614 Accumulated depreciation -41,867 -2,131,031 - - -1,296 -2,174,194 Total 6,013 9,599,430 978,076 15,373 9,528 10,608,420 Year ended 31 st of December 2020 Opening net book value 6,013 9,599,430 978,076 15,373 9,528 10,608,420 Additions 385 -1,064 328,018 476,251 35,940 839,530 Disposals - -6,274 - 6,274 - - Depreciations -2,716 -708,620 - - -3,991 -715,327 Total 37,412 9,676,355 893,834 83,545 41,477 10,732,622 At 31 st of December 2020 Accumulated acquisition cost 81,995 12,516,006 893,834 83,545 46,764 13,622,144 Accumulated depreciation -44,583 -2,839,651 - - -5,287 -2,889,521 Total 37,412 9,676,355 893,834 83,545 41,477 10,732,622

97 Annual Report 2021 The company’s trains have an anticipated service life of be- tween 10 and 30 years when put into service. The reason for the diﬀerence in service life is the decomposition of the trains pursuant to IAS 16. Train sets are normally depreciated over 30 years, while the train interior (seats, ﬂoors, etc.) is normally depreciated over 10-15 years. The company also depreciates oﬃce furniture, software, computers and technical equipment, for which the depreciation period may be as short as three years. Partially delivered trains Part delivery of trains consists exclusively of advance payments in accordance with agreements. There has been no form of physical delivery of trains to Norske Tog. Upon takeover of new trains, the advance that has been paid will be credited and reposted immediately to plant under construction pending capitalisation. Plant under construction Plant under construction consists of train sets that have been delivered to Norske Tog but that have not yet been delivered to the operator and put into service. Upon the operator’s takeover of the train sets, the full value of each train set is activated as a means of transport and depreciation starts. Plant under con- struction also includes high-cost components, change orders or smaller projects that will be included in the train or another agreed delivery and for which delivery has taken place but the train or delivery has not yet been activated. Machinery and equipment Consist of IT systems, IT equipment and ﬁxtures that are not directly linked to trains. In 2021, the company capitalised hours spent on projects for its own employees (plant under construction). When the assets are put into service, the value of these capitalised hours forms part of the assets. TNOK 19,985 was activated in 2021. See also the note relating to accounting principles. The interest recognised for 2021 was TNOK 28,884 (2020: TNOK 26,670). The average interest rate for 2021 was 2.74% (2020: 2.93%). 2021 2020 Trade receivables 99,884 24,192 Less: provision for impairment of receivables - - Trade receivables - net 99,884 24,192 Prepayments - - Other receivables 259,329 9,851 Total trade and other receivables 359,214 34,044 Total 359,214 34,044 Maturity of receivables 2021 2020 Matured receivables on balance sheet date 6,901 21,137 Matured between 0 - 2 months ago 5,421 20,397 Matured between 2 - 6 months ago - - Matured more than 6 months ago 1,480 741 4. Trade and other receivables The book value of accounts receivable, advance payments and other receivables corresponds to fair value:

98 Financial statements 5. Financial risk management Asset management The company’s goal for capital is low risk and the company’s ability to continue as a going concern. The company invests parts of surplus liquidity in interest-bearing products, such as deposits, certiﬁcates and bonds with limited terms remaining. The company did not make any short-term investments in 2020 or 2021 other than bank deposits. Norske Tog shall be a solvent company with a high rating and low ﬁnancing costs. Standard & Poor’s has given the company a credit rating of A+ (stable) for long-term borrowing, which is considered a good credit rating. Financial risk factors The company’s activities entail diﬀerent types of ﬁnancial risk: market risk (foreign currency, interest and price risk), credit risk and liquidity risk. The company’s requirements concerning risk manage- ment focus on the unpredictability of the capital markets and seek to minimise the potential negative impact on the compa- ny’s ﬁnancial performance. The company uses ﬁnancial derivatives to hedge against certain risks. The ﬁnance department identiﬁes, measures, hedges and reports on ﬁnancial risk in collaboration with the various projects. Market risk Foreign currency risk Foreign currency risk is the risk of ﬂuctu- ations in foreign currency exchange rates leading to changes to the company’s proﬁt and loss, balance sheet or cash ﬂows. The company operates in Norway and makes procurements from foreign sup- pliers and is therefore exposed to foreign currency risk. The objective is to create predictability with regards to future pay- ments in NOK through ﬁnancial hedging agreements or agreements with the gov- ernment covering foreign currency risks and any increased expenses resulting from changes to foreign currency exchange rates. All borrowing in foreign currencies is hedged using foreign currency swaps and changes in value are equivalent to value changes in derivatives. The company is therefore not exposed to foreign currency risk on liabilities. Sensitivity analyses as of 31/12/2021 Foreign currency risk is calculated based on procurements in foreign currency with associated foreign currency futures. A change of 20% in a foreign currency ex- change rate would, in isolation, lead to an estimated value change of 138 MNOK. Norske Tog generally makes major pro- curements in foreign currencies. In 2021, a contract was entered into in EUR for the upgrading of Class 72 local trains (36 train sets). The contract was hedged using foreign currency futures and the company applied hedge accounting. The company monitors foreign currency exposure in projects and conducts risk assessments of consequences and measures on an ongoing basis. The company has had limited exposure to foreign currency risk, as the majority of costs have been in NOK. The new contract for the procurement of local trains has been entered into in EUR. Contracts will not be subject to currency hedging, as the Norwegian government is a self-insurer and does not want the company to hedge procurements. Norske Tog will cover additional foreign currency costs through increased lease income and adjusted re- sidual value guarantees for procurements. Interest risk Interest risk is the risk of the fair value of a ﬁnancial instrument or future cash ﬂows ﬂuctuating as a result of changes in the market rate. Norske Tog is exposed to interest rate changes. The company uses interest rate swaps to reduce interest rate risk and to achieve the desired interest structure for the debt. Targets have been set that regulate the proportion of loans that shall be interest-adjusted for a twelve-month period, as well as for the ﬁxed interest rate on the portfolio. The company aims to hedge approximate- ly 70% of interest and 100% of foreign currency in the borrowing portfolio. As of 31/12/2021, 21% of the company’s borrow- ing portfolio is subject to variable interest and 3M and 6M NIBOR are used. Interest derivatives are exposed to chang- es in the interest rate, changes to fair value are recognised in proﬁt and loss when hedge accounting is not used. Sensitivity analyses as of 31/12/2021 Interest risk is calculated on the basis of long-term liabilities recognised in the balance sheet with associated interest rate swaps. An interest rate change of 50 basis points would, in isolation, lead to an estimated value change of 165 MNOK. Since the company has no signiﬁcant interest-bearing assets, the company’s results and cash ﬂow from operations are largely independent of any changes to the market rate. Norske Tog uses reference rates in loan agreements and derivatives contracts and the company is primarily exposed to NIBOR and CHF LIBOR. The risk of any changes related to reference rates is considered low, since the company has a high proportion of ﬁxed interest rates. The company does not use hedge accounting. Liquidity risk Liquidity risk is the inability to fulﬁl ongoing ﬁnancial obligations at the right time. The company’s management monitors the company’s liquidity reserves, which consist of borrowing facilities and cash equivalents in connection with rolling fore- casts for expected cash ﬂow. Norske Tog reduces its liquidity risk asso- ciated with ﬁnancial obligations through a distributed maturity structure, access to multiple ﬁnancing sources in Norway and internationally, as well as adequate liquidity to cover scheduled operating, investment and reﬁnancing needs without addition- al borrowing within a 12-month period. Liquidity consists of bank deposits and a revolving credit facility of 3,000 MNOK, which expires in June 2026. Norske Tog has a high credit rating. Standard & Poor’s has given the company a credit rating for long-term borrowing of A+ (stable). The high credit rating gives Norske Tog ample access to foreign cap- ital. No more than 25% of the company’s liabilities shall fall due for payment within a 12-month period and the average remain- ing duration of the borrowing portfolio shall be approximately 2-5 years.

99 Annual Report 2021 Future interest rate payments are based on the interest rate and borrowing portfolio as of 31/12/2021. Future interest rate payments are based on the interest rate and borrowing portfolio as of 31/12/2020. Liquidity risk < 1 year 1 - 2 years (2023) 2 - 5 years (2024-2026) > 5 years Short term liabilities 47,031 33,073 57,061 26,741 Borrowings 350,000 1,238,332 2,850,000 4,050,000 Derivatives -468,990 Future interest payments 206,007 195,058 491,004 213,583 New trains 1,274,363 257,329 2,946,415 77,199 Property, plant and equipment 322,941 316,574 912,268 3,085 Liquidity risk < 1 year 1 - 2 years (2022) 2 - 5 years (2023-2025) > 5 years Short term liabilities 22,285 27,369 75,564 26,408 Borrowings 600,000 350,000 2,864,702 3,300,000 Derivatives -495,702 Future interest payments 181,534 164,345 434,266 201,855 New trains 1,028,000 703,000 15,000 - Property, plant and equipment 242,000 83,000 270,000 3,000 The table shows future due dates for the company’s contractual obligations as of 31/12/2021: The table shows future due dates for the company’s contractual obligations as of 31/12/2020: Norske tog assesses maximum credit risk to be the following: 2021 2020 Cash and bank deposits 787,493 290,329 Financial derivatives 476,455 503,439 Trade receivable and other short-term receivables 109,582 34,044 Total 1,373,530 827,812 Credit risk Credit risk refers to the losses the company may incur if a counterparty fails to settle its ﬁnancial obligations. The company’s exposure to credit risk is mainly aﬀected by individual factors relating to each customer. As of 31/12/2021, the company has four major customers, VyGruppen AS, Go- Ahead Norge AS, SJ Norge AS and Vy Tog AS. VyGruppen AS (which owns 100% of Vy Tog AS) is wholly owned by the Ministry of Transport and Communications. Please refer to Note 24 concerning COVID-19 and the impact on Norske Tog’s customers dur- ing the pandemic. Norske Tog will carefully monitor developments in rail passenger transport going forward. Due to the COV- ID-19 pandemic, travel patterns may have changed permanently or take some time to be restored to the previous normal levels. Norske Tog also has counterparty risk in in- terest and foreign currency derivatives and focuses on this risk in ﬁnancial transactions by deliberately spreading exposure across multiple counterparties. Strict requirements are imposed in relation to the creditworthiness of the counterparty and the requirement is that the counter- party to any ﬁnancial transactions must have at least an A- rating from S&P or the equivalent from another international rating agency at the time of entering into the agreement. Counterparty risk is monitored continuously and Norske Tog has agree- ments in place to govern legal oﬀset rights in the event of a bankruptcy situation (ISDA agreements) with four banks. In the event of surplus liquidity, such sur- plus liquidity may be invested in short-term Norwegian bonds and certiﬁcates.

100 Financial statements 6. Derivative instruments 2021 2020 Assets Liabilities Assets Liabilities Hedge derivatives (fair value other compr. Income) Hedge instruments 44 32,957 Other hedge derivatives (fair value in ordinary proﬁt) Interest- and currency rate swaps 476,455 - 503,439 - Interest rate swaps - 15,266 - 39,535 Total 476,499 48,223 503,439 39,535 Of assets, there are 469,332 TNOK long-term (2020: 495,702 TNOK) and 7,167 TNOK short-term (2020: 7,737 TNOK). The company uses hedge accounting for foreign currency futures associated with the mid-life upgrades to Class 72 local trains. Value changes involving measurement of derivatives at fair value are continuously recognised in extended proﬁt and loss. With regard to the management of derivative instruments arising from hedge accounting, the company would like to reference Note 1 relating to accounting principles, Note 5 relating to the company’s risk assessment and Note 26 relating to the hedge accounting itself. Interest rates and foreign currency swaps Since its inception, Norske Tog has been issuing bonds in the bond market. Bonds with terms exceeding ﬁve years are subject to ﬁxed interest rates. Approximately 1/3 of the issuances from Norske Tog have had terms of ﬁve years or less and have therefore been subject to variable interest rates. Borrowing in foreign currency is converted to Norwegian kroner through combined interest and foreign currency agreements. Furthermore, Norske Tog uses interest rate swaps on borrowing in Norwegian kroner in order to reduce interest rate risk and achieve the desired interest structure on liabilities. Swap agreements of signiﬁcant value in the annual accounts are associated with an outstanding CHF bond with a ﬁxed interest rate, which was swapped to 6M NIBOR on day one for the duration of the term of the borrowing. The nominal principal of outstanding interest rate swaps as of 31 December 2021 was 1,569 MNOK (2020: 1,569 MNOK). As of 31 December 2021, the ﬁxed interest rate varied between 2.34% and 2.35% (2020: 1.92% and 2.35%) and the variable interest rates were predominantly 3M and 6M NIBOR + margin. Please see the note relating to principles regarding the value of borrowing acquired from NSB AS in 2016.

101 Annual Report 2021 7. Financial instruments by category Assets at 31 st of December Loans and receivables Assets at fair value through proﬁt and loss Other assets at amortised cost Total Year 2021 2020 2021 2020 2021 2020 2021 2020 Derivatives 476,455 503,439 44 - 476,499 503,439 Trade and other receivables (excl. Prepayments) - - - - 359,214 34,044 359,214 34,044 Cash and bank deposits - - - - 787,493 290,329 787,493 290,329 Total 476,455 503,439 44 - 1,146,706 324,372 1,623,205 827,812 Liabilities at 31 st of December Liabilities at fair value through proﬁt and loss Other ﬁnancial liabilities at amortised cost Other liabilities at amortised cost Total Year 2021 2020 2021 2020 2021 2020 2021 2020 Borrowings (excl. Financial lease liability) 1,485,770 1,547,937 7,280,278 5,879,675 8,766,049 7,427,612 Financial lease liabilities 50,075 42,559 50,075 42,559 Derivatives 15,266 39,535 32,957 - - 48,223 39,535 Trade and other payables excl. statutory liabilities 109,313 129,632 109,313 129,632 Total 1,501,036 1,587,472 32,957 - 7,439,666 6,051,866 8,973,660 7,639,338 Financial assets at fair value through proﬁt or loss at 31 st of December 2021: Level 1 Level 2 Level 3 Total Derivatives - 476,455 - 476,455 Total assets - 476,455 - 476,455 Borrowings and accrued interest - 1,485,770 - 1,485,770 Derivatives - 15,266 - 15,266 Total liabilities - 1,501,036 - 1,501,036 Financial assets at fair value through proﬁt or loss at 31 st of December 2020: Level 1 Level 2 Level 3 Total Derivatives - 503,439 - 503,439 Total assets - 503,439 - 503,439 Borrowings and accrued interest - 1,547,937 - 1,547,937 Derivatives - 39,535 - 39 535 Total liabilities - 1,587,472 - 1,587,472 For further information about assets at fair value in extended proﬁt and loss, please refer to the note relating to principles and Note 26 hedge accounting.

102 Financial statements Number of shares Ordinary shares (TNOK) Share premium (TNOK) Total (TNOK) Shares at 1 st of January 2021 100 100,000 2,300,000 2,400,000 Shares at 31 st of December 2021 100 100,000 2,300,000 2,400,000 The company has only one share class and each share has a nominal value of 1,000,000 NOK. 9. Share capital and share premium 8. Cash and bank deposits 2021 2020 Cash and bank deposits 787,493 290,329 Includes restricted funds of 2,482 TNOK (2020: 1,984 TNOK) Overview bond portfolio: Stock exchange ISIN Amount Due date Measuring principle Luxembourg SE NO0010635360 350 MNOK 24.01.2022 Amortised cost SIX Swiss Exchange CH0210891989 125 MCHF 02.05.2023 Fair value Luxembourg SE NO0010837271 550 MNOK 26.02.2024 Amortised cost Luxembourg SE NO0010870009 400 MNOK 11.03.2025 Amortised cost Luxembourg SE NO0010837289 650 MNOK 26.11.2025 Amortised cost Luxembourg SE NO0010703556 500 MNOK 18.02.2026 Amortised cost Luxembourg SE NO0011115495 750 MNOK 15.10.2026 Amortised cost Luxembourg SE NO0010635428 1,150 MNOK 20.01.2027 Amortised cost Luxembourg SE NO0010823792 750 MNOK 12.06.2028 Amortised cost Luxembourg SE NO0010870017 900 MNOK 11.12.2029 Amortised cost Luxembourg SE NO0011115487 1,250 MNOK 05.10.2030 Amortised cost Information on fair value (as decribed in the principle note): Level 1: Fair value is measured using quoted prices from active markets for identical assets or liabilities. Level 2: Fair value is determined using input based on other observable factors, either direct (price) or indirect (derived from price) other than listed price (used in level 1) for the asset or liability. Level 3: Fair value is measured using input not based on observable market data. The company reclassed a bond (350 MNOK) from fair value to amortised cost in 2019.

103 Annual Report 2021 10. Borrowings Non-current 2021 2020 Bonds 1,373,569 1,435,190 Bonds measured at amortized cost 6,893,376 5,243,376 Total 8,266,945 6,678,566 Current Current share of non-current borrowings 499,104 749,046 Other current borrowings - - Total 499,104 749,046 Total borrowings 8,766,048 7,427,613 Change in short- and long term borrowings 2021 Short-term debt fair value Short-term debt Amort. Cost Long-term debt fair value Long-term debt Amort. Cost Beginning balance 112,747 636,299 1,435,190 5,243,376 New loans for the year - 900,000 - 2,000,000 Payment of borrowings - -1,500,000 - Reclassiﬁcation of loan - 350,000 - -350,000 Reclassiﬁcation from long-term debt to short-term debt - - - - Amortization of transferred debt portfolio - - -35,332 - Change in accrued interest - 603 - - Change in fair value due to payment of loan - - - - Change in fair value -546 -26,289 - Total borrowings 112,202 386,902 1,373,568 6,893,376 499,104 8,266,945 Change in short- and long term borrowings 2020 Short-term debt fair value Short-term debt Amort. Cost Long-term debt fair value Long-term debt Amort. Cost Beginning balance 2,451,067 79,725 1,352,859 5,843,376 New loans for the year - - - - Payment of borrowings -1,517,500 - - - Reclassiﬁcation from long-term debt to short-term debt - 600,000 - -600,000 Amortization of transferred debt portfolio - -35,878 - Change in accrued interest - -43,425 - - Change in fair value-payment of borrowings -747,628 - - - Change in fair value -73,192 - 118,209 - Total borrowings 112,747 636,299 1,435,190 5,243,376 749,046 6,678,566

104 Financial statements Current borrowings expire in: 2021 2020 6 months or less 350,000 300,000 More than 6 months - 300,000 Non-current borrowings expire in: 2021 2020 Between 1 and 2 years (year 2023) 1,238,332 350,000 Between 2 and 5 years (years 2024-2026) 2,850,000 2,368,750 Over 5 years (from 2026-) 4,050,000 3,300,000 Eﬀektive interest rate at the balance sheet date in % 2021 2020 Bonds NOK 2.74 2.87 The company has hedged all exposure in CHF. The carrying amounts of borrowings are denominated in the following currencies: 2021 2020 NOK 7,519,357 6,154,648 CHF 1,246,691 1,272,965 Total 8,766,048 7,427,613 The company has the following undrawn borrowing facilities: 2021 2020 Floating interest rate - Expiring within one year - Expiring beyond one year 3,000,000 2,000,000 Total 3,000,000 2,000,000 Norske tog’s long term revolving credit facility expires in June 2026. Nominal value of long-term interest bearing debt 2021 2020 1 st of January 6,612,126 8,129,626 Changes during the year 1,400,000 -1,517,500 31 st of December 8,012,126 6,612,126 In 2021, the company paid oﬀ 600,000 TNOK on borrowing and took out new bonds totalling 2,000,000 TNOK. In 2020, one loan totalling 1,517,000 TNOK was paid oﬀ, while no new borrowing was taken out. All existing bond loan issues have been taken out under the Euro Medium Term Note (EMTN) programme. The EMTN programme does not include any ﬁnancial covenants, but has an optional ownership clause stipulating that the government should own 100% of Norske Tog AS. Norske Tog has a syndicated drawing facility of 3,000 MNOK, which has a covenant requirement of a minimum equity ratio of 20%. Please see the note relating to principles regarding the value of borrowing acquired from VyGruppen in 2016. The fair value of the credit margin on bond loans is based on market observations from banks and the pricing/valuation of the bonds in the secondary market.

105 Annual Report 2021 11. Deferred income tax/Income tax expense Income tax expense 2021 2020 Current income tax payable - - Changes in deferred tax -45,381 -27,969 Total income tax expense -45,381 -27,969 Reconciliation between nominal and actual tax expense rate 2020 2020 Net income before tax 206,170 127,014 Expected income tax using the nominal tax rate (22%) 45,357 27,943 Tax eﬀect from the following items Other non-taxable expenses 24 27 Income tax expense 45,381 27,970 Eﬀective tax rate 22% 22% Speciﬁcation of the tax eﬀect of temporary diﬀerences and losses carried forward: 2021 Book value 01.01. Income statement charge Charge to other com- prehensive income Book value 31.12. 31.12. Beneﬁt (+) / Liability (-) Fixed assets -5,212,877 -482,017 - - -5,694,894 Leases on statement of ﬁn. Position 1,082 484 - - 1,566 Trade receivables -484 484 - - - Value changes to ﬁnancial current assets 33,507 -57,348 - - -23,841 Retirement beneﬁt obligation 2,635 -257 28 - 2,406 Hedging-currency 32,913 3,337 -531 35,719 Losses carried forward 1,753,025 299,461 32,913 - 2,080,755 Total gross temporary diﬀerences -3,423,112 -206,280 36,278 -531 -3,598,289 Other temporary diﬀerences - - - 4,644 Total net temporary diﬀerences -3,423,112 -206,280 36,278 -531 -3,593,645 Net temporary diﬀerences (22%) -753,085 -45,381 7,981 -117 -790,601

106 Financial statements 12. Payroll and related expenses 2021 2020 Wages and salaries, including employment taxes 55,738 40,171 Pension costs - deﬁned beneﬁt plans (note 13) 424 -2,788 Pension costs - pension contribution plan (note 13) 2,921 2,081 Other employee beneﬁt expenses 1,911 4,272 Other employee expenses-capitalising employee hrs -19,985 Total 41,008 43,735 In 2021, the company capitalised hours spent on projects for its own employees (plant under construction). When the assets are put into service, the value of these capitalised hours forms part of the assets. TNOK 19,985 was activated in 2021. See also the note relating to accounting principles As a result of the transition to the contribution pension scheme, a ﬁxed annual change to employee’s remuneration will be made for as long as they remain employed by Norske Tog. Salaries and other beneﬁts for the CEO are discussed in the note relating to beneﬁts to senior executives and board members (Note 23). 2021 2020 Average man-labour year* 44 36 Average number of employees 44 36 *The calculation is based on a weighting of the actual number of FTEs throughout the year. Spesiﬁcation of the tax eﬀect of temporary diﬀerences and losses carried forward: 2020 Book value 01.01. Income statement charge Charge to other com- prehensive income Book value 31.12. 31.12. Beneﬁt (+) / Liability (-) Fixed assets -4,700,555 -512,322 - -5,212,877 Leases on statement of ﬁn. Position - 1,082 - 1,082 Trade receivables -147 -337 - -484 Value changes to ﬁnancial current assets -34,164 67,671 - 33,507 Retirement beneﬁt obligation 27,130 -24,500 5 2,635 Losses carried forward 1,411,757 341,268 - 1,753,025 Total gross temporary diﬀerences -3,295,979 -127,138 5 - -3,423,112 Other temporary diﬀerences - - - - Total net temporary diﬀerences -3,295,979 -127,138 5 - -3,423,112 Net temporary diﬀerences (22%) -725,115 -27,970 1 - -753,085

107 Annual Report 2021 13. Retirement beneﬁt obligations and similar obligations General information The company has pension schemes in place relating to age, disability and bereavement pensions for spouses and children. A fur- ther description of the type of schemes and how these are organised can be found below. In 2018, the company decided to discontinue the pension scheme at Norske Tog at the end of 2018. All employees received an entitlement with the Norwegian Government’s Pension Fund and, from 01/01/2019, all employees also received a new contribution scheme via Sparebank 1. The company’s pension costs for 2021 and the liability as of 31/12/2021 have been calculated in accord- ance with the principles in IAS 19 and the recognised pension liability, which totals 2,406 TNOK for the company and is considered to provide a prudent and currently the best possible expression of the company’s liability, taking into account the estimated eﬀect of the discontinuation of the schemes. The agreed compensation amounts for employees that end up worse oﬀ as a result of the discontinuation of the current pension scheme will be paid and recognised as costs on an ongoing basis. In Q4 2020, Norske Tog received a claim to settle the pension liability to the Norwegian Government’s Pension Fund of 22,395 TNOK. Norske Tog has established an operating pension for employees who will be unable to accrue the right to contractual early retire- ment pension under the new contribution scheme, 2,406 TNOK(2020: 2,635 TNOK) has been included in the pension liability as of 31/12/2021. This liability shall be payable only if the employee wishes to retire before turning 67 years of age. Employer’s national insurance contributions with nominal rates are included in the year’s costs and net pension liability in the tables below. Speciﬁcation of net deﬁned beneﬁt pension plan obligations 2021 2020 Pension obligation AFP 2,406 2,635 Net pension obligatio on the balance sheet 2,406 2,635 Changes in pension retirement obligations: Book value net pension obligation 1st of January 2,635 29,130 Actuarial deviations 28 5 Net return on assets/increase in obligation -2,875 Net ﬁnancial items in the account 39 123 Pension obligation deﬁned beneﬁt plan -362 -23,834 Pension obligation AFP 66 87 Net pension obligation 31 st of December 2,406 2,635 Pension expenses included in the accounts, deﬁned beneﬁt pension plan Settlement SPK - -2,875 Pension obligation AFP 385 87 Employer contribution 2,921 2,081 Total return on pension plan, incl. In payroll and related expenses - see note 12 3,306 -707 Total ﬁnancial items in the accounts 39 123 Total pension expenses deﬁned beneﬁt pension plan 3,345 -585

108 Financial statements Explanation for the selected assumptions as of 31 December 2021 The discount rate has been set on the basis of covered bonds with preferential treatment and constitutes 1.5%. The market for covered bonds with preferential treatment is considered to represent a deep and liquid market with relevant terms that qualify for reference rates in accordance with IAS 19. Since Norske Tog has switched to a contribution pension scheme, there are no longer any active employees in the Norwegian Government’s Pension Fund. Holdings will therefore be around as sensitive to interest rates as to the adjustment of the basic amount in the national insurance scheme. Adjustment of entitlements and adjustment of pensions are directly dependent on G (basic rate) growth. The following parameters have been used for the calculation of deﬁned beneﬁt pension schemes in Norway: 2021 2020 Discount rate 1.50 % 1.70 % Expected return on plan assets 2.90 % 1.70 % Average salary growth 2.50 % 2.25 % G-regulation 2.25 % 2.00 % Annual reg. of pension increases 1.25 % 1.25 % Average social security tax 14.10 % 14.10 % 14. Trade and other payables 2021 2020 Trade payables 56,833 81,961 Social security and other taxes 1,970 34,424 Other current liabilites 23,296 18,786 Total 82,099 135,172 The book value of trade and other payables corresponds to fair value. Other short-term liabilities include short-term liabilities related to IFRS 16, provisions for holiday pay and cost provisions on non-received invoices. Legal disputes Norske Tog may become involved in disputes, some of which may be tried before the legal system. In those cases where a balance of probabilities and quantiﬁable risk of loss are deemed to exist, ongoing provisions are made in the accounts. As of 31/12/2021, there are no provisions in the accounts for risk of loss. 15. Provisions for other liabilities and charges 16. Loss on contracts The company had no loss on contracts at the statement of ﬁnancial position date. This was also the case for the previous year.

109 Annual Report 2021 17. Depreciation, amortisation and impairment 2021 2020 Depreciation non-current assets (note 3) 703,090 711,335 Depreciation leasing contracts (note 3, 21) 5,484 3,991 Total 708,547 715,327 Property, plant and equipment and losses on contracts In addition to the evaluation of values recognised in the balance sheet in accordance with IAS 36, existing contracts are also assessed for any further provisions under IAS 37. These assessments measure the company’s ongoing present value of expected future cash ﬂows from operating activities in each contract and estimated payments include all unavoidable future operating costs that must be expected. Provisions are limited to continuing or exiting the contract, whichever cost is Iower. Provisions are reversed over the remaining term of the contract. Norske Tog’s leases its trains to customers based on the book value of assets. The company’s other costs (including capital costs) are also covered by income from the leasing out of trains. In future cash ﬂows for assessments under IAS 36 and IAS 37, the following assumptions have been used: 2021 2020 Growth rate 5.8 % 1.3 % Average cost of ﬁnancing (WACC) 7.0 % 7.0 % Borrowing rate 2.74 % 2.93 % 18. Other expenses 2021 2020 Sales- and overhead expenses 1,356 1,116 Repair and maintenance, machinery rental, property expenses 3,511 3,373 Which costs are to be refunded by Vy for 2017, 2018 and 2019 - -1,183 Modiﬁcations 26,490 49,401 Other operating expenses 113,605 123,109 Total 144,963 175,815 Auditing fees (excluding VAT): Auditing 370 517 Other attestation services 236 198 Other services outside audits 10 73 Total 616 788

110 Financial statements 19. Financial income and expenses 2021 2020 Interest income 23,929 39,230 Other ﬁnancial income 35,878 66,742 Net foreign exchange gains -103 1,222 Total ﬁnancial income 59,704 107,195 Interest expense -189,048 -234,644 Other ﬁnancial expenses -24,043 -10,228 Net foreign exchange losses -163 -881 Total ﬁnancial expenses -213,254 -245,753 Net ﬁnancial expenses - pensions -39 -123 Unrealised value changes 23,841 -33,507 Total ﬁnancial items -129,748 -172,188 Other ﬁnancial income consists of the amortisation of the diﬀerence in nominal value and fair value of bonds in connection with the business transfer in 2016 from VyGruppen, TNOK 35,878 (2020: TNOK 40,073). Construction loan interest is included as a counter- item in in interest rate costs, TNOK 28,884 (2020: TNOK 26,670). 20. Unrealised fair value changes Below you will ﬁnd an overview of all unrealised changes in value on assets, liabilities and derivate instruments measured at fair value. The ﬁgures below refer only to the company’s borrowing and not the foreign currency futures, which are recognised using hedge accounting (see Note 26). 2021 2020 Unrealized value changes derivatives used for hedging -2,449 -731,923 Unrealized value changes bonds 26,289 698,416 Total unrealized value changes ﬁnancial items 23,841 -33,507

111 Annual Report 2021 21. Rental leases and tenancy agreements 2021 2020 Lease of machinery/equipment, not incl on statement of ﬁn. Position 1,803 975 Lease expenses to be received from VyGruppen AS - -1,183 Lease of property 1,716 107 Total 3,519 -101 In 2020, Norske Tog received a refund for rental costs from VyGruppen AS relating to the rental of premises in 2020. Lease agreements Speciﬁcation of changes in the period 2021 Liability Assets Total opening balance right-to-use assets / lease obligations 1. January 42,558 41,477 Lease payments -4,999 Depreciations -5,484 Additions and changes in agreements 12,516 12,516 Other - - Total closing balance 31. December 50,075 48,509 Interest expense for lease obligations amounted to 941 TNOK 2021 Speciﬁcation of changes in the period 2020 Liability Assets Total opening balance right-to-use assets / lease obligations 1. January 9,646 9,528 Lease payments -3,028 Depreciations -3,991 Additions and changes in agreements 35,940 35,940 Other - - Total closing balance 31. December 42,558 41,477 Interest expense for lease obligations amounted to 720 TNOK for 2020. For further speciﬁcation on the eﬀects from right-of-use assets on the balance sheet and the income statement, see note 3 Property, plant and equipment.

112 Financial statements Liabilities 31.12.2021 31.12.2020 Short-term liability 6,148 2,995 Long-term liability 43,927 36,563 Total 50,075 42,558 Weighted average of the discount rate is 2,42%. Additional information 2021 2020 Leases not recognised Short-term agreements (between one month and one year) 12,376 1,630 Costs related to low value items 14 12 Total 12,391 1,642 Cash ﬂows 2021 2020 Total cash ﬂows from leases 19,950 5,844 Cash ﬂow leases received * - - Total cash ﬂows from leases 19,950 5,844 *The eﬀective date for IFRS 16 was 1 January 2019. During initial recognition, Norske Tog has chosen to use the modiﬁed retrospective method. Leasing Pursuant to IFRS 16, the lessee must recognise all lease agreements in the balance sheet by incorporating the obligation to pay the lease amounts during the lease period, as well as associated usage rights for the associated right-of-use asset. All lease agreements that transfer rights to the lessee to control the use of an identiﬁed asset and receive ﬁnancial beneﬁts must also be recognised. There will no longer be any diﬀerence in the way that ﬁnancial and operational lease agreements are managed. The company has chosen to use the modiﬁed retrospective method for the implementation eﬀect on lease agreements that existed at the time of transitioning to the new standard without conversion of of comparison ﬁgures. The implementation eﬀect was recognised against the opening balance on 1 January 2019 by the value of the assets being measured as equal to lease obligations. Lease obligations are measured as the present value of ﬁxed lease payments during the term of the lease. Any payments linked to indices or similar are based on the relevant factor on the recognition date. When calculating the implementation eﬀect on lease agreements that existed on 1 January 2019, the discount rate has been determined based on the marginal borrowing rate at the time of implementing the standard. The company has chosen to use the exemption rule by lease payments for short-term lease agreements with a term of up to 12 months and low value agreements being recognised directly as costs in the statement of comprehensive income. For contracts that also include other product or service deliveries, the company has chosen to recognise these costs as operating costs separately from the lease component. When determining the lease period, the irredeemable lease period shall be adjusted for extension options and termination rights that the company is reasonably certain to exercise. An assessment of the need for impairments will be performed in accordance with IAS 36 for usage rights recognised in the statement of ﬁnancial position, including a separate assessment of how the associated lease obligation will be included in the assessment.

113 Annual Report 2021 Purchases of goods and services 2021 2020 Purchases of goods and services 50,411 36,650 The costs largely relate to modiﬁcations to trains and rental costs for buildings. These are recognised as “Other operating expenses” in the statement of comprehensive income. Outstanding accounts with related parties resulting from the purchase and sale of goods and services: Receivables 2021 2020 Entities owned by the Ministry of Transport 39,896 14,883 Total 39,896 14,883 Receivables largely consist of the leasing out of trains. Liabilities 2021 2020 Entities owned by the Ministry of Transport 26,283 9,343 Total 26,283 9,343 Liabilities to related parties consist of costs for track access and modiﬁcations performed on trains. Loans to related parties: There are no loans to related parties. 22. Related party transactions Norske Tog has the following related parties: Owner Norske Tog is wholly owned by the Ministry of Transport and Communications. Other companies that are owned by the government under the auspices of the Ministry of Transport and Communications will be related parties to Norske Tog, this applies to both VyGruppen and BaneNor. Bonds and associated basic swaps were transferred from VyGruppen AS to Norske Tog on 9 December 2016 in accordance with the “agreement on the settlement of receivables in connection with the acquisition of borrowing and derivative liabilities”. The pay- ment for the transfer of the bond to Norske Tog AS has been determined at market terms. The payment was determined based on nominal residual value and associated swaps valued at fair value on the transaction date by calculating the diﬀerence between • Expectednet present value of borrowing and associated swaps that are transferred and • Alternative ﬁnancing for Norske Tog at the time of acquisition In connection with the company entering into an agreement with the company’s shareholders concerning the acquisition of busi- ness activities, the Board of Directors submitted a report pursuant to Section 3-8 of the Limited Liability Companies Act. For accounting purposes, Norske Tog was only a part of the NSB Group in 2016. For the years after 2016, the companies have remained related parties, but only due to being indirectly owned by the Ministry of Transport and Communications. The Board of Directors and senior executives Individuals who are part of the company’s senior executive team or the Board of Directors are also considered related parties to Norske Tog (see Note 23 Beneﬁts to senior executives and board members). Below is an overview of transactions, outstanding accounts and provision of collateral with related parties: Revenue 2021 2020 Leasing revenue 972,306 1,047,134 Total 972,306 1,047,134

114 Financial statements 2021 Management Title Salary Other beneﬁts Total beneﬁts paid Pension expenses Øystein Risan Chief executive oﬃcer 2,071 132 2,203 195 Kjell-Arthur Abrahamsen Material director 1,616 16 1,632 181 Linda Venbakken Chief ﬁnancial oﬃcer 1,495 11 1,506 202 Luca Cuppari Technical director 1,492 11 1,503 169 Iren Marugg Judicial director 1,350 11 1,361 122 Sum 8,205 2020 Management Title Salary Other beneﬁts Total beneﬁts paid Pension expenses Øystein Risan Chief executive oﬃcer 2,004 133 2,137 180 Kjell-Arthur Abrahamsen Material director 1,557 13 1,570 167 Linda Venbakken Chief ﬁnancial oﬃcer 1,438 13 1,451 187 Luca Cuppari Technical director 1,438 13 1,451 158 Iren Marugg Judicial director 1,306 13 1,319 114 Sum 7,928 Board members Title 2021 2020 Annette Malm Justad Chairman 425 399 Marianne Abeler Board member 171 169 Espen Opedal Board member 277 239 Bjørn Erik Olsson Board member-employee repr. 65 Vidar Larsen Board member-employee repr. 21 85 Total 925 892 23. Executive- and Board member compensation 24. Contingencies The company’s activities commenced on 15/10/2016 and no contingent liability have occurred in connection with legal claims relating in the ordinary course of operations. The salary of the CEO increased by 67 TNOK, from 2,004 TNOK in 2020 to 2,071 TNOK in 2021, which is within the framework of the wage settlement.

115 Annual Report 2021 25. Events after the balance sheet date 26. Hedge accounting There have been no events after the balance sheet date with signiﬁcant impact on the company’s results for 2021 and ﬁnancial position as at 31/12/2021. Infection control measures (COVID-19) from the authorities, with recommendations not to travel by public transport have resulted in reduced income for operators. Rescue packages from the state have contributed to Norske Tog still receiving lease income.. In the event that any operators encounter ﬁnancial diﬃculties due to ongoing low passenger numbers, there is a risk that Norske Tog will lose revenue. On 10 January 2022, Norske Tog entered into a contract with Alstom Transport Deutschland GmbH for the procurement of 30 local trains. The contract includes options to purchase a further 170 train sets. You can read more about this agreement in other parts of the annual report. Norske Tog has entered into a contract in EUR with Alstom Transport Deutschland GmbH concerning mid-life upgrades to Class 72 local trains. Contractual payments have been foreign currency hedged. See Note 1 - Accounting Principles and Note 5 Financial Risk Management for further information. In July 2021, Norske Tog entered into a contract with Alstom concerning the upgrades to 36 Class 72 train sets. The total contract price of MEUR 67.5 was hedged at the time of conclusion of the contract using EUR foreign currency futures contracts. This was done on the basis of the company’s hedging strategy at the time of conclusion of the contract. An option valued at MEUR 6.5 has been exercised for the procurement. This amount is not subject to foreign currency hedging. Furthermore, any future options or contract price adjustments are also not subject to foreign currency hedging. Foreign currency hedging has been performed on the basis of the agreed payment schedule with the supplier and the futures con- tracts have been established in line with the due dates for the anticipated cash ﬂows until December 2025. Changes to the project will be managed in keeping with the original foreign currency exposure and the need for foreign currency hedging is assessed based on the company’s foreign currency strategy and threshold values. In the event that a futures contract falls due without the corresponding hedged payment being settled, the hedging shall be transferred to a new futures contract or hedged through foreign currency deposits in the bank. Rolling settlement will be recognised as realised changes in value in extended proﬁt and loss. As a general principle, Norske Tog has used hedge accounting for foreign currency hedging. In the event that hedge account- ing cannot be used or if the hedging ratio does not meet the requirements set down in the standard, the eﬀects of the hedging instruments will be recognised under ﬁnancial items. Ineﬃciencies relating to either size or time will occur in the event of signiﬁcant changes to foreign currency exposure. Futures contracts will then need to be adjusted accordingly. No eﬀects from extended proﬁt and loss have been carried to ordinary proﬁt and loss as a result of ineﬃciencies as of 31/12/2021. Speciﬁcation hedging reserve 2021 2020 Beginning balance 1st January 2021 0 0 Change in fair value -36,250 0 Reclassed to property, plant and equipment 531 0 Reclassed to proﬁt before income tax 0 Deferred tax 7,975 0 Ending balance 31 st December 2021 -27,744 0 Fair value hedging reserves Due date 1-6 months Due date 6-12 months More than 1 year Assets 0 Liabilities -32,913 44 -5,734 -27,233

116 Financial statements These guidelines are based on the “Guidelines and reporting on remunera- tion for senior executives” (established by the Ministry of Trade, Industry and Fisheries with eﬀect from 1 January 2021) and have been prepared by the Board of Directors in accordance with Article 5 of the articles of association of the parent company, cf. Section 6-16a and 6-16b of the Limited Liability Com- panies Act. The guidelines are considered at the annual general meeting of Norske Tog As and shall apply until the Board of Di- rectors revokes the guidelines or adopts new guidelines. The guidelines consist of three main elements. Part I addresses the principles behind the senior executive salary policy at Norske Tog AS. Part II describes the management of the previous ﬁnancial year, cf. Section 6-16 a, paragraphs 1, 3 and 4 of the Limited Liability Companies Act and Part III addresses the determi- nation of senior executive salaries for the upcoming ﬁnancial year, cf. Section 6-16 a, paragraph 2 of the Limited Liability Companies Act. The guidelines in Part I will apply in full when entering into new agreements in the coming ﬁnancial year and every eﬀort should be made to also follow these within the framework of existing agreements. PART I Principles 1.1 Senior Executives These guidelines apply to senior exec- utives as deﬁned in the Limited Liability Companies Act and the Accounting Act. This means that the guidelines apply to management and employee-elected board members at Norske Tog AS. 1.2 Main principles for the senior execu- tive salary policy at Norske Tog AS The principles for salaries to senior exec- utives at Norske Tog AS are determined by the Board of Directors. The Board of Directors will conduct an annual evalua- tion of the salary and conditions for the CEO, as well as the company’s senior executive salary policy. The CEO will determine the remunera- tion for other members of the executive management team in accordance with the adopted senior executive salary principles. 1.3 Senior executive salaries at Norske Tog will be determined based on the fol- lowing senior executive salary principles: • Senior executive salaries will be com- petitive, but Norske Tog will not be a salary leader compared to similar com- panies. In order to ensure this, salary assessments are performed for central executive positions with comparisons to positions in other companies. • Norske Tog will attract and retain tal- ented executives. The total remuner- ation for senior executives at Norske Tog will reﬂect the responsibility for governance, results and develop- ments, as well as taking into account the size and complexity of the compa- ny. Remuneration shall not be of such a nature or scope that it could damage the reputation of Norske Tog. • Senior executive salaries will consist of a ﬁxed basic salary and additional beneﬁts, including beneﬁts-in-kind, severance pay and pension schemes. The ﬁxed salary will always constitute the bulk of the remuneration. • Bonuses are not used at Norske Tog AS. • The senior executive salary scheme will be transparent and in line with the government’s principles for proper corporate governance, as well as the government’s guidelines for senior executive salaries. • The salary system will be understand- able and acceptable internally, as well as externally. • The salary system will be suﬃciently ﬂexible for adjustments to be made in line with changed requirements. 1.4 Elements of the senior executive salary The basis for salary determination will be the total level of ﬁxed salary and variable beneﬁts. The various elements that may be included in senior executive salary are addressed below. a) Fixed basic salary The ﬁxed basic salary constitutes the main element of the remuneration scheme for senior executives at Norske Tog. The basic salary will be competi- tive without being a salary leader. Basic salary is usually assessed once per year. Upon appointment of managers, the “grandfather principle” will be used, which means that the manager deter- mining the salary needs to consult their manager before the salary is determined. Upon appointment and determination of salaries for members of the executive management team, the CEO will consult the Chair of the Board. b) Beneﬁts-in-kind Managers are allocated beneﬁts-in-kind that are common in comparable posi- tions, such as free telephone, free broad- band and vehicle schemes (applicable to the CEO only). c) Pension Upon appointment of managers, the gov- ernment’s guidelines for senior executive salaries dated 01/01/2021 will be used. The pension terms for senior executives are in line with the terms for other em- ployees. There are no former executives earning occupational pensions after leaving Norske Tog. All employees are members of a collec- tive pension scheme. On 23/08/2018, the Board of Directors decided to discon- tinue the pension scheme with the Nor- wegian Government’s Pension Fund and switch to a new scheme from the start of 2019. The scheme has a contribution rate of 5.5 per cent up to 7.1 G and 15 per cent between 7.1 and 12 G by the company. The pension scheme includes a private contractual early retirement pension and a group life insurance policy of 20 G plus 2 x salary. The CEO has a retirement age of 67 years with a collective contribution scheme. This scheme carries an entitle- ment to a pension of up to 12 G. Upon appointment of managers, the govern- ment’s guidelines for senior executive salaries will be used and the pension terms for senior executives are in line with the terms for other employees. 27. Guidelines on the determination of salaries and other beneﬁts for senior executives

117 Annual Report 2021 was conducted in accordance with the aforementioned guidelines and has been explained in Norske Tog’s senior execu- tive salary statement. In the period from 2017 to 2021, no sev- erance pay exceeding 12 months of ﬁxed salary was paid to executives. The bonus scheme at Norske Tog was discontinued in 2018 and no bonuses were therefore paid to executives or the CEO in 2021. Salary settlements for senior executives in the last ﬁve years have been within the frameworks applicable to all Norske Tog employees. The statistics above do not provide a picture of the changes to average salaries for all Norske Tog employees, as approximately 10% of the company’s employees have retired and there has also been an increase in the number of new employees. Norske Tog completed its ﬁrst full year of operations in 2017. d) Severance pay Upon termination on the part of the company, the CEO shall be entitled to six months’ severance pay pursuant to their contract, in addition to salary and ben- eﬁts during the six-month notice period. Any other salary during the severance period will lead to a reduction in sev- erance pay by a proportionate amount calculated on the basis of other income. The entitlement to severance pay will not apply if the CEO has committed acts that fulﬁl the material terms for dismissal pursuant to the provisions of the Working Environment Act. All terms that apply to the CEO will also apply correspondingly to other executives. No other executives have severance pay agreements. PART II Implementation of the senior executive salary principles in the last ﬁve years The senior executive salary determina- tion for the period from 2017 to 2021 PART III Senior executive salary policy for the upcoming ﬁnancial year The senior executive salary policy will follow the general guidelines adopted by the Board of Directors for the upcoming ﬁnancial year. There were no changes during 2021. Pursuant to Section 6-16 a, cf. Section 5-6, paragraph 4 of the Limited Liability Companies Act, senior executive salary statements must be considered at the annual general meeting. Annual salary Reported year 2020 vs reported year 2021 Reported year 2019 vs reported year 2020 Reported year 2018 vs reported year 2019 Reported year 2017 vs reported year 2018 Information Salary for CEO Øystein Risan 3.3 % 3.3 % -8.0 % 12.0 % Øystein Risan had a bonus in 2018 and in 2019 his salary was adjusted due to the bonus being taken away permanently. Kjell-Arthur Abrahamsen 3.8 % 2.1 % 1.7 % 3.5 % Linda Venbakken 3.8 % 2.1 % 1.7 % 3.5 % Luca Cuppari 3.8 % 2.1 % 1.7 % 3.5 % Iren Marugg 3.4 % 2.4 % 8.7 % Iren Marugg joined the company in 2018. Company proﬁts Equity share -2.0 % 5.0 % 2.0 % -2.0 % Return on equity 1.9 % -4.6 % -3.0 % 5.0 % Salary paid to all employees -0.3 % 0.5 % 0.5 % 2.9 % Several elderly employees have retired while the company has grown from 32 employees to 51 employees. Many graduates and young people among the recently hired employees.

119 Annual Report 2021 APM Return on equity: Proﬁt for the year/equity at the start of the period (160,789 / 3,163,823 = 4.9%) This is a key ﬁgure for proﬁtability that shows the ratio between the company’s equity and proﬁt for the year. Norske Tog uses this key ﬁgure to measure the return generated for owners. This key number return on equity is also part of the framework for green bonds and will therefore be important going forward. Equity ratio: Total equity at the end of the period/total balance (3,296,730 / 13,030,035 = 25.3%) This key ﬁgure says something about the solvency of the company. It is also important to continuously monitor the equity ratio, as the company has a syndicated drawing facility of 3,000 MNOK with an associated covenant requirement of a minimum equity ratio of 20%. A healthy equity ratio is also important in order to realise the objectives associated with the investments in new trains and upgrades to current rolling stock. Operating proﬁt: Operating income less operating costs: 1,230,464 - 894,545 = 335,919 This key ﬁgure shows the company’s proﬁts from underlying operations for a given period. Since this key ﬁgure does not include ﬁnancing costs and income, it provides a picture of how strong the underlying operations of the company are, regardless of whether operations are ﬁnanced by owners through equity or externally ﬁnanced through bonds and borrowing. For a reconciliation of operating proﬁt in relation to proﬁt for the year, please refer to the company’s statement of comprehensive income. Working capital: Total current assets less total short-term liabilities: (1,623,205 - 593,769 = 1,029,436) The company’s working capital is crucial for monitoring short-term liquidity and to maintain some ﬂexibility in ongoing operations. Working capital is also an important measure used in the company’s external credit ratings.

121 Annual Report 2021 PricewaterhouseCoopers AS, Dronning Eufemias gate 71, Postboks 748 Sentrum, NO-0106 Oslo T: 02316, org. no.: 987 009 713 MVA, www.pwc.no Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap To the General Meeting of Norske tog AS Independent Auditor’s Report Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Norske tog AS (the Company), which comprise the balance sheet as at 31 December 2021, the income statement, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion • the financial statements comply with applicable statutory requirements, and • the financial statements give a true and fair view of the financial position of the Company as at 31 December 2021, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by EU. Our opinion is consistent with our additional report to the Audit Committee. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company as required by laws and regulations and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided. We have been the auditor of the Company for 4 years from the election by the general meeting of the shareholders on 27 June 2018 for the accounting year 2018. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

122 2 / 4 Key Audit Matters How our audit addressed the Key Audit Matter Accurate and complete accounting for loans and financial instruments For a closer description of loans and derivatives, please see note 6,7 and 10. The carrying amount of the company’s loan portfolio is NOK 8.77 billion as of 31 December 2021 and constitutes approximately 2/3 of the company’s total balance. Carrying amount of the company’s net derivatives is NOK 0,43 billion as of 31 December 2021, of which NOK -0.03 billion is currency futures associated with future purchases . The loan portfolio of Norske tog AS consists of bonds in Swiss francs (CHF) and Norwegian kroner (NOK), with both floating and fixed rates. The portfolio is valued at both fair value and amortized cost. Interest rate swaps and currency swaps are used as hedging instruments and both are measured at fair value. Because of the considerably large carrying amount of the loan portfolio, being subject to a complex set of rules and complex calculations, we have focused on routines and processes aimed at ensuring accurate and complete accounting of loans and derivatives. We have assessed the company’s accounting guidelines and principles for loans and derivatives and found that these in all material aspects were in line with generally accepted accounting principles. We have assessed that new loans were completly and accuratly registered in the financial system and compliant with loan agreements and the company's principles for accounting for loans. Our control activities did not reveal any significant deviations. We also tested whether changes in variables affecting the calculations of loans and derivatives were accurately and completely recorded in the accounting system and reconciled to observable market data. Furthermore, we have assessed the reasonableness of the company’s calculation of market value of derivatives against the issuer’s own calculations and assessed the company’s calculation of fair value of loans compared with developments in exchange and interest rates. Our control activities did not reveal any significant deviations. We also read the corresponding notes to the financial statements describing loans and derivatives and found the information to be sufficient. Other Information The Board of Directors and the Managing Director (management) are responsible for the information in the Board of Directors’ report. The other information comprises information in the annual report, but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the Board of Directors’ report. In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report. The purpose is to consider if there is material inconsistency between the Board of Directors’ report and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors’ report otherwise appears to be materially misstated. We are required to report i f there is a material misstatement in the Board of Directors’ report. We have nothing to report in this regard. Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report • is consistent with the financial statements and • contains the information required by applicable legal requirements. Revisors beretning

123 Annual Report 2021 3 / 4 Responsibilities of Management for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions

124 Revisors beretning 4 / 4 and events in a manner that achieves a true and fair view. We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements Report on compliance with Regulation on European Single Electronic Format (ESEF) Opinion We have performed an assurance engagement to obtain reasonable assurance that the financial statements with file name «NorsketogAS ESEF-reporting 31-12-2021» have been prepared in accordance with Section 5-5 of the Norwegian Securities Trading Act (Verdipapirhandelloven) and the accompanying Regulation on European Single Electronic Format (ESEF). In our opinion, the financial statements have been prepared, in all material respects, in accordance with the requirements of ESEF. Management’s Responsibilities Management is responsible for preparing and publishing the financial statements in the single electronic reporting format required in ESEF. This responsibility comprises an adequate process and the internal control procedures which management determines is necessary for the preparation and publication of the financial statements. Auditor’s Responsibilities For a description of the auditor’s responsibilities when performing an assurance engagement of the ESEF reporting, see: https://revisorforeningen.no/revisjonsberetninger Oslo, 28 April 2022 PricewaterhouseCoopers AS Marius Thorsrud State Authorised Public Accountant Note: This translation from Norwegian has been prepared for information purposes only.

126 Tables 1. Financial key ﬁgures 5 2. Recycling 69 3. Corporate governance 73 Figurer 1. Norske tog’s ﬂeet 2 2. Milestones 4 3. The Norwegian Railway Reform and the role of Norske tog 6 4. Traﬃc Package 1 7 6. Traﬃc Package 2 8 7. Traﬃc Package 3 9 8. Traﬃc Package 4 10 9. Business model 11 10. Norske tog’s goals 24 11. Organisation 31 12. Employees and person-years 32 13. Share of women and minorities 32 14. Sick leave and employee satisfaction 32 15. Materiality matrix 39 16. Customer satisfaction, passenger development and number of trains 41 17. Share of electriﬁed trains and recycling rate 43 18. Delays caused by trains, average age of trains and number of diﬀerent types of trains 46 19. Articles of Norske tog 53 Photographs Class 77 Cover Bergensbanen 14 Terminal box on roof 16 Øystein Risan 18 National theatre train station 21 Pantograph 22 Class 73 27 Running shaft 34 The Management Group 31 Class 76 33 EL18 47 Employees 49 Running shaft 51 Class 76 55 Train enthusiasts 57-61 Quality Control 63 Quality Controllers 65 Train scrapping 67 Metal recycling 69 Key switch 70 Class 73 75 Lights control in the operating room 76 Sandvika train station 83 Driving console 84 Quality Controllers 120 Class 77 Cover Tables, ﬁgures and photographs