Alandsbanken SICAV SIMPLIFIED PROSPECTUS ... - Ålandsbanken
Alandsbanken SICAV SIMPLIFIED PROSPECTUS ... - Ålandsbanken
Alandsbanken SICAV SIMPLIFIED PROSPECTUS ... - Ålandsbanken
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<strong>Alandsbanken</strong> <strong>SICAV</strong><br />
<strong>SIMPLIFIED</strong> <strong>PROSPECTUS</strong> dated February 2012<br />
A <strong>SICAV</strong> established under the law of Luxembourg<br />
relating to undertakings for collective investment dated 17 December 2010<br />
This simplified prospectus contains only key information about the <strong>SICAV</strong>. For more information,<br />
including the full prospectus dated February 2012 with the annual and semi-annual reports that<br />
describe in detail the <strong>SICAV</strong>’s objectives, fees and expenses, risks and other matters of interest,<br />
please contact your financial advisor or request the full prospectus with the annual and semiannual<br />
reports at the following address: 14, boulevard Royal, L-2449 Luxembourg. Such<br />
documents are available, at any time, free of charge, for existing and future investors.<br />
IMPORTANT INFORMATION<br />
Legal structure: Umbrella <strong>SICAV</strong> organized under Part I of the law of 17<br />
December 2010 regarding undertakings for collective<br />
investment incorporated on 14 April 2010 for an unlimited<br />
duration.<br />
Registered Office: 14, boulevard Royal<br />
L-2449 Luxembourg<br />
Promoter: <strong>Alandsbanken</strong> ABP<br />
Nygatan 2<br />
AX-22100 Mariehamn<br />
Aland, Finland<br />
Management Company: Alpha Management Company S.A.<br />
16, rue Jean Pierre Brasseur<br />
L-1258 Luxembourg<br />
Custodian: Banque de Luxembourg<br />
14, boulevard Royal<br />
L-2449 Luxembourg<br />
Central Administrative Banque de Luxembourg<br />
Agent and Paying Agent: 14, boulevard Royal<br />
L-2449 Luxembourg<br />
Central Administration European Fund Administration<br />
and Transfer Agent 2, rue d’Alsace<br />
Subcontractor: B.P. 1725<br />
L – 1017 Luxembourg<br />
Principal Distributor: <strong>Alandsbanken</strong> ABP (publ)<br />
Nygatan 2<br />
AX-22100 Mariehamn<br />
Aland, Finland<br />
VISA 2012/84846-6603-0-PS<br />
L'apposition du visa ne peut en aucun cas servir<br />
d'argument de publicité<br />
Luxembourg, le 2012-04-04<br />
Commission de Surveillance du Secteur Financier<br />
#41587.5805076v6 1
Listing Agent: Banque de Luxembourg<br />
14, boulevard Royal<br />
L-2449 Luxembourg<br />
Auditor: Ernst & Young S.A.<br />
7, parc d’activité Syrdall<br />
L-5365 Munsbach<br />
Supervisory authority: Commission de Surveillance du Secteur Financier<br />
(www.cssf.lu)<br />
Legal Adviser: Arendt & Medernach<br />
14, rue Erasme<br />
L-2082 Luxembourg<br />
#41587.5805076v6 2
Investment Objective and<br />
Policy<br />
Risk Profile / Risk<br />
Management<br />
Risk Profile<br />
INVESTMENT INFORMATION<br />
<strong>Alandsbanken</strong> <strong>SICAV</strong>: Nordic Growth<br />
The Nordic Growth Sub-Fund is an actively managed equity portfolio.<br />
It is a vehicle aiming to outperform its benchmark, the Nordic VINX<br />
Index, VINX Bench EUR NI Index (VBCEUN).<br />
The Nordic Growth Sub-Fund mainly invests in Nordic equities listed<br />
on stock exchanges in Iceland, Denmark, Norway, Sweden and<br />
Finland or as the securities of companies organised and located in<br />
other countries provided:<br />
(a) the principal securities trading market is in a Nordic<br />
country, or<br />
(b) where fifty per cent (50 %) of the company’s<br />
revenue alone or on a consolidated basis is derived<br />
from either goods produced or developed, sales<br />
made or services performed in Nordic countries.<br />
The Nordic Growth Sub-Fund will focus on companies which are<br />
expected to grow at a relatively high rate. Allocation between<br />
different markets and sectors is thus a consequence of the objective<br />
to invest in stocks which are estimated to deliver the best returns.<br />
Investments may include, to a lesser extent, warrants, convertibles<br />
and options on securities.<br />
On an ancillary basis, the Nordic Growth Sub-Fund may also hold<br />
liquid assets such as deposits and other regularly traded short term<br />
money market instruments issued or guaranteed by first class<br />
issuers or guarantors and having a residual maturity not exceeding<br />
twelve months.<br />
The Nordic Growth Sub-Fund may also deal in options on securities,<br />
financial futures and forward exchange contracts for hedging<br />
purposes so as to protect the value of the assets of the Nordic<br />
Growth Sub-Fund.<br />
The Nordic Growth Sub-Fund may also use various derivative<br />
instruments for efficient portfolio management purposes to the extent<br />
permitted by the investment restrictions detailed in the Prospectus.<br />
EUR is the reference currency of the Nordic Growth Sub-Fund, but<br />
assets may be denominated in other currencies and currency<br />
exposure may be hedged.<br />
Money invested in the Nordic Growth Sub-Fund can both increase<br />
and decrease in value and it is not certain that one will recoup the<br />
entire amount of the invested capital.<br />
Investments in the Nordic Growth Sub-Fund are generally tied to<br />
#41587.5805076v6 3
Risk Management<br />
Calculation of global<br />
exposure<br />
Profile of Targeted<br />
Investors<br />
large risks, as share prices can strongly fluctuate. Growth-oriented<br />
companies are largely valued based on future profits, which can<br />
cause large fluctuations in the share development.<br />
The Nordic Growth Sub-Fund’s investments are largely made in<br />
shares denominated in foreign currency, which means that the fund<br />
is sensitive to changes in the exchange rate against the euro (EUR).<br />
In accordance with the Law of 2010 and the applicable regulations,<br />
in particular Circular CSSF 11/512, the Nordic Growth Sub-Fund<br />
uses a risk-management process which enables it to assess its<br />
exposure to market, liquidity and counterparty risks, and to all other<br />
risks, including operational risks, which are material for the Nordic<br />
Growth Sub-Fund.<br />
As part of the risk-management process, the Nordic Growth Sub-<br />
Fund uses the commitment approach to monitor and measure the<br />
global exposure. This approach measures the global exposure<br />
related to positions on financial derivative instruments (“FDIs”) under<br />
consideration of netting and hedging effects which may not exceed<br />
the total net value of the portfolio of the Nordic Growth Sub-Fund.<br />
Under the standard commitment approach, each FDI position is<br />
converted into the market value of an equivalent position in the<br />
underlying asset of that FDI.<br />
The Nordic Growth Sub-Fund suits investors who are familiar with<br />
the risks of the stock market and who can accept the occurrence of<br />
rate fluctuations.<br />
The Nordic Growth Sub-Fund is suitable for investors who are<br />
seeking an investment horizon of 5 years or more.<br />
Classes of Shares Shares of any Class within the Nordic Growth Sub-Fund will be<br />
issued in registered book-entry form only.<br />
The Nordic Growth Sub-Fund offers Share Classes A and B and<br />
sub-Classes in EUR and SEK within Class A and Class B.<br />
Within the Nordic Growth Sub-Fund, Shares of Class A (EUR) and A<br />
(SEK) will exclusively be issued to retail investors, i.e. any investor<br />
who does not qualify as an institutional investor as defined below<br />
(the "Retail Investors") and Shares of Class B (EUR) and Class B<br />
(SEK) will exclusively be issued to institutional investors, i.e.<br />
investors within the meaning of the article 2 of the Luxembourg Law<br />
of 13th February 2007 relating to Specialized Investment Funds (the<br />
"Institutional Investors").<br />
The Fund will not accept to issue Class B Shares to investors who<br />
may not be considered as Institutional Investors. Furthermore, the<br />
board of directors will not give its approval to any transfer of Shares<br />
which would result in a non-institutional investor becoming a<br />
Shareholder of Class B Shares. The board of directors, at its full<br />
discretion, will refuse the issue or transfer of such Shares if there is<br />
not sufficient evidence that the investors to which the Shares are<br />
sold or transferred to are Institutional Investors.<br />
#41587.5805076v6 4
Sales and Redemption<br />
Charge<br />
Minimum Investment and<br />
Holding<br />
Considering the qualification of a subscriber or a transferee as<br />
Institutional Investor, the board of directors will have due regard to<br />
the guidelines or recommendations (if any) of the competent<br />
Supervisory Authorities.<br />
Institutional Investors subscribing in their own name, but on behalf of<br />
a third party, must certify such subscription is made on behalf of an<br />
Institutional Investor as aforesaid and the board of directors may<br />
require at its sole discretion, evidence that the beneficial owner of<br />
the Shares is an Institutional Investor.<br />
Class A and Class B Shares will only differentiate to the extent of the<br />
annual rate of the taxe d’abonnement applicable to the assets<br />
corresponding to the relevant Class.<br />
Classes A (EUR), A (SEK), B (EUR) and B (SEK) Shares are<br />
exclusively issued as distribution Shares.<br />
After the initial subscription period as defined hereafter, the offering<br />
price per Share of each Class within the Nordic Growth Sub-Fund<br />
corresponds to the Net Asset Value per Share of the relevant Class<br />
plus the sales charge as mentioned hereinafter.<br />
The sales charge levied is a maximum of three per cent (3 %) of the<br />
Net Asset Value per Share of the relevant Class, which shall revert<br />
to the relevant distributor.<br />
The sales charge will be levied for subscriptions during the Initial<br />
Subscription Period as well as for subscriptions after the Initial<br />
Subscription Period.<br />
The redemption charge levied is a maximum of two per cent (2 %) of<br />
the redemption amount, which shall revert to the relevant distributor.<br />
Class A Shares:<br />
There exists no minimum initial investment and holding requirement<br />
per investor for Class A Shares.<br />
There exists no minimum subsequent investment requirement per<br />
investor for Class A Shares.<br />
Class B Shares:<br />
There exists no minimum initial investment requirement per investor<br />
for Class B (SEK) Shares.<br />
There exists no minimum subsequent investment requirement per<br />
investor for Class B (SEK) Shares.<br />
For Class B (EUR) Shares the minimum initial investment and<br />
holding requirement per investor will be as follows:<br />
#41587.5805076v6 5
� Class B (EUR) Shares: EUR 1,000,000.-<br />
A redemption request which would reduce the value at such time of<br />
any holding to below such amount may be treated as a request to<br />
redeem the whole of such shareholding. The Board of Directors may<br />
waive the minimum amounts for the initial and/or subsequent<br />
subscriptions at their sole discretion.<br />
For Class B (EUR) Shares the minimum subsequent investment<br />
requirement per investor will be as follows:<br />
� Class B (EUR) Shares: EUR 100,000.-<br />
Subscriptions Investors whose applications are accepted will be allotted Shares<br />
issued on the basis of the Net Asset Value per Share determined as<br />
of the Valuation Day (as defined below), provided that such<br />
application is received by the Fund not later than 16:00, Luxembourg<br />
time, on the relevant Valuation Day. Applications received after<br />
16:00, Luxembourg time, on the relevant Valuation Day, will be dealt<br />
with on the following Valuation Day.<br />
Payment for subscriptions must be made within three Business Days<br />
after the applicable Valuation Day.<br />
Redemptions Shareholders whose applications for redemption are accepted will<br />
have their Shares redeemed on any Valuation Day provided that the<br />
applications have been received by the Fund prior to 16:00,<br />
Luxembourg time, on the relevant Valuation Day. Applications<br />
received after 16:00, Luxembourg time, on the relevant Valuation<br />
Day, will be dealt with on the following Valuation Day.<br />
The redemption price shall be equal to the Net Asset Value per<br />
Share of the Nordic Growth Sub-Fund on the relevant Valuation Day.<br />
The redemption price shall be paid no later than three Business<br />
Days after the applicable Valuation Day.<br />
Conversions The Shares of any class of the Nordic Growth Sub-Fund may be<br />
converted into Shares of any class of the Global Growth Sub-Fund or<br />
of another Sub-Fund according to the procedure described in the<br />
Prospectus on the basis of the respective Net Asset Values of the<br />
relevant Classes or Sub-Funds, calculated as of the relevant<br />
Valuation Day, provided that the request for conversion is received<br />
by the Fund not later than 16:00 noon, Luxembourg time, on the<br />
relevant Valuation Day. Requests received after 16:00 noon,<br />
Luxembourg time, on the relevant Valuation Day will be dealt with on<br />
the following Valuation Day.<br />
Reference Currency of<br />
the Nordic Growth Sub-<br />
Fund<br />
Frequency of the Net<br />
Asset Value Calculation<br />
A conversion fee of up to zero point five per cent (0.5 %) of the Net<br />
Asset Value per Share of the relevant Class which shall be<br />
converted shall be levied.<br />
The Net Asset Value per Share of all the Classes of the Nordic<br />
Growth Sub-Fund will be calculated in EUR.<br />
The Net Asset Value per Share of the Nordic Growth Sub-Fund will<br />
be determined in Luxembourg under the overall responsibility of the<br />
#41587.5805076v6 6
and Valuation Day Board of Directors as of every Business Day (the "Valuation Day")<br />
and has been determined for the first time on 1 September 2010.<br />
Investment Manager <strong>Alandsbanken</strong> Asset Management AB (Reg. number 59 32 00 -<br />
1745) has been appointed as Investment Manager for the Nordic<br />
Growth Sub-Fund. <strong>Alandsbanken</strong> Asset Management AB has been<br />
incorporated under the laws of Sweden. The registered office is at<br />
Stureplan 19, SE-107 81 Stockholm. On December 1, 2011, its<br />
capital and reserves amounted to SEK 493.000.000,-. <strong>Alandsbanken</strong><br />
Asset Management AB is an asset manager institution and is<br />
licensed under the Swedish law (2007:528), Chapter 2, Section 1,<br />
items 1, 2, 4 and 5.<br />
Investment Management<br />
Fee<br />
Listing on the<br />
Luxembourg Stock<br />
Exchange<br />
Publication of the Net<br />
Asset Value<br />
The Management Company will be entitled to receive, payable out of<br />
the assets attributable to the relevant Class of Shares of the Nordic<br />
Growth Sub-Fund, the following management fees calculated as of<br />
each Valuation Day on the basis of the Net Asset Value of the<br />
relevant Valuation Day and paid out monthly in arrears:<br />
� Class A (EUR) Shares: up to 2.5 percent per annum;<br />
� Class A (SEK) Shares: up to 2.5 percent per annum;<br />
� Class B (EUR) Shares: up to 2.5 percent per annum;<br />
� Class B (SEK) Shares: up to 2.5 percent per annum.<br />
The Shares of the Nordic Growth Sub-Fund are not listed on the<br />
Luxembourg Stock Exchange.<br />
The Net Asset Value per Share as well as the issue, redemption and<br />
conversion prices will be available at the registered office of the Fund<br />
and will be available on each Valuation Day.<br />
Taxation The Nordic Growth Sub-Fund is liable to an annual taxe<br />
d’abonnement in the Grand Duchy of Luxembourg, such tax being<br />
payable quarterly on the basis of the value of the aggregate net<br />
assets of the Nordic Growth Sub-Fund at the end of the relevant<br />
calendar quarter. The taxe d’abonnement shall be levied at the<br />
annual rate of 0.05% in respect of the assets of the Nordic Growth<br />
Sub-Fund attributable to Class A Shares and at the annual rate of<br />
0.01% in respect of the assets of the Nordic Growth Sub-Fund<br />
attributable to Class B Shares.<br />
Investment Objective and<br />
Policy<br />
<strong>Alandsbanken</strong> <strong>SICAV</strong>: Swedish Growth<br />
The Swedish Growth Sub-Fund is an actively managed equity<br />
portfolio. It is a vehicle aiming to outperform its benchmark,<br />
Scandinavian Information Exchange Portfolio Return Index<br />
(SIXPRX).<br />
The Swedish Growth Sub-Fund will focus on companies which are<br />
expected to grow at a relatively high rate. Allocation between<br />
different sectors is thus a consequence of the objective to invest in<br />
stocks which are estimated to deliver the best returns.<br />
Investments made include, to a lesser extent, warrants, convertibles<br />
#41587.5805076v6 7
Risk Profile / Risk<br />
Management<br />
Risk Profile<br />
Risk Management<br />
Calculation of global<br />
exposure<br />
Profile of Targeted<br />
Investors<br />
and options on securities.<br />
On an ancillary basis, the Swedish Growth Sub-Fund may also hold<br />
liquid assets such as deposits and other regularly traded short term<br />
money market instruments issued or guaranteed by first class<br />
issuers or guarantors and having a residual maturity not exceeding<br />
twelve months.<br />
The Swedish Growth Sub-Fund may also deal in options on<br />
securities, financial futures and forward exchange contracts for<br />
hedging purposes so as to protect the value of the assets of the<br />
Swedish Growth Sub-Fund.<br />
The Swedish Growth Sub-Fund may also use various derivative<br />
instruments for efficient portfolio management purposes to the extent<br />
permitted by the investment restrictions detailed in the Prospectus.<br />
SEK is the reference currency of the Swedish Growth Sub-Fund but<br />
assets may be denominated in other currencies and currency<br />
exposure may be hedged.<br />
Money invested in the Swedish Growth Sub-Fund can both increase<br />
and decrease in value and it is not certain that one will recoup the<br />
entire amount of the invested capital.<br />
Investments in the Swedish Growth Sub-Fund are generally tied to<br />
large risks, as share prices can strongly fluctuate. Growth-oriented<br />
companies are largely valued based on future profits, which can<br />
cause large fluctuations in the share development.<br />
In accordance with the Law of 2010 and the applicable regulations,<br />
in particular Circular CSSF 11/512, the Swedish Growth Sub-Fund<br />
uses a risk-management process which enables it to assess its<br />
exposure to market, liquidity and counterparty risks, and to all other<br />
risks, including operational risks, which are material for the Swedish<br />
Growth Sub-Fund.<br />
As part of this risk-management process, the Swedish Growth Sub-<br />
Fund uses the commitment approach to monitor and measure the<br />
global exposure. This approach measures the global exposure<br />
related to positions on financial derivative instruments (“FDIs”) under<br />
consideration of netting and hedging effects which may not exceed<br />
the total net value of the portfolio of the Swedish Growth Sub-Fund.<br />
Under the standard commitment approach, each FDI position is<br />
converted into the market value of an equivalent position in the<br />
underlying asset of that FDI.<br />
The Swedish Growth Sub-Fund suits investors who are familiar with<br />
the risks of the stock market and who can accept the occurrence of<br />
rate fluctuations. The Swedish Growth Sub-Fund is suitable for<br />
investors who are seeking an investment horizon of 5 years or more.<br />
Classes of Shares Shares of any Class within the Swedish Growth Sub-Fund will be<br />
issued in registered book-entry form only.<br />
#41587.5805076v6 8
Sales and Redemption<br />
Charge<br />
Minimum Investment and<br />
Holding<br />
The Swedish Growth Sub-Fund offers Share Classes A and B and<br />
sub-Classes in EUR and SEK within Class A and Class B.<br />
Within the Swedish Growth Sub-Fund, Shares of Class A (EUR) and<br />
A (SEK) will exclusively be issued to retail investors, i.e. any investor<br />
who does not qualify as an institutional investor as defined below<br />
(the "Retail Investors") and Shares of Class B will exclusively be<br />
issued to institutional investors, i.e. investors within the meaning of<br />
the article 2 of the Luxembourg Law of 13th February 2007 relating<br />
to Specialized Investment Funds (the "Institutional Investors").<br />
The Fund will not accept to issue Class B Shares to investors who<br />
may not be considered as Institutional Investors. Furthermore, the<br />
board of directors will not give its approval to any transfer of Shares<br />
which would result in a non-institutional investor becoming a<br />
Shareholder of Class B Shares. The board of directors, at its full<br />
discretion, will refuse the issue or transfer of such Shares if there is<br />
not sufficient evidence that the investors to which the Shares are<br />
sold or transferred to are Institutional Investors.<br />
Considering the qualification of a subscriber or a transferee as<br />
Institutional Investor, the board of directors will have due regard to<br />
the guidelines or recommendations (if any) of the competent<br />
Supervisory Authorities.<br />
Institutional Investors subscribing in their own name, but on behalf of<br />
a third party, must certify such subscription is made on behalf of an<br />
Institutional Investor as aforesaid and the board of directors may<br />
require at its sole discretion, evidence that the beneficial owner of<br />
the Shares is an Institutional Investor.<br />
Class A and Class B Shares will only differentiate to the extent of the<br />
annual rate of the taxe d’abonnement applicable to the assets<br />
corresponding to the relevant Class.<br />
Classes A (EUR), A (SEK), B (EUR) and B (SEK) Shares are<br />
exclusively issued as distribution Shares.<br />
The offering price per Share of each Class within the Swedish<br />
GrowthSub-Fund corresponds to the Net Asset Value per Share of<br />
the relevant Class plus the sales charge as mentioned hereinafter.<br />
The sales charge levied is a maximum of three per cent (3 %) of the<br />
Net Asset Value per Share of the relevant Class, which shall revert<br />
to the relevant distributor.<br />
The sales charge will be levied for subscriptions during the Initial<br />
Subscription Period as well as for subscriptions after the Initial<br />
Subscription Period.<br />
The redemption charge levied is a maximum of two per cent (2%) of<br />
the redemption amount, which shall revert to the relevant distributor.<br />
Class A Shares:<br />
There exists no minimum initial investment and holding requirement<br />
#41587.5805076v6 9
per investor for Class A Shares.<br />
There exists no minimum subsequent investment requirement per<br />
investor for Class A Shares.<br />
Class B Shares:<br />
There exists no minimum initial investment requirement per investor<br />
for Class B (SEK) Shares.<br />
There exists no minimum subsequent investment requirement per<br />
investor for Class B (SEK) Shares.<br />
For Class B (EUR) Shares the minimum initial investment and<br />
holding requirement per investor will be as follows:<br />
� Class B (EUR) Shares: EUR 1,000,000.-<br />
A redemption request which would reduce the value at such time of<br />
any holding to below such amount may be treated as a request to<br />
redeem the whole of such shareholding. The Board of Directors may<br />
waive the minimum amounts for the initial and/or subsequent<br />
subscriptions at their sole discretion.<br />
For Class B (EUR) Shares the minimum subsequent investment<br />
requirement per investor will be as follows:<br />
� Class B (EUR) Shares: EUR 100,000.-<br />
Subscriptions Investors whose applications are accepted will be allotted Shares<br />
issued on the basis of the Net Asset Value per Share determined as<br />
of the Valuation Day (as defined below) on which the application<br />
form is received, provided that such application is received by the<br />
Fund not later than 16:00, Luxembourg time, on the relevant<br />
Valuation Day. Applications received after 16:00, Luxembourg time,<br />
on the relevant Valuation Day, will be dealt with on the following<br />
Valuation Day.<br />
Payment for subscriptions must be made within three Luxembourg<br />
Business Days after the applicable Valuation Day.<br />
Redemptions Shareholders whose applications for redemption are accepted will<br />
have their Shares redeemed on any Valuation Day provided that the<br />
applications have been received by the Fund prior to 16:00,<br />
Luxembourg time, on the relevant Valuation Day. Applications<br />
received after 16:00, on the relevant Valuation Day, will be dealt with<br />
on the following Valuation Day.<br />
The redemption price shall be equal to the Net Asset Value per<br />
Share of the Swedish Growth Sub-Fund on the relevant Valuation<br />
Day.<br />
The redemption price shall be paid no later than three Luxembourg<br />
Business Days after the applicable Valuation Day.<br />
#41587.5805076v6 10
Conversions The Shares of any class of the Swedish Growth Sub-Fund may be<br />
converted into Shares of any class of the Swedish Growth Sub-Fund<br />
or of another Sub-Fund according to the procedure described in this<br />
Prospectus on the basis of the respective Net Asset Values of the<br />
relevant Classes or Sub-Funds, calculated as of the relevant<br />
Valuation Day, provided that the request for conversion is received<br />
by the Fund not later than 16:00, Luxembourg time on the relevant<br />
Valuation Day. Requests received after 16:00, Luxembourg time on<br />
the relevant Valuation Day will be dealt with on the following<br />
Valuation Day.<br />
Reference Currency of<br />
the Swedish Growth Sub-<br />
Fund<br />
Frequency of the Net<br />
Asset Value Calculation<br />
and Valuation Day<br />
A conversion fee of up to zero point five per cent (0.5 %) of the Net<br />
Asset Value per Share of the relevant Class which shall be<br />
converted shall be levied.<br />
The Net Asset Value per Share of all the Classes of the Swedish<br />
Growth Sub-Fund will be calculated in SEK.<br />
The Net Asset Value per Share of the Swedish Growth Sub-Fund will<br />
be determined in Luxembourg under the overall responsibility of the<br />
Board of Directors as of every Business Day (the "Valuation Day")<br />
and has been determined for the first time on 1 September 2010.<br />
Investment Manager <strong>Alandsbanken</strong> Asset Management AB (Reg. number 59 32 00 -<br />
1745) has been appointed as Investment Manager for the Swedish<br />
Growth Sub-Fund. <strong>Alandsbanken</strong> Asset Management AB has been<br />
incorporated under the laws of Sweden. The registered office is at<br />
Stureplan 19, SE-107 81 Stockholm. On December 1, 2011, its<br />
capital and reserves amounted to SEK 493.000.000,-. <strong>Alandsbanken</strong><br />
Asset Management AB is an asset manager institution and is<br />
licensed under the Swedish law (2007:528), Chapter 2, Section 1,<br />
items 1, 2, 4 and 5.<br />
Investment Management<br />
Fee<br />
Listing on the<br />
Luxembourg Stock<br />
Exchange<br />
Publication of the Net<br />
Asset Value<br />
The Management Company will be entitled to receive, payable out of<br />
the assets attributable to the relevant Class of Shares of the Swedish<br />
Growth Sub-Fund, the following management fees calculated as of<br />
each Valuation Day on the basis of the Net Asset Value of the<br />
relevant Valuation Day and paid out monthly in arrears:<br />
� Class A (EUR) Shares: up to 2.5 percent per annum;<br />
� Class A (SEK) Shares: up to 2.5 percent per annum;<br />
� Class B (EUR) Shares: up to 2.5 percent per annum;<br />
� Class B (SEK) Shares: up to 2.5 percent per annum.<br />
The Shares of the Swedish Growth Sub-Fund are not listed on the<br />
Luxembourg Stock Exchange.<br />
The Net Asset Value per Share as well as the issue, redemption and<br />
conversion prices will be available at the registered office of the Fund<br />
and will be available on each Valuation Day.<br />
Taxation The Swedish Growth Sub-Fund is liable to an annual taxe<br />
d’abonnement in the Grand Duchy of Luxembourg, such tax being<br />
payable quarterly on the basis of the value of the aggregate net<br />
#41587.5805076v6 11
Investment Objective and<br />
Policy<br />
Investment Objective<br />
Investment Policy<br />
assets of the Swedish Growth Sub-Fund at the end of the relevant<br />
calendar quarter. The taxe d’abonnement shall be levied at the<br />
annual rate of 0.05% in respect of the assets of the Swedish Growth<br />
Sub-Fund attributable to Class A Shares and at the annual rate of<br />
0.01% in respect of the assets of the Swedish Growth Sub-Fund<br />
attributable to Class B Shares.<br />
<strong>Alandsbanken</strong> <strong>SICAV</strong> : Brig 6<br />
The investment objective of the Brig 6 Sub-Fund is to create positive<br />
returns with an annualized standard deviation of 6%. The Sub-Fund<br />
will pursue an investment policy similar to a traditional balanced<br />
fund, but will in addition make use of the possibilities for<br />
diversification and alpha generation within the restrictions of the Law<br />
of 17 December 2010.<br />
To achieve this objective, the Brig 6 Sub-Fund will uphold a stable ex<br />
ante portfolio volatility of 6% by investing in a well diversified portfolio<br />
of assets aiming to capture uncorrelated risk premiums. The portfolio<br />
composition, the individual weighting of the assets, will depend on<br />
the risk characteristics of the constituent assets. On an ancillary<br />
basis, the Brig 6 Sub-Fund may hold short positions via derivatives in<br />
one or more asset classes as referred to hereafter, based on the<br />
view from a tactical asset allocation strategy.<br />
The risk thus specified (measured as annualized historical standard<br />
deviation of daily returns or volatility) is an indication of the market<br />
risk involved in investing in the Brig 6 Sub-Fund. Inasmuch as<br />
historical volatility is a fair indication of the future risk, this measure<br />
implies that the annual return which the Brig 6 Sub-Fund can be<br />
expected to generate over time will range between -6% and 6%<br />
around the expected yearly return of the Net Asset Value in<br />
approximately 2/3 of the cases. The specified level of risk only takes<br />
into consideration market risk, as opposed to any other types of risk<br />
set forth in Part A chapter V. above.<br />
The main drivers for the Brig 6 Sub-Funds returns are based on<br />
diversification, constant risk, manager selection and tactical asset<br />
allocation. Diversification enables exposure to more risk premiums<br />
without increasing the overall portfolio risk, constant risk ensures the<br />
risk target to be met and yield an efficient risk allocation with respect<br />
to time, manager selection enables access to superior external<br />
portfolio managers and tactical asset allocation give possibilities to<br />
position the portfolio with respect to the macro environment.<br />
The main asset classes for the Brig 6 Sub-Fund are equities and<br />
fixed income. On an ancillary basis, the Brig 6 Sub-Fund may also<br />
invest in currencies. The decision between instruments in the same<br />
asset class is based on both cost efficiency and efficient portfolio<br />
management.<br />
The Brig 6 Sub-Fund may invest directly in the targeted main asset<br />
classes or through UCITS and also UCI´s and may also use financial<br />
derivative instruments for investment purposes and these may<br />
include, but are not limited to, futures, options and swaps. Financial<br />
#41587.5805076v6 12
Risk Profile / Risk<br />
Management<br />
Risk Profile<br />
Risk Management<br />
Calculation of global<br />
exposure<br />
Leverage<br />
Profile of Targeted<br />
Investors<br />
derivative instruments may also be used for hedging purposes.<br />
The Sub-Fund may not invest in single commodities derivative<br />
contracts.<br />
All instruments used in the Brig 6 Sub-Fund, directly or indirectly<br />
should have daily liquidity. However, holdings up to a maximum of<br />
10% of the Brig 6 Sub–Fund’s net assets may have a weekly<br />
liquidity.<br />
The Brig 6 Sub-Fund's long positions will be sufficiently liquid to<br />
cover at all times the Brig 6 Sub-Fund's obligations arising from its<br />
short positions.<br />
SEK is the reference currency of the Brig 6 Sub-Fund but assets<br />
may be denominated in other currencies and currency exposure may<br />
be hedged. The Sub-Fund will bear the cost involved with such<br />
currency hedging.<br />
Brig 6 Sub-Fund is only a suitable vehicle for investors who<br />
understand and can bear the high degree of economic risk involved<br />
in an investment therein, including the risk of loss of the entire<br />
amount invested, and believe that the investments is suitable based<br />
upon their financial needs, resources and objectives. An investment<br />
in Brig 6 Sub-Fund is not intended to be a complete investment<br />
program for an investor. Investment results may vary substantially<br />
over time. Past performance is not necessarily indicative of future<br />
results.<br />
In accordance with the Law of 2010 and the applicable regulations,<br />
in particular Circular CSSF 11/512, the Brig 6 Sub-Fund uses a riskmanagement<br />
process which enables it to assess the exposure of the<br />
Brig 6 Sub-Fund to market, liquidity and counterparty risks, and to all<br />
other risks, including operational risks, which are material for the Brig<br />
6 Sub-Fund.<br />
As part of this risk-management process and in view of the absolute<br />
return strategy of the Brig 6 Sub-Fund, the global exposure of the<br />
Brig 6 Sub-Fund is measured and controlled by the absolute Value at<br />
Risk (the "VaR") approach.<br />
The method used for the determination of the level of leverage of the<br />
Brig 6 Sub-Fund is the sum of the notionals for financial derivative<br />
instruments. The expected level of leverage may vary between 0%<br />
and 70% based on the net asset value of the Brig 6 Sub-Fund.<br />
Under certain circumstances the level of leverage might exceed the<br />
before mentioned range, without however exceeding a maximum of<br />
100%.<br />
The Brig 6 Sub-Fund suits investors who are seeking an alternative<br />
to a traditional bond portfolio. The Brig 6 Sub-Fund is suitable for<br />
investors who are seeking an investment horizon of 5 years or more.<br />
Techniques and Subject to the provisions set forth in Part A of this Prospectus, the<br />
#41587.5805076v6 13
Instruments Brig 6 Sub-Fund may engage, for hedging purposes, in various<br />
portfolio strategies to attempt to reduce certain risks of its<br />
investments. These strategies currently include the use of options,<br />
forward currency exchange contracts and futures contracts and<br />
options thereon, as described under the section "Investment<br />
Objectives, Policies, Techniques and Investment Restrictions" of Part<br />
A of this Prospectus. In addition, the Brig 6 Sub-Fund may also use,<br />
for the purpose of efficient portfolio management and proxy hedging,<br />
currency forwards, options and swaps, as well as listed futures (and<br />
related options) related to equities, bonds, interest rates and<br />
currencies. Participation in the options, forwards or futures markets<br />
and in currency exchange transactions involves investment risks and<br />
transaction costs to which the Brig 6 Sub-Fund would not be subject<br />
in the absence of the use of these strategies.<br />
Classes of Shares Shares of any Class within the Brig 6 Sub-Fund will be issued in<br />
registered book-entry form only.<br />
Within the Brig 6 Sub-Fund, Shares of Class A (SEK) and B (SEK)<br />
will be issued to all types of investors.<br />
Classes A (SEK) Shares are exclusively issued as capitalisation<br />
Shares.<br />
Classes B (SEK) Shares are exclusively issued as capitalisation<br />
Shares.<br />
Sales Charge After the initial subscription period as defined hereafter, the offering<br />
price per Share of each Class within the Brig 6 Sub-Fund<br />
corresponds to the Net Asset Value per Share of the relevant Class<br />
plus the sales charge as mentioned hereinafter.<br />
Minimum Investment and<br />
Holding<br />
The sales charge levied is a maximum of 5 per cent of the Net Asset<br />
Value per Share of the relevant Class, which shall revert to the<br />
relevant distributor.<br />
The sales charge will be levied for subscriptions during the Initial<br />
Subscription Period as well as for subscriptions after the Initial<br />
Subscription Period.<br />
Class A Shares:<br />
The minimum initial investment and holding requirement per investor<br />
will be as follows:<br />
� Class A (SEK) Shares: SEK 200.-<br />
� Class B ( SEK) Shares no minimum limit<br />
A redemption request which would reduce the value at such time of<br />
any holding to below such amount may be treated as a request to<br />
redeem the whole of such shareholding. The Board of Directors may<br />
waive the minimum amounts for the initial and/or subsequent<br />
subscriptions at their sole discretion.<br />
The minimum subsequent investment requirement per investor will<br />
be as follows:<br />
#41587.5805076v6 14
� Class A (SEK) Shares: SEK 200.-<br />
� Class B ( SEK) Shares no minimum limit<br />
Subscriptions Shares of any Class within the Brig 6 Sub-Fund may be subscribed<br />
between 3 February 2012 and 24 February 2012 (the “Initial<br />
Subscription Period”) for a subscription price of SEK 200 plus the<br />
sales charge mentioned hereabove.<br />
Redemptions<br />
Conversions<br />
Reference Currency of<br />
the Brig 6 Sub-Fund<br />
Frequency of the Net<br />
Asset Value Calculation<br />
and Valuation Day<br />
After the Initial Subscription Period, investors whose applications are<br />
accepted will be allotted Shares issued on the basis of the Net Asset<br />
Value per Share determined as of the Valuation Day (as defined<br />
below), provided that such application is received by the Fund not<br />
later than 12.00 noon, Luxembourg time, one business day<br />
preceding the relevant Valuation Day. Applications received after<br />
12.00 noon, Luxembourg time, on the relevant Valuation Day, will be<br />
dealt with on the following Valuation Day.<br />
Payment for subscriptions must be made within three Business Days<br />
after the applicable Valuation Day.<br />
Shareholders whose applications for redemption are accepted will<br />
have their Shares redeemed on any Valuation Day provided that the<br />
applications have been received by the Fund prior to 12.00 noon,<br />
Luxembourg time, one business day preceding the relevant<br />
Valuation Day. Applications received after 12.00 noon, Luxembourg<br />
time, on the relevant Valuation Day, will be dealt with on the<br />
following Valuation Day.<br />
The redemption price shall be equal to the Net Asset Value per<br />
Share of the Brig 6 Sub-Fund on the relevant Valuation Day.<br />
The redemption price shall be paid no later than three Business<br />
Days after the applicable Valuation Day.<br />
The Shares of any class of the Brig 6 Sub-Fund may be converted<br />
into Shares of any class of the Brig 6 Sub-Fund or of another Sub-<br />
Fund according to the procedure described in the Prospectus on the<br />
basis of the respective Net Asset Values of the relevant Classes or<br />
Sub-Funds, calculated as of the relevant Valuation Day, provided<br />
that the request for conversion is received by the Fund not later than<br />
12.00 noon, Luxembourg time, one business day preceding the<br />
relevant Valuation Day. Requests received after 12.00 noon,<br />
Luxembourg time, on the relevant Valuation Day will be dealt with on<br />
the following Valuation Day. No conversion fee shall be levied,<br />
except as stated in Part A of the full Prospectus.<br />
The Reference Currency of the Brig 6 Sub-Fund will be the Swedish<br />
Krona (SEK).<br />
The Net Asset Value per Share of the Brig 6 Sub-Fund will be<br />
determined in Luxembourg under the overall responsibility of the<br />
Board of Directors as of every Business Day (the "Valuation Day")<br />
and for the first time on 1 March 2012.<br />
Investment Manager <strong>Ålandsbanken</strong> Asset Management AB (Reg. number 59 32 00 -<br />
#41587.5805076v6 15
Management Company<br />
Fee<br />
1745) has been appointed as Investment Manager for the Brig 6<br />
Sub-Fund. <strong>Ålandsbanken</strong> Asset Management AB has been<br />
incorporated under the laws of Sweden. The registered office is at<br />
Stureplan 19, SE-107 81 Stockholm. On December 1, 2011, its<br />
capital and reserves amounted to SEK 493.000.000.-. <strong>Ålandsbanken</strong><br />
Asset Management AB is an asset manager institution and is<br />
licensed under the Swedish law (2007:528), Chapter 2, Section 1,<br />
items 1, 2, 4 and 5.<br />
The Management Company will be entitled to receive, payable out of<br />
the assets attributable to the relevant Class of Shares of the Brig 6<br />
Sub-Fund, the following management fees calculated as of each<br />
Valuation Day on the basis of the Net Asset Value of the relevant<br />
Valuation Day and paid out monthly in arrears:<br />
.<br />
� Class A (SEK) Shares: up to 2,0 percent per annum<br />
� Class B (SEK) Shares: up to 2,0 percent per annum<br />
Performance Fee In addition, the Management Company will receive from the Fund,<br />
payable out of the assets attributable to the relevant Class of Shares<br />
of the Brig 6 Sub-Fund, a performance fee (the “Performance Fee”)<br />
calculated as follows:<br />
The Performance Fee will be calculated daily in respect of each<br />
Valuation Day (a “Calculation Period”). The Performance Fee shall<br />
be subject to a high watermark principle and will be equal to 20<br />
percent of the out performance for the Brig 6 Sub-Fund collectively of<br />
the Net Asset Value per Share against the OMRX T-bond Total<br />
Return index (Swedish Government Bond Index Total Returns)<br />
measured in SEK (the “Hurdle”) on each Valuation Day.<br />
The Performance Fee is calculated on the basis of a relative<br />
performance index (“RPI”). Such RPI is calculating the relative daily<br />
performance of the Fund as compared to the Hurdle on a daily basis.<br />
The RPI index is calculated as follows:<br />
RPI = 100*(1+ RFund_1 – RHurdle_1)* (1+ RFund_2 – RHurdle_2)*…* (1+<br />
RFund_N – RHurdle_N)<br />
Where RFund_i is the daily return for the Sub-Fund net of all fees on<br />
day i and RHurdle_i is the daily performance of the Hurdle on day i.<br />
The Performance Fee that will be charged will amount to 20 % of the<br />
performance of the RPI, subject to a High Water Mark as defined<br />
below.<br />
The Performance Fee will be charged to the Brig 6 Sub-Fund even if<br />
the performance of the Brig 6 Sub-Fund is negative in absolute<br />
terms, but the Brig 6 Sub-Fund is nevertheless still outperforming the<br />
Hurdle.<br />
The use of the high watermark ensures that the performance fee is<br />
charged only in case that the shares outperform in relation to the<br />
hurdle and that the highest RPI is reached since the last reset. A<br />
performance fee will not be charged until any previous losses since<br />
the last reset are recovered.<br />
#41587.5805076v6 16
Publication of the Net<br />
Asset Value<br />
Taxation<br />
Taxation<br />
The High Water Mark on the RPI after Performance Fee will be reset<br />
quarterly with a 12 month rear view window, using the highest RPI<br />
after Performance Fee per Share during that 12 month period. The<br />
first reset of the High Watermark will be done at the nearest calendar<br />
quarter, five quarters after the launch of the Brig 6 Sub-Fund.<br />
The Performance Fee will be crystallised for every Valuation Day<br />
and paid to the Management Company.<br />
The Performance Fee will be calculated and accrued as an expense<br />
of the relevant Class of Shares as of each Valuation Day and will be<br />
payable to the Management Company monthly in arrears.<br />
The Performance Fee in respect to each Calculation Period will be<br />
calculated by reference to the Net Asset Value calculated on each<br />
Valuation Day after deduction for management fees.<br />
The use of a high watermark ensures that the Performance Fee is<br />
charged only to those shares that have outperformed the Hurdle and<br />
reached the highest RPI since the last payment of the Performance<br />
Fee and investors will not be charged a Performance Fee until any<br />
previous losses since the last reset are recovered , within the 12<br />
month period.<br />
The Performance Fee is paid collectively from the Brig 6 Sub-fund to<br />
the Management Company, with the effect that every shareholder<br />
will pay the same Performance Fee per Share and all shareholders<br />
will have the same Net Asset Value per Share. This could cause<br />
differences between different shareholders going in and out of the<br />
Brig 6 Sub-Fund at different times.<br />
The examples in the appendix 1 will show different scenarios for<br />
different shareholders with possible market conditions.<br />
The Net Asset Value per Share as well as the issue, redemption and<br />
conversion prices will be available at the registered office of the Fund<br />
and will be available on each Valuation Day.<br />
The Brig 6 Sub-Fund is liable to a tax of 0.05% per annum of its Net<br />
Asset Value, such tax being payable quarterly on the basis of the<br />
value of the aggregate net assets of the Brig 6 Sub-Fund at the end<br />
of the relevant calendar quarter.<br />
FINANCIAL INFORMATION<br />
The following summary is based on the law and practice currently<br />
applicable in the Grand Duchy of Luxembourg and is subject to<br />
changes therein.<br />
A. Taxation of the Fund in Luxembourg<br />
The Fund is not liable to any Luxembourg tax on profits or income.<br />
The Fund is, however, liable in Luxembourg to a tax of 0.05% per<br />
annum of its Net Asset Value, such tax being payable quarterly on<br />
#41587.5805076v6 17
Fees of the Custodian,<br />
Paying, Domiciliary,<br />
the basis of the value of the aggregate net assets of the Sub-Funds<br />
at the end of the relevant calendar quarter. No stamp duty or other<br />
tax is payable in Luxembourg on the issue of Shares. No<br />
Luxembourg tax is payable on the realised capital appreciation of the<br />
assets of the Fund.<br />
General<br />
Dividends and interest received by the Fund on its investments may<br />
be subject to non-recoverable withholding or other taxes in the<br />
countries of origin.<br />
B. Luxembourg Taxation of Shareholders<br />
Under current legislation, shareholders are not subject to any capital<br />
gains or income tax in Luxembourg (except for (i) those domiciled,<br />
resident or having a permanent establishment in Luxembourg or (ii)<br />
non-residents of Luxembourg who hold (personally or by attribution)<br />
more than 10% of the Shares of the Fund and who dispose of all or<br />
part of their holdings within 6 months from the date of acquisition or<br />
(iii) in some limited cases, some former residents of Luxembourg<br />
who hold (personally or by attribution) more than 10% of the Shares<br />
of the Fund).<br />
General<br />
It is expected that shareholders in the Fund will be resident for tax<br />
purposes in many different countries. Consequently, no attempt is<br />
made in this Prospectus to summarize the taxation consequences for<br />
each investor of subscribing, converting, holding or redeeming or<br />
otherwise acquiring or disposing of Shares in the Fund. These<br />
consequences will vary in accordance with the law and practice<br />
currently in force in a shareholder's country of citizenship, residence,<br />
domicile or incorporation and with his personal circumstances.<br />
On 3 June 2003, the EU Council of Economic and Finance Ministers<br />
adopted a new directive regarding the taxation on savings income. It<br />
has been transposed into Luxembourg law by the 21 June 2005 Law.<br />
Under the new regulations, each Member State is required to provide<br />
to the tax authorities of another Member State details of payment of<br />
interest or other similar income (including in certain circumstances<br />
interest accrued in the proceeds of unit redemptions) paid by a<br />
person within its jurisdiction to an individual resident in that other<br />
member State. However, Austria, Belgium and Luxembourg may<br />
instead apply a withholding system for a transitional period in relation<br />
to such payments, in lieu of exchange of information. The rate of<br />
withholding tax is of 35%.<br />
Investors should inform themselves of, and when appropriate<br />
consult their professional advisers on, the possible tax<br />
consequences of subscribing for, buying, holding, converting,<br />
redeeming or otherwise disposing of Shares under the laws of<br />
their country of citizenship, residence, domicile or<br />
incorporation.<br />
The Custodian, Paying, domiciliary, administrative, registrar and<br />
transfer agent is entitled to receive out of the assets of each Sub-<br />
#41587.5805076v6 18
Administrative, Registrar<br />
and Transfer Agent<br />
Fund a fee of up to 0.30 % per annum of the average quarterly Net<br />
Asset Value thereof during the relevant quarter and payable<br />
quarterly in arrears, subject to a minimum that will not exceed an<br />
amount of EUR 50,000 per annum. In addition the Custodian Paying,<br />
domiciliary, administrative, registrar and transfer agent is entitled to<br />
be reimbursed by the Fund for its reasonable out-of-pocket expenses<br />
and disbursements and for the charges of any correspondents.<br />
COMMERCIAL INFORMATION<br />
Distribution Policy Within each Sub-Fund, Shares may be issued as capitalisation<br />
Shares and/or as distribution Shares. The features of the Shares<br />
available within each Sub-Fund are set out in Part B of the full<br />
Prospectus.<br />
Net Asset Value<br />
Information<br />
The board of directors of the Fund may propose to the annual<br />
general meeting of Shareholders to decide the payment of a cash<br />
dividend for the different Sub-Funds. Distributions may be made out<br />
of income, realised and unrealised capital gains, provided however<br />
that no distribution may be made if, as a result, the Net Asset Value<br />
of the Fund would fall below the equivalent of EUR 1,250,000.<br />
The Fund may thus distribute its net income on investments, allowing<br />
for realized or unrealized depreciations and realized or unrealized<br />
gains on capital. The board of directors of the Fund shall normally<br />
make the payment of these dividends after the closing of the Fund’s<br />
accounts. However, it may also decide to pay interim dividends.<br />
Dividends not claimed within five years of their due date will lapse<br />
and revert to the relevant Class within the relevant Sub-Fund.<br />
No interest shall be paid on a distribution declared by the Fund and<br />
kept by it at the disposal of its beneficiary.<br />
The Net Asset Value per Share of each class in respect of each Sub-<br />
Fund shall be determined in the Reference Currency of that class or<br />
Sub-Fund.<br />
The Net Asset Value per share in respect of each Sub-Fund is<br />
determined in Luxembourg under the overall responsibility of the<br />
Board of Directors as of every Business Day.<br />
The Net Asset Value per share of each Sub-Fund is available at the<br />
registered office of the Fund.<br />
Further Information For further information please do not hesitate to contact:<br />
Alpha Management Company S.A.<br />
16, rue Jean Pierre Brasseur<br />
L-1258 Luxembourg<br />
Grand-Duchy of Luxembourg<br />
#41587.5805076v6 19
Historical performance *)<br />
30.00%<br />
25.00%<br />
20.00%<br />
15.00%<br />
10.00%<br />
5.00%<br />
0.00%<br />
Historical Performance as at 31.12.2010<br />
Nordic Growth Sub-Fund<br />
31.08.10 ‐<br />
31.12.10<br />
<strong>Alandsbanken</strong> <strong>SICAV</strong> : Nordic<br />
Growth Class A (EUR) Share (in<br />
EUR)<br />
<strong>Alandsbanken</strong> <strong>SICAV</strong> : Nordic<br />
Growth Class A (SEK) Share (in SEK)<br />
Nordic VINX Index, VINX Bench<br />
EUR NI Index (in EUR)<br />
Performance of Class A (EUR) Share (in %)<br />
- from 31.08.2010 (launch date) to 31.12.2010 25.53<br />
Performance of Class A (SEK) Share (in %)<br />
- from 31.08.2010 (launch date) to 31.12.2010 20.80<br />
*) The historical performance is not an indication of future results.<br />
#41587.5805076v6 20
Historical performance *)<br />
30.00%<br />
25.00%<br />
20.00%<br />
15.00%<br />
10.00%<br />
5.00%<br />
0.00%<br />
Swedish Growth Sub-Fund<br />
31.08.10 ‐<br />
31.12.10<br />
<strong>Alandsbanken</strong> <strong>SICAV</strong> : Swedish<br />
Growth Class A (EUR) Share (in<br />
EUR)<br />
<strong>Alandsbanken</strong> <strong>SICAV</strong> : Swedish<br />
Growth Class A (SEK) Share (in SEK)<br />
Scandinavian Information<br />
Exchange Portfolio Return Index (in<br />
SEK)<br />
Performance of Class A (EUR) Share (in %)<br />
- from 31.08.2010 (launch date) to 31.12.2010 26.67<br />
Performance of Class A (SEK) Share (in %)<br />
- from 31.08.2010 (launch date) to 31.12.2010 21.88<br />
*) The historical performance is not an indication of future results.<br />
#41587.5805076v6 21
Historical performance *)<br />
30.00%<br />
20.00%<br />
10.00%<br />
0.00%<br />
‐10.00%<br />
‐20.00%<br />
‐30.00%<br />
Historical Performance as at 31.12.2011<br />
31.08.10 ‐<br />
31.12.10<br />
Nordic Growth Sub-Fund<br />
01.01.11 ‐<br />
31.12.11<br />
<strong>Alandsbanken</strong> <strong>SICAV</strong> : Nordic<br />
Growth Class A (EUR) Share (in<br />
EUR)<br />
<strong>Alandsbanken</strong> <strong>SICAV</strong> : Nordic<br />
Growth Class A (SEK) Share (in SEK)<br />
Nordic VINX Index, VINX Bench<br />
EUR NI Index (in EUR)<br />
Performance of Class A (EUR) Share (in %)<br />
- as at 31.12.2011 -22.62<br />
- from 31.08.2010 (launch date) to 31.12.2010 25.53<br />
Performance of Class A (SEK) Share (in %)<br />
- as at 31.12.2011 -23.54<br />
- from 31.08.2010 (launch date) to 31.12.2010 20.80<br />
*) The historical performance is not an indication of future results.<br />
#41587.5805076v6 22
Historical performance *)<br />
30.00%<br />
20.00%<br />
10.00%<br />
0.00%<br />
‐10.00%<br />
‐20.00%<br />
‐30.00%<br />
31.08.10 ‐<br />
31.12.10<br />
Swedish Growth Sub-Fund<br />
01.01.11 ‐<br />
31.12.11<br />
<strong>Alandsbanken</strong> <strong>SICAV</strong> : Swedish<br />
Growth Class A (EUR) Share (in<br />
EUR)<br />
<strong>Alandsbanken</strong> <strong>SICAV</strong> : Swedish<br />
Growth Class A (SEK) Share (in SEK)<br />
Scandinavian Information<br />
Exchange Portfolio Return Index (in<br />
SEK)<br />
Performance of Class A (EUR) Share (in %)<br />
- as at 31.12.2011 -20.19<br />
- from 31.08.2010 (launch date) to 31.12.2010 26.67<br />
Performance of Class A (SEK) Share (in %)<br />
- as at 31.12.2011 -21.11<br />
- from 31.08.2010 (launch date) to 31.12.2010 21.88<br />
*) The historical performance is not an indication of future results.<br />
#41587.5805076v6 23