Annual Report. SEB Fund 3

Annual Report SEB Fund 3 Status: 31 December 2014

Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract.

Table of Contents Page Organisation 2 General Information 4 Management Report 6 Report of the Board of Directors: SEB Fund 3 - SEB Ethical Global Index Fund 9 SEB Fund 3 - SEB Ethical Sweden Fund 10 SEB Fund 3 - SEB Index Linked Bond Fund SEK 11 SEB Fund 3 - SEB Medical Fund 12 SEB Fund 3 - SEB Pension Fund 13 SEB Fund 3 - SEB Technology Fund 14 SEB Fund 3 - SEB U.S. Index Fund 15 Schedule of Investments: SEB Fund 3 - SEB Ethical Global Index Fund 16 SEB Fund 3 - SEB Ethical Sweden Fund 41 SEB Fund 3 - SEB Index Linked Bond Fund SEK 44 SEB Fund 3 - SEB Medical Fund 45 SEB Fund 3 - SEB Pension Fund 47 SEB Fund 3 - SEB Technology Fund 54 SEB Fund 3 - SEB U.S. Index Fund 56 Combined Statement of Operations 69 Combined Statement of Changes in Net Assets 72 Combined Statement of Net Assets 75 Statistical Information 78 Additional Information on Management Fees 84 Notes to the Financial Statements 85 Audit Report 91 Notes to the EU Savings Tax Directive (unaudited) 93 Risk Disclosure (unaudited) 94 1

Organisation Heading Management Company: Board of Directors of the Management Company: SEB Asset Management S.A. 4, rue Peternelchen L-2370 Howald, Luxembourg Chairperson Peter Kubicki Managing Director SEB Wealth Management Denmark Managing Director Ralf Ferner Managing Director SEB Asset Management S.A. Luxembourg Members Marie Winberg Director Business Strategy Skandinaviska Enskilda Banken AB (publ) Stockholm, Sweden Alexander Klein Managing Director SEB Investment GmbH Frankfurt am Main, Germany Elisabeth Scheja Sterner (since 1 July 2014) Head of Global Product & Distribution Strategy Skandinaviska Enskilda Banken AB (publ) Stockholm, Sweden Conducting Officers: Central Administration (including Registrar, Transfer Agent, Administrative Agent and Paying Agent): Ralf Ferner, Luxembourg Matthias Ewald, Luxembourg Loïc Guillermet, Luxembourg (since 5 June 2014) The Bank of New York Mellon (Luxembourg) S.A. 2-4, rue Eugène Ruppert L-2453 Luxembourg Investment Manager: Custodian Bank: SEB Investment Management AB Sveavägen 8 SE-106 40 Stockholm, Sweden Skandinaviska Enskilda Banken S.A. 4, rue Peternelchen L-2370 Howald, Luxembourg 2

Auditor of the Fund and the Management Company: Global Distributor: Representatives and Paying Agents outside Luxembourg: PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator L-2182 Luxembourg Skandinaviska Enskilda Banken AB (publ) Kungsträdgårdsgatan 8 SE-106 40 Stockholm, Sweden The full list of representatives and Paying Agents outside Luxembourg can be obtained, free of charge, at the registered office of the Management Company and on the website www.sebgroup.lu. 3

General Information Heading SEB Fund 3 (the Fund ) is a Luxembourg investment fund ( Fonds Commun de Placement ) governed by Part I of the Luxembourg Law on Undertaking for Collective Investment of 17 December 2010 (the Law ), as amended. The Fund, which was set up on 27 May 1993 for an undetermined duration, is managed by SEB Asset Management S.A. (the Management Company ). The Management Regulations lastly modified with effect from 11 November 2011, have been deposited with the Luxembourg Trade Register and the relating notice has been published in the Mémorial C on 17 November 2011. The Management Company was established on 15 July 1988, with subsequent publication of the Articles of Incorporation in the Mémorial C on 16 August 1988. The Articles of Incorporation were last amended on 1 July 2014 and published on 21 July 2014. The Management Company is registered under Corporate Identity Number B 28468. SEB Asset Management S.A. has delegated the Central Administration, including the administrative, registrar, transfer agent and paying agent functions - under its continued responsibility and control at its own expense to The Bank of New York Mellon (Luxembourg) S.A., 2-4, rue Eugène Ruppert, L-2453 Luxembourg. This company was incorporated in Luxembourg as a Société Anonyme on 15 December 1998 and is an indirect wholly-owned subsidiary of The Bank of New York Mellon Corporation. It is registered with the Luxembourg Trade and Companies Register under Corporate Identity Number B 67654 (the Administrative Agent and the "Registrar and Transfer Agent ). In its capacity as Administrative Agent, it assumes certain administrative duties which are necessary within the framework of managing the Fund, including the calculation of the Net Asset Value per unit and the provision of accounting services for the Fund. In its capacity as Registrar and Transfer Agent, it will process all subscriptions, redemptions and transfers of units, and will register these transactions in the Unitholders' register of the Fund. The main objective of the investment policy is to invest directly and/or indirectly in transferable securities and other eligible assets with the purpose of spreading risks and achieving long-term capital growth. At present, seven Sub-Funds are at the Unitholders disposal: SEB Fund 3 - SEB Ethical Global Index Fund SEB Fund 3 - SEB Ethical Sweden Fund SEB Fund 3 - SEB Index Linked Bond Fund SEK SEB Fund 3 - SEB Medical Fund SEB Fund 3 - SEB Pension Fund SEB Fund 3 - SEB Technology Fund SEB Fund 3 - SEB U.S. Index Fund The Management Company may decide to issue capitalisation units ( C ) and distribution units ( D ). Several unit classes may be offered, which differ in their charges, use of income, persons authorised to invest, minimum investment amount, reference currency or other characteristics. The D units may pay a dividend. The C, IC and IC P units will capitalise income, with the result that their value will become greater than that of D units, in the proportion of the dividends paid to the D units. The Management Company may furthermore issue unit classes whose reference currency is not the base currency of the respective Sub-Fund, but where the currency exposure of the reference currency against the base currency will be hedged. In case of a currency hedge in favour of the reference currency of a respective unit class, an H- will precede the currency denomination of this unit class. For example (H-SEK) means that the reference currency of the unit class (SEK) is hedged against fluctuation of the base currency of the Sub-Fund. 4

Currently, the following unit classes are offered for the several Sub-Funds: SEB Fund 3 - SEB Ethical Global Index Fund o Capitalisation units ( C (USD) units) LU0389150375 o Distribution units ( D (USD) units) LU0047324644 o Capitalisation units ( IC P (SEK) units) LU1058763860 SEB Fund 3 - SEB Ethical Sweden Fund o Distribution units ( D (SEK) units) LU0047322432 SEB Fund 3 - SEB Index Linked Bond Fund SEK o Distribution units ( D (SEK) units) LU0055809197 SEB Fund 3 - SEB Medical Fund o Distribution units ( D (USD) units) LU0047324214 SEB Fund 3 - SEB Pension Fund o Capitalisation units ( C (SEK) units) LU0910517969 o Capitalisation units ( C (USD) units) LU0427864201 o Distribution units ( D (USD) units) LU0044480142 o Capitalisation units ( IC P (SEK) units) LU0910518421 SEB Fund 3 - SEB Technology Fund o Capitalisation units ( C (USD) units) LU0427864466 o Distribution units ( D (USD) units) LU0047324487 SEB Fund 3 - SEB U.S. Index Fund o Capitalisation units ( C (USD) units) LU0268529194 o Distribution units ( D (USD) units) LU0047323166 o Capitalisation units ( IC P (SEK) units) LU1058765303 The base currency of the Fund and the Sub-Funds SEB Fund 3 - SEB Ethical Global Index Fund, SEB Fund 3 - SEB Medical Fund, SEB Fund 3 - SEB Pension Fund, SEB Fund 3 - SEB Technology Fund and SEB Fund 3 - SEB U.S. Index Fund is US Dollar. The base currency of the Sub-Funds SEB Fund 3 - SEB Ethical Sweden Fund and SEB Fund 3 - SEB Index Linked Bond Fund SEK is Swedish Krona. The Net Asset Value per unit as well as the issue and redemption prices, which are computed daily on bank business days in Luxembourg, except 24 December and 31 December ("Valuation date"), can be obtained from the registered offices of the Management Company, the Custodian Bank and the Paying Agent. In addition, the Net Asset Value, fact sheets and other informational marketing material is published on the SEB Luxembourg website www.sebgroup.lu (http://www.sebgroup.lu) under the rubric SEB Asset Management S.A.. For Sub-Funds registered in other countries, the publication media might differ according to the regulatory requirements. Information about ongoing charges can be found in the Key Investor Information Document (KIID). Financial reports of the Fund are published annually and semi-annually. These reports as well as the Sales Prospectus, the Management Regulations and other information concerning the Fund can be obtained free of charge at the offices of the Management Company, the Custodian Bank and the Paying Agent. 5

Management Report Heading Dear Unitholders, With this report, we want to give you an overview of the general economic environment, the development of the most important capital markets, our investment policy and the performance of our Fund SEB Fund 3. This annual report covers the financial year from 1 January 2014 to 31 December 2014. We would like to thank you for your confidence and will do everything within our power to justify your decision of investing in our Fund. An increasingly heterogeneous world A resurging US economy, moderation in Emerging Markets ( EM ) growth rates, collapsing oil prices, turmoil in Ukraine, and the end of monetary stimulus in the US were the major themes of 2014. In combination they led to, and reflected, a highly dispersed global growth and monetary policy picture. A picture in which some countries are on the verge of hiking rates due to an improving economy (the US), some are hiking due to rising inflation rates (EM oil exporters), and some are on verge of increasing or introducing monetary stimulus due to falling and fragile growth and inflation rates (Europe and Japan). At the end of 2014, the global economy therefore looks more heterogeneous than what it has done for years. In terms of the markets, we saw gains in both equities and core government bonds: the former driven by continued multiple expansion, the latter by the oil price ensuing decline in headline inflation and lingering uncertainty about growth prospects for the Eurozone. The perhaps most notable market event of 2014 was the collapse of oil prices in the year s second half. A rout, which took prices back to levels last seen in 2009, and which also caused considerable turmoil in asset classes other than commodities. The latter in particular for the US High Yield market, which was affected through US energy producers. Despite the mentioned turmoil in commodities, the implied volatility for both equities and bonds remained low over the year as a whole. As such the Chicago Board Options Exchange Market Volatility Index, which measures the implied volatility of US equities, averaged the lowest level since 2007. In total, 2014 turned out to present decent financial returns and seeded the ground for an interesting 2015. In the following, we will comment in more detail on the decline in oil prices, the rising equity valuations, and the geopolitical risks that affected 2014. Finally, we will present our recommended allocation for 2015 and our view on the financial markets. The decline in oil prices The decline in oil prices started in late July 2014. Although no explicit event clearly defined the initial fall in prices, the geopolitical risks, which had for the first half of 2014 dominated the markets, were starting to recede. In particular, focus on Islamic State declined throughout June and July, following an initial escalation in May. The fall in oil prices continued over August and September; a fall that was further fuelled by the refusal of OPEC to cut production at their late October meeting. On a more strategic horizon, the decline in oil prices follows a five year period of ever increasing production in the US, which has once more gained a considerable market share. This has to some extent reduced OPEC s ability to control prices, which can be speculated to be the culprit behind their October decision not to cut production. For better or worse, the global oil price now seems more determined by global supply and demand than price collusion and/or geopolitical risk than what it has done for years. 6

An interesting effect of the slide in oil prices was the impact on other asset classes in general and the US High Yield market in particular. Given that shale producers in the US have been issuing bonds heavily over the last couple of years, the energy sector has gained a heightened importance for the US High Yield market. As such, the uncertainty about the degree to which these issuers had hedged their oil exposure forced spreads significantly higher in the year s second half. Although the effect of oil on the major equity indices was muted compared to High Yield, the declining oil prices did lead to a decline in the forward Earnings Per Share ( EPS ) estimate for the energy sector, which was large enough to depress the aggregate 12-month forward EPS estimate for US equities. The decline in EPS expectations combined with rising prices on equities, led to multiple expansion. Finally, the declining energy prices drove inflation expectations down over the year which supported the continuous gain in government bonds. Valuations For the third year in a row, valuations rose for MSCI World, thereby bringing the 12-month forward Price Earnings ( PE ) up to 15.5 (Bloomberg estimate). As such, the 12-month forward PE ended 2014 at the highest levels since 2004 and is starting to enter territory only paved in recent time by the IT bubble of the late 90s. Whether this is sustainable or not, is likely to be one of the main determinates of equity performance over the coming 4-5 years. It should however be noted that the rise in PE, or conversely the decline in earnings yield, is materializing in a market with unprecedented low nominal yields in the fixed income space. As such, a growing proportion of investors are pointing to the fact that a further decline in earnings yield, or conversely a rise in PE, is only natural, as this will bring convergence in the valuation of earnings and fixed income cash flows. Geopolitical risks The major geopolitical risk driver of 2014 was the turmoil in eastern Ukraine. Trade sanctions imposed by the US and Europe upon Russia and uncertainty about further escalations hampered risk taking in European markets, and did to some extent support the year long decline in German 10-year government bond yields. Even though the turmoil still dominated headlines, the global market impact was muted over the summer; this understood as such that European equities posted year highs in late September, and only declined hereafter, which was post the main noise originating from Ukraine. Put in other words, the relative underperformance of European equities in 2014, compared to US equities, did not seem directly driven by the geopolitical noise from Ukraine. Monetary policy In terms of monetary policy, the most notable event of 2014 was the end of the bond buying stimulus program in the US (the third round of quantitative easing ( QE3 )), the end of which did not cause the same financial havoc as the discussion about tapering in 2013. While the US ended their stimulus program, it was noticeable that Japan increased theirs and that speculation arose about future implementation of quantitative easing in Europe. Perhaps more than anything else, the shifts in global monetary policy signaled a divergence within the global economy, with the US economy firmly outperforming its European peers. 7

The development of monetary policy in the Emerging Market space also illustrated the diverging forces of the declining oil prices and the prospect of future Federal Reserve rate hikes. Due to a combination of both these factors, the latter making US investments more favorable compared to EM assets, 2014 introduced a significant pressure on EM foreign exchange rates as a whole. A pressure, which for some countries and oil exporters in particular, led to inflationary pressures, thereby following rate hikes; a tendency, which is still in place as of writing. In all, while 2014 highlighted the diverging growth between the US and Europe, it also highlighted the ever increasing heterogeneity of the EM space. Outlook for the financial markets and economic growth The US economy enters 2015 looking the strongest it has done for years. Employment growth looks firmly anchored above 200k, sentiment indicators are sitting at multi-year highs for both consumers and manufacturers, and hard data is slowly but steadily improving. All this supports our view that the US economy will continue to be the main growth driver of the western world in 2015. For Europe it seems likely that the weaker Euro, a supporting Central Bank, a resurging US economy, and benign credit conditions will finally break the very negative consensus on European growth. Emerging Market is by the day becoming a more and more heterogeneous space. More than ever, it is split over the dependence of oil revenues, by fiscal balances, and current account deficits. On an aggregated level, we expect to see continued financial weakness in Latin America, and relative strength in Asia. In light of both the strong US growth, the expectation of improving economic growth in Europe and the expectation of rising earnings and sales, equities should deliver a positive return close to, if not above, its historical average. We believe that even though equities are starting to trade at rich multiples, they should still be able to perform. A start of the US rate hike cycle and improving global growth should in our view put upward pressure on core government bond yields. In conclusion, we recommend an allocation for 2015 which is over-weighted risk in general and equities in particular. Luxembourg, 16 January 2015 SEB Asset Management S.A. R. Ferner M. Ewald 8

Report of the Board of Directors Heading SEB Fund 3 - SEB Ethical Global Index Fund Market update Further to strong stock markets in 2013, the year 2014 started somewhat more tentatively with subsequent currency unrest and higher interest rates in several emerging markets. The global economy was marked by considerable price fluctuations due to major regional differences, rising geopolitical uncertainty and doubts about the efficacy of monetary policies. The troubles in Ukraine and the Middle East contributed strongly to the uncertain climate. This resulted in a decline in confidence in the future and periods of lower appetite for risk, particularly in September and October. Towards the end of the year, focus was on the substantial fall in oil prices, which among other things put pressure on the already falling Russian Rouble. Economic developments in the United States were strong and stable, and the US Federal Reserve decided as expected to discontinue buying bonds in view of the stable trends. In Europe, economic statistics were substantially weaker. Doubt rose about Germany's ability to act as growth-locomotive within the region, and pressure increased on the European Central Bank to continue to act expansively. With support from central banks across the world, overall developments for the world's broad equity markets were positive during the period despite the unrest seen during the period, and bond interest rates fell to historically low levels. The US Dollar strengthened significantly during the year, and the Swedish Krona weakened against both the US Dollar and the euro. Sub-Fund update Adjusted for management fees and charges, the Sub-Fund performed during the year in line with its benchmark index SRI on MSCI AC World Net Return. The tracking error in 2014 was expected to be within 35 basis points ( bps ). However, the Sub-Fund realised a tracking error of 17 bps, which was within expectations. The expected tracking error in 2015 is to remain within 35 bps. The Sub-Fund's ethical criteria implied changes in holdings in conjunction with index rebalancing. In 2014, the Sub-Fund had a net inflow of approximately SEK 1.9 billion. The Sub-Fund's principal currency exposure is towards the US Dollar, which strengthened considerably against the Swedish Krona. This in turn contributed positively to the Sub-Fund's unit value expressed in SEK. Strategy going forward The objective of the Sub-Fund is to reflect as far as possible the development of SRI on MSCI AC World Net Return. Note: Performance mentioned in this report is historical and is not indicative of future results. 9

Report of the Board of Directors Heading SEB Fund 3 - SEB Ethical Sweden Fund Market update The Stockholm Stock Exchange developed very well in 2014 despite sluggish growth, geopolitical unrest and falling oil prices. One contributory reason is that the aggregated profits for Swedish companies appear to have risen in 2014 for the first time since 2011. The best sectors were Property, Technology and Finance, while the poorest developments were seen within Telecoms, Oil & Gas and Public Utilities. Macro-economic data showed continued large differences between regions. The United States saw good GDP growth and strong developments within the labour market. The situation was the opposite in Europe, where growth and inflation were non-existent, and unemployment levels remained stubborn. Sweden was somewhere in the middle. Sub-Fund update The positions that contributed most positively to the Sub-Fund's relative performance were overweights in Scania and Axfood and an underweight in Kinnevik. Volkswagen made a bid for Scania, which later went through, resulting in the share rising strongly. Uncertainty about global growth and record-low interest rates led during 2014 to an appreciation of stable equities with high direct yield, which benefited Axfood. The positions that affected relative performance most negatively were overweights in Oriflame and MTG and an underweight in Investor. Both Oriflame and MTG were affected by the Russian unrest and the falling Russian rouble. In addition, the business models of these companies were questioned in a world where technical prerequisites are rapidly changing. The holdings in Volvo, Electrolux and Atlas Copco have been reduced since the end of last year. The proceeds were mainly invested in ABB, Investor and Hufvudstaden. No sales were made during the period as a consequence of the Sub-Fund's sustainability related criteria. Strategy going forward The management's objective is to identify and invest in quality equities with attractive valuations in order to create prerequisites for long-term and good development within the Sub-Fund. Other During the year, the Sub-Fund received back previously paid tax at source from other countries within the EU. This income has affected the Sub-Fund's yield positively by 4.35%. Jens Sandblom is new Manager of the Sub-Fund since 1 July 2014. The Sub-Fund was climate-controlled during 2014 and is significantly more climate-proficient than the Stockholm Stock Exchange as a whole, and was awarded the distinction "Climate Impact Transparent Investment" by South Pole Carbon. Note: Performance mentioned in this report is historical and is not indicative of future results. 10

Report of the Board of Directors Heading SEB Fund 3 - SEB Index Linked Bond Fund SEK Market update The year 2013 closed with the Swedish central bank, Riksbank, reducing its key interest rate, and many people believed at the time that it would be the last reduction in view of the increasingly brighter economic outlook. Inflationary pressure was however low, and would become even lower during 2014. As the year 2014 came to a close, the Riksbank totally "removed" interest after having reduced in the autumn its key interest rate all the way down to zero. The Riksbank's aggressive monetary policy led to Swedish interest rates falling considerably during the year. A Swedish 2-year interest rate at the end of 2014 was around zero percent, and Swedish 10-year interest rates fell by more than 1.5 percentage points in 2014. Sub-Fund update Real bonds followed the nominal trend with falling interest rates during the year, which contributed positively to the Sub-Fund's performance. Inflation was however surprisingly low during 2014, and compensation for inflation was close to zero. Developments for real bonds were therefore slightly poorer than for equivalent nominal bonds. The Riksbank's reduction down to zero in the autumn, combined with the strong fall in oil prices, subsequently led to real interest rates not falling with nominal rates, and the positive trend in the Sub-Fund's performance came to a halt towards the end of 2014. Strategy going forward Swedish inflation, at an annual rate, is expected to remain below zero well into the second half of 2015. This could imply that demand for real bonds to be low during the first months of the year. The market's pricing of real bonds appears however to be attractive. Today's pricing shows that the market believes that inflation will become lower than most analysts believe, including the Riksbank. Initially, we will probably have a neutral exposure towards inflation. Should the low pricing of future inflation become lasting, we will probably increase the exposure sometime in the first quarter. Other The management fee was reduced on 1 April 2014 by 0.2 percentage points to 0.5%. Note: Performance mentioned in this report is historical and is not indicative of future results. 11

Report of the Board of Directors Heading SEB Fund 3 - SEB Medical Fund Market update Further to strong stock markets in 2013, the year 2014 started somewhat more tentatively with subsequent currency unrest and higher interest rates in several emerging markets. The global economy was marked during the year by increased volatility due to major regional differences, rising geopolitical uncertainty and doubts about the efficacy of monetary policies. Economic developments in the United States were strong and stable, but substantially weaker in Europe. With support from central banks across the world, overall developments for the world's broad equity markets were positive during the period, and bond interest rates fell globally to historically low levels. Sub-Fund update The Sub-Fund developed positively in absolute terms and better than its benchmark index, due primarily to positive contributions from holdings within Pharma and Biotechnology. The best company choice was the British biotechnology company Shire Plc, which rose by 50% during the year. The American company Edwards Lifesciences Corp also contributed positively when the share rose by 94%. Our less-successful investments included the American company Cigna Corp, which performed below the pharmaceuticals market as a whole. Strategy going forward The team uses a structured investment process, where the objective is to achieve a portfolio that provides long-term yield that is higher than the Sub-Fund's benchmark index. Companies are analysed based on fundamental factors and market data. Diversification and risk-awareness are important elements of the portfolio's structure. Other Andreas Hansen is Fund Manager as of 1 September 2014. Note: Performance mentioned in this report is historical and is not indicative of future results. 12

Report of the Board of Directors Heading SEB Fund 3 - SEB Pension Fund Market update Further to strong stock markets in 2013, the year 2014 started somewhat more tentatively with subsequent currency unrest and higher interest rates in several emerging markets. The global economy was marked by increased volatility due to major regional differences, rising geopolitical uncertainty and doubts about the efficacy of monetary policies. This resulted in a decline in confidence in the future and periods of lower appetite for risk, particularly in September and October. With low exploitation of resources and non-existent inflationary pressure, central banks have focused on fighting deflation. Economic developments in the United States were strong and stable, and the US Federal Reserve decided as expected to discontinue buying bonds in view of the stable trends. In Europe, economic statistics were substantially weaker. Doubt rose about Germany's ability to act as growth-locomotive within the region, and pressure increased on the European Central Bank to continue to act expansively. With support from central banks across the world, overall developments for the world's broad equity markets were positive during the period, and bond interest rates fell globally to historically low levels. Sub-Fund update The Sub-Fund's value increased during the period, driven primarily by the Sub-Fund's exposure towards equities. The world's broad stock markets developed positively with a continued moderately good appetite for risk among investors. Government bonds, credits and hedge funds also contributed positively. Our investments in hedge funds performed strongly, driven primarily by SEB Asset Selection. The corporate bond market was characterised by the narrowing of interest-rate differences between corporate bonds and equivalent underlying government bonds. The Sub-Fund's exposure in the asset class in the form of SEB Foretagsobligationsfond Flexible and SEB High Yield both developed positively. The fixed-income part of the Sub-Fund consisting of Swedish government and mortgage bonds also made a positive contribution in an environment of falling interest rates. Commodities developed negatively during the year, and the Sub-Fund's exposure in the form of Vontobel Fund - Belvista Commodity Fund and SEB Prime Solutions - SEB Commodity Index Fund decreased in value. The US Dollar strengthened against the Swedish Krona, which contributed positively to the development of the Sub-Fund unit's value expressed in SEK. Strategy going forward We believe that the portfolio is well-balanced given the prevailing market situation, and will therefore maintain the current allocation among the Sub-Fund's various asset classes. Note: Performance mentioned in this report is historical and is not indicative of future results. 13

Report of the Board of Directors Heading SEB Fund 3 - SEB Technology Fund Market update Further to strong stock markets in 2013, the year 2014 started somewhat more tentatively with subsequent currency unrest and higher interest rates in several emerging markets. The global economy was marked during the year by increased volatility due to major regional differences, rising geopolitical uncertainty and doubts about the efficacy of monetary policies. Economic developments in the United States were strong and stable, but substantially weaker in Europe. With support from central banks across the world, overall developments for the world's broad equity markets were positive during the period, and bond interest rates fell globally to historically low levels. Sub-Fund update The Sub-Fund developed positively in absolute terms during the year but below its benchmark index, due primarily to positive contributions from our holdings in hardware companies, while software companies were less successful. At company level, the American company F5 Networks Inc contributed positively further to the share rising by 44% during the year. The American software company Microsoft Corp also had a positive effect with a rise of 28%. Our less successful investments included Xilinx Inc, which performed poorer than the technology sector as a whole. Strategy going forward The team uses a structured investment process, where the objective is to achieve a portfolio that provides long-term yield that is higher than the Sub-Fund's benchmark index. Companies are analysed based on fundamental factors and market data. Diversification and risk-awareness are important elements of the portfolio's structure. Note: Performance mentioned in this report is historical and is not indicative of future results. 14

Report of the Board of Directors Heading SEB Fund 3 - SEB U.S. Index Fund Market update Further to strong stock markets in 2013, the year 2014 started somewhat more tentatively with subsequent currency unrest and higher interest rates in several emerging markets. The global economy was marked by considerable price fluctuations due to major regional differences, rising geopolitical uncertainty and doubts about the efficacy of monetary policies. The troubles in Ukraine and the Middle East contributed strongly to the uncertain climate. This resulted in a decline in confidence in the future and periods of lower appetite for risk, particularly in September and October. Towards the end of the year, focus was on the substantial fall in oil prices, which among other things put pressure on the already falling Russian Rouble. Economic developments in the United States were strong and stable, and the US Federal Reserve decided as expected to discontinue buying bonds in view of the stable trends. In Europe, economic statistics were substantially weaker. Doubt rose about Germany's ability to act as growth-locomotive within the region, and pressure increased on the European Central Bank to continue to act expansively. Despite global unrest and uncertainty, American stock markets developed well in 2014. Several downturns of between 4 and 8 percentage points were seen as a consequence of the general unrest, although the full-year saw a positive trend. The US Dollar strengthened considerably during the year. Sub-Fund update Adjusted for management fees and charges, the Sub-Fund performed during the year in line with its benchmark index S&P 500 Net Return. The tracking error in 2014 was expected to be within 20 basis points ( bps ). However, the Sub-Fund realised a tracking error of 7 bps, which was within expectations. The expected tracking error in 2015 is to remain within 20 bps. In 2014, the Sub-Fund had a net inflow of approximately SEK 565 million. The Sub-Fund's currency exposure is towards the US Dollar, which strengthened considerably against the Swedish Krona. This in turn contributed positively to the Sub-Fund's unit value expressed in SEK. Strategy going forward The objective of the Sub-Fund is to reflect as far as possible the development of S&P 500 Net Return. Note: Performance mentioned in this report is historical and is not indicative of future results. 15

Schedule of Investments Heading As at 31 December 2014 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Transferable securities admitted to an official stock exchange listing Shares Australia AGL Energy Ltd 95,886 AUD 13.400 1,053,274.52 0.05 Amcor Ltd/Australia 97,520 AUD 13.490 1,078,418.23 0.05 AMP Ltd 167,905 AUD 5.530 761,150.15 0.04 Asciano Ltd 77,780 AUD 6.050 385,749.07 0.02 ASX Ltd 10,342 AUD 36.660 310,798.26 0.02 Aurizon Holdings Ltd 188,144 AUD 4.640 715,632.30 0.04 Australia & New Zealand Banking Group Ltd 185,212 AUD 32.040 4,864,556.00 0.24 BHP Billiton Ltd 210,047 AUD 29.480 5,076,045.91 0.25 Brambles Ltd 85,198 AUD 10.620 741,712.32 0.04 Commonwealth Bank of Australia 98,847 AUD 85.580 6,934,535.15 0.35 Computershare Ltd 43,525 AUD 11.800 421,019.65 0.02 CSL Ltd 25,364 AUD 87.110 1,811,203.87 0.09 Dexus Property Group 142,865 AUD 7.160 838,533.56 0.04 Fortescue Metals Group Ltd 130,853 AUD 2.750 294,983.66 0.01 Goodman Group 258,950 AUD 5.820 1,235,436.64 0.06 GPT Group/The 293,584 AUD 4.450 1,070,961.78 0.05 Insurance Australia Group Ltd 172,857 AUD 6.250 885,622.35 0.04 Lend Lease Group 70,628 AUD 16.430 951,253.02 0.05 Macquarie Group Ltd 26,558 AUD 58.150 1,265,979.47 0.06 National Australia Bank Ltd 162,304 AUD 33.530 4,461,124.62 0.22 Newcrest Mining Ltd 68,977 AUD 10.840 612,936.05 0.03 Orica Ltd 31,084 AUD 18.940 482,612.37 0.02 Origin Energy Ltd 57,515 AUD 11.600 546,916.08 0.03 QBE Insurance Group Ltd 60,864 AUD 11.220 559,802.62 0.03 Santos Ltd 80,136 AUD 8.200 538,670.38 0.03 Scentre Group 399,364 AUD 3.610 1,181,837.30 0.06 Stockland 276,018 AUD 4.160 941,265.88 0.05 Suncorp Group Ltd 96,521 AUD 14.050 1,111,679.80 0.06 Telstra Corp Ltd 296,576 AUD 5.980 1,453,847.21 0.07 Westfield Corp 130,576 AUD 9.240 989,046.96 0.05 Westpac Banking Corp 199,816 AUD 33.200 5,438,134.23 0.27 Woodside Petroleum Ltd 43,733 AUD 38.030 1,363,380.80 0.07 Woolworths Ltd 110,876 AUD 30.570 2,778,526.65 0.14 WorleyParsons Ltd 27,962 AUD 9.930 227,614.05 0.01 Total Australia 53,384,260.91 2.66 Austria Erste Group Bank AG 42,028 EUR 19.235 983,406.30 0.05 OMV AG 27,066 EUR 22.010 724,679.86 0.04 Total Austria 1,708,086.16 0.09 Belgium Ageas 17,564 EUR 29.625 632,971.07 0.03 Belgacom SA 9,158 EUR 30.000 334,213.48 0.02 Delhaize Group SA 10,462 EUR 60.260 766,912.68 0.04 Groupe Bruxelles Lambert SA 4,369 EUR 70.360 373,946.91 0.02 KBC Groep NV 12,246 EUR 46.510 692,855.50 0.03 Solvay SA 2,384 EUR 112.000 324,807.72 0.02 Umicore SA 6,817 EUR 33.060 274,156.29 0.01 Total Belgium 3,399,863.65 0.17 Bermuda Arch Capital Group Ltd 7,600 USD 59.600 452,960.00 0.02 Bunge Ltd 8,900 USD 92.100 819,690.00 0.04 COSCO Pacific Ltd 498,000 HKD 11.040 708,755.93 0.04 16

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Credicorp Ltd 4,100 USD 160.800 659,280.00 0.03 Everest Re Group Ltd 3,400 USD 172.500 586,500.00 0.03 Invesco Ltd 14,500 USD 39.960 579,420.00 0.03 Kunlun Energy Co Ltd 390,000 HKD 7.360 370,033.21 0.02 Li & Fung Ltd 472,000 HKD 7.200 438,099.53 0.02 Marvell Technology Group Ltd 19,700 USD 14.470 285,059.00 0.01 Nabors Industries Ltd 25,300 USD 12.900 326,370.00 0.02 Noble Group Ltd 394,000 SGD 1.130 337,006.66 0.02 NWS Holdings Ltd 258,000 HKD 14.300 475,613.34 0.02 Seadrill Ltd 25,866 NOK 86.450 301,744.63 0.01 Shangri-La Asia Ltd 340,000 HKD 10.640 466,357.36 0.02 Signet Jewelers Ltd 2,300 USD 131.390 302,197.00 0.02 Total Bermuda 7,109,086.66 0.35 Brazil Banco Bradesco SA ADR 106,756 USD 13.270 1,416,652.12 0.07 Banco do Brasil SA 52,100 BRL 23.770 464,906.82 0.02 Banco Santander Brasil SA 56,100 BRL 13.460 283,469.89 0.01 BM&FBovespa SA 215,800 BRL 9.850 797,970.22 0.04 BR Malls Participacoes SA 58,700 BRL 16.430 362,055.11 0.02 Bradespar SA (Pref) 54,700 BRL 14.300 293,644.84 0.02 BRF SA 32,800 BRL 63.440 781,152.87 0.04 CCR SA 65,100 BRL 15.410 376,602.02 0.02 Cia Brasileira de Distribuicao (Pref) 8,509 BRL 98.630 315,055.14 0.02 Cia de Saneamento Basico do Estado de Sao Paulo 32,400 BRL 17.010 206,894.21 0.01 Cia Siderurgica Nacional SA 130,100 BRL 5.580 272,527.61 0.01 Cielo SA 48,792 BRL 41.670 763,257.59 0.04 Gerdau SA (Pref) 131,700 BRL 9.580 473,642.10 0.02 Itau Unibanco Holding SA (Pref) 157,410 BRL 34.600 2,044,595.64 0.10 Itausa - Investimentos Itau SA (Pref) 135,961 BRL 9.390 479,268.58 0.02 Kroton Educacional SA 87,200 BRL 15.500 507,396.18 0.03 Localiza Rent a Car SA 49,930 BRL 35.710 669,345.63 0.03 Lojas Renner SA 27,200 BRL 76.470 780,834.52 0.04 Natura Cosmeticos SA 27,900 BRL 31.850 333,589.72 0.02 Petroleo Brasileiro SA ADR 165,900 USD 7.540 1,250,886.00 0.06 Telefonica Brasil SA (Pref) 12,600 BRL 46.850 221,604.80 0.01 Tim Participacoes SA 68,000 BRL 11.780 300,713.70 0.02 Ultrapar Participacoes SA 28,200 BRL 51.450 544,670.06 0.03 Total Brazil 13,940,735.37 0.70 Canada Agnico Eagle Mines Ltd 18,500 CAD 29.060 463,281.85 0.02 Alimentation Couche-Tard Inc 25,600 CAD 48.270 1,064,866.62 0.05 ARC Resources Ltd 28,500 CAD 25.280 620,868.86 0.03 Bank of Montreal 28,600 CAD 82.030 2,021,699.92 0.10 Bank of Nova Scotia/The 86,500 CAD 66.390 4,948,763.80 0.25 Baytex Energy Corp 16,200 CAD 19.340 269,991.09 0.01 BCE Inc 14,400 CAD 53.450 663,266.64 0.03 Bombardier Inc B 158,700 CAD 4.080 557,975.38 0.03 Brookfield Asset Management Inc A 23,600 CAD 58.510 1,189,926.27 0.06 Cameco Corp 38,700 CAD 19.010 633,973.39 0.03 Canadian Imperial Bank of Commerce/Canada 21,226 CAD 99.870 1,826,758.60 0.09 Canadian National Railway Co 42,100 CAD 80.280 2,912,509.90 0.15 Canadian Natural Resources Ltd 54,900 CAD 35.850 1,696,053.14 0.08 Canadian Oil Sands Ltd 23,500 CAD 10.500 212,635.18 0.01 Canadian Pacific Railway Ltd 8,700 CAD 224.300 1,681,614.63 0.08 Canadian Tire Corp Ltd A 4,200 CAD 122.070 441,810.65 0.02 Catamaran Corp 15,700 CAD 60.470 818,121.06 0.04 Cenovus Energy Inc 46,900 CAD 23.820 962,703.50 0.05 CGI Group Inc A 12,400 CAD 44.570 476,257.98 0.02 17

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Crescent Point Energy Corp 29,200 CAD 27.220 684,934.31 0.03 Eldorado Gold Corp 76,200 CAD 7.060 463,593.80 0.02 Enbridge Inc 36,300 CAD 59.630 1,865,302.98 0.09 Encana Corp 38,350 CAD 16.090 531,740.04 0.03 Enerplus Corp 32,800 CAD 11.130 314,591.48 0.02 Fairfax Financial Holdings Ltd 1,100 CAD 610.000 578,229.80 0.03 Finning International Inc 19,700 CAD 25.200 427,803.88 0.02 First Quantum Minerals Ltd 44,500 CAD 16.520 633,502.02 0.03 Franco-Nevada Corp 13,100 CAD 57.320 647,076.20 0.03 Goldcorp Inc 48,500 CAD 21.610 903,180.30 0.05 Great-West Lifeco Inc 11,200 CAD 33.680 325,063.39 0.02 Husky Energy Inc 9,000 CAD 27.320 211,885.46 0.01 IGM Financial Inc 7,000 CAD 46.300 279,291.03 0.01 Imperial Oil Ltd 13,600 CAD 50.300 589,501.40 0.03 Intact Financial Corp 5,800 CAD 83.760 418,641.82 0.02 Kinross Gold Corp 104,900 CAD 3.250 293,789.86 0.01 Loblaw Cos Ltd 9,707 CAD 62.300 521,135.94 0.03 Magna International Inc 16,900 CAD 126.490 1,842,132.43 0.09 Manulife Financial Corp 115,800 CAD 22.280 2,223,318.57 0.11 MEG Energy Corp 10,600 CAD 20.080 183,420.35 0.01 Metro Inc 13,800 CAD 92.370 1,098,469.44 0.06 National Bank of Canada 16,800 CAD 49.400 715,178.06 0.04 Open Text Corp 8,900 CAD 68.500 525,361.84 0.03 Pacific Rubiales Energy Corp 29,400 CAD 7.260 183,933.95 0.01 Power Corp of Canada 12,300 CAD 31.720 336,214.35 0.02 Power Financial Corp 8,000 CAD 36.170 249,354.06 0.01 Restaurant Brands International Inc 13,482 CAD 45.090 523,856.71 0.03 RioCan Real Estate Investment Trust 34,700 CAD 26.820 801,984.91 0.04 Rogers Communications Inc B 29,900 CAD 45.250 1,165,917.23 0.06 Royal Bank of Canada 90,191 CAD 80.430 6,251,139.93 0.31 Saputo Inc 12,200 CAD 34.270 360,289.73 0.02 Shaw Communications Inc B 31,300 CAD 31.430 847,747.79 0.04 Silver Wheaton Corp 33,000 CAD 23.490 667,997.61 0.03 SNC-Lavalin Group Inc 10,700 CAD 43.940 405,155.54 0.02 Sun Life Financial Inc 23,700 CAD 42.330 864,519.04 0.04 Suncor Energy Inc 75,600 CAD 37.090 2,416,331.85 0.12 Talisman Energy Inc 76,400 CAD 9.100 599,118.46 0.03 Teck Resources Ltd B 30,000 CAD 15.950 412,344.20 0.02 Thomson Reuters Corp 13,500 CAD 47.100 547,939.52 0.03 Toronto-Dominion Bank/The 123,300 CAD 55.440 5,890,663.95 0.29 Tourmaline Oil Corp 22,400 CAD 38.640 745,869.91 0.04 TransAlta Corp 94,000 CAD 10.560 855,400.94 0.04 Valeant Pharmaceuticals International Inc 19,400 CAD 166.070 2,776,328.59 0.14 Vermilion Energy Inc 11,000 CAD 56.770 538,132.88 0.03 Yamana Gold Inc 76,100 CAD 4.710 308,875.54 0.02 Total Canada 67,489,339.55 3.36 Cayman Islands Belle International Holdings Ltd 411,000 HKD 8.730 462,545.39 0.02 China Mengniu Dairy Co Ltd 146,000 HKD 32.050 603,224.78 0.03 China Resources Land Ltd 204,000 HKD 20.450 537,801.20 0.03 ENN Energy Holdings Ltd 116,000 HKD 44.000 657,974.33 0.03 Hengan International Group Co Ltd 72,000 HKD 80.250 744,862.01 0.04 Herbalife Ltd 5,200 USD 38.040 197,808.00 0.01 Tencent Holdings Ltd 363,600 HKD 113.300 5,310,703.71 0.27 Tingyi Cayman Islands Holding Corp 240,000 HKD 17.500 541,436.56 0.03 Want Want China Holdings Ltd 512,000 HKD 10.120 667,957.39 0.03 Total Cayman Islands 9,724,313.37 0.49 Chile Banco Santander Chile 10,689,576 CLP 30.330 535,803.65 0.03 18

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Cencosud SA 133,847 CLP 1,514.200 334,938.19 0.02 Empresa Nacional de Electricidad SA/Chile 588,140 CLP 921.500 895,671.67 0.04 Empresas CMPC SA 114,952 CLP 1,518.600 288,491.29 0.01 Empresas COPEC SA 47,466 CLP 6,848.900 537,249.77 0.03 Enersis SA 1,850,721 CLP 198.760 607,914.81 0.03 Sociedad Quimica y Minera de Chile SA B (Pref) 9,838 CLP 14,743.000 239,698.58 0.01 Total Chile 3,439,767.96 0.17 China Agricultural Bank of China Ltd H 1,473,000 HKD 3.890 738,670.30 0.04 Anhui Conch Cement Co Ltd H 187,000 HKD 28.150 678,606.93 0.03 Bank of China Ltd H 5,835,000 HKD 4.290 3,226,981.24 0.16 China CITIC Bank Corp Ltd H 528,000 HKD 6.170 419,969.14 0.02 China Coal Energy Co Ltd H 739,000 HKD 4.870 463,950.54 0.02 China Communications Construction Co Ltd H 1,101,000 HKD 9.410 1,335,596.37 0.07 China Construction Bank Corp H 5,302,000 HKD 6.280 4,292,374.98 0.21 China Life Insurance Co Ltd H 475,000 HKD 29.800 1,824,770.12 0.09 China Merchants Bank Co Ltd H 383,311 HKD 19.140 945,783.00 0.05 China National Building Material Co Ltd H 780,000 HKD 7.460 750,121.68 0.04 China Pacific Insurance Group Co Ltd H 228,400 HKD 39.300 1,157,142.75 0.06 China Petroleum & Chemical Corp H 1,289,600 HKD 6.210 1,032,392.67 0.05 China Shenhua Energy Co Ltd H 248,500 HKD 22.750 728,796.17 0.04 China Telecom Corp Ltd H 1,188,000 HKD 4.500 689,171.39 0.03 Industrial & Commercial Bank of China Ltd H 4,414,000 HKD 5.560 3,163,773.67 0.16 Jiangxi Copper Co Ltd H 559,000 HKD 13.200 951,226.69 0.05 PetroChina Co Ltd H 1,324,000 HKD 8.530 1,455,912.60 0.07 PICC Property & Casualty Co Ltd H 541,076 HKD 15.220 1,061,625.18 0.05 Ping An Insurance Group Co of China Ltd H 183,000 HKD 78.900 1,861,342.87 0.09 Yanzhou Coal Mining Co Ltd H 642,000 HKD 6.600 546,232.14 0.03 Total China 27,324,440.43 1.36 Colombia Ecopetrol SA 427,714 COP 2,080.000 372,313.55 0.02 Grupo Argos SA/Colombia 72,480 COP 20,499.999 621,819.14 0.03 Total Colombia 994,132.69 0.05 Curacao Schlumberger Ltd 87,844 USD 86.440 7,593,235.36 0.38 Total Curacao 7,593,235.36 0.38 Czech Republic CEZ AS 21,918 CZK 591.000 567,994.98 0.03 Komercni banka AS 1,500 CZK 4,740.000 311,763.81 0.01 Total Czech Republic 879,758.79 0.04 Denmark AP Moeller - Maersk A/S B 465 DKK 12,370.000 939,810.94 0.05 Coloplast A/S B 10,035 DKK 519.000 850,947.13 0.04 Danske Bank A/S 56,620 DKK 167.400 1,548,613.92 0.08 DSV A/S 36,542 DKK 188.200 1,123,646.68 0.05 Novo Nordisk A/S B 106,881 DKK 260.300 4,545,613.62 0.22 Novozymes A/S B 17,421 DKK 259.800 739,486.19 0.04 Pandora A/S 9,530 DKK 504.500 785,546.53 0.04 Vestas Wind Systems A/S 21,301 DKK 226.500 788,290.04 0.04 Total Denmark 11,321,955.05 0.56 Finland Fortum OYJ 15,472 EUR 17.970 338,217.91 0.02 Kone OYJ B 26,324 EUR 37.820 1,211,087.38 0.06 19

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Metso OYJ 7,577 EUR 24.860 229,139.78 0.01 Nokia OYJ 218,838 EUR 6.560 1,746,339.39 0.09 Nokian Renkaat OYJ 8,159 EUR 20.290 201,382.19 0.01 Sampo OYJ A 39,743 EUR 38.820 1,876,801.11 0.09 UPM-Kymmene OYJ 22,742 EUR 13.620 376,797.35 0.02 Wartsila OYJ Abp 10,812 EUR 37.090 487,826.00 0.02 Total Finland 6,467,591.11 0.32 France Accor SA 12,936 EUR 37.055 583,107.86 0.03 Air Liquide SA 16,919 EUR 102.000 2,099,311.74 0.10 Alcatel-Lucent 173,678 EUR 2.956 624,527.14 0.03 Arkema SA 5,280 EUR 54.880 352,492.68 0.02 AXA SA 157,088 EUR 19.125 3,654,656.19 0.18 BNP Paribas SA 73,127 EUR 48.830 4,343,767.33 0.22 Bouygues SA 9,220 EUR 29.960 336,027.49 0.02 Cap Gemini SA 7,892 EUR 59.730 573,431.66 0.03 Carrefour SA 25,500 EUR 24.965 774,415.12 0.04 Cie de Saint-Gobain 26,239 EUR 34.970 1,116,207.62 0.06 Cie Generale des Etablissements Michelin 9,035 EUR 74.860 822,773.04 0.04 Credit Agricole SA 93,050 EUR 10.740 1,215,689.68 0.06 Danone SA 42,828 EUR 54.000 2,813,349.11 0.14 Dassault Systemes 9,228 EUR 50.200 563,525.24 0.03 Electricite de France SA 17,302 EUR 22.765 479,143.98 0.02 Essilor International SA 14,623 EUR 90.750 1,614,303.49 0.08 GDF Suez 80,821 EUR 19.385 1,905,864.84 0.09 Groupe Eurotunnel SA 48,542 EUR 10.605 626,225.01 0.03 Iliad SA 1,737 EUR 194.050 410,029.91 0.02 Kering 3,752 EUR 158.100 721,600.41 0.04 Lafarge SA 15,160 EUR 58.080 1,071,094.73 0.05 Legrand SA 16,751 EUR 43.160 879,476.52 0.04 L'Oreal SA 12,036 EUR 138.150 2,022,717.08 0.10 Orange SA 79,410 EUR 14.130 1,364,958.45 0.07 Publicis Groupe SA 11,135 EUR 59.710 808,796.69 0.04 Renault SA 11,792 EUR 60.210 863,690.56 0.04 Sanofi 84,656 EUR 75.000 7,723,623.24 0.39 Societe Generale SA 47,468 EUR 34.815 2,010,339.50 0.10 Sodexo SA 3,242 EUR 80.680 318,185.93 0.02 Technip SA 6,073 EUR 49.215 363,582.40 0.02 Total SA 141,210 EUR 42.535 7,306,576.96 0.36 Unibail-Rodamco SE 7,015 EUR 211.300 1,803,139.16 0.09 Valeo SA 4,552 EUR 103.850 575,056.91 0.03 Vallourec SA 8,742 EUR 22.575 240,071.52 0.01 Vinci SA 38,540 EUR 45.260 2,121,916.71 0.11 Vivendi SA 94,872 EUR 20.645 2,382,621.28 0.12 Total France 57,486,297.18 2.87 Germany Adidas AG 13,493 EUR 57.620 945,766.33 0.05 Allianz SE 30,116 EUR 137.350 5,031,853.92 0.25 BASF SE 75,047 EUR 69.880 6,379,524.43 0.32 Bayer AG 59,675 EUR 113.000 8,203,004.39 0.41 Bayerische Motoren Werke AG 19,342 EUR 89.770 2,112,198.24 0.10 Beiersdorf AG 3,863 EUR 67.420 316,822.14 0.02 Commerzbank AG 83,088 EUR 10.980 1,109,794.88 0.05 Continental AG 3,945 EUR 175.550 842,461.21 0.04 Daimler AG 77,466 EUR 68.970 6,499,402.46 0.32 Deutsche Bank AG 66,371 EUR 24.985 2,017,250.30 0.10 Deutsche Boerse AG 12,595 EUR 59.220 907,337.06 0.04 Deutsche Post AG 63,384 EUR 27.045 2,085,300.76 0.10 E.ON SE 119,261 EUR 14.195 2,059,377.28 0.10 20

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Fresenius Medical Care AG & Co KGaA 8,489 EUR 61.850 638,702.05 0.03 Fresenius SE & Co KGaA 19,209 EUR 43.160 1,008,528.71 0.05 GEA Group AG 8,519 EUR 36.600 379,290.34 0.02 Henkel AG & Co KGaA (Pref) 21,977 EUR 89.420 2,390,590.26 0.12 Infineon Technologies AG 68,619 EUR 8.845 738,319.43 0.04 Kabel Deutschland Holding AG 6,583 EUR 112.400 900,103.06 0.04 LANXESS AG 9,360 EUR 38.455 437,855.43 0.02 Linde AG 9,342 EUR 154.200 1,752,372.02 0.09 MAN SE 2,803 EUR 92.160 314,244.46 0.02 Merck KGaA 5,340 EUR 78.420 509,413.17 0.03 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 9,908 EUR 165.750 1,997,752.15 0.10 OSRAM Licht AG 7,809 EUR 32.760 311,201.29 0.02 Porsche Automobil Holding SE (Pref) 11,780 EUR 67.160 962,405.40 0.05 RWE AG 24,683 EUR 25.650 770,171.40 0.04 SAP SE 68,241 EUR 58.260 4,836,352.37 0.24 Siemens AG 60,827 EUR 93.750 6,936,968.89 0.35 ThyssenKrupp AG 35,332 EUR 21.260 913,762.97 0.05 Volkswagen AG (Pref) 7,166 EUR 184.650 1,609,637.90 0.08 Total Germany 65,917,764.70 3.29 Greece Eurobank Ergasias SA 577,549 EUR 0.184 129,273.27 0.01 Hellenic Telecommunications Organization SA 45,572 EUR 9.100 504,477.21 0.02 National Bank of Greece SA 110,299 EUR 1.430 191,871.15 0.01 Piraeus Bank SA 141,257 EUR 0.930 159,806.71 0.01 Titan Cement Co SA 9,720 EUR 18.890 223,357.37 0.01 Total Greece 1,208,785.71 0.06 Hong Kong AIA Group Ltd 829,000 HKD 43.050 4,600,721.81 0.23 Bank of East Asia Ltd 94,400 HKD 30.900 376,035.43 0.02 BOC Hong Kong Holdings Ltd 197,000 HKD 25.650 651,406.19 0.03 Cheung Kong Holdings Ltd 89,000 HKD 130.200 1,493,823.47 0.07 China Merchants Holdings International Co Ltd 182,000 HKD 25.800 605,326.07 0.03 China Mobile Ltd 375,900 HKD 90.600 4,390,346.64 0.22 China Overseas Land & Investment Ltd 472,000 HKD 22.800 1,387,315.16 0.07 China Unicom Hong Kong Ltd 388,000 HKD 10.460 523,192.73 0.03 CLP Holdings Ltd 129,000 HKD 67.100 1,115,862.08 0.05 CNOOC Ltd 1,108,000 HKD 10.380 1,482,638.94 0.07 Hang Lung Properties Ltd 176,000 HKD 21.750 493,480.75 0.02 Hang Seng Bank Ltd 44,400 HKD 129.000 738,364.77 0.04 Henderson Land Development Co Ltd 85,910 HKD 54.150 599,708.86 0.03 Hong Kong & China Gas Co Ltd 359,128 HKD 17.780 823,150.62 0.04 Hong Kong Exchanges and Clearing Ltd 75,800 HKD 171.300 1,673,882.07 0.08 Hutchison Whampoa Ltd 117,000 HKD 89.250 1,346,146.65 0.07 Lenovo Group Ltd 624,000 HKD 10.200 820,508.43 0.04 Link REIT/The 149,500 HKD 48.450 933,755.69 0.05 New World Development Co Ltd 295,000 HKD 8.850 336,560.83 0.02 Power Assets Holdings Ltd 117,000 HKD 74.550 1,124,428.38 0.05 Sino Land Co Ltd 240,000 HKD 12.440 384,884.05 0.02 Sun Hung Kai Properties Ltd 76,000 HKD 118.200 1,158,055.45 0.06 Swire Pacific Ltd A 27,500 HKD 100.500 356,284.59 0.02 Wharf Holdings Ltd/The 101,000 HKD 56.200 731,738.62 0.04 Total Hong Kong 28,147,618.28 1.40 Hungary OTP Bank Plc 47,800 HUF 3,811.000 703,589.63 0.04 Total Hungary 703,589.63 0.04 21

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets India Asian Paints Ltd 57,367 INR 749.950 678,746.91 0.03 Bharti Airtel Ltd 54,103 INR 349.750 298,533.10 0.01 Dr Reddy's Laboratories Ltd 11,034 INR 3,182.550 554,015.13 0.03 Hindalco Industries Ltd 227,871 INR 156.350 562,082.88 0.03 Hindustan Unilever Ltd 65,836 INR 759.500 788,868.53 0.04 Housing Development Finance Corp Ltd 104,121 INR 1,129.400 1,855,237.56 0.09 Infosys Ltd 61,302 INR 1,966.350 1,901,730.10 0.09 Reliance Industries Ltd 109,261 INR 880.150 1,517,173.60 0.08 State Bank of India 178,160 INR 309.750 870,632.62 0.04 Sun Pharmaceutical Industries Ltd 54,926 INR 820.400 710,913.95 0.04 Tata Consultancy Services Ltd 39,063 INR 2,530.050 1,559,222.57 0.08 Tata Motors Ltd 94,341 INR 493.750 734,887.73 0.04 Total India 12,032,044.68 0.60 Indonesia Astra International Tbk PT 1,189,000 IDR 7,424.997 709,301.80 0.04 Bank Central Asia Tbk PT 846,500 IDR 13,124.996 892,645.51 0.04 Bank Mandiri Persero Tbk PT 1,166,000 IDR 10,774.997 1,009,412.27 0.05 Bank Rakyat Indonesia Persero Tbk PT 1,387,300 IDR 11,649.999 1,298,521.25 0.06 Kalbe Farma Tbk PT 4,196,800 IDR 1,829.996 617,052.49 0.03 Telekomunikasi Indonesia Persero Tbk PT 5,110,900 IDR 2,864.998 1,176,453.48 0.06 United Tractors Tbk PT 282,900 IDR 17,349.998 394,353.02 0.02 Total Indonesia 6,097,739.82 0.30 Ireland Accenture Plc A 30,300 USD 90.190 2,732,757.00 0.14 Actavis plc 14,126 USD 259.570 3,666,685.82 0.18 Bank of Ireland 1,465,869 EUR 0.313 558,137.98 0.03 Covidien Plc 28,100 USD 103.220 2,900,482.00 0.14 CRH Plc 32,322 EUR 19.540 768,289.43 0.04 Eaton Corp Plc 23,624 USD 68.770 1,624,622.48 0.08 Endo International Plc 9,000 USD 72.820 655,380.00 0.03 Ingersoll-Rand Plc 17,500 USD 64.250 1,124,375.00 0.06 Kerry Group Plc A 12,798 EUR 58.200 906,081.29 0.04 Mallinckrodt Plc 7,600 USD 97.230 738,948.00 0.04 Pentair Plc 14,223 USD 67.130 954,789.99 0.05 Perrigo Co Plc 7,600 USD 167.040 1,269,504.00 0.06 Seagate Technology Plc 16,800 USD 67.250 1,129,800.00 0.06 Tyco International Plc 22,600 USD 44.220 999,372.00 0.05 Weatherford International Plc 45,600 USD 11.550 526,680.00 0.03 Willis Group Holdings Plc 18,600 USD 45.300 842,580.00 0.04 XL Group Plc 28,600 USD 34.750 993,850.00 0.05 Total Ireland 22,392,334.99 1.12 Israel Israel Chemicals Ltd 42,677 ILS 28.130 308,413.35 0.02 Teva Pharmaceutical Industries Ltd 64,658 ILS 221.000 3,670,997.59 0.18 Total Israel 3,979,410.94 0.20 Italy Assicurazioni Generali SpA 70,501 EUR 17.000 1,457,962.22 0.07 Atlantia SpA 28,329 EUR 19.330 666,139.48 0.03 Banco Popolare SC 24,967 EUR 10.060 305,538.83 0.02 Enel SpA 403,456 EUR 3.696 1,813,970.48 0.09 Eni SpA 192,551 EUR 14.510 3,398,719.03 0.17 Fiat Chrysler Automobiles NV 94,038 EUR 9.600 1,098,187.99 0.05 Intesa Sanpaolo SpA 669,096 EUR 2.422 1,971,354.12 0.10 Mediobanca SpA 64,523 EUR 6.770 531,380.11 0.03 Saipem SpA 21,221 EUR 8.765 226,266.29 0.01 22

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Snam SpA 78,643 EUR 4.100 392,234.69 0.02 Telecom Italia SpA 966,417 EUR 0.882 1,036,896.04 0.05 UniCredit SpA 301,674 EUR 5.335 1,957,827.29 0.10 Total Italy 14,856,476.57 0.74 Japan Air Water Inc 60,000 JPY 1,916.000 963,015.54 0.05 Aisin Seiki Co Ltd 11,500 JPY 4,355.000 419,539.20 0.02 Asahi Glass Co Ltd 96,000 JPY 589.000 473,666.94 0.02 Asahi Kasei Corp 80,000 JPY 1,105.500 740,858.51 0.04 Astellas Pharma Inc 131,000 JPY 1,686.500 1,850,734.77 0.09 Bank of Yokohama Ltd/The 115,000 JPY 657.300 633,210.36 0.03 Bridgestone Corp 31,900 JPY 4,199.000 1,122,078.14 0.06 Canon Inc 103,100 JPY 3,840.500 3,316,904.57 0.17 Central Japan Railway Co 10,400 JPY 18,140.000 1,580,364.13 0.08 Chubu Electric Power Co Inc 47,800 JPY 1,418.500 567,994.04 0.03 Chugai Pharmaceutical Co Ltd 12,500 JPY 2,964.000 310,366.44 0.02 Chugoku Electric Power Co Inc/The 46,500 JPY 1,580.000 615,455.39 0.03 Dai Nippon Printing Co Ltd 67,000 JPY 1,090.000 611,769.53 0.03 Dai-ichi Life Insurance Co Ltd/The 57,400 JPY 1,841.000 885,222.05 0.04 Daiichi Sankyo Co Ltd 46,200 JPY 1,688.000 653,282.40 0.03 Daikin Industries Ltd 15,000 JPY 7,810.000 981,361.09 0.05 Daito Trust Construction Co Ltd 10,300 JPY 13,700.000 1,182,073.10 0.06 Daiwa Securities Group Inc 120,000 JPY 947.600 952,561.10 0.05 Denso Corp 55,900 JPY 5,652.000 2,646,674.32 0.13 Dentsu Inc 15,000 JPY 5,090.000 639,581.04 0.03 East Japan Railway Co 20,200 JPY 9,123.000 1,543,745.08 0.08 Eisai Co Ltd 19,000 JPY 4,672.000 743,606.16 0.04 FANUC Corp 12,400 JPY 19,945.000 2,071,773.47 0.10 Fast Retailing Co Ltd 3,600 JPY 44,040.000 1,328,117.05 0.07 Fuji Heavy Industries Ltd 42,400 JPY 4,300.000 1,527,287.70 0.08 FUJIFILM Holdings Corp 26,600 JPY 3,701.000 824,683.42 0.04 Fujitsu Ltd 141,000 JPY 644.300 761,016.00 0.04 Hitachi Ltd 478,000 JPY 900.700 3,606,571.96 0.18 Hokuhoku Financial Group Inc 240,000 JPY 244.000 490,554.89 0.02 Honda Motor Co Ltd 134,000 JPY 3,526.000 3,957,980.49 0.20 Hoya Corp 36,200 JPY 4,105.000 1,244,824.92 0.06 Hulic Co Ltd 75,300 JPY 1,211.000 763,880.92 0.04 Inpex Corp 52,800 JPY 1,345.500 595,119.48 0.03 Isetan Mitsukoshi Holdings Ltd 34,800 JPY 1,506.000 439,026.52 0.02 Isuzu Motors Ltd 58,500 JPY 1,481.500 726,012.44 0.04 ITOCHU Corp 64,900 JPY 1,292.000 702,414.96 0.03 Japan Exchange Group Inc 32,200 JPY 2,836.000 764,977.46 0.04 JFE Holdings Inc 44,600 JPY 2,696.000 1,007,259.31 0.05 JGC Corp 22,000 JPY 2,492.000 459,258.56 0.02 JX Holdings Inc 148,200 JPY 469.800 583,240.61 0.03 Kaneka Corp 102,000 JPY 648.000 553,683.68 0.03 Kao Corp 43,000 JPY 4,757.000 1,713,515.94 0.09 KDDI Corp 52,600 JPY 7,637.000 3,365,077.55 0.17 Keisei Electric Railway Co Ltd 77,000 JPY 1,473.000 950,123.40 0.05 Keyence Corp 4,440 JPY 53,810.000 2,001,393.59 0.10 Komatsu Ltd 68,000 JPY 2,684.000 1,528,896.08 0.08 Kubota Corp 112,000 JPY 1,761.000 1,652,204.96 0.08 Kuraray Co Ltd 42,800 JPY 1,378.000 494,059.81 0.02 Kyocera Corp 16,600 JPY 5,556.000 772,603.85 0.04 LIXIL Group Corp 33,100 JPY 2,554.000 708,166.58 0.03 Marubeni Corp 102,000 JPY 724.700 619,220.00 0.03 Mazda Motor Corp 47,800 JPY 2,927.500 1,172,225.98 0.06 Mitsubishi Chemical Holdings Corp 158,500 JPY 588.500 781,379.97 0.04 Mitsubishi Corp 80,900 JPY 2,217.000 1,502,452.52 0.07 23

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Mitsubishi Electric Corp 112,000 JPY 1,446.000 1,356,665.74 0.07 Mitsubishi Estate Co Ltd 87,000 JPY 2,555.500 1,862,437.38 0.09 Mitsubishi UFJ Financial Group Inc 979,800 JPY 664.500 5,454,048.09 0.27 Mitsui & Co Ltd 111,900 JPY 1,621.500 1,519,964.98 0.08 Mitsui Fudosan Co Ltd 58,000 JPY 3,255.000 1,581,486.64 0.08 Mitsui OSK Lines Ltd 238,000 JPY 359.000 715,744.38 0.04 Mizuho Financial Group Inc 1,504,600 JPY 202.500 2,552,305.33 0.13 MS&AD Insurance Group Holdings Inc 24,600 JPY 2,880.500 593,594.04 0.03 Murata Manufacturing Co Ltd 26,200 JPY 13,250.000 2,908,062.34 0.14 NEC Corp 264,000 JPY 353.000 780,665.84 0.04 Nidec Corp 14,600 JPY 7,851.000 960,205.91 0.05 Nikon Corp 34,200 JPY 1,604.000 459,533.33 0.02 Nintendo Co Ltd 6,200 JPY 12,605.000 654,667.95 0.03 Nippon Building Fund Inc 130 JPY 604,000.000 657,759.05 0.03 Nippon Steel & Sumitomo Metal Corp 444,575 JPY 300.900 1,120,608.13 0.06 Nippon Telegraph & Telephone Corp 17,200 JPY 6,211.000 894,904.14 0.04 Nissan Motor Co Ltd 102,500 JPY 1,057.000 907,581.00 0.04 Nitto Denko Corp 10,100 JPY 6,773.000 573,045.35 0.03 Nomura Holdings Inc 258,000 JPY 690.200 1,491,699.02 0.07 NTT DOCOMO Inc 48,500 JPY 1,768.000 718,307.73 0.04 Oriental Land Co Ltd/Japan 6,400 JPY 27,750.000 1,487,748.44 0.07 ORIX Corp 84,500 JPY 1,523.500 1,078,414.48 0.05 Otsuka Holdings Co Ltd 22,500 JPY 3,617.000 681,738.11 0.03 Panasonic Corp 143,275 JPY 1,427.000 1,712,698.56 0.09 Rakuten Inc 61,700 JPY 1,682.500 869,614.51 0.04 Resona Holdings Inc 137,500 JPY 611.900 704,806.16 0.03 Ricoh Co Ltd 52,000 JPY 1,229.000 535,354.88 0.03 Secom Co Ltd 25,000 JPY 6,945.000 1,454,450.02 0.07 Seiko Epson Corp 9,800 JPY 5,090.000 417,859.62 0.02 Sekisui Chemical Co Ltd 66,000 JPY 1,455.000 804,439.66 0.04 Seven & I Holdings Co Ltd 44,800 JPY 4,358.500 1,635,692.29 0.08 Sharp Corp/Japan 208,000 JPY 268.000 466,965.37 0.02 Shimano Inc 7,800 JPY 15,650.000 1,022,575.74 0.05 Shin-Etsu Chemical Co Ltd 23,700 JPY 7,866.000 1,561,668.43 0.08 Shionogi & Co Ltd 20,800 JPY 3,125.000 544,502.53 0.03 SMC Corp/Japan 3,500 JPY 31,970.000 937,340.16 0.05 SoftBank Corp 64,800 JPY 7,210.000 3,913,783.63 0.19 Sompo Japan Nipponkoa Holdings Inc 17,200 JPY 3,051.000 439,599.51 0.02 Sony Corp 69,900 JPY 2,472.500 1,447,771.48 0.07 Sumitomo Chemical Co Ltd 230,000 JPY 479.000 922,889.90 0.05 Sumitomo Corp 48,400 JPY 1,242.000 503,562.64 0.02 Sumitomo Electric Industries Ltd 58,500 JPY 1,513.000 741,449.09 0.04 Sumitomo Metal Mining Co Ltd 37,000 JPY 1,810.000 561,005.14 0.03 Sumitomo Mitsui Financial Group Inc 97,000 JPY 4,375.000 3,554,973.22 0.18 Sumitomo Mitsui Trust Holdings Inc 328,000 JPY 463.200 1,272,708.48 0.06 Sumitomo Realty & Development Co Ltd 22,000 JPY 4,131.500 761,407.20 0.04 Suruga Bank Ltd 41,000 JPY 2,223.000 763,501.44 0.04 Suzuki Motor Corp 33,800 JPY 3,640.000 1,030,634.38 0.05 Sysmex Corp 15,800 JPY 5,390.000 713,398.83 0.04 T&D Holdings Inc 53,200 JPY 1,458.000 649,764.08 0.03 Takashimaya Co Ltd 121,000 JPY 967.000 980,163.19 0.05 Takeda Pharmaceutical Co Ltd 57,400 JPY 4,996.500 2,402,505.15 0.12 Terumo Corp 28,800 JPY 2,757.000 665,144.18 0.03 Tobu Railway Co Ltd 165,000 JPY 518.000 715,978.94 0.04 Tohoku Electric Power Co Inc 61,500 JPY 1,406.000 724,347.52 0.04 Tokio Marine Holdings Inc 30,200 JPY 3,933.500 995,113.55 0.05 Tokyo Electron Ltd 9,700 JPY 9,221.000 749,266.47 0.04 Tokyo Gas Co Ltd 95,000 JPY 652.100 518,948.60 0.03 Toppan Printing Co Ltd 79,000 JPY 787.000 520,820.85 0.03 Toray Industries Inc 111,000 JPY 968.200 900,273.78 0.04 Toshiba Corp 282,000 JPY 512.400 1,210,444.19 0.06 24

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Toyo Suisan Kaisha Ltd 45,000 JPY 3,900.000 1,470,156.82 0.07 Toyota Industries Corp 14,100 JPY 6,210.000 733,495.16 0.04 Toyota Motor Corp 165,500 JPY 7,558.000 10,478,314.47 0.52 Toyota Tsusho Corp 23,800 JPY 2,823.000 562,826.29 0.03 USS Co Ltd 44,300 JPY 1,861.000 690,616.01 0.03 West Japan Railway Co 11,200 JPY 5,712.000 535,911.11 0.03 Yamada Denki Co Ltd 136,600 JPY 406.000 464,582.96 0.02 Total Japan 149,377,581.56 7.45 Liberia Royal Caribbean Cruises Ltd 10,300 USD 82.530 850,059.00 0.04 Total Liberia 850,059.00 0.04 Luxembourg Altice SA 6,776 EUR 64.350 530,425.04 0.03 ArcelorMittal 67,258 EUR 9.096 744,211.67 0.04 SES SA 16,585 EUR 30.265 610,602.01 0.03 Subsea 7 SA 69,889 NOK 76.550 721,937.00 0.03 Tenaris SA 16,693 EUR 12.460 253,019.80 0.01 Total Luxembourg 2,860,195.52 0.14 Malaysia Axiata Group Bhd 235,300 MYR 7.070 475,509.00 0.03 CIMB Group Holdings Bhd 423,900 MYR 5.540 671,259.71 0.03 DiGi.Com Bhd 442,900 MYR 6.240 789,964.67 0.04 IOI Corp Bhd 469,600 MYR 4.790 642,955.62 0.03 IOI Properties Group Bhd 1,250,400 MYR 2.440 872,079.72 0.04 Malayan Banking Bhd 265,200 MYR 9.160 694,362.71 0.04 Petronas Chemicals Group Bhd 288,600 MYR 5.450 449,583.36 0.02 Public Bank Bhd 174,930 MYR 18.340 917,024.68 0.05 Sime Darby Bhd 315,700 MYR 9.400 848,242.12 0.04 Tenaga Nasional Bhd 245,500 MYR 13.960 979,612.49 0.05 Total Malaysia 7,340,594.08 0.37 Mauritius Golden Agri-Resources Ltd 722,000 SGD 0.460 251,396.28 0.01 Total Mauritius 251,396.28 0.01 Mexico Alfa SAB de CV A 235,000 MXN 33.690 537,356.17 0.03 America Movil SAB de CV 1,998,600 MXN 16.310 2,212,448.70 0.11 Coca-Cola Femsa SAB de CV 29,400 MXN 129.060 257,532.69 0.01 Fibra Uno Administracion SA de CV 191,100 MXN 42.100 546,054.70 0.03 Grupo Financiero Banorte SAB de CV 146,100 MXN 80.590 799,143.44 0.04 Grupo Mexico SAB de CV 287,632 MXN 42.490 829,501.73 0.04 Grupo Televisa SAB 167,700 MXN 99.220 1,129,342.44 0.05 Mexichem SAB de CV 72,900 MXN 45.070 223,001.84 0.01 Wal-Mart de Mexico SAB de CV 264,500 MXN 31.560 566,573.21 0.03 Total Mexico 7,100,954.92 0.35 Netherlands Aegon NV 107,410 EUR 6.185 808,139.80 0.04 Akzo Nobel NV 11,210 EUR 57.150 779,334.53 0.04 ASML Holding NV 20,057 EUR 88.820 2,167,099.32 0.11 Chicago Bridge & Iron Co NV 7,900 USD 42.240 333,696.00 0.02 CNH Industrial NV 71,950 EUR 6.700 586,418.51 0.03 Core Laboratories NV 4,900 USD 120.440 590,156.00 0.03 Corio NV 9,647 EUR 40.095 470,527.03 0.02 ING Groep NV 196,741 EUR 10.770 2,577,582.95 0.13 25

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Koninklijke DSM NV 5,996 EUR 50.390 367,542.91 0.02 Koninklijke KPN NV 165,354 EUR 2.613 525,601.00 0.03 Koninklijke Philips NV 54,281 EUR 23.960 1,582,110.19 0.08 LyondellBasell Industries NV A 20,500 USD 80.600 1,652,300.00 0.08 Reed Elsevier NV 51,514 EUR 19.680 1,233,253.74 0.06 Sensata Technologies Holding NV 12,300 USD 52.780 649,194.00 0.03 Unilever NV 134,532 EUR 32.305 5,286,855.21 0.26 Wolters Kluwer NV 23,087 EUR 25.210 708,014.94 0.03 Total Netherlands 20,317,826.13 1.01 New Zealand Fletcher Building Ltd 91,795 NZD 8.300 597,857.87 0.03 Spark New Zealand Ltd 223,073 NZD 3.120 546,138.05 0.03 Total New Zealand 1,143,995.92 0.06 Norway DNB ASA 61,444 NOK 110.700 917,851.41 0.05 Norsk Hydro ASA 132,044 NOK 42.440 756,204.62 0.04 Orkla ASA 28,531 NOK 51.150 196,928.20 0.01 Statoil ASA 47,268 NOK 131.200 836,847.53 0.04 Telenor ASA 41,799 NOK 151.500 854,523.09 0.04 Yara International ASA 5,866 NOK 333.800 264,224.85 0.01 Total Norway 3,826,579.70 0.19 Panama Carnival Corp 20,000 USD 45.480 909,600.00 0.05 Total Panama 909,600.00 0.05 Peru Cia de Minas Buenaventura SAA ADR 26,800 USD 9.660 258,888.00 0.01 Total Peru 258,888.00 0.01 Philippines Ayala Land Inc 1,905,000 PHP 33.700 1,435,163.70 0.07 Bank of the Philippine Islands 318,523 PHP 94.000 669,337.58 0.04 Total Philippines 2,104,501.28 0.11 Poland Bank Pekao SA 12,070 PLN 178.700 611,629.96 0.03 Cyfrowy Polsat SA 77,522 PLN 23.500 516,594.48 0.02 KGHM Polska Miedz SA 18,753 PLN 108.850 578,836.78 0.03 Powszechna Kasa Oszczednosci Bank Polski SA 56,822 PLN 35.760 576,196.95 0.03 Powszechny Zaklad Ubezpieczen SA 3,778 PLN 486.000 520,661.12 0.03 Total Poland 2,803,919.29 0.14 Portugal EDP - Energias de Portugal SA 276,856 EUR 3.250 1,094,559.50 0.05 Galp Energia SGPS SA 49,173 EUR 8.439 504,800.49 0.03 Total Portugal 1,599,359.99 0.08 Qatar Industries Qatar QSC 14,940 QAR 172.300 706,803.26 0.03 Qatar National Bank SAQ 13,300 QAR 211.600 772,733.92 0.04 Total Qatar 1,479,537.18 0.07 Russia Gazprom OAO 416,855 RUB 130.310 975,809.11 0.05 Magnit PJSC GDR 28,978 USD 45.900 1,330,090.20 0.06 Mobile TeleSystems OJSC ADR 69,700 USD 7.690 535,993.00 0.03 Rostelecom OJSC 87,050 RUB 87.010 136,063.00 0.01 26

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Sberbank of Russia 366,903 RUB 54.900 361,847.62 0.02 Sistema JSFC GDR 36,946 USD 4.790 176,971.34 0.01 Surgutneftegas OAO 348,304 RUB 23.520 147,162.75 0.01 Tatneft OAO 98,765 RUB 228.500 405,407.13 0.02 Uralkali PJSC 51,353 RUB 128.400 118,449.42 0.00 VTB Bank OJSC 187,360,000 RUB 0.067 225,503.76 0.01 Total Russia 4,413,297.33 0.22 Singapore Avago Technologies Ltd 13,600 USD 100.850 1,371,560.00 0.07 CapitaLand Ltd 138,000 SGD 3.270 341,578.60 0.02 City Developments Ltd 44,000 SGD 10.350 344,712.35 0.02 DBS Group Holdings Ltd 127,000 SGD 20.590 1,979,355.85 0.10 Hutchison Port Holdings Trust 481,000 USD 0.690 331,890.00 0.02 Keppel Corp Ltd 102,000 SGD 8.850 683,293.45 0.03 Oversea-Chinese Banking Corp Ltd 198,000 SGD 10.500 1,573,686.80 0.08 Singapore Exchange Ltd 129,000 SGD 7.830 764,566.53 0.04 Singapore Press Holdings Ltd 152,000 SGD 4.230 486,684.78 0.02 Singapore Telecommunications Ltd 880,000 SGD 3.920 2,611,154.39 0.13 United Overseas Bank Ltd 93,000 SGD 24.530 1,726,809.02 0.08 Wilmar International Ltd 113,000 SGD 3.250 277,987.72 0.01 Total Singapore 12,493,279.49 0.62 South Africa AngloGold Ashanti Ltd 33,156 ZAR 102.270 293,447.87 0.02 Aspen Pharmacare Holdings Ltd 44,822 ZAR 408.000 1,582,602.95 0.08 Bidvest Group Ltd/The 33,646 ZAR 303.710 884,327.45 0.05 FirstRand Ltd 229,525 ZAR 50.140 995,943.96 0.05 Impala Platinum Holdings Ltd 90,600 ZAR 74.130 581,222.98 0.03 MTN Group Ltd 90,946 ZAR 221.670 1,744,661.19 0.09 Naspers Ltd 27,697 ZAR 1,531.000 3,669,682.56 0.18 Netcare Ltd 110,697 ZAR 37.790 362,020.63 0.02 Rand Merchant Insurance Holdings Ltd 183,438 ZAR 41.100 652,456.71 0.03 Remgro Ltd 40,004 ZAR 252.350 873,629.53 0.04 Sasol Ltd 38,454 ZAR 436.000 1,450,937.10 0.07 SPAR Group Ltd/The 81,479 ZAR 160.550 1,132,078.59 0.06 Standard Bank Group Ltd 68,310 ZAR 143.510 848,373.37 0.04 Tiger Brands Ltd 27,538 ZAR 367.030 874,690.75 0.04 Vodacom Group Ltd 19,398 ZAR 126.940 213,096.36 0.01 Woolworths Holdings Ltd/South Africa 72,460 ZAR 77.050 483,160.64 0.02 Total South Africa 16,642,332.64 0.83 South Korea E-Mart Co Ltd 2,423 KRW 203,000.000 447,499.42 0.02 Hana Financial Group Inc 28,358 KRW 32,000.000 825,597.94 0.04 Hyundai Engineering & Construction Co Ltd 15,713 KRW 42,100.000 601,844.41 0.03 Hyundai Heavy Industries Co Ltd 3,322 KRW 115,000.000 347,568.57 0.02 Hyundai Mobis Co Ltd 4,348 KRW 236,000.000 933,565.00 0.05 Hyundai Motor Co (Pref) 10,528 KRW 126,499.999 1,211,656.25 0.06 Hyundai Motor Co 5,052 KRW 169,000.000 776,771.12 0.04 Hyundai Steel Co 9,144 KRW 63,500.000 528,266.37 0.03 KB Financial Group Inc 26,627 KRW 36,150.000 875,736.73 0.04 Kia Motors Corp 20,179 KRW 52,299.999 960,161.65 0.05 Korea Electric Power Corp 17,050 KRW 42,700.000 662,361.81 0.03 LG Chem Ltd 4,358 KRW 181,000.000 717,643.62 0.04 LG Corp 6,803 KRW 61,200.000 378,786.87 0.02 LG Display Co Ltd 21,163 KRW 33,650.000 647,896.04 0.03 LG Electronics Inc 9,103 KRW 59,100.000 489,457.57 0.02 LG Household & Health Care Ltd 1,625 KRW 622,999.999 921,052.61 0.05 Lotte Chemical Corp 2,655 KRW 159,999.999 386,480.45 0.02 27

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets NAVER Corp 1,580 KRW 712,000.000 1,023,481.76 0.05 NCSoft Corp 2,332 KRW 181,999.999 386,138.37 0.02 OCI Co Ltd 3,871 KRW 78,600.000 276,814.44 0.01 Samsung C&T Corp 13,397 KRW 61,500.000 749,593.30 0.04 Samsung Electro-Mechanics Co Ltd 14,579 KRW 54,700.000 725,534.53 0.04 Samsung Electronics Co Ltd 7,715 KRW 1,326,999.999 9,314,292.63 0.46 Samsung Fire & Marine Insurance Co Ltd 3,161 KRW 282,500.000 812,430.04 0.04 Samsung Heavy Industries Co Ltd 21,307 KRW 19,949.999 386,730.33 0.02 Samsung Life Insurance Co Ltd 4,693 KRW 116,500.000 497,415.72 0.03 Samsung SDI Co Ltd 4,489 KRW 115,999.999 473,751.52 0.02 Shinhan Financial Group Co Ltd 24,633 KRW 44,450.000 996,166.88 0.05 SK Holdings Co Ltd 3,091 KRW 163,500.000 459,790.28 0.02 SK Hynix Inc 35,948 KRW 47,750.000 1,561,676.71 0.08 SK Innovation Co Ltd 4,999 KRW 85,100.000 387,039.88 0.02 Woori Bank 27,352 KRW 10,000.000 248,846.83 0.01 Total South Korea 30,012,049.65 1.50 Spain Abertis Infraestructuras SA 30,601 EUR 16.335 608,074.56 0.03 ACS Actividades de Construccion y Servicios SA 11,309 EUR 28.910 397,717.20 0.02 Amadeus IT Holding SA A 22,321 EUR 32.660 886,812.69 0.05 Banco Bilbao Vizcaya Argentaria SA 333,375 EUR 7.857 3,186,338.09 0.16 Banco Bilbao Vizcaya Argentaria SA Rights 08/01/2015 333,375 EUR 0.079 32,037.77 0.00 Banco de Sabadell SA 307,803 EUR 2.192 820,758.66 0.04 Banco Popular Espanol SA 144,749 EUR 4.200 739,548.97 0.04 Banco Santander SA 734,136 EUR 7.021 6,270,144.76 0.31 CaixaBank SA 147,655 EUR 4.369 784,751.72 0.04 Enagas SA 14,274 EUR 26.035 452,069.65 0.02 Gas Natural SDG SA 14,008 EUR 20.900 356,143.07 0.02 Iberdrola SA 318,781 EUR 5.593 2,168,898.96 0.11 Inditex SA 56,480 EUR 23.725 1,630,057.72 0.08 Red Electrica Corp SA 12,300 EUR 74.110 1,108,878.59 0.06 Repsol SA 46,606 EUR 15.565 882,455.94 0.04 Repsol SA Rights 14/01/2015 46,606 EUR 0.455 25,796.17 0.00 Telefonica SA 406,522 EUR 11.875 5,872,455.64 0.29 Total Spain 26,222,940.16 1.31 Sweden Alfa Laval AB 23,456 SEK 148.300 448,809.81 0.02 Assa Abloy AB B 19,809 SEK 414.800 1,060,152.98 0.05 Atlas Copco AB A 31,742 SEK 218.400 894,446.07 0.05 Atlas Copco AB B 24,490 SEK 200.900 634,798.60 0.03 Boliden AB 51,561 SEK 125.500 834,895.84 0.04 Electrolux AB B 19,661 SEK 228.800 580,401.95 0.03 Getinge AB B 11,808 SEK 177.800 270,879.00 0.01 Hennes & Mauritz AB B 57,906 SEK 325.600 2,432,625.19 0.12 Hexagon AB B 21,718 SEK 242.000 678,113.57 0.03 Investment AB Kinnevik B 19,040 SEK 255.300 627,169.60 0.03 Investor AB B 25,918 SEK 284.700 952,042.18 0.05 Lundin Petroleum AB 45,366 SEK 112.400 657,906.29 0.03 Nordea Bank AB 137,389 SEK 90.900 1,611,324.77 0.08 Sandvik AB 52,864 SEK 76.400 521,099.45 0.03 Skandinaviska Enskilda Banken AB A 44,812 SEK 99.550 575,576.20 0.03 Skanska AB B 41,004 SEK 167.900 888,268.29 0.04 SKF AB B 17,336 SEK 164.900 368,838.96 0.02 Svenska Cellulosa AB SCA B 25,119 SEK 168.900 547,392.99 0.03 Svenska Handelsbanken AB A 20,382 SEK 366.600 964,065.40 0.05 Swedbank AB A 63,647 SEK 195.500 1,605,432.08 0.08 Telefonaktiebolaget LM Ericsson B 169,169 SEK 94.350 2,059,348.86 0.10 28

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Volvo AB B 82,853 SEK 84.700 905,438.35 0.05 Total Sweden 20,119,026.43 1.00 Switzerland ABB Ltd 146,555 CHF 21.140 3,134,023.49 0.16 ACE Ltd 20,100 USD 116.270 2,337,027.00 0.12 Actelion Ltd 5,562 CHF 115.300 648,719.45 0.03 Adecco SA 14,628 CHF 68.850 1,018,791.99 0.05 Aryzta AG 7,387 CHF 76.950 575,007.29 0.03 Chocoladefabriken Lindt & Sprungli AG 12 CHF 57,160.013 693,857.19 0.03 Cie Financiere Richemont SA 19,803 CHF 88.800 1,778,855.12 0.09 Credit Suisse Group AG 68,128 CHF 25.080 1,728,422.04 0.09 Geberit AG 2,586 CHF 338.400 885,228.73 0.04 Givaudan SA 338 CHF 1,793.000 613,046.78 0.03 Holcim Ltd 11,562 CHF 71.350 834,494.67 0.04 Julius Baer Group Ltd 20,298 CHF 45.810 940,611.24 0.05 Kuehne + Nagel International AG 6,985 CHF 135.300 956,006.47 0.05 Nestle SA 204,048 CHF 72.950 15,057,548.22 0.75 Novartis AG 150,080 CHF 92.350 14,020,268.96 0.70 Roche Holding AG 46,160 CHF 269.900 12,602,749.64 0.63 Schindler Holding AG (Part Cert) 2,876 CHF 144.000 418,936.30 0.02 SGS SA 344 CHF 2,045.000 711,620.38 0.04 Sonova Holding AG 3,849 CHF 146.900 571,960.89 0.03 Swatch Group AG/The 2,806 CHF 444.200 1,260,848.32 0.06 Swiss Re AG 20,158 CHF 83.650 1,705,728.91 0.08 Swisscom AG 956 CHF 522.500 505,290.13 0.02 Syngenta AG 5,217 CHF 320.000 1,688,758.08 0.08 TE Connectivity Ltd 33,700 USD 64.110 2,160,507.00 0.11 Transocean Ltd 16,841 CHF 18.360 312,778.70 0.02 UBS Group AG 331,001 CHF 17.090 5,722,265.35 0.29 Zurich Financial Services AG 7,736 CHF 311.700 2,439,213.91 0.12 Total Switzerland 75,322,566.25 3.76 Taiwan Advanced Semiconductor Engineering Inc 658,196 TWD 38.050 789,432.83 0.04 Asustek Computer Inc 56,000 TWD 343.000 605,462.76 0.03 Catcher Technology Co Ltd 85,000 TWD 247.000 661,791.47 0.03 Cathay Financial Holding Co Ltd 564,509 TWD 46.850 833,653.83 0.04 Cheng Shin Rubber Industry Co Ltd 170,430 TWD 73.500 394,855.93 0.02 China Steel Corp 993,741 TWD 26.500 830,088.45 0.04 Chunghwa Telecom Co Ltd 145,000 TWD 93.200 425,979.99 0.02 CTBC Financial Holding Co Ltd 1,184,036 TWD 20.500 765,110.31 0.04 Delta Electronics Inc 122,000 TWD 189.500 728,742.89 0.04 First Financial Holding Co Ltd 1,160,739 TWD 18.650 682,368.07 0.03 Formosa Chemicals & Fibre Corp 183,340 TWD 66.600 384,890.10 0.02 Formosa Plastics Corp 237,120 TWD 72.100 538,900.69 0.03 Hon Hai Precision Industry Co Ltd 857,524 TWD 87.800 2,373,264.19 0.12 HTC Corp 113,000 TWD 140.500 500,449.26 0.02 Largan Precision Co Ltd 8,000 TWD 2,375.000 598,906.31 0.03 Lite-On Technology Corp 281,170 TWD 36.500 323,494.67 0.02 MediaTek Inc 90,000 TWD 462.000 1,310,659.17 0.07 Mega Financial Holding Co Ltd 664,361 TWD 24.450 512,021.60 0.03 Nan Ya Plastics Corp 310,070 TWD 64.600 631,389.79 0.03 President Chain Store Corp 71,000 TWD 248.500 556,147.55 0.03 Quanta Computer Inc 234,000 TWD 78.800 581,229.12 0.03 Shin Kong Financial Holding Co Ltd 2,467,330 TWD 9.040 703,073.87 0.03 Siliconware Precision Industries Co Ltd 352,000 TWD 47.950 532,030.54 0.03 Taishin Financial Holding Co Ltd 1,473,289 TWD 13.050 606,043.43 0.03 Taiwan Cement Corp 441,000 TWD 43.550 605,385.53 0.03 Taiwan Mobile Co Ltd 125,000 TWD 103.000 405,837.83 0.02 29

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Taiwan Semiconductor Manufacturing Co Ltd 1,512,000 TWD 140.000 6,672,446.70 0.33 Uni-President Enterprises Corp 433,506 TWD 50.000 683,235.47 0.03 United Microelectronics Corp 1,451,000 TWD 14.500 663,194.17 0.03 Wistron Corp 440,531 TWD 28.800 399,921.04 0.02 Yuanta Financial Holding Co Ltd 1,380,775 TWD 15.450 672,444.87 0.03 Total Taiwan 26,972,452.43 1.34 Thailand Advanced Info Service PCL 74,000 THB 251.000 564,559.22 0.03 Bangkok Bank PCL 213,800 THB 196.000 1,273,702.00 0.06 CP ALL PCL 454,400 THB 42.500 586,990.82 0.03 Glow Energy PCL 411,200 THB 89.250 1,115,489.25 0.06 Kasikornbank PCL 226,200 THB 229.000 1,574,461.85 0.08 PTT Exploration & Production PCL 102,800 THB 112.000 349,957.41 0.02 PTT Global Chemical PCL 156,300 THB 51.250 243,476.42 0.01 PTT PCL 68,300 THB 324.000 672,620.00 0.03 Siam Commercial Bank PCL/The 89,500 THB 182.000 495,106.33 0.02 Total Thailand 6,876,363.30 0.34 Turkey Akbank TAS 328,089 TRY 8.520 1,202,226.37 0.06 Tupras Turkiye Petrol Rafinerileri AS 18,024 TRY 55.350 429,065.69 0.02 Turk Hava Yollari AO 363,906 TRY 9.600 1,502,503.30 0.08 Turkcell Iletisim Hizmetleri AS 73,982 TRY 14.000 445,460.39 0.02 Turkiye Garanti Bankasi AS 241,972 TRY 9.300 967,838.84 0.05 Total Turkey 4,547,094.59 0.23 United Arab Emirates Aldar Properties PJSC 560,026 AED 2.530 385,739.60 0.02 Emaar Properties PJSC 226,576 AED 7.300 450,300.35 0.02 Total United Arab Emirates 836,039.95 0.04 United Kingdom Aberdeen Asset Management Plc 50,023 GBP 4.263 331,824.63 0.02 Aggreko Plc 20,268 GBP 14.930 470,862.66 0.02 Amec Foster Wheeler Plc 23,751 GBP 8.535 315,434.35 0.02 Anglo American Plc 77,925 GBP 12.035 1,459,306.29 0.07 Antofagasta Plc 43,301 GBP 7.550 508,707.83 0.03 Aon Plc 13,000 USD 96.230 1,250,990.00 0.06 ARM Holdings Plc 118,285 GBP 9.825 1,808,363.71 0.09 Associated British Foods Plc 22,139 GBP 31.460 1,083,777.84 0.05 AstraZeneca Plc 79,379 GBP 45.425 5,610,791.21 0.28 Aviva Plc 130,508 GBP 4.856 986,141.79 0.05 Barclays Plc 929,943 GBP 2.414 3,493,149.26 0.17 BG Group Plc 194,682 GBP 8.686 2,631,292.76 0.13 BHP Billiton Plc 145,121 GBP 13.900 3,138,835.90 0.16 BP Plc 1,071,400 GBP 4.093 6,823,653.01 0.34 British Land Co Plc/The 44,389 GBP 7.765 536,340.23 0.03 BT Group Plc 615,989 GBP 4.024 3,857,042.97 0.19 Burberry Group Plc 27,285 GBP 16.450 698,414.76 0.04 Capita Plc 30,856 GBP 10.760 516,625.03 0.03 Carnival Plc 13,926 GBP 29.120 631,017.36 0.03 Centrica Plc 307,073 GBP 2.785 1,330,731.33 0.07 Compass Group Plc 109,944 GBP 11.030 1,886,994.32 0.09 Ensco Plc A 10,400 USD 30.450 316,680.00 0.02 Experian Plc 82,701 GBP 10.880 1,400,113.37 0.07 Fresnillo Plc 21,171 GBP 7.685 253,168.00 0.01 Friends Life Group Ltd 56,316 GBP 3.664 321,078.19 0.02 G4S Plc 157,285 GBP 2.743 671,330.95 0.03 GlaxoSmithKline Plc 337,004 GBP 13.795 7,234,030.05 0.36 Glencore Plc 541,167 GBP 3.000 2,526,248.73 0.12 30

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Hammerson Plc 77,210 GBP 6.020 723,258.58 0.04 Hargreaves Lansdown Plc 22,555 GBP 10.000 350,967.08 0.02 HSBC Holdings Plc 1,171,352 GBP 6.092 11,103,780.44 0.55 Indivior Plc 30,401 GBP 1.411 66,748.03 0.00 InterContinental Hotels Group Plc 21,018 GBP 25.940 848,369.23 0.04 ITV Plc 241,392 GBP 2.147 806,451.89 0.04 J Sainsbury Plc 59,907 GBP 2.446 228,011.93 0.01 Johnson Matthey Plc 9,635 GBP 33.840 507,347.61 0.03 Kingfisher Plc 131,071 GBP 3.324 677,939.86 0.03 Land Securities Group Plc 36,334 GBP 11.490 649,616.11 0.03 Legal & General Group Plc 320,382 GBP 2.472 1,232,367.17 0.06 Liberty Global Plc A 12,907 USD 50.670 653,997.69 0.03 Liberty Global Plc Series C 28,001 USD 48.690 1,363,368.69 0.07 Lloyds Banking Group Plc 2,397,424 GBP 0.756 2,818,401.52 0.14 Marks & Spencer Group Plc 104,965 GBP 4.775 779,904.52 0.04 Michael Kors Holdings Ltd 11,800 USD 75.380 889,484.00 0.04 National Grid Plc 169,963 GBP 9.100 2,406,685.43 0.12 Next Plc 6,794 GBP 67.250 710,953.80 0.04 Noble Corp Plc 9,400 USD 17.040 160,176.00 0.01 Pearson Plc 36,603 GBP 11.690 665,816.79 0.03 Persimmon Plc 31,183 GBP 15.610 757,433.21 0.04 Petrofac Ltd 15,151 GBP 7.030 165,737.27 0.01 Prudential Plc 144,840 GBP 14.920 3,362,643.97 0.17 Randgold Resources Ltd 8,530 GBP 43.360 575,521.90 0.03 Reckitt Benckiser Group Plc 30,401 GBP 51.850 2,452,788.93 0.12 Reed Elsevier Plc 110,486 GBP 10.970 1,885,981.49 0.09 Rexam Plc 36,647 GBP 4.549 259,404.74 0.01 Rio Tinto Plc 94,962 GBP 29.935 4,423,363.84 0.22 Royal Bank of Scotland Group Plc 73,692 GBP 3.892 446,289.55 0.02 RSA Insurance Group Plc 44,257 GBP 4.362 300,393.94 0.02 Sage Group Plc/The 98,766 GBP 4.688 720,474.51 0.04 Segro Plc 192,650 GBP 3.767 1,129,245.01 0.06 Shire Plc 33,371 GBP 45.000 2,336,712.50 0.12 Sky Plc 57,307 GBP 8.980 800,769.57 0.04 Smith & Nephew Plc 41,704 GBP 11.890 771,583.82 0.04 SSE Plc 35,822 GBP 16.270 906,903.19 0.05 Standard Chartered Plc 140,701 GBP 9.590 2,099,613.42 0.10 Standard Life Plc 101,577 GBP 4.000 632,235.56 0.03 Tate & Lyle Plc 38,735 GBP 6.090 367,066.20 0.02 Travis Perkins Plc 30,504 GBP 18.420 874,319.10 0.04 Tullow Oil Plc 44,534 GBP 4.154 287,860.29 0.01 Unilever Plc 114,229 GBP 26.230 4,662,278.51 0.23 United Utilities Group Plc 35,104 GBP 9.100 497,074.57 0.03 Vodafone Group Plc 1,843,293 GBP 2.211 6,340,280.05 0.32 Weir Group Plc/The 15,064 GBP 18.660 437,396.69 0.02 Whitbread Plc 14,890 GBP 47.150 1,092,445.91 0.05 WM Morrison Supermarkets Plc 139,212 GBP 1.825 395,333.02 0.02 Wolseley Plc 10,991 GBP 36.580 625,611.12 0.03 WPP Plc 57,511 GBP 13.430 1,201,850.59 0.06 Total United Kingdom 120,545,205.37 6.01 United States of America 3M Co 59,052 USD 165.840 9,793,183.68 0.49 Abbott Laboratories 118,174 USD 45.690 5,399,370.06 0.27 AbbVie Inc 88,974 USD 66.300 5,898,976.20 0.29 Activision Blizzard Inc 30,400 USD 20.240 615,296.00 0.03 Adobe Systems Inc 33,400 USD 73.085 2,441,039.00 0.12 ADT Corp/The 11,100 USD 36.330 403,263.00 0.02 Advance Auto Parts Inc 6,000 USD 160.030 960,180.00 0.05 Aetna Inc 25,400 USD 90.140 2,289,556.00 0.11 31

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Affiliated Managers Group Inc 3,100 USD 213.330 661,323.00 0.03 Aflac Inc 27,900 USD 61.980 1,729,242.00 0.09 Agilent Technologies Inc 14,500 USD 41.370 599,865.00 0.03 Air Products & Chemicals Inc 7,900 USD 146.440 1,156,876.00 0.06 Airgas Inc 3,900 USD 116.520 454,428.00 0.02 Akamai Technologies Inc 9,300 USD 64.070 595,851.00 0.03 Alcoa Inc 62,700 USD 15.850 993,795.00 0.05 Alexion Pharmaceuticals Inc 9,500 USD 184.940 1,756,930.00 0.09 Allergan Inc/United States 17,600 USD 213.400 3,755,840.00 0.19 Alliance Data Systems Corp 3,400 USD 286.880 975,392.00 0.05 Allstate Corp/The 32,200 USD 70.940 2,284,268.00 0.11 Altera Corp 15,400 USD 37.365 575,421.00 0.03 Amazon.com Inc 24,600 USD 310.300 7,633,380.00 0.38 Ameren Corp 20,100 USD 47.150 947,715.00 0.05 American Airlines Group Inc 20,700 USD 53.420 1,105,794.00 0.06 American Capital Agency Corp 10,700 USD 22.130 236,791.00 0.01 American Electric Power Co Inc 34,100 USD 61.720 2,104,652.00 0.10 American Express Co 66,400 USD 94.270 6,259,528.00 0.31 American International Group Inc 87,800 USD 56.510 4,961,578.00 0.25 American Realty Capital Properties Inc 51,575 USD 9.110 469,848.25 0.02 American Tower Corp 23,200 USD 100.340 2,327,888.00 0.12 American Water Works Co Inc 11,500 USD 54.280 624,220.00 0.03 Ameriprise Financial Inc 19,200 USD 134.200 2,576,640.00 0.13 AmerisourceBergen Corp 14,700 USD 91.280 1,341,816.00 0.07 AMETEK Inc 12,450 USD 53.280 663,336.00 0.03 Amgen Inc 49,700 USD 160.630 7,983,311.00 0.40 Analog Devices Inc 16,000 USD 55.555 888,880.00 0.04 Annaly Capital Management Inc 40,000 USD 10.980 439,200.00 0.02 Anthem Inc 22,500 USD 128.210 2,884,725.00 0.14 Apache Corp 18,600 USD 62.970 1,171,242.00 0.06 Apple Inc 356,500 USD 112.520 40,113,380.00 2.00 Applied Materials Inc 97,100 USD 25.220 2,448,862.00 0.12 Archer-Daniels-Midland Co 49,600 USD 52.890 2,623,344.00 0.13 AT&T Inc 313,000 USD 34.080 10,667,040.00 0.53 Autodesk Inc 12,700 USD 60.510 768,477.00 0.04 Autoliv Inc 6,600 USD 107.090 706,794.00 0.04 Automatic Data Processing Inc 28,600 USD 84.110 2,405,546.00 0.12 AutoZone Inc 1,600 USD 622.450 995,920.00 0.05 AvalonBay Communities Inc 4,400 USD 166.160 731,104.00 0.04 Avon Products Inc 18,000 USD 9.490 170,820.00 0.01 Baker Hughes Inc 32,700 USD 56.290 1,840,683.00 0.09 Bank of America Corp 662,600 USD 18.130 12,012,938.00 0.60 Bank of New York Mellon Corp/The 62,700 USD 41.030 2,572,581.00 0.13 Baxter International Inc 30,360 USD 74.020 2,247,247.20 0.11 BB&T Corp 44,800 USD 39.340 1,762,432.00 0.09 Becton Dickinson and Co 8,300 USD 139.930 1,161,419.00 0.06 Bed Bath & Beyond Inc 9,700 USD 75.830 735,551.00 0.04 Berkshire Hathaway Inc B 64,600 USD 152.090 9,825,014.00 0.49 Best Buy Co Inc 18,100 USD 39.380 712,778.00 0.04 Biogen Idec Inc 15,900 USD 342.190 5,440,821.00 0.27 BioMarin Pharmaceutical Inc 9,800 USD 90.335 885,283.00 0.04 BlackRock Inc 5,400 USD 362.080 1,955,232.00 0.10 BorgWarner Inc 7,800 USD 55.370 431,886.00 0.02 Boston Properties Inc 5,900 USD 131.020 773,018.00 0.04 Boston Scientific Corp 92,000 USD 13.370 1,230,040.00 0.06 Bristol-Myers Squibb Co 105,700 USD 59.390 6,277,523.00 0.31 Broadcom Corp A 25,300 USD 43.135 1,091,315.50 0.05 CA Inc 22,300 USD 30.790 686,617.00 0.03 Cabot Oil & Gas Corp 28,200 USD 29.770 839,514.00 0.04 Calpine Corp 35,000 USD 22.310 780,850.00 0.04 Cameron International Corp 10,600 USD 49.930 529,258.00 0.03 32

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Campbell Soup Co 18,000 USD 44.590 802,620.00 0.04 Capital One Financial Corp 28,000 USD 83.310 2,332,680.00 0.12 Cardinal Health Inc 15,800 USD 81.820 1,292,756.00 0.06 CareFusion Corp 11,200 USD 59.400 665,280.00 0.03 CarMax Inc 14,900 USD 67.240 1,001,876.00 0.05 Caterpillar Inc 48,550 USD 92.590 4,495,244.50 0.22 CBRE Group Inc A 19,400 USD 34.930 677,642.00 0.03 CBS Corp B 36,300 USD 55.830 2,026,629.00 0.10 Celanese Corp Series A 8,400 USD 60.430 507,612.00 0.03 Celgene Corp 54,600 USD 113.540 6,199,284.00 0.31 CenterPoint Energy Inc 45,500 USD 23.820 1,083,810.00 0.05 CenturyLink Inc 38,000 USD 40.090 1,523,420.00 0.08 Cerner Corp 12,800 USD 65.500 838,400.00 0.04 CF Industries Holdings Inc 2,800 USD 273.520 765,856.00 0.04 CH Robinson Worldwide Inc 8,400 USD 75.690 635,796.00 0.03 Charles Schwab Corp/The 87,000 USD 30.350 2,640,450.00 0.13 Cheniere Energy Inc 13,800 USD 71.080 980,904.00 0.05 Chesapeake Energy Corp 27,100 USD 19.640 532,244.00 0.03 Chipotle Mexican Grill Inc 1,900 USD 684.910 1,301,329.00 0.06 Chubb Corp/The 18,800 USD 104.310 1,961,028.00 0.10 Cigna Corp 11,700 USD 104.350 1,220,895.00 0.06 Cimarex Energy Co 6,300 USD 107.230 675,549.00 0.03 Cincinnati Financial Corp 9,400 USD 52.440 492,936.00 0.02 Cisco Systems Inc 335,232 USD 28.360 9,507,179.52 0.47 CIT Group Inc 9,600 USD 48.550 466,080.00 0.02 Citigroup Inc 196,924 USD 54.840 10,799,312.16 0.54 Citrix Systems Inc 8,900 USD 64.330 572,537.00 0.03 Clorox Co/The 8,600 USD 105.580 907,988.00 0.05 CME Group Inc/IL 25,600 USD 89.845 2,300,032.00 0.11 Coach Inc 17,300 USD 37.860 654,978.00 0.03 Coca-Cola Co/The 260,600 USD 42.760 11,143,256.00 0.56 Coca-Cola Enterprises Inc 23,100 USD 44.850 1,036,035.00 0.05 Cognizant Technology Solutions Corp A 38,800 USD 53.150 2,062,220.00 0.10 Colgate-Palmolive Co 61,700 USD 70.040 4,321,468.00 0.22 Comcast Corp A 101,600 USD 58.870 5,981,192.00 0.30 Comcast Corp A 'SPL' 91,700 USD 58.540 5,368,118.00 0.27 Comerica Inc 11,200 USD 47.120 527,744.00 0.03 ConAgra Foods Inc 27,300 USD 36.810 1,004,913.00 0.05 Concho Resources Inc 6,900 USD 99.390 685,791.00 0.03 ConocoPhillips 85,400 USD 69.930 5,972,022.00 0.30 CONSOL Energy Inc 19,500 USD 34.090 664,755.00 0.03 Consolidated Edison Inc 14,600 USD 66.910 976,886.00 0.05 Corning Inc 107,900 USD 23.190 2,502,201.00 0.12 Costco Wholesale Corp 25,500 USD 143.490 3,658,995.00 0.18 Crown Castle International Corp 20,200 USD 78.920 1,594,184.00 0.08 Crown Holdings Inc 6,800 USD 51.760 351,968.00 0.02 CSX Corp 66,900 USD 36.430 2,437,167.00 0.12 Cummins Inc 14,200 USD 146.160 2,075,472.00 0.10 CVS Health Corp 84,100 USD 97.530 8,202,273.00 0.41 Danaher Corp 29,800 USD 86.240 2,569,952.00 0.13 Darden Restaurants Inc 13,500 USD 58.790 793,665.00 0.04 DaVita HealthCare Partners Inc 9,000 USD 76.000 684,000.00 0.03 Deere & Co 21,900 USD 89.460 1,959,174.00 0.10 Delta Air Lines Inc 24,300 USD 49.230 1,196,289.00 0.06 Denbury Resources Inc 31,800 USD 8.160 259,488.00 0.01 Devon Energy Corp 26,900 USD 61.060 1,642,514.00 0.08 Digital Realty Trust Inc 14,200 USD 67.070 952,394.00 0.05 DIRECTV 39,000 USD 87.000 3,393,000.00 0.17 Discover Financial Services 26,200 USD 66.320 1,737,584.00 0.09 Discovery Communications Inc C 26,600 USD 34.215 910,119.00 0.05 33

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets DISH Network Corp A 13,500 USD 73.300 989,550.00 0.05 Dollar General Corp 15,200 USD 71.100 1,080,720.00 0.05 Dollar Tree Inc 9,800 USD 70.700 692,860.00 0.03 Dominion Resources Inc/VA 32,100 USD 78.300 2,513,430.00 0.13 Dover Corp 11,000 USD 73.470 808,170.00 0.04 Dow Chemical Co/The 59,080 USD 46.070 2,721,815.60 0.14 Dr Pepper Snapple Group Inc 9,500 USD 72.700 690,650.00 0.03 DTE Energy Co 11,200 USD 87.970 985,264.00 0.05 Duke Energy Corp 33,900 USD 84.700 2,871,330.00 0.14 Duke Realty Corp 61,000 USD 20.540 1,252,940.00 0.06 Dun & Bradstreet Corp/The 7,100 USD 122.230 867,833.00 0.04 Eastman Chemical Co 6,600 USD 76.580 505,428.00 0.03 ebay Inc 81,500 USD 57.215 4,663,022.50 0.23 Ecolab Inc 18,100 USD 105.270 1,905,387.00 0.10 Edison International 22,100 USD 66.930 1,479,153.00 0.07 Edwards Lifesciences Corp 9,000 USD 129.270 1,163,430.00 0.06 EI du Pont de Nemours & Co 64,200 USD 74.590 4,788,678.00 0.24 Electronic Arts Inc 21,100 USD 47.380 999,718.00 0.05 Eli Lilly & Co 49,700 USD 69.640 3,461,108.00 0.17 EMC Corp/MA 113,600 USD 30.150 3,425,040.00 0.17 Emerson Electric Co 39,100 USD 62.370 2,438,667.00 0.12 Energen Corp 5,400 USD 63.660 343,764.00 0.02 Energizer Holdings Inc 5,400 USD 130.740 705,996.00 0.04 Entergy Corp 12,900 USD 89.930 1,160,097.00 0.06 EOG Resources Inc 29,000 USD 92.700 2,688,300.00 0.13 EQT Corp 11,500 USD 75.380 866,870.00 0.04 Equinix Inc 3,685 USD 229.680 846,370.80 0.04 Equity Residential 13,900 USD 72.890 1,013,171.00 0.05 Estee Lauder Cos Inc/The A 11,400 USD 77.170 879,738.00 0.04 Exelon Corp 43,933 USD 38.100 1,673,847.30 0.08 Expedia Inc 7,400 USD 85.970 636,178.00 0.03 Expeditors International of Washington Inc 12,700 USD 44.660 567,182.00 0.03 Express Scripts Holding Co 58,587 USD 85.750 5,023,835.25 0.25 Exxon Mobil Corp 262,300 USD 93.020 24,399,146.00 1.22 F5 Networks Inc 3,400 USD 132.710 451,214.00 0.02 Facebook Inc A 123,800 USD 79.220 9,807,436.00 0.49 Family Dollar Stores Inc 6,300 USD 79.300 499,590.00 0.02 Fastenal Co 13,600 USD 48.120 654,432.00 0.03 Federal Realty Investment Trust 6,800 USD 136.340 927,112.00 0.05 FedEx Corp 20,800 USD 175.000 3,640,000.00 0.18 Fidelity National Information Services Inc 9,700 USD 63.160 612,652.00 0.03 Fifth Third Bancorp 45,400 USD 20.675 938,645.00 0.05 FirstEnergy Corp 36,500 USD 40.180 1,466,570.00 0.07 Fiserv Inc 11,200 USD 71.990 806,288.00 0.04 Flowserve Corp 9,300 USD 60.320 560,976.00 0.03 FMC Corp 12,300 USD 57.550 707,865.00 0.04 FMC Technologies Inc 9,400 USD 47.440 445,936.00 0.02 Ford Motor Co 198,900 USD 15.500 3,082,950.00 0.15 Fossil Group Inc 3,300 USD 111.440 367,752.00 0.02 Franklin Resources Inc 18,000 USD 56.020 1,008,360.00 0.05 Frontier Communications Corp 73,200 USD 6.660 487,512.00 0.02 Gap Inc/The 14,500 USD 41.950 608,275.00 0.03 General Electric Co 626,500 USD 25.570 16,019,605.00 0.80 General Growth Properties Inc 20,600 USD 28.520 587,512.00 0.03 General Mills Inc 37,900 USD 54.350 2,059,865.00 0.10 General Motors Co 62,400 USD 35.090 2,189,616.00 0.11 Genuine Parts Co 18,500 USD 107.750 1,993,375.00 0.10 Gilead Sciences Inc 92,100 USD 95.275 8,774,827.50 0.44 Goldman Sachs Group Inc/The 33,600 USD 195.710 6,575,856.00 0.33 Google Inc A 17,000 USD 535.280 9,099,760.00 0.45 Google Inc C 18,600 USD 530.420 9,865,812.00 0.49 34

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Halliburton Co 46,900 USD 39.530 1,853,957.00 0.09 Hanesbrands Inc 4,400 USD 112.470 494,868.00 0.02 Harley-Davidson Inc 15,400 USD 66.330 1,021,482.00 0.05 Hartford Financial Services Group Inc/The 14,200 USD 42.270 600,234.00 0.03 Hasbro Inc 12,800 USD 55.035 704,448.00 0.04 HCA Holdings Inc 16,100 USD 74.270 1,195,747.00 0.06 HCP Inc 16,700 USD 44.690 746,323.00 0.04 Health Care REIT Inc 11,600 USD 76.720 889,952.00 0.04 Helmerich & Payne Inc 7,600 USD 66.960 508,896.00 0.03 Hershey Co/The 9,200 USD 105.650 971,980.00 0.05 Hertz Global Holdings Inc 28,400 USD 25.180 715,112.00 0.04 Hess Corp 11,300 USD 74.130 837,669.00 0.04 HollyFrontier Corp 15,100 USD 38.070 574,857.00 0.03 Hologic Inc 20,800 USD 26.915 559,832.00 0.03 Home Depot Inc/The 91,300 USD 104.270 9,519,851.00 0.47 Hospira Inc 10,700 USD 62.560 669,392.00 0.03 Host Hotels & Resorts Inc 33,600 USD 24.120 810,432.00 0.04 Hudson City Bancorp Inc 74,700 USD 10.240 764,928.00 0.04 Humana Inc 7,200 USD 145.770 1,049,544.00 0.05 Illinois Tool Works Inc 26,200 USD 96.070 2,517,034.00 0.13 Illumina Inc 8,500 USD 186.290 1,583,465.00 0.08 Integrys Energy Group Inc 7,200 USD 79.180 570,096.00 0.03 Intel Corp 308,011 USD 36.760 11,322,484.36 0.56 Intercontinental Exchange Inc 5,400 USD 221.790 1,197,666.00 0.06 International Business Machines Corp 58,377 USD 160.050 9,343,238.85 0.47 International Flavors & Fragrances Inc 4,100 USD 102.950 422,095.00 0.02 International Paper Co 31,500 USD 54.220 1,707,930.00 0.09 Interpublic Group of Cos Inc/The 37,400 USD 20.790 777,546.00 0.04 Intuit Inc 12,400 USD 93.105 1,154,502.00 0.06 Intuitive Surgical Inc 2,100 USD 525.910 1,104,411.00 0.06 JM Smucker Co/The 5,400 USD 102.500 553,500.00 0.03 Johnson & Johnson 169,288 USD 105.360 17,836,183.68 0.89 Johnson Controls Inc 49,700 USD 48.400 2,405,480.00 0.12 Joy Global Inc 6,200 USD 47.660 295,492.00 0.01 JPMorgan Chase & Co 228,900 USD 63.150 14,455,035.00 0.72 Juniper Networks Inc 44,900 USD 22.670 1,017,883.00 0.05 Kansas City Southern 5,100 USD 122.680 625,668.00 0.03 Kellogg Co 10,000 USD 66.620 666,200.00 0.03 Keurig Green Mountain Inc 9,300 USD 133.400 1,240,620.00 0.06 KeyCorp 39,900 USD 14.100 562,590.00 0.03 Kimberly-Clark Corp 18,700 USD 117.350 2,194,445.00 0.11 Kimco Realty Corp 21,100 USD 25.650 541,215.00 0.03 Kinder Morgan Inc/DE 83,827 USD 42.500 3,562,647.50 0.18 KLA-Tencor Corp 8,000 USD 71.190 569,520.00 0.03 Kohl's Corp 13,400 USD 60.720 813,648.00 0.04 Kraft Foods Group Inc 19,400 USD 63.530 1,232,482.00 0.06 Kroger Co/The 21,800 USD 64.510 1,406,318.00 0.07 L Brands Inc 15,500 USD 86.100 1,334,550.00 0.07 Laboratory Corp of America Holdings 4,700 USD 109.580 515,026.00 0.03 Lam Research Corp 11,700 USD 79.940 935,298.00 0.05 Level 3 Communications Inc 16,600 USD 49.680 824,688.00 0.04 Liberty Interactive Corp A 18,700 USD 29.570 552,959.00 0.03 Liberty Media Corp C 9,000 USD 35.330 317,970.00 0.02 Lincoln National Corp 14,700 USD 58.800 864,360.00 0.04 Linear Technology Corp 10,900 USD 45.950 500,855.00 0.03 LinkedIn Corp A 7,000 USD 232.670 1,628,690.00 0.08 LKQ Corp 13,600 USD 28.235 383,996.00 0.02 Loews Corp 17,300 USD 42.550 736,115.00 0.04 Lowe's Cos Inc 91,700 USD 68.550 6,286,035.00 0.31 Lululemon Athletica Inc 10,400 USD 55.750 579,800.00 0.03 35

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets M&T Bank Corp 3,800 USD 127.330 483,854.00 0.02 Macerich Co/The 11,900 USD 84.870 1,009,953.00 0.05 Macy's Inc 31,900 USD 65.270 2,082,113.00 0.10 Marathon Oil Corp 45,900 USD 28.420 1,304,478.00 0.07 Marathon Petroleum Corp 17,100 USD 90.640 1,549,944.00 0.08 Marriott International Inc/DE A 11,800 USD 78.295 923,881.00 0.05 Marsh & McLennan Cos Inc 21,100 USD 58.060 1,225,066.00 0.06 Masco Corp 25,600 USD 25.280 647,168.00 0.03 MasterCard Inc A 76,200 USD 86.970 6,627,114.00 0.33 Mattel Inc 17,000 USD 30.730 522,410.00 0.03 Maxim Integrated Products Inc 12,000 USD 31.255 375,060.00 0.02 McCormick & Co Inc/MD 13,500 USD 75.850 1,023,975.00 0.05 McDonald's Corp 58,020 USD 94.250 5,468,385.00 0.27 McGraw Hill Financial Inc 15,200 USD 90.160 1,370,432.00 0.07 McKesson Corp 16,800 USD 209.610 3,521,448.00 0.18 MDU Resources Group Inc 28,000 USD 23.930 670,040.00 0.03 Mead Johnson Nutrition Co 8,700 USD 101.470 882,789.00 0.04 Medtronic Inc 74,100 USD 73.070 5,414,487.00 0.27 Merck & Co Inc 183,800 USD 57.650 10,596,070.00 0.53 MetLife Inc 63,900 USD 54.900 3,508,110.00 0.17 Microchip Technology Inc 8,300 USD 45.220 375,326.00 0.02 Micron Technology Inc 59,300 USD 35.400 2,099,220.00 0.10 Microsoft Corp 469,200 USD 47.020 22,061,784.00 1.10 Mohawk Industries Inc 4,800 USD 155.640 747,072.00 0.04 Mondelez International Inc A 91,600 USD 37.020 3,391,032.00 0.17 Monsanto Co 29,900 USD 121.110 3,621,189.00 0.18 Monster Beverage Corp 13,600 USD 109.580 1,490,288.00 0.07 Moody's Corp 7,400 USD 96.720 715,728.00 0.04 Morgan Stanley 85,100 USD 39.000 3,318,900.00 0.17 Mosaic Co/The 16,300 USD 46.120 751,756.00 0.04 Motorola Solutions Inc 9,200 USD 67.530 621,276.00 0.03 Murphy Oil Corp 6,000 USD 50.740 304,440.00 0.02 Mylan Inc/PA 18,500 USD 56.940 1,053,390.00 0.05 National Oilwell Varco Inc 21,700 USD 66.250 1,437,625.00 0.07 Navient Corp 45,600 USD 21.985 1,002,516.00 0.05 NetApp Inc 16,100 USD 41.560 669,116.00 0.03 Netflix Inc 3,500 USD 343.230 1,201,305.00 0.06 New York Community Bancorp Inc 36,700 USD 16.180 593,806.00 0.03 Newell Rubbermaid Inc 18,400 USD 38.390 706,376.00 0.04 Newmont Mining Corp 29,800 USD 19.260 573,948.00 0.03 News Corp A 18,525 USD 15.770 292,139.25 0.01 NextEra Energy Inc 23,500 USD 107.830 2,534,005.00 0.13 NIKE Inc B 33,500 USD 96.880 3,245,480.00 0.16 NiSource Inc 29,700 USD 43.410 1,289,277.00 0.06 Noble Energy Inc 19,400 USD 47.330 918,202.00 0.05 Nordstrom Inc 5,700 USD 78.760 448,932.00 0.02 Norfolk Southern Corp 23,000 USD 110.820 2,548,860.00 0.13 Northeast Utilities 16,300 USD 54.670 891,121.00 0.04 Northern Trust Corp 7,500 USD 68.080 510,600.00 0.03 NRG Energy Inc 20,400 USD 27.700 565,080.00 0.03 Nuance Communications Inc 16,100 USD 14.140 227,654.00 0.01 Nucor Corp 16,200 USD 49.510 802,062.00 0.04 NVIDIA Corp 56,900 USD 20.370 1,159,053.00 0.06 Occidental Petroleum Corp 55,500 USD 81.400 4,517,700.00 0.23 Omnicom Group Inc 13,700 USD 77.600 1,063,120.00 0.05 ONEOK Inc 11,600 USD 49.960 579,536.00 0.03 Oracle Corp 228,500 USD 45.340 10,360,190.00 0.52 O'Reilly Automotive Inc 6,600 USD 194.150 1,281,390.00 0.06 PACCAR Inc 14,400 USD 68.800 990,720.00 0.05 Pall Corp 6,000 USD 102.180 613,080.00 0.03 Palo Alto Networks Inc 5,100 USD 121.800 621,180.00 0.03 36

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Paychex Inc 18,100 USD 46.860 848,166.00 0.04 People's United Financial Inc 59,900 USD 15.280 915,272.00 0.05 Pepco Holdings Inc 31,300 USD 27.030 846,039.00 0.04 PepsiCo Inc 106,748 USD 95.960 10,243,538.08 0.51 PetSmart Inc 5,700 USD 81.160 462,612.00 0.02 Pfizer Inc 388,900 USD 31.380 12,203,682.00 0.61 PG&E Corp 32,200 USD 54.280 1,747,816.00 0.09 Pharmacyclics Inc 3,800 USD 122.580 465,804.00 0.02 Phillips 66 27,550 USD 72.920 2,008,946.00 0.10 Pioneer Natural Resources Co 7,700 USD 150.070 1,155,539.00 0.06 Plum Creek Timber Co Inc 18,400 USD 43.230 795,432.00 0.04 PNC Financial Services Group Inc/The 27,200 USD 92.420 2,513,824.00 0.13 PPG Industries Inc 11,000 USD 231.660 2,548,260.00 0.13 PPL Corp 47,600 USD 37.220 1,771,672.00 0.09 Praxair Inc 14,830 USD 131.340 1,947,772.20 0.10 Priceline Group Inc/The 3,000 USD 1,148.650 3,445,950.00 0.17 Principal Financial Group Inc 10,500 USD 52.870 555,135.00 0.03 Procter & Gamble Co/The 166,200 USD 92.400 15,356,880.00 0.77 Progressive Corp/The 33,300 USD 27.220 906,426.00 0.05 Prologis Inc 20,400 USD 43.640 890,256.00 0.04 Prudential Financial Inc 29,000 USD 91.580 2,655,820.00 0.13 Public Service Enterprise Group Inc 43,000 USD 42.530 1,828,790.00 0.09 Public Storage 5,300 USD 188.620 999,686.00 0.05 PulteGroup Inc 19,800 USD 21.310 421,938.00 0.02 PVH Corp 6,800 USD 127.360 866,048.00 0.04 QEP Resources Inc 13,200 USD 19.700 260,040.00 0.01 QUALCOMM Inc 110,400 USD 75.020 8,282,208.00 0.41 Quest Diagnostics Inc 11,500 USD 68.080 782,920.00 0.04 Rackspace Hosting Inc 7,800 USD 47.260 368,628.00 0.02 Ralph Lauren Corp 1,900 USD 186.230 353,837.00 0.02 Range Resources Corp 8,900 USD 53.650 477,485.00 0.02 Realogy Holdings Corp 15,000 USD 44.530 667,950.00 0.03 Red Hat Inc 13,300 USD 69.480 924,084.00 0.05 Regeneron Pharmaceuticals Inc 4,300 USD 408.340 1,755,862.00 0.09 Regions Financial Corp 62,300 USD 10.700 666,610.00 0.03 Republic Services Inc 9,600 USD 40.680 390,528.00 0.02 Rockwell Automation Inc 9,300 USD 112.350 1,044,855.00 0.05 Roper Industries Inc 5,900 USD 158.310 934,029.00 0.05 Ross Stores Inc 11,000 USD 93.925 1,033,175.00 0.05 Safeway Inc 12,900 USD 35.120 453,048.00 0.02 Salesforce.com inc 30,400 USD 59.430 1,806,672.00 0.09 SanDisk Corp 12,800 USD 99.800 1,277,440.00 0.06 SBA Communications Corp A 6,700 USD 112.260 752,142.00 0.04 Sempra Energy 10,600 USD 113.320 1,201,192.00 0.06 ServiceNow Inc 10,800 USD 67.880 733,104.00 0.04 Sherwin-Williams Co/The 3,300 USD 264.930 874,269.00 0.04 Sigma-Aldrich Corp 11,100 USD 137.250 1,523,475.00 0.08 Simon Property Group Inc 13,300 USD 185.550 2,467,815.00 0.12 Sirius XM Holdings Inc 133,700 USD 3.510 469,287.00 0.02 Skyworks Solutions Inc 12,300 USD 72.860 896,178.00 0.04 SL Green Realty Corp 4,000 USD 121.490 485,960.00 0.02 Southern Co/The 41,700 USD 49.770 2,075,409.00 0.10 Southern Copper Corp 13,100 USD 28.350 371,385.00 0.02 Southwestern Energy Co 23,400 USD 27.240 637,416.00 0.03 Spectra Energy Corp 44,700 USD 36.720 1,641,384.00 0.08 Sprint Corp 51,328 USD 4.120 211,471.36 0.01 St Jude Medical Inc 13,900 USD 66.200 920,180.00 0.05 Stanley Black & Decker Inc 8,500 USD 96.720 822,120.00 0.04 Staples Inc 23,100 USD 18.030 416,493.00 0.02 Starbucks Corp 45,000 USD 81.790 3,680,550.00 0.18 37

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Starwood Hotels & Resorts Worldwide Inc 12,100 USD 81.270 983,367.00 0.05 State Street Corp 27,394 USD 79.210 2,169,878.74 0.11 Stericycle Inc 5,700 USD 132.590 755,763.00 0.04 Stryker Corp 13,400 USD 95.560 1,280,504.00 0.06 SunTrust Banks Inc 24,900 USD 42.580 1,060,242.00 0.05 Superior Energy Services Inc 14,700 USD 20.510 301,497.00 0.02 Symantec Corp 36,600 USD 26.020 952,332.00 0.05 Synopsys Inc 20,400 USD 43.830 894,132.00 0.04 Sysco Corp 25,800 USD 40.260 1,038,708.00 0.05 T Rowe Price Group Inc 10,900 USD 86.910 947,319.00 0.05 Target Corp 33,500 USD 75.710 2,536,285.00 0.13 Teradata Corp 8,000 USD 44.610 356,880.00 0.02 Tesla Motors Inc 5,400 USD 222.230 1,200,042.00 0.06 Tesoro Corp 9,300 USD 75.390 701,127.00 0.03 Texas Instruments Inc 66,800 USD 53.930 3,602,524.00 0.18 Thermo Fisher Scientific Inc 29,200 USD 126.610 3,697,012.00 0.18 Tiffany & Co 3,600 USD 107.420 386,712.00 0.02 Time Warner Cable Inc 19,200 USD 154.670 2,969,664.00 0.15 Time Warner Inc 57,400 USD 85.960 4,934,104.00 0.25 TJX Cos Inc/The 39,000 USD 68.440 2,669,160.00 0.13 Torchmark Corp 10,200 USD 55.040 561,408.00 0.03 Tractor Supply Co 6,600 USD 77.500 511,500.00 0.03 Travelers Cos Inc/The 22,200 USD 106.930 2,373,846.00 0.12 Trimble Navigation Ltd 18,800 USD 27.005 507,694.00 0.03 TripAdvisor Inc 9,700 USD 75.490 732,253.00 0.04 TRW Automotive Holdings Corp 8,500 USD 102.820 873,970.00 0.04 Twenty-First Century Fox Inc A 115,900 USD 38.675 4,482,432.50 0.22 Twenty-First Century Fox Inc B 18,300 USD 37.180 680,394.00 0.03 Twitter Inc 18,800 USD 35.860 674,168.00 0.03 Tyson Foods Inc A 14,600 USD 40.430 590,278.00 0.03 UDR Inc 23,200 USD 31.510 731,032.00 0.04 Ulta Salon Cosmetics & Fragrance Inc 5,000 USD 128.770 643,850.00 0.03 Under Armour Inc A 11,900 USD 68.330 813,127.00 0.04 Union Pacific Corp 65,900 USD 120.250 7,924,475.00 0.40 United Continental Holdings Inc 16,700 USD 66.050 1,103,035.00 0.06 United Parcel Service Inc B 52,000 USD 112.140 5,831,280.00 0.29 United Rentals Inc 9,900 USD 104.120 1,030,788.00 0.05 UnitedHealth Group Inc 77,256 USD 102.850 7,945,779.60 0.40 Universal Health Services Inc B 5,300 USD 111.510 591,003.00 0.03 Unum Group 13,000 USD 35.540 462,020.00 0.02 US Bancorp/MN 137,100 USD 45.560 6,246,276.00 0.31 Valero Energy Corp 33,000 USD 49.710 1,640,430.00 0.08 Varian Medical Systems Inc 5,600 USD 88.010 492,856.00 0.02 Ventas Inc 17,200 USD 72.890 1,253,708.00 0.06 VeriSign Inc 8,700 USD 57.440 499,728.00 0.02 Verisk Analytics Inc A 9,600 USD 64.820 622,272.00 0.03 Verizon Communications Inc 255,574 USD 47.330 12,096,317.42 0.60 Vertex Pharmaceuticals Inc 12,200 USD 119.150 1,453,630.00 0.07 VF Corp 22,000 USD 75.110 1,652,420.00 0.08 Viacom Inc B 28,200 USD 76.390 2,154,198.00 0.11 Visa Inc A 34,000 USD 264.550 8,994,700.00 0.45 VMware Inc A 5,000 USD 82.670 413,350.00 0.02 Vornado Realty Trust 6,800 USD 119.270 811,036.00 0.04 Vulcan Materials Co 13,900 USD 66.410 923,099.00 0.05 Walgreen Co 51,900 USD 76.050 3,946,995.00 0.20 Walt Disney Co/The 112,000 USD 94.700 10,606,400.00 0.53 Waste Management Inc 19,900 USD 51.580 1,026,442.00 0.05 Waters Corp 3,700 USD 113.770 420,949.00 0.02 Wells Fargo & Co 306,500 USD 55.420 16,986,230.00 0.85 Western Digital Corp 11,300 USD 112.310 1,269,103.00 0.06 Western Union Co/The 34,500 USD 18.010 621,345.00 0.03 38

Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Weyerhaeuser Co 49,100 USD 36.440 1,789,204.00 0.09 Whirlpool Corp 4,300 USD 193.660 832,738.00 0.04 Whiting Petroleum Corp 8,900 USD 33.320 296,548.00 0.01 Whole Foods Market Inc 21,800 USD 50.400 1,098,720.00 0.05 Williams Cos Inc/The 37,800 USD 45.390 1,715,742.00 0.09 Windstream Holdings Inc 23,300 USD 8.270 192,691.00 0.01 Workday Inc A 8,000 USD 83.070 664,560.00 0.03 WW Grainger Inc 2,200 USD 257.490 566,478.00 0.03 Wyndham Worldwide Corp 6,000 USD 86.230 517,380.00 0.03 Xcel Energy Inc 25,600 USD 36.380 931,328.00 0.05 Xerox Corp 44,900 USD 14.010 629,049.00 0.03 Xilinx Inc 9,400 USD 43.550 409,370.00 0.02 Xylem Inc/NY 13,900 USD 38.430 534,177.00 0.03 Yum! Brands Inc 20,800 USD 73.280 1,524,224.00 0.08 Zimmer Holdings Inc 9,900 USD 114.570 1,134,243.00 0.06 Zoetis Inc 30,900 USD 43.350 1,339,515.00 0.07 Total United States of America 1,029,160,630.56 51.31 Total Shares USD 2,003,986,896.56 99.91 Total Transferable securities admitted to an official stock exchange listing USD 2,003,986,896.56 99.91 Other Transferable Securities Shares Australia BGP Holding* 190,800 AUD 0.000 0.00 0.00 Total Australia 0.00 0.00 Total Shares USD 0.00 0.00 Total Other Transferable Securities USD 0.00 0.00 Total Portfolio USD 2,003,986,896.56 99.91 39

Heading SEB Fund 3 - SEB Ethical Global Index Fund Market value in USD Cash at bank Cash at bank 2,095,142.60 0.10 Total Cash at bank 2,095,142.60 0.10 Other assets Dividends receivable 2,089,944.60 0.10 Receivable on subscriptions 11,965,208.37 0.60 Total other assets 14,055,152.97 0.70 Other liabilities Bank overdraft (12,747,151.70) (0.64) Management fees (685,954.24) (0.03) Payable on redemptions (864,958.57) (0.04) Bank interest payable on cash accounts (24,454.19) (0.00) Other liabilities (49,508.45) (0.00) Total other liabilities (14,372,027.15) (0.71) Total Net Assets as at 31 December 2014 USD 2,005,765,164.98 100.00 * Positions which are fair valued by the Management Company A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. % of Net Assets 40

Schedule of Investments Heading As at 31 December 2014 Heading SEB Fund 3 - SEB Ethical Sweden Fund Security denomination Total holdings Currency Unit Market % of price value in Net SEK Assets Transferable securities admitted to an official stock exchange listing Shares Auto Parts & Equipment Autoliv Inc 22,560 SEK 839.000 18,927,840.00 2.99 Mekonomen AB 95,630 SEK 201.500 19,269,445.00 3.04 Total Auto Parts & Equipment 38,197,285.00 6.03 Banks Nordea Bank AB 604,050 SEK 91.350 55,179,967.50 8.71 Skandinaviska Enskilda Banken AB A 418,668 SEK 99.850 41,803,999.80 6.60 Svenska Handelsbanken AB A 43,330 SEK 367.600 15,928,108.00 2.51 Swedbank AB A 114,790 SEK 195.100 22,395,529.00 3.54 Total Banks 135,307,604.30 21.36 Commercial Services Intrum Justitia AB 103,630 SEK 232.100 24,052,523.00 3.80 Securitas AB B 114,880 SEK 94.250 10,827,440.00 1.71 Total Commercial Services 34,879,963.00 5.51 Computers Tieto OYJ 43,890 SEK 203.800 8,944,782.00 1.41 Total Computers 8,944,782.00 1.41 Cosmetics/Personal Care Oriflame Cosmetics SA SDR 22,013 SEK 109.500 2,410,423.50 0.38 Svenska Cellulosa AB SCA B 67,320 SEK 168.600 11,350,152.00 1.79 Total Cosmetics/Personal Care 13,760,575.50 2.17 Electronics Lagercrantz AB B 25,610 SEK 131.000 3,354,910.00 0.53 Total Electronics 3,354,910.00 0.53 Energy-Alternate Sources Arise AB 40,658 SEK 16.900 687,120.20 0.11 Total Energy-Alternate Sources 687,120.20 0.11 Engineering & Construction ABB Ltd S 212,320 SEK 166.200 35,287,584.00 5.57 JM AB 47,080 SEK 250.000 11,770,000.00 1.86 NCC AB B 37,890 SEK 246.300 9,332,307.00 1.47 Skanska AB B 143,050 SEK 168.500 24,103,925.00 3.80 Total Engineering & Construction 80,493,816.00 12.70 Food Axfood AB 48,680 SEK 469.400 22,850,392.00 3.61 ICA Gruppen AB 29,920 SEK 305.700 9,146,544.00 1.44 Total Food 31,996,936.00 5.05 Hand/Machine Tools Sandvik AB 266,840 SEK 76.650 20,453,286.00 3.23 Total Hand/Machine Tools 20,453,286.00 3.23 Healthcare-Products Elekta AB B 138,500 SEK 79.700 11,038,450.00 1.74 Total Healthcare-Products 11,038,450.00 1.74 41

Heading SEB Fund 3 - SEB Ethical Sweden Fund Security denomination Total holdings Currency Unit Market % of price value in Net SEK Assets Internet CDON Group AB 73,310 SEK 17.300 1,268,263.00 0.20 Total Internet 1,268,263.00 0.20 Investment Companies Investor AB B 111,020 SEK 284.800 31,618,496.00 4.99 Total Investment Companies 31,618,496.00 4.99 Machinery- -Construction & Mining Atlas Copco AB A 100,390 SEK 219.000 21,985,410.00 3.47 Total Machinery- -Construction & Mining 21,985,410.00 3.47 Machinery-Diversified Concentric AB 34,800 SEK 93.000 3,236,400.00 0.51 Total Machinery-Diversified 3,236,400.00 0.51 Media Modern Times Group AB B 68,450 SEK 248.700 17,023,515.00 2.69 Total Media 17,023,515.00 2.69 Metal Fabricate/Hardware SKF AB B 116,340 SEK 165.200 19,219,368.00 3.03 Total Metal Fabricate/Hardware 19,219,368.00 3.03 Miscellaneous Manufacture Alfa Laval AB 16,680 SEK 149.100 2,486,988.00 0.39 Total Miscellaneous Manufacture 2,486,988.00 0.39 Pharmaceuticals AstraZeneca Plc S 29,700 SEK 548.000 16,275,600.00 2.57 Recipharm AB B 25,800 SEK 130.750 3,373,350.00 0.53 Total Pharmaceuticals 19,648,950.00 3.10 Real Estate Castellum AB 96,880 SEK 122.300 11,848,424.00 1.87 Hufvudstaden AB A 278,250 SEK 101.300 28,186,725.00 4.45 Total Real Estate 40,035,149.00 6.32 Retail Hennes & Mauritz AB B 166,928 SEK 326.600 54,518,684.80 8.61 Total Retail 54,518,684.80 8.61 Telecommunications Millicom International Cellular SA SDR 12,650 SEK 583.000 7,374,950.00 1.16 Tele2 AB B 132,020 SEK 95.600 12,621,112.00 1.99 Telefonaktiebolaget LM Ericsson B 208,869 SEK 94.500 19,738,120.50 3.12 Total Telecommunications 39,734,182.50 6.27 Total Shares SEK 629,890,134.30 99.42 Total Transferable securities admitted to an official stock exchange listing SEK 629,890,134.30 99.42 Total Portfolio SEK 629,890,134.30 99.42 42

Heading SEB Fund 3 - SEB Ethical Sweden Fund Market value in SEK Cash at bank Cash at bank 4,904,249.41 0.77 Total Cash at bank 4,904,249.41 0.77 Other assets Bank interest receivable on cash accounts 236.08 0.00 Receivable on subscriptions 167,292.34 0.03 Total other assets 167,528.42 0.03 Other liabilities Management fees (686,723.79) (0.11) Payable on redemptions (661,877.10) (0.10) Other liabilities (32,285.90) (0.01) Total other liabilities (1,380,886.79) (0.22) Total Net Assets as at 31 December 2014 SEK 633,581,025.34 100.00 A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. % of Net Assets 43

Schedule of InvestmentsHeading As at 31 December 2014Heading SEB Fund 3 - SEB Index Linked Bond Fund SEK Security description Maturity Total holdings Currency Unit Market % of price* value in Net SEK Assets Transferable securities admitted to an official stock exchange listing Bonds Bonds indicated in 1,000 currency units Denmark 3.50 % Oresundsbro Konsortiet 01/12/28 50,000 SEK 171.063 85,531,500.00 6.61 Total Denmark 85,531,500.00 6.61 Germany 3.50 % Bayerische Landesbank 01/12/15 30,000 SEK 124.824 37,447,200.00 2.89 Total Germany 37,447,200.00 2.89 Sweden 3.50 % Akademiska Hus AB 01/12/15 25,000 SEK 125.505 31,376,250.00 2.42 4.00 % Svensk Exportkredit AB 01/12/20 30,000 SEK 152.109 45,632,700.00 3.53 3.50 % Swedbank Hypotek AB 01/12/15 12,000 SEK 125.505 15,060,600.00 1.16 0.25 % Sweden Inflation Linked Bond 01/06/22 150,000 SEK 104.473 156,709,500.00 12.10 0.50 % Sweden Inflation Linked Bond 01/06/17 88,000 SEK 105.543 92,877,840.00 7.17 1.00 % Sweden Inflation Linked Bond 01/06/25 169,000 SEK 111.760 188,874,400.00 14.59 3.50 % Sweden Inflation Linked Bond 01/12/15 21,000 SEK 126.235 26,509,350.00 2.05 3.50 % Sweden Inflation Linked Bond 01/12/28 210,100 SEK 183.372 385,264,572.00 29.75 4.00 % Sweden Inflation Linked Bond 01/12/20 128,400 SEK 160.340 205,876,560.00 15.90 Total Sweden 1,148,181,772.00 88.67 Total Bonds SEK 1,271,160,472.00 98.17 Total Transferable securities admitted to an official stock exchange listing SEK 1,271,160,472.00 98.17 Total Portfolio SEK 1,271,160,472.00 98.17 Cash at bank Cash at bank 22,131,049.28 1.71 Total Cash at bank 22,131,049.28 1.71 Other assets Interest receivable on bonds 3,321,767.63 0.26 Total other assets 3,321,767.63 0.26 Other liabilities Bank overdraft (1,089,855.74) (0.08) Management fees (577,151.38) (0.06) Bank interest payable on cash accounts (3,462.93) (0.00) Other liabilities (45,761.33) (0.00) Total other liabilities (1,716,231.38) (0.14) Total Net Assets as at 31 December 2014 SEK 1,294,897,057.53 100.00 * Bond prices expressed in %. A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. 44

Schedule of Investments Heading As at 31 December 2014Heading SEB Fund 3 - SEB Medical Fund Security description Maturity Total holdings Currency Unit Market % of price value in Net USD Assets Transferable securities admitted to an official stock exchange listing Shares Canada Valeant Pharmaceuticals International Inc 7,900 CAD 164.250 1,116,863.65 1.80 Total Canada 1,116,863.65 1.80 Finland Orion OYJ B 38,529 EUR 25.980 1,218,459.10 1.96 Total Finland 1,218,459.10 1.96 Germany Fresenius SE & Co KGaA 1,536 EUR 43.160 80,696.88 0.13 Merck KGaA 18,765 EUR 78.420 1,791,263.51 2.89 Total Germany 1,871,960.39 3.02 Israel Teva Pharmaceutical Industries Ltd ADR 15,135 USD 56.940 861,786.90 1.39 Total Israel 861,786.90 1.39 Japan Miraca Holdings Inc 300 JPY 5,210.000 13,121.22 0.02 Olympus Corp 14,100 JPY 4,270.000 505,431.56 0.81 Otsuka Holdings Co Ltd 41,600 JPY 3,617.000 1,263,156.63 2.04 Shionogi & Co Ltd 41,500 JPY 3,125.000 1,088,713.19 1.76 Total Japan 2,870,422.60 4.63 Switzerland Actelion Ltd 11,894 CHF 115.400 1,389,403.71 2.24 Lonza Group AG 5,848 CHF 112.300 664,785.95 1.07 Novartis AG 12,981 CHF 92.300 1,212,842.94 1.96 Roche Holding AG 15,593 CHF 269.400 4,252,281.26 6.85 Total Switzerland 7,519,313.86 12.12 United Kingdom AstraZeneca Plc S 7,305 SEK 548.000 516,564.19 0.83 GlaxoSmithKline Plc 28,044 GBP 13.788 601,483.08 0.97 Shire Plc 33,051 GBP 45.000 2,313,636.10 3.73 Total United Kingdom 3,431,683.37 5.53 United States of America AbbVie Inc 47,557 USD 66.910 3,182,038.87 5.13 Aetna Inc 4,000 USD 90.080 360,320.00 0.58 Allergan Inc/United States 2,200 USD 213.340 469,348.00 0.76 AmerisourceBergen Corp 13,400 USD 91.250 1,222,750.00 1.97 Amgen Inc 20,967 USD 160.520 3,365,622.84 5.42 Anthem Inc 9,400 USD 127.410 1,197,654.00 1.93 Cardinal Health Inc 2,200 USD 81.530 179,366.00 0.29 Cigna Corp 19,000 USD 104.290 1,981,510.00 3.19 CR Bard Inc 10,800 USD 168.630 1,821,204.00 2.93 Edwards Lifesciences Corp 15,300 USD 129.460 1,980,738.00 3.19 Eli Lilly & Co 14,797 USD 69.590 1,029,723.23 1.66 Gilead Sciences Inc 37,900 USD 96.440 3,655,076.00 5.89 HCA Holdings Inc 28,400 USD 74.310 2,110,404.00 3.40 Johnson & Johnson 40,515 USD 105.250 4,264,203.75 6.87 Laboratory Corp of America Holdings 18,000 USD 108.460 1,952,280.00 3.15 McKesson Corp 9,200 USD 210.280 1,934,576.00 3.12 Merck & Co Inc 10,542 USD 57.450 605,637.90 0.98 Mylan Inc/PA 35,800 USD 57.340 2,052,772.00 3.31 45

Heading SEB Fund 3 - SEB Medical Fund Security description Maturity Total holdings Currency Unit Market % of price value in Net USD Assets Pfizer Inc 100,301 USD 31.360 3,145,439.36 5.07 Quintiles Transnational Holdings Inc 8,800 USD 59.890 527,032.00 0.85 Universal Health Services Inc B 17,900 USD 111.150 1,989,585.00 3.21 Total United States of America 39,027,280.95 62.90 Total Shares USD 57,917,770.82 93.35 Total Transferable securities admitted to an official stock exchange listing USD 57,917,770.82 93.35 Total Portfolio USD 57,917,770.82 93.35 Financial futures open with Skandinaviska Enskilda Banken AB (publ) Commitment in USD Purchased financial futures contracts CME E-Mini Healthcare Sector Index Future 20/03/15 53 USD 3,676,610.00 38,426.86 0.06 Total financial futures contracts (total unrealised) 38,426.86 0.06 An amount of USD 154,277.32 is held as cash collateral for these positions. Cash at bank and at broker Cash at bank and at broker 4,072,119.96 6.56 Total Cash at bank and at broker 4,072,119.96 6.56 Other assets Dividends receivable 25,386.96 0.04 Bank interest receivable on cash accounts 1,763.62 0.00 Receivable on subscriptions 93,822.36 0.15 Total other assets 120,972.94 0.19 Other liabilities Management fees (81,525.83) (0.12) Payable on redemptions (22,181.40) (0.04) Other liabilities (2,402.23) (0.00) Total other liabilities (106,109.46) (0.16) Total Net Assets as at 31 December 2014 USD 62,043,181.12 100.00 A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. 46

Schedule of Investments Heading As at 31 December 2014Heading SEB Fund 3 - SEB Pension Fund Security description Maturity Total holdings Currency Unit Market % of price* value in Net USD Assets Bonds indicated in 1,000 currency units Transferable securities admitted to an official stock exchange listing and/or dealt with in on another regulated market Bonds Sweden 1.02 % Lansforsakringar Bank AB FRN 26/05/17 5,000 SEK 101.098 652,283.03 0.08 2.00 % Nordea Hypotek AB 20/06/18 130,000 SEK 104.970 17,608,893.39 2.24 3.00 % Skandinaviska Enskilda Banken AB 20/06/18 54,000 SEK 108.386 7,552,495.29 0.96 3.00 % Stadshypotek AB 21/03/18 30,000 SEK 107.988 4,180,423.37 0.53 3.00 % Stadshypotek AB 19/12/18 30,000 SEK 109.189 4,226,916.39 0.54 3.75 % Swedbank Hypotek AB 16/09/15 7,000 SEK 102.436 925,282.11 0.12 3.75 % Swedbank Hypotek AB 19/09/18 160,000 SEK 111.605 23,042,370.16 2.93 2.25 % Sweden Government Bond 01/06/32 3,450 SEK 112.225 499,611.27 0.07 3.50 % Sweden Government Bond 30/03/39 12,500 SEK 137.189 2,212,854.29 0.28 Total Sweden 60,901,129.30 7.75 Total Bonds USD 60,901,129.30 7.75 Shares Australia Australia & New Zealand Banking Group Ltd 3,510 AUD 32.040 92,126.38 0.01 Commonwealth Bank of Australia 95,034 AUD 85.580 6,662,476.59 0.85 Dexus Property Group 152,002 AUD 7.160 891,552.10 0.11 Insurance Australia Group Ltd 292,520 AUD 6.250 1,497,683.30 0.19 Telstra Corp Ltd 1,455,771 AUD 5.980 7,131,463.31 0.91 Woodside Petroleum Ltd 102,518 AUD 38.030 3,193,823.08 0.41 Total Australia 19,469,124.76 2.48 Belgium Belgacom SA 2,208 EUR 29.890 80,335.79 0.01 Total Belgium 80,335.79 0.01 Bermuda Brookfield Property Partners LP 2,882 CAD 27.140 67,324.25 0.01 PartnerRe Ltd 34,500 USD 113.930 3,930,585.00 0.50 Total Bermuda 3,997,909.25 0.51 Brazil AES Tiete SA (Pref) 15,100 BRL 18.330 104,486.72 0.01 Cia de Transmissao de Energia Eletrica Paulista (Pref) 12 BRL 40.830 184.96 0.00 Cia Energetica de Minas Gerais (Pref) 391,390 BRL 13.300 1,965,092.66 0.25 Eletropaulo Metropolitana Eletricidade de Sao Paulo SA (Pref) 41 BRL 9.090 140.69 0.00 Itau Unibanco Holding SA (Pref) 26,080 BRL 34.650 341,139.88 0.05 Total Brazil 2,411,044.91 0.31 Canada Bank of Montreal 96,600 CAD 81.980 6,816,363.25 0.87 Canadian Imperial Bank of Commerce/Canada 76,900 CAD 100.360 6,642,853.55 0.85 Canadian Tire Corp Ltd A 25,500 CAD 121.920 2,675,979.74 0.34 H&R Real Estate Investment Trust 500 CAD 21.730 9,351.85 0.00 National Bank of Canada 33,200 CAD 49.600 1,417,383.74 0.18 Power Financial Corp 200 CAD 36.180 6,228.25 0.00 Shaw Communications Inc B 245,500 CAD 31.370 6,628,781.46 0.84 Total Canada 24,196,941.84 3.08 Cayman Islands Hopewell Highway Infrastructure Ltd 9,000 HKD 3.870 4,489.54 0.00 Longfor Properties Co Ltd 63,800 HKD 10.000 82,237.31 0.01 SOHO China Ltd 385,500 HKD 5.390 267,831.33 0.04 47

Heading SEB Fund 3 - SEB Pension Fund Security description Maturity Total holdings Currency Unit Market % of price* value in Net USD Assets Zhen Ding Technology Holding Ltd 151,000 TWD 84.800 403,624.81 0.05 Total Cayman Islands 758,182.99 0.10 China Agricultural Bank of China Ltd H 13,153,000 HKD 3.890 6,595,119.36 0.84 Bank of China Ltd H 15,925,000 HKD 4.290 8,806,127.55 1.12 Bank of Communications Co Ltd H 313,580 HKD 7.090 286,577.99 0.04 China Construction Bank Corp H 222,000 HKD 6.280 179,705.29 0.02 China Merchants Bank Co Ltd H 32,800 HKD 19.140 80,921.52 0.01 China Shenhua Energy Co Ltd H 44,700 HKD 22.750 131,080.22 0.02 Chongqing Rural Commercial Bank Co Ltd H 2,276,000 HKD 4.700 1,378,854.22 0.17 Industrial & Commercial Bank of China Ltd H 4,237,000 HKD 5.560 3,036,557.39 0.39 Zhejiang Expressway Co Ltd H 594,000 HKD 9.210 705,170.79 0.09 Total China 21,200,114.33 2.70 Colombia Bancolombia SA 5,504 COP 27,499.999 63,257.75 0.01 Ecopetrol SA 478,168 COP 2,065.001 412,670.26 0.05 Total Colombia 475,928.01 0.06 Czech Republic CEZ AS 77,000 CZK 591.300 1,997,938.60 0.26 O2 Czech Republic AS 2,623 CZK 233.000 26,818.70 0.00 Total Czech Republic 2,024,757.30 0.26 Egypt Commercial International Bank Egypt SAE 97,678 EGP 49.770 679,917.18 0.09 Telecom Egypt Co 52,321 EGP 12.050 88,176.87 0.01 Total Egypt 768,094.05 0.10 Finland Orion OYJ B 59,157 EUR 25.980 1,870,808.61 0.24 Total Finland 1,870,808.61 0.24 France Cap Gemini SA 11,270 EUR 60.000 823,112.58 0.10 Eurazeo SA 13,133 EUR 57.650 921,610.32 0.12 Eutelsat Communications SA 11,191 EUR 26.895 366,373.90 0.05 Fonciere Des Regions 9,578 EUR 76.700 894,240.36 0.11 Vinci SA 17,991 EUR 45.740 1,001,695.07 0.13 Total France 4,007,032.23 0.51 Germany Bayerische Motoren Werke AG 7,531 EUR 89.770 822,939.57 0.11 Bayerische Motoren Werke AG (Pref) 6,755 EUR 67.840 557,821.52 0.07 Hannover Rueck SE 10,651 EUR 74.970 971,990.38 0.12 K+S AG 1,220 EUR 22.915 34,030.14 0.00 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 2,960 EUR 165.750 597,213.09 0.08 Total Germany 2,983,994.70 0.38 Hong Kong Hang Seng Bank Ltd 72,238 HKD 129.000 1,201,167.75 0.15 Hopewell Holdings Ltd 180,000 HKD 27.950 648,488.91 0.08 Link REIT/The 1,401,500 HKD 48.450 8,752,560.51 1.12 New World Development Co Ltd 59,334 HKD 8.850 67,685.42 0.01 Shougang Fushan Resources Group Ltd 378,000 HKD 1.700 82,830.25 0.01 Wharf Holdings Ltd/The 11,000 HKD 56.200 79,685.12 0.01 48

Heading SEB Fund 3 - SEB Pension Fund Security description Maturity Total holdings Currency Unit Market % of price* value in Net USD Assets Yuexiu Property Co Ltd 440,000 HKD 1.470 83,371.62 0.01 Total Hong Kong 10,915,789.58 1.39 Indonesia Bank Rakyat Indonesia Persero Tbk PT 650,300 IDR 11,649.999 608,684.76 0.08 Total Indonesia 608,684.76 0.08 Ireland Accenture Plc A 88,600 USD 90.350 8,005,010.00 1.02 Perrigo Co Plc 2 USD 166.850 333.70 0.00 Total Ireland 8,005,343.70 1.02 Israel Bezeq The Israeli Telecommunication Corp Ltd 2,928,341 ILS 6.854 5,155,242.89 0.66 Total Israel 5,155,242.89 0.66 Italy Terna Rete Elettrica Nazionale SpA 172,791 EUR 3.786 796,316.66 0.10 Total Italy 796,316.66 0.10 Japan Aozora Bank Ltd 200 JPY 374.000 627.94 0.00 Central Japan Railway Co 39,500 JPY 18,140.000 6,015,195.48 0.77 Daito Trust Construction Co Ltd 1,900 JPY 13,700.000 218,519.17 0.03 Japan Airlines Co Ltd 285,200 JPY 3,600.000 8,619,208.55 1.10 Kobe Steel Ltd 361,000 JPY 209.000 633,386.58 0.08 Lawson Inc 38,100 JPY 7,290.000 2,331,674.22 0.30 Miraca Holdings Inc 3,900 JPY 5,210.000 170,575.91 0.02 Otsuka Holdings Co Ltd 118,200 JPY 3,617.000 3,589,065.23 0.46 Resona Holdings Inc 1,430,000 JPY 611.900 7,345,677.50 0.93 Showa Shell Sekiyu KK 231,600 JPY 1,191.000 2,315,611.42 0.29 Sumitomo Rubber Industries Ltd 150,800 JPY 1,800.000 2,278,710.81 0.29 Toyota Motor Corp 120,000 JPY 7,558.000 7,613,835.69 0.97 West Japan Railway Co 29,500 JPY 5,712.000 1,414,573.71 0.18 Total Japan 42,546,662.21 5.42 Malaysia DiGi.Com Bhd 235,400 MYR 6.240 419,861.94 0.05 Malayan Banking Bhd 264,200 MYR 9.160 691,741.36 0.09 Telekom Malaysia Bhd 346,000 MYR 6.910 683,391.55 0.09 Tenaga Nasional Bhd 136,100 MYR 13.960 543,073.99 0.07 Total Malaysia 2,338,068.84 0.30 Netherlands Boskalis Westminster NV 13,062 EUR 45.175 718,276.92 0.09 LyondellBasell Industries NV A 80,000 USD 80.520 6,441,600.00 0.82 Total Netherlands 7,159,876.92 0.91 Norway Yara International ASA 19,376 NOK 333.800 870,234.08 0.11 Total Norway 870,234.08 0.11 Philippines Philippine Long Distance Telephone Co 30 PHP 2,906.000 1,948.92 0.00 Total Philippines 1,948.92 0.00 Poland Energa SA 401,078 PLN 23.190 2,635,308.41 0.34 KGHM Polska Miedz SA 29,819 PLN 108.200 914,159.96 0.12 49

Heading SEB Fund 3 - SEB Pension Fund Security description Maturity Total holdings Currency Unit Market % of price* value in Net USD Assets PGE Polska Grupa Energetyczna SA 36,517 PLN 18.970 196,274.68 0.02 Total Poland 3,745,743.05 0.48 Russia Lukoil OAO ADR 127,578 USD 39.700 5,064,846.60 0.64 Mobile TeleSystems OJSC ADR 62,300 USD 7.550 470,365.00 0.06 Surgutneftegas OAO 1,900,000 RUB 23.660 803,021.93 0.10 Surgutneftegas OAO (Pref) 1,900,000 RUB 29.490 1,000,892.51 0.13 Total Russia 7,339,126.04 0.93 Singapore Keppel Land Ltd 69,000 SGD 3.400 177,454.36 0.02 Keppel REIT Management Ltd 5,600 SGD 1.215 5,146.63 0.00 Oversea-Chinese Banking Corp Ltd 617,000 SGD 10.500 4,900,417.98 0.63 StarHub Ltd 29,100 SGD 4.150 91,348.15 0.01 United Overseas Bank Ltd 5,800 SGD 24.530 107,617.82 0.01 Yangzijiang Shipbuilding Holdings Ltd 4,687,000 SGD 1.200 4,254,366.12 0.54 Total Singapore 9,536,351.06 1.21 South Africa FirstRand Ltd 304,817 ZAR 50.250 1,322,371.09 0.17 Kumba Iron Ore Ltd 42,807 ZAR 237.730 878,571.03 0.11 Liberty Holdings Ltd 9,025 ZAR 122.800 95,680.55 0.01 Netcare Ltd 400,781 ZAR 37.810 1,308,253.48 0.17 Redefine Properties Ltd 1,590,619 ZAR 10.870 1,492,704.37 0.19 Sasol Ltd 52,606 ZAR 437.800 1,988,333.06 0.25 Sibanye Gold Ltd 28,253 ZAR 21.760 53,076.41 0.01 Total South Africa 7,138,989.99 0.91 Spain Red Electrica Corp SA 59,294 EUR 74.270 5,360,536.35 0.68 Total Spain 5,360,536.35 0.68 Switzerland ACE Ltd 79,800 USD 115.670 9,230,466.00 1.17 Chocoladefabriken Lindt & Sprungli AG (Part Cert) 10 CHF 4,931.998 49,924.97 0.01 Pargesa Holding SA 605 CHF 77.300 47,340.14 0.01 Swiss Prime Site AG 2,074 CHF 73.150 153,574.04 0.02 Swiss Re AG 20,245 CHF 83.950 1,720,414.90 0.22 Swisscom AG 4,337 CHF 523.500 2,298,268.80 0.29 Zurich Financial Services AG 6,455 CHF 312.100 2,039,316.95 0.26 Total Switzerland 15,539,305.80 1.98 Taiwan Asustek Computer Inc 282,000 TWD 343.000 3,048,935.84 0.39 Catcher Technology Co Ltd 114,000 TWD 247.000 887,578.68 0.11 Chicony Electronics Co Ltd 161,000 TWD 88.400 448,624.72 0.06 China Petrochemical Development Corp 286 TWD 11.150 100.52 0.00 Far EasTone Telecommunications Co Ltd 400 TWD 71.400 900.25 0.00 Hon Hai Precision Industry Co Ltd 2,469,720 TWD 87.800 6,835,138.07 0.87 Pegatron Corp 1,034,000 TWD 73.300 2,389,073.83 0.30 Realtek Semiconductor Corp 50,090 TWD 105.500 166,574.51 0.02 Ruentex Industries Ltd 617,000 TWD 66.400 1,291,392.62 0.16 Taishin Financial Holding Co Ltd 475,000 TWD 13.050 195,393.08 0.03 Taiwan Mobile Co Ltd 1 TWD 103.000 3.25 0.00 Transcend Information Inc 301,000 TWD 98.400 933,612.49 0.12 Total Taiwan 16,197,327.86 2.06 50

Heading SEB Fund 3 - SEB Pension Fund Security description Maturity Total holdings Currency Unit Market % of price* value in Net USD Assets Thailand Advanced Info Service PCL 107,800 THB 251.000 822,425.37 0.10 PTT Exploration & Production PCL 91,100 THB 112.000 310,127.60 0.04 PTT Global Chemical PCL 698,800 THB 51.250 1,088,556.02 0.14 PTT PCL 77,900 THB 324.000 767,160.94 0.10 Total Thailand 2,988,269.93 0.38 Turkey Koza Altin Isletmeleri AS 52,817 TRY 15.550 352,831.65 0.04 Total Turkey 352,831.65 0.04 United Kingdom BT Group Plc 930,052 GBP 4.023 5,820,431.72 0.74 Ensco Plc A 101,900 USD 30.270 3,084,513.00 0.39 ITV Plc 236,817 GBP 2.152 792,780.71 0.10 National Grid Plc 154,226 GBP 9.150 2,195,212.79 0.28 Next Plc 23,644 GBP 66.950 2,462,461.60 0.31 Royal Dutch Shell Plc A 5,959 GBP 21.590 200,135.42 0.03 Severn Trent Plc 9,071 GBP 19.950 281,511.41 0.04 Unilever Plc 162,399 GBP 26.268 6,636,130.32 0.84 United Utilities Group Plc 123,266 GBP 9.040 1,733,443.41 0.22 Total United Kingdom 23,206,620.38 2.95 United States of America AbbVie Inc 10 USD 66.910 669.10 0.00 Altria Group Inc 197,605 USD 50.170 9,913,842.85 1.26 Ameren Corp 35 USD 47.330 1,656.55 0.00 American Capital Agency Corp 21,600 USD 22.150 478,440.00 0.06 Annaly Capital Management Inc 766,700 USD 11.020 8,449,034.00 1.08 Anthem Inc 30,400 USD 127.410 3,873,264.00 0.49 AT&T Inc 283,400 USD 34.110 9,666,774.00 1.23 Bristol-Myers Squibb Co 38 USD 59.350 2,255.30 0.00 Cisco Systems Inc 166,900 USD 28.435 4,745,801.50 0.60 Computer Sciences Corp 27,200 USD 64.890 1,765,008.00 0.23 ConocoPhillips 111,290 USD 69.960 7,785,848.40 0.99 Delta Air Lines Inc 32,500 USD 48.870 1,588,275.00 0.20 Discover Financial Services 98,800 USD 66.080 6,528,704.00 0.83 Dow Chemical Co/The 84,200 USD 45.970 3,870,674.00 0.49 Dr Pepper Snapple Group Inc 125,400 USD 72.850 9,135,390.00 1.16 Edison International 135,400 USD 67.655 9,160,487.00 1.17 Eli Lilly & Co 135,035 USD 69.590 9,397,085.65 1.20 Exelon Corp 25,900 USD 38.540 998,186.00 0.13 Express Scripts Holding Co 1 USD 85.810 85.81 0.00 Halyard Health Inc 9,394 USD 43.590 409,484.46 0.05 Harris Corp 125,700 USD 72.960 9,171,072.00 1.17 Home Depot Inc/The 11,700 USD 104.660 1,224,522.00 0.16 International Business Machines Corp 10,824 USD 160.540 1,737,684.96 0.22 International Paper Co 40 USD 54.290 2,171.60 0.00 Johnson & Johnson 42,000 USD 105.250 4,420,500.00 0.56 Kimberly-Clark Corp 75,152 USD 117.740 8,848,396.48 1.13 Kraft Foods Group Inc 6,100 USD 63.800 389,180.00 0.05 Kroger Co/The 118,416 USD 64.650 7,655,594.40 0.97 Microsoft Corp 67,100 USD 47.470 3,185,237.00 0.41 Navient Corp 301,700 USD 21.980 6,631,366.00 0.84 Northeast Utilities 1 USD 55.380 55.38 0.00 Patterson Cos Inc 16,800 USD 48.560 815,808.00 0.10 Paychex Inc 7,100 USD 46.990 333,629.00 0.04 PepsiCo Inc 31,100 USD 96.420 2,998,662.00 0.38 Pfizer Inc 45 USD 31.360 1,411.20 0.00 Philip Morris International Inc 4 USD 83.030 332.12 0.00 51

Heading SEB Fund 3 - SEB Pension Fund Security description Maturity Total holdings Currency Unit Market % of price* value in Net USD Assets Phillips 66 45 USD 72.750 3,273.75 0.00 Public Service Enterprise Group Inc 215,696 USD 43.100 9,296,497.60 1.18 Raytheon Co 69,057 USD 109.380 7,553,454.66 0.96 Reynolds American Inc 139,888 USD 65.490 9,161,265.12 1.17 SCANA Corp 27,400 USD 62.230 1,705,102.00 0.22 Symantec Corp 26 USD 26.020 676.52 0.00 Travelers Cos Inc/The 87,500 USD 106.450 9,314,375.00 1.19 US Bancorp/MN 13 USD 45.600 592.80 0.00 Verizon Communications Inc 200,200 USD 47.390 9,487,478.00 1.21 Western Union Co/The 506,900 USD 18.000 9,124,200.00 1.16 Wisconsin Energy Corp 64,445 USD 54.530 3,514,185.85 0.45 Zimmer Holdings Inc 7 USD 113.840 796.88 0.00 Total United States of America 194,348,485.94 24.74 Total Shares USD 448,396,025.38 57.09 Investment Funds Asset Allocation Funds Finland SEB Foretagsobligationsfond Flexibel IC 52,687,800 SEK 14.545 98,887,485.36 12.59 Total Finland 98,887,485.36 12.59 Luxembourg SEB SICAV 3 - SEB Asset Selection Opportunistic I 1,345,500 SEK 139.531 24,225,771.26 3.08 Total Luxembourg 24,225,771.26 3.08 Total Asset Allocation Funds 123,113,256.62 15.67 Commodity Funds Luxembourg SEB Prime Solutions - SEB Commodity Index Fund 94,697 SEK 869.680 10,627,238.54 1.35 Vontobel Fund - Belvista Commodity Fund 41,400 SEK 699.530 3,737,061.11 0.48 Total Luxembourg 14,364,299.65 1.83 Total Commodity Funds 14,364,299.65 1.83 Debt Fund Luxembourg SEB High Yield - C 2,417,100 SEK 170.230 53,094,954.12 6.76 Total Luxembourg 53,094,954.12 6.76 Total Debt Fund 53,094,954.12 6.76 Investment Fund Luxembourg SEB SICAV 2 - SEB Credit Multi Strategy HNWC 3,811,800 SEK 105.997 52,136,991.23 6.64 Total Luxembourg 52,136,991.23 6.64 Total Investment Fund 52,136,991.23 6.64 Total Investment Funds USD 242,709,501.62 30.90 Total Transferable securities admitted to an official stock exchange listing and/or dealt with in on another regulated market USD 752,006,656.30 95.74 Total Portfolio USD 752,006,656.30 95.74 52

Heading SEB Fund 3 - SEB Pension Fund Security description Maturity Total holdings Currency Unit Market % of price* value in Net USD Assets Financial futures open with Skandinaviska Enskilda Banken AB (publ) Commitment in USD Purchased financial futures contracts CME Standard And Poors 500 E-Mini Future 20/03/15 195 USD 20,275,125.00 664,105.00 0.08 Eurex Dow Jones Euro Stoxx 50 Future 20/03/15 231 EUR 8,843,347.72 371,853.66 0.05 Eurex Euro Bund Future 06/03/15 4 EUR 759,133.29 13,341.19 0.00 OM 5 Year Bond Future 6% Coupon 12/03/15 11 SEK 1,810,110.25 2,857.10 0.00 Total financial futures contracts (total unrealised) 1,052,156.95 0.13 An amount of USD 1,648,215.09 is held as cash collateral for these positions. Cash at bank and at broker Cash at bank and at broker 31,343,125.14 3.99 Total Cash at bank and at broker 31,343,125.14 3.99 Other assets Dividends receivable 1,131,550.82 0.15 Interest receivable on bonds 656,731.36 0.08 Bank interest receivable on cash accounts 4,846.74 0.00 Receivable on subscriptions 21,782.55 0.00 Retrocession fees receivable 198,122.67 0.03 Total other assets 2,013,034.14 0.26 Other liabilities Management fees (854,314.81) (0.11) Payable on redemptions (48,403.67) (0.01) Other liabilities (21,147.51) (0.00) Total other liabilities (923,865.99) (0.12) Total Net Assets as at 31 December 2014 USD 785,491,106.54 100.00 * Bond prices expressed in %. A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. 53

Schedule of Investments Heading As at 31 December 2014Heading SEB Fund 3 - SEB Technology Fund Security description Maturity Total holdings Currency Unit Market % of price value in Net USD Assets Transferable securities admitted to an official stock exchange listing Shares Canada Open Text Corp 8,004 CAD 68.470 471,710.01 1.77 Total Canada 471,710.01 1.77 France Dassault Systemes 7,792 EUR 50.370 477,754.70 1.80 Total France 477,754.70 1.80 Japan Hoya Corp 17,600 JPY 4,105.000 606,514.51 2.28 Keyence Corp 1,400 JPY 53,810.000 632,421.16 2.38 Nexon Co Ltd 20,000 JPY 1,125.000 188,885.18 0.71 Obic Co Ltd 3,300 JPY 3,935.000 109,011.93 0.41 Oracle Corp Japan 200 JPY 4,905.000 8,235.39 0.03 Seiko Epson Corp 10,100 JPY 5,090.000 431,573.25 1.62 Trend Micro Inc/Japan 17,400 JPY 3,340.000 487,877.83 1.84 Total Japan 2,464,519.25 9.27 Switzerland Garmin Ltd 8,800 USD 53.660 472,208.00 1.78 Total Switzerland 472,208.00 1.78 Taiwan Taiwan Semiconductor Manufacturing Co Ltd 20,000 TWD 140.000 88,259.83 0.33 Total Taiwan 88,259.83 0.33 United Kingdom Sage Group Plc/The 38,011 GBP 4.658 275,427.13 1.04 Total United Kingdom 275,427.13 1.04 United States of America Alliance Data Systems Corp 2,000 USD 288.410 576,820.00 2.17 ANSYS Inc 6,600 USD 83.140 548,724.00 2.06 Apple Inc 21,282 USD 113.340 2,412,101.88 9.08 Cisco Systems Inc 23,944 USD 28.435 680,847.64 2.56 Citrix Systems Inc 7,800 USD 64.720 504,816.00 1.90 EMC Corp/MA 28,200 USD 30.540 861,228.00 3.24 F5 Networks Inc 4,200 USD 134.190 563,598.00 2.12 Facebook Inc A 4,800 USD 80.140 384,672.00 1.45 FleetCor Technologies Inc 3,700 USD 148.890 550,893.00 2.07 Google Inc A 1,168 USD 536.050 626,106.40 2.36 Google Inc C 1,118 USD 529.240 591,690.32 2.23 Intel Corp 41,677 USD 37.080 1,545,383.16 5.81 International Business Machines Corp 2,127 USD 160.540 341,468.58 1.28 Intuit Inc 6,900 USD 93.390 644,391.00 2.42 Microsoft Corp 49,228 USD 47.470 2,336,853.16 8.79 NetApp Inc 13,200 USD 41.800 551,760.00 2.08 Oracle Corp 17,074 USD 45.570 778,062.18 2.93 Paychex Inc 12,200 USD 46.990 573,278.00 2.16 Pitney Bowes Inc 20,600 USD 25.050 516,030.00 1.94 QUALCOMM Inc 14,823 USD 75.040 1,112,317.92 4.18 Synopsys Inc 12,300 USD 44.090 542,307.00 2.04 Texas Instruments Inc 15,300 USD 54.220 829,566.00 3.12 VeriSign Inc 8,900 USD 57.700 513,530.00 1.93 Visa Inc A 4,717 USD 264.710 1,248,637.07 4.70 54

Heading SEB Fund 3 - SEB Technology Fund Security description Maturity Total holdings Currency Unit Market % of price value in Net USD Assets VMware Inc A 2,000 USD 82.860 165,720.00 0.62 Western Union Co/The 31,400 USD 18.000 565,200.00 2.13 Xilinx Inc 13,100 USD 43.560 570,636.00 2.15 Total United States of America 21,136,637.31 79.52 Total Shares USD 25,386,516.23 95.51 Total Transferable securities admitted to an official stock exchange listing USD 25,386,516.23 95.51 Other Transferable Securities Shares United States of America Protegrity* 435,000 USD 0.000 0.00 0.00 Total United States of America 0.00 0.00 Total Shares USD 0.00 0.00 Total Other Transferable Securities USD 0.00 0.00 Total Portfolio USD 25,386,516.23 95.51 Financial futures open with Skandinaviska Enskilda Banken AB (publ) Commitment in USD Purchased financial futures contracts CME E-Mini Nasdaq 100 Index Future 20/03/15 13 USD 1,116,895.00 30,052.00 0.11 Total financial futures contracts (total unrealised) 30,052.00 0.11 An amount of USD 46,914.74 is held as cash collateral for this position. Cash at bank and at broker Cash at bank and at broker 1,183,407.28 4.45 Total Cash at bank and at broker 1,183,407.28 4.45 Other assets Dividends receivable 21,459.71 0.08 Receivable on subscriptions 16,921.26 0.06 Total other assets 38,380.97 0.14 Other liabilities Management fees (34,835.98) (0.12) Payable on redemptions (21,527.02) (0.08) Bank interest payable on cash accounts (157.47) (0.00) Other liabilities (1,568.54) (0.01) Total other liabilities (58,089.01) (0.21) Total Net Assets as at 31 December 2014 USD 26,580,267.47 100.00 * Positions which are fair valued by the Management Company. A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. 55

Schedule of Investments Heading As at 31 December 2014 Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Transferable securities admitted to an official stock exchange listing Shares Advertising Alliance Data Systems Corp 2,262 USD 286.880 648,922.56 0.10 Interpublic Group of Cos Inc/The 12,616 USD 20.790 262,286.64 0.04 Omnicom Group Inc 8,334 USD 77.600 646,718.40 0.10 Total Advertising 1,557,927.60 0.24 Aerospace/Defense Boeing Co/The 24,325 USD 131.830 3,206,764.75 0.48 Northrop Grumman Corp 7,653 USD 150.760 1,153,766.28 0.17 Raytheon Co 10,652 USD 109.880 1,170,441.76 0.18 Rockwell Collins Inc 4,457 USD 85.480 380,984.36 0.06 United Technologies Corp 30,655 USD 116.200 3,562,111.00 0.54 Total Aerospace/Defense 9,474,068.15 1.43 Agriculture Altria Group Inc 70,767 USD 49.830 3,526,319.61 0.53 Archer-Daniels-Midland Co 25,036 USD 52.890 1,324,154.04 0.20 Lorillard Inc 12,308 USD 63.420 780,573.36 0.12 Philip Morris International Inc 56,996 USD 82.500 4,702,170.00 0.71 Reynolds American Inc 10,004 USD 65.040 650,660.16 0.10 Total Agriculture 10,983,877.17 1.66 Airlines Delta Air Lines Inc 32,300 USD 49.230 1,590,129.00 0.24 Southwest Airlines Co 26,791 USD 42.170 1,129,776.47 0.17 Total Airlines 2,719,905.47 0.41 Apparel Coach Inc 9,297 USD 37.860 351,984.42 0.05 Michael Kors Holdings Ltd 6,872 USD 75.380 518,011.36 0.08 NIKE Inc B 25,538 USD 96.880 2,474,121.44 0.37 Ralph Lauren Corp 1,929 USD 186.230 359,237.67 0.05 Under Armour Inc A 6,600 USD 68.330 450,978.00 0.07 VF Corp 13,320 USD 75.110 1,000,465.20 0.15 Total Apparel 5,154,798.09 0.77 Auto Manufacturers Ford Motor Co 143,613 USD 15.500 2,226,001.50 0.33 General Motors Co 47,400 USD 35.090 1,663,266.00 0.25 PACCAR Inc 14,461 USD 68.800 994,916.80 0.15 Total Auto Manufacturers 4,884,184.30 0.73 Auto Parts & Equipment BorgWarner Inc 8,900 USD 55.370 492,793.00 0.07 Delphi Automotive Plc 11,800 USD 73.320 865,176.00 0.13 Goodyear Tire & Rubber Co/The 13,794 USD 28.495 393,060.03 0.06 Johnson Controls Inc 25,819 USD 48.400 1,249,639.60 0.19 Total Auto Parts & Equipment 3,000,668.63 0.45 Banks Bank of America Corp 380,644 USD 18.130 6,901,075.72 1.04 Bank of New York Mellon Corp/The 42,059 USD 41.030 1,725,680.77 0.26 BB&T Corp 24,691 USD 39.340 971,343.94 0.15 Capital One Financial Corp 21,215 USD 83.310 1,767,421.65 0.27 Citigroup Inc 110,110 USD 54.840 6,038,432.40 0.91 56

Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Comerica Inc 5,858 USD 47.120 276,028.96 0.04 Fifth Third Bancorp 27,105 USD 20.675 560,395.88 0.08 Goldman Sachs Group Inc/The 14,860 USD 195.710 2,908,250.60 0.44 Huntington Bancshares Inc/OH 25,905 USD 10.660 276,147.30 0.04 JPMorgan Chase & Co 137,304 USD 63.150 8,670,747.60 1.30 KeyCorp 28,443 USD 14.100 401,046.30 0.06 M&T Bank Corp 4,342 USD 127.330 552,866.86 0.08 Morgan Stanley 56,900 USD 39.000 2,219,100.00 0.33 Northern Trust Corp 7,653 USD 68.080 521,016.24 0.08 PNC Financial Services Group Inc/The 18,332 USD 92.420 1,694,243.44 0.25 Regions Financial Corp 42,533 USD 10.700 455,103.10 0.07 State Street Corp 14,866 USD 79.210 1,177,535.86 0.18 SunTrust Banks Inc 17,530 USD 42.580 746,427.40 0.11 US Bancorp/MN 65,500 USD 45.560 2,984,180.00 0.45 Wells Fargo & Co 173,131 USD 55.420 9,594,920.02 1.44 Zions Bancorporation 7,470 USD 28.670 214,164.90 0.03 Total Banks 50,656,128.94 7.61 Beverages Brown-Forman Corp B 6,695 USD 88.750 594,181.25 0.09 Coca-Cola Co/The 143,266 USD 42.760 6,126,054.16 0.92 Coca-Cola Enterprises Inc 8,438 USD 44.850 378,444.30 0.06 Constellation Brands Inc A 7,079 USD 98.840 699,688.36 0.11 Dr Pepper Snapple Group Inc 6,958 USD 72.700 505,846.60 0.08 Keurig Green Mountain Inc 4,300 USD 133.400 573,620.00 0.09 Molson Coors Brewing Co B 6,231 USD 74.900 466,701.90 0.07 Monster Beverage Corp 5,800 USD 109.580 635,564.00 0.10 PepsiCo Inc 54,396 USD 95.960 5,219,840.16 0.78 Total Beverages 15,199,940.73 2.30 Biotechnology Amgen Inc 27,992 USD 160.630 4,496,354.96 0.68 Biogen Idec Inc 8,546 USD 342.190 2,924,355.74 0.44 Celgene Corp 29,240 USD 113.540 3,319,909.60 0.50 Gilead Sciences Inc 54,910 USD 95.275 5,231,550.25 0.79 Regeneron Pharmaceuticals Inc 2,500 USD 408.340 1,020,850.00 0.15 Vertex Pharmaceuticals Inc 9,600 USD 119.150 1,143,840.00 0.17 Total Biotechnology 18,136,860.55 2.73 Building Materials Martin Marietta Materials Inc 2,100 USD 110.900 232,890.00 0.04 Masco Corp 12,994 USD 25.280 328,488.32 0.05 Vulcan Materials Co 4,060 USD 66.410 269,624.60 0.04 Total Building Materials 831,002.92 0.13 Chemicals Air Products & Chemicals Inc 6,593 USD 146.440 965,478.92 0.15 Airgas Inc 2,400 USD 116.520 279,648.00 0.04 CF Industries Holdings Inc 1,859 USD 273.520 508,473.68 0.08 Dow Chemical Co/The 41,759 USD 46.070 1,923,837.13 0.29 Eastman Chemical Co 4,880 USD 76.580 373,710.40 0.06 Ecolab Inc 10,325 USD 105.270 1,086,912.75 0.16 EI du Pont de Nemours & Co 33,594 USD 74.590 2,505,776.46 0.38 FMC Corp 3,800 USD 57.550 218,690.00 0.03 International Flavors & Fragrances Inc 2,672 USD 102.950 275,082.40 0.04 LyondellBasell Industries NV A 16,500 USD 80.600 1,329,900.00 0.20 Monsanto Co 17,810 USD 121.110 2,156,969.10 0.32 Mosaic Co/The 11,300 USD 46.120 521,156.00 0.08 PPG Industries Inc 5,200 USD 231.660 1,204,632.00 0.18 Praxair Inc 10,288 USD 131.340 1,351,225.92 0.20 Sherwin-Williams Co/The 2,640 USD 264.930 699,415.20 0.11 57

Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Sigma-Aldrich Corp 3,763 USD 137.250 516,471.75 0.08 Total Chemicals 15,917,379.71 2.40 Coal CONSOL Energy Inc 7,761 USD 34.090 264,572.49 0.04 Total Coal 264,572.49 0.04 Commercial Services ADT Corp/The 6,150 USD 36.330 223,429.50 0.03 Automatic Data Processing Inc 18,250 USD 84.110 1,535,007.50 0.23 Cintas Corp 3,390 USD 79.020 267,877.80 0.04 Equifax Inc 4,019 USD 81.560 327,789.64 0.05 H&R Block Inc 10,227 USD 33.660 344,240.82 0.05 MasterCard Inc A 35,647 USD 86.970 3,100,219.59 0.47 McGraw Hill Financial Inc 10,636 USD 90.160 958,941.76 0.14 Moody's Corp 6,401 USD 96.720 619,104.72 0.09 Quanta Services Inc 10,800 USD 28.540 308,232.00 0.05 Robert Half International Inc 3,981 USD 58.720 233,764.32 0.04 Total System Services Inc 5,386 USD 34.060 183,447.16 0.03 United Rentals Inc 3,400 USD 104.120 354,008.00 0.05 Western Union Co/The 18,984 USD 18.010 341,901.84 0.05 Total Commercial Services 8,797,964.65 1.32 Computers Accenture Plc A 23,692 USD 90.190 2,136,781.48 0.32 Apple Inc 213,819 USD 112.520 24,058,913.88 3.62 Cognizant Technology Solutions Corp A 24,012 USD 53.150 1,276,237.80 0.19 Computer Sciences Corp 4,064 USD 64.440 261,884.16 0.04 EMC Corp/MA 75,023 USD 30.150 2,261,943.45 0.34 Hewlett-Packard Co 68,392 USD 40.720 2,784,922.24 0.42 International Business Machines Corp 33,337 USD 160.050 5,335,586.85 0.80 NetApp Inc 11,405 USD 41.560 473,991.80 0.07 SanDisk Corp 7,438 USD 99.800 742,312.40 0.11 Seagate Technology Plc 10,800 USD 67.250 726,300.00 0.11 Teradata Corp 5,752 USD 44.610 256,596.72 0.04 Western Digital Corp 8,100 USD 112.310 909,711.00 0.14 Total Computers 41,225,181.78 6.20 Cosmetics/Personal Care Avon Products Inc 16,586 USD 9.490 157,401.14 0.02 Colgate-Palmolive Co 31,888 USD 70.040 2,233,435.52 0.34 Estee Lauder Cos Inc/The A 7,486 USD 77.170 577,694.62 0.09 Procter & Gamble Co/The 98,809 USD 92.400 9,129,951.60 1.37 Total Cosmetics/Personal Care 12,098,482.88 1.82 Distribution/Wholesale Fastenal Co 9,188 USD 48.120 442,126.56 0.07 Fossil Group Inc 1,800 USD 111.440 200,592.00 0.03 Genuine Parts Co 5,072 USD 107.750 546,508.00 0.08 WW Grainger Inc 1,948 USD 257.490 501,590.52 0.08 Total Distribution/Wholesale 1,690,817.08 0.26 Diversified Financial Services American Express Co 32,705 USD 94.270 3,083,100.35 0.46 Ameriprise Financial Inc 6,271 USD 134.200 841,568.20 0.13 BlackRock Inc 4,800 USD 362.080 1,737,984.00 0.26 Charles Schwab Corp/The 40,550 USD 30.350 1,230,692.50 0.19 CME Group Inc/IL 11,315 USD 89.845 1,016,596.18 0.15 Discover Financial Services 16,939 USD 66.320 1,123,394.48 0.17 58

Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets E*TRADE Financial Corp 8,941 USD 24.095 215,433.40 0.03 Franklin Resources Inc 12,912 USD 56.020 723,330.24 0.11 Intercontinental Exchange Inc 4,077 USD 221.790 904,237.83 0.14 Invesco Ltd 13,996 USD 39.960 559,280.16 0.08 Legg Mason Inc 3,449 USD 53.750 185,383.75 0.03 NASDAQ OMX Group Inc/The 3,972 USD 48.630 193,158.36 0.03 Navient Corp 13,968 USD 21.985 307,086.48 0.05 T Rowe Price Group Inc 10,214 USD 86.910 887,698.74 0.13 Visa Inc A 18,160 USD 264.550 4,804,228.00 0.72 Total Diversified Financial Services 17,813,172.67 2.68 Electric AES Corp/VA 19,081 USD 14.020 267,515.62 0.04 Ameren Corp 7,709 USD 47.150 363,479.35 0.05 American Electric Power Co Inc 17,792 USD 61.720 1,098,122.24 0.17 CMS Energy Corp 8,190 USD 35.250 288,697.50 0.04 Consolidated Edison Inc 9,653 USD 66.910 645,882.23 0.10 Dominion Resources Inc/VA 22,426 USD 78.300 1,755,955.80 0.26 DTE Energy Co 6,232 USD 87.970 548,229.04 0.08 Duke Energy Corp 26,332 USD 84.700 2,230,320.40 0.34 Edison International 10,778 USD 66.930 721,371.54 0.11 Entergy Corp 5,985 USD 89.930 538,231.05 0.08 Exelon Corp 32,867 USD 38.100 1,252,232.70 0.19 FirstEnergy Corp 13,755 USD 40.180 552,675.90 0.08 Integrys Energy Group Inc 2,041 USD 79.180 161,606.38 0.02 NextEra Energy Inc 16,096 USD 107.830 1,735,631.68 0.26 Northeast Utilities 12,885 USD 54.670 704,422.95 0.11 NRG Energy Inc 12,300 USD 27.700 340,710.00 0.05 Pepco Holdings Inc 7,197 USD 27.030 194,534.91 0.03 PG&E Corp 18,418 USD 54.280 999,729.04 0.15 Pinnacle West Capital Corp 3,377 USD 69.400 234,363.80 0.04 PPL Corp 25,597 USD 37.220 952,720.34 0.14 Public Service Enterprise Group Inc 16,666 USD 42.530 708,804.98 0.11 SCANA Corp 5,059 USD 61.680 312,039.12 0.05 Southern Co/The 33,358 USD 49.770 1,660,227.66 0.25 TECO Energy Inc 14,000 USD 20.780 290,920.00 0.04 Wisconsin Energy Corp 7,186 USD 53.710 385,960.06 0.06 Xcel Energy Inc 16,549 USD 36.380 602,052.62 0.09 Total Electric 19,546,436.91 2.94 Electrical Components & Equipment AMETEK Inc 7,759 USD 53.280 413,399.52 0.06 Emerson Electric Co 24,262 USD 62.370 1,513,220.94 0.23 Total Electrical Components & Equipment 1,926,620.46 0.29 Electronics Affiliated Managers Group Inc 2,000 USD 213.330 426,660.00 0.06 Agilent Technologies Inc 10,977 USD 41.370 454,118.49 0.07 Allegion Plc 3,333 USD 55.660 185,514.78 0.03 Amphenol Corp A 12,966 USD 54.480 706,387.68 0.11 Corning Inc 49,816 USD 23.190 1,155,233.04 0.17 FLIR Systems Inc 3,847 USD 32.850 126,373.95 0.02 Garmin Ltd 6,100 USD 53.170 324,337.00 0.05 Honeywell International Inc 28,521 USD 100.720 2,872,635.12 0.43 PerkinElmer Inc 2,554 USD 44.080 112,580.32 0.02 TE Connectivity Ltd 14,212 USD 64.110 911,131.32 0.14 Thermo Fisher Scientific Inc 15,013 USD 126.610 1,900,795.93 0.29 Tyco International Plc 14,900 USD 44.220 658,878.00 0.10 Waters Corp 2,613 USD 113.770 297,281.01 0.04 Total Electronics 10,131,926.64 1.53 59

Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Engineering & Construction Fluor Corp 5,250 USD 60.970 320,092.50 0.05 Jacobs Engineering Group Inc 4,582 USD 45.160 206,923.12 0.03 Total Engineering & Construction 527,015.62 0.08 Environmental Control Republic Services Inc 9,686 USD 40.680 394,026.48 0.06 Stericycle Inc 2,900 USD 132.590 384,511.00 0.06 Waste Management Inc 16,318 USD 51.580 841,682.44 0.13 Total Environmental Control 1,620,219.92 0.25 Food Campbell Soup Co 6,170 USD 44.590 275,120.30 0.04 ConAgra Foods Inc 17,918 USD 36.810 659,561.58 0.10 General Mills Inc 23,324 USD 54.350 1,267,659.40 0.19 Hershey Co/The 4,957 USD 105.650 523,707.05 0.08 Hormel Foods Corp 5,102 USD 53.030 270,559.06 0.04 JM Smucker Co/The 3,413 USD 102.500 349,832.50 0.05 Kellogg Co 8,482 USD 66.620 565,070.84 0.08 Kraft Foods Group Inc 20,897 USD 63.530 1,327,586.41 0.20 Kroger Co/The 16,784 USD 64.510 1,082,735.84 0.16 McCormick & Co Inc/MD 4,375 USD 75.850 331,843.75 0.05 Mondelez International Inc A 62,420 USD 37.020 2,310,788.40 0.35 Safeway Inc 7,901 USD 35.120 277,483.12 0.04 Sysco Corp 20,169 USD 40.260 812,003.94 0.12 Tyson Foods Inc A 12,415 USD 40.430 501,938.45 0.08 Whole Foods Market Inc 11,726 USD 50.400 590,990.40 0.09 Total Food 11,146,881.04 1.67 Forest Products & Paper International Paper Co 14,226 USD 54.220 771,333.72 0.12 MeadWestvaco Corp 5,831 USD 44.900 261,811.90 0.04 Total Forest Products & Paper 1,033,145.62 0.16 Gas AGL Resources Inc 3,516 USD 55.690 195,806.04 0.03 CenterPoint Energy Inc 13,657 USD 23.820 325,309.74 0.05 NiSource Inc 11,240 USD 43.410 487,928.40 0.07 Sempra Energy 8,053 USD 113.320 912,565.96 0.14 Total Gas 1,921,610.14 0.29 Hand/Machine Tools Snap-on Inc 2,385 USD 138.200 329,607.00 0.05 Stanley Black & Decker Inc 5,022 USD 96.720 485,727.84 0.07 Total Hand/Machine Tools 815,334.84 0.12 Healthcare-Products Baxter International Inc 18,918 USD 74.020 1,400,310.36 0.21 Becton Dickinson and Co 7,059 USD 139.930 987,765.87 0.15 Boston Scientific Corp 43,119 USD 13.370 576,501.03 0.09 CareFusion Corp 6,875 USD 59.400 408,375.00 0.06 Covidien Plc 17,100 USD 103.220 1,765,062.00 0.26 CR Bard Inc 2,445 USD 168.660 412,373.70 0.06 DENTSPLY International Inc 5,123 USD 53.340 273,260.82 0.04 Edwards Lifesciences Corp 3,300 USD 129.270 426,591.00 0.06 Hospira Inc 6,286 USD 62.560 393,252.16 0.06 Intuitive Surgical Inc 1,316 USD 525.910 692,097.56 0.10 Medtronic Inc 35,276 USD 73.070 2,577,617.32 0.39 Patterson Cos Inc 2,050 USD 48.570 99,568.50 0.02 60

Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets St Jude Medical Inc 10,018 USD 66.200 663,191.60 0.10 Stryker Corp 10,848 USD 95.560 1,036,634.88 0.16 Varian Medical Systems Inc 3,408 USD 88.010 299,938.08 0.05 Zimmer Holdings Inc 6,648 USD 114.570 761,661.36 0.11 Total Healthcare-Products 12,774,201.24 1.92 Healthcare-Services Aetna Inc 14,055 USD 90.140 1,266,917.70 0.19 Anthem Inc 10,379 USD 128.210 1,330,691.59 0.20 Cigna Corp 9,016 USD 104.350 940,819.60 0.14 DaVita HealthCare Partners Inc 6,018 USD 76.000 457,368.00 0.07 Humana Inc 5,510 USD 145.770 803,192.70 0.12 Laboratory Corp of America Holdings 2,475 USD 109.580 271,210.50 0.04 Quest Diagnostics Inc 4,645 USD 68.080 316,231.60 0.05 Tenet Healthcare Corp 2,721 USD 51.870 141,138.27 0.02 UnitedHealth Group Inc 34,800 USD 102.850 3,579,180.00 0.54 Universal Health Services Inc B 3,500 USD 111.510 390,285.00 0.06 Total Healthcare-Services 9,497,034.96 1.43 Holding Companies-Diversified Leucadia National Corp 9,769 USD 22.650 221,267.85 0.03 Total Holding Companies-Diversified 221,267.85 0.03 Home Builders DR Horton Inc 10,856 USD 24.940 270,748.64 0.04 Lennar Corp A 6,823 USD 44.440 303,214.12 0.05 PulteGroup Inc 11,300 USD 21.310 240,803.00 0.04 Total Home Builders 814,765.76 0.13 Home Furnishings Harman International Industries Inc 1,844 USD 106.910 197,142.04 0.03 Leggett & Platt Inc 4,035 USD 42.790 172,657.65 0.03 Whirlpool Corp 2,706 USD 193.660 524,043.96 0.08 Total Home Furnishings 893,843.65 0.14 Household Products/Wares Avery Dennison Corp 2,970 USD 52.640 156,340.80 0.02 Clorox Co/The 4,094 USD 105.580 432,244.52 0.07 Kimberly-Clark Corp 13,912 USD 117.350 1,632,573.20 0.25 Total Household Products/Wares 2,221,158.52 0.34 Housewares Newell Rubbermaid Inc 7,781 USD 38.390 298,712.59 0.04 Total Housewares 298,712.59 0.04 Insurance ACE Ltd 12,300 USD 116.270 1,430,121.00 0.21 Aflac Inc 17,066 USD 61.980 1,057,750.68 0.16 Allstate Corp/The 14,200 USD 70.940 1,007,348.00 0.15 American International Group Inc 51,932 USD 56.510 2,934,677.32 0.44 American International Group Inc (Wts 19/01/21) 1,619 EUR 24.700 39,989.30 0.01 Aon Plc 10,579 USD 96.230 1,018,017.17 0.15 Assurant Inc 2,104 USD 69.520 146,270.08 0.02 Berkshire Hathaway Inc B 66,223 USD 152.090 10,071,856.07 1.51 Chubb Corp/The 9,557 USD 104.310 996,890.67 0.15 Cincinnati Financial Corp 4,214 USD 52.440 220,982.16 0.03 Genworth Financial Inc A 16,320 USD 8.560 139,699.20 0.02 Hartford Financial Services Group Inc/The 14,633 USD 42.270 618,536.91 0.09 Lincoln National Corp 9,333 USD 58.800 548,780.40 0.08 Loews Corp 9,698 USD 42.550 412,649.90 0.06 61

Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Marsh & McLennan Cos Inc 19,365 USD 58.060 1,124,331.90 0.17 MetLife Inc 40,873 USD 54.900 2,243,927.70 0.34 Principal Financial Group Inc 9,615 USD 52.870 508,345.05 0.08 Progressive Corp/The 17,750 USD 27.220 483,155.00 0.07 Prudential Financial Inc 16,275 USD 91.580 1,490,464.50 0.22 Torchmark Corp 4,410 USD 55.040 242,726.40 0.04 Travelers Cos Inc/The 12,374 USD 106.930 1,323,151.82 0.20 Unum Group 7,212 USD 35.540 256,314.48 0.04 XL Group Plc 9,200 USD 34.750 319,700.00 0.05 Total Insurance 28,635,685.71 4.29 Internet Amazon.com Inc 13,947 USD 310.300 4,327,754.10 0.65 ebay Inc 42,144 USD 57.215 2,411,268.96 0.36 Expedia Inc 3,483 USD 85.970 299,433.51 0.05 F5 Networks Inc 3,400 USD 132.710 451,214.00 0.07 Facebook Inc A 75,900 USD 79.220 6,012,798.00 0.90 Google Inc A 10,274 USD 535.280 5,499,466.72 0.83 Google Inc C 10,274 USD 530.420 5,449,535.08 0.82 Netflix Inc 2,000 USD 343.230 686,460.00 0.10 Priceline Group Inc/The 1,981 USD 1,148.650 2,275,475.65 0.34 Symantec Corp 26,640 USD 26.020 693,172.80 0.10 TripAdvisor Inc 3,383 USD 75.490 255,382.67 0.04 VeriSign Inc 4,627 USD 57.440 265,774.88 0.04 Yahoo! Inc 32,459 USD 51.220 1,662,549.98 0.25 Total Internet 30,290,286.35 4.55 Iron/Steel Allegheny Technologies Inc 2,135 USD 34.920 74,554.20 0.01 Nucor Corp 11,204 USD 49.510 554,710.04 0.08 Total Iron/Steel 629,264.24 0.09 Leisure Time Carnival Corp 17,416 USD 45.480 792,079.68 0.12 Harley-Davidson Inc 7,094 USD 66.330 470,545.02 0.07 Royal Caribbean Cruises Ltd 5,400 USD 82.530 445,662.00 0.07 Total Leisure Time 1,708,286.70 0.26 Lodging Marriott International Inc/DE A 7,573 USD 78.295 592,928.04 0.09 Starwood Hotels & Resorts Worldwide Inc 6,142 USD 81.270 499,160.34 0.08 Wyndham Worldwide Corp 4,580 USD 86.230 394,933.40 0.06 Wynn Resorts Ltd 2,622 USD 151.200 396,446.40 0.06 Total Lodging 1,883,468.18 0.29 Machinery- -Construction & Mining Caterpillar Inc 23,108 USD 92.590 2,139,569.72 0.32 Joy Global Inc 3,100 USD 47.660 147,746.00 0.02 Total Machinery- -Construction & Mining 2,287,315.72 0.34 Machinery-Diversified Cummins Inc 6,082 USD 146.160 888,945.12 0.13 Deere & Co 14,061 USD 89.460 1,257,897.06 0.19 Flowserve Corp 4,389 USD 60.320 264,744.48 0.04 Rockwell Automation Inc 4,656 USD 112.350 523,101.60 0.08 Roper Industries Inc 3,400 USD 158.310 538,254.00 0.08 Xylem Inc/NY 6,993 USD 38.430 268,740.99 0.04 Total Machinery-Diversified 3,741,683.25 0.56 62

Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Media Cablevision Systems Corp A 5,100 USD 21.080 107,508.00 0.02 CBS Corp B 17,355 USD 55.830 968,929.65 0.15 Comcast Corp A 93,699 USD 58.870 5,516,060.13 0.83 DIRECTV 19,153 USD 87.000 1,666,311.00 0.25 Discovery Communications Inc A 6,600 USD 35.215 232,419.00 0.03 Discovery Communications Inc C 10,400 USD 34.215 355,836.00 0.05 Gannett Co Inc 6,266 USD 32.350 202,705.10 0.03 News Corp A 16,141 USD 15.770 254,543.57 0.04 Nielsen NV 10,900 USD 45.290 493,661.00 0.07 Scripps Networks Interactive Inc A 3,665 USD 76.520 280,445.80 0.04 Time Warner Cable Inc 10,399 USD 154.670 1,608,413.33 0.24 Time Warner Inc 31,004 USD 85.960 2,665,103.84 0.40 Twenty-First Century Fox Inc A 68,365 USD 38.675 2,644,016.38 0.40 Viacom Inc B 13,626 USD 76.390 1,040,890.14 0.16 Walt Disney Co/The 56,968 USD 94.700 5,394,869.60 0.81 Total Media 23,431,712.54 3.52 Metal Fabricate/Hardware Precision Castparts Corp 5,465 USD 241.780 1,321,327.70 0.20 Total Metal Fabricate/Hardware 1,321,327.70 0.20 Mining Alcoa Inc 44,629 USD 15.850 707,369.65 0.11 Freeport-McMoRan Inc 39,112 USD 23.580 922,260.96 0.14 Newmont Mining Corp 15,442 USD 19.260 297,412.92 0.04 Total Mining 1,927,043.53 0.29 Miscellaneous Manufacture 3M Co 22,987 USD 165.840 3,812,164.08 0.57 Danaher Corp 22,785 USD 86.240 1,964,978.40 0.30 Dover Corp 5,534 USD 73.470 406,582.98 0.06 Eaton Corp Plc 16,280 USD 68.770 1,119,575.60 0.17 General Electric Co 367,176 USD 25.570 9,388,690.32 1.41 Illinois Tool Works Inc 12,937 USD 96.070 1,242,857.59 0.19 Ingersoll-Rand Plc 10,000 USD 64.250 642,500.00 0.10 Pall Corp 3,906 USD 102.180 399,115.08 0.06 Parker-Hannifin Corp 5,186 USD 130.320 675,839.52 0.10 Pentair Plc 6,811 USD 67.130 457,222.43 0.07 Total Miscellaneous Manufacture 20,109,526.00 3.03 Office/Business Equipment Pitney Bowes Inc 11,711 USD 24.680 289,027.48 0.04 Xerox Corp 45,080 USD 14.010 631,570.80 0.09 Total Office/Business Equipment 920,598.28 0.13 Oil & Gas Anadarko Petroleum Corp 19,151 USD 83.540 1,599,874.54 0.24 Apache Corp 13,196 USD 62.970 830,952.12 0.12 Cabot Oil & Gas Corp 13,248 USD 29.770 394,392.96 0.06 Chesapeake Energy Corp 20,738 USD 19.640 407,294.32 0.06 Chevron Corp 69,429 USD 113.110 7,853,114.19 1.18 Cimarex Energy Co 2,900 USD 107.230 310,967.00 0.05 ConocoPhillips 44,191 USD 69.930 3,090,276.63 0.46 Denbury Resources Inc 11,710 USD 8.160 95,553.60 0.01 Devon Energy Corp 13,646 USD 61.060 833,224.76 0.13 Diamond Offshore Drilling Inc 2,947 USD 38.080 112,221.76 0.02 Ensco Plc A 7,600 USD 30.450 231,420.00 0.04 EOG Resources Inc 20,368 USD 92.700 1,888,113.60 0.28 EQT Corp 5,983 USD 75.380 450,998.54 0.07 63

Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Exxon Mobil Corp 154,825 USD 93.020 14,401,821.50 2.17 Helmerich & Payne Inc 3,700 USD 66.960 247,752.00 0.04 Hess Corp 8,676 USD 74.130 643,151.88 0.10 Marathon Oil Corp 22,113 USD 28.420 628,451.46 0.09 Marathon Petroleum Corp 9,340 USD 90.640 846,577.60 0.13 Murphy Oil Corp 5,699 USD 50.740 289,167.26 0.04 Nabors Industries Ltd 7,811 USD 12.900 100,761.90 0.02 Newfield Exploration Co 8,100 USD 27.290 221,049.00 0.03 Noble Corp Plc 7,787 USD 17.040 132,690.48 0.02 Noble Energy Inc 11,960 USD 47.330 566,066.80 0.09 Occidental Petroleum Corp 28,246 USD 81.400 2,299,224.40 0.35 Phillips 66 20,845 USD 72.920 1,520,017.40 0.23 Pioneer Natural Resources Co 5,488 USD 150.070 823,584.16 0.12 QEP Resources Inc 7,261 USD 19.700 143,041.70 0.02 Range Resources Corp 7,632 USD 53.650 409,456.80 0.06 Southwestern Energy Co 15,440 USD 27.240 420,585.60 0.06 Tesoro Corp 4,802 USD 75.390 362,022.78 0.05 Transocean Ltd 11,111 USD 18.680 207,553.48 0.03 Valero Energy Corp 19,288 USD 49.710 958,806.48 0.14 Total Oil & Gas 43,320,186.70 6.51 Oil & Gas Services Baker Hughes Inc 15,689 USD 56.290 883,133.81 0.13 Cameron International Corp 6,493 USD 49.930 324,195.49 0.05 FMC Technologies Inc 10,066 USD 47.440 477,531.04 0.07 Halliburton Co 32,423 USD 39.530 1,281,681.19 0.19 National Oilwell Varco Inc 16,488 USD 66.250 1,092,330.00 0.16 Schlumberger Ltd 47,017 USD 86.440 4,064,149.48 0.61 Total Oil & Gas Services 8,123,021.01 1.21 Packaging & Containers Ball Corp 4,160 USD 69.490 289,078.40 0.04 Owens-Illinois Inc 5,057 USD 27.200 137,550.40 0.02 Sealed Air Corp 7,160 USD 42.910 307,235.60 0.05 Total Packaging & Containers 733,864.40 0.11 Pharmaceuticals Abbott Laboratories 55,221 USD 45.690 2,523,047.49 0.38 AbbVie Inc 58,619 USD 66.300 3,886,439.70 0.58 Actavis plc 9,653 USD 259.570 2,505,629.21 0.38 Alexion Pharmaceuticals Inc 7,500 USD 184.940 1,387,050.00 0.21 Allergan Inc/United States 10,947 USD 213.400 2,336,089.80 0.35 AmerisourceBergen Corp 7,713 USD 91.280 704,042.64 0.11 Bristol-Myers Squibb Co 59,192 USD 59.390 3,515,412.88 0.53 Cardinal Health Inc 11,250 USD 81.820 920,475.00 0.14 Eli Lilly & Co 36,100 USD 69.640 2,514,004.00 0.38 Express Scripts Holding Co 27,132 USD 85.750 2,326,569.00 0.35 Johnson & Johnson 101,640 USD 105.360 10,708,790.40 1.61 Mallinckrodt Plc 3,500 USD 97.230 340,305.00 0.05 McKesson Corp 8,746 USD 209.610 1,833,249.06 0.28 Mead Johnson Nutrition Co 7,105 USD 101.470 720,944.35 0.11 Merck & Co Inc 104,540 USD 57.650 6,026,731.00 0.91 Mylan Inc/PA 14,155 USD 56.940 805,985.70 0.12 Perrigo Co Plc 5,000 USD 167.040 835,200.00 0.12 Pfizer Inc 228,380 USD 31.380 7,166,564.40 1.08 Zoetis Inc 16,600 USD 43.350 719,610.00 0.11 Total Pharmaceuticals 51,776,139.63 7.80 64

Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Pipelines Kinder Morgan Inc/DE 63,310 USD 42.500 2,690,675.00 0.40 ONEOK Inc 6,500 USD 49.960 324,740.00 0.05 Spectra Energy Corp 22,384 USD 36.720 821,940.48 0.12 Williams Cos Inc/The 23,769 USD 45.390 1,078,874.91 0.16 Total Pipelines 4,916,230.39 0.73 Real Estate CBRE Group Inc A 11,771 USD 34.930 411,161.03 0.06 Total Real Estate 411,161.03 0.06 REITS American Tower Corp 14,000 USD 100.340 1,404,760.00 0.21 Apartment Investment & Management Co A 3,895 USD 37.950 147,815.25 0.02 AvalonBay Communities Inc 5,188 USD 166.160 862,038.08 0.13 Boston Properties Inc 5,087 USD 131.020 666,498.74 0.10 Crown Castle International Corp 11,200 USD 78.920 883,904.00 0.13 Equity Residential 13,030 USD 72.890 949,756.70 0.14 Essex Property Trust Inc 2,000 USD 209.970 419,940.00 0.06 General Growth Properties Inc 20,500 USD 28.520 584,660.00 0.09 HCP Inc 15,211 USD 44.690 679,779.59 0.10 Health Care REIT Inc 11,514 USD 76.720 883,354.08 0.13 Host Hotels & Resorts Inc 24,850 USD 24.120 599,382.00 0.09 Iron Mountain Inc 4,848 USD 39.590 191,932.32 0.03 Kimco Realty Corp 13,009 USD 25.650 333,680.85 0.05 Macerich Co/The 6,200 USD 84.870 526,194.00 0.08 Plum Creek Timber Co Inc 5,018 USD 43.230 216,928.14 0.03 Prologis Inc 20,029 USD 43.640 874,065.56 0.13 Public Storage 4,901 USD 188.620 924,426.62 0.14 Simon Property Group Inc 11,563 USD 185.550 2,145,514.65 0.32 Ventas Inc 11,587 USD 72.890 844,576.43 0.13 Vornado Realty Trust 6,966 USD 119.270 830,834.82 0.12 Weyerhaeuser Co 21,998 USD 36.440 801,607.12 0.12 Total REITS 15,771,648.95 2.35 Retail AutoNation Inc 1,436 USD 60.800 87,308.80 0.01 AutoZone Inc 1,092 USD 622.450 679,715.40 0.10 Bed Bath & Beyond Inc 6,748 USD 75.830 511,700.84 0.08 Best Buy Co Inc 10,459 USD 39.380 411,875.42 0.06 CarMax Inc 6,900 USD 67.240 463,956.00 0.07 Chipotle Mexican Grill Inc 1,000 USD 684.910 684,910.00 0.10 Costco Wholesale Corp 16,190 USD 143.490 2,323,103.10 0.35 CVS Health Corp 41,263 USD 97.530 4,024,380.39 0.61 Darden Restaurants Inc 3,968 USD 58.790 233,278.72 0.04 Dollar General Corp 10,000 USD 71.100 711,000.00 0.11 Dollar Tree Inc 7,000 USD 70.700 494,900.00 0.07 Family Dollar Stores Inc 2,710 USD 79.300 214,903.00 0.03 GameStop Corp A 4,242 USD 33.830 143,506.86 0.02 Gap Inc/The 8,664 USD 41.950 363,454.80 0.05 Home Depot Inc/The 48,608 USD 104.270 5,068,356.16 0.76 Kohl's Corp 6,650 USD 60.720 403,788.00 0.06 L Brands Inc 8,079 USD 86.100 695,601.90 0.10 Lowe's Cos Inc 36,060 USD 68.550 2,471,913.00 0.37 Macy's Inc 12,282 USD 65.270 801,646.14 0.12 McDonald's Corp 35,199 USD 94.250 3,317,505.75 0.50 Nordstrom Inc 4,881 USD 78.760 384,427.56 0.06 O'Reilly Automotive Inc 3,548 USD 194.150 688,844.20 0.10 PetSmart Inc 4,100 USD 81.160 332,756.00 0.05 PVH Corp 3,200 USD 127.360 407,552.00 0.06 65

Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Ross Stores Inc 7,259 USD 93.925 681,801.58 0.10 Staples Inc 21,449 USD 18.030 386,725.47 0.06 Starbucks Corp 27,371 USD 81.790 2,238,674.09 0.34 Target Corp 23,787 USD 75.710 1,800,913.77 0.27 Tiffany & Co 3,990 USD 107.420 428,605.80 0.06 TJX Cos Inc/The 25,664 USD 68.440 1,756,444.16 0.26 Tractor Supply Co 4,900 USD 77.500 379,750.00 0.06 Urban Outfitters Inc 3,700 USD 35.070 129,759.00 0.02 Walgreen Co 32,583 USD 76.050 2,477,937.15 0.37 Wal-Mart Stores Inc 58,222 USD 86.790 5,053,087.38 0.76 Yum! Brands Inc 15,576 USD 73.280 1,141,409.28 0.17 Total Retail 42,395,491.72 6.35 Savings & Loans Hudson City Bancorp Inc 13,603 USD 10.240 139,294.72 0.02 People's United Financial Inc 11,044 USD 15.280 168,752.32 0.03 Total Savings & Loans 308,047.04 0.05 Semiconductors Altera Corp 10,597 USD 37.365 395,956.91 0.06 Analog Devices Inc 13,067 USD 55.555 725,937.19 0.11 Applied Materials Inc 41,312 USD 25.220 1,041,888.64 0.16 Avago Technologies Ltd 9,800 USD 100.850 988,330.00 0.15 Broadcom Corp A 20,592 USD 43.135 888,235.92 0.13 First Solar Inc 2,940 USD 44.520 130,888.80 0.02 Intel Corp 175,258 USD 36.760 6,442,484.08 0.97 KLA-Tencor Corp 7,114 USD 71.190 506,445.66 0.08 Lam Research Corp 5,821 USD 79.940 465,330.74 0.07 Linear Technology Corp 7,728 USD 45.950 355,101.60 0.05 Microchip Technology Inc 6,191 USD 45.220 279,957.02 0.04 Micron Technology Inc 40,633 USD 35.400 1,438,408.20 0.22 NVIDIA Corp 19,640 USD 20.370 400,066.80 0.06 QUALCOMM Inc 61,871 USD 75.020 4,641,562.42 0.70 Texas Instruments Inc 38,986 USD 53.930 2,102,514.98 0.32 Xilinx Inc 8,753 USD 43.550 381,193.15 0.06 Total Semiconductors 21,184,302.11 3.20 Software Adobe Systems Inc 16,545 USD 73.085 1,209,191.33 0.18 Akamai Technologies Inc 6,554 USD 64.070 419,914.78 0.06 Autodesk Inc 9,811 USD 60.510 593,663.61 0.09 CA Inc 10,794 USD 30.790 332,347.26 0.05 Cerner Corp 10,000 USD 65.500 655,000.00 0.10 Citrix Systems Inc 5,986 USD 64.330 385,079.38 0.06 Dun & Bradstreet Corp/The 1,524 USD 122.230 186,278.52 0.03 Electronic Arts Inc 9,999 USD 47.380 473,752.62 0.07 Fidelity National Information Services Inc 9,505 USD 63.160 600,335.80 0.09 Fiserv Inc 8,038 USD 71.990 578,655.62 0.09 Intuit Inc 10,801 USD 93.105 1,005,627.11 0.15 Microsoft Corp 299,158 USD 47.020 14,066,409.16 2.11 Oracle Corp 118,435 USD 45.340 5,369,842.90 0.81 Paychex Inc 11,174 USD 46.860 523,613.64 0.08 Red Hat Inc 7,800 USD 69.480 541,944.00 0.08 Salesforce.com inc 22,688 USD 59.430 1,348,347.84 0.20 Total Software 28,290,003.57 4.25 Telecommunications AT&T Inc 188,013 USD 34.080 6,407,483.04 0.96 CenturyLink Inc 18,874 USD 40.090 756,658.66 0.11 66

Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Cisco Systems Inc 185,803 USD 28.360 5,269,373.08 0.79 Frontier Communications Corp 50,803 USD 6.660 338,347.98 0.05 Harris Corp 3,503 USD 72.790 254,983.37 0.04 Juniper Networks Inc 14,048 USD 22.670 318,468.16 0.05 Level 3 Communications Inc 10,700 USD 49.680 531,576.00 0.08 Motorola Solutions Inc 7,496 USD 67.530 506,204.88 0.08 Verizon Communications Inc 151,300 USD 47.330 7,161,029.00 1.08 Windstream Holdings Inc 18,649 USD 8.270 154,227.23 0.02 Total Telecommunications 21,698,351.40 3.26 Textiles Mohawk Industries Inc 2,300 USD 155.640 357,972.00 0.05 Total Textiles 357,972.00 0.05 Toys/Games/Hobbies Hasbro Inc 4,695 USD 55.035 258,389.33 0.04 Mattel Inc 10,984 USD 30.730 337,538.32 0.05 Total Toys/Games/Hobbies 595,927.65 0.09 Transportation CH Robinson Worldwide Inc 4,993 USD 75.690 377,920.17 0.06 CSX Corp 34,783 USD 36.430 1,267,144.69 0.19 Expeditors International of Washington Inc 6,592 USD 44.660 294,398.72 0.04 FedEx Corp 9,287 USD 175.000 1,625,225.00 0.24 Kansas City Southern 3,900 USD 122.680 478,452.00 0.07 Norfolk Southern Corp 10,988 USD 110.820 1,217,690.16 0.18 Ryder System Inc 2,061 USD 93.680 193,074.48 0.03 Union Pacific Corp 31,826 USD 120.250 3,827,076.50 0.58 United Parcel Service Inc B 25,611 USD 112.140 2,872,017.54 0.43 Total Transportation 12,152,999.26 1.82 Total Shares USD 664,718,654.63 99.93 Total Transferable securities admitted to an official stock exchange listing USD 664,718,654.63 99.93 Other Transferable Securities Shares Banks First Horizon National (fractional)* 85,084 USD 0.000 0.00 0.00 Total Banks 0.00 0.00 Insurance American International Group Inc (Wts 31/12/21)* 8,843 USD 0.000 0.00 0.00 Total Insurance 0.00 0.00 Total Shares USD 0.00 0.00 Total Other Transferable Securities USD 0.00 0.00 Total Portfolio USD 664,718,654.63 99.93 67

Hading SEB Fund 3 - SEB U.S. Index Fund Market value in USD Cash at bank Cash at bank 3,872,700.88 0.58 Total Cash at bank 3,872,700.88 0.58 Other assets Dividends receivable 695,298.88 0.10 Receivable on sale of securities 2,804,944.04 0.42 Receivable on subscriptions 6,221,880.28 0.94 Total other assets 9,722,123.20 1.46 Other liabilities Bank overdraft (5,587,280.93) (0.84) Management fees (229,592.98) (0.04) Payable on redemptions (7,280,428.23) (1.09) Bank interest payable on cash accounts (12,180.14) (0.00) Other liabilities (16,458.09) (0.00) Total other liabilities (13,125,940.37) (1.97) Total Net Assets as at 31 December 2014 USD 665,187,538.34 100.00 * Positions which are fair valued by the Management Company. A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. % of Net Assets 68

Combined Statement of Operations Heading For the year ended 31 December 2014 Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Ethical Global SEB Ethical Sweden SEB Index Linked Index Fund Fund Bond Fund SEK USD SEK SEK Income Investment income (note 1) 37,408,642.51 31,283,131.24 -- Interest on bonds (note 1) -- -- 26,097,882.32 Income from securities lending (note 9) 486,232.41 -- -- Bank interest on cash accounts 8,517.77 23,809.91 120,959.23 Retrocession fees (note 4) -- -- -- Total income 37,903,392.69 31,306,941.15 26,218,841.55 Expenses Management fees (note 3) 7,236,673.61 5,751,272.02 7,542,168.79 Taxe d'abonnement (note 5) 687,649.89 209,457.60 488,319.18 Bank interest on cash accounts 95,077.63 2,296.77 29,447.42 Other expenses 185,833.22 1,577,647.32 79,642.49 Total expenses 8,205,234.35 7,540,673.71 8,139,577.88 Net income for the year 29,698,158.34 23,766,267.44 18,079,263.67 The accompanying notes are an integral part of these financial statements. 69

Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Medical SEB Pension SEB Technology Fund Fund Fund USD USD USD Income Investment income (note 1) 778,982.53 14,722,261.00 329,891.68 Interest on bonds (note 1) -- 2,159,492.90 -- Income from securities lending (note 9) -- 72,640.37 -- Bank interest on cash accounts 5,025.15 55,450.54 1,272.56 Retrocession fees (note 4) -- 1,623,942.55 -- Total income 784,007.68 18,633,787.36 331,164.24 Expenses Management fees (note 3) 760,868.01 8,446,284.46 380,454.62 Taxe d'abonnement (note 5) 24,431.66 240,248.04 12,730.09 Bank interest on cash accounts 136.27 19,676.93 494.87 Other expenses 13,719.86 282,717.77 19,650.71 Total expenses 799,155.80 8,988,927.20 413,330.29 Net income/(loss) for the year (15,148.12) 9,644,860.16 (82,166.05) The accompanying notes are an integral part of these financial statements. 70

Heading SEB Fund 3 - SEB Fund 3 - SEB U.S. Index Combined Fund USD USD Income Investment income (note 1) 8,407,690.70 65,684,235.86 Interest on bonds (note 1) -- 5,527,157.11 Income from securities lending (note 9) -- 558,872.78 Bank interest on cash accounts 129.85 89,076.84 Retrocession fees (note 4) -- 1,623,942.55 Total income 8,407,820.55 73,483,285.14 Expenses Management fees (note 3) 2,233,519.79 20,773,182.77 Taxe d'abonnement (note 5) 212,255.63 1,267,356.25 Bank interest on cash accounts 18,950.06 138,432.02 Other expenses 58,693.21 774,471.04 Total expenses 2,523,418.69 22,953,442.08 Net income for the year 5,884,401.86 50,529,843.06 The accompanying notes are an integral part of these financial statements. 71

Combined Statement of Changes in Net Assets Heading For the year ended 31 December 2014 Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Ethical Global SEB Ethical Sweden SEB Index Linked Index Fund Fund Bond Fund SEK USD SEK SEK Net Assets at the beginning of the year 1,644,876,451.32 366,339,789.06 1,611,696,805.39 Net income for the year 29,698,158.34 23,766,267.44 18,079,263.67 Net realised gain / (loss) on: - sales of securities (49,107,863.21) 39,890,487.11 (9,209,309.59) - foreign exchange 72,063.44 35,741.90 (46,243.74) - financial futures contracts -- -- (14,852,037.79) Total net realised gain/(loss) (49,035,799.77) 39,926,229.01 (24,107,591.12) Change in net unrealised appreciation / (depreciation) on: - securities 108,831,164.18 22,896,866.24 86,943,671.09 - financial futures contracts -- -- (2,412,125.00) Total change in net unrealised appreciation 108,831,164.18 22,896,866.24 84,531,546.09 Increase in Net Assets as a result of operations 89,493,522.75 86,589,362.69 78,503,218.64 Proceeds on issues of units 550,455,310.88 371,729,081.10 513,988,068.96 Payment on redemptions of units (259,005,452.01) (176,001,423.00) (884,113,306.69) Dividends paid (20,054,667.96) (15,075,784.51) (25,177,728.77) Foreign exchange differences - - - - - - Total Net Assets as at 31 December 2014 2,005,765,164.98 633,581,025.34 1,294,897,057.53 The accompanying notes are an integral part of these financial statements. 72

Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Medical SEB Pension SEB Technology Fund Fund Fund USD USD USD Net Assets at the beginning of the year 43,541,680.15 119,926,202.12 25,039,688.14 Net income / (loss) for the year (15,148.12) 9,644,860.16 (82,166.05) Net realised gain / (loss) on: - sales of securities 6,013,686.48 (57,366,580.03) 2,365,627.86 - foreign exchange (314,611.08) (2,610,623.41) (38,849.03) - financial futures contracts 377,434.04 519,189.56 101,891.68 Total net realised gain/(loss) 6,076,509.44 (59,458,013.88) 2,428,670.51 Change in net unrealised appreciation / (depreciation) on: - securities 3,158,151.17 42,641,900.53 (412,858.79) - financial futures contracts 22,392.86 890,828.72 16,101.00 Total change in net unrealised appreciation / (depreciation) 3,180,544.03 43,532,729.25 (396,757.79) Increase / (decrease) in Net Assets as a result of operations 9,241,905.35 (6,280,424.47) 1,949,746.67 Proceeds on issues of units 22,579,051.08 779,150,045.99 4,703,675.10 Payment on redemptions of units (13,319,455.46) (107,304,717.10) (5,112,842.44) Dividends paid - - - - - - Foreign exchange differences - - - - - - Total Net Assets as at 31 December 2014 62,043,181.12 785,491,106.54 26,580,267.47 The accompanying notes are an integral part of these financial statements. 73

Heading SEB Fund 3 - SEB Fund 3 - SEB U.S. Index Combined Fund USD USD Net Assets at the beginning of the year 519,331,831.96 2,659,783,683.16 Net income for the year 5,884,401.86 50,529,843.06 Net realised gain / (loss) on: - sales of securities 36,918,327.38 (57,217,710.04) - foreign exchange 2,152.32 (2,891,222.92) - financial futures contracts -- (917,987.96) Total net realised gain/(loss) 36,920,479.70 (61,026,920.92) Change in net unrealised appreciation / (depreciation) on: - securities 26,754,621.28 195,146,773.85 - financial futures contracts -- 618,062.57 Total change in net unrealised appreciation 26,754,621.28 195,764,836.42 Increase in Net Assets as a result of operations 69,559,502.84 185,267,758.56 Proceeds on issues of units 359,619,979.69 1,830,800,782.35 Payment on redemptions of units (282,391,505.04) (803,930,911.74) Dividends paid (932,271.11) (26,181,242.36) Foreign exchange differences - - (51,822,481.83) Total Net Assets as at 31 December 2014 665,187,538.34 3,793,917,588.14 The accompanying notes are an integral part of these financial statements. 74

Combined Statement of Net Assets Heading As at 31 December 2014 Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Ethical Global SEB Ethical Sweden SEB Index Linked Index Fund Fund Bond Fund SEK USD SEK SEK Assets Portfolio at cost 1,520,436,629.96 526,627,288.02 1,221,166,553.36 Unrealised appreciation 483,550,266.60 103,262,846.28 49,993,918.64 Portfolio at market value (note 1) 2,003,986,896.56 629,890,134.30 1,271,160,472.00 Unrealised appreciation on financial futures contracts (note 7) -- -- -- Receivable interest and / or dividends 2,089,944.60 236.08 3,321,767.63 Cash at bank and at broker 2,095,142.60 4,904,249.41 22,131,049.28 Other assets 11,965,208.37 167,292.34 -- Total Assets 2,020,137,192.13 634,961,912.13 1,296,613,288.91 Liabilities Bank overdraft (12,747,151.70) -- (1,089,855.74) Other liabilities (1,624,875.45) (1,380,886.79) (626,375.64) Total Liabilities (14,372,027.15) (1,380,886.79) (1,716,231.38) Total Net Assets as at 31 December 2014 2,005,765,164.98 633,581,025.34 1,294,897,057.53 "C (USD)" units outstanding as at 31 December 2014 985,476,064.2310 -- -- "D (SEK)" units outstanding as at 31 December 2014 -- 9,752,226.5710 92,945,766.1330 "D (USD)" units outstanding as at 31 December 2014 782,048,532.1300 -- -- "IC P (SEK)" units outstanding as at 31 December 2014 2,988,116.0300 -- -- Net Asset Value per "C (USD)" unit as at 31 December 2014 1.174 -- -- Net Asset Value per "D (SEK)" unit as at 31 December 2014 -- 64.968 13.932 Net Asset Value per "D (USD)" unit as at 31 December 2014 1.026 -- -- Net Asset Value per "IC P (SEK)" unit as at 31 December 2014 121.332 -- -- The accompanying notes are an integral part of these financial statements. 75

Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Medical SEB Pension SEB Technology Fund Fund Fund USD USD USD Assets Portfolio at cost 46,296,838.58 701,646,251.76 22,748,659.78 Unrealised appreciation 11,620,932.24 50,360,404.54 2,637,856.45 Portfolio at market value (note 1) 57,917,770.82 752,006,656.30 25,386,516.23 Unrealised appreciation on financial futures contracts (note 7) 38,426.86 1,052,156.95 30,052.00 Receivable interest and / or dividends 27,150.58 1,793,128.92 21,459.71 Cash at bank and at broker 4,072,119.96 31,343,125.14 1,183,407.28 Other assets 93,822.36 219,905.22 16,921.26 Total Assets 62,149,290.58 786,414,972.53 26,638,356.48 Liabilities Bank overdraft -- -- -- Other liabilities (106,109.46) (923,865.99) (58,089.01) Total Liabilities (106,109.46) (923,865.99) (58,089.01) Total Net Assets as at 31 December 2014 62,043,181.12 785,491,106.54 26,580,267.47 "C (SEK)" units outstanding as at 31 December 2014 -- 43,415,316.9660 -- "C (USD)" units outstanding as at 31 December 2014 -- 326,243.2230 26,176,637.7020 "D (USD)" units outstanding as at 31 December 2014 9,044,931.4960 26,088,826.3500 4,676,155.6810 "IC P (SEK)" units outstanding as at 31 December 2014 -- 1,500.0000 -- Net Asset Value per "C (SEK)" unit as at 31 December 2014 -- 124.756 -- Net Asset Value per "C (USD)" unit as at 31 December 2014 -- 39.909 0.323 Net Asset Value per "D (USD)" unit as at 31 December 2014 6.859 2.818 3.875 Net Asset Value per "IC P (SEK)" unit as at 31 December 2014 -- 114.413 -- The accompanying notes are an integral part of these financial statements. 76

Heading SEB Fund 3 - SEB Fund 3 - SEB U.S. Index Combined Fund USD USD Assets Portfolio at cost 491,332,285.78 3,007,995,546.21 Unrealised appreciation 173,386,368.85 741,332,043.31 Portfolio at market value (note 1) 664,718,654.63 3,749,327,589.52 Unrealised appreciation on financial futures contracts (note 7) -- 1,120,635.81 Receivable interest and / or dividends 695,298.88 5,055,653.22 Cash at bank and at broker 3,872,700.88 46,055,124.04 Other assets 9,026,824.32 21,344,268.89 Total Assets 678,313,478.71 3,822,903,271.48 Liabilities Bank overdraft (5,587,280.93) (18,475,067.35) Other liabilities (7,538,659.44) (10,510,615.99) Total Liabilities (13,125,940.37) (28,985,683.34) Total Net Assets as at 31 December 2014 665,187,538.34 3,793,917,588.14 "C (USD)" units outstanding as at 31 December 2014 174,438,898.4680 -- "D (USD)" units outstanding as at 31 December 2014 13,547,797.2240 -- "IC P (SEK)" units outstanding as at 31 December 2014 100.0000 -- Net Asset Value per "C (USD)" unit as at 31 December 2014 3.560 -- Net Asset Value per "D (USD)" unit as at 31 December 2014 3.264 -- Net Asset Value per "IC P (SEK)" unit as at 31 December 2014 131.520 -- The accompanying notes are an integral part of these financial statements. 77

Statistical Information Heading As at 31 December 2014 Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Ethical Global SEB Ethical Sweden SEB Index Linked 0 Index Fund Fund Bond Fund SEK USD SEK SEK Number of "C (USD)" units outstanding as at 31 December 2014 985,476,064.2310 -- -- as at 31 December 2013 778,934,536.8730 -- -- as at 31 December 2012 622,274,800.2630 -- -- Number of "D (SEK)" units outstanding as at 31 December 2014 -- 9,752,226.5710 92,945,766.1330 as at 31 December 2013 -- 6,548,862.4210 120,401,999.6350 as at 31 December 2012 -- 7,205,046.4170 191,878,134.4830 Number of "D (USD)" units outstanding as at 31 December 2014 782,048,532.1300 -- -- as at 31 December 2013 778,325,966.1010 -- -- as at 31 December 2012 693,199,533.6090 -- -- Number of "IC P (SEK)" units outstanding as at 31 December 2014 2,988,116.0300 -- -- as at 31 December 2013 -- -- -- as at 31 December 2012 -- -- -- Total Net Assets 0 0 0 as at 31 December 2014 2,005,765,164.98 633,581,025.34 1,294,897,057.53 as at 31 December 2013 1,644,876,451.32 366,339,789.06 1,611,696,805.39 as at 31 December 2012 1,147,730,519.50 337,395,742.66 2,713,016,324.20 Net Asset Value per "C (USD)" unit as at 31 December 2014 1.174 -- -- as at 31 December 2013 1.114 -- -- as at 31 December 2012 0.910 -- -- Net Asset Value per "D (SEK)" unit as at 31 December 2014 -- 64.968 13.932 as at 31 December 2013 -- 55.939 13.386 as at 31 December 2012 -- 46.828 14.139 Net Asset Value per "D (USD)" unit as at 31 December 2014 1.026 -- -- as at 31 December 2013 0.999 -- -- as at 31 December 2012 0.839 -- -- Net Asset Value per "IC P (SEK)" unit as at 31 December 2014 121.332 -- -- as at 31 December 2013 -- -- -- as at 31 December 2012 -- -- -- Performance in % "C (USD)" units *) as at 31 December 2014 5.4 -- -- as at 31 December 2013 22.4 -- -- as at 31 December 2012 16.3 -- -- Performance in % "D (SEK)" units **) as at 31 December 2014 -- 19.9 6.1 as at 31 December 2013 -- 22.0 (5.3) as at 31 December 2012 -- 15.8 0.2 Performance in % "D (USD)" units **) as at 31 December 2014 5.4 -- -- as at 31 December 2013 22.1 -- -- as at 31 December 2012 16.1 -- -- Performance in % "IC P (SEK)" units *) as at 31 December 2014 *****) 21.3 -- -- as at 31 December 2013 -- -- -- as at 31 December 2012 -- -- -- The accompanying notes are an integral part of these financial statements. 78

Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Ethical Global SEB Ethical Sweden SEB Index Linked Index Fund Fund Bond Fund SEK USD SEK SEK Dividend paid per D (SEK) unit 0 0 0 2014 -- 2.1000 0.2700 2013 -- 1.1920 -- 2012 -- 0.8449 0.4363 Dividend paid per D (USD) unit 0 0 0 2014 0.0266 -- -- 2013 0.0252 -- -- 2012 0.0164 -- -- Ongoing Charges (Unaudited) ***) in % 01/01/2014-31/12/2014 "C (USD)" units 0.45 -- -- 01/01/2014-31/12/2014 "D (SEK)" units -- 1.70 0.59 01/01/2014-31/12/2014 "D (USD)" units 0.45 -- -- 01/01/2014-31/12/2014 "IC P (SEK)" units 0.22 -- -- Portfolio Turnover Rate (Unaudited) ****) (PTR) in % 01/01/2014-31/12/2014 (12.9) 31.4 (37.2) *) Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014) / (NAV / Unit as at 31/12/2013) -- 1) * 100 **) Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014 + dividend / Unit paid during the year) / (NAV / Unit as at 31/12/2013) -- 1) * 100 ***) Ongoing Charges for the purposes of the financial statements are calculated by the following formula: (Expenses deducted from the assets including the custodian transaction fees but excluding bank interest on cash accounts / average TNA) * 100. The Ongoing Charges of this financial report are dated 31 December 2014 and might differ from the Ongoing Charges published in the KIID. ****) PTR is calculated by the following formula: ((Total 1 -- Total 2) / average TNA) * 100 *****) IC P (SEK) launched on 20 May 2014 at a price of SEK 100. Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014) / (Initial subscription price of 100) -- 1) * 100 NAV = Net Asset Value TNA = Total Net Assets Total 1 = Total of securities transactions for the year under review (purchases + sales) Total 2 = Total of subscribed and redeemed units for the year under review (subscriptions + redemptions) The accompanying notes are an integral part of these financial statements. 79

Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Medical SEB Pension SEB Technology 0 Fund Fund Fund USD USD USD Number of "C (SEK)" units outstanding as at 31 December 2014 -- 43,415,316.9660 -- as at 31 December 2013 -- 1,534,631.8300 -- as at 31 December 2012 -- -- -- Number of "C (USD)" units outstanding as at 31 December 2014 -- 326,243.2230 26,176,637.7020 as at 31 December 2013 -- 351,380.7090 24,172,672.8970 as at 31 December 2012 -- 393,272.4330 25,597,640.0000 Number of "D (USD)" units outstanding as at 31 December 2014 9,044,931.4960 26,088,826.3500 4,676,155.6810 as at 31 December 2013 7,679,364.7580 28,661,542.7270 4,973,414.1430 as at 31 December 2012 7,574,558.6630 33,557,262.2920 5,393,037.1360 Number of "IC P (SEK)" units outstanding as at 31 December 2014 -- 1,500.0000 -- as at 31 December 2013 -- -- -- as at 31 December 2012 -- -- -- Total Net Assets 0 0 0 as at 31 December 2014 62,043,181.12 785,491,106.54 26,580,267.47 as at 31 December 2013 43,541,680.15 119,926,202.12 25,039,688.14 as at 31 December 2012 32,716,674.60 100,485,128.34 21,649,696.74 Net Asset Value per "C (SEK)" unit as at 31 December 2014 -- 124.756 -- as at 31 December 2013 -- 104.070 -- as at 31 December 2012 -- -- -- Net Asset Value per "C (USD)" unit as at 31 December 2014 -- 39.909 0.323 as at 31 December 2013 -- 40.049 0.299 as at 31 December 2012 -- 35.768 0.240 Net Asset Value per "D (USD)" unit as at 31 December 2014 6.859 2.818 3.875 as at 31 December 2013 5.670 2.828 3.583 as at 31 December 2012 4.319 2.575 2.876 Net Asset Value per "IC P (SEK)" unit as at 31 December 2014 -- 114.413 -- as at 31 December 2013 -- -- -- as at 31 December 2012 -- -- -- Performance in % "C (SEK)" units *) as at 31 December 2014 -- 19.9 -- as at 31 December 2013 -- *****) 4.1 -- as at 31 December 2012 -- -- -- Performance in % "C (USD)" units *) as at 31 December 2014 -- (0.3) 8.0 as at 31 December 2013 -- 12.0 24.6 as at 31 December 2012 -- 14.6 10.3 Performance in % "D (USD)" units **) as at 31 December 2014 21.0 (0.4) 8.1 as at 31 December 2013 31.6 11.9 24.6 as at 31 December 2012 16.7 14.4 10.2 Performance in % "IC P (SEK)" units *) as at 31 December 2014 -- ******) 14.4 -- as at 31 December 2013 -- -- -- as at 31 December 2012 -- -- -- The accompanying notes are an integral part of these financial statements. 80

Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Medical SEB Pension SEB Technology 0 Fund Fund Fund USD USD USD Dividend paid per D (USD) unit 0 0 0 2014 -- -- -- 2013 0.0146 0.0532 -- 2012 0.0073 0.0505 -- Ongoing Charges (Unaudited) ***) in % 01/01/2014-31/12/2014 "C (SEK)" Units -- 1.37 -- 01/01/2014-31/12/2014 "C (USD)" units -- 1.37 1.62 01/01/2014-31/12/2014 "D (SEK)" units -- -- -- 01/01/2014-31/12/2014 "D (USD)" units 1.57 1.37 1.62 01/01/2014-31/12/2014 "IC P (SEK)" units -- 0.57 -- Portfolio Turnover Rate (Unaudited) ****) (PTR) in % 01/01/2014-31/12/2014 68.0 107.3 107.7 *) Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014) / (NAV / Unit as at 31/12/2013) -- 1) * 100 **) Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014 + dividend / Unit paid during the year) / (NAV / Unit as at 31/12/2013) -- 1) * 100 ***) Ongoing Charges for the purposes of the financial statements are calculated by the following formula: (Expenses deducted from the assets including the custodian transaction fees but excluding bank interest on cash accounts / average TNA) * 100. The Ongoing Charges of this financial report are dated 31 December 2014 and might differ from the Ongoing Charges published in the KIID. ****) PTR is calculated by the following formula: ((Total 1 -- Total 2) / average TNA) * 100 *****) C SEK launched on 17 June 2013 at a price of SEK 100.00. Performance was calculated by the following formula: ((NAV / Unit as at 31/12/2013) / (Initial subscription price of 100) -- 1) * 100. ******) IC P (SEK) launched on 19 May 2014 at a price of SEK 100. Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014) / (Initial subscription price of 100) -- 1) * 100. *******) On 6 December 2013 SEB Fund 3 - SEB Short Medium Bond Fund SEK was merged into SEB Fund 4 - SEB Short Bond Fund SEK. NAV = Net Asset Value TNA = Total Net Assets Total 1 = Total of securities transactions for the year under review (purchases + sales) Total 2 = Total of subscribed and redeemed units for the year under review (subscriptions + redemptions) The accompanying notes are an integral part of these financial statements. 81

Heading SEB Fund 3 - SEB Fund 3 - SEB U.S. Index Combined 0 Fund USD USD Number of "C (USD)" units outstanding as at 31 December 2014 174,438,898.4680 -- as at 31 December 2013 155,969,239.4520 -- as at 31 December 2012 142,337,640.3430 -- Number of "D (USD)" units outstanding as at 31 December 2014 13,547,797.2240 -- as at 31 December 2013 10,813,188.0420 -- as at 31 December 2012 9,731,332.9720 -- Number of "IC P (SEK)" units outstanding as at 31 December 2014 100.0000 -- as at 31 December 2013 -- -- as at 31 December 2012 -- -- Total Net Assets 0 0 as at 31 December 2014 665,187,538.34 3,793,917,588.14 as at 31 December 2013 519,331,831.96 2,659,783,683.16 as at 31 December 2012 364,084,566.93 2,162,412,705.82 Net Asset Value per "C (USD)" unit as at 31 December 2014 3.560 -- as at 31 December 2013 3.125 -- as at 31 December 2012 2.399 -- Net Asset Value per "D (USD)" unit as at 31 December 2014 3.264 -- as at 31 December 2013 2.953 -- as at 31 December 2012 2.327 -- Net Asset Value per "IC P (SEK)" unit as at 31 December 2014 131.520 -- as at 31 December 2013 -- -- as at 31 December 2012 -- -- Performance in % "C (USD)" units *) as at 31 December 2014 13.9 -- as at 31 December 2013 30.3 -- as at 31 December 2012 14.3 -- Performance in % "D (USD)" units **) as at 31 December 2014 13.6 -- as at 31 December 2013 29.9 -- as at 31 December 2012 14.3 -- Performance in % "IC P (SEK)" units *) as at 31 December 2014 *****) 31.5 -- as at 31 December 2013 -- -- as at 31 December 2012 -- -- Dividend paid per D (USD) unit 0 0 2014 0.0909 -- 2013 0.0698 -- 2012 0.0247 -- The accompanying notes are an integral part of these financial statements. 82

Heading SEB Fund 3 - SEB Fund 3 - SEB U.S. Index Combined Fund USD USD Ongoing Charges (Unaudited)***) in % 01/01/2014-31/12/2014 "C (USD)" units 0.45 -- 01/01/2014-31/12/2014 "D (USD)" units 0.45 -- 01/01/2014-31/12/2014 "IC P (SEK)" units 0.24 -- Portfolio Turnover Rate (Unaudited) ****) (PTR) in % 01/01/2014-31/12/2014 (44.1) -- *) Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014) / (NAV / Unit as at 31/12/2013) -- 1) * 100 **) Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014 + dividend / Unit paid during the year) / (NAV / Unit as at 31/12/2013) -- 1) * 100 ***) Ongoing Charges for the purposes of the financial statements are calculated by the following formula: (Expenses deducted from the assets including the custodian transaction fees but excluding bank interest on cash accounts / average TNA) * 100. The Ongoing Charges of this financial report are dated 31 December 2014 and might differ from the Ongoing Charges published in the KIID. ****) PTR is calculated by the following formula: ((Total 1 -- Total 2) / average TNA) * 100 *****) IC P (SEK) launched on 20 May 2014 at a price of SEK 100. Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014) / (Initial subscription price of 100) -- 1) * 100 NAV = Net Asset Value TNA = Total Net Assets Total 1 = Total of securities transactions for the year under review (purchases + sales) Total 2 = Total of subscribed and redeemed units for the year under review (subscriptions + redemptions) The accompanying notes are an integral part of these financial statements. 83

Additional Information on Management Feeseading SEB Fund 3 - SEB Pension Fund ISIN Code Fund Name Management fees in % FI0008809397 SEB Foretagsobligationsfond Flexibel IC 0.45 LU0413134395 SEB High Yield - C 1.20 LU1001415154 SEB Prime Solutions - SEB Commodity Index Fund 0.325 LU0920714994 SEB SICAV 2 - SEB Credit Multi Strategy HNWC 0.75 LU0425994414 SEB SICAV 3 - SEB Asset Selection Opportunistic I 1.50 LU0505242726 Vontobel Fund - Belvista Commodity Fund 1.50 The accompanying notes are an integral part of these financial statements. 84

Notes to the Financial Statements Heading As at 31 December 2014 Heading Note 1. Significant Accounting Policies The financial statements have been prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investment. Investments: a) Transferable securities and money market instruments, which are officially listed on a stock exchange, are valued at the last available price. b) Transferable securities and money market instruments, which are not officially listed on a stock exchange, but which are traded on another regulated market are valued at a price no lower than the bid price and no higher than the ask price at the time of the valuation and at which the Management Company considers to be an appropriate market price. c) Transferable securities and money market instruments quoted or traded on several markets are valued on the basis of the last available price on the principal market for the transferable securities or money market instruments in question, unless these prices are not representative. d) In the event that such prices are not in line with market conditions, or for securities and money market instruments other than those covered in a), b) and c) above for which there are no fixed prices, these securities and money market instruments, as well as other assets, will be valued at the current market value as determined in good faith by the Management Company, following generally accepted valuation principles. In accordance with the prospectus, as 31 December 2014 was not a bank business day, the valuation at 30 December 2014 has been used for the purpose of these Financial Statements. If the Management Company had calculated the net asset values solely with a view to financial reporting, the market prices used to value the investment portfolio would have been the closing prices on 31 December 2014. In that perspective, the net asset value of SEB Fund 3 - SEB US Index Fund would have been different by -1.03%. The net asset values of the other Sub-Funds would not have been significantly different. e) Units or shares of UCI(TS) are valued at the last available Net Asset Value obtained from the Administrative Agent of such UCI(TS). f) Derivatives instruments traded on regulated markets or stock exchanges are valued at last available settlement prices of these contracts on regulated markets or stock exchanges on which the derivative instruments are traded by the Fund. Derivatives instruments not traded on regulated markets or on stock exchanges are valued at their net liquidating value determined, pursuant to the policies established in good faith by the Management Company on a basis consistently applied for each different variety of contracts, in accordance with generally recognised principles, taking into consideration the generally accepted accounting practices, the customary practices in line with the market and the interests of the Unitholders. g) Financial Futures Contracts, which are not matured, are valued at valuation date at market rates prevailing at this date and resulting unrealised appreciation or depreciation are posted as change in net unrealised appreciation/(depreciation) on financial future contracts to the Statement of Changes in Net Assets. 85

In the case that extraordinary circumstances occur which make it impossible or even wrong to make a valuation in accordance with the above-mentioned criteria, the Management Company is entitled to temporarily apply other generally accepted valuation procedures, which are determined by it in good faith, in order to make an appropriate valuation of the Fund's Assets. Gains and losses on the sale of securities are determined using the average cost method. Swing pricing: The Investment Manager needs to perform transactions in order to uphold the desired asset allocation as a result of the flows in and out of the Sub-Funds. While performing these transactions brokerage and transaction costs will occur. Acting in the Unitholders' interest, the Net Asset Value will be adjusted if on any Valuation Day the aggregate transactions in units of all Classes of a Sub-Fund result in a net increase or decrease of units which exceeds a threshold set by the Board of Directors of the Management Company from time to time (relating to the cost of market dealing for the Sub-Fund), the Net Asset Value per unit of the relevant Sub-Fund will be adjusted to reflect both the estimated fiscal charges and dealing costs (brokerage and transaction costs) that may be incurred by the Sub-Fund and the estimated bid/offer spread of the assets in which the respective Sub-Fund invests following the net movement of units of the Sub-Fund. The adjustment will be an addition when the net movement results in an increase of all units of the Sub-Fund and a deduction when it results in a decrease. Adjustments made during the year are recorded in Proceeds on issue of units and Payment on redemption of units in the Statement of Changes in Net Assets. No swing pricing has been applied on the Net Asset Value per unit at the year ended 31 December 2014. Currency translation: All assets denominated in a different currency to the respective Sub-Funds' currency are converted into this respective Sub-Funds' currency at the last available exchange rate. Separate accounts are maintained for the Sub-Fund in the currency in which the Net Asset Value per unit to which it relates is expressed (the "accounting currency"). Transactions denominated in a currency other than the accounting currency are recorded on the basis of exchange rates prevailing on the date they occur or accrue to the Sub-Fund. Assets and liabilities, expressed in a currency other than the accounting currency, are translated on the basis of exchange rates ruling at the balance sheet date. The consolidated total is translated into USD at the year end date exchange rate. The Sub-Funds are priced at either intraday or close of business. The exchange rates are presented in line with when these Sub-Funds are priced. 86

As at 31 December 2014, the intraday exchange rates for SEB Fund 3 - SEB Ethical Sweden Fund, SEB Fund 3 - SEB Index Linked Bond Fund SEK, SEB Fund 3 - SEB Medical Fund, SEB Fund 3 - SEB Pension Fund, SEB Fund 3 - SEB Technology Fund and the combined figures in the annual report were as follows: 1 AUD = 0.819189552 USD 1 JPY = 0.008394897 USD 1 BRL = 0.377504095 USD 1 MXN = 0.067851761 USD 1 CAD = 0.860731478 USD 1 MYR = 0.285835033 USD 1 CHF = 1.012266146 USD 1 NOK = 0.134550597 USD 1 CLP = 0.001651391 USD 1 PHP = 0.022355104 USD 1 CZK = 0.043881709 USD 1 PLN = 0.283336065 USD 1 DKK = 0.163499538 USD 1 RUB = 0.017863192 USD 1 EGP = 0.139859385 USD 1 SEK = 0.129039750 USD 1 EUR = 1.217262021 USD 1 SGD = 0.756412438 USD 1 GBP = 1.555600000 USD 1 THB = 0.030395131 USD 1 HKD = 0.128898611 USD 1 TRY = 0.429599149 USD 1 IDR = 0.000080344 USD 1 TWD = 0.031521368 USD 1 ILS = 0.256852255 USD 1 ZAR = 0.086333251 USD As at 31 December 2014, the close of business exchange rates for SEB Fund 3 - SEB Ethical Global Index Fund and SEB Fund 3 - SEB U.S. Index Fund were as follows: 1 AUD = 0.819750290 USD 1 INR = 0.015776600 USD 1 AED = 0.272248515 USD 1 JPY = 0.008376962 USD 1 BRL = 0.375404101 USD 1 KRW = 0.000909794 USD 1 CAD = 0.861743368 USD 1 MXN = 0.067872425 USD 1 CHF = 1.011571591 USD 1 MYR = 0.285836311 USD 1 CLP = 0.001652619 USD 1 NOK = 0.134941420 USD 1 COP = 0.000418497 USD 1 NZD = 0.784694907 USD 1 CNY = 0.161237844 USD 1 PHP = 0.022355097 USD 1 CZK = 0.043848637 USD 1 PLN = 0.283567810 USD 1 DKK = 0.163387129 USD 1 QAR = 0.274576062 USD 1 EUR = 1.216471876 USD 1 RUB = 0.017963961 USD 1 EGP = 0.139858977 USD 1 SEK = 0.129023030 USD 1 GBP = 1.556050000 USD 1 SGD = 0.756944107 USD 1 HKD = 0.128913467 USD 1 THB = 0.030395134 USD 1 HUF = 0.003862359 USD 1 TRY = 0.430085683 USD 1 IDR = 0.000080344 USD 1 TWD = 0.031521385 USD 1 ILS = 0.256903227 USD 1 ZAR = 0.086540734 USD Income: Interest income and bank interest income are recognised on an accrual basis. Dividends are recorded on the exdividend date. This income is shown net of any withholding taxes and adjusted accordingly when tax reclaims apply. 87

Note 2. Efficient Portfolio Management Subject to the conditions and within the limits from time to time laid down by the European Securities and Markets Authority ( ESMA ), and except as otherwise stated in the investment objective and policies of a Sub-Fund, the Investment Managers and/or Sub-Investment Manager(s) may employ, for certain Sub-Funds, investment techniques and instruments such as securities lending, repurchase agreements and other derivatives for investment purposes or efficient portfolio management. Furthermore, new techniques and instruments may be developed which may be suitable for use by a Sub-Fund in the future and a Sub-Fund may employ such techniques and instruments subject to restrictions imposed by ESMA. During the period, securities lending transactions were entered into for the purpose of efficient portfolio management. Gains and losses on these transactions are reflected in the Statement of Operations. In such transactions, the Sub-Fund may temporarily transfer its securities to a borrower, with agreement by the borrower to return equivalent securities to the Sub-Fund at a pre-agreed time. In entering into such transactions the Sub-Fund will endeavour to increase the returns on its portfolio of securities by receiving a fee for making its securities available to the borrower. See note 9 for further details. SEB Merchant Banking is the securities lending agent. Note 3. Management Fees In payment for its services, the Management Company receives a commission at an annual rate of: 0.40% is charged on SEB Fund 3 - SEB Ethical Global Index Fund C (USD) units (Maximum 0.40%) 0.40% is charged on SEB Fund 3 - SEB Ethical Global Index Fund D (USD) units (Maximum 0.40%) 0.20% is charged on SEB Fund 3 - SEB Ethical Global Index Fund IC P (SEK) units (Maximum 0.40%) 1.30% is charged on SEB Fund 3 - SEB Ethical Sweden Fund D (SEK) units (Maximum 1.75%) 0.50% is charged on SEB Fund 3 - SEB Index Linked Bond Fund SEK D (SEK) units (Maximum 0.80%) 1.50% is charged on SEB Fund 3 - SEB Medical Fund D (USD) units (Maximum 1.75%) 1.25% is charged on SEB Fund 3 - SEB Pension Fund C (SEK) units (Maximum 1.25%) 1.25% is charged on SEB Fund 3 - SEB Pension Fund C (USD) units (Maximum 1.25%) 1.25% is charged on SEB Fund 3 - SEB Pension Fund D (USD) units (Maximum 1.25%) 0.50% is charged on SEB Fund 3 - SEB Pension Fund IC P (SEK) units (Maximum 1.25%) 1.50% is charged on SEB Fund 3 - SEB Technology Fund C (USD) units (Maximum 1.75%) 1.50% is charged on SEB Fund 3 - SEB Technology Fund D (USD) units (Maximum 1.75%) 0.40% is charged on SEB Fund 3 - SEB U.S. Index Fund C (USD) units (Maximum 0.40%) 0.40% is charged on SEB Fund 3 - SEB U.S. Index Fund D (USD) units (Maximum 0.40%) 0.20% is charged on SEB Fund 3 - SEB U.S. Index Fund IC P (SEK) units (Maximum 0.40%) A twelfth of this rate is being payable at the end of each month and based on the average Net Assets of each Sub-Fund calculated daily during the relevant month. The Management Company pays accounting, administration, custodian and all other charges and fees on behalf of the Fund, except for taxes, bank and brokerage fees for transactions in securities making up the Fund s portfolio as well as fees on transfers referring to redemption of units. Note 4. Retrocession fees Retrocession of management fees received by the Fund related to investments made in underlying investment funds are recorded in the caption "Retrocession fees" in the Statement of Operations. 88

Note 5. Taxation The Fund is liable in Luxembourg to a subscription tax ("taxe d'abonnement") of 0.05% or 0.01% (as applicable) per annum of its NAV, such tax being payable quarterly on the basis of the value of the aggregate Net Assets of the Sub-Funds at the end of the relevant calendar quarter. Investments by a Sub-Fund in shares or units of another Luxembourg undertaking for collective investment which are also subject to the taxe d abonnement are excluded from the NAV of the Sub-Fund serving as basis for the calculation of this tax to be paid by the Sub-Fund. No stamp duty or other tax is payable in Luxembourg on the issue of units. Interest, dividend and other income realised by a Sub-Fund on the sale of securities of non-luxembourg issuers, may be subject to withholding and other taxes levied by the jurisdictions in which the income is sourced. The Management Company has instigated proceedings to reclaim tax withheld by certain Member States of the European Union on dividend payments the Fund has received. The decision to initiate proceedings against any particular Member State is the result of an analysis of the likely costs and potential benefits of doing so. The likelihood of successfully reclaiming such amounts together with the estimated time to complete proceedings varies across Member States. Any costs associated with this decision have been charged to the relevant Sub-Funds and have been included within total costs for the purposes of determining the relevant ongoing charges and no amount has been recorded in the Fund for any possible amounts to be received under this action. Certain Sub-Funds of the Fund may have invested into Swedish stocks for which tax reclaim has been successful. As such, amounts have been recorded, where applicable, on a cash basis under Investment Income. Note 6. Transaction Fees Transaction fees incurred by the Fund relating to the purchase or sale of transferable securities, money market instruments, derivatives or other eligible assets are mainly composed of custodian fees and broker fees. Most of the transaction fees are included in the transaction price used to calculate the realised and unrealised gain/(loss) on securities. Bond and Money Market Funds will show a figure close to zero as the Broker Commissions are included in the spread of debt securities. For the year ended 31 December 2014, these transaction fees were as follows: SEB Fund 3 - SEB Ethical Global Index Fund SEB Fund 3 - SEB Ethical Sweden Fund SEB Fund 3 - SEB Index Linked Bond Fund SEK SEB Fund 3 - SEB Medical Fund SEB Fund 3 - SEB Pension Fund SEB Fund 3 - SEB Technology Fund SEB Fund 3 - SEB U.S. Index Fund 379,267.72 USD 520,335.51 SEK 48,896.86 SEK 26,810.90 USD 637,945.68 USD 18,764.77 USD 113,758.19 USD Note 7. Financial futures contracts Detailed information relating to open financial futures contracts as at 31 December 2014 can be found in the "Schedule of Investments". 89

Note 8. Collateral As at 31 December 2014, SEB Fund 3 - SEB Index Linked Bond Fund SEK did not hold any open future positions. As at 31 December 2014, the following security was held with the broker as collateral for the broker for commitment on future positions: Sub-Fund Security Description Nominal SEB Fund 3 - SEB Index Linked Bond Fund SEK 3.50% Sweden Government Bond 01/12/15 SEK 16,000,000 Note 9. Securities Lending For the year ended 31 December 2014, the securities lending income generated by the Fund is as follows: As at 31 December 2014, the Fund does not participate anymore in securities lending transactions. Sub-Fund Fund CCY Total gross amount of securities lending income Direct and indirect costs and fees deducted from gross securities lending income Total net amount of securities lending income SEB Fund 3 - SEB Ethical Global Index Fund USD 771,933.89 285,701.48 486,232.41 SEB Fund 3 - SEB Pension Fund USD 107,393.04 34,752.67 72,640.37 Note 10. Significant Events during the year Prospectus A new prospectus was issued in May 2014. Directors There were changes to the Board of Directors of the Management Company during the year. Please refer to the Organisation section on page 2 for details. Note 11. Subsequent Events after the year end There were no subsequent events after the year end. 90

Audit Report To the Unitholders of SEB Fund 3 We have audited the accompanying financial statements of SEB Fund 3 and of each of its Sub-Funds, which comprise the Combined Statement of Net Assets and the Schedule of Investments as at 31 December 2014 and the Combined Statement of Operations and the Combined Statement of 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 Management Company for the financial statements The Board of Directors of the Management Company 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 Management Company 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 Management Company, 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.... PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P.1443, L-1014 Luxembourg T: +352 494848 1, F:+352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n 10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518 91

Opinion In our opinion, the financial statements give a true and fair view of the financial position of SEB Fund 3 and of each of its Sub-Funds as of 31 December 2014, 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. PricewaterhouseCoopers, Société coopérative Luxembourg, 29 April 2015 Represented by Philippe Sergiel 92

Notes to the EU Savings Tax Directive (unaudited) The Council of the European Union adopted on 3 June 2003 a Council Directive 2003/48/EC on the taxation of savings income in the form of interest payments (the "Savings Tax Directive") under which Member States of the European Union ("Member States") will be required to provide tax authorities of another Member State with details of payment of interest or other similar income paid by a person within its jurisdiction to an individual resident in that other Member State. Austria, Belgium and the Grand Duchy of Luxembourg have opted alternatively for a withholding tax system for a transitional period in relation to such payments. The Luxembourg law of 21 June 2005 implemented the Savings Directive into Luxembourg law (the "Savings Directive Law"). Pursuant to the Savings Directive Law, from 1 July 2005 until 30 June 2008, the withholding tax rate on interest was 15% and from 1 July 2008 until 30 June 2011, the withholding tax was 20% rising to 35% from 1 July 2011 onwards. After 31 December 2014, Luxemburgish paying agents are obliged to exchange the details on cross-border interest distributions or redemptions of fund units subject to the European Savings Directive (EUSD). Article 9 of the Savings Directive Law provides that no withholding tax will be withheld if the beneficial owner expressly authorizes the Paying Agent to report information in accordance with the provisions of the Savings Directive Law. Dividends distributed are subject to the Savings Tax Directive if more than 15% of the assets are invested in debt claims as defined in the Savings Directive Law. Proceeds realised by Unitholders on the disposal of units will be subject to such reporting or withholding if more than 40% of the assets are invested in debt claims as defined by the Savings Directive Law. As from 1 January 2011 the application threshold for the EU Savings Directive changed from 40% to 25%. The determination of the portion of debt claims has been carried out based on an asset test. Key dates for this asset test were 30 June 2014 and 31 December 2014. The average percentage of each Sub-Fund s debt claims is as follows: SEB Fund 3 - SEB Ethical Global Index Fund 0.00% SEB Fund 3 - SEB Ethical Sweden Fund 0.91% SEB Fund 3 - SEB Index Linked Bond Fund SEK 100.00% SEB Fund 3 - SEB Medical Fund 4.92% SEB Fund 3 - SEB Pension Fund 41.48% SEB Fund 3 - SEB Technology Fund 3.53% SEB Fund 3 - SEB U.S. Index Fund 0.01% Therefore, the Sub-Funds SEB Fund 3 - SEB Index Linked Bond Fund SEK and SEB Fund 3 - SEB Pension Fund are subject to the Savings Tax Directive, in regards to the dividend distribution and also to the proceeds realised by the Unitholders on the disposal of units, for the period from 1 May 2015 to 30 April 2016. The Sub-Funds SEB Fund 3 - SEB Ethical Global Index Fund, SEB Fund 3 - SEB Ethical Sweden Fund, SEB Fund 3 - SEB Medical Fund, SEB Fund 3 - SEB Technology Fund and SEB Fund 3 - SEB U.S. Index Fund are not subject to the Savings Tax Directive for the period from 1 May 2015 to 30 April 2016. 93

Risk Disclosure (unaudited) In the context of risk measurement and in accordance with CSSF Circular 11/512 a UCITS must calculate its global exposure on at least a daily basis. For SEB Fund 3, the global exposure is calculated and monitored daily by using the calculation methodology Value at Risk (VaR). The VaR model used is parametric VaR. The observation period is at least 250 days. The VaR methodology provides an estimate of the maximum potential loss over a specific time period and at a given confidence level, i.e. probability level. Usually for UCITS, the time period is 1 month/20 business days and the confidence level is 99%. For example, a VaR estimate of 3% on a 20-days time period with a 99% confidence level means that, with 99% certainty, the percentage the Fund can expect to lose over the next 20 days period should be a maximum of 3%. In case of the VaR methodology, the Fund can use either the relative or the absolute VaR approach. According to CSSF Circular 11/512, the absolute VaR approach must not be greater than 20% based on a 99% confidence level and a holding period of 1 month/20 business days. In the case of the relative VaR approach, the VaR of the Fund must not be greater than twice the VaR of its reference portfolio. Nevertheless, lower limitations than those ones set by the regulator can be set in accordance with the investment policy/strategy of the fund. In addition to the VaR, the level of leverage generated through the use of derivatives and the use of collateral in relation to efficient portfolio management transactions (i.e. securities lending or repurchase agreements) is monitored twice a month. Leverage is measured as the sum of the absolute notional exposures of the financial derivative instruments (i.e. the absolute sum of all long and short notional positions in derivatives compared to the Net Asset Value of the Fund) and the reinvestment of collateral related to securities lending or repurchase agreement used by the Fund. The below overview summarises the Fund indicating the VaR approach, the reference portfolio (in the case of relative VaR), the legal VaR limit, the lowest/highest and average utilisation of VaR (expressed as a percentage of the respective absolute or relative legal VaR limit) as well as the average level of leverage for the year ended 31 December 2014: Fund Relative/ Absolute VaR Reference portfolio Legal VaRlimit Lowest utilisation of VaR Highest utilisation of VaR Average utilisation of VaR Average Leverage SEB Fund 3 - SEB Ethical Global Index Fund Relative MSCI All Country World Net Return Index 200% 49.53% 50.63% 50.00% 0.00% SEB Fund 3 - SEB Ethical Sweden Fund Relative OMX Stockholm Benchmark Cap GI 200% 48.37% 52.84% 50.34% 0.00% SEB Fund 3 - SEB Index Linked Bond Fund SEK Relative OMRX-REAL 200% 44.02% 50.83% 47.68% 13.46% SEB Fund 3 - SEB Medical Fund Relative MSCI Health Care Index 200% 45.29% 54.16% 49.25% 3.79% 94

Fund Relative/ Absolute VaR Reference portfolio Legal VaRlimit Lowest utilisation of VaR Highest utilisation of VaR Average utilisation of VaR Average Leverage SEB Fund 3 - SEB Pension Fund Absolute N/A 20% 30.16% 42.05% 35.31% 3.95% SEB Fund 3 - SEB Technology Fund Relative MSCI World Information Technology Net Return Index 200% 47.41% 50.59% 49.07% 2.95% SEB Fund 3 - SEB U.S. Index Fund Relative S&P 500 Net Total Return Index 200% 49.14% 50.51% 49.97% 0.03% 95

SEB Asset Management S.A. 4, rue Peternelchen, L-2370 Howald, Luxembourg Postal address: PO Box 2053, L-1020 Luxembourg Phone +352-26 23 20 00; Fax +352-26 23 25 55 www.sebgroup.lu