Investeringsforeningen Multi Manager Invest

Transcription

1 Investeringsforeningen Multi Manager Invest Prospectus USA (US) (RCM) USA Akk. (US Acc) (RCM) Europa (Europe) (BlackRock) Europa Akk. (Europe Acc) (BlackRock) Globale Aktier (Global Equities) (Harding Loevner) Globale Aktier Akk (Global Equities Acc) (Harding Loevner) Japan (Lazard) Japan Akk. (Japan Acc) (Lazard) Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) (Investec) Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc) (Investec) Nye Aktiemarkeder (New Equity Markets) (Wells) Nye Aktiemarkeder Akk. (New Equity Markets Acc) (Wells) Virksomhedsobligationer (Corporate Bonds) (Standard Life) Published on 5 July 2013

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3 Issuer's declaration We hereby represent that to the best of our knowledge and belief, the information contained in this prospectus is in accordance with the facts and does not omit anything likely to affect the presentation which this prospectus is intended to give. To the best of our knowledge, this prospectus contains all material information which may be of relevance to potential investors in the Fund. Copenhagen, 14 June 2013 The Board of Directors of Investeringsforeningen Multi Manager Invest Kjeld Øberg Bjørn Bogason Kim Høibye Erik Højbjerg Nielsen Mads Jensen

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5 CONTENTS The Fund... 1 Name and address...1 Registration numbers...1 Formation...1 Purpose...1 Articles of Association and annual reports...1 Additional information...1 Net asset value...1 USA (US) (RCM)... 2 Europa (Europe) (BlackRock)... 5 Europa Akk. (Europe Acc) (BlackRock)... 6 Globale Aktier (Global Equities)... 8 Globale Aktier Akk. (Global Equities Acc)... 9 Japan (Lazard) Japan Akk. (Japan Acc) (Lazard) Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) (Investec) Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc) (Investec) Nye Aktiemarkeder (New Equity Markets) (Wells) Nye Aktiemarkeder Akk. (New Equity Markets Acc) (Wells) Virksomhedsobligationer (Corporate Bonds) (Standard Life) Risk scenarios and risk factors Units, subscription and redemption Place of subscription Registration in holder's name Open-ended issuance Issue costs Transfer/exchange Redemption Price information Negotiability Voting rights Rights Dissolution Loans Significant agreements and costs Related persons and companies... 33

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7 The Fund Name and address Investeringsforeningen Multi Manager Invest c/o Nykredit Portefølje Administration A/S Otto Mønsteds Plads 9 DK-1780 Copenhagen V Registration numbers Registration number with the Danish Financial Supervisory Authority (FSA): CVR no: Formation Investeringsforeningen Multi Manager Invest was formed on 30 September 2005 and has the following subfunds: Subfund USA (US) (SE no: ) Subfund USA Akk. (US Acc) (SE no: ) Subfund Europa (Europe) (SE no: ) Subfund Europa Akk. (Europe Acc) (SE no: ) Subfund Globale aktier (Global Equities) (SE no: ) Subfund Globale Aktier Akk. (Global Equities Acc) (SE no: ) Subfund Japan (SE no: ) Subfund Japan Akk. (Japan Acc) (SE no: ) Subfund Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) (SE no: ) Subfund Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc) (SE no: ) Subfund Nye Aktiemarkeder (New Equity Markets) (SE no: ) Subfund Nye Aktiemarkeder Akk. (New Equity Markets Acc) (SE no: ) Subfund Virksomhedsobligationer (Corporate Bonds) (SE no: ) Purpose According to the Articles of Association, the purpose of the Fund is to receive funds from the general public which, in accordance with a principle of risk diversification, are placed in instruments pursuant to parts 13 and 14 of the Danish Investment Associations, etc. Act and at the request of an investor to redeem the said investor's share of the net asset value with funds derived therefrom. Articles of Association and annual reports The Articles of Association of the Fund form an integral part of this prospectus and are attached as a Schedule. The Fund's annual reports are presented in accordance with the provisions of the Danish Investment Associations, etc. Act and current Executive Order on financial reports of investment associations and special-purpose associations, etc. The financial year is the calendar year. Annual and interim reports will be sent to registered investors upon request. Articles of Association, annual and interim reports may be obtained from the Fund upon request or may be downloaded from the Fund's website, multimanagerinvest.dk. The funds of the individual subfunds are treated separately for administrative and accounting purposes. Separate financial statements are prepared for each subfund. Administrative costs that cannot be directly attributed to a subfund are allocated to the subfunds in accordance with the relevant provisions of the Articles of Association. Additional information Additional information on the quantitative limits mentioned in the subfund sections and the methods applied by the investment management company to ensure compliance with those limits is available from Nykredit Portefølje Administration A/S. Investors may also obtain information on the latest development in the most important risks and returns of each instrument category of the subfunds. Net asset value At end-2012, the net asset value of the Fund totalled DKK 12,212m. Investeringsforeningen Multi Manager Invest Prospectus 1

8 USA (US) (RCM) The Fund has entered into an asset management agreement with RCM Capital Management LLC with regard to this subfund. Resolution on formation A resolution was passed to form the subfund USA at the Fund's statutory general meeting on 30 September Net asset value At end-2012, the net asset value of the subfund totalled DKK 1,029.4m. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund may invest in equities issued by US companies or admitted to trading on a US regulated market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. Investment may be made in equities admitted to trading on regulated markets which are members of the World Federation of Exchanges. Furthermore, the subfund may invest in equities issued by US companies traded on another regulated market within the European Union which operates regularly and is recognised and open to the public. The subfund may have up to 10% of its net asset value invested in other securities within its investment area. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund may have up to 10% of its net asset value invested in securities not admitted to trading on a regulated market. The subfund complies with the criteria for investment laid down in section 21(2) and (3) of the Danish Capital Gains Tax Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities. Return and benchmark As of 1 April 2012, the subfund has changed its benchmark to MSCI Daily TR Net USA (NDDUUS). Until 1 April 2012, the subfund's benchmark was S&P 500 including dividend in DKK. The subfund and benchmark returns for the relevant period appear from the table below: Return, % (35.6) Benchmark (33.9) It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, geographic risk, foreign exchange risk, issuer-specific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Investment in the subfund is suitable for risk-tolerant investors seeking a high return and tolerating a risk of loss and long periods of considerable price fluctuations. The investment must not be of significant importance to an investor's overall financial position, and the investment horizon must be long-term. For private investors, the subfund is mainly aimed at investors with available capital. This subfund may not be suitable for investors planning to realise their investment within four years. Distribution of dividend The subfund is an income subfund, as net profits are distributed to the investors upon adoption at the annual general meeting. The distribution amount depends on income and costs of the previous financial year and is calculated in accordance with section 16C of the Danish Tax Assessment Act. The subfund's dividend distribution for the past five years appears from the table below: %/DKK per unit Investeringsforeningen Multi Manager Invest Prospectus

9 The dividend adopted by the General Meeting is distributed via VP Securities A/S. Dividend tax is withheld in connection with the subfund's dividend distribution, currently 27%. Tax rules The subfund is an income subfund and is therefore not subject to separate tax liability. Investors' returns on available capital invested in the subfund are in general taxable according to the rules applying to direct investment in securities. Dividend is taxable under the Danish Personal Tax Act or the Danish Corporation Tax Act, while gains or losses on the sale of units in the subfund are taxable under the rules of the Danish Capital Gains Tax Act. The Fund classifies distribution of dividend into relevant categories of income from available capital. Dividend tax is withheld in connection with the subfund's dividend distribution. Pension investment returns are taxable under the Danish Pension Returns Tax Act. Currently, the Fund is not open to foreign investors. Therefore, the Fund does not disclose information on its subfunds, including current interest income to paying agents abroad, cf the EU Savings Directive. The consequence is that a savings tax will be imposed on the returns on subfund units of investors having custody accounts with banks in Belgium, Luxembourg, Switzerland or Austria, which may render ownership unfavourable for tax reasons relative to other investments. For further information on the tax rules, please contact the Fund. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market Units in the subfund have been admitted to trading on NASDAQ OMX Copenhagen A/S. USA Akk. (US Acc) (RCM) The Fund has entered into an asset management agreement with RCM Capital Management with regard to this subfund. Resolution on formation A resolution was made to form the subfund USA Akk. at the board meeting held on 10 March Net asset value At end-2012, the net asset value of the subfund totalled DKK 2,973.7m. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund may invest in equities issued by US companies or admitted to trading on a US regulated market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. Investment may be made in equities admitted to trading on regulated markets which are members of the World Federation of Exchanges. Furthermore, the subfund may invest in equities issued by US companies traded on another regulated market within the European Union which operates regularly and is recognised and open to the public. The subfund may have up to 10% of its net asset value invested in other securities within its investment area. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund may have up to 10% of its net asset value invested in securities not admitted to trading on a regulated market. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities, in accordance with the guidelines of the Danish FSA. Return/benchmark As of 1 April 2012, the subfund has changed its benchmark to MSCI Daily TR Net USA (NDDUUS). Until 1 April 2012, the subfund's benchmark was S&P 500 including dividend in DKK. Investeringsforeningen Multi Manager Invest Prospectus 3

10 The subfund and benchmark returns for the relevant period appear from the table below: Return, % (34.1) Benchmark (33.9) It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, foreign exchange risk, issuerspecific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Investment in the subfund is suitable for risk-tolerant investors seeking a high return and tolerating a risk of loss and long periods of considerable price fluctuations. The investment must not be of significant importance to an investor's overall financial position, and the investment horizon must be long-term. Tax rules applying to investors: Returns on units purchased with available capital are taxed according to the market-value principle. Therefore, both realised and unrealised gains are taxed annually, and any losses are deductible. Investors subject to Danish personal tax legislation are liable to capital gains tax while companies are liable to corporate income tax. Returns on units purchased with funds subject to the Danish Business Tax Scheme are also taxed according to the market-value principle, and the returns are included in the company tax statement. Returns on units purchased with pension capital are taxed annually according to the market-value principle and the Danish Pension Returns Tax Act. For further information on the tax rules, please contact the Fund or visit the Fund's website. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market Units in the subfund have been admitted to trading on NASDAQ OMX Copenhagen A/S. For private investors, the subfund is mainly aimed at investors with pension capital or available capital and a negative capital income. Further, funds subject to the Danish Business Tax Scheme may be applied. The subfund is suitable as part of a pension portfolio if there are many years until payout. This subfund may not be suitable for investors planning to realise their investment within four years. Distribution of dividend As the subfund is an accumulation subfund, no dividend is distributed as the net profit will be transferred to the subfund's net asset value. Tax rules Tax rules applying to the Fund: Generally, the subfund is not liable to pay tax, as it is an accumulation subfund issuing certificates, cf section 3(1)(xix) of the Danish Corporation Tax Act. However, dividend received from Danish companies is subject to 15% tax, cf the same provision. 4 Investeringsforeningen Multi Manager Invest Prospectus

11 Europa (Europe) (BlackRock) The Fund has entered into an asset management agreement with BlackRock Investment Management (UK) with regard to this subfund. Resolution on formation A resolution was passed to form the subfund Europa at the Fund's statutory general meeting on 30 September Net asset value At end-2012, the net asset value of the subfund totalled DKK 570.0m. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund invests in equities issued by European companies or admitted to trading on a European regulated market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. Investment may be made in equities admitted to trading on regulated markets or traded on another regulated market within the European Union which operates regularly and is recognised and open to the public. Moreover, the subfund may invest in equities issued by European companies admitted to trading on other regulated markets which are members of the World Federation of Exchanges or full members or associate members of the FESE where the equities have been admitted to trading on such markets. The subfund may have up to 10% of its net asset value invested in other securities within its investment area. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund complies with the criteria for investment laid down in section 21(2) and (3) of the Danish Capital Gains Tax Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities. Return/benchmark The subfund's benchmark is MSCI Europe incl dividend in DKK. The subfund and benchmark returns for the past five years appear from the table below: Return, % (46.9) (10.4) 21.1 MSCI Europe (43.8) (8.3) 17.7 It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, foreign exchange risk, issuerspecific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Investment in the subfund is suitable for risk-tolerant investors seeking a high return and tolerating a risk of loss and long periods of considerable price fluctuations. The investment must not be of significant importance to an investor's overall financial position, and the investment horizon must be long-term. For private investors, the subfund is mainly aimed at investors with available capital. The subfund is suitable as part of a pension portfolio if there are many years until payout. This subfund may not be suitable for investors planning to realise their investment within four years. Distribution of dividend The subfund is an income subfund and the net profit is distributed to the investors upon adoption at the annual general meeting. The distribution amount depends on income and costs of the previous financial year and is calculated in accordance with section 16C of the Danish Tax Assessment Act. The subfund's dividend distribution for the past five years appears from the table below: %/DKK per unit The dividend adopted by the General Meeting is distributed via VP Securities A/S. Dividend tax is withheld in connection with the subfund's dividend distribution, currently 27%. Investeringsforeningen Multi Manager Invest Prospectus 5

12 Tax rules The subfund is an income subfund and is therefore not subject to separate tax liability. Investors' returns on available capital invested in the subfund are in general taxable subject to the rules applying to direct investment in securities. Dividend is taxable under the Danish Personal Tax Act or the Danish Corporation Tax Act, while gains or losses on the sale of units in the subfund are taxable under the rules of the Danish Capital Gains Tax Act. The Fund classifies distribution of dividend into relevant categories of income from available capital. Dividend tax is withheld in connection with the dividend distribution of equity-based subfunds. Pension investment returns are taxable under the Danish Pension Returns Tax Act. Currently, the Fund is not open to foreign investors. Therefore, the Fund does not disclose information on its subfunds, including current interest income to paying agents abroad, cf the EU Savings Directive. The consequence is that a savings tax will be imposed on the returns on subfund units of investors having custody accounts with banks in Belgium, Luxembourg, Switzerland or Austria, which may render the ownership unfavourable for tax reasons relative to other investments. For further information on the tax rules, please contact the Fund. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market Units in the subfund have been admitted to trading on NASDAQ OMX Copenhagen A/S. Europa Akk. (Europe Acc) (BlackRock) The Fund has entered into an asset management agreement with BlackRock Investment Management (UK) with regard to this subfund. Resolution on formation A resolution was made to form the subfund Europa Akk. at the board meeting held on 16 January Net asset value At end-2012, the net asset value of the subfund totalled DKK 1,595,5m. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund invests in equities issued by European companies or admitted to trading on a European regulated market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. Investment may be made in equities admitted to trading on regulated markets or traded on another regulated market within the European Union which operates regularly and is recognised and open to the public. Moreover, the subfund may invest in equities issued by European companies admitted to trading on other regulated markets which are members of the World Federation of Exchanges or full members or associate members of the FESE where the equities have been admitted to trading on such markets. The subfund may have up to 10% of its net asset value invested in other securities within its investment area. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities, in accordance with the guidelines of the Danish FSA. Return and benchmark The subfund's benchmark is MSCI Europe incl dividend in DKK. The subfund and benchmark returns for the past five years appear from the table below: 6 Investeringsforeningen Multi Manager Invest Prospectus

13 Return, % (47.5) (10.1) 21.1 MSCI Europe (43.8) (8.3) 17.7 It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, foreign exchange risk, issuerspecific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Investors subject to Danish personal tax legislation are liable to capital gains tax while companies are liable to corporate income tax. Returns on units purchased with funds subject to the Danish Business Tax Scheme are also taxed according to the market-value principle, and the returns are included in the company tax statement. Returns on units purchased with pension capital are taxed annually according to the market-value principle and the Danish Pension Returns Tax Act. For further information on the tax rules, please contact the Fund or visit the Fund's website. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market Units in the subfund have been admitted to trading on NASDAQ OMX Copenhagen A/S. Investment in the subfund is suitable for risk-tolerant investors seeking a high return and tolerating a risk of loss and long periods of considerable price fluctuations. The investment must not be of significant importance to an investor's overall financial position, and the investment horizon must be long-term. For private investors, the subfund is mainly aimed at investors with pension capital or available capital and a negative capital income. Further, funds subject to the Danish Business Tax Scheme may be applied. The subfund is suitable as part of a pension portfolio if there are many years until payout. This subfund may not be suitable for investors planning to realise their investment within four years. Distribution of dividend As the subfund is an accumulation subfund, no dividend is distributed as the net profit will be transferred to the subfund's net asset value. Tax rules Tax rules applying to the Fund: Generally, the subfund is not liable to pay tax, as it is an accumulation subfund issuing certificates, cf section 3(1)(xix) of the Danish Corporation Tax Act. However, dividend received from Danish companies is subject to 15% tax, cf the same provision. Tax rules applying to investors: Returns on units purchased with available capital are taxed according to the market-value principle. Therefore, both realised and unrealised gains are taxed annually, and any losses are deductible. Investeringsforeningen Multi Manager Invest Prospectus 7

14 Globale Aktier (Global Equities) The Fund has entered into an asset management agreement with Harding Loevner with regard to this subfund. Resolution on formation A resolution was made to form the subfund Globale Aktier at the board meeting held on 3 July Net asset value At end-2012, the net asset value of the subfund totalled DKK 300.3m. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund invests mainly in global equities admitted to trading on a regulated market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. Within its investment area, the subfund may have up to 10% of its net asset value invested in securities not admitted to trading on a regulated market or another market which operates regularly and is recognised and open to the public. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. The subfund complies with the criteria for investment laid down in section 21(2) and (3) of the Danish Capital Gains Tax Act. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities. Return and benchmark The subfund's benchmark is MSCI AC World Daily TR Net USD in DKK. The subfund and benchmark returns for the past five years appear from the table below: Return, % 0.6 Benchmark 2.0 It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, foreign exchange risk, issuerspecific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Investment in the subfund is suitable for risk-tolerant investors seeking a high return and tolerating a risk of loss and long periods of considerable price fluctuations. The investment must not be of significant importance to an investor's overall financial position, and the investment horizon must be long-term. For private investors, the subfund is mainly aimed at investors with available capital. This subfund may not be suitable for investors planning to realise their investments within four years. Distribution of dividend The subfund is an income subfund, and the net profit will be distributed to the members upon adoption at the annual general meeting. The distribution amount depends on the income and costs of the previous financial year and is calculated in accordance with section 16C of the Danish Tax Assessment Act. The subfund's distribution since its launch is as follows: 2012 %/DKK per unit 0.0 The dividend adopted by the General Meeting is distributed via VP Securities A/S. Dividend tax is withheld in connection with the subfund's dividend distribution, currently 27%. 1 The subfund has been active since 13 November Investeringsforeningen Multi Manager Invest Prospectus

15 Tax rules The subfund is an income subfund and is therefore not subject to separate tax liability. Investors' returns on available capital invested in the subfund are in general taxable according to the rules applying to direct investment in securities. Dividend is taxable under the Danish Personal Tax Act or the Danish Corporation Tax Act, while gains or losses on the sale of units in the subfund are taxable under the rules of the Danish Capital Gains Tax Act. The Fund classifies distribution of dividend into relevant categories of income from available capital. Dividend tax is withheld in connection with the subfund's dividend distribution. Pension investment returns are taxable under the Danish Pension Returns Tax Act. Currently, the Fund is not open to foreign investors. Therefore, the Fund does not disclose information on its subfunds, including current interest income to paying agents abroad, cf the EU Savings Directive. The consequence is that a savings tax will be imposed on the returns on subfund units of investors having custody accounts with banks in Belgium, Luxembourg, Switzerland or Austria, which may render ownership unfavourable for tax reasons relative to other investments. For further information on the tax rules, please contact the Fund. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market The subfund has been admitted to trading in the investment unit marketplace of NASDAQ OMX Copenhagen A/S. Globale Aktier Akk. (Global Equities Acc) The Fund has entered into an asset management agreement with Harding Loevner with regard to this subfund. Resolution on formation A resolution was made to form the subfund Globale Aktier [Akk.] at the board meeting held on 3 July Net asset value At end-2012, the net asset value of the subfund totalled DKK 959.2m. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund invests mainly in global equities admitted to trading on a regulated market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. Within its investment area, the subfund may have up to 10% of its net asset value invested in securities not admitted to trading on a regulated market or another market which operates regularly and is recognised and open to the public. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities. Return and benchmark The subfund's benchmark is MSCI AC World Daily TR Net USD in DKK. The subfund and benchmark returns for the past five years appear from the table below: Return, % 0.8 Benchmark The subfund has been active since 13 November Investeringsforeningen Multi Manager Invest Prospectus 9

16 It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, foreign exchange risk, issuerspecific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Returns on units purchased with pension capital are taxed annually according to the market-value principle and the Danish Pension Returns Tax Act. For further information on the tax rules, please contact the Fund. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market The subfund has been admitted to trading in the investment unit marketplace of NASDAQ OMX Copenhagen. Investment in the subfund is suitable for risk-tolerant investors seeking a high return and tolerating a risk of loss and long periods of considerable price fluctuations. The investment must not be of significant importance to an investor's overall financial position, and the investment horizon must be long-term. For private investors, the subfund is mainly aimed at investors with pension capital or available capital and a negative capital income. Further, funds subject to the Danish Business Tax Scheme may be applied. The subfund is suitable as part of a pension portfolio if there are many years until payout. This subfund may not be suitable for investors planning to realise their investments within four years. Distribution of dividend The subfund is an accumulation subfund and will not make any distribution as realisation gains and the net profit will be transferred to the subfund's net asset value. Tax rules Tax rules applying to the Fund: Generally, the subfund is not liable to pay tax, as it is an accumulation subfund issuing certificates, cf section 3(1)(xix) of the Danish Corporation Tax Act. However, dividend received from Danish companies is subject to 15% tax, cf the same provision. Tax rules applying to investors: Returns on units purchased with available capital are taxed according to the market-value principle. Therefore, both realised and unrealised gains are taxed annually, and any losses are deductible. Investors subject to Danish personal tax legislation are liable to capital gains tax while companies are liable to corporate income tax. Returns on units purchased with funds subject to the Danish Business Tax Scheme are also taxed according to the market-value principle, and the returns are included in the company tax statement. 10 Investeringsforeningen Multi Manager Invest Prospectus

17 Japan (Lazard) The Fund has entered into an asset management agreement with Lazard Asset Management Limited with regard to this subfund. Resolution on formation A resolution was made to form the subfund Japan at the board meeting held on 16 January Net asset value At end-2012, the net asset value of the subfund totalled DKK 167.1m. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund invests in equities issued by Japanese companies or admitted to trading on a regulated Japanese market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. Investment may be made in equities admitted to trading on regulated markets which are members of the World Federation of Exchanges. Furthermore, the subfund may invest in equities issued by Japanese companies traded on another regulated market within the European Union which operates regularly and is recognised and open to the public. The subfund may have up to 10% of its net asset value invested in other securities within its investment area. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund complies with the criteria for investment laid down in section 21(2) and (3) of the Danish Capital Gains Tax Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities. Return and benchmark As of 1 April 2012, the subfund has changed its benchmark to MSCI Japan Index Net Dividends Reinvested TR (NDDLJN). Until 1 April 2012, the subfund's benchmark was TOPIX including dividend in DKK. The subfund and benchmark returns for the relevant period appear from the table below: Return, % (35.6) (10.5) 10.7 Benchmark (22.6) (9.8) 6.5 It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, geographic risk, foreign exchange risk, issuer-specific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Investment in the subfund is suitable for risk-tolerant investors seeking a high return and tolerating a risk of loss and long periods of considerable price fluctuations. The investment must not be of significant importance to an investor's overall financial position, and the investment horizon must be long-term. For private investors, the subfund is mainly aimed at investors with available capital. This subfund may not be suitable for investors planning to realise their investment within four years. Distribution of dividend The subfund is an income subfund, and the net profit is distributed to the investors upon adoption at the annual general meeting. The distribution amount depends on income and costs of the previous financial year and is calculated in accordance with section 16C of the Danish Tax Assessment Act. The subfund's dividend distribution for the past five years appears from the table below: %/DKK per unit The dividend adopted by the General Meeting is distributed via [VP] Securities A/S. Dividend tax is withheld in connection with the subfund's dividend distribution, currently 27%. Investeringsforeningen Multi Manager Invest Prospectus 11

18 Tax rules The subfund is an income subfund and is therefore not subject to separate tax liability. Investors' returns on available capital invested in the subfund are in general taxable subject to the rules applying to direct investment in securities. Dividend is taxable under the Danish Personal Tax Act or the Danish Corporation Tax Act, while gains or losses on the sale of units in the subfund are taxable under the rules of the Danish Capital Gains Tax Act. The Fund classifies distribution of dividend into relevant categories of income from available capital. Dividend tax is withheld in connection with the subfund's dividend distribution. Pension investment returns are taxable under the Danish Pension Returns Tax Act. Currently, the Fund is not open to foreign investors. Therefore, the Fund does not disclose information on its subfunds, including current interest income to paying agents abroad, cf the EU Savings Directive. The consequence is that a savings tax will be imposed on the returns on subfund units of investors having custody accounts with banks in Belgium, Luxembourg, Switzerland or Austria, which may render the ownership unfavourable for tax reasons relative to other investments. For further information on the tax rules, please contact the Fund. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market Units in the subfund have been admitted to trading on NASDAQ OMX Copenhagen A/S. Japan Akk. (Japan Acc) (Lazard) The Fund has entered into an asset management agreement with Lazard Asset Management Limited with regard to this subfund. Resolution on formation A resolution was made to form the subfund Japan Akk. at the board meeting held on 16 January Net asset value At end-2012, the net asset value of the subfund totalled DKK 421.5m. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund invests in equities issued by Japanese companies or admitted to trading on a regulated Japanese market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. Investment may be made in equities admitted to trading on regulated markets which are members of the World Federation of Exchanges. Furthermore, the subfund may invest in equities issued by Japanese companies traded on another regulated market within the European Union which operates regularly and is recognised and open to the public. The subfund may have up to 10% of its net asset value invested in other securities within its investment area. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities. Return and benchmark As of 1 April 2012, the subfund has changed its benchmark to MSCI Japan Index Net Dividends Reinvested TR (NDDLJN). Until 1 April 2012, the subfund's benchmark was TOPIX including dividend in DKK. The subfund and benchmark returns for the relevant period appear from the table below: 12 Investeringsforeningen Multi Manager Invest Prospectus

19 Return, % (35.7) (9.7) 11.1 Benchmark (22.6) (9.8) 6.5 It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, geographic risk, foreign exchange risk, issuer-specific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Investors subject to Danish personal tax legislation are liable to capital gains tax while companies are liable to corporate income tax. Returns on units purchased with funds subject to the Danish Business Tax Scheme are also taxed according to the market-value principle, and the returns are included in the company tax statement. Returns on units purchased with pension capital are taxed annually according to the market-value principle and the Danish Pension Returns Tax Act. For further information on the tax rules, please contact the Fund or visit the Fund's website. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market Units in the subfund have been admitted to trading on NASDAQ OMX Copenhagen A/S. Investment in the subfund is suitable for risk-tolerant investors seeking a high return and tolerating a risk of loss and long periods of considerable price fluctuations. The investment must not be of significant importance to an investor's overall financial position, and the investment horizon must be long-term. For private investors, the subfund is mainly aimed at investors with pension capital or available capital and a negative capital income. Further, funds subject to the Danish Business Tax Scheme may be applied. The subfund is suitable as part of a pension portfolio if there are many years until payout. This subfund may not be suitable for investors planning to realise their investment within four years. Distribution of dividend As the subfund is an accumulation subfund, no dividend is distributed as the net profit will be transferred to the subfund's net asset value. Tax rules Tax rules applying to the Fund: Generally, the subfund is not liable to pay tax, as it is an accumulation subfund issuing certificates, cf section 3(1)(xix) of the Danish Corporation Tax Act. However, dividend received from Danish companies is subject to 15% tax, cf the same provision. Tax rules applying to investors: Returns on units purchased with available capital are taxed according to the market-value principle. Therefore, both realised and unrealised gains are taxed annually, and any losses are deductible. Investeringsforeningen Multi Manager Invest Prospectus 13

20 Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) (Investec) The Fund has entered into an asset management agreement with Investec Asset Management Limit[ed] with regard to this subfund. Resolution on formation A resolution was made to form the subfund Nye obligationsmarkeder lokal valuta at the Fund's board meeting held on 12 October Net asset value At end-2012, the net asset value of the subfund totalled DKK 481.7m. Investment area The subfund's funds are invested in compliance with the provisions of part 14 of the Danish Investment Associations, etc. Act. The subfund primarily invests its funds in bonds, money market instruments and other similar debt instruments denominated in local currencies in emerging markets, but may secondarily invest in bonds, money market instruments and other similar debt instruments denominated in USD, EUR, JPY or CHF. The subfund invests in the above instruments issued by or relating to sovereigns, local authorities, supranational organisations or companies etc with registered offices or main activities in emerging markets. The subfund chiefly invests its funds in instruments issued by issuers with registered offices or main activities in countries in Latin America, Eastern Europe, the Middle East, Africa or Asia. The subfund may also invest in the above instruments issued by issuers in other countries if issuance is related to issuers in emerging market countries and/or denominated in local currencies in emerging market countries. The instruments must be admitted to trading on regulated markets which are members of the World Federation of Exchanges or full members or associate members of the Federation of European Securities Exchanges (FESE) or traded on another regulated market within the European Union which operates regularly and is recognised and open to the public. The instruments may also be traded on the US OTC Fixed Income market regulated by FINRA. Moreover, the subfund may invest in US securities issued under Rule 144A with a right to exchange them for securities which must be registered with the Securities and Exchange Commission (SEC) within one year pursuant to the US Securities Act of 1933 and which are traded on the US OTC Fixed Income market. Investments on the US OTC Fixed Income market will be made primarily in issues of or exceeding USD 25 million. There are no requirements as to the credit rating of these instruments in the subfund. The subfund may invest in liquid as well as less liquid securities on the US OTC Fixed Income market. The subfund may also invest in the above instruments admitted to trading on the markets which in the opinion of the Board of Directors satisfy the Danish FSA guidelines on eligible markets. Together with investments in instruments not admitted to trading on a regulated market, investments in instruments not admitted to trading on the above markets may not exceed 10% of the subfund's net asset value. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged or unhedged basis and provide loans of securities. In combination with derivative financial instruments, the subfund may invest in EUR-denominated government bonds and US government bonds to obtain exposure to emerging markets. Return and benchmark The subfund's benchmark is JP Morgan Government Bond Index Emerging Markets Global Diversified DKK Unhedged. The subfund and benchmark returns since the launch of the subfund appear from the table below: Return, % (0.4) (1.2) 15.9 Benchmark (1.0) It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered to be medium to high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 4-5. Investors should be aware that the value of any investment in the subfund is subject to interest rate and bond market risk, credit risk, counterparty risk, liquidity risk, emerging markets risk, leverage risk, foreign exchange risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". 3 The subfund has been active since 4 October Investeringsforeningen Multi Manager Invest Prospectus

21 Investor profile/the typical investor The subfund is open to the general public. For private investors, the subfund is mainly aimed at investors with available capital. This subfund may not be suitable for investors planning to realise their investment within three years. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market The subfund has been admitted to trading on NASDAQ OMX Copenhagen A/S. Distribution of dividend The subfund is an income subfund, and the net profit will be distributed to the investors upon adoption at the annual general meeting. The distribution amount depends on income and costs of the previous financial year and is calculated in accordance with section 16C of the Danish Tax Assessment Act. The subfund's distribution of dividend since its launch appears from the table below: %/DKK per unit The dividend adopted by the General Meeting is distributed via VP Securities A/S. Tax rules The subfund is an income subfund and is therefore not subject to separate tax liability. Investors' returns on available capital invested in the subfund are in general taxable according to the rules applying to direct investment in securities. Dividend is taxable under the Danish Personal Tax Act or the Danish Corporation Tax Act, while gains or losses on the sale of units in the subfund are taxable under the rules of the Danish Capital Gains Tax Act. The Fund classifies distribution of dividend into relevant categories of income from available capital. Pension investment returns are taxable under the Danish Pension Returns Tax Act. Currently, the Fund is not open to foreign investors. Therefore, the Fund does not disclose information on its subfunds, including current interest income to paying agents abroad, cf the EU Savings Directive. The consequence is that a savings tax will be imposed on the returns on subfund units of investors having custody accounts with banks in Belgium, Luxembourg, Switzerland or Austria, which may render the ownership unfavourable for tax reasons relative to other investments. For further information on the tax rules, please contact the Fund. Investors are recommended to consult their own tax advisers for more detailed information. 4 The subfund has been active since 4 October Investeringsforeningen Multi Manager Invest Prospectus 15

22 Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc) (Investec) The Fund has entered into an asset management agreement with Investec Asset Management Limited with regard to this subfund. Resolution on formation A resolution was made to form the subfund Nye obligationsmarkeder lokal valuta Akk. at the Fund's board meeting held on 12 October Net asset value At end-2012, the net asset value of the subfund totalled DKK 1,323.0 million. Investment area The subfund's funds are invested in compliance with the provisions of part 14 of the Danish Investment Associations, etc. Act. The subfund primarily invests its funds in bonds, money market instruments and other similar debt instruments denominated in local currencies in emerging markets, but may secondarily invest in bonds, money market instruments and other similar debt instruments denominated in USD, EUR, JPY or CHF. The subfund invests in the above instruments issued by or relating to sovereigns, local authorities, supranational organisations or companies etc with registered offices or main activities in emerging markets. The subfund chiefly invests its funds in instruments issued by issuers with registered offices or main activities in countries in Latin America, Eastern Europe, the Middle East, Africa or Asia. The subfund may also invest in the above instruments issued by issuers in other countries if issuance is related to issuers in emerging market countries and/or denominated in local currencies in emerging market countries. The instruments must be admitted to trading on regulated markets which are members of the World Federation of Exchanges or full members or associate members of the Federation of European Securities Exchanges (FESE) or traded on another regulated market within the European Union which operates regularly and is recognised and open to the public. The instruments may also be traded on the US OTC Fixed Income market regulated by FINRA. Moreover, the subfund may invest in US securities issued under Rule 144A with a right to exchange them for securities which must be registered with the Securities and Exchange Commission (SEC) within one year pursuant to the US Securities Act of 1933 and which are traded on the US OTC Fixed Income market. Investments on the US OTC Fixed Income market will be made primarily in issues of or exceeding USD 25 million. There are no requirements as to the credit rating of these instruments in the subfund. The subfund may invest in liquid as well as less liquid securities on the US OTC Fixed Income market. The subfund may also invest in the above instruments admitted to trading on the markets which in the opinion of the Board of Directors satisfy the Danish FSA guidelines on eligible markets. Together with investments in instruments not admitted to trading on a regulated market, investments in instruments not admitted to trading on the above markets may not exceed 10% of the subfund's net asset value. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on an unhedged basis and provide loans of securities. In combination with derivative financial instruments, the subfund may invest in EUR-denominated government bonds and US government bonds to obtain exposure to emerging markets. Return and benchmark The subfund's benchmark is JP Morgan Government Bond Index Emerging Markets Global Diversified DKK Unhedged. The subfund and benchmark returns since the launch of the subfund appear from the table below: Return, % (0.7) (1.4) 15.3 Benchmark (1.0) It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered to be medium to high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 4-5. Investors should be aware that the value of any investment in the subfund is subject to interest rate and bond market risk, credit risk, counterparty risk, liquidity risk, emerging markets risk, leverage 5 The subfund has been active since 4 October Investeringsforeningen Multi Manager Invest Prospectus

23 risk, foreign exchange risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. For private investors, the subfund is mainly aimed at investors with pension capital or available capital and a negative capital income. Further, funds subject to the Danish Business Tax Scheme may be applied. This subfund may not be suitable for investors planning to realise their investment within three years. Distribution of dividend As the subfund is an accumulation subfund, no dividend is distributed, and the net profit will be transferred to the subfund's net asset value. Tax rules Tax rules applying to the Fund: Generally, the subfund is not liable to pay tax, as it is an accumulation subfund issuing certificates, cf section 3(1)(xix) of the Danish Corporation Tax Act. However, dividend received from Danish companies is subject to 15% tax, cf the same provision. Tax rules applying to investors: Returns on units purchased with available capital are taxed according to the market-value principle. Therefore, both realised and unrealised gains are taxed annually, and any losses are deductible. Investors subject to Danish personal tax legislation are liable to capital gains tax while companies are liable to corporate income tax. Returns on units purchased with funds subject to the Danish Business Tax Scheme are also taxed according to the market-value principle, and the returns are included in the company tax statement. Returns on units purchased with pension capital are taxed annually according to the market-value principle and the Danish Pension Returns Tax Act. For further information on the tax rules, please contact the Fund or visit the Fund's website. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market The subfund has been admitted to trading on NASDAQ OMX Copenhagen A/S. Nye Aktiemarkeder (New Equity Markets) (Wells) The Fund has entered into an asset management agreement with Wells Capital Management Incorporated with regard to this subfund. Resolution on formation A resolution was made to form the subfund Nye Aktiemarkeder at the Fund's board meeting held on 14 December Net asset value At end-2012, the net asset value of the subfund totalled DKK million. Investment area The subfund's funds are invested in compliance with the provisions of part 14 of the Danish Investment Associations, etc. Act. The subfund invests in equities issued by companies with registered offices or main activities in emerging market countries. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. The subfund may place its funds mainly in equities issued by companies with registered offices or main activities in the following countries: Algeria, Argentina, Bahrain, Bangladesh, Bosnia, Botswana, Brazil, Bulgaria, Chile, China, Colombia, Costa Rica, Croatia, Cyprus, the Czech Republic, the Dominican Republic, Ecuador, Egypt, Estonia, Georgia, Ghana, Hong Kong, Hungary, India, Indonesia, Israel, the Ivory Coast, Jamaica, Jordan, Kazakhstan, Kenya, Latvia, Lebanon, Lithuania, Malaysia, Mauritius, Mexico, Morocco, Nigeria, Oman, Pakistan, Panama, Peru, the Philippines, Poland, Qatar, Romania, Russia, Singapore, Slovakia, Slovenia, South Africa, South Korea, Sri Lanka, Taiwan, Thailand, Tunisia, Turkey, Uganda, Ukraine, Uruguay, Venezuela, Vietnam, Zambia and Zimbabwe. The subfund may invest in equities issued by companies with registered offices or main activities in emerging market countries other than those listed above if the equities are tradable on the regulated markets listed in Schedule 1 of the Articles of Association, and provided that the equities are admitted to trading on the said regulated markets. The subfund may invest in equities admitted to trading on markets not approved in advance by the Danish FSA if, in the opinion of the Fund's Board of Directors, these markets meet the guidelines of the Danish FSA. However, investment may only take place if the securities have been admitted to trading on a regulated market or another regulated market which operates regularly and is recognised and open to the public. Investeringsforeningen Multi Manager Invest Prospectus 17

24 Within its investment area, the subfund may have up to 10% of its net asset value invested in securities not admitted to trading on a regulated market or another market that operates regularly and is recognised and open to the public. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund complies with the criteria for investment laid down in section 21(2) and (3) of the Danish Capital Gains Tax Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities. Return and benchmark The subfund's benchmark is MSCI Emerging Markets Free Index including net dividend in DKK. Subfund and benchmark returns since the subfund's launch appear from the table below: Return, % (7.3) 13.0 Benchmark (9.2) 16.9 It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6-7. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, emerging markets risk, foreign exchange risk, issuer-specific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. The subfund is open to investors that accept investments with higher risk compared with traditional equity investments. It is recommend- 6 The subfund has been active since 7 June ed that this subfund constitutes only a small proportion of a large portfolio and that the investment horizon is long-term. This subfund may not be suitable for investors planning to realise their investment within five years. Distribution of dividend The subfund is an income subfund, and the net profit will be distributed to the investors upon adoption at the annual general meeting. The distribution amount depends on income and costs of the previous financial year and is calculated in accordance with section 16C of the Danish Tax Assessment Act. The subfund's distribution of dividend since its launch appears from the table below: %/DKK per unit The dividend adopted by the General Meeting is distributed via VP Securities A/S. Dividend tax is withheld in connection with the subfund's dividend distribution, currently 27%. Tax rules The subfund is an income subfund and is therefore not subject to separate tax liability. Investors' returns on available capital invested in the subfund are in general taxable according to the rules applying to direct investment in securities. Dividend is taxable under the Danish Personal Tax Act or the Danish Corporation Tax Act, while gains or losses on the sale of units in the subfund are taxable under the rules of the Danish Capital Gains Tax Act. The Fund classifies distribution of dividend into relevant categories of income from available capital. Pension investment returns are taxable under the Danish Pension Returns Tax Act. Currently, the subfund is not open to foreign investors. Therefore, the Fund does not disclose information on this subfund, including current interest income to paying agents abroad, cf the EU Savings Directive. The consequence is that a savings tax will be imposed on the returns on subfund units of investors having custody accounts with banks in Belgium, Luxembourg, Switzerland or Austria, which may render the ownership unfavourable for tax reasons relative to other investments. For further information on the tax rules, please contact the Fund. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the ISIN DK Investeringsforeningen Multi Manager Invest Prospectus

25 Admission to trading on a regulated market The subfund has been admitted to trading on NASDAQ OMX Copenhagen A/S. Nye Aktiemarkeder Akk. (New Equity Markets Acc) (Wells) The Fund has entered into an asset management agreement with Wells Capital Management Incorporated with regard to this subfund. Resolution on formation A resolution was made to form the subfund Nye Aktiemarkeder Akk. at the Fund's board meeting held on 14 December Net asset value At end-2012, the net asset value of the subfund totalled DKK 1,134.6 million. Investment area The subfund's funds are invested in compliance with the provisions of part 14 of the Danish Investment Associations, etc. Act. The subfund invests in equities issued by companies with registered offices or main activities in emerging market countries. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. The subfund may place its funds mainly in equities issued by companies with registered offices or main activities in the following countries: Algeria, Argentina, Bahrain, Bangladesh, Bosnia, Botswana, Brazil, Bulgaria, Chile, China, Colombia, Costa Rica, Croatia, Cyprus, the Czech Republic, the Dominican Republic, Ecuador, Egypt, Estonia, Georgia, Ghana, Hong Kong, Hungary, India, Indonesia, Israel, the Ivory Coast, Jamaica, Jordan, Kazakhstan, Kenya, Latvia, Lebanon, Lithuania, Malaysia, Mauritius, Mexico, Morocco, Nigeria, Oman, Pakistan, Panama, Peru, the Philippines, Poland, Qatar, Romania, Russia, Singapore, Slovakia, Slovenia, South Africa, South Korea, Sri Lanka, Taiwan, Thailand, Tunisia, Turkey, Uganda, Ukraine, Uruguay, Venezuela, Vietnam, Zambia and Zimbabwe. The subfund may invest in equities issued by companies with registered offices or main activities in emerging market countries other than those listed above if the equities are tradable on the regulated markets listed in Schedule 1 of the Articles of Association, and provided that the equities are admitted to trading on the said regulated markets. The subfund may invest in equities admitted to trading on markets not approved in advance by the Danish FSA if, in the opinion of the Fund's Board of Directors, these markets meet the guidelines of the Danish FSA. However, investment may only take place if the securities have been admitted to trading on a regulated market or another regulated market which operates regularly and is recognised and open to the public. Within its investment area, the subfund may have up to 10% of its net asset value invested in securities not admitted to trading on a Investeringsforeningen Multi Manager Invest Prospectus 19

26 regulated market or on other markets that operate regularly and are recognised and open to the public. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities. Return and benchmark The subfund's benchmark is MSCI Emerging Markets Free Index incl net dividend in DKK. Subfund and benchmark returns since the subfund's launch appear from the table below: Return, % (6.4) 11.8 Benchmark (9.2) 16.9 Distribution of dividend As the subfund is an accumulation subfund, no dividend is distributed as the net profit will be transferred to the subfund's net asset value. Tax rules Tax rules applying to the Fund: Generally, the subfund is not liable to pay tax, as it is an accumulation subfund issuing certificates, cf section 3(1)(xix) of the Danish Corporation Tax Act. However, dividend received from Danish companies is subject to 15% tax, cf the same provision. Tax rules applying to investors: Returns on units purchased with available capital are taxed according to the market-value principle. Therefore, both realised and unrealised gains are taxed annually, and any losses are deductible. Investors subject to Danish personal tax legislation are liable to capital gains tax while companies are liable to corporate income tax. Returns on units purchased with funds subject to the Danish Business Tax Scheme are also taxed according to the market-value principle, and the returns are included in the company tax statement. Returns on units purchased with pension capital are taxed annually according to the market-value principle and the Danish Pension Returns Tax Act. For further information on the tax rules, please contact the Fund or visit the Fund's website. It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6-7. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, emerging markets risk, foreign exchange risk, issuer-specific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the ISIN DK Admission to trading on a regulated market The subfund has been admitted to trading on NASDAQ OMX Copenhagen A/S. Investor profile/the typical investor The subfund is open to the general public. The subfund is open to investors that accept investments with higher risk compared with traditional equity investments. It is recommended that this subfund constitutes only a small proportion of a large portfolio and that the investment horizon is long-term. This subfund may not be suitable for investors planning to realise their investment within five years. 7 The subfund has been active since 7 June Investeringsforeningen Multi Manager Invest Prospectus

27 Virksomhedsobligationer (Corporate Bonds) (Standard Life) The Fund has entered into an asset management agreement with Standard Life Investments Limited with regard to this subfund. Resolution on formation A resolution was made to form the subfund Virksomhedsobligationer at the Fund's board meeting held on 24 August 2011, and the subfund was launched on 17 January Net asset value At end-2012, the net asset value of the subfund totalled DKK million. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund invests primarily in corporate bonds, but may alternatively invest in government bonds, mortgage bonds, money market instruments and other similar debt instruments issued by issuers in Europe and the rest of the world. The subfund primarily invests in instruments rated BBB- or higher by Standard & Poor's and/or Baa3 or higher by Moody's or a corresponding rating from another recognised credit rating agency, but secondarily the subfund may invest in instruments with lower credit ratings. In the event that credit rating agencies have assigned two or more ratings to a specific issue, the highest rating will be applied. The instruments must be admitted to trading on regulated markets which are members of the World Federation of Exchanges or full members or associate members of the Federation of European Securities Exchanges (FESE) or traded on another regulated market within the European Union which operates regularly and is recognised and open to the public. The instruments may also be traded on the US OTC Fixed Income market regulated by NASD. Moreover, the subfund may invest in US securities issued under Rule 144A with a right to exchange them for securities which must be registered with the Securities and Exchange Commission (SEC) within one year pursuant to the US Securities Act of 1933 and which are traded on the US OTC Fixed Income market. Investments on the US OTC Fixed Income market will be made primarily in issues of or exceeding USD 25 million. The subfund may invest in liquid as well as less liquid securities on the US OTC Fixed Income market. The subfund may also invest in the above instruments admitted to trading on the markets which in the opinion of the Board of Directors satisfy the Danish FSA guidelines on eligible markets. regulated market or another market which operates regularly and is recognised and open to the public. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged or unhedged basis and provide loans of securities. Return/benchmark The subfund's benchmark is BofA Merrill Lynch EMU Corporates BBB-A in DKK. Benchmark returns since the subfund's launch appear from the table below: Return, % 13.6 Benchmark 13.2 It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered to be medium. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 3. Investors should be aware that the value of any investment in the subfund is subject to interest rate and bond market risk, credit risk, counterparty risk, liquidity risk, leverage risk, foreign exchange risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Investment in the subfund is suitable for risk-tolerant investors seeking a return that exceeds the deposit rate considerably and accepting short periods of price fluctuations, which raise the possibility of obtaining a slightly higher return. This investment must not be of decisive importance to an investor's overall financial position. Within its investment area, the subfund may have up to 10% of its net asset value invested in securities not admitted to trading on a 8 Investeringsforeningen Multi Manager Invest Prospectus 21

28 Investment in the subfund is suitable for investors with long-term investment horizons of more than 3 years, eg for pension purposes or other types of long-term savings. For private investors, the subfund is mainly aimed at investors with available capital. This subfund may not be suitable for investors planning to realise their investment within three years. ISIN The subfund is registered with VP Securities A/S under the ISIN DK Admission to trading on a regulated market The subfund has been admitted to trading on NASDAQ OMX Copenhagen A/S. Distribution of dividend The subfund is an income subfund, and the net profit will be distributed to the investors upon adoption at the annual general meeting. The distribution amount depends on income and costs of the previous financial year and is calculated in accordance with section 16C of the Danish Tax Assessment Act. The subfund's distribution of dividend since its launch appears from the table below: 2012 %/DKK per unit 5.00 The dividend adopted by the General Meeting is distributed via VP Securities A/S. Tax rules The subfund is an income subfund and is therefore not subject to separate tax liability. Investors' returns on available capital invested in the subfund are in general taxable according to the rules applying to direct investment in securities. Dividend is taxable under the Danish Personal Tax Act or the Danish Corporation Tax Act, while gains or losses on the sale of units in the subfund are taxable under the rules of the Danish Capital Gains Tax Act. The Fund classifies distribution of dividend into relevant categories of income from available capital. Pension investment returns are taxable under the Danish Pension Returns Tax Act. Currently, the subfund is not open to foreign investors. Therefore, the Fund does not disclose information on this subfund, including current interest income to paying agents abroad, cf the EU Savings Directive. The consequence is that a savings tax will be imposed on the returns on subfund units of investors having custody accounts with banks in Belgium, Luxembourg, Switzerland or Austria, which may render the ownership unfavourable for tax reasons relative to other investments. For further information on the tax rules, please contact the Fund. Investors are recommended to consult their own tax advisers for more detailed information. 22 Investeringsforeningen Multi Manager Invest Prospectus

29 Risk scenarios and risk factors Like any other investment, investing in the subfunds of the Fund implies a risk of loss. The value of units in a subfund may vary over time and may thus at any given time be worth less, the same or more than at the time of investment. Investors must thus be aware that investing in fund units is not comparable to making a bank deposit and that the value of the investment is not guaranteed. The individual subfunds are categorised according to risk. The risk category indicates the typical correlation between risk and return potential on investment in the subfund and is determined on the basis of the fluctuations in the subfund's net asset value per unit over the past five years and/or representative data. The Fund attempts to maintain the risk profiles of the individual subfunds through appropriate diversification of their investments within the scope of Danish legislation and its Articles of Association. It should be noted that a subfund's risk category may change over time and that the historical data forming the basis of the current risk categorisation do not necessarily indicate the future risk profile. Below, the risk category of the individual subfund is marked on a scale of 1 to 7. Risk category 1 indicates minor price fluctuations and thus low risk and typically entails a low return. Risk category 7 indicates major price fluctuations and a high risk, offering the possibility of a high return. It should be noted that the list is not exhaustive and that other factors may affect the value of the investment. Further, the different areas of the financial markets may react differently to these factors. The description of each subfund includes the risk factors that are particularly relevant to the subfund. Equity price risk Equity prices may fluctuate violently, and the price of equities may decline considerably and rapidly. Equity markets may be exposed to particular political or regulatory factors that may affect the value of a subfund's equity investments. Furthermore, the value of a subfund's investments may be affected, positively as well as negatively, by sectoral, national, regional or general market or economic conditions. Emerging markets risk Emerging markets are countries in Eastern Europe, Latin America, Africa and Asia. Generally, these countries are characterised by political instability and possible nationalisation and confiscation of private enterprises or by government surveillance and control. Corruption may be widespread. The financial markets may be characterised by uncertainty regarding safe keeping, registration and settlement, and economic development may be uncertain and include the risk of currency devaluation and hyper inflation. Moreover, emerging markets liquidity may be low due to economic and political changes or to natural disasters, and the effects may be long-term. Emerging markets may thus involve risks not existing on established financial markets. Subfund Risk scale: 1-7 USA (US) (RCM) 6 USA Akk. (US Acc) (RCM) 6 Europa (Europe) (BlackRock) 6 Europa Akk. (Europe Acc) (BlackRock) 6 Globale Aktier (Global Equities) 6 Globale Aktier Akk. (Global Equities Acc) 6 Japan 6 Japan Akk. (Japan Acc) 6 Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) 4-5 Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc) 4-5 Nye Aktiemarkeder (New Equity Markets) 6-7 Nye aktiemarkeder Akk. (New Equity Markets Acc) 6-7 Virksomhedsobligationer (Corporate Bonds) 3 The current risk categories are always available from the "Key Investor Information Document" for each subfund at the Fund's website. Risk factors The individual subfunds have different areas of investment and may thus be subject to different risk factors. Below we have listed a number of potential risk factors. Leverage risk Leverage employed by subfunds will amplify positive and negative fluctuations in subfund returns compared with market returns. Leverage may cause losses exceeding the amount of capital invested in a subfund. Consequently, there is a risk that the subfund may go bankrupt and that investors may lose their entire investment in the subfund. Geographic risk Investing in securities in a limited geographic area or in a specific country entails a particular risk. For instance, the financial markets in the relevant area or country may be subject to particular political or regulatory factors that might affect the value of a subfund's investments. General market or economic conditions in the individual area or country, such as currency and interest rate levels, may also affect the value of the investment. Credit risk Credit risk pertains particularly to a subfund's investment in bonds. Bonds involve the risk of loss should the issuer be unable to meet its payment obligations in the form of interest and principal payments. Liquidity risk In special cases, local, national or global factors may render some securities and currencies difficult to buy and/or sell. For instance, the relevant securities may have been issued in a small amount, in Investeringsforeningen Multi Manager Invest Prospectus 23

30 which case large purchases or sales may put significant upward or downward pressures on market prices. This in itself may affect the value of the subfund's investments. In rare cases this may cause the subfund to suspend the redemption and sale of new investment units for any length of period. Model risk Subfunds employing models that point to investment opportunities with expected high returns incur a particular risk. Models are typically based on analyses of historical data and behaviour patterns. It requires a long track record to demonstrate that a model performs as intended, and there is no guarantee that the patterns uncovered by the model will be repeated. Thus, models cannot predict future returns, and the subfund's return may not be as expected. Counterparty risk When subfunds invest in derivative financial instruments and depository receipts, such as ADRs and GRDs, or provides loans of securities, there is a risk that the counterparties do not meet their obligations. This may result in a loss to the subfund. Interest rate and bond market risk Subfunds investing in bond markets will be subject to risk when interest rate levels fluctuate. Interest rate levels are affected by national and international factors such as business trends, fiscal and monetary policies or changes in inflation forecasts. When interest rate levels rise, bond prices decline, reducing the value of a subfund's investments. Interest rate risk may be described through duration, indicating the price risk related to the bonds in which the subfund invests. The longer the duration, the more stable the price of the bonds in case of interest rate fluctuations. Risk related to investment style Subfunds that may invest only in part of the equity market or the bond market are exposed to the risk that the demand of financial markets moves away from that particular part of the market for some period. During such a period, the value of the subfund's investments may decline or yield a lower return relative to the market. Sector risk For subfunds investing in one sector only, there is a risk that general economic factors or specific market conditions pertaining to that industry will affect the value of a subfund's investments. Issuer-specific risk The value of individual securities may fluctuate more than the overall market, and the return may thus differ widely from market returns. The value of an individual security depends among other things on the earnings of the company issuing the equity or corporate bond, which may be affected by factors such as regulation, competition and liquidity. If a subfund invests a large percentage of its net asset value in one security, it becomes more vulnerable to the issuer's situation, and thus the value of the subfund may vary substantially. If the issuer goes bankrupt, the subfund may suffer a loss. Redemption risk Subfunds investing in callable mortgage bonds incur a risk of prepayment. A subfund may suffer a loss if the price of the prepaid bonds exceeded 100 and the prepayment was not expected by the market. Foreign exchange risk Foreign securities expose investors to a risk when exchanging from a foreign currency into DKK, as exchange rates may fluctuate. Such fluctuations may affect the value of a subfund's investment in foreign securities, positively as well as negatively. Subfunds investing in Danish securities are not exposed to any direct foreign exchange risk, whereas subfunds that invest in European securities are exposed to limited foreign exchange risk. Subfunds that hedge their positions against DKK are exposed to a very limited foreign exchange risk. The description of each subfund includes hedging information. Cash deposit risk A subfund may place part of its net asset value as a cash deposit or a fixed-term deposit with a bank, eg the Fund's custodian bank. The subfund is thus exposed to a risk of loss in case the bank goes bankrupt. Credit/yield spread risk Credit/yield spreads indicate the difference between safe government bonds and other types of bonds issued in the same currency and with the same maturity. Credit spreads indicate the reward in the form of higher yield earned by the investor for assuming additional credit risk on investment in less safe bonds. In periods of financial turbulence, yield spreads may widen rapidly and considerably, causing a capital loss on a subfund's investments. 24 Investeringsforeningen Multi Manager Invest Prospectus

31 Units, subscription and redemption Units The subfunds issue certificates. The units are registered with VP Securities A/S in denominations of DKK 100 and multiples thereof. Place of subscription Nykredit Bank A/S Asset Management Otto Mønsteds Plads 9 DK-1780 Copenhagen V Tel Fax Nykredit Bank A/S is the Fund's issuing agent. The units are held in safe custody by Nykredit Bank A/S or other Danish banks free of charge. However, general VP fees are payable in case of portfolio changes in the VP account. Registration in holder's name The units are issued to bearer and must be registered in the name of the holder in the Fund's register, which is kept by the investment management company, Nykredit Portefølje Administration A/S. Names are registered by the bank holding the units in safe custody. Open-ended issuance Subscription in the subfunds is subject to the Articles of Association. The units of the subfunds are offered on an open-ended basis, and no maximum issuance amount has been fixed. Units subscribed for when offered on an open-ended basis are settled at the current issue price and at standard trading costs. Settlement takes place three banking days after subscription by registration of the units in the member's account with VP Securities A/S. The issue price is calculated daily. The Board of Directors may decide that income subfund units may be issued without rights to dividend for the previous financial year, cf the Articles of Association. Open-ended issuance may be suspended by resolution of the Board of Directors if, for instance, it is believed that there is considerable doubt about the value of the subfund's funds at the time of issuance. Any suspension and resumption of issuance after suspension will be announced via NASDAQ OMX Copenhagen A/S and on the Fund's website. In connection with issues of DKK 10 million or more, the investment management company of the Fund may allow payment in the form of non-cash contributions of securities. Issue costs The double-pricing method will be applied to calculate the issue price pursuant to section 4 (1) of the Danish Executive Order on Calculation of Issue and Redemption Prices for Subscription and Redemption of Units in Investment Associations etc. by dividing the net asset value at the date of issue by the nominal value of the units subscribed for. An amount is added to cover the acquisition cost of financial instruments and the necessary issue costs, including the following maximum expenses, stated as percentages of the net asset value per unit: Subfund USA (US) Commission and dir. acq. cost of instruments 0.10% Other market-related trading costs 0.15% Administration 0.05% Taxes and duties, etc 0.00% Subscription fee 1.25% Marketing 0.20% Other 0.10% Total 1.85% Subfund USA Akk. (US Acc) Commission and dir. acq. cost of instruments 0.10% Other market-related trading costs 0.15% Administration 0.05% Taxes and duties, etc 0.00% Subscription fee 1.25% Marketing 0.20% Other 0.10% Total 1.85% Subfund Europa (Europe) Commission and dir. acq. cost of instruments 0.20% Other market-related trading costs 0.20% Administration 0.05% Taxes and duties, etc 0.00% Subscription fee 1.25% Marketing 0.20% Other 0.10% Total 2.00% Subfund Europa Akk. (Europe Acc) Commission and dir. acq. cost of instruments 0.20% Other market-related trading costs 0.20% Administration 0.05% Taxes and duties, etc 0.00% Subscription fee 1.25% Marketing 0.20% Other 0.10% Total 2.00% Investeringsforeningen Multi Manager Invest Prospectus 25

32 Subfund Globale Aktier (Global Equities) Commission and dir. acq. cost of instruments 0.10% Other market-related trading costs 0.15% Administration 0.05% Taxes and duties, etc 0.05% Subscription fee 1.25% Marketing 0.20% Other 0.10% Total 1.90% Subfund Globale Aktier Akk. (Global Equities Acc) Commission and dir. acq. cost of instruments 0.10% Other market-related trading costs 0.15% Administration 0.05% Taxes and duties, etc 0.05% Subscription fee 1.25% Marketing 0.20% Other 0.10% Total 1.90% Subfund Japan Commission and dir. acq. cost of instruments 0.15% Other market-related trading costs 0.20% Administration 0.05% Taxes and duties, etc 0.00% Subscription fee 1.25% Marketing 0.20% Other 0.10% Total 1.95% Subfund Japan Akk. (Japan Acc) Commission and dir. acq. cost of instruments 0.15% Other market-related trading costs 0.20% Administration 0.05% Taxes and duties, etc 0.00% Subscription fee 1.25% Marketing 0.20% Other 0.10% Total 1.95% Subfund Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) Commission and dir. acq. cost of instruments 0.05% Other market-related trading costs 0.30% Administration 0.05% Taxes and duties, etc 0.50% Subscription fee 1.25% Marketing 0.10% Other 0.10% Total 1.85% Subfund Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc) Commission and dir. acq. cost of instruments 0.05% Other market-related trading costs 0.30% Administration 0.05% Taxes and duties, etc 0.00% Subscription fee 1.25% Marketing 0.10% Other 0.10% Total 1.85% Subfund Nye Aktiemarkeder (New Equity Markets) Commission and dir. acq. cost of instruments 0.15% Other market-related trading costs 0.20% Administration 0.05% Taxes and duties, etc 0.05% Subscription fee 1.25% Marketing 0.20% Other 0.10% Total 2.00% Subfund Nye Aktiemarkeder Akk. (New Equity Markets Acc) Commission and dir. acq. cost of instruments 0.15% Other market-related trading costs 0.20% Administration 0.05% Taxes and duties, etc 0.05% Subscription fee 1.25% Marketing 0.20% Other 0.10% Total 2.00% Subfund Virksomhedsobligationer (Corporate Bonds) Commission and dir. acq. cost of instruments 0.15% Other market-related trading costs 0.20% Administration 0.05% Taxes and duties, etc 0.00% Subscription, sales and underwriting commission 1.00% Marketing 0.10% Other 0.10% Total 1.60% The stated maximum issue costs may be exceeded in periods of exceptional market conditions which increase other market-related costs of purchasing and selling the instruments of a subfund. During such periods, the Fund will publish the actual issue costs via NAS- DAQ OMX Copenhagen A/S and the Fund's website. When the maximum issue charges listed above apply again, it will be announced via the same channels. For bond-based income subfunds in which units which do not carry any dividend rights may be issued from the beginning of January to the annual general meeting, the issue price is calculated using the double-pricing method, cf above, by dividing the subfund's net asset 26 Investeringsforeningen Multi Manager Invest Prospectus

33 value less the calculated and audited dividend for the previous financial year in which units which do not carry any dividend rights were issued by the nominal value of the units subscribed for. An amount is added to cover the costs incidental to the issue, cf above. For equity-based income subfunds in which units which do not carry any dividend rights may be issued from the beginning of January to the annual general meeting, the issue price is calculated by dividing the subfund's net asset value less the calculated and audited dividend and the return on the same for the previous financial year in which units which do not carry any dividend rights were issued by the nominal value of the units subscribed for. An amount is added to cover the costs incidental to the issue, cf above. The costs payable by the Fund in connection with large issues will be lower than the rates stated above. Therefore, the Fund reserves the right to reduce the issue charge in connection with large issues. However, the issue charge may not be lower than the acquisition cost of financial instruments, unless the issue takes place in connection with a non-cash contribution of securities to the subfund. Transfer/exchange Generally, no special rules apply to investors' transfer from one subfund to another within the Fund. A transfer is considered a redemption with a subsequent issue on ordinary terms. Redemption Investors are entitled to redeem their units in full or in part at any time. The double-pricing method will be applied to calculate the redemption price pursuant to section 4(2) of the Danish Executive Order on Calculation of Issue and Redemption Prices for Subscription and Redemption of Units in Investment Associations etc. based on the net asset value per unit at the time of redemption less the costs of selling financial instruments and necessary redemption costs. The redemption price is calculated daily. On redemption, the costs of trading commission, spreads and any other trading costs are estimated to represent a maximum (as percentage of the net asset value per unit) of: Maximum redemption costs USA (US) 0.30% USA Akk. (US ACC) 0.30% Europa (Europe) 0.45% Europa Akk. (Europe Acc) 0.45% Globale Aktier (Global Equities) 0.30% Globale Aktier Akk. (Global Equities Acc) 0.30% Japan 0.40% Japan Akk. (Japan Acc) 0.40% Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc) 0.40% 0.40% Nye Aktiemarkeder (New Equity Markets) 0.40% Nye Aktiemarkeder Akk. (New Equity Markets Acc) 0.40% Virksomhedsobligationer (Corporate Bonds) 0.40% Redemption may be suspended by resolution of the Board of Directors if, for instance, it is believed that the Fund is unable to determine the net asset value per unit due to market conditions, or if the Fund, in order to ensure equal treatment of investors, only determines the redemption price after having realised the assets required to redeem the units. Any suspension, and resumption of redemption after suspension, will be announced on the Fund's website. The Danish FSA may demand that the Fund postpones the redemption of units if it serves the interests of the investors or the general public. The stated maximum redemption costs may be exceeded in periods of exceptional market conditions which increase other marketrelated costs of purchasing and selling the instruments of a subfund. During such periods, the Fund will publish the actual redemption costs via NASDAQ OMX Copenhagen A/S and the Fund's website. When the maximum redemption charges stated above apply again, it will be announced via the same channels. Where units without dividend rights (ex coupon) in a bond-based income subfund subscribed for during the period from the beginning of January to the annual general meeting are redeemed within the same year before the annual general meeting, the redemption price is determined by dividing the subfund's net asset value less the calculated and audited dividend for the previous financial year in which units without dividend rights were issued by the nominal value of the units subscribed for. An amount is deducted to cover the costs incidental to the redemption, cf above. Investeringsforeningen Multi Manager Invest Prospectus 27

34 Where units without dividend rights (ex coupon) in an equity-based income subfund subscribed for during the period from the beginning of January to the annual general meeting are redeemed within the same year before the annual general meeting, the redemption price is determined by dividing the subfund's net asset value less the calculated and audited dividend and the return on the same for the previous financial year in which units without dividend rights were issued by the nominal value of the units subscribed for. An amount is deducted to cover the costs incidental to the redemption, cf above. asset value represented at the general meeting are in favour of such resolution. Loans The Fund has obtained FSA approval to raise loans for the interim financing of concluded transactions. Units may be resold to the Fund or redeemed through the custodian bank against payment of standard trading costs. In special cases, the Fund may require that the redemption price be fixed after the subfund has realised the assets necessary to redeem the units. In such cases, the Fund must immediately after the postponement notify the Danish FSA and the relevant authorities in other EU member states and in countries with which the Community has entered into agreements concerning the financial area of such postponement if the Fund markets its units there. In connection with redemptions of DKK 10 million or more, the Fund's investment management company may settle redemptions by way of securities if so requested by an investor. The redemption charge relating to settlement by way of securities will differ from the estimated costs set out above. No investors are obliged to have their units redeemed in full or in part. Price information The net asset value per unit as well as the issue and redemption prices of Fund units are calculated every day and published via NASDAQ OMX Copenhagen A/S and are also available from Investeringsforeningen Multi Manager Invest. Prices will also be published on the Fund's website, multimanagerinvest.dk. Negotiability The Fund's units are negotiable instruments, and no restrictions apply to their negotiability. Voting rights Each investor has one vote for each unit of a nominal DKK 100. Voting rights may be exercised if the unit has been registered in the name of the holder in the Fund's register of investors one week before the general meeting. Rights No unit carries any special rights. Dissolution The Board of Directors may recommend that investors adopt a resolution to dissolve a subfund. Such recommendation may result from eg inadequate capital resources or an outdated investment area. Resolutions to dissolve, merge or demerge a subfund require that not less than two thirds of the votes cast and of the subfund's net 28 Investeringsforeningen Multi Manager Invest Prospectus

35 Significant agreements and costs Custodian bank The Fund has entered into a custodian bank agreement with Nykredit Bank A/S, which forms part of the Nykredit Group. As custodian bank, Nykredit Bank A/S undertakes the safe keeping and management of securities and cash for each of the Fund's subfunds in pursuance of the Danish Investment Associations, etc. Act, the Danish Financial Business Act and the rules of the Danish FSA. Nykredit Bank A/S undertakes the control tasks and obligations laid down in current legislation. Further, Nykredit Bank A/S acts as the Fund's issuing agent. Either party may terminate the agreement by giving one month's notice. For each subfund, a base fee of DKK 42,500 pa and costs relating to VP Securities A/S are payable for these services as well as a country-specific transaction fee. Remuneration paid to the custodian bank for 2012 appears from the table below: Remuneration, custodian bank Defrayed in 2012 DKK 1,000 USA (US) 710 USA Akk. (US ACC) 1,970 Europa (Europe) 729 Europa Akk. (Europe Acc) 1,490 Globale Aktier 9 (Global Equities) 98 Globale Aktier Akk. 10 (Global Equities Acc) 324 Japan 264 Japan Akk. (Japan Acc) 711 Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc) Nye Aktiemarkeder (New Equity Markets) 313 Nye Aktiemarkeder Akk. (New Equity Markets Acc) 917 Virksomhedsobligationer (Corporate Bonds) 796 Nykredit Bank A/S also undertakes to quote prices for the Fund's units in the market with the aim of improving liquidity and minimising the costs associated with trading in the units. A fee of DKK 25,000 pa per subfund is payable for this service. Administration The Fund has concluded an administration agreement concerning the day-to-day management of the Fund with the investment management company Nykredit Portefølje Administration A/S, which is wholly owned by Nykredit Bank A/S, the Fund's custodian bank, and forms part of the Nykredit Group. Under the agreement, Nykredit Portefølje Administration A/S undertakes to perform the tasks relating to the Fund's administration. Nykredit Portefølje Administration A/S must perform these tasks in accordance with the Danish Investment Associations, etc. Act, the Danish Financial Business Act, the provisions of the Danish FSA, the Fund's Articles of Association, the instructions of the Board of Directors and the agreements entered into by the Fund. For the investment management company's services, the Fund will pay the following fees based on the net asset value of each subfund: Subfund Fee pa of net asset value DKK 0-100m Fee pa of net asset value DKK 100m- 1,000m Fee pa of net asset value above DKK 1,000m USA (US) 0.30% 0.20% 0.20% USA Akk. (US ACC) 0.30% 0.20% 0.20% Europa (Europe) 0.30% 0.20% 0.20% Europa Akk. (Europe Acc) 0.30% 0.20% 0.20% Globale Aktier (Global Equities) Globale Aktier Akk. (Global Equities Acc) 0.30% 0.20% 0.20% 0.30% 0.20% 0.20% Japan 0.30% 0.20% 0.20% Japan Akk. (Japan Acc) 0.30% 0.20% 0.20% Nye obligationsmarkeder (New Bond Markets) Nye obligationsmarkeder Akk. (New Bond Markets Acc) Nye Aktiemarkeder (New Equity Markets) Nye Aktiemarkeder Akk. (New Equity Markets Acc) Virksomhedsobligationer (Corporate Bonds) 0.20% 0.10% 0.05% 0.20% 0.10% 0.05% 0.30% 0.20% 0.20% 0.30% 0.20% 0.20% 0.20% 0.10% 0.05% Remuneration for 2012 to the investment management company and budgeted remuneration for 2013 appear from the table below: 9 The subfund has been active since 13 November The subfund has been active since 13 November Investeringsforeningen Multi Manager Invest Prospectus 29

36 Remuneration, investment management company Remuneration 2012 DKK 1,000 Budgeted for 2013 DKK 1,000 Subfund USA (US) Asset managers RCM Capital Management USA (US) 2,109 1,740 USA Akk. (US ACC) 5,688 5,100 Europa (Europe) 1,282 1,080 Europa Akk. (Europe Acc) 3,354 3,160 Globale Aktier 11 (Global Equities) 131 2,200 Globale Aktier Akk. 12 (Global Equities Acc) 304 4,300 Japan USA Akk. (US ACC) Europa (Europe) Europa Akk. (Europe Acc) Globale Aktier (Global Equities) Globale Aktier Akk. (Global Equities Acc) Japan Japan Akk. (Japan Acc) RCM Capital Management BlackRock, London BlackRock, London Harding Loevner Harding Loevner Lazard Lazard Japan Akk. (Japan Acc) Nye obligationsmarkeder (New Bond Markets) Nye obligationsmarkeder Akk. (New Bond Markets Acc) Nye Aktiemarkeder (New Equity Markets) Nye Aktiemarkeder Akk. (New Equity Markets Acc) Virksomhedsobligationer (Corporate Bonds) ,238 1, ,542 1, Either party may terminate the administration agreement by giving six months' notice. Asset management agreements The Fund has concluded asset management with regard to the Fund's investments. According to the agreements, the asset managers undertake to provide discretionary asset management on the basis of their research and forecasts and make decisions on the placement of the investors' funds. The asset management must comply with the guidelines for the subfunds drawn up by the Fund's Board of Directors. The asset managers monitor the portfolio of the subfund in question on a current basis with a view to adjusting the portfolio mix and the allocation of individual investments on the basis of expectations for the achievable rate of return. The Fund has entered into asset management agreements with the following asset managers on behalf of the individual subfunds: 11 The subfund has been active since 13 November The subfund has been active since 13 November Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc) Nye Aktiemarkeder (New Equity Markets) Nye Aktiemarkeder Akk. (New Equity Markets Acc) Virksomhedsobligationer (Corporate Bonds) Investec Asset Management Investec Asset Management Wells Capital Management Wells Capital Management Standard Life Investments Manager selection agreement The Fund has concluded an agreement with Nykredit Bank A/S on advisory services with regard to and supervision of the investment advisers. Nykredit Bank A/S forms part of the Nykredit Group, and its main business activities are banking and asset management. Under the agreement, the Manager Selection team in Nykredit Asset Management advises the Fund on a current basis on the appointment of investment advisers for the Fund's subfunds and subsequently supervises the advisers through research and comparisons. As remuneration for the manager selection advisory services, the Fund pays the following fee calculated as percentage pa of each subfund's net asset value: For equity subfunds 0.10% For bond subfunds 0.05% SRI advice The Fund has concluded an agreement with Nykredit Bank A/S on SRI monitoring of the equity and corporate bond subfunds of the Fund. For this service, the Fund pays 0.01% pa of the net asset values of the subfunds involved. Either party may terminate the agreement by giving three months' notice. Other cooperation agreements To strengthen the advisory services offered to its investors as well as marketing activities, the Fund has concluded a cooperation agreement with Nykredit Bank A/S. As part of its business operations, Nykredit Bank A/S offers fund units to professional and institutional investors on terms that may deviate from the rates stated by the Fund in this prospectus. Nykredit Bank A/S may thus, on its own account, deviate from the rates of this prospectus. Either party may 30 Investeringsforeningen Multi Manager Invest Prospectus

37 terminate the agreement by giving three months' notice. However, if deemed in the interests of the Fund, the Fund may terminate the agreement without notice. Under the above agreement, Nykredit Bank A/S receives referral commission as percentage pa of the subfunds' net asset values as follows: Referral commission USA (US) 0.75% USA Akk. (US ACC) 0.75% Europa (Europe) 0.75% Europa Akk. (Europe Acc) 0.75% Globale Aktier (Global Equities) 0.75% Globale Aktier Akk. (Global Equities Acc) 0.75% Japan 0.75% Japan Akk. (Japan Acc) 0.75% Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc) 0.65% 0.65% Nye Aktiemarkeder (New Equity Markets) 0.75% Nye Aktiemarkeder Akk. (New Equity Markets Acc) 0.75% Virksomhedsobligationer (Corporate Bonds) 0.40% Board of Directors The remuneration of the Board of Directors is subject to annual approval by the general meeting. Remuneration for 2012 to the Board of Directors and budgeted remuneration for 2013 for each subfund appear from the table below: Japan Akk. (Japan Acc) 10 6 Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc) Nye Aktiemarkeder (New Equity Markets) 6 4 Nye Aktiemarkeder Akk. (New Equity Markets Acc) Virksomhedsobligationer (Corporate Bonds) Public authorities The Danish FSA is paid according to invoice. Remuneration for 2012 to the Danish FSA and budgeted remuneration for 2013 for each subfund appear from the table below: Remuneration to the Danish FSA Defrayed in 2012 DKK 1,000 Budgeted for 2013 DKK 1,000 USA (US) USA Akk. (US ACC) Europa (Europe) Europa Akk. (Europe Acc) Globale Aktier (Global Equities) 4 19 Globale Aktier Akk. (Global Equities Acc) 4 27 Japan Japan Akk. (Japan Acc) Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc) Nye Aktiemarkeder (New Equity Markets) Directors' remuneration Defrayed in 2012 DKK 1,000 Budgeted for 2013 DKK 1,000 Nye Aktiemarkeder Akk. (New Equity Markets Acc) Virksomhedsobligationer (Corporate Bonds) USA (US) USA Akk. (US ACC) Europa (Europe) Europa Akk. (Europe Acc) Globale Aktier (Global Equities) Globale Aktier Akk. (Global Equities Acc) Japan The subfund has been active since 13 November Total administration costs According to the Articles of Association, total administration costs, including costs of the Board of Directors, administration, IT, audit, supervision, marketing and the custodian bank may, for each subfund, not exceed 2.5% of the average level of the subfund's net asset value within a financial year. Sales and information costs must also be kept within the said 2.5% to the extent that they are not funded by income from issues. Since the launch of the subfunds, the total administration costs of the subfunds as a percentage of their average net asset value came to: 14 The subfund has been active since 13 November Investeringsforeningen Multi Manager Invest Prospectus 31

38 Subfund USA (US) USA Akk. (US ACC) Europa (Europe) The current annual expense ratios of the subfunds appear from the table below: Subfund Current AER USA (US) 1.83 Europa Akk. (Europe Acc) Globale Aktier (Global Equities) Globale Aktier Akk. (Global Equities Acc) USA Akk. (US ACC) 1.81 Europa (Europe) 2.40 Europa Akk. (Europe Acc) 2.33 Globale Aktier (Global Equities) 1.79 Japan Japan Akk. (Japan Acc) Nye obligationsmarkeder (New Bond Markets) Nye obligationsmarkeder Akk. (New Bond Markets Acc) Nye Aktiemarkeder (New Equity Markets) Nye Aktiemarkeder Akk. (New Equity Markets Acc) Virksomhedsobligationer (Corporate Bonds) Globale Aktier Akk. (Global Equities Acc) 1.68 Japan 2.55 Japan Akk. (Japan Acc) 2.41 Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) 1.75 Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc) 1.74 Nye Aktiemarkeder (New Equity Markets) 2.33 Nye Aktiemarkeder Akk. (New Equity Markets Acc) 2.31 Virksomhedsobligationer (Corporate Bonds) 1.26 Annual expense ratio The annual expense ratio (AER) is determined according to the definition of the Federation of Danish Investment Associations. The annual expense ratio includes administration costs, trading costs relating to day-to-day operations and investors' trading costs in the form of maximum issue and redemption charges. The amount is calculated on the basis of a holding period of 7 years. The definition was changed in December 2012 to make the ratio more suitable for investors, giving them a more accurate picture of the cost level at the time of investment. Under the new definition, the ratio will take into account any changes in agreements etc over the year, which means that the annual expense ratio will be as current as possible. As a result, however, the ratio is no longer necessarily related to the subfund's financial statements for a given year. Furthermore, estimates may be included in the determination of the annual expense ratio, especially for funds of funds, as a proportionate share of costs incurred in funds of funds must now be included in the annual expense ratio of a given subfund. 32 Investeringsforeningen Multi Manager Invest Prospectus

39 Related persons and companies Board of Directors of the Fund Kjeld Øberg, Managing Director, Chairman Store Kongensgade 130, 3. DK-1264 Copenhagen K Bjørn Bogason, Managing Director Hørsholm Park 10, 1.th. DK-2970 Hørsholm Kim Høibye, Attorney, Partner Advokatfirmaet Eversheds International Frederiksborggade 15, 9-11 DK-1306 Copenhagen K Erik Højberg Nielsen, Managing Director Skolebakken 2 Strandhuse DK-6000 Kolding MBA, CFA Mads Jensen Virumgade 43 DK-2830 Virum Executive Board of the Fund Nykredit Portefølje Administration A/S Tage Fabrin-Brasted, CEO Peter Jørn Jensen, Managing Director Jim Isager Larsen, Managing Director Otto Mønsteds Plads 9 DK-1780 Copenhagen V CVR no Custodian bank Nykredit Bank A/S Kalvebod Brygge 1-3 DK-1780 Copenhagen V CVR no Auditors of the Fund Deloitte Statsautoriseret Revisionspartnerselskab Jens Ringbæk, State-Authorised Public Accountant John Ladekarl, State-Authorised Public Accountant Weidekampsgade 6 DK-2300 Copenhagen S CVR no SRI Adviser Nykredit Bank A/S Kalvebod Brygge 1-3 DK-1780 Copenhagen V CVR no Complaints Private investors of the Fund may file complaints with the Fund's complaints unit at the Fund's investment management company pursuant to the Danish Financial Business Act. A complaints guide is available from the website multimanagerinvest.dk and from the Fund's investment management company. Complaint Board Private investors of the subfund may complain of conditions relating to the Fund or the subfund to: Danish Complaint Board of Investment Funds Amaliegade 8B 2, PO Box 9029 DK-1022 Copenhagen K Tel , Fax Important note This prospectus, which was originally prepared in Danish, provides information to Danish investors in compliance with Danish rules and legislation. The prospectus has been filed with the Danish FSA pursuant to part 11 of the Danish Investment Associations, etc. Act. The prospectus has not been approved by or registered with any foreign authorities with a view to selling and marketing fund units outside Denmark. The information provided in this prospectus constitutes neither investment advice nor any other type of advice. Investors are recommended to consult their own advisers concerning investments etc. Distribution of this prospectus may in some countries be subject to certain restrictions. Persons in possession of this prospectus are required to inform themselves of and to comply with any such local restrictions. The units offered in this prospectus shall not be offered for sale or sold in the US, Canada or the UK, and this prospectus shall not be distributed to investors resident in the said countries. Information provided in this prospectus constitutes neither an offer nor solicitation to buy or sell in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. Any information in this prospectus, including any investment strategy or risk profile information, may be changed by resolution of the Board of Directors within the scope of Danish legislation and the Articles of Association. 33