Alandsbanken SICAV Société d'investissement à Capital Variable Luxembourg

Transcription

1 Unaudited semi-annual report Alandsbanken SICAV Société d'investissement à Capital Variable Luxembourg R.C.S. Luxembourg B

2 Subscriptions may be made only on the basis of the prospectus including the articles of incorporation and the fact sheets of each of the sub-funds and the key investor information document ("KIID"). The Prospectus may not be distributed without the last annual report and the last half-yearly report, if it is more recent than the annual report.

3 Alandsbanken SICAV Contents Organisation... 2 General information... 5 Combined statement of net assets... 7 Alandsbanken SICAV : Brig Statement of net assets... 8 Statistical information... 9 Statement of investments and other net assets Industrial and geographical classification of investments Alandsbanken SICAV : Swedish Bond Statement of net assets Statistical information Statement of investments and other net assets Industrial and geographical classification of investments Alandsbanken SICAV : Money Market SEK Statement of net assets Statistical information Statement of investments and other net assets Industrial and geographical classification of investments Alandsbanken SICAV : Nordic Growth Statistical information Alandsbanken SICAV : Swedish Growth Statistical information Alandsbanken SICAV : Catamaran Statistical information Alandsbanken SICAV : China Statistical information Alandsbanken SICAV : Emerging Europe Statement of net assets Statistical information Notes to the financial statements

4 Alandsbanken SICAV Organisation Registered office 14, Boulevard Royal L-2449 LUXEMBOURG Board of Directors Chairman Members Tom PETTERSSON CEO BANK OF ALAND FUND MANAGEMENT LTD Nygatan 2 P.O.BOX 3 FIN MARIEHAMN Magnus HOLM CEO ALANDSBANKEN ABP (Finland) Swedish Branch Stureplan 19 SE STOCKHOLM Lars Johan KARLSSON Head of Luxembourg Fund Operations ALANDSBANKEN ABP (Finland) Swedish Branch Stureplan 19 SE STOCKHOLM Management Company CONVENTUM ASSET MANAGEMENT Société Anonyme 9, Boulevard Prince Henri L-1724 LUXEMBOURG Board of Directors of the Management Company Chairman Antoine CALVISI Conseiller du Comité de Direction BANQUE DE LUXEMBOURG Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG Directors Pierre AHLBORN Administrateur-Délégué BANQUE DE LUXEMBOURG Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG Mario KELLER Administrateur de sociétés 14, Boulevard Royal L-2449 LUXEMBOURG 2

5 Alandsbanken SICAV Organisation (continued) Pit RECKINGER Avocat ELVINGER, HOSS & PRUSSEN 2, Place Winston Churchill L-1340 LUXEMBOURG Fernand REINERS Membre du Comité de Direction BANQUE DE LUXEMBOURG Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG Nico THILL Directeur BANQUE DE LUXEMBOURG Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG General Managers Michèle BIEL General Manager CONVENTUM ASSET MANAGEMENT Société Anonyme 9, Boulevard Prince Henri L-1724 LUXEMBOURG Georges ENGEL General Manager CONVENTUM ASSET MANAGEMENT Société Anonyme 9, Boulevard Prince Henri L-1724 LUXEMBOURG Rita HERRMANN General Manager CONVENTUM ASSET MANAGEMENT Société Anonyme 9, Boulevard Prince Henri L-1724 LUXEMBOURG Investment Manager ÅLANDSBANKEN ABP Nygatan 2 FIN MARIEHAMN Custodian, Administrative, Domiciliation, Transfer and Paying Agent BANQUE DE LUXEMBOURG Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG 3

6 Alandsbanken SICAV Organisation (continued) Central Administration, Transfer Agent Subcontractor and bearer shares depositary EUROPEAN FUND ADMINISTRATION Société Anonyme 2, Rue d Alsace L-1122 LUXEMBOURG Principal Distributor and Promoter ÅLANDSBANKEN ABP Nygatan 2 P.O.BOX 3 FIN MARIEHAMN Cabinet de révision agréé KPMG Luxembourg, Société coopérative 39, Avenue John F. Kennedy L-1855 LUXEMBOURG 4

7 Alandsbanken SICAV General information Alandsbanken SICAV ("the Fund") is an investment company organized under the laws of the Grand Duchy of Luxembourg as a "Société d Investissement à Capital Variable". The Fund is registered pursuant to Part I of the amended Law of 17th December 2010 regarding undertakings for collective investment and qualifies as an undertaking for collective investment under the Council Directive 2009/65/EC, as amended. In addition, the Fund is governed by the Law of 10th August 1915 on commercial companies, as amended. The Fund has been incorporated on 14th April 2010, for an unlimited period. The Articles have been published on 3rd June 2010 in the "Mémorial, Recueil des Sociétés et Associations" (the "Mémorial"). CONVENTUM ASSET MANAGEMENT has been appointed as the Management Company of the Fund. At the date of the report, the following Sub-Funds are available for subscription: Alandsbanken SICAV : Brig 6 (hereafter "Brig 6 Sub-Fund") Alandsbanken SICAV : Swedish Bond (hereafter the "Swedish Bond Sub-Fund") Alandsbanken SICAV : Money Market SEK (hereafter "Money Market SEK Sub-Fund") in SEK in SEK in SEK The Board of Directors of the SICAV has decided to liquidate the Emerging Europe Sub-Fund with effect on 31 March Furthermore, the Board of Directors of Alandsbanken Funds Ltd. and the Board of Directors of Alandsbanken SICAV have decided to conduct the following mergers between Sub-Funds of Alandsbanken SICAV domiciled in Luxembourg and mutual funds of Alandsbanken Fund Ltd domiciled in Finland, with effect on 24th June 2015: Merging Sub-Funds Receiving Funds Exchange ratio Alandsbanken SICAV : Nordic Growth SEK Ålandsbanken Norden Aktie Placeringsfond SEK Alandsbanken SICAV : Nordic Growth EUR Ålandsbanken Norden Aktie Placeringsfond EUR Alandsbanken SICAV : Swedish Growth Ålandsbanken Sverige Aktie Placeringsfond Alandsbanken SICAV : Catamaran Ålandsbanken Sverige Aktie Placeringsfond Alandsbanken SICAV : China Ålandsbanken Kina Aktie Placeringsfond The mergers have been conducted as cross border mergers of funds, pursuant to Chapter VI of the EU Directive 2009/65/EC relating to undertakings for collective investment in transferable securities. For the Brig 6 Sub-Fund Sub-Classes in SEK are available within Class A and Class B and are offered to all types of investors. At the date of the report, both classes of shares are issued. 5

8 Alandsbanken SICAV General information (continued) For the Swedish Bond Sub-Fund Class A Shares are offered to all types of investors. Sub-Classes in SEK, EUR, GBP, CHF and USD are available within Class A. At the date of the report, only Class A Shares in SEK are issued. For the Money Market SEK Sub-Fund, the following share classes are offered: Class A Shares, capitalisation shares reserved to retail investors Class B Shares, capitalisation shares reserved to institutional investors. At the date of the report, only Class A Shares are issued. For the Nordic Growth Sub-Fund, the Swedish Growth Sub-Fund, the Catamaran Sub-Fund, the China Sub-Fund and the Emerging Europe Sub-Fund, the following share classes were offered: Class A Shares, capitalisation shares reserved to retail investors Class B Shares, capitalisation shares reserved to institutional investors. For the Nordic Growth Sub-Fund and the Swedish Growth Sub-Fund, Sub-Classes in EUR and SEK were available within Class A and Class B. For the Emerging Europe Sub-Fund Sub-Classes in SEK, EUR, USD and NOK were available within Class A and Class B. The Net Asset Value per share of each Class of shares is determined in Luxembourg under the overall responsibility of the Board of Directors as of every Business Day (the "Valuation Day"). The Net Asset Value per Share as well as the issue, redemption and conversion prices are available at the registered office of the Fund and will be available on the Valuation Day. The accounting year of the Fund commences on 1st January and terminates on 31st December. The combined accounts of the Fund are maintained in EUR being the currency of the share capital. The financial statements relating to the various separate Sub-Funds are expressed in the relevant Reference Currency for the Sub-Funds. The complaint settlement procedure foreseen by the CSSF Regulation N relating to the out-ofcourt resolution of complaints is available at the registered office of the Fund. Copies of the articles of incorporation, the prospectus, the key investor information documents ("KIID") as well as the annual and semi-annual reports of the Fund may be obtained free of charge at the registered office of the Fund. 6

9 Alandsbanken SICAV Combined statement of net assets (in EUR) Assets Securities portfolio at market value 47,384, Cash at banks 1,948, Other liquid assets 329, Formation expenses, net 7, Receivable on issues of shares 104, Income receivable on portfolio 684, Unrealised gain on futures contracts 45, Prepaid expenses 1, Total assets 50,507, Liabilities Bank overdrafts 2, Payable on redemptions of shares 27, Interest payable on bank overdrafts 1.35 Unrealised loss on forward foreign exchange contracts Expenses payable 58, Total liabilities 87, Net assets at the end of the period 50,419, The accompanying notes are an integral part of these financial statements. 7

10 Brig 6 Sub-Fund Statement of net assets (in SEK) Assets Securities portfolio at market value 91,345, Cash at banks 2,822, Other liquid assets 3,047, Formation expenses, net 15, Receivable on issues of shares 484, Income receivable on portfolio 913, Unrealised gain on futures contracts 423, Prepaid expenses 2, Total assets 99,054, Liabilities Payable on redemptions of shares 4, Unrealised loss on forward foreign exchange contracts 1, Expenses payable 164, Total liabilities 169, Net assets at the end of the period 98,884, Number of Class A (SEK) Shares outstanding 823, Net asset value per Class A (SEK) Share Number of Class B (SEK) Shares outstanding 11, Net asset value per Class B (SEK) Share The accompanying notes are an integral part of these financial statements. 8

11 Brig 6 Sub-Fund Statistical information (in SEK) Total net assets - as at ,884, as at ,876, as at ,616, Number of Class A (SEK) Shares - outstanding at the beginning of the period 833, issued 242, redeemed -252, outstanding at the end of the period 823, Net asset value per Class A (SEK) Share - as at as at as at Number of Class B (SEK) Shares - outstanding at the beginning of the period 11, issued 6, redeemed -6, outstanding at the end of the period 11, Net asset value per Class B (SEK) Share - as at as at as at The accompanying notes are an integral part of these financial statements. 9

12 Brig 6 Sub-Fund Statement of investments and other net assets (in SEK) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Bonds SEK 12,000,000 Lansforsakringar Bank 2.5% Ser / ,388, ,715, SEK 10,000,000 Nordea Hypotek AB 3.25% Ser / ,130, ,997, SEK 10,000,000 Stadshypotek AB 4.25% Ser 1583 Sen 09/ ,242, ,476, SEK 15,000,000 Swedbank Mortgage AB 3.75% Ser / ,794, ,525, SEK 14,000,000 Swedish Covered Bond Corp 4% Ser / ,992, ,772, Total bonds 67,549, ,487, Open-ended investment funds Investment funds (UCITS) EUR 9, Henderson Horizon Fd EUR Corp Bond I2 Cap 10,969, ,517, USD 11, Robeco Capital Gh Fds Emerging Cons Equities I USD Cap 8,771, ,339, Total investment funds (UCITS) 19,740, ,857, Total investments in securities 87,289, ,345, Cash at banks 2,822, Other net assets/(liabilities) 4,717, Total 98,884, The accompanying notes are an integral part of these financial statements. 10

13 Brig 6 Sub-Fund Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Banks % Investment funds % Diversified financial services % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden % Luxembourg % Total % 11

14 Swedish Bond Sub-Fund Statement of net assets (in SEK) Assets Securities portfolio at market value 155,056, Cash at banks 3,985, Formation expenses, net 54, Receivable on issues of shares 220, Income receivable on portfolio 2,182, Prepaid expenses 4, Total assets 161,504, Liabilities Bank overdrafts 22, Payable on redemptions of shares 248, Interest payable on bank overdrafts Expenses payable 149, Total liabilities 420, Net assets at the end of the period 161,083, Number of Class A (SEK) Shares outstanding 1,472, Net asset value per Class A (SEK) Share The accompanying notes are an integral part of these financial statements. 12

15 Swedish Bond Sub-Fund Statistical information (in SEK) Total net assets - as at ,083, as at ,307, as at ,517, Number of Class A (SEK) Shares - outstanding at the beginning of the period 1,553, issued 501, redeemed -582, outstanding at the end of the period 1,472, Net asset value per Class A (SEK) Share - as at as at as at The accompanying notes are an integral part of these financial statements. 13

16 Swedish Bond Sub-Fund Statement of investments and other net assets (in SEK) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Bonds SEK 16,000,000 Lansforsakringar Bank 2.5% Ser / ,955, ,953, SEK 13,000,000 Nordea Hypotek AB 3.25% Ser / ,679, ,296, SEK 17,000,000 Stadshypotek AB 4.5% Ser / ,825, ,160, SEK 9,000,000 Swedbank Mortgage AB 5.7% 08/ ,632, ,936, SEK 5,000,000 Sweden 2.25% Ser / ,077, ,489, SEK 10,000,000 Sweden 2.5% Sen 13/ ,201, ,428, SEK 1,000,000 Sweden 3% Ser / ,053, ,034, SEK 20,000,000 Sweden 3.5% Ser / ,946, ,873, SEK 20,000,000 Sweden 3.75% T-Bonds Ser / ,911, ,709, SEK 20,000,000 Sweden 5% Ser / ,872, ,971, SEK 4,000,000 Swedish Covered Bond Corp 4% Ser / ,341, ,202, Total investments in securities 153,496, ,056, Cash at banks 3,985, Bank overdrafts -22, Other net assets/(liabilities) 2,063, Total 161,083, The accompanying notes are an integral part of these financial statements. 14

17 Swedish Bond Sub-Fund Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Countries and governments % Banks % Diversified financial services 2.61 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden % Total % 15

18 Money Market SEK Sub-Fund Statement of net assets (in SEK) Assets Securities portfolio at market value 191,523, Cash at banks 11,089, Receivable on issues of shares 261, Income receivable on portfolio 3,232, Prepaid expenses 6, Total assets 206,114, Liabilities Bank overdrafts 0.92 Expenses payable 111, Total liabilities 111, Net assets at the end of the period 206,002, Number of Class A (SEK) Shares outstanding 198, Net asset value per Class A (SEK) Share 1, The accompanying notes are an integral part of these financial statements. 16

19 Money Market SEK Sub-Fund Statistical information (in SEK) Total net assets - as at ,002, as at ,643, as at ,970, Number of Class A (SEK) Shares - outstanding at the beginning of the period 208, issued 36, redeemed -46, outstanding at the end of the period 198, Net asset value per Class A (SEK) Share - as at , as at , as at , The accompanying notes are an integral part of these financial statements. 17

20 Money Market SEK Sub-Fund Statement of investments and other net assets (in SEK) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Bonds SEK 30,000,000 Lansforsakringar Hypotek AB 4% Ser / ,939, ,886, SEK 20,000,000 Nordea Hypotek AB 4.5% Ser / ,930, ,893, SEK 34,000,000 Stadshypotek AB 6% Ser / ,522, ,969, SEK 34,000,000 Swedbank Mortgage AB 3.75% Ser / ,633, ,279, SEK 30,000,000 Swedish Covered Bond Corp 4% Ser / ,735, ,481, Total bonds 152,762, ,510, Money market instruments Money market instruments SEK 20,000,000 Sweden 0% T-Bills 15/ ,008, ,002, SEK 20,000,000 Sweden 0% T-Bills Ser 107D 15/ ,014, ,010, Total money market instruments 40,023, ,013, Total investments in securities 192,786, ,523, Cash at banks 11,089, Bank overdrafts Other net assets/(liabilities) 3,388, Total 206,002, The accompanying notes are an integral part of these financial statements. 18

21 Money Market SEK Sub-Fund Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Banks % Countries and governments % Diversified financial services % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden % Total % 19

22 Nordic Growth Sub-Fund Statistical information (in EUR) Total net assets - as at as at ,452, as at ,367, Number of Class A (EUR) Shares - outstanding at the beginning of the period 22, issued redeemed -23, outstanding at the end of the period Net asset value per Class A (EUR) Share - as at as at as at Number of Class A (SEK) Shares - outstanding at the beginning of the period 66, issued 1, redeemed -67, outstanding at the end of the period Net asset value per Class A (SEK) Share - as at as at SEK as at SEK The accompanying notes are an integral part of these financial statements. 20

23 Swedish Growth Sub-Fund Statistical information (in SEK) Total net assets - as at as at ,716, as at ,673, Net asset value per Class A (EUR) Share - as at as at as at EUR Number of Class A (SEK) Shares - outstanding at the beginning of the period 2,133, issued 16, redeemed -2,150, outstanding at the end of the period Net asset value per Class A (SEK) Share - as at as at as at The accompanying notes are an integral part of these financial statements. 21

24 Catamaran Sub-Fund Statistical information (in SEK) Total net assets - as at as at ,601, as at ,151, Number of Class A (SEK) Shares - outstanding at the beginning of the period 3,967, issued 172, redeemed -4,140, outstanding at the end of the period Net asset value per Class A (SEK) Share - as at as at as at The accompanying notes are an integral part of these financial statements. 22

25 China Sub-Fund Statistical information (in SEK) Total net assets - as at as at ,587, as at ,909, Number of Class A (SEK) Shares - outstanding at the beginning of the period 3,064, issued 45, redeemed -3,110, outstanding at the end of the period Net asset value per Class A (SEK) Share - as at as at as at The accompanying notes are an integral part of these financial statements. 23

26 Emerging Europe Sub-Fund Statement of net assets (in USD) Assets Cash at banks 13, Total assets 13, Liabilities Expenses payable 13, Total liabilities 13, Net assets at the end of the period - Number of Class A (EUR) Shares outstanding Net asset value per Class A (EUR) Share EUR Number of Class A (SEK) Shares outstanding Net asset value per Class A (SEK) Share SEK Number of Class A (USD) Shares outstanding Net asset value per Class A (USD) Share The accompanying notes are an integral part of these financial statements. 24

27 Emerging Europe Sub-Fund Statistical information (in USD) Total net assets - as at as at ,461, Number of Class A (EUR) Shares - outstanding at the beginning of the period 3, issued redeemed -3, outstanding at the end of the period Net asset value per Class A (EUR) Share - as at as at EUR Number of Class A (SEK) Shares - outstanding at the beginning of the period 1,108, issued 43, redeemed -1,152, outstanding at the end of the period Net asset value per Class A (SEK) Share - as at as at SEK Number of Class A (USD) Shares - outstanding at the beginning of the period 8, issued redeemed -8, outstanding at the end of the period Net asset value per Class A (USD) Share - as at as at The accompanying notes are an integral part of these financial statements. 25

28 Alandsbanken SICAV Notes to the financial statements Note 1 - Significant accounting policies a) Presentation of the financial statements The financial statements of the Fund are established in accordance with the Luxembourg legal and regulatory requirements concerning undertakings for collective investment. b) Valuation of assets The asset values are determined as follows: The value of any cash on hand or on deposit, bills and demand notes payable and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as may be considered appropriate in such case to reflect the true value thereof. The value of assets which are listed or dealt in on any stock exchange is based on the last available price on the stock exchange which is normally the principal market for such assets. The value of assets dealt in on any other Regulated Market is based on the last available price. In the event that any assets are not listed or dealt in on any stock exchange or on any other Regulated Market, or if, with respect to assets listed or dealt in on any stock exchange, or other Regulated Market as aforesaid, the price as determined pursuant to 2nd and 3rd paragraphs is not representative of the fair market value of the relevant assets, the value of such assets will be based on the reasonably foreseeable sales price determined prudently and in good faith. The liquidating value of forward contracts not traded on exchanges or on other Regulated Markets shall mean their net liquidating value determined, pursuant to the policies established by the Board of Directors, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, forward or options contracts traded on exchanges or on other Regulated Markets shall be based upon the last available settlement prices of these contracts on exchanges and Regulated Markets on which the particular futures, forward or options contracts are traded by the Fund; provided that if a futures, forward or options contract could not be liquidated on the day with respect to which net assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Board of Directors may deem fair and reasonable. Units or shares of open-ended UCI are valued at their last determined and available net asset value or, if such price is not representative of the fair market value of such assets, then the price shall be determined by the Board of Directors on a fair and equitable basis. Units or shares of a closed-ended UCI are valued at their last available stock market value. All other securities and other assets are valued at fair market value, as determined in good faith pursuant to procedures established by the Board of Directors or a committee appointed to that effect by the Board of Directors. c) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by each Sub-Fund that are denominated in currencies other than the reference currency of the Sub-Fund is converted into this currency at the exchange rate prevailing on the date of purchase. 26

29 Alandsbanken SICAV Notes to the financial statements (continued) d) Net realised gain (loss) on sales of securities The realised gains and losses on sales of securities are determined on the basis of the average acquisition cost. e) Investment income Dividend income is recorded at the ex-date, net of any withholding tax. Interest income accrued and payable are recorded, net of any withholding tax. f) Valuation of forward foreign exchange contracts Forward foreign exchange contracts are valued at forward rates for the remaining period from valuation date to the maturity of the contracts. Net unrealised gains or losses are recorded in the statement of net assets. g) Valuation of futures contracts Futures contracts are posted off-balance sheet and valued at the last settlement or close price on the stock exchanges or regulated markets. Unrealised gains and/or losses are recorded in the statement of net assets unless they are settled daily through the receipt/payment of a cash amount corresponding to the daily increase/decrease of the market value of each opened futures contract. Such amount is recorded under the caption Cash at banks in the statement of net assets. h) Formation expenses Expenses incurred in connection with the creation of any additional Sub-Fund shall be borne by the relevant Sub-Fund and will be written off over a period of five years. Hence, the additional Sub- Funds shall not bear a pro rata of the costs and expenses incurred in connection with the creation of the Fund and the initial issue of Shares, which have not already been written off at the time of the creation of the new Sub-Funds. i) Conversion of foreign currencies Cash at banks, other net assets and liabilities and the market value of the securities in portfolio expressed in currencies other than the currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the report. Income and expenses expressed in currencies other than the currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of transaction. j) Combined financial statements The combined financial statements of the Fund are expressed in EUR and are equal to the sum of the corresponding items in the financial statements of each Sub-Fund converted into this currency at the exchange rate prevailing at the date of the report. The exchange rate prevailing at the date of the report is the following: 1 EUR = SEK Swedish Krona USD US Dollar k) Other liquid assets / Other liquid liabilities If present in the statement of net assets at the date of the report, the captions "Other liquid assets" and "Other liquid liabilities" are mainly composed of cash accounts held at brokers. 27

30 Alandsbanken SICAV Notes to the financial statements (continued) Note 2 - Management fees The Management Company may delegate, under its responsibility and its control, the management of the assets of one or several Sub-Funds of the Fund to one or several Investment Managers. An Investment Manager may delegate, under its responsibility, its control, at its cost and expense and in accordance with the Luxembourg regulations, certain tasks relating to the portfolio management to a third party (the "Sub-Investment Manager"), under the condition that such third party is authorized to offer such services. If such delegation is decided, the prospectus will be amended accordingly. The Management Company has appointed ALANDSBANKEN ABP as Investment Manager of the Sub-Funds. The Investment Management fee is payable monthly calculated on the average net assets of the respective share class of each Sub-Fund determined on each Valuation Day for each month during the continuance of the Investment Management Agreement. Investment Management fee rates are detailed in the below table: Sub-Fund Share class Currency Management fee Alandsbanken SICAV : Brig 6 A B SEK SEK 0.95% p.a. 2.00% p.a. Alandsbanken SICAV : Swedish Bond A SEK 0.40% p.a. Alandsbanken SICAV : Money Market SEK A SEK 0.30% p.a. Alandsbanken SICAV : Nordic Growth (merged on 24th June 2015) Alandsbanken SICAV : Swedish Growth (merged on 24th June 2015) Alandsbanken SICAV : Catamaran (merged on 24th June 2015) Alandsbanken SICAV : China (merged on 24th June 2015) Alandsbanken SICAV : Emerging Europe (liquidated on 31st March 2015) A A A A EUR SEK EUR SEK 1.40% p.a. 1.40% p.a. 1.40% p.a. 1.40% p.a. A SEK 1.20% p.a. A SEK 2.00% p.a. A A A SEK EUR USD 2.00% p.a. 2.00% p.a. 2.00% p.a. The Management Company is entitled to a fee, paid on the basis of practices of the market in Luxembourg.. Note 3 - Performance fee In addition, the Investment Manager receives from the Brig 6 Sub-Fund, Catamaran Sub-Fund (merged on 24th June 2015) and Emerging Europe Sub-Fund (liquidated on 31st March 2015), payable out of the assets attributable to the relevant Class of Shares, a performance fee (the "Performance Fee") calculated as follows: 28

31 Alandsbanken SICAV Notes to the financial statements (continued) The Performance Fee is calculated daily in respect of each Valuation Day (a "Calculation Period"). For the Brig 6 Sub-Fund: The Performance Fee is subject to a High Watermark principle and will be equal to 20% of the out performance for the Brig 6 Sub-Fund collectively of the Net Asset Value per Share against the OMRX T-bond Total Return index (Swedish Government Bond Index Total Returns) measured in SEK (the "Hurdle") on each Valuation Day. For the Catamaran Sub-Fund (merged on 24th June 2015) : The Performance Fee is subject to a High Watermark principle and will be equal to 20% of the out performance for the Catamaran Sub-Fund collectively of the Net Asset Value per Share against the Scandinavian Information Exchange Portfolio Return Index (SIXPRX) measured in SEK (the "Hurdle") on each Valuation Day. For both Sub-Funds, the Performance Fee is calculated on the basis of a relative performance index ("RPI"). Such RPI is calculating the relative daily performance of the Fund as compared to the Hurdle on a daily basis. The RPI index is calculated as outlined in the prospectus. The Performance Fee that is charged amounts to 20% of the performance of the RPI, subject to a High Watermark as defined below. The High Watermark on the RPI after Performance Fee is reset quarterly with a 12 month rear view window, using the highest RPI after Performance Fee per Share during that 12 month period. The first reset of the High Watermark is done at the nearest calendar quarter, five quarters after the launch of the Brig 6 Sub-Fund and the Catamaran Sub-Fund. For the Emerging Europe Sub-Fund (liquidated on 31st March 2015): The Performance Fee is subject to a High Watermark principle and will be equal to 20% of the out performance for the Emerging Europe Sub-Fund (launched on 31st March 2014) of the Net Asset Value per Share against the rate of US Government Three Month Treasury Bills on each Valuation Day. The Performance Fee is calculated and accrued as an expense of the relevant Class of Shares as of each Valuation Day and is payable to the Investment Manager monthly in arrears. If at any time the Net Asset Value per Share is below the High Water Mark, duly adjusted to take into account the Hurdle Rate, no Performance Fee is charged until such Net Asset Value per Share has again reached the Hurdle-Adjusted High Water Mark. The Performance Fee is crystallised for every Valuation Day. The High Watermark after Performance Fee is reset quarterly with a 12 month rear view window, using the highest NAV per Share after Performance Fee per Share during that 12 month period. The first reset of the High Watermark is done at the nearest calendar quarter, five quarters after the launch of the Emerging Europe Sub-Fund (launched on 31st March 2014). The Performance Fee is calculated and accrued as an expense of the relevant Class of Shares as of each Valuation Day and is payable to the Investment Manager monthly in arrears. At the date of the report, the performance fees were recorded for the following Sub-Funds and amounted to : Alandsbanken SICAV : Brig 6 SEK 353,

32 Alandsbanken SICAV Notes to the financial statements (continued) Note 4 - Subscription, redemption and conversion fees Neither subscription fee nor redemption fee are levied for all Sub-Funds. For the Nordic Growth Sub-Fund (merged on 24th June 2015) and the Swedish Growth Sub-Fund (merged on 24th June 2015), a conversion fee up to 0.50% of the converted Shares Net Asset Value which is levied in favour of the Sub-Fund was due. Note 5 - Subscription duty ("Taxe d abonnement") The Fund is governed by Luxembourg law. Pursuant to the legislation and regulations in force, all Sub-Funds, except the Money Market SEK Sub-Fund for which the annual subscription is 0.01%, are subject to an annual subscription duty ("taxe d abonnement") of 0.05% for Class A Shares and of 0.01% for Class B Shares which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter. Pursuant to Article 175 (a) of the amended Law of 17th December 2010 the net assets invested in undertakings for collective investment already subject to the "taxe d abonnement" are exempt from this tax. Note 6 - Changes in investments The statement of changes in investments for the period in reference to the report is available free of charge at the registered office of the Fund. Note 7 - Securities lending The Fund may carry out securities lending transactions. At the date of the report, the Fund is not engaged in securities lending transactions. Note 8 - Forward foreign exchange contracts As at 30th June 2015, the following Sub-Fund has an open position in a forward foreign exchange contract with SKANDINAVISKA ENSKILDA BANKEN, STOCKHOLM as detailed below: Alandsbanken SICAV : Brig 6 Currency Purchases Currency Sales Maturity Unrealised result (in SEK) SEK 12,931, EUR 1,400, , ,

33 Alandsbanken SICAV Notes to the financial statements (continued) Note 9 - Futures contracts As at 30th June 2015, the following Sub-Fund has open positions in futures contracts with MERRILL LYNCH INTERNATIONAL, LONDON as detailed below: Alandsbanken SICAV : Brig 6 Number of contracts Sale 4 DAX Germany Index FUT 09/15 EUX Sale 18 Euro Stoxx 50 EUR (Price) Index FUT 09/15 EUX Sale 6 S&P 500 Index FUT 09/15 CME Denomination Currency Commitments (in SEK) Unrealised result (in SEK) EUR -10,167, , EUR -5,715, , USD -5,116, , ,