Audited Annual Report

Transcription

1 AMREGO I SICAV Société d nvestissement a Capital Variable R.C.S. Luxembourg B Audited Annual Report For the year ended 31 December 2015 Subscriptions cannot be received on the basis of financial reports. Subscriptions are valid only if made on the basis of the current prospectus, as supplemented by the latest audited annual report and, if published thereafter the latest semi-annual report.

2 AMREGO I SICAV Table of Contents Page Management and Service Providers 1 Investment Manager s Report 2 Audit Report 4 Schedule of Investments AMREGO I SICAV Soderberg & Partners Trygghet 75 PM 5 AMREGO I SICAV - Soderberg & Partners Trygghet 80 PM 7 AMREGO I SICAV - JP Giobal Trend 9 AMREGO I SICAV - Trygghet 75 s 10 AMREGO I SICAV - Trygghet 80 s 12 AMREGO I SICAV - Trygghet 85 s 14 AMREGO I SICAV - Trygghet 90 s 16 AMREGO I SICAV - Tillvaxt AMREGO I SICAV - Trygghet AMREGO I SICAV - Trygghet so 21 AMREGO I SICAV - Trygghet AMREGO I SICAV - Trygghet AMREGO I SICAV Tryghed AMREGO I SICAV Contrarian Combined Statement of Net Assets 29 Combined Statement of Operations and Changes in Net Assets 32 Statement of Changes in the Number of Shares 35 Statistical Information 36 Notes to the Financial Statements 38 Appendix - Total Expense Ratios (unaudited) 46

3 AMREGO I SICAV Management and Service Providers Board of Directors Carl-Adam Hogberg (Chairman) Conducting Officer, Soderberg & Partners Asset Management S.A. Niklas Vesterlund Conducting Officer, Soderberg & Partners Asset Management S.A. Henri Stengérd Mergers & Acquisitions PO Soderberg & Partner AB Management Company Soderberg & Partners Asset Management S.A. 1, rue Louvigny L-1946 Luxembourg Grand Duchy of Luxembourg Promoter PO Soderberg & Partner AB Regeringsgatan 45 S Stockholm Sweden Registered Office 1, rue Louvigny L-1946 Luxembourg Grand Duchy of Luxembourg Investment Manager Soderberg & Partners Asset Management S.A. 1, rue Louvigny L-1946 Luxembourg Grand Duchy of Luxembourg Custodian, Administration and Paying Agent Registrar and Transfer Agent J.P. Morgan Bank Luxembourg S.A. European Bank & Business Center 6, route de Tréves L-2633 Senningerberg Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator B.P.1443, L-1014 Luxembourg Grand Duchy of Luxembourg Legal Advisors Arendt & Medernach 41A, avenue J.F. Kennedy L Luxembourg Grand Duchy of Luxembourg

4 AMREGO I SICAV Investment Manager s Report Management Report This report gives an overview of the general economic environment, the development and future outlook of the most important capital markets for the open-ended investment company Amrego I SICAV with its sub-funds: Amrego I SICAV - Soderberg & Partners Trygghet 75 PM Amrego I SICAV Soderberg & Partners Trygghet 80 PM Amrego I SICAV - JP Global Trend Amrego I SICAV - Trygghet 75 S Amrego I SICAV - Trygghet 80 S Amrego I SICAV Trygghet 85 S Amrego I SICAV - Trygghet 90 S Amrego I SICAV - Tillvaxt 75 Amrego I SICAV - Trygghet 75 Amrego I SICAV - Trygghet 80 Amrego I SICAV Trygghet 85 Amrego I SICAV Trygghet 90 Amrego I SICAV - Tryghed 75 Amrego I SICAV - Contrarian 65 This annual report covers the period from January 1st 2015 to December Amrego I SICAV Soderberg & Partners Trygghet 75 PM returned 0,53 % during the period. Amrego I SICAV - Soderberg & Partners Trygghet 80 PM returned 0,61 /o during the period. Amrego I SICAV - Tillvaxt 75 returned -9,82 % from its inception 23rd of March to 31st of December. Amrego I SICAV JP Global Trend, A class, returned 5,60 %, whereas the B class returned 6,20 % during the period. Amrego I SICAV - Trygghet 75 S, A class, returned 4,49 % during the period whereas the C class returned 3,69 %. Amrego I SICAV - Trygghet 80 S, A class, returned 3,65 % during the period whereas the C class returned 2,89 %. Amrego I SICAV - Trygghet 85 S, A class, returned 2,97 % during the period whereas the C class returned 2,47 %. Amrego I SICAV Trygghet 90 S, A class, returned 2,27 % during the period whereas the C class returned 1,90 %. Amrego I SICAV - Trygghet 75, A class, returned -9,81 % from its inception 17th of April to 31 st of December whereas the C class returned -9,78 % from its inception 28th of April to 315' of December. Amrego I SICAV - Trygghet 80, A class, returned -8,37 % from its inception 17th of April to 31st of December whereas the C class returned -8,34 % from its inception 28th of April to 315 of December. Amrego I SICAV Trygghet 85, A class, returned -6,59 % from its Inception 17th of April to 31st of December whereas the C class returned 6,46 % from its inception 28th of April to 315 of December. Amrego I SICAV - Trygghet 90, A class, returned -4,74 % from its inception 17th of April to 31 st of December whereas the C class returned -4,63 % from its inception 28th of April to 315' of December. Amrego I SICAV - Tryghed 75 returned 1,61 % from its inception 11th of December to 315 of December. Amrego I SICAV Contrarian 65 returned 2,17 % from its inception 11th of December to 31st of December.

5 AMREGO I SICAV Investment Manager s Report (continued) 2015 Review The year started off with quantitative easing being widely used, combined with a low rate environment and increased liquidity coming from the back of The financial markets continued to rise and, given the appreciation of the US dollar against Swedish kronor, this led to Swedish-based investor returns closer to 20 percent in the beginning of April. Mid-year that changed with Greece, and its strained debts, in the limelight. That in turn led to the markets retracting given the uncertainty around a potential Greek exit from the European Union, something that has never happened before. After a political carousel the country finally received a bailout package and the markets could exhale. An expected U.S. rate hike in September failed to materialize with the Federal Reserve (the Fed), expressing concerns about the global economy in general and the slowdown in China in particular. However, in the last meeting during 2015 the Fed, after 7 years of zero rate policy, raised the Fed funds rate, citing improvement in the labor market and inflation expectations. A global equity market index in Swedish kronor ended the year positive thanks to the rebound in the last quarter. Emerging markets underperformed developed markets and contracted during This was the result of a big drop in commodity prices in general and oil prices in particular, rising geopolitical concerns and China s slowing economy. Outlook With the US Federal Reserve the FED starting to raise their interest rate they are showing that they believe the economy is returning to the road of normal growth. This has led to the appreciation of an already strong US dollar which in turn will become a headwind for large US companies with considerable overseas sales. There is a monetary policy divergence with the Fed ending their quantitative easing, which started in 2008, and the Eurozone and Japan doing the opposite and lowering rates even further to stimulate their economies. With the Euro area likely to grow at 1,5 % and Japan at 1,3 % in 2016 combined with inflation well below 2 % this sets a scene which, historically, has been good for equities. We still think the Eurozone has more to give with a weaker euro, lower oil prices, falling unemployment and improvements in business sentiment. Backdrops could come in the limelight of a potential Brexit (i.e. UK leaving the EU), the European refugee crisis or policy problems in southern European countries. China will most probably continue to decelerate in the rotation from investment and export to a domestic demand driven economy and we believe more stimulus will be put fonrvard to help cushion the drop. in the emerging markets space India is a bright spot, with growth expected to pick up further led by stronger consumption demand and investment recovery. Countries correlated to commodity prices and countries with political and fiscal uncertainties are not in favor going fonrvard. The valuations in the emerging markets are more attractive than developed markets but that has not translated to higher returns yet and the strong US dollar along with slowing growth in China is going to be a problem for emerging markets going forward. The Investment Manager Luxembourg, 28 April 2016 The information stated in this report is historical and not necessarily indicative of future perfonnance. 3

6 j. pwc Audit report To the Shareholders of AMREGO I SICAV We have audited the accompanying financial statements of AMREGO I SICAV and of each of its sub-funds, which comprise the combined statement of net assets and the schedule of investments as at 31 December 2015 and the combined statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d'entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Réviseur d'entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d'entreprises agréé considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of AMREGO I SICAV and of each of its sub-funds as of 31 December 2015, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matters Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. Pri ousecoopers, Société cooperative Luxembourg, 29 April 2016 Represented by Anne Laurent Pricewaterhousecoopers, Société coopérative, 2 rue Gerhard Mercator, B. P. 1443, L-1014 Luxembourg T: , F: , wvvw.pwc.lu Cabinet de révision agrée. Expert-comptable (autorisation gouvemementale n ) R. C.S. Luxembourg B TVA LU

7 AMREGO I SICAV - Séiderberg & Partners Trygghet 75 PM Schedule of Investments Quantity! Market Value % of Net Investments Currency Nominal Value Assets Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes - UCITS Luxembourg Handelsbanken Funds - MSCI Emerging Markets Index Fund AI 280,247 29,168, ,168, Svleden Handelsbanken Kortranta Criteria Fund (A1) 1,316, ,349, Handelsbanken MSCI USA Index Fund (A1 ) 348,777 82,677, Handelsbanken Sverigefond Index Fund 6,881 60,858, Handelsbankens Europafond Index Fund (A1 ) 1,150, ,063, Ohman Etisk Index Europa Fund 936, ,222, Ohman Etisk Index Japan Fund 576,588 50,261, Ohman Etisk Index Pacifi c Fund 51,724 9,534, Ohman Index Emerging Markets MSCI EM50 Fund 179,658 20,507, Ohman Index Nordamerika MSCI North America Fund A 835, ,853, Ohman Index Sverige Fund A 525,441 86,724, Ohman Penningmarknadsfond Fund 2,048, ,587, Spiltan Rantefond Sverige Fund 685,225 79,664, SPP Aktiefond Japan Fund 332,974 22,649, SPP Aktielndex USA Fund 511,102 81,404, SPP Penningmarknadsfond Fund 1,326, ,324, Swedbank Robur Access Asien Fund 288,966 47,107, Swedbank Robur Access Sverige Fund 623,825 88,021, ,501,812, Total Collective Investment Schemes - UCITS 1,530,980, Exchange Traded Funds Germany ishares STOXX Europe 600 Fund DE 83,071 28,210, ,210, Ire/and ishares Core MSCI Japan IMI Fund 37,000 10,460, Vanguard Funds plc - S&P 500 Fund 89,965 29,857, Vanguard Funds plc Vanguard FTSE Emerging Markets Fund 30,000 11,084, ,402, Sweden XACT OMXS30 Fund 188,191 29,291, ,291, United States of America ishares Russell 2000 Growth Fund 11,000 13,196, ,196, Total Exchange Traded Funds 122,101, Total Units of authorised UCITS or other collective investment undertakings 1,653,082, Total Investments 1,653,082, Cash 43,236, Other AssetsI(Liabilities) g695,920) go.o4) Total Net Assets 1,695,623,

8 AMREGO I SICAV - Soderberg & Partners Trygghet 75 PM Schedule of Investments (continued) Geographic Allocation of Portfolio % of Net Assets Sweden Ireland 3.03 Luxembourg 1.72 Germany 1.66 United States of America 0.78 Total Investments Cash and Other Assetsl(Liabi ities) Total

9 AMREGO I SICAV - Séiderberg & Partners Trygghet 80 PM Schedule of Investments Quantity] Market Value % of Net Investments Currency Nominal Value Assets Units of authorised UCITS or other collective in\restment undertakings Collective Investment Schemes UCITS Luxembourg Handelsbanken Funds - MSCI Emerging Markets Index Fund Al 262,208 27,290, ,290, Svleden Handelsbanken Kortranta Criteria Fund (A1) 5,439, ,505, Handelsbanken MSCI USA Index Fund (A1 ) 447, ,166, Handelsbanken Sverigefond Index Fund 11, ,494, Handelsbankens Europafond Index Fund (A1 ) 1,488, ,161, Ohman Etisk Index Europa Fund 1,504, ,743, Ohman Etisk Index Japan Fund 786,620 68,569, Ohman Etisk Index Pacifi c Fund 162,020 29,866, Ohman Etisk Index USA Fund A 572,786 88,552, Ohman Index Emerging Markets MSCI EM50 Fund 398,824 45,525, Ohman Index Nordamerika MSCI North America Fund A 967, ,570, Ohman Index Sverige Fund A 727, ,107, Ohman Penningmarknadsfond Fund 3,615, ,003, Spiltan Rantefond S\erige Fund 4,511, ,531, SPP Aktiefond Japan Fund 612,246 41,645, SPP Aktielndex USA Fund 802, ,895, SPP Penningmarknadsfond Fund 3,220, ,981, Swedbank Robur Access Asien Fund 356,918 58,184, Swedbank Robur Access Sverige Fund 903, ,427, ,245,934, Total Collective Investment Schemes UCITS 3,273,224, Exchange Traded Funds Germany ishares STO)O( Europe 600 Fund DE 130,057 44,166, ,166, Ireland ishares Core MSCI Japan IMI Fund 57,890 16,366, Vanguard Funds pic - S&P 500 Fund 141,542 46,975, Vanguard Funds plc - Vanguard FTSE Emerging Markets Fund 67,500 24,939, ,280, Svieden XACT OMXS30 Fund 300,152 46,718, ,718, United States of America ishares Russell 2000 Growth Fund 18,000 21,594, ,594, Total Exchange Traded Funds 200,760, Total Units of authorised UCITS or other collective investment undertakings 3,473,985, Total Investments 3,473,985, Cash 75,697, Other Asse1.sI(Liabi ities) g1,062,728) (0.03) Total Net Assets 3,548,620,

10 AMREGO I SICAV - Soderberg & Partners Trygghet 80 PM Schedule of Investments (continued) Geographic Allocation of Portfolio % of Net Assets Sweden Ireland 2.49 Germany 1.24 Luxembourg 0.77 United States of America 0.61 Total Investments Cash and Other Assets/(Liabilities) 2.10 Total

11 AMREGO I SICAV - JP Global Trend Schedule of Investments Qua ntityl Market Value % of Net Investments Currency Nominal Value Assets Units of authorised UCITS or other collective investment undertakings Co ecti\e Investment Schemes UCITS Sweden Handelsbanken Sverigefond Index Fund 4,937 43,667, Handelsbankens Europafond Index Fund (A1 ) 324,648 30,786, Ohman Etisk Index Europa Fund 253,872 30,152, Ohman Index Nordamerika MSCI North America Fund A 236,236 44,336, Ohman Index Sverige Fund A 286,349 47,261, Simplicity Likviditet Fund 222,600 24,218, Spiltan Rantefond Sverige Fund 108,233 12,583, SPP Aktielndex Sverige Fund A 214,746 51,001, SPP Aktielndex USA Fund 122,663 19,536, ,544, Total Collective Investment Schemes - UCITS 303,544, Total Units of authorised UCITS or other collective investment undertakings 303,544, Total Investments 303,544, Cash 12,123, Other AssetsI(LiabiIities) 763,189I 10.24! Total Net Assets 314,905, Geographic Allocation of Portfolio % of Net Assets Sweden Total Investments Cash and Other Assets/(Liabilities) 3.61 Total

12 AMREGO I SICAV - Trygghet 75 S Schedule of Investments Investments Currency Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes - UCITS Luxembourg Ballista SICAV - Ballista Absolute Return Fund Class I B ackrock Global Funds - Emerging Europe Fund 2 Carnegie Fund - Swedish Small Cap Sub-Fund sub-class 1A Henderson Gartmore Fund - Pan European Fund Class I Acc JPMorgan Funds Japan Equity Fund - JPMorgan Japan Equity C (acc) - JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity I (acc) - JPMorgan Funds - US Smaller Companies Fund - JPM US Smaller Companies C (pert) (acc) - Morgan Stanley Investment Funds US Advantage Fund Class 2 Schroder ISF Frontier Markets Equity Acc T. Rowe Price Funds SICAV - US Smaller Companies Equity Fund Class I Threadneedle Lux - Pan European Small Cap Opportunities Fund AE UBS Lux Equity SICAV European Opportunity Unconstrained () Fund class IA1 acc Svreden Carnegie Sverigefond Fund Handelsbanken Kortranta Criteria Fund (A1) Lannebo Fonder Lannebo Lik\n'ditetsfond Fund Simplicity Likviditet Fund Skandia Nordamerika Exponering Fund Skandia Sverige Exponering Fund Skandia USA Fund Spiltan Rantefond Sverige Fund United Kingdom First State Investments lcvc- First State Asia Pacifi c Leaders Fund Class B (Accumulation) Total Collective Investment Schemes - UCITS Exchange Traded Funds Germany ishares STOXX Europe 600 Fund DE Ire/and ishares Core MSCI Japan Ml Fund Vanguard Funds plc S&P 500 Fund Vanguard Funds plc Vanguard FTSE Emerging Markets Fund Sweden XACT OMXS30 Fund United States of America ishares Russell 2000 Growth Fund Total Exchange Traded Funds Total Units of authorised UCITS or other collective investment undertakings Total Investments Cash Other AssetsI(Liabi ities) Total Net Assets Qua ntityl Nominal Value 2,377,452 51, ,791 3,034,849 2,428, , , , , , , , ,168 2,479, ,184 2,567,462 1,706,968 2,075, ,924 2,141,218 21,228, , , , , ,184 49,000 Market Value % of Net Assets 225,762, ,170, ,666, ,217, ,461, ,361, ,452, ,560, ,730, ,115, ,140, ,127, ,151,766, ,255, ,746, ,729, ,339, ,489, ,623, ,427, ,937, ,163,548, ,837, ,837, ,684,152, ,465, ,465, ,324, ,627, ,809, ,762, ,825, ,825, ,784, ,784, ,837, ,292,989, ,292,989, ,099, (2,365,158) (0.05) 5,463,724,

13 AMREGO I SICAV - Trygghet 75 S Schedule of Investments (continued) Geographic Allocation of Portfolio Sweden Luxembourg United Kingdom Ireland Germany United States of America Total Investments Cash and Other Assets/(Liabilities) Total % of Net Assets

14 AMREGO I SICAV - Trygghet 80 S Schedule of Investments Quantity! Market Value % of Net Investments Currency Nominal Value Assets Units of authorised UCITS or other collective investment undertakings Co ecti\e Investment Schemes - UCITS Luxembourg Ballista SICAV - Ballista Absolute Return Fund Class I 1,808, ,689, B ackrock Global Funds - Emerging Europe Fund 2 26,677 18,860, Carnegie Fund - Swedish Small Cap Sub-Fund sub-class 1A 440, ,795, Henderson Gartmore Fund - Pan European Fund Class I Acc 1,924, ,956, JPMorgan Funds - Japan Equity Fund - JPMorgan Japan Equity C (acc) - 1,489, ,191, JPMorgan Funds - Latin America Equity Fund - JPM Latin America Equity I (acc) 185,849 19,139, JPMorgan Funds - US Smaller Companies Fund - JPM US Smaller Companies C (pert) (acc) - 146, ,329, Morgan Stanley Investment Funds - US Advantage Fund Class 2 57,547 29,457, Schroder ISF Frontier Markets Equity Acc 19,276 18,944, T. Rowe Price Funds SICAV - US Smaller Companies Equity Fund Class I 204,351 74,571, Threadneedle Lux Pan European Small Cap Opportunities Fund AE 331, ,327, UBS Lux Equity SICAV European Opportunity Unconstrained () Fund class IA1 acc 125, ,694, ,260,957, Sweden Carnegie Sverigefond Fund 91, ,401, Handelsbanken Kortranta Criteria Fund (A1) 6,879, ,827, Lannebo Fonder - Lannebo Likviditetsfond Fund 880,359 99,586, Simplicity Likviditet Fund 3,301, ,202, Skandia Nordamerika Exponering Fund 1,290, ,181, Skandia Sverige Exponering Fund 1,289, ,744, Skandia USA Fund 303, ,765, Spiltan Rantefond Sven'ge Fund 5,297, ,848, ,611,557, United Kingdom First State ln\/estments CVC- First State Asia Pacifi c Leaders Fund Class B (Accumulation) 12,306, ,823, ,823, Total Collective Investment Schemes UCITS 4,086,339, Exchange Traded Funds Germany ishares STOXX Europe 600 Fund DE 253,473 86,078, , 078, Ireland ishares Core MSCI Japan IMI Fund 114,000 32,230, Vanguard Funds plc - S&P 500 Fund 275,876 91,557, Vanguard Funds plc - Vanguard FTSE Emerging Markets Fund 128,987 47,656, ,444, Sweden XACT OMXS30 Fund 566,816 88,224, ,224, United States of America ishares Russell 2000 Growth Fund 35,667 42,788, ,788, Total Exchange Traded Funds 388,536, Total Units of authorised UCITS or other collective investment undertakings 4,474,876,

15 AMREGO I SICAV - Trygghet so s Schedule of Investments (continued) Market Value % of Net Assets Total Investments 4,474,876, Cash 97,924, Other A$etsI(Lia bilities) (5,211,159) 10.11) Total Net Assets 4,567,589, Geographic Allocation of Portfolio % of Net Assets Sweden Luxembourg United Kingdom 4.68 Ireland 3.75 Germany 1.89 United States of America 0.94 Total lnveslments Cash and Other Assets/(Liabilities) 2.03 Total

16 AMREGO I SICAV - Trygghet 85 s Schedule of Investments Investments Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes - UCITS Luxembourg Ballista SICAV - Ballista Absolute Return Fund Class I BlackRock Global Funds Emerging Europe Fund 2 Carnegie Fund Swedish Small Cap Sub Fund sub-class 1A Henderson Gartmore Fund - Pan European Fund Class I Acc JPMorgan Funds - Japan Equity Fund JPMorgan Japan Equity C (acc) - JPMorgan Funds - Latin America Equity Fund - JPM Latin America Equity I (acc) - JPMorgan Funds - US Smaller Companies Fund JPM US Smaller Companies C (pert) (acc) - Morgan Stanley Investment Funds - US Advantage Fund Class Z Schroder ISF Frontier Markets Equity Acc T. Rowe Price Funds SICAV US Smaller Companies Equity Fund Class I Threadneedle Lux - Pan European Small Cap Opportunities Fund AE UBS Lux Equity SICAV - European Opportunity Unconstrained () Fund class IA1 acc Sweden Carnegie Syerigefond Fund Handelsbanken Kortranta Criteria Fund (A1) Lannebo Fonder - Lannebo Likviditetsfond Fund Simplicity Likviditet Fund Skandia Nordamerika Exponering Fund Skandia S\erige Exponering Fund Skandia USA Fund Spiltan Rantefond S\.erige Fund United Kingdom First State Imestments CVC First State Asia Pacifi c Leaders Fund Class B (Accumulation) Total Collective Investment Schemes - UCITS Exchange Traded Funds Germany ishares STO)0( Europe 600 Fund DE Ireland ishares Core MSCI Japan IMI Fund Vanguard Funds plc - S&P 500 Fund Vanguard Funds plc - Vanguard FTSE Emerging Markets Fund Sweden XACT OMXS30 Fund United States of America ishares Russell 2000 Growth Fund Total Exchange Traded Funds Total Units of authorised UCITS or other collectiue investment undertakings Curre ncy Quantity] Market Value Nominal Value 469,512 10, , , ,013 61,910 34, ,973 8,468 78,634 95,381 30, , 958 2, 770, 707 1,322,21 1 2, 582, , ,092 53, , 674, 809 3,102,459 76, ,000 84,611 40, ,489 10,733 44,584,815 7,522,211 35,048,007 56,051,065 50, 243, 760 6, 375, ,690,610 67,556,083 8,322,390 28, 694, , 207, ,332, ,629,863 61,794, ,095, ,568, ,001,187 37,707,992 41,863,931 40,309, ,973,287 1,212,314,351 53, 904,078 53, 904,078 1,683,848,292 26,123,443 26,123,443 8,764,345 28,080,738 14,895,092 51,740,175 27,781,813 27,781,813 12,876,107 12,876, ,521,538 1,802,369, 830 % of Net Assets

17 AMREGO I SICAV - Trygghet 85 s Schedule of Investments (continued) Market Value % of Net Assets Total Investments 1,802,369, Cash 47,678, other Assets/(Liabilities) (2,658,140) (0.14) Total Net Assets 1,847,390, Geographic Allocation of Portfolio % of Net Assets Sweden Luxembourg United Kingdom 2.92 Ireland 2.80 Germany 1.41 United States of America 0.70 Total Investments Cash and Other Assets/(Liabilities) 2.44 Total

18 AMREGO I SICAV - Trygghet 90 s Schedule of Investments Investments Currency Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes - UCITS Luxembourg Ballista SICAV - Ballista Absolute Return Fund Class I B ackrock Global Funds - Emerging Europe Fund 2 Carnegie Fund Swedish Small Cap Sub-Fund sub-class 1A Henderson Gartmore Fund - Pan European Fund Class I Acc JPMorgan Funds - Japan Equity Fund - JPMorgan Japan Equity C (acc) - JPMorgan Funds - Latin America Equity Fund - JPM Latin America Equity I (acc) - JPMorgan Funds - US Smaller Companies Fund - JPM US Smaller Companies C (pert) (acc) Morgan Stanley Investment Funds US Advantage Fund Class Z Schroder ISF Frontier Markets Equity Acc T. Rowe Price Funds SICAV - US Smaller Companies Equity Fund Class I Threadneedle Lux - Pan European Small Cap Opportunities Fund AE UBS Lux Equity SICAV - European Opportunity Unconstrained () Fund class IA1 acc Sweden Carnegie Sverigefond Fund Handelsbanken Kortranta Criteria Fund (A1) Lannebo Fonder Lannebo Likviditetsfond Fund Simplicity Likviditet Fund Skandia Nordamerika Exponering Fund Skandia S\erige Exponering Fund Skandia USA Fund Spiltan Rantefond Sverige Fund United Kingdom First State Investments lcvc- First State Asia Pacifi c Leaders Fund Class B (Accumulation) Total Collective Investment Schemes - UCITS Exchange Traded Funds Germany ishares STOXX Europe 600 Fund DE Ireland ishares Core MSCI Japan IMI Fund Vanguard Funds plc - S&P 500 Fund Vanguard Funds plc Vanguard FTSE Emerging Markets Fund Svieden XACT OMXS30 Fund United States of America ishares Russell 2000 Growth Fund Total Exchange Traded Funds Total Units of authorised UCITS or other collectixe investment undertakings Qua ntityl Market Value Nominal Value 105,907 2,332 25, ,723 92,319 14,741 10,723 34,841 1,867 22,467 20, ,002 5,558 1,029,403 1,035,866 1,167,120 53,042 56,667 12,260 1,001, , , 225 4,600 20,050 6, ,435 1,733 10,056,938 1,648,720 7,238,450 10,203,380 10,736,847 1,518,068 11,704,594 17,835,090 1,835,035 8,198,535 7,304,837 15,190, ,471,293 11,465, ,407, ,177, ,982,634 9,088,796 7,852,873 9,290, ,479, ,744,812 11,580,720 11,580, ,796,825 6,528,738 6,528,738 1,300,516 6,654,203 2,397,476 10,352,195 6,449,358 6,449,358 2,079,036 2,079,036 25,409, , 206, 1 52 % of Net Assets

19 AMREGO I SICAV - Trygghet 90 S Schedule of Investments (continued) Market Value % of Net Assets Total Investments 646,206, Cash 20,691, Other AssetsI(LiabiIities) 237, Total Net Asets 667,135, Geographic Allocation of Portfolio % of Net Assets Sweden Luxembourg United Kingdom 1.73 Ireland 1.55 Germany 0.98 United States ofamerica 0.31 Total Investments Cash and Other Assets/(Liabilities) 3.14 Total

20 AMREGO I SICAV - Tillvfixt 75 Schedule of Investments Qua ntityl Market Value % of Net Investments Currency Nominal Value Assets Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes - UCITS Luxembourg Danske Invest - India Fund 44,651 23,081, Fidelity Funds - Greater China Fund Y ACC 446,600 58,639, lnvesco Funds - lnvesco Greater China Equity Fund accumulation 146,976 54,711, JPMorgan Funds - Emerging Markets Small Cap Fund - JPM Emerging Markets Small Cap I (perf) (acc) - 18,372 15,929, JPMorgan Funds Greater China Fund - JPMorgan Greater China I (acc) 39,056 39,949, ,311, Sweden Carnegie Rysslandsfond Fund 377,027 15,866, Handelsbanken Kortranta Criteria Fund (A1) 957,305 99,885, Handelsbanken Latinamerikafond Fund (A1 ) 90,469 17,993, Lannebo Fonder Lannebo Likvlditetsfond Fund 1,102, ,710, Simplicity Likviditet Fund 1,127, ,643, Spiltan Rantefond Sven'ge Fund 1,107, ,722, ,822, United Kingdom First State Investments ICVC Stewart Investors Global Emerging Markets Leaders Fund Class B (Accumulation) GBP GBP 1,756,595 95,658, ,658, Total Collective Investment Schemes - UCITS 797,792, Total Units of authorised UCITS or other collective investment undertakings 797,792, Total Investments 797,792, Cash 38,873, Other AssetsI(Liabilities) g675,349) 10.08) Total Net Assets 835,990, Geographic Allocation of Portfolio % of Net Assets Sweden Luxembourg United Kingdom Total Investments Cash and Other Assets/(Liabilities) 4.57 Total

21 AMREGO I SICAV - Trygghet 75 Schedule of lnvestrnents Investments Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes UCITS Finland Evli Swedish Small Cap Fund Luxembourg Aberdeen Global - Japanese Smaller Companies Fund Class I - 2 Acc Ballista SICAV - Ballista Absolute Return Fund Class I B ackrock Global Funds - Asian Dragon Fund 2 Fidelity Funds - America Fund Y ACC Franklin Templeton Investment Funds - Templeton Asian Smaller Companies Fund Class I (acc) Franklin Templeton Investment Funds - Templeton Frontier Markets Fund Class I (acc) Henderson Gartmore Fund - Pan European Fund Class I Acc JPMorgan Funds - US Smaller Companies Fund - JPM US Smaller Companies C (perf) (acc) - Jupiter Global Fund - Jupiter European Growth Class I Acc Schroder ISF Japanese Opportunities Acc Schroder ISF US Small & Mid-Cap Equity 1 Acc Threadneedle Lux - Pan European Small Cap Opportunities Fund AE Svleden Didner & Gerge Aktiefond Fund DNB Sweden Micro Cap Fund Handelsbanken Kortranta Criteria Fund (A1) Handelsbanken Latinamerikafond Fund (A1 ) Handelsbanken MSCI USA Index Fund (A1 ) Lannebo Fonder Lannebo Likviditetsfond Fund Lannebo Fonder - Lannebo Sverige 130/30 Fund Spiltan Rantefond Sverige Fund SPP Penningmarknadsfond Fund Swedbank Robur Osteuropafond Fund Total Collective Investment Schemes - UCITS Exchange Traded Funds Germany ishares STOXX Europe 600 Fund DE Ire/and ishares Core MSCI Japan IMI Fund Vanguard Funds plc S&P 500 Fund Vanguard Funds plc Vanguard FTSE Emerging Markets Fund Svleden XACT OMXS30 Fund United States of America ishares Russell 2000 Growth Fund Total Exchange Traded Funds Total Units of authorised UCITS or other collective investment undertakings Currency JPY JPY Quantity! Market Value Nominal Value 43,492 1,657,540 2,377,449 1,287,830 3,714, , ,187 5,686, , , 970 1, 833, , , , , , ,744 2,477,759 4,775,141 11,592,013 1,456,132 3,504,984 1,829, , , , , 852 1,264,667 78, ,308, ,308, ,848, , 762, , 306, , 895, ,040,401 40, 757, , 842, ,402, , 532, ,797, , 802, ,422, 661 3,335,410, ,139, ,533, ,326,428 39,727, ,352, ,163, ,035, ,289, ,778,017 38,331,105 2,896,677,947 6,377,397, ,247, ,247,722 87,078, ,520, ,982, ,581, ,845, ,845,418 94,248,832 94,248, ,923,098 7,249,320,715 % of Net Assets

22 AMREGO l SICAV - Trygghet 75 Schedule of Investments (continued) Market Value % of Net Assets Total Investments 7,249,320, Cash 260,193, Other AssetsI(Liabi ities) 12,910, Total Net Asets 7,522,424, Geographic Allocation of Portfolio % of Net Assets Luxembourg Sweden Ireland 5.22 Germany 2.50 Finland 1.93 United States of America 1.25 Total Investments Cash and Other Assets/(Liabilities) 3.63 Total

23 AMREGO I SICAV - Trygghet 80 Schedule of Investments Investments Units of authorised UCITS or other collective investment undertakings Collective lmestment Schemes UCITS Finland Evli Swedish Small Cap Fund Luxembourg Aberdeen Global - Japanese Smaller Companies Fund Class I 2 Acc Ballista SICAV - Ballista Absolute Return Fund Class I BlackRock Global Funds - Asian Dragon Fund 2 Fidelity Funds - America Fund Y ACC Franklin Templeton Investment Funds - Templeton Asian Smaller Companies Fund Class I (acc) Franklin Templeton investment Funds - Templeton Frontier Markets Fund Class I (acc) Henderson Gartmore Fund - Pan European Fund Class I Acc JPMorgan Funds - US Smaller Companies Fund - JPM US Smaller Companies C (perf) (acc) - Jupiter Global Fund Jupiter European Growth Class I Acc Schroder ISF Japanese Opportunities Acc Schroder ISF US Small & Mid-Cap Equity 1 Acc Threadneedle Lux Pan European Small Cap Opportunities Fund AE Svieden Didner & Gerge Aktiefond Fund DNB Sweden Micro Cap Fund Handelsbanken Kortranta Criteria Fund (A1) Handelsbanken Latinamerikafond Fund (A1 ) Handelsbanken MSCI USA Index Fund (A1 ) Lannebo Fonder - Lannebo Likviditetsfond Fund Lannebo Fonder - Lannebo S\erige 130/30 Fund SPP Penningmarknadsfond Fund Swedbank Robur Osteuropafond Fund Total Collective Investment Schemes - UCITS Exchange Traded Funds Germany ishares STOXX Europe 600 Fund DE Ireland ishares Core MSCI Japan IMI Fund Vanguard Funds plc - S&P 500 Fund Vanguard Funds plc - Vanguard FTSE Emerging Markets Fund Svieden XACT OMXS30 Fund United States of America ishares Russell 2000 Growth Fund Total Exchange Traded Funds Total Units of authorised UCITS or other collective investment undertakings Currency JPY JPY Quantity! Market Value Nominal Value 26, , 139 2, 1 97, , 647 2,248, , ,097 3,623, , , 586 1,370, , , , ,475 3,702, ,134 1,318,787 8,558,369 7,017,803 8,380,218 1,423, , , , , ,097 31,484 89,341,918 89,341,918 82,787, ,686, ,971, ,526,533 75,613,633 34,728, ,986, ,431, ,360, ,538,042 76,901, ,735,172 2,090,267, ,865,158 99,765, ,358,532 30,456, ,618, ,122, ,711, ,101,680 29,812,280 3,351,812,565 5,531,421, ,675, ,675,763 43, 256, , 935, , 953, , 145, ,468, ,468,998 37,770,554 37,770, ,061,107 6,044,482,872 % of Net Assets

24 AMREGO I SICAV Trygghet 80 Schedule of Investments (continued) Market Value % of Net Assets Total Investments 6,044,482, Cash 264,935, Other AssetsI(Liabilities) 21,488, Total Net Assets 6,330,906, Geographic Allocation of Portfolio % of Net Assets Sweden Luxembourg Ireland 3.64 Germany 1.89 Finland 1.41 United States of America 0.60 Total Investments Cash and Other Assets/(Liabilities) 4.52 Total

25 AMREGO I SICAV - Trygghet 85 Schedule of Investments Investments Units of authorised UCITS or other collecthe investment undertakings Collective Investment Schemes - UCITS Fin/and Evli Swedish Small Cap Fund Luxembourg Aberdeen Global - Japanese Smaller Companies Fund Class I - 2 Ace Ballista SICAV - Ballista Absolute Return Fund Class I BlackRock Global Funds - Asian Dragon Fund 2 Fidelity Funds - America Fund Y ACC Franklin Templeton Investment Funds - Templeton Asian Smaller Companies Fund Class I (acc) Franklin Templeton Imestment Funds - Templeton Frontier Markets Fund Class I (acc) Henderson Gartmore Fund - Pan European Fund Class I Acc JPMorgan Funds - US Smaller Companies Fund - JPM US Smaller Companies C (perf) (acc) - Jupiter Global Fund - Jupiter European Growth Class I Acc Schroder ISF Japanese Opportunities Acc Schroder ISF US Small & Mid-Cap Equity 1 Acc Threadneedle Lux Pan European Small Cap Opportunities Fund AE Sweden Didner & Gerge Aktiefond Fund DNB Sweden Micro Cap Fund Handelsbanken Kortranta Criteria Fund (A1) Handelsbanken Latinamerikafond Fund (A1 ) Handelsbanken MSCI USA Index Fund (A1 ) Lannebo Fonder Lannebo Likviditetsfond Fund Lannebo Fonder - Lannebo S\erige 130/30 Fund SPP Penningmarknadsfond Fund Swedbank Robur Osteuropafond Fund Total Collective Investment Schemes - UCITS Exchange Traded Funds Germany ishares STOXX Europe 600 Fund DE Ireland ishares Core MSCI Japan IMI Fund Vanguard Funds plc - S&P 500 Fund Vanguard Funds plc - Vanguard FTSE Emerging Markets Fund Sweden XACT OMXS30 Fund United States of America ishares Russell 2000 Growth Fund Total Exchange Traded Funds Total Units of authorised UCITS or other collectiue investment undertakings Currency JPY JPY Quantity! Market Value Nominal Value 6, , , , , , , , , , ,232 9, ,983 30,616 27,793 3,948,732 34, ,306 3,603,466 1,629,679 3,472, ,902 94, , , , , ,435 21,893,078 21,893,078 26,242,417 45,058,761 47,979,575 87,363,351 19,379,805 6, 698,290 83, 463, ,143,103 45,220,598 41,490,735 19,132,729 41,772, ,945,992 67,254,077 21,923, ,010,742 6,939,099 97,263, ,624,064 59,613, ,932,009 8,126,552 1,492,686, 867 2,045,525,937 32, 239, ,239,232 11,026,111 34,357,261 14,937,211 60,320,583 34, 336, ,336,857 16,117,628 16,117, ,014,300 2,188,540,237 % of Net Assets

26 AMREGO I SICAV - Trygghet 85 Schedule of Investments (continued) Market Value % of Net Assets Total Investments 2,188,540, Cash 157,387, Other AssetsI(Liabi ities) 4,025, Total Net Assets 2,349,952, Geographic Allocation of Portfolio % of Net Assets Sweden Luxembourg Ireland 2.57 Germany 1.37 Finland 0.93 United States of America 0.69 Total Investments Cash and Other Assets/(Liabilities) 6.87 Total

27 AMREGO I SICAV - Trygghet 90 Schedule of Investments Investments Units of authorised UCITS or other collective investment undertakings Col ecti\/e Investment Schemes - UCITS Fin/and Evli Swedish Small Cap Fund Luxembourg Aberdeen Global Japanese Smaller Companies Fund Class I - 2 Acc Ballista SICAV Ballista Absolute Return Fund Class I BlackRock Global Funds Asian Dragon Fund 2 Fidelity Funds America Fund Y ACC Franklin Templeton investment Funds - Templeton Asian Smaller Companies Fund Class I (acc) Franklin Templeton Investment Funds - Templeton Frontier Markets Fund Class I (acc) Henderson Gartmore Fund - Pan European Fund Class I Acc JPMorgan Funds - US Smaller Companies Fund - JPM US Smaller Companies C (pert) (acc) - Jupiter Global Fund - Jupiter European Growth Class I Acc Schroder ISF Japanese Opportunities Acc Schroder ISF US Small & Mid-Cap Equity 1 Acc ' 'hreadneed e Lux - Pan European Small Cap Opportunities Fund AE Svieden Didner & Gerge Aktiefond Fund DNB Sweden Micro Cap Fund Handelsbanken Kortranta Criteria Fund (A1) Handelsbanken Latinamerikafond Fund (A1 ) Handelsbanken MSCI USA Index Fund (A1 ) Lannebo Fonder - Lannebo Likviditetsfond Fund Lannebo Fonder - Lannebo S\erige 130/30 Fund Spiltan Rantefond Sverige Fund SPP Penningmarknadsfond Fund Swedbank Robur Osteuropafond Fund Total Collective Investment Schemes - UCITS Exchange Traded Funds Germany ishares STOXX Europe 600 Fund DE Ireland ishares Core MSCI Japan IMI Fund Vanguard Funds plc - S&P 500 Fund Vanguard Funds plc - Vanguard FTSE Emerging Markets Fund Svieden XACT OMXS30 Fund United States of America ishares Russell 2000 Growth Fund Total Exchange Traded Funds Total Units of authorised UCITS or other collective investment undertakings Currency JPY JPY Quantity] Market Value Nominal Value 3,181 88, ,859 50, ,469 16,412 13, ,089 14,527 36, ,872 5,901 27,611 10,207 9,627 1,869,964 11,630 89,107 1,703, ,283 1,440,926 1,641, ,139 29, ,000 31,470 12,794 64,498 3,183 10,628,212 10,628,212 7,893,834 14,325,584 13,072,685 26,026,670 5,419,161 2,629,692 25,116,209 15,856,819 13,059,253 12,634,965 11,414,025 9,612, ,061,869 22,422,619 7,593, ,1 12,012 2,313,033 21,122, ,662,053 13,691, ,522, ,753,749 2,118, ,312, ,002,412 10,142,722 10,142,722 3,392,650 10,444,278 4,726,970 18,563,898 10,039,114 10,039,114 3,818,564 3,818,564 42,564,298 1,029,566,710 % of Net Assets

28 AMREGO I SICAV - Trygghet 90 Schedule of Investments (continued) Market Value % of Net Assets Total Investments 1,029,566, cash 14,556, Other AssetsI(Liabilities) 738, Total Net Assets 1,044,861, Geographic Allocation of Portfolio % of Net Assets Sweden Luxembourg Ireland 1.78 Finland 1.02 Germany 0.97 United States of America 0.37 Total Investments Cash and Other Assets/(Liabilities) 1.46 Total

29 AMREGO I SICAV - Tryghed 75 Schedule of Investments Investments Units of authorised UCITS or other collective investment undertakings Co ecti\e Investment Schemes - UCITS Ireland Vanguard Investment Series plc - European Stock Index Fund Institutional "Euro Shares Vanguard Investment Series plc - Japan Stock Index Fund Institutional "JPY" Shares Vanguard Investment Series plc - US 500 Stock Index Fund Institutional "U.S. Dollar Shares Luxembourg Fidelity Funds - America Fund Y ACC Schroder ISF US Small & Mid Cap Equity 1 Acc Threadneedle Lux - Pan European Small Cap Opportunities Fund AE UBS Lux Equity SICAV European Opportunity Unconstrained () Fund class IA1 acc United Kingdom First State Investments CVC- First State Asia Pacifi c Leaders Fund Class B (Accumulation) Total Collective Investment Schemes - UCITS Total Units of authorised UCITS or other collective investment undertakings Total Investments Cash Other AssetsI(Liabilities) Total Net Assets Currency JPY Quantity! Market Value % of Net Nominal Value DKK Assets , , , , , , , , , , , ,943 69, , , , , , ,016, Geographic Allocation of Portfolio Luxembourg Ireland United Kingdom Total Investments Cash and Other Assets/(Liabilities) Total % of Net Assets

30 AMREGO I SICAV - Contrarian 65 Schedule of Investments Market Quantityl Value % of Net Investments Currency Nominal Value Assets Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes UCITS Sweden Handelsbanken Sverigefond Index Fund , Handelsbankens Europafond Index Fund (A1 ) 1, , Ohman Etisk Index Europa Fund , Ohman Index Emerging Markets MSCI EM50 Fund , Ohman Index Nordamerika MSCI North America Fund A , SPP Aktiefond Japan Fund 1, , SPP Aktielndex USA Fund , Swedbank Robur Access Asien Fund , Swedbank Robur Access Sven'ge Fund 1, , ,014, Total Collective Investment Schemes UCITS 1,014, Total Units of authorised UCITS or other collective investment undertakings 1,014, Total Investments 1,014, Cash 8, Other Assetd(Liabi ities) Total Net Assets 1,021, Geographic Allocation of Portfolio % of Net Asets Sweden Total Investments Cash and Other Assets/(Liabilities) 0.70 Total

31 AMREGO I SICAV Combined Statement of Net Assets Assets AMREGO I SICAV S/liderberg & Partners Soderberg & Partners Combined Trygghet 75 PM Trygghet 80 PM JP Global Trend Trygghet 75 S Notes SE( Investments in Securities at Market Value 3b) 34,958,980,416 1,653,082,232 3,473,985, ,544,719 5,292,989,638 Acquisition Cost: 34,082,366,308 1,406,126,987 3,068,631, ,685,034 4,731,976,376 Cash at Bank 1,206,452,286 43,236,921 75,697,971 12,123, ,099,719 Amounts Receiiable on Subscriptions 65,783, ,775,052 Dividends Receiwble, Net 893,831 38,894 63, ,253 Tax Reciaims Receiwable 1,166, , , , ,878 Rebate 4a) 5,793,752 1,366,102 3,158, Other Assets 8, TotalAssets 36, ,744 1,697,863,706 3,553,349, ,905,849 5,470,210,540 Llabllltles Amounts Payable on Redemptions 12,513, ,632 1,509, , ,877 Interest Payable 740,204 38,734 55,478 21, ,261 Managem ent Fees Payable 4a) 28,486,182 1,459,895 2,697, ,386 4,460,990 Custodian and Administration Fees 4b) 4,122, , , , ,952 Taxe d'abonnement Payable 6) 1,780,607 31,239 71,783 9, ,360 Other Liabilities 36,477 2,729 6, ,901 Total Liabilities 47,679,108 2,240,473 4,728,993 1,000,830 6,486,341 Total Net Assets 36, ,636 1,695,623,233 3,548,62D, fi 314,905,019 5,463,724,1 99 Shares Outstanding as at 31 " ,127, ,203, ,282, ,418, Class B - 199, Class C , Net Asset Value per Share as at 31 December Class B Class C

32 AMREGO I SICAV Combined Statement of Net Assets (continued) Trygghet 80 S Trygghet 85 S Trygghet 90 S Tilivaxt 75 (1) Trygghet 75 (2) Notes Assets Investments in Securities at Market Value 3b) 4,474,876,290 1,802,369, ,206, ,792,411 7,249,320,715 Acquisition Cost: 4,128,910,304 1,716,730, ,055, ,219,536 7,639,646,110 Cash at Bank 97,924,293 47,678,784 20,691,541 38,873, ,193,912 Amounts Receivable on Subscriptions 85, ,122 4,427, ,643 20,414,251 Dividends Receivable, Net 126,110 37,949 6, ,777 Tax Reclaims Receivable 141,352 26,296 4, Rebate 4a) 442, ,652 86, ,868 - Other Assets Total Assets 4,573,596,084 1,850,563, ,423, ,707,294 7,530,206,655 Liabilities Amounts Payable on Redempfi ons 1,062,752 1,127,144 3,607, ,061 1,129,732 Interest Payable 61,171 42,932 8,181 18, ,837 Management Fees Payable 4a) 4,069,072 1,659, , ,469 5,454,697 Custodian and Administration Fees 4b) 450, , , , ,049 Taxe d'abonnement Payable 5) 355, ,613 32,756 37, ,684 Other Liabilities 8,067 2, ,060 1,800 Total Liabilities 6,006,660 3,173,159 4,287,819 1,716,860 7,781,799 Total Net Assets 4,567,589,424 1,847,390, ,135, ,990,434 L522,424,856 Shares f -- " as at 31 f ,013, ,966, ,716, ,723, ,430, Class B - ~ - Class C 127, , , , Net Asset Value per share as at 31 December Class B Class C (1) This Sub Fund was launched on 23 March (2) This Sub Fund was launched on 17 April

33 AMREGO I SICAV Combined Statement of Net Assets (continued) Trygghet 80 (2) Trygghet 85 (2) Trygghet 90 (2) Tryghed 75 (3) Contrarlan 65 (3) Notes SB( DKK Assets Investments in Securities at Market Value 3b) 6,044,482,872 2,188,540,237 1,029,566, ,138 1,014,476 Acquisition Cost: 6,301,354,784 2,256,068,625 1,049,786, , ,001 Cash at Bank 264,935, ,387,199 14,556,147 36,829 8,000 Amounts Receivable on Subscriptions 28,431,905 6,006,955 1,660, Dividends Receivable, Net 111,320 47,503 11,254 - Tax Reclaims Receiwble - - Rebate 4a) - 79, ,402 - ~ OtherAssets ,318 4,111 Total Assets 6,337,961,61 3 2,352,060,920 1,045,944,671 1,020,285 1,026,587 Liabilities Amounts Payable on Redemptions 1,101,456 1, ,627 - Interest Payable 151,524 76,071 7, Management Fees Payable 4a) 4,897,234 1,632, , Custodian and Administration Fees 4b) 653, , ,127 3,136 3,887 Taxe d abonnement Payable 6) 250,294 74,845 29, Other Liabilities 989 1,106 1, Total Liabilities 7,055,058 2,108,089 1,082,973 4,158 4,926 Total Net Assets ,555 2,349,952, ,861,698 1,01 6,127 1,021 Q: Shares Outstanding as at 31 I ,543, ,265, ,782, , , Class B Class C 10, , , Net Asset Value per Share as at 31 December Class B Class C (2) This Sub-Fund was launched on 17 April (3) This Sub-Fund was launched on 11 December

34 AMREGO I SICAV Combined Statement of Operations and Changes in Net Assets For the year ended 31 December 2015 AMREGOISICAV Sdderberga Partners Sbderberg & Partners combined Trygghet 75 PM Trygghet 80 PM JP Gobal Trend Trygghet 75 5 Notes SB( SE( SE( SE( Net Assets at the Beginning ofthe Year ,645,698,144 3,586,445, ,259,746 5,224,911,712 Income Dividend Income, Net 3c) 50,723,013 1,745,047 3,133,174-12,607,024 Bank interest 39, Other Income 4a) 58,453,930 4,519,826 8,777,023 17,733 13,152,990 Total lncome 109,216,424 6,264,873 11,910,197 17,733 25,771,845 Expenses Investmentlvlanagement Fees 4a) 531,916,898 38,395,859 81,267,369 7,303,442 92,732,355 Performance Fees 4a) 170,326 v - 131,568 Custodian and Administration Fees 4b) 14,513, ,851 1,569, ,950 2,127,430 Taxe d abonnement 6) 3,141, , ,475 48, ,347 Overdraft interest 8,724, , ,678 1,102,193 Other Fees 75,939 4,918 10, ,011 Total Enaenses ,739,092 83,839,688 7,973,903 96,672,904 Net investment (Loss) 049,326,824) (33.474,219) ( ) (7,956,170) 00,901,059) Net Realisecl GainI(Loss) on Sale of Investments 30) 1,747,110, ,577, ,534,192 40,510, ,700,921 Net Realis ed Gainl(Loss) on Fowvard CurrencyExchan C Se) (1 0,409,965) ,020,071 Net Realised Gain/(Loss) on Foreign Exchange 3d) 27,263, , ,537 (2,777,450) 4,986,575 Net Realised Gainl(Loss) forthe Year 1,763,963, ,997, ,229,729 37,733, ,707,567 Net Change in Unrealised GainILoss on Investments (2,413,094,601) (237,331,827) (477,443,703) (11,771,653) (412, ) Netchange in Unrealised GainlLoss on Foreign E)change 3d) (127,089) 47 (546) (5,968) (26,910) Netchange in Unrealised GainILoss forlhe Year (2,413,221,690) (237,331,78Q) (477,444,24 ) (11,777,621) (412,539,484) ncreasei(decrease) in NetAssets as a Result ofoperations (1 098,585,149) 10,191,705 31,855,789 17,999, ,267,024 Movements in Share capital Subscriptions ,959, ,850,217 19,426, ,107,906 (Redemptlons) (2,457,046,708) (69,225,678) (288,530,470) (27,781,317) ( ,443) Increase/(decrees e) In NetAssets as a Result oflllnvements in Share Capital ,733,334 (39 B80 253) (8 354,399) 1,545,463 Net Assets atthe End ofthe Year ,695,623,233 3,54_8, ,905,019 5,463,724,199 32

35 AMREGO I SICAV Combined Statement of Operations and Changes in Net Assets (continued) For the year ended 31 December 2015 Trygghet 80 S Trygghet 85 S Trygghet 90 S 1'IIlvItxt 75 (1) Trygghet 75 (2) Notes sa< SE( Net Assets at the Beginning ofthe Year 4,571,949,694 1,583,745, ,920,628 - ~ Income Dividend Income, Net 30) 8,318,839 1,936, ,511-12,747,172 Bank Interest 27, Other Income 43) 10,003,674 3,341, ,008 2,220,988 7,425,036 Total Income 18,350,163 5,278,280 1,341,519 2,220,988 20,172,208 Expenses Investment Fees 4a) 76,438,225 27,937,094 8,891,022 11,778,349 84,382,848 Perfonnance Fees 4a) 10,466 15,165 13, Custodian and Administration Fees 4b) 1,B62,1B2 940, , ,299 2,116,801 Taxe d abonnement 6) 474, ,199 63,436 73, ,158 Overdralt Interest 1,356, , , ,691 1,608,209 Other Fees 14,113 4,952 1,597 4,319 5,058 Total Enaenses 80,156,289 29,716,212 9,749,964 12,670,781 88,639,074 Net Investment (Loss) (51,806,126) (24,437,932) (8,408,445) (10,449,793) (68,466,866) Net Realised Gain/(Loss) on Sale of Investments 36) 586,272, ,960,538 41,116,907 (31,977,946) (326,483,944) Net Realised Gainl(Loss) on Forward currency Exchange Contracts Se) (713,262) (296,156) (55,052) 103,394 (3,409,229) Net Realised Gain/(Loss) on Foreign Exchange 3d) 3,959, , , ,561 9,659,644 Net Realised Gain/(Loss) forthe Year 589,518, ,976,139 41,220,045 (31,449,991) (320,233,529) Netchange in Unrealised Gain/I.oss on Investments (.'549,276,380) (112,010,597) (24,423,465) (53,427,125) (390,325,395) Net Change in Unrealised GainILoss on Foreign Exchange 3d) (21,262) (6,314) (1,748) (15,461) (24,549) Natchange in Unrealised Gain/Loss forthe Year (349,297,642) (112,016,911) (24,425,213) ( 3,442,58 ) (390,349,944) Increase/(Dec, In Netiwsels as a Resullofoperations 178,415,225 38,521,296 8,386,357 (95,342,370) (779,o5o,33g)_ Movements in Share capital Subscriptions 212,000, ,226, ,980,527 1,090,076,147 8,642,498,859 (Redemptions) (394,776,588) (132,102,357) (89,152,053) (158,743,343) (341,023,664) lncreasel(decrease) in NetAssets as a Result ofmovements in Share Capital (182,775,695) 225,123, , ,332,804 8,301,475,195 NetAssets atthe End ufthe Year 4,567,589,424 1,847,390, ,135, ,522,424!856 (1) This Sub-Fund was launched on 23 March (2) This Sub-Fund was launched on 17 April

36 AMREGO I SICAV Combined Statement of Operations and Changes in Net Assets (continued) For the year ended 31 December 2015 Trygghet 80 (2) Trygghet 85 (2) Trygghet 90 (2) Tryghed 75 (3) Contrarian 65 (3) Notes SE( SB( SB( DKK Net Assets at the Beginning ofthe Year Income Dividend Income, Net 31:) 7,490,355 1,741, , Bank Interest Other Income 4a) 5,605,650 1,756, ,376 3,318 4,111 Total lnoome 13,096,015 3,500,056 1,284,344 3,318 4,111 Eipenses Investment Management Fees 43) 69,910,354 23,439,269 9,439, Performance Fees 4a) Custodian and Administration Fees 4b) 1,907, ,244 3,136 3,887 Taxe d :-rbonnement 6) 445, , Overdraft Interest 1,468, , , Omar Fees 4, Total E)q:Ienses 73,735,703 25,273,964 10,365, ,925 Net Investment (Loss) $0,639,686) (21,773,908) (9,081,077) (840) (814) Net Realised Gain/(Loss) on Sale oflnvestrnents Sc) (241,251,437) ($5,290,046) (16.559,988) - - Net Realised Gain/(Loss) on Forward CurrencyExchange Contracts 3e) (6,391,492) (435,217) (233,609) Net Realised Gain/(Loss) on Foreign Exchange 3d) 9,201,657 65, ,611 (4,591) - Net Realised Gain/(Loss) forthe Year (238,441,272) 155,659,402) (16,630,986\ (4,131) Net Change in Unrealised GainI.oss on Investments (256,871,912) (67,528,368) (20,220,078) 21,098 22,475 Net Change in Unrealised Gainn.oss on Foreign Exchange 3d) (17,295) (5,420) (1,663) - - Net Change in Unrealised GainlLoss forthe Year (25e,889,207) (67, ) (20,221,741) 21,098 22,475 Increase/(Decrease) in Net/tssets as a Result ofoperations (555,970,167) (144,967.11B) ( ) Movements in Share Capital Subscriptions 7,249,719,586 2,641,429,044 1,196,592,338 1,000,000 1,000,000 (rx emptions) ( ) { ) ( ) - - Increase/(decrease) in NetMsets as a Result ofmovements in Share Capital 6,886,876,722 2,494,919,949 1,090,795, NetAsses atthe End ofthe Year 6,33D.90E.555 2,349,952,331 1,044, ,127 1,021!661 (2) This Sub-Fund was launched on 17 April (3) This Sub-Fund was launched on 11 December

37 AMREGO I SICAV Statement of Changes in the Number of Shares For the year ended 31 December 2015 Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the beginning at the End of the year oflhe year AMREGO I SICAV - Sisderberg & Parlners Trygghet 75 PM 10,1-357, , (429,091.90) 11,127, AMREGO I SICAV - Stiderberg & Par1nersTrygghet 80 PM 25,626, ,529, (1,952,307.64) 25,203, AMREGO I SICAV - JP Global Trend 2,320, , (179,741.90) 2,282, Class B 220, , (31,113.16) 199, AMREGO I SICAV - Trygghet 75 S 39,695, ,027, (2,304,466.00) 39,418, Class C 25, , (93, ) 406, AMREGO I SICAV - Trygghet 80 S $6,433, ,483, (2,903,739.94) 35,013, Class C , ,628.46) 127, AMREGO I SICAV - Trygghet 85 S 13,277, ,698, (1,009, ) 14,966, Class C , (47,546.01) 87, AMREGO I SICAV - Trygghet 90 s 4,734, ,677, (695,915.79) 5,716, Class C 2, , (82,591.88) 125, AMREGO I sicav - fillvaxt 75 (1) - 5,560, (836,330.58) 4,723, AMREGO I SICAV - Trygghet 75 (2) - 53,6BB, (2,257,445.54) 51,430, Class C - 104, (2,223.73) 102, AMREGO I SICAV - Trygghet 80 (2) - 4!-3,072, (2,529,076.01) 45,543, Class C - 11, (424.42) 10, AMREGO I SICAV - Trygghet 85 (2) ~ 19,386, (1,121,509.09) 18,265, Class C - 10, (2,627.11) 7, AMREGO I SICAV - Trygghet 90 (2) - 9,662, (879,756.61) 8,782, Class C - 10, , AMREGO I SICAV - Tryghed 75(3) - 10, , AMREGO I SICAV - Conlrarian 65 (3) - 10, , (1) This Sub-Fund was launched on 23 March (2) This Sub-Fund was launched on 17 April (3) This Sub-Fund was launched on 11 December

38 AMREGO I SICAV Statistical Information For the year ended 31 December 2015 currency 31 December December December 2013 Net Asset Value per Shares in Share Class Currency AMREGO ISICAV - Sisderberg & Partners Trygghet 75 PM AMREGO I SICAV - Siiderberg & Partners Trygghet 80 PM AMREGO I SICAV - JP Global Trend Class B AMREGO I SICAV Trygghet 75 S Class C AMREGO I SICAV - Tryhet 80 S Class C AMREGO I SICAV - Trygghet 85 S Class C AMREGO I SICAV - Trygghet 90 S Class C AMREGO I SICAV - 11IIvi-ixt 75 (1) AMREGO ISICAV -Trvgghet 75 (2) Class C AMREGO I SICAV - Tryhet 80 (2) Class C AMREGO ISICAV - Trygghet as (2) Class C AMREGO I SICAV - Tryhet 90 (2) Class C AMREGO I SICAV Tryghed 75 (3) DKK AMREGO I SICAV - Contrarlan 65 (3) (1) This Sub-Fund was launched on 23 March (2) This Sub-Fund was launched on 17 April (3) This Sub-Fund was launched on 11 December

39 AMREGO I SICAV Statistical Information (continued) For the year ended 31 December " mber December December 2013 Shares Outstanding AMREGO I SICAV - Sfi derberg& Partners Trygghet 75 PM 11,127, ,857, ,589, AMREGO I SICAV - Siiderberg & Partners Trygghet 80 PM 25,203, ,626, ,042, AMREGO I SICAV - JP Global Trend Class B 2,282, , ,3 20, , ,403, , AMREGO I SICAV - Trygghet 75 S Class C 39,418, , ,695, , ,71S, AMREGO I SICAV - Trygghet 80 S Class C 35,013, , ,433, ,5(-35, AMREGO I SICAV - Trygghet 85 S Class C 14,966, , ,277,o9o ,021, AMREGO ISICAV - Trygghet 90 S Class C 5,716, , ,734, , ,634, AMREGO I SICAV - Tillvfixt 75 (1) 4,723, AMREGO I SICAV - Trygghet 75 (2) Class C 51,430, , AMREGO ISICAV - Trygghet 80 (2) Class C 45,543, , AMREGO ISICAV - Trygghet 85 (2) Class C 18,265, , AMREGO I SICAV - Trygghet 90 (2) Class C 8,782, , AMREGO I SICAV - Tryghed 75 (3) 10, AMREGO ISICAV - Contrarian 65 (3) 10, (1) This Sub-Fund was launched on 23 March (2) This Sub-Fund was launched on 17 April (3) This Sub-Fund was launched on 11 December

40 AMREGO I SICAV Notes to the Financial Statements 1. Organisation The AMREGO I SICAV (the "Company ) is an open-ended collective investment company organised under Luxembourg law as a société anonyme qualifying as a société d'investissement 9 capital variable ("SICAV"). The Company is registered under part I of the Luxembourg law of 17 December 2010 concerning Undertakings for Collective Investment, as may be amended (the "Law"). The Company qualifies as an Undertaking for Collective Investment in Transferable Securities under the Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to Undertakings for Collective Investment in Transferable Securities ("UC TS"). The Company is managed by Stiderberg & Partners Asset Management S.A. pursuant to chapter 15 of the Law. The Company has been initially incorporated on 24 November 2011 for an unlimited period of time. The articles of incorporation have been published in the Mémorfal on 4 February The articles of incorporation have been filed with the Registre de Commerce et des Sociétés of Luxembourg under number B , the Company is composed of fourteen sub-funds: o AMREGO I SICAV - Sfiderberg & Partners Trygghet 75 PM - AMREGO I SICAV - Séderberg & Partners Trygghet 80 PM o AMREGO I SICAV - JP Global Trend o AMREGO I SICAV Trygghet 75 S - AMREGO I SICAV Trygghet 80 S o AMREGO I SICAV - Trygghet 85 S - AMREGO I SICAV - Trygghet 90 S - AMREGO I SICAV Tillvaxt 75 - AMREGO I SICAV Trygghet 75 - AMREGO I SICAV - Trygghet 80 o AMREGO I SICAV - Trygghet 85 o AMREGO I SICAV Trygghet 90 - AMREGO I SICAV - Tryghed 75 o AMREGO I SICAV Contrarian 65 The following Share Class was subscribed: Accumulation share class A (" ) in DKK and restricted to Institutional investors. Accumulation share class B ("Class B") in. Accumulation share class C ("Class C ) in restricted to institutional investors. 2. Investment Objective The investment objective of the sub funds is to seek to preserve the Shareholders capital and to provide an adequate rate of return on the investment. AMREGO I SICAV - Séderberg & Partners Trygghet 75 PM has the objective of not falling below 75 per cent of the highest price achieved over a one-year period. AMREGO I SICAV - Siiderberg & Partners Trygghet 80 PM has the objective of not falling below 80 per cent of the highest price achieved over a one-year period. AMREGO I SICAV - JP Global Trend has the objective of outperform the MSCI World Index on a long-term basis. AMREGO I SICAV - Trygghet 75 S has the objective of not falling below 75 per cent of the highest price achieved over a one-year period. 38

41 AMREGO I SICAV Notes to the Financial Statements (continued) 2. Investment Objective (continued) AMREGO I SICAV - Trygghet 80 S has the objective of not falling below 80 per cent of the highest price achieved over a one-year period. AMREGO I SICAV - Trygghet 85 S has the objective of not falling below 85 per cent of the highest price achieved over a one-year period. AMREGO I SICAV Trygghet 90 S has the objective of not falling below 90 per cent of the highest price achieved over a one-year period. AMREGO I SICAV - Tillvaxt 75 has the objective of not falling below 75 per cent of the highest price achieved over a one-year period. AMREGO I SICAV - Trygghet 75 has the objective of not falling below 75 per cent of the highest price achieved over a one-year period. AMREGO I SICAV - Trygghet 80 has the objective of not falling below 80 per cent of the highest price achieved over a one-year period. AMREGO I SICAV Trygghet 85 has the objective of not falling below 85 per cent of the highest price achieved over a one-year period. AMREGO I SICAV - Trygghet 90 has the objective of not falling below 90 per cent of the highest price achieved over a one-year period. AMREGO I SICAV Tryghed 75 has the objective of not falling below 75 per cent of the highest price achieved over a one-year period. AMREGO I SICAV Contrarian 65 has the objective of not falling below 65 per cent of the highest price achieved over a one-year period. 3. Significant Accounting Policies a) General The financial statements are prepared in accordance with Luxembourg GAAP and in accordance with Luxembourg regulations relating to Undertakings for Collective Investment in Transferable Securities (UCITS). b) Investment Valuation In determining the value of the assets of the sub funds: (A) Investment funds are valued at their net asset value or bid price, if bid and offer prices are quoted. (B) Liquid assets are valued at their nominal value plus accrued interest. (C) Fixed term deposits are valued at their nominal value plus accrued interest. Fixed term deposits with an original term of more than 30 days can be valued at their yield adjusted price if an arrangement between the Company and the bank, with which the fixed term deposit is invested has been concluded including that the fixed term deposits are terminable at any time and the yield adjusted price corresponds to the realisation value. (D) Securities or financial instruments admitted for official listing on a Regulated Market are valued on the basis of the last available price at the time when the valuation is carried out. If the same security is quoted on a Regulated Market, the quotation on the principal market for this security will be used. If there is no relevant quotation or if the quotations are not representative of the fair value, the evaluation will be made in good faith by the Board of Directors or their delegate with a view to establishing the probable bid price for such securities. (E) Unlisted securities or financial instruments are valued on the basis of their probable bid price as determined by the Board of Directors or their delegate using valuation principles which can be examined by the auditor of the Company, in order to reach a proper and fair valuation of the total assets of each sub-fund. 39

42 AMREGO I SICAV Notes to the Financial Statements (continued) 3. Significant Accounting Policies (continued) (F) Any other assets are valued on the basis of their probable bid price as determined by the Board of Directors or their delegate using valuation principles which can be examined by the auditor of the Company, in order to reach a proper and fair valuation of the total assets of each sub-fund. c) Investment Transactions and Investment Income Investment transactions are recorded on a trade date basis. Realised gains and losses on sales of investments are determined the basis of the average cost of investments sold. Dividend income is accrued on the ex dividend date. Interest income is recorded on the accrual basis and includes amortization of premium and accretion of discounts. d) Conversion of Foreign Currencies The books and records of the sub-funds are denominated in their sub-fund currency. Amounts denominated in other currencies are translated into sub-fund currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currencies are converted on each business day into sub-fund currency using currency exchange rates prevailing on each such business day, and (ii) purchases and sales of foreign investments, income and expenses are converted into sub-fund currency using currency exchange rates prevailing on the respective dates of such transactions. Net realised gains and losses on foreign exchange represent: (i) foreign exchange gains and losses from the holding and sale of foreign currencies, (ii) gains and losses between trade date and settlement date on securities transactions, and (iii) gains and losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received. The resulting gains and losses on translation are included in "Net Realised Gainl (Loss) on Foreign Exchange" in the Combined Statement of Operations and Changes in Net Assets. The combined accounts of the Company are maintained in. The exchange rates applied as at 30 December 2015 are as follows: 1 = = GBP 1 = JPY 1 = = DKK e) Fon/vard Currency Exchange Contracts Unrealised gains or losses on outstanding fonrvard currency exchange contracts are valued on the basis of currency exchange rates prevailing at the relevant valuation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under Net Change in Unrealized Gain/Loss on Forward Currency Exchange Contracts". When a contract is closed, the Realised Gain/Loss is recorded under Net Realized Gain/(Loss) on Forward Currency Exchange Contracts in the Combined Statement of Operations and Changes in Net Assets. Unrealised Gains or Losses are recorded under Net Unrealised Gain/Loss on Fon/vard Currency Exchanges Contracts in the Combined Statement of Net Assets. There was no fon/vard currency exchange contract outstanding as at 31 December f) Fonnation Cost The formation costs were supported by the Promoter. No formation costs were supported by the sub-funds. 4. Fees and Expenses a) Management Company Fees The Management Company Fees are covered by the remuneration payable to Soderberg & Partners Asset Management S.A. acting as management company of the Company and investment manager. The remuneration is described below: 40

43 AMREGO I SICAV Notes to the Financial Statements (continued) 4. Fees and Expenses (continued) For the sub-funds AMREGO I SICAV - Trygghet 75 S, AMREGO I SICAV Trygghet 80 S, AMREGO I SICAV Trygghet 85 S, AMREGO I SICAV - Trygghet 90 S, AMREGO I SICAV - Tillvaxt 75, AMREGO I SICAV - Trygghet 75, AMREGO I SICAV - Trygghet 80, AMREGO I SICAV - Trygghet 85 and AMREGO I SICAV - Trygghet 90 a fee waiver is applied by the Management Company Class B Class C AMREGO I SICAV - Soderberg & Partners Trygghet 75 PM up to 2.5% per annum * AMREGO I SICAV - Séderberg & Partners Trygghet 80 PM up to 2.5% per annum * AMREGO I SICAV - JP Global Trend up to 2.5% per annum ** up to 1.75% per annum * AMREGO I SICAV Trygghet 75 3 up to 1.75% per annum ** up to 1.00% per annum ** AMREGO I SICAV Trygghet 80 s up to 1.70% per annum ** up to 1.00% per annum ** AMREGO I SICAV - Trygghet 85 8 up to 1.65% per annum ** up to 1.00% per annum ** AMREGO I SICAV Trygghet 90 s up to 1.60% per annum ** up to 1.00% per annum ** AMREGO I SICAV - Tillvéxt 75 up to 1.75% per annum ** AMREGO I SICAV - Trygghet 75 up to 1.75% per annum ** up to 1.00% per annum ** AMREGO I SICAV Trygghet so up to 1.70% per annum ** up to 1.00% per annum ** AMREGO I SICAV Trygghet 85 up to 1.65% per annum ** up to 1.00% per annum ** AMREGO I SICAV Trygghet 90 up to 1.60% per annum ** up to 1.00% per annum ** AMREGO I SICAV Tryghed 75 up to 1.25% per annum ** AMREGO I SICAV - Contrarian 65 up to 1.75% per annum ** * of the daily Total Net Assets payable monthly. ** of the daily Total Net Assets payable monthly. For this sub-fund and share class, all custodian fees and administration fees are deducted from the fee receivable by Soderberg & Partners Asset Management S.A. Each sub-fund incurs costs of its own management and administration comprising the fees paid to the Management Company, the Investment Manager, the Custodian and other service providers. It should be noted that, in addition, each sub-fund incurs similar costs in its capacity as an investor in the funds in which a sub-fund invests, which in turn pay similar fees to their manager and other service providers. It is endeavoured to reduce duplication of management charges by negotiating rebates where applicable in favour of the Company with such funds or their managers. These rebates are included in the Statement of Operations and Changes in Net Assets under "Other Income". The Investment Manager is entitled to receive a Performance Fee in relation to the performance of certain Share. Such Performance Fee is accrued daily and payable monthly out of the net assets of the relevant Share Classes. The performance fees rate for each sub-funds are as follows: - AMREGO I SICAV - Trygghet 75 S (class A : 0% and class C : 20%); - AMREGO I SICAV - Trygghet 80 S (class A : 0% and class C : 20%); - AMREGO I SICAV - Trygghet 85 8 (class A : 0% and class C : 20%); - AMREGO I SICAV - Trygghet 90 S (class A 2 0% and class C : 20%); AMREGO I SICAV - Trygghet 75 (class A : 0% and class C : 20%); - AMREGO I SICAV - Trygghet 80 (class A : 0% and class C : 20%); - AMREGO I SICAV - Trygghet 85 (class A : 0% and class C 2 20%); - AMREGO I SICAV - Trygghet 90 (class A : 0% and class C : 20%); No performance fees are calculated for the sub-funds AMREGO I SICAV - Sdderberg & Partners Trygghet 75 PM, AMREGO I SICAV - Séderberg & Partners Trygghet 80 PM, AMREGO I SICAV - JP Global Trend, AMREGO I SICAV - Tillvéxt 75, AMREGO I SICAV Tryghed 75 and AMREGO I SICAV - Contrarian 65.

44 AMREGO I SICAV Notes to the Financial Statements (continued) 4. Fees and Expenses (continued) The maximum management fees applied for the underlying sub funds are as follow: Security Name 42 Maximum Management Fees Aberdeen Global Japanese Smaller Companies Fund Class I - 2 Acc 0.75% Ballista SICAV Ballista Absolute Return Fund Class I 1.00% BlackRock Global Funds - Asian Dragon Fund % BlackRock Global Funds - Emerq_i_nq Europe Fund % Carnegie Fund - Swedish Small Cap Sub-Fund sub-class 1A 1.60% Camegie Rysslandsfond Fund 2.59% Cameqie Sveriqefond Fund 1.40% Danske Invest - India Fund 1.70% Didner & Gerge Aktiefond Fund 1.22% DNB Sweden Micro Cap Fund 1.50% Evli Swedish Small Cap Fund 1.60% Fidelity Funds - America Fund Y ACC 0.75% Fidelity Funds - Greater China Fund Y ACC 0.75% First State Investments ICVC Stewart Investors Global Emerging Markets Leaders Fund Class B (Accumulation) GBP 1.50% First State Investments ICVC- First State Asia Pacifi c Leaders Fund Class B (Accumulation) 0.85% Franklin Templeton Investment Funds - Templeton Asian Smaller Companies Fund Class I (acc) 0.90% Franklin Templeton Investment Funds - Templeton Frontier Markets Fund Class I (acc) 1.10% Handelsbanken Funds MSCI Emerging Markets Index Fund Al 0.40% Handelsbanken Kortranta Criteria Fund (A1) 0.15% Handelsbanken Latinamerikafond Fund (A1 ) 1.60% Handelsbanken MSCI USA Index Fund (A1 ) 0.40% Handelsbanken Sverigefond Index Fund 0.65% Handelsbankens Europafond Index Fund (A1 ) 0.40% Henderson Gartmore Fund - Pan European Fund Class I Acc 1.00% Invesco Funds - Invesco Greater China Equity Fund accumulation 1.50% ishares Core MSCI Japan IMI Fund 0.20% ishares Russell 2000 Growth Fund 0.25% ishares STO)0( Europe 600 Fund DE 0.19% JPMorgan Funds - Emerging Markets Small Cap Fund - JPM Emerging Markets Small Cap I (perf) (acc) % JPMorgan Funds - Greater China Fund JPMorgan Greater China I (acc) % JPMorgan Funds Japan Equity Fund - JPMorgan Japan Equity C (acc) % JPMorgan Funds - Latin America Equity Fund - JPM Latin America Equity I (acc) % JPMorgan Funds US Smaller Companies Fund - JPM US Smaller Companies C (pert) (acc) % Jupiter Global Fund - Jupiter European Growth Class I Acc 0.75% Lannebo Fonder - Lannebo Likviditetsfond Fund 0.20% Lannebo Fonder Lannebo Sveriqe 130/30 Fund 1.00% Morgan Stanley Investment Funds - US Adiantage Fund Class Z 0.70% Ohman Etisk Index Europa Fund 0.65% Ohman Etisk Index Japan Fund 0.65% Ohman Etisk Index Pacifi c Fund 0.65% Ohman Etisk Index USA Fund A 0.65% Ohman Index Emerging Markets MSCI EM50 Fund 0.90% Ohman Index Nordamerika MSCI North America Fund A 0.40% Ohman Index Sveriqe Fund A 0.40% Ohman Penningmarknadsfond Fund 0.10% Schroder ISF Frontier Markets Equity Acc 1.50% Schroder ISF Japanese Opportunities Acc 1.50% Schroder ISF US Small & Mid-Cap Equity 1 Acc 1.50% Simplicity Likviditet Fund 0.15% Skandia Nordamerika Exponering Fund 0.40% Skandia Sverige Exponering Fund 0.40% Skandia USA Fund 1.41% Spiltan Rantefond Sverige Fund 0.10% SPP Aktiefond Japan Fund 0.20% SPP Aktielndex Sverige Fund A 0.20% SPP Aktielndex USA Fund 0.20% SPP Penningmarknadsfond Fund 0.20% Swedbank Robur Access Asien Fund 0.20%

45 AMREGO I SICAV Notes to the Financial Statements (continued) 4. Fees and Expenses (continued) Security Name Maximum Management Fees Swedbank Robur Access Sverige Fund 0.20% Swedbank Robur Osteuropafond Fund 1.43% T. Rowe Price Funds SICAV - US Smaller Companies Equity Fund Class I 0.95% Threadneedle Lux - Pan European Small Cap Opportunities Fund AE 1.10% UBS Lux Equity SICAV - European Opportunity Unconstrained () Fund class I A1 acc 0.76% Vanguard Funds plc - S&P 500 Fund 0.07% Vanquard Funds plc - Vanguard FTSE Emerging Markets Fund 0.25% Vanguard Investment Series plc - European Stock Index Fund Institutional "Euro" Shares 0.30% Vanquard Investment Series plc - Japan Stock Index Fund Institutional "JPY" Shares 0.23% Vanguard Investment Series plc US 500 Stock Index Fund Institutional "US. Dollar" Shares 0.10% XACT OMXS30 Fund 0.10% b) Custodian and Administration Fees For its services under the Services Agreement and as Custodian, J.P. Morgan Bank Luxembourg S.A. shall receive remuneration as further described below: All classes of each sub-fund: up to 0.07% per annum of the daily Total Net Assets payable monthly with a minimum fee of: Minimum Fees AMREGO I SICAV - Soderberg & Partners Trygghet 75 PM 28,000 AMREGO I SICAV - Soderberg & Partners Trygghet 80 PM 28,000 AMREGO I SICAV - JP Global Trend 20,000 AMREGO I SICAV - Trygghet a,ooo AMREGO I SICAV Trygghet 80 s 28,000 AMREGO I SICAV - Trygghet 85 S AMREGO I SICAV - Trygghet 90 S 28,000 AMREGO I SICAV - Tillvaxt 75 28,000 AMREGO I SICAV - Trygghet 75 28,000 AMREGO I SICAV - Trygghet 80 28,000 AMREGO I SICAV - Trygghet AMREGO I SICAV Trygghet AMREGO I SICAV - Tryghed 75 28,000 AMREGO I SICAV - Contrarian 65 28, Distribution Policy, B and C being capital appreciation Classes of shares, the Board of Directors does intend to recommend at the annual general meeting the reinvestment of their net assets., no dividends were distributed. 43

46 AMREGO I SICAV Notes to the Financial Statements (continued) 6. Taxation Under current law and practice, the Company is not liable to any Luxembourg income tax, nor are dividends paid by the Company liable to any Luxembourg withholding tax. However, any Class reserved to retail investors is liable in Luxembourg to a "taxe d abonnement" of 0.05% per annum of its net assets, such tax being payable quarterly and calculated on the total net asset value of each Class at the end of the relevant quarter. Any Class reserved to institutional investors is liable in Luxembourg to a "taxe d abonnement" of 0.01% per annum of their net assets. Such tax being payable quarterly and calculated on the total net asset value of each Class at the end of the relevant quarter. The market value of Luxembourg investment funds held in portfolio is not subject to this taxe d abonnement. No tax is payable in Luxembourg on realised or unrealised capital appreciation of the assets of the Company. 7. Statement of Changes in Investments A statement giving the changes in the portfolio of investments for the year under review can be obtained free of charge at the registered office of the Company. 8. Calculation Method of the Risk of Exposure The methodology used in order to calculate the global exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512. The commitment approach applies to our sub-funds: AMREGO I SICAV - Soderberg & Partners Trygghet 75 PM AMREGO I SICAV Séderberg & Partners Trygghet 80 PM AMREGO I SICAV - JP Global Trend AMREGO I SICAV Trygghet 75 S AMREGO I SICAV - Trygghet 80 S AMREGO I SICAV - Trygghet 85 S AMREGO I SICAV - Trygghet 90 S AMREGO I SICAV - Tillvaxt 75 AMREGO I SICAV - Trygghet 75 AMREGO I SICAV - Trygghet 80 AMREGO I SICAV - Trygghet 85 AMREGO I SICAV - Trygghet 90 AMREGO I SICAV - Tryghed 75 AMREGO I SICAV Contrarian 65 44

47 AMREGO I SICAV Notes to the Financial Statements (continued) 9. Transaction Costs For the year ended 31 December 2015, the SICAV incurred transaction costs on Exchange Traded Funds which have been defined as brokerage fees relating to purchase or sale of transferable securities or other eligible assets as follows: AMREGO I SICAV Séderberg & Partners Trygghet 75 PM AMREGO I SICAV Séderberg & Partners Trygghet 80 PM AMREGO I SICAV JP Global Trend AMREGO I SICAV Trygghet 75 S AMREGO I SICAV Trygghet 80 S AMREGO I SICAV Trygghet 85 S AMREGO I SICAV Trygghet 90 S AMREGO I SICAV Tillvaxt 75 (1) AMREGO I SICAV Trygghet 75 (2) AMREGO I SICAV Trygghet 80 (2) AMREGO I SICAV Trygghet 85 (2) AMREGO I SICAV Trygghet 90 (2) AMREGO I SICAV Tryghed 75 (3) AMREGO I SICAV Contrarian 65 (3) Total (Base Currency) 71, , ,777 5,507,534 2,725, ,387 25,484 26, , ,959 85,959 41,142 Currency DKK (1) This Sub Fund was launched on 23 March (2) This Sub Fund was launched on 17 April (3) This Sub Fund was launched on 11 December

48 AMREGO I SICAV Appendix Total Expense Ratios (unaudited) Class Name AMREGO I SICAV Stiderberg & Partners Trygghet 75 PM TER% 2.32% Synthetic TER % 2.48% AMREGO I SICAV Soderberg & Partners Trygghet80 PM 2.32% 2.43% AMREGO I SICAV JP Global Trend Class B 2.50% 1.94% 2.66% 2.08% AMREGO I SICAV Trygghet 75 S Class C * AMREGO I SICAV Trygghet80 s Class C * 1.76% 1.50% 1.71% 1.23% 2.31% 2.06% 2.14% 1.67% AMREGO I SICAV Trygghet 85 S Class C * AMREGO I SICAV Trygghet 90 s Class C * 1.66% 1.27% 1.54% 1.17% 1.99% 1.61% 1.76% 1.39% AMREGO I SICAV Tillvéxt 75 (1 ) AMREGO I SICAV Trygghet75 (2) Class C * AMREGO I SICAV Trygghet so (2) Class C * 1.76% 1.76% 1.00% 1.71 % 1.00% 2.47% 2.37% 1.62% 2.24% 1.54% AMREGO I SICAV Trygghet 85 (2) Class C * AMREGO I SICAV Trygghet 9o (2) Class C * AMREGO I SICAV Tryghed 75 (3) 1.66% 1.00% 1.51% 1.00% 1.26% 2.00% 1.35% 1.73% 1.22% 1.79% AMREGO I SICAV Contrarian 65 (3) 1.76% 1.83% (1) This Sub-Fund was launched on 23 March (2) This Sub-Fund was launched on 17 April (3) This Sub-Fund was launched on 11 December * Includes any performance fees charged during the year. The Total Expense Ratio ( TER") expresses the sum of all costs and commissions charged on an ongoing basis to the sub-fund's assets taken retrospectively as a percentage of the sub-fund s average assets. Overdraft interests are excluded from the calculation.