SWEDBANK ROBUR INTERNATIONAL SICAV Société d Investissement à Capital Variable à compartiments multiples

SWEDBANK ROBUR INTERNATIONAL SICAV Société d Investissement à Capital Variable à compartiments multiples Audited annual report at December 31, 2012 R.C.S. Luxembourg B 31.868

SWEDBANK ROBUR INTERNATIONAL SICAV Société d Investissement à Capital Variable à compartiments multiples Audited annual report at December 31, 2012 1

Audited annual report at December 31, 2012 No subscription can be received on the basis of financial reports. Subscriptions are only valid on the basis of the current Prospectus accompanied by the latest available annual report and the latest semi-annual report if it is more recent than the annual report. 2

Table of contents Organisation of the SICAV 5 General information 6 Determination of the Net Asset Value of shares 7 Information to shareholders 7 Report of the Board of Directors 8 Report of the réviseur d entreprises agréé 27 Financial statements Statement of net assets 30 Statement of operations and changes in net assets 34 Number of shares outstanding and net asset value per share 38 SWEDBANK ROBUR INTERNATIONAL GLOBAL HIGH DIVIDEND SUB-FUND * Statement of Investments and other net assets 39 SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB-FUND Statement of Investments and other net assets 42 SWEDBANK ROBUR INTERNATIONAL RUSSIAN EQUITY SUB-FUND Statement of Investments and other net assets 44 SWEDBANK ROBUR INTERNATIONAL TOMORROW EQUITY SUB-FUND Statement of Investments and other net assets 46 SWEDBANK ROBUR INTERNATIONAL AFRICA EQUITY SUB-FUND Statement of Investments and other net assets 48 SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB-FUND Statement of Investments and other net assets 50 SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB- FUND Statement of Investments and other net assets 53 SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB-FUND Statement of Investments and other net assets 55 * On August 28, 2012, the GLOBAL EQUITY SUB FUND changed its name into GLOBAL HIGH DIVIDEND SUB-FUND. 3

Table of contents (continued) SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB-FUND Statement of Investments and other net assets 57 SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB-FUND Statement of Investments and other net assets 59 SWEDBANK ROBUR INTERNATIONAL FRN SUB-FUND * Statement of Investments and other net assets 61 SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB- FUND Statement of Investments and other net assets 63 SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB-FUND Statement of Investments and other net assets 65 Notes to the financial statements 77 * On June 18, 2012, the SWEDISH SAFE SUB FUND changed its investment objectifs and its name into FRN SUB-FUND. 4

Organisation of the SICAV REGISTERED OFFICE SWEDBANK ROBUR INTERNATIONAL SICAV, 65, boulevard Grande-Duchesse Charlotte, L-1331 LUXEMBOURG, Grand Duchy of Luxembourg BOARD OF DIRECTORS Chairman Ms Cecilia VERNERSON, Head of Legal and Compliance, SWEDBANK ASSET MANAGEMENT S.A. Luxembourg, L-1331 LUXEMBOURG, Grand Duchy of Luxembourg Directors Mr Lars FRIBERG, Managing Director, SWEDBANK ASSET MANAGEMENT S.A. Luxembourg, L-1331 LUXEMBOURG, Grand Duchy of Luxembourg Ms Sarah Olsson, Legal Counsel, SWEDBANK ROBUR FONDER AB, S-105 34 STOCKHOLM, Sweden CONDUCTING PERSONS Mr Per-Olov CARLSSON, Chief Financial Officer, SWEDBANK ROBUR FONDER AB, S-105 34 STOCKHOLM, Sweden Mr Petter BRANDT, Chief Risk Officer, SWEDBANK ROBUR FONDER AB, S-105 34 STOCKHOLM, Sweden (until December 31, 2012) REVISEUR D ENTREPRISES AGREE / CABINET DE REVISION AGREE DELOITTE AUDIT, Société à responsabilité limitée, 560, Rue de Neudorf, L-2220 LUXEMBOURG, Grand Duchy of Luxembourg INVESTMENT ADVISOR / INVESTMENT MANAGER SWEDBANK ROBUR FONDER AB, Malmskillnadsgatan 32, S-105 34 STOCKHOLM, Sweden DOMICILIARY AGENT / ADMINISTRATOR / DEPOSITARY BANK / PAYING AGENT / PLACEMENT AGENT / REGISTRAR AND TRANSFER AGENT SWEDBANK AB (publ) Luxembourg Branch, 65, boulevard Grande-Duchesse Charlotte, L-1331 LUXEMBOURG, Grand Duchy of Luxembourg (from April 17, 2012) SWEDBANK S.A., 8-10, Avenue de la Gare, L-1610 LUXEMBOURG, Grand Duchy of Luxembourg (until April 17, 2012) LEGAL ADVISOR ELVINGER, HOSS & PRUSSEN, 2, Place Winston Churchill, L-1340 LUXEMBOURG, Grand Duchy of Luxembourg DISTRIBUTOR IN ESTONIA SWEDBANK AS, Liivalaia 8, EE-15040 TALLINN, Estonia DISTRIBUTOR IN LATVIA AS SWEDBANK, Balasta dambis 1a, LV-1048 RIGA, Latvia DISTRIBUTOR IN LITHUANIA "SWEDBANK", AB, Konstitucijos pr. 20A, LT-03502 VILNIUS, Lithuania 5

General information Swedbank Robur International SICAV (the "SICAV") was incorporated in the Grand Duchy of Luxembourg under the name "Robur International SICAV" on October 25, 1989 (name change was decided by the annual general meeting held on August 2007). It is organized as a variable capital investment company (société d investissement à capital variable: "SICAV") under the modified law of August 10, 1915 relating to commercial companies and to the part I of the Law of December 17, 2010, relating to undertakings for collective investment. It is established for an undetermined duration from the date of incorporation. The Articles were amended for the last time on June 3, 2011 as published in the Mémorial on October 12, 2011. The main objective of the SICAV is to provide a range of Sub-Funds combined with active professional management to diversify investment risk and satisfy the needs of investors seeking capital conservation and longer term capital growth. At the date of the report, the following Sub-Funds are offered to investors: SWEDBANK ROBUR INTERNATIONAL GLOBAL HIGH DIVIDEND SUB-FUND (formerly SWEDBANK ROBUR INTERNATIONAL GLOBAL EQUITY SUB-FUND) SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB-FUND SWEDBANK ROBUR INTERNATIONAL RUSSIAN EQUITY SUB-FUND SWEDBANK ROBUR INTERNATIONAL TOMORROW EQUITY SUB-FUND SWEDBANK ROBUR INTERNATIONAL AFRICA EQUITY SUB-FUND SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB-FUND SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB-FUND SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB-FUND SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB-FUND SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB-FUND SWEDBANK ROBUR INTERNATIONAL FRN SUB-FUND (formerly SWEDBANK ROBUR INTERNATIONAL SWEDISH SAFE PLUS SUB-FUND) SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB-FUND SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB-FUND The Swedbank Robur International Mix Sub-Fund has been "dormant" since September 1997. The Swedbank Robur International Eastern Europe Equity Sub-Fund has been "dormant" since September 2007. As at August 28, 2012, the name of Swedbank Robur International Global Equity Sub-Fund changed into Swedbank Robur International Global High Dividend Sub-Fund. As at June 18, 2012, the name of Swedbank Robur International Swedish Safe Plus Sub-Fund changed into Swedbank Robur International FRN Sub-Fund. The registered office of the SICAV is at 65, boulevard Grande-Duchesse Charlotte, L-1331 LUXEMBOURG. The Articles of Incorporation and by-laws of the SICAV were published in the Mémorial, Recueil Spécial des Sociétés et Associations, dated November 28, 1989. The Articles of Incorporation, together with the mandatory Legal Notice have been deposited with the Register of the Tribunal d Arrondissement of Luxembourg where they are available for inspection and where copies thereof can be obtained. The financial year of the SICAV starts on January 1 and ends on December 31 of each year. Two Classes of shares are offered in SWEDBANK ROBUR INTERNATIONAL AFRICA EQUITY SUB-FUND, SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB-FUND, SWEDBANK ROBUR INTERNATIONAL GLOBAL HIGH DIVIDEND SUB-FUND and SWEDBANK ROBUR INTERNATIONAL TOMORROW EQUITY SUB-FUND, with different 6

currencies: Class EUR shares denominated in EUR and Class SEK shares denominated in SEK. One Class of shares is offered in SWEDBANK ROBUR INTERNATIONAL RUSSIAN EQUITY SUB-FUND: Class JPY shares denominated in Japanese Yen. One Class of shares is also offered in SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB-FUND: Class EUR shares denominated in EUR. One Class of shares is offered in SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB-FUND, SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB- FUND, SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB-FUND, SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB-FUND, SWEDBANK ROBUR INTERNATIONAL FRN SUB-FUND, SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB-FUND and SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB-FUND: Class SEK shares denominated in SEK. Determination of the Net Asset Value of shares The Net Asset Value of each Sub-Fund is expressed in Swedish Krona (SEK) except SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB-FUND and SWEDBANK ROBUR INTERNATIONAL RUSSIAN EQUITY SUB-FUND which are denominated in Euro (EUR), as per share figure and is determined on any valuation date by dividing the value of the net assets of the Sub-Fund (being the value of the assets of that Sub-Fund less its liabilities on the valuation date) by the number of shares outstanding. Information to shareholders Net Asset Value The Net Asset Value, the issue and repurchase prices are available to the public at the registered office of the SICAV. Financial Statements Audited annual reports and unaudited semi-annual reports are published and made available to the shareholders free of charge at the SICAV s registered office. Other Information All notices to shareholders are published, if required, in a newspaper in Luxembourg and in the Mémorial. Any other financial information to be published concerning the SICAV including the daily Net Asset Value of the shares of the SICAV and any suspension of such valuation, is made available to the public at the SICAV s registered office. 7

Report of the Board of Directors SWEDBANK ROBUR INTERNATIONAL GLOBAL HIGH DIVIDEND SUB-FUND Investment Policy Global High Dividend Sub Fund invests in equities in a concentrated selection of large and small companies globally. The fund may also make use of derivative instruments to increase the return. The fund's investment process identifies companies that are expected to have good share price growth potential plus a high and stable direct return i.e. the size of the dividend in relation to the share price is high. The fund is expected to have holdings in 50-100 companies. The fund does not normally distribute dividends, instead profits are re-invested in the fund. Fund return Fund returns for the period were 9.1% based on closing prices. The market 2012 was a good year for equities, especially in Europe and Asia, but also in the USA, while Japan performed much more poorly. There were, however, large price fluctuations as a consequence of significant macro economic uncertainty. Several major central banks intervened with various stimulation measures, the effects of which were reflected in rising stock exchange indices in the final quarter of the year. The Swedish krona strengthened against the Japanese yen by 16% during the year and by 5.6% against the US dollar and 3.8% against the Euro. Fund strategy The fund's new investment process consists of two separate elements. A quantitative process is firstly used to select around 200 companies from the MSCI World All Countries Index. Companies should have a high direct return plus the capacity to be able to maintain or increase dividends to shareholders in the long-term. From here, a portfolio of 50-150 equities is created. The equities selected are based on the risk they bring to the portfolio, where the companies with the lowest risk (measured in terms of standard deviation) are picked. The aim is to gain a portfolio with the highest possible return and lowest possible risk. This process is repeated monthly and around 5% of the fund is bought and sold each month. In association with the restructuring, larger posts were bought in Telus, Cheung Kong Infrastructure and Nomura Research Institute. The biggest divestments included shares in Apple, Exxon Mobile and Microsoft. The best performer was Persusahaan Gas Negara Perser of Indonesia. Other significant contributions came from Siam Cement and Tate & Lyle. Poorer performers were the Japanese investments NTT Docomo and Mitsubishi Tanabe Pharma, very largely due to the weaker Japanese yen. External comparisons Morningstar has placed the fund in its Morningstar Global category, mixed fund, where it had a fund rating of 4 on a 5 point scale as of December 31, 2012. Other The fund's freedom in the fund rules to use derivatives as part of its investment strategy was leveraged extensively during the period. Further changes to the fund prospectus were made on April 17, 2012, and August 28, 2012, (see www.swedbankrobur.se) and the fund was renamed the Global High Dividend Fund on August 28, 2012. Credits The fund has a credit line of MSEK 5. 8

Report of the Board of Directors (continued) Risk assessment method To calculate the market risk for the fund, the fund uses an absolute Value-at-Risk model. The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 0.99% 1.12% 2.37% Absolute VaR 4.47% SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB-FUND Investment Policy European Equity Sub Fund invests in equities in different companies and sectors in Europe. The fund may use derivatives to enhance the efficiency of management in order to reduce costs and risks. The fund does not normally distribute dividends, profits are re-invested in the fund instead. Fund return Fund returns for the period were 12.7% based on closing prices. The market The equities market in Europe in 2012 was marked by a combination of macro economic uncertainty and good company profits. The Morgan Stanley Pan-Europe Index, made up of 200 companies rose by around 8% expressed in SEK (13% in Euro). The best performing sectors in Europe were consumer goods and finance that rose by around 29% and 27% respectively. The poorest performing sectors were telecom operators, -10% and energy, -5%. The best performing country index in Europe was the German DAX that climbed 30%. The poorest performer was the Spanish IBEX that fell 4%. The Euro weakened against the Swedish krona by around 4% in 2012. 9

Report of the Board of Directors (continued) Fund strategy The fund strategy is to create a good return over time, with the focus on selecting companies with the right initial value and quality plus a balance between sectors and countries. Great emphasis in research is placed on analysing whether companies will continue to over/under perform and if this is factored into the market valuation. The fund should have a concentrated but balanced portfolio with long-term holdings. The best investment during the year was in Europe's largest bank, HSBC, whose shares rose by over 30%. Another powerful contribution came from software company SAP, that rose over 50% thanks to new products that proved highly successful. Other good investments included pharmaceutical company Roche, drinks company Diageo and the chemicals group BASF. The fund's worst investment was in the oil company BG Group that fell sharply on the news of a lower rate of growth in the immediate future. Telecom operators KPN, Millicom and Vodafone also made a negative contribution when their share prices fell due to intense price pressure and high investment costs. Larger investments were made in the likes of pharmaceutical company Novo Nordisk, credit rating company Experian and the outsourcing and catering Compass Group. Major divestments included pharmaceutical companies Novartis and Bayer plus the oil company BP, all replaced by other companies in their respective sectors. External comparisons Morningstar has placed the fund in its Morningstar Europe category, mixed fund, where it had a fund rating of 2 on a 5 point scale as of December 31, 2012. Other The funds option, as permitted under fund rules, to use derivatives in its investment policy for effective management was exercised to a limited extent during the period. As of April 17, 2012 changes were made to the fund prospectus (see www.swedbankrobur.se). Credits The fund has a credit line of MSEK 5. Risk assessment method To calculate the market risk for the fund, the fund uses a relative Value-at-Risk model. The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 1.00% 1.03% 1.10% Relative VaR 2.00% 10

Report of the Board of Directors (continued) SWEDBANK ROBUR INTERNATIONAL RUSSIAN EQUITY SUB-FUND Investment Policy Rysslandsfonden invests in equities in companies within different sectors in Russia. The fund may make use of derivative instruments to increase the return. The fund does not normally distribute dividends, profits are re-invested in the fund instead. Fund return Fund returns for the period were 29% based on closing prices. The market 2012 saw big differences between sectors and individual companies on the Russian equities market. The MSCI Russia rose by around 10% over the full year. This can be compared with the BRENT Oil price to which the Russian market is very closely linked and that ended the year unchanged and with the emerging markets indices MSCI EMEA that rose by an average of 17%. In terms of the different sectors and companies on the Russian exchange, growth was mixed. Of the large companies, Gazprom and Novatek sustained falls of 11 and 6% respectively. On the other hand, companies in the oil sector, including service companies and pipe manufacturers, rose by some 30-70%. Steel was one of the weak commodities sectors with falls of 25-30% along with power companies. The FMCG sector benefited from the growing middle class in Russia. This sector includes several of the stock exchange winners, with jumps of 40-80%. Fund strategy During the year, the fund was underweight in the power sector and telecom sector, where the fund was underexposed to Rostelekom, an index heavyweight. Within energy, the fund was relatively underweight in Gazprom but fully invested in oil companies such as Lukoil and Rosneft along with smaller companies such as TNK BP, Sibneft and Bashneft. This benefited the fund, as the small companies delivered better returns than the larger ones. The exception was TNK BP, which was one of the stock exchange winners for a larger part of the year, until the news of the acquisition of a company from Rosneft caused the share price to slide by around 30%. In the bank sector, the fund was overweight in Sberbank and underweight in VTB. The fund took a cautious approach to investing in steel and metal producers, in view of the risk of reduced global demand. Companies with exposure to the Russian construction and property sector were preferred instead, that benefited from the rise in purchasing power of Russian consumers and higher demand for housing. Several of the fund's smaller companies made a big contribution to the return, such as the oil services company EDC (+57%) and car manufacturer Sollers (+131%). The latter benefited from underlying strong local demand and the successful development of a joint venture with foreign car makers. Other The fund's option, as permitted under fund rules, to use derivatives in accordance with its investment policy was not exercised during the period. As of April 17, 2012 changes were made to the fund prospectus (see www.swedbankrobur.se). 11

Report of the Board of Directors (continued) Credits The fund has a credit line of MJPY 50. Risk assessment method To calculate the market risk for the fund, the fund uses the commitment approach. SWEDBANK ROBUR INTERNATIONAL TOMORROW EQUITY SUB-FUND Investment Policy Tomorrow Equity Sub Fund is an equity fund that invests globally in sectors and companies whose products and/or services offer solutions related to the sustainable use of natural resources, reduced pollution and greater social welfare. The fund invests globally based on different themes: energy, materials, land and water, climate, atmosphere and air, biodiversity and social welfare. The fund may make use of derivative instruments to increase the return. The fund does not normally distribute dividends, instead profits are re-invested in the fund. Fund return Fund returns for the period were 1.8% based on closing prices. The market Strong growth in the fund's theme areas in early 2012 was followed by a weak period that bottomed out in late July. A modest recovery occurred in the second half of the year. There was a discernible swing in the mood of investors throughout the year between optimism and pessimism, risk propensity and aversion to risk. Companies in wind power and solar power both had a tough year, although manufacturers of wind turbines and wind farms saw slight improvements in the second half of the year. Within the solar power sector, there is an overcapacity on the supply side which resulted in significant losses and even a number of insolvencies. The financing situation for small companies did not improve during the year, something that continued to be an obstacle to growth and led to very disadvantageous financing solutions. Fund strategy Large companies with manufacturing or pharmacology oriented activities enjoyed stable growth while the majority of small companies endured weak growth. The fund mostly avoided any direct exposure to solar and wind power. A number of holdings were wholly divested such as Alfa Laval, Photonstar, New Oriental Education, Deutsche Biogas, China Suntien Green Energy and ABB. The acquisition of International Power provided a significant boost to the fund's growth. New investments included Gilead Sciences, Nibe, Novo Nordisk and China Longyuan Power. The largest positive contributions to the fund's return during the period came from Aspen Pharmacare, Sweco, Flowserve and China Liansu. Negative returns came from New Oriental Education, Blutip Power and Agrimarine. The strengthening Swedish krona had a negative effect on the value of international holdings expressed in Swedish kronor. 12

Report of the Board of Directors (continued) External comparisons Morningstar has placed the fund in its Morningstar Sector Fund Environment category, where it had a fund rating of 1 on a 5 point scale as of December 31, 2012. Other The fund's option, as permitted under fund rules, to use derivatives in accordance with its investment policy was not exercised during the period. As of April 17, 2012 changes were made to the fund prospectus (see www.swedbankrobur.se). Credits The fund has a credit line of MSEK 3. Risk assessment method To calculate the market risk for the fund, the fund uses an absolute Value-at-Risk model. The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 1.87% 2.63% 3.24% Absolute VaR 4.47% 13

Report of the Board of Directors (continued) SWEDBANK ROBUR INTERNATIONAL AFRICA EQUITY SUB-FUND Investment Policy Africa Equity Sub Fund invests in equities in companies with a head office, significant investments or business operations on the African continent, including Madagascar and Mauritius. Direct investments in Africa are only made if the markets are deemed to be adequately regulated. Investments include equities traded on exchanges in South Africa, Egypt, Morocco, Nigeria and Kenya, for instance. The fund may make use of derivative instruments to increase the return. The fund does not normally distribute dividends, profits are re-invested in the fund instead. Fund return Fund returns for the period were 16.0% based on closing prices. The market 2012 was a positive year on African equities markets, albeit with varied results. The fund's largest investment market, South Africa, rose by 13.9%. South Africa was affected by a weakening of the country's currency, the Rand, as a consequence of conflicts within trades unions and with mining companies. Egypt enjoyed a significant recovery after the stock exchange fall following the political turmoil in 2011. However the rise on the Egyptian exchange was marked by large fluctuations and abrupt turns. The most positive markets in 2012 were Nigeria that rose by 36% and Kenya that climbed by 25.6%. In all cases, the fund return was adversely affected, expressed in SEK, by the strong SEK. Fund strategy The fund invests broadly at country, sector and company level. Exposure was split between South Africa, Africa south of the Sahara, North Africa and holdings in commodities companies to achieve good diversification. SMEs performed best on the fund's largest market, South Africa. The fund continued to have a low exposure to South African mining companies as a result of a series of conflicts in the mining industry. For much of the year, however, the fund reduced its exposure to mining companies, while holdings in the energy sector were increased up to the final quarter. One holding, Net 1, was wholly divested following the disclosure of doubts surrounding the allocation to the company of a public contract. The equity markets in Nigeria and Kenya performed well and the fund continued to increase its existing holdings in these countries. The continued uncertainty surrounding the political situation in Egypt meant the fund had low exposure there. External comparisons Morningstar has placed the fund in its Morningstar Africa category, SEK, where it had a fund rating of 2 on a 5 point scale as of December 31, 2012. Other The fund's option, as permitted under fund rules, to use derivatives in accordance with its investment policy was exercised to a limited extent during the period. As of April 17, 2012 changes were made to the fund prospectus (see www.swedbankrobur.se). Credits The fund has a credit line of MSEK 5. 14

Report of the Board of Directors (continued) Risk assessment method To calculate the market risk for the fund, the fund uses an absolute Value-at-Risk model. The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 2.26% 2.59% 2.99% Absolute VaR 4.47% SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB-FUND Investment Policy Global Bond Sub Fund invests globally in interest bearing securities and money market instruments issued by governments, mortgage institutions and companies. The fund also invests in derivatives. The fund may invest more than 35% of fund assets in bonds and other promissory notes that have been issued or guaranteed by a government in the EU and OECD. The average term of fund holdings shall be 2-9 years. The fund may also make use of derivative instruments to increase the return. The fund does not normally distribute dividends, profits are re-invested in the fund instead. Fund return Fund returns for the period were -0.3% based on closing prices. The market Market interest rates fluctuated significantly in 2012 in the wake of the Euro crisis. The European Central Bank (ECB) signalled it would take the necessary measures required to halt all speculation on the Euro cooperation. The ECB cut its prime rate to 0.75% and introduced a number of support programmes. Other central banks also gradually eased their fiscal policies during the year and implemented various measures to stimulate their economies. Between them, these measures had a positive effect on markets where investors sought more risky investments. This lead to rising stock exchanges, a narrowing of the spread between corporate and government bonds, and falling government bond rates. During the year, the 2 year US bond rate remained unchanged at 0.24% while the 10 year rate fell from 1.88% to 1.72%. In Germany, the 2 year German bond rate fell from 0.20% to minus 0.03% while the 10 year rate fell from 1.91% to 1.37%. 15

Report of the Board of Directors (continued) Fund strategy The fund's asset value fell somewhat during the year. The fund chose to refrain from strategies that actively involved crisis hit European countries, choosing instead to maintain a neutral position, that is, close to the fund benchmark index. Value at Risk was therefore relatively low during the year. The fund actively sought to remain well invested during the period, despite significant in and outflows. External comparisons Morningstar has placed the fund in its Morningstar Fixed Income category, Euro global bonds, where it had a fund rating of 4 on a 5 point scale as of December 31, 2012. Other The fund's option, as permitted under the fund rules, to use derivatives in accordance with its investment policy was exercised to a limited extent during the period. As of April 17, 2012 changes were made to the fund prospectus (see www.swedbankrobur.se). This fund will be terminated on March 15, 2013. Risk assessment method To calculate the market risk for the fund, the fund uses the commitment approach. SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB-FUND Investment Policy Total Return Fixed Income Sub Fund is a fixed income fund that is a total return fund, which enables a positive return on both falling and rising interest rates. The fund primarily invests in interest bearing securities denominated in Swedish kronor issued by states, mortgage institutions, Swedish banks and companies with very high credit ratings. The fund may also make use of derivative instruments to increase the return. The asset allocation of the fund allows for a good risk diversification. The average duration of fund holdings may vary between - 3 and 9 years. The fund does not normally distribute dividends, instead profits are re-invested in the fund. Fund return Fund returns for the period were 2.6% based on closing prices. The market Market interest rates fluctuated significantly in 2012 in the wake of the Euro crisis. The European Central Bank (ECB) signalled it would take the necessary measures required to halt all speculation on the Euro cooperation. The two-year Swedish government bond rate fell marginally during the year from 0.84% to 0.76% while the corresponding ten-year rate fell from 1.61% to 1.53%. On the other hand, the market rate for mortgage backed bonds fell sharply. 16

Report of the Board of Directors (continued) Fund strategy During the whole of 2012, the fund was overweighted in short term bonds. Mortgage backed bonds maturing in 2014-2015 were gradually increased and made a positive contribution to the return. At the end of the year, exposure to these was concentrated on maturity in 2015-2016. The rates were low throughout the year, with relatively minor changes and rate rises were shortlived. Based on the assessment that the best prospects of economic recovery and with it, the start of a rise in rates ought to be in the USA, the fund took a short position in US rates on several occasions. This position was reduced when these hopes were not realised. Towards the end of the year, long Swedish rates rose relative to German rates following a period of high international demand for Swedish investments. At the end of the year, the fund was positioned for positive movements in long Swedish rates relative to the rest of the world. External comparisons Morningstar has placed the fund in its Morningstar Interest rate category, SEK bonds, medium, where it had a fund rating of 2 on a 5 point scale as of December 31, 2012. Other The fund's freedom in the fund rules to use derivatives as part of its investment strategy was leveraged extensively during the period. The fund participated in new issues of interest bearing securities managed by Swedbank to a value of SEK 800 million. As of April 17, 2012 changes were made to the fund prospectus (see www.swedbankrobur.se). Risk assessment method To calculate the market risk for the fund, the fund uses an absolute Value-at-Risk model. The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 0.06% 0.13% 0.19% Absolute VaR 4.47% 17

Report of the Board of Directors (continued) SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB-FUND Investment Policy Swedbank Robur International Swedish Liquidity Sub Fund is a fixed income fund which mainly invests in money market instruments and bonds with short durations issued in Swedish kronor by the Swedish government, mortgage institutes, Swedish banks and companies. The fund may also make use of derivative instruments to increase the return. The asset allocation of the fund allows for a good risk diversification. The maximum average term of fund holdings may not exceed one year. The fund does not normally distribute dividends, instead profits are reinvested in the fund. Fund return The fund's return during the period, estimated on the final price, was 1.8%. The market Market interest rates fluctuated wildly in 2012 in the wake of the Euro crisis. The European Central Bank (ECB) signalled it would take the necessary measures required to halt all speculation on the Euro cooperation. Short-term market rates fell during the year. The 1 year government bond rate fell from 1.26% to 0.73%. This downward trend was even more pronounced in mortgage backed bonds. The rate on a 1 year Stadshypotek bond fell from 2.44% to 1.34%. Fund strategy During the year, the fund had a large overweight in mortgage backed bonds, whose very strong growth made a positive contribution to the fund's return. The fund also had a high proportion of Floating Rate Notes (FRNs). During the year new investments in and extensions to FRNs were made with a view to increasing fund yield and the expected future return. At the end of the year, around half of fund assets were invested in FRNs. They offer a good yield plus a low interest rate risk. FRN investments mostly consisted of covered bonds and the remainders were municipal bonds and Swedish bank bonds. External comparisons Morningstar has placed the fund in its Morningstar Fixed Income category, SEK money market, where it had a fund rating of 3 on a 5 point scale as of December 31, 2012. Other The fund's option, as permitted under the fund rules, to use derivatives in accordance with its investment policy was exercised extensively during the period. The fund participated in new issues of interest bearing securities managed by Swedbank to a value of SEK 2,311 million. As of April 17, 2012 changes were made to the fund prospectus (see www.swedbankrobur.se). 18

Report of the Board of Directors (continued) Risk assessment method To calculate the market risk for the fund, the fund uses an absolute Value-at-Risk model. The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 0.01% 0.02% 0.03% Absolute VaR 4.47% SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB-FUND Investment Policy Euro Bond Sub Fund primarily invests in bonds issued in Euro by governments, mortgage institutions and companies. The fund may also make use of derivative instruments to increase the return. The average term of fund holdings is to be 2-9 years. The fund does not normally distribute dividends, profits are re-invested in the fund instead. Fund return Fund returns for the period were 6.6% based on closing prices. The market Market interest rates fluctuated significantly in 2012 in the wake of the Euro crisis. The European Central Bank (ECB) signalled it would take the necessary measures required to halt all speculation on the Euro cooperation. The ECB cut its prime rate to 0.75% and introduced a number of support programmes. Other central banks also gradually eased their fiscal policies during the year and implemented various measures to stimulate their economies. Between them, these measures had a positive effect on markets where investors sought more risky investments. This lead to rising exchanges, a narrowing of the spread between corporate and government bonds, and falling government bond rates. During the year, the 2 year US bond rate remained unchanged at 0.24% while the 10 year rate fell from 1.88% to 1.72%. In Germany, the 2 year German bond rate fell from 0.20% to minus 0.03 % while the 10 year rate fell from 1.91% to 1.37%. Fund strategy The fund's asset value rose during the year. The falling rate level on government bonds with longer terms in particular made a positive contribution to the return. The fund chose to refrain from strategies that actively involved crisis hit European countries, choosing instead to maintain a neutral position, that is, close to the fund benchmark index. Value at Risk was therefore relatively low during the year. The fund actively sought to remain well invested during the period, despite significant in and outflows. 19

Report of the Board of Directors (continued) External comparisons Morningstar has placed the fund in its Morningstar Fixed Income category, Euro bonds, mixed, where it had a fund rating of 3 on a 5 point scale as of December 31, 2012. Other The fund's option, as permitted under the fund rules, to use derivatives in accordance with its investment policy was exercised extensively during the period. As of April 17, 2012 changes were made to the fund prospectus (see www.swedbankrobur.se). The fund will be liquidated on May 3, 2013. Risk assessment method To calculate the market risk for the fund, the fund uses the commitment approach. SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB-FUND Investment Policy Swedish Bond Mega is a fixed income fund that is an absolute return fixed income fund, which enables a positive return on both falling and rising interest rates. The fund mainly invests in bonds issued in Swedish kronor by the Swedish government, mortgage institutes, Swedish banks and companies. The fund may also invest in derivative instruments to increase the return. The average term of fund holdings is to be 9 years at most. The fund does not normally distribute dividends, profits are re-invested in the fund instead. Fund return Fund returns for the period were 2.2% based on closing prices. The market Market interest rates fluctuated wildly in 2012 in the wake of the Euro crisis. The European Central Bank (ECB) signalled it would take the necessary measures required to halt all speculation on the Euro project. Short-term market rates fell during the year. The 1 year government bond rate fell from 1.26% to 0.73%. This downward trend was even more pronounced in mortgage backed bonds. The rate on a 1 year Stadshypotek bond fell from 2.44% to 1.34%. Fund strategy The average term for the fund was relatively short during the year with an overweight of bonds with a short term. During the period, the fund also had a large overweight in mortgage backed bonds, both fixed rate bonds and Floating Rate Notes (FRN). The mortgage backed bonds performed very well, which made a positive contribution to the return. The term of the mortgage backed bonds was extended such that holdings at the end of the year were concentrated in bonds that mature in 2014 and 2015, while various strategies to protect the fund against rising interest rates were applied. The fund was also positioned for short bond rates to perform better than long bonds rates during the year. At the end of the year, the fund had an overweight in 2-3 year fixed rate mortgage backed bonds and an underweight in 5 year Swedish government bond futures. At the same time, around 45% of fund assets were invested in FRNs. These bonds offer a good yield plus a low interest rate risk. 20

Report of the Board of Directors (continued) External comparisons Morningstar has placed the fund in its Morningstar Fixed Income category, SEK bonds, medium long, where it had a fund rating of 2 on a 5 point scale as of December 31, 2012. Other The fund's freedom in the fund rules to use derivatives as part of its investment strategy was leveraged extensively during the period. The fund participated in new issues of interest bearing securities managed by Swedbank to a value of SEK 256 million. As of April 17, 2012 changes were made to the fund prospectus (see www.swedbankrobur.se). Risk assessment method To calculate the market risk for the fund, the fund uses an absolute Value-at-Risk model. The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 0.01% 0.05% 0.09% Absolute VaR 4.47% SWEDBANK ROBUR INTERNATIONAL FRN SUB-FUND Investment Policy FRN Sub Fund is a fixed income fund that primarily invests in interest bearing securities denominated in Swedish kronor. Examples of such investments include covered bonds, bonds issued by banks, municipalities, county councils and governments and corporate bonds issued by well-known companies with high credit ratings. Investments may also be made in securities issued in Euros. Derivatives may be used to increase returns and to hedge exchange rate risk. At least 65% of the fund assets are invested in Floating Rate Notes (FRNs). The interest on floating rate notes usually changes every three months. Thus, when market rates are rising, reinvestment is made at higher interest rate levels, and at lower interest levels when market rates fall. As a result, the securities in the fund follow the general interest rate level. The fund does not normally distribute dividends, but instead profits are re-invested in the fund. Fund return Fund returns for the period were 2.1% based on closing prices. 21

Report of the Board of Directors (continued) The market Market interest rates fluctuated significantly in 2012 in the wake of the Euro crisis. Short-term market rates fell in 2012. Interest rates on one year government bonds declined from 1.26% to 0.73%. This downward trend was even more pronounced in mortgage backed bonds. The rate on a 1 year Stadshypotek bond fell from 2.44% to 1.34%. Fund strategy The fund invests in bonds with floating rates, so-called FRNs, with a credit rating of Investment grade or higher. Up until the changes of the fund in June, the portfolio largely comprised mortgage backed bonds, both fixed rate and FRNs. During the second half of the year, the fund further increased its holdings in FRNs and extended its existing holdings in FRNs. The fund also increased its proportion of corporate FRNs. At the end of the year, 89% of the fund's total assets were invested in FRNs. The average term of the bonds was 1.75 years. External comparisons Morningstar has placed the fund in its Morningstar Fixed Income category, SEK money market, where it had a fund rating of 3 on a 5 point scale as of December 31, 2012. Other The fund's option, as permitted under fund rules, to use derivatives in accordance with its investment policy was exercised to a limited extent during the period. The fund participated in new issues of interest bearing securities managed by Swedbank to a value of SEK 1,301 million. As of April 17, 2012 and June 18, 2012, changes were made to the investment objective (see www.swedbankrobur.se) and the fund name was changed from Swedbank Robur Swedish Liquidity Plus to Swedbank Robur FRN Fund on June 18, 2012. Credit Risk Holdings in the fund have a credit risk. The credit risk is associated with the ability of issuers to pay. Risk assessment method To calculate the market risk for the fund, the fund uses an absolute Value-at-Risk model. 22

Report of the Board of Directors (continued) The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 0.01% 0.01% 0.02% Absolute VaR 4.47% SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB-FUND Investment Policy Swedish Total Return Plus Sub Fund is a fixed income total return fund, which enables a positive return on both falling and rising interest rates. The fund primarily invests in bonds denominated in Swedish kronor issued by the Swedish government, mortgage institutions, Swedish banks and companies. The fund may also make use of derivative instruments to increase the return. The asset allocation of the fund allows for a good risk diversification. The average term of fund holdings shall be three years at most. The fund does not normally distribute dividends, profits are re-invested in the fund instead. Fund return Fund returns for the period were 2.4% based on closing prices. The market Market interest rates fluctuated significantly in 2012 in the wake of the Euro crisis. The 1 year government bond rate fell from 1.26% to 0.73%. This downward trend was even more pronounced in mortgage backed bonds. The rate on a 1 year Stadshypotek bond fell from 2.44% to 1.34%. Fund strategy The average term for the fund was relatively short during the year with an overweight of bonds with a short term. During the period, the fund also had a large overweight in mortgage backed bonds, both fixed rate bonds and Floating Rate Notes (FRN). The mortgage backed bonds performed very well and made a positive contribution to the return. The term of the mortgage backed bonds was extended such that holdings at the end of the year were concentrated in bonds that mature in 2014 and 2015, while various strategies to protect the fund against rising interest rates were applied. The fund was also positioned for short bond rates to perform better than long bonds. At the end of the year, the fund had an overweight in 2-3 year fixed rate mortgage backed bonds and an underweight in 5 year Swedish government bond futures. At this same point in time, around 45% of fund assets were invested in FRNs. These bonds offer a good yield plus a low interest rate risk. 23

Report of the Board of Directors (continued) External comparisons Morningstar has placed the fund in its Morningstar Fixed Income category, SEK bonds, medium, where it had a fund rating of 3 on a 5 point scale as of December 31, 2012. Other The fund's freedom in the fund rules to use derivatives as part of its investment strategy was leveraged extensively during the period. The fund invested in other funds managed by Swedbank Robur and participated in new issues of interest bearing securities managed by Swedbank to a value of SEK 1,424 million. As of April 17, 2012 changes were made to the fund prospectus (see www.swedbankrobur.se). Credit Risk Holdings in the fund have a credit risk. The credit risk is associated with the ability of issuers to pay. Risk assessment method To calculate the market risk for the fund, the fund uses an absolute Value-at-Risk model. The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 0.01% 0.05% 0.09% Absolute VaR 4.47% SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB-FUND Investment Policy Corporate Bond Sub Fund mainly invests in corporate bonds with a certain focus on Europe. The fund may invest in government bonds and covered bonds. The fund may also make use of derivative instruments to increase the return. The average term of fund holdings can eventually vary from 0 to 10 years. The fund strategy is mainly to seek exposure to companies with high credit ratings through asset allocation between various companies, sectors and countries. The fund does not normally distribute dividends, profits are re-invested in the fund instead. Fund return Fund returns for the period were 11.0% based on closing prices. 24

Report of the Board of Directors (continued) The market Market interest rates fluctuated significantly in 2012 in the wake of the Euro crisis. The European Central Bank (ECB) signalled it would take the necessary measures required to halt all speculation on the Euro cooperation. This had a calming effect on the bond market. Speculation that Spain could apply to enter a support programme caused the premium on corporate bonds to shrink in the second half of 2012. The Spanish 2 year rate reached just above 7.5% in the middle of the year before gradually sliding back to just over 5% by the end of the period. Fund strategy The fund enjoyed very favourable growth in 2012, although influenced by significant exchange rate fluctuations. What favoured the return most was the narrowing of the premium between corporate bonds and government bonds. The premium on Spanish and Italian corporate bonds narrowed most. The fund was slightly underweight in southern Europe during the year, to the benefit of northern Europe. The fund benefited from an overweight in Swedish mortgage backed bonds, that enjoyed strong growth during the period. External comparisons Morningstar has placed the fund in its Morningstar Fixed Income category, SEK bonds, long, where it had a fund rating of 3 on a 5 point scale as of December 31, 2012. Other The fund's freedom in the fund rules to use derivatives as part of its investment strategy was leveraged extensively during the period. Investment in securities in other currencies than SEK are hedged to minimise the fund's currency risk. The fund participated in new issues of interest bearing securities managed by Swedbank to a value of SEK 13 million and Euro 9.5 million. As of April 17, 2012 changes were made to the fund prospectus (see www.swedbankrobur.se). On April 30, 2012 Pia Wallace left the fund management team which was joined by Fredrik Mattsson (May 1, 2012) and Anthony Clark (May 16, 2012). Credit The fund has a credit line of MSEK 400. Credit Risk Holdings in the fund have a credit risk. The credit risk is associated with the ability of issuers to pay. Risk assessment method To calculate the market risk for the fund, the fund uses a relative Value-at-Risk model. 25

Report of the Board of Directors (continued) The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 0.97% 1.17% 1.42% Relative VaR 2.00% 26

To the Shareholders of SWEDBANK ROBUR INTERNATIONAL SICAV 65, boulevard Grande-Duchesse Charlotte, L-1331 Luxembourg Deloitte Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg BP 1173 L-1011 Luxembourg Tel: +352 451 451 Fax: +352 451 452 992 www.deloitte.lu REPORT OF THE RÉVISEUR D ENTREPRISES AGRÉÉ Following our appointment by the general meeting of the Shareholders of SWEDBANK ROBUR INTERNATIONAL SICAV (the SICAV ) dated April 27, 2012 we have audited the accompanying financial statements of the "SICAV" and of each of its sub-funds, which comprise the statement of net assets and the statement of investments and other net assets as at December 31, 2012 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the réviseur d entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance 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 réviseur d entreprises agréé s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Société à responsabilité limitée au capital de 35.000 EUR RCS Luxembourg B 67.895 27

29

Statement of net assets at December 31, 2012 COMBINED GLOBAL HIGH DIVIDEND SUB-FUND EUROPEAN EQUITY SUB-FUND SEK SEK SEK ASSETS Investments, at cost 87,726,125,655.05 231,203,040.13 525,465,114.79 Unrealized result on investments 425,540,619.84 2,289,805.35 44,381,477.60 Investments, at market value (Note 1) 88,151,666,274.89 233,492,845.48 569,846,592.39 Cash at banks 762,191,255.69 9,990,183.87 9,757,471.68 Cash as margin deposit 394,473,263.85 8,309,952.59 3,513,032.90 Receivable on sales of securities 6,285,302,774.65 0.00 10,926,105.69 Dividends receivable 1,333,108.31 536,214.69 444,157.12 Net unrealized result on futures (Note 8) 3,631,809.14 0.00 0.00 Net unrealized result on forward foreign exchange transactions (Note 10) 53,367,014.26 961,154.11 0.00 Net unrealized result on forward rate agreements (Note 11) 7,750.92 0.00 0.00 Net accrued interest on bank accounts 628,960.99 1,157.11 1,661.87 Net accrued interest on bonds 1,066,649,947.45 0.00 0.00 96,719,252,160.15 253,291,507.85 594,489,021.65 LIABILITIES Payable on purchases of securities 6,398,759,341.91 0.00 11,517,369.45 Net unrealized result on futures (Note 8) 1,184,953.27 125,510.57 0.00 Net unrealized result on forward foreign exchange transactions (Note 10) 57,205.03 0.00 57,205.03 Net unrealized result on forward rate agreements (Note 11) 73,500,720.60 0.00 0.00 Net accrued expenses (Note 7) 67,326,216.72 288,685.31 829,114.10 Net accrued interest on bank accounts 7,761.36 0.00 0.00 Bank overdraft 70,738,072.60 499,921.26 995.66 6,611,574,271.49 914,117.14 12,404,684.24 TOTAL NET ASSETS AT DECEMBER 31, 2012 90,107,677,888.66 252,377,390.71 582,084,337.41 TOTAL NET ASSETS AT DECEMBER 31, 2011 72,166,436,913.71 191,677,570.08 559,056,744.02 TOTAL NET ASSETS AT DECEMBER 31, 2010 72,303,041,556.59 223,679,259.79 699,435,163.02 The accompanying notes form an integral part of these financial statements. 30

Statement of net assets at December 31, 2012 (continued) RUSSIAN EQUITY SUB- FUND TOMORROW EQUITY SUB-FUND AFRICA EQUITY SUB- FUND GLOBAL BOND SUB- FUND TOTAL RETURN FIXED INCOME SUB-FUND EUR SEK SEK SEK SEK 5,976,663.86 54,612,521.09 339,379,526.69 105,377,391.25 35,803,929,512.34 595,002.22-6,173,500.81 33,170,578.34-3,421,453.49 243,848,069.94 6,571,666.08 48,439,020.28 372,550,105.03 101,955,937.76 36,047,777,582.28 59,012.91 1,172,467.16 4,618,327.47 2,869,442.69 247,882,418.62 0.00 0.00 1,191,069.58 506,887.71 264,810,317.79 30,467.99 641,347.40 0.00 0.00 0.00 21,743.92 15,491.46 150,562.61 0.00 0.00 0.00 0.00 0.00 0.00 3,193,366.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,888.40 0.00 0.00 0.00 3,468.95 1,249.94 0.00 0.00 0.00 0.00 1,246,007.24 532,016,402.10 6,682,890.90 50,268,326.30 378,513,533.64 106,581,413.74 37,095,680,086.93 45,927.97 643,834.37 2,088,961.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 52,277,700.00 18,432.70 73,985.55 812,350.86 229,978.52 34,629,238.15 2.51 28.15 0.00 0.00 62.50 0.00 0.00 1,060,702.85 782,584.65 4,408,080.81 64,363.18 717,848.07 3,962,014.99 1,012,563.17 91,315,081.46 6,618,527.72 49,550,478.23 374,551,518.65 105,568,850.57 37,004,365,005.47 8,824,092.87 52,784,004.21 193,396,400.77 154,285,586.64 32,049,743,076.74 8,425,140.11 93,737,868.14 271,744,880.78 57,897,670.49 32,538,553,049.31 The accompanying notes form an integral part of these financial statements. 31

Statement of net assets at December 31, 2012 (continued) SWEDISH LIQUIDITY SUB-FUND EURO BOND SUB-FUND SWEDISH BOND MEGA SUB-FUND SEK EUR SEK ASSETS Investments, at cost 18,176,507,559.25 13,141,390.39 1,156,195,441.44 Unrealized result on investments -26,637,894.03 727,456.02 1,333,376.44 Investments, at market value (Note 1) 18,149,869,665.22 13,868,846.41 1,157,528,817.88 Cash at banks 81,554,213.73 282,125.20 18,153,051.99 Cash as margin deposit 14,284,461.38 20,265.08 7,093,348.24 Receivable on sales of securities 0.12 0.00 0.00 Dividends receivable 0.00 0.00 0.00 Net unrealized result on futures (Note 8) 0.00 0.00 101,792.00 Net unrealized result on forward foreign exchange transactions (Note 10) 0.00 0.00 0.00 Net unrealized result on forward rate agreements (Note 11) 0.00 682.84 0.00 Net accrued interest on bank accounts 445,058.82 27.43 78,370.95 Net accrued interest on bonds 150,453,791.07 263,231.11 11,957,537.69 18,396,607,190.34 14,435,178.07 1,194,912,918.75 LIABILITIES Payable on purchases of securities 0.00 0.00 0.00 Net unrealized result on futures (Note 8) 0.00 0.00 0.00 Net unrealized result on forward foreign exchange transactions (Note 10) 0.00 0.00 0.00 Net unrealized result on forward rate agreements (Note 11) 9,917,849.10 0.00 1,276,132.20 Net accrued expenses (Note 7) 10,082,131.99 28,414.81 663,411.39 Net accrued interest on bank accounts 0.00 0.00 0.00 Bank overdraft 22,804.80 7,779.21 196,918.06 20,022,785.89 36,194.02 2,136,461.65 TOTAL NET ASSETS AT DECEMBER 31, 2012 18,376,584,404.45 14,398,984.05 1,192,776,457.10 TOTAL NET ASSETS AT DECEMBER 31, 2011 17,845,441,530.14 13,103,389.17 1,736,577,318.29 TOTAL NET ASSETS AT DECEMBER 31, 2010 16,581,852,272.12 13,005,700.39 1,908,630,115.31 The accompanying notes form an integral part of these financial statements. 32

FRN SUB-FUND Statement of net assets at December 31, 2012 (continued) SWEDISH TOTAL RETURN PLUS SUB- FUND CORPORATE BOND SUB-FUND SEK SEK SEK 7,874,282,578.12 16,053,339,071.47 7,241,695,843.72 10,436,021.37 2,958,412.29 112,001,761.62 7,884,718,599.49 16,056,297,483.76 7,353,697,605.34 80,330,467.53 141,382,352.07 161,552,017.64 0.00 18,565,208.65 76,024,999.17 0.19 0.00 6,273,473,738.32 0.00 0.00 0.00 0.00 336,651.00 0.00 0.00 0.00 52,405,860.15 0.00 0.00 0.00 97,757.85 0.00 0.00 17,228,771.29 188,061,549.12 163,425,918.25 7,982,375,596.35 16,404,643,244.60 14,080,580,138.87 0.00 103,933,564.74 6,280,181,297.48 0.00 0.00 1,059,442.70 0.00 0.00 0.00 247,283.30 9,781,756.00 0.00 3,734,076.53 8,079,701.59 7,501,333.43 0.00 27.47 7,621.69 238,626.82 918,025.40 62,542,623.88 4,219,986.65 122,713,075.20 6,351,292,319.18 7,978,155,609.70 16,281,930,169.40 7,729,287,819.69 7,826,525,653.75 6,556,394,992.36 4,805,254,725.17 8,046,024,472.89 5,763,418,281.44 5,925,718,157.48 The accompanying notes form an integral part of these financial statements. 33

Statement of operations and changes in net assets for the year ended December 31, 2012 COMBINED GLOBAL HIGH DIVIDEND SUB-FUND EUROPEAN EQUITY SUB-FUND SEK SEK SEK NET ASSETS AT THE BEGINNING OF THE YEAR 72,166,436,913.71 191,677,570.08 559,056,744.02 INCOME Dividends, net 35,057,923.83 5,569,896.18 16,140,794.42 Interest on bonds, net 2,338,538,680.53 22,751.66 446,444.05 Interest on bank accounts, net 14,759,703.66 0.00 55,084.32 Other Income 288,698.76 0.00 0.00 Total income 2,388,645,006.78 5,592,647.84 16,642,322.79 EXPENSES Advisory fees (Note 3) 553,788,730.15 2,450,591.56 7,471,983.92 Depositary fees (Note 5) 14,946,110.59 206,495.72 573,370.18 Administrator fees (Note 6) 15,265,861.38 205,764.28 571,319.85 Audit and legal fees 1,744,239.40 44,762.50 48,317.28 Fees paid to authorities (Note 2) 39,995,454.94 105,970.02 283,726.78 Interest on bank accounts, net 114,334.26 56,799.09 0.00 Transaction fees (Note 12) 13,798,985.26 1,290,091.19 1,968,728.21 Other administration expenses 2,837,180.16 25,020.95 27,032.75 Total expenses 642,490,896.14 4,385,495.31 10,944,478.97 NET INVESTMENT RESULT 1,746,154,110.64 1,207,152.53 5,697,843.82 Net realized result on futures -113,540,172.78 190,461.93 0.00 Net realized result on forward foreign exchange transactions 372,988,155.29 6,086,730.66 7,405.45 Net realized result on forward rate agreement -10,183,998.75 0.00 0.00 Net realized result on sales of securities 68,426,099.93 22,620,971.20 6,364,159.59 Net realized result on foreign exchange -173,904,638.01-5,025,277.36-10,546,036.97 NET REALIZED RESULT FOR THE YEAR 1,889,939,556.32 25,080,038.96 1,523,371.89 Change in net unrealized result on: - futures 43,875,987.31 245,189.65 0.00 - forward foreign exchange transactions 34,162,078.33 623,061.82 13,287.41 - forward rate agreement -68,712,050.31 0.00 0.00 - investments 468,029,363.73-9,714,949.08 67,793,715.07 NET CHANGE IN UNREALIZED RESULT FOR THE YEAR 477,355,379.06-8,846,697.61 67,807,002.48 NET CHANGE IN NET ASSETS AS A RESULT OF OPERATIONS FOR THE YEAR 2,367,294,935.38 16,233,341.35 69,330,374.37 Proceeds from shares subscribed 32,756,553,982.75 79,997,442.67 4,944,403.19 Payments for shares redeemed -17,175,567,028.68-35,530,963.39-51,247,184.17 Currency revaluation of net assets at beginning of the year -7,040,914.50 NET ASSETS AT THE END OF THE YEAR 90,107,677,888.66 252,377,390.71 582,084,337.41 The accompanying notes form an integral part of these financial statements. 34

Statement of operations and changes in net assets for the year ended December 31, 2012 (continued) RUSSIAN EQUITY SUB- FUND TOMORROW EQUITY SUB-FUND AFRICA EQUITY SUB- FUND GLOBAL BOND SUB- FUND TOTAL RETURN FIXED INCOME SUB-FUND EUR SEK SEK SEK SEK 8,824,092.87 52,784,004.21 193,396,400.77 154,285,586.64 32,049,743,076.74 235,379.75 747,654.67 7,413,444.86 0.00 0.00 0.00 0.00 95,950.29 3,952,501.77 1,147,224,738.77 0.00 29,290.50 76,619.97 0.00 7,379,423.12 0.00 0.00 0.00 266,519.49 0.00 235,379.75 776,945.17 7,586,015.12 4,219,021.26 1,154,604,161.89 39,783.38 603,218.88 6,209,388.03 1,208,310.55 313,878,104.39 6,655.88 54,760.60 1,298,536.23 21,649.91 5,620,614.79 1,309.53 218,582.81 323,865.84 23,635.50 6,139,691.91 18,348.94 43,251.09 45,536.40 157,202.79 367,833.39 735.88 26,627.05 169,268.22 63,802.45 17,102,642.10 1,105.44 0.00 0.00 48,044.41 0.00 25,614.87 108,697.47 2,585,842.27 185,161.50 4,510,725.50 8,899.41 15,294.68 26,280.84 16,141.85 95,245.28 102,453.33 1,070,432.58 10,658,717.83 1,723,948.96 347,714,857.36 132,926.42-293,487.41-3,072,702.71 2,495,072.30 806,889,304.53 0.00 0.00 0.00-12,683.25-90,174,723.06 0.00 0.00 0.00-103,110.65 0.00 0.00 0.00 0.00 6,181.16-8,951,478.10-681,064.13-8,475,301.96 2,215,200.20-1,485,478.26 111,926,263.30 525,584.94-1,761,360.93-9,757,690.84-337,775.20-1,442,466.58-22,552.77-10,530,150.30-10,615,193.35 562,206.10 818,246,900.09 0.00 0.00 0.00 8,327.67 42,214,275.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 18,611.60-52,371,300.00 1,189,040.12 11,932,222.86 41,158,703.38-5,593,785.66 62,152,688.43 1,189,040.12 11,932,222.86 41,158,703.38-5,566,846.39 51,995,663.60 1,166,487.35 1,402,072.56 30,543,510.03-5,004,640.29 870,242,563.69 1,332,297.24 19,314,554.43 393,725,641.26 165,121,475.03 7,408,823,362.49-4,704,349.74-23,950,152.97-243,114,033.41-208,833,570.81-3,324,443,997.45 6,618,527.72 49,550,478.23 374,551,518.65 105,568,850.57 37,004,365,005.47 The accompanying notes form an integral part of these financial statements. 35

Statement of operations and changes in net assets for the year ended December 31, 2012 (continued) SWEDISH LIQUIDITY SUB-FUND EURO BOND SUB-FUND SWEDISH BOND MEGA SUB-FUND SEK EUR SEK NET ASSETS AT THE BEGINNING OF THE YEAR 17,845,441,530.14 13,103,389.17 1,736,577,318.29 INCOME Dividends, net 341,920.11 0.00 306,054.32 Interest on bonds, net 457,606,679.29 479,718.26 42,639,056.80 Interest on bank accounts, net 1,971,555.59 79.14 396,841.21 Other Income 0.00 2,583.34 0.00 Total income 459,920,154.99 482,380.74 43,341,952.33 EXPENSES Advisory fees (Note 3) 84,142,028.56 120,459.36 7,487,414.61 Depositary fees (Note 5) 2,969,016.91 2,157.33 264,347.98 Administrator fees (Note 6) 3,242,536.78 2,356.22 288,538.47 Audit and legal fees 216,134.15 18,126.88 58,157.92 Fees paid to authorities (Note 2) 9,014,957.77 6,669.39 780,531.42 Interest on bank accounts, net 0.00 0.00 0.00 Transaction fees (Note 12) 388,901.22 12,302.97 382,815.20 Other administration expenses 51,419.66 1,863.70 4,929.38 Total expenses 100,024,995.05 163,935.85 9,266,734.98 NET INVESTMENT RESULT 359,895,159.94 318,444.89 34,075,217.35 Net realized result on futures 2,161,926.00 1,813.39-2,801,932.15 Net realized result on forward foreign exchange transactions 0.00 1,149.27 0.00 Net realized result on forward rate agreement -2,962,635.20 3,157.62 447,584.36 Net realized result on sales of securities -39,195,971.24-380,343.14 8,416,290.24 Net realized result on foreign exchange -1,031,129.40 2,527.02-116,310.15 NET REALIZED RESULT FOR THE YEAR 318,867,350.10-53,250.95 40,020,849.65 Change in net unrealized result on: - futures 87,309.00 935.00 121,062.00 - forward foreign exchange transactions 0.00 0.00 0.00 - forward rate agreement -5,910,472.10 2,028.00-1,303,619.80 - investments 15,087,496.76 1,371,253.41-2,319,985.89 NET CHANGE IN UNREALIZED RESULT FOR THE YEAR 9,264,333.66 1,374,216.41-3,502,543.69 NET CHANGE IN NET ASSETS AS A RESULT OF OPERATIONS FOR THE YEAR 328,131,683.76 1,320,965.46 36,518,305.96 Proceeds from shares subscribed 4,029,352,833.22 6,660,004.62 129,514,440.03 Payments for shares redeemed -3,826,341,642.67-6,685,375.20-709,833,607.18 Currency revaluation of net assets at beginning of the year NET ASSETS AT THE END OF THE YEAR 18,376,584,404.45 14,398,984.05 1,192,776,457.10 The accompanying notes form an integral part of these financial statements. 36

FRN SUB-FUND Statement of operations and changes in net assets for the year ended December 31, 2012 (continued) SWEDISH TOTAL RETURN PLUS SUB- FUND CORPORATE BOND SUB-FUND SEK SEK SEK 7,826,525,653.75 6,556,394,992.36 4,805,254,725.17 798,485.55 1,718,820.88 0.00 181,552,786.21 239,953,447.80 260,925,702.77 1,216,193.17 1,303,708.24 2,330,308.08 0.00 0.00 0.00 183,567,464.93 242,975,976.92 263,256,010.85 28,734,620.03 38,614,321.20 61,612,984.38 1,291,554.20 1,524,645.83 1,045,452.43 1,410,595.79 1,667,325.04 1,142,532.81 218,085.76 131,361.82 100,433.15 3,882,576.36 5,162,506.14 3,339,268.68 0.00 0.00 0.00 144,332.07 1,518,787.95 389,359.06 22,603.21 21,107.26 2,439,697.62 35,704,367.42 48,640,055.24 70,069,728.13 147,863,097.51 194,335,921.68 193,186,282.72-254,537.00-7,132,757.18-15,531,496.93 0.00 0.00 366,987,262.77-1,988,609.58 3,237,848.86 0.00-15,917,416.60 30,095,045.92-39,024,950.34-475,009.76-347,504.44-147,598,181.61 129,227,524.57 220,188,554.84 358,018,916.61 37,278.00 492,641.00 661,877.38 0.00 0.00 33,525,729.10 1,576,050.10-10,738,731.50 0.00 28,828,007.22-6,932,668.63 243,656,519.17 30,441,335.32-17,178,759.13 277,844,125.65 159,668,859.89 203,009,795.71 635,863,042.26 2,294,239,849.07 13,602,165,988.49 4,560,736,085.25-2,302,278,753.01-4,079,640,607.16-2,272,566,032.99 7,978,155,609.70 16,281,930,169.40 7,729,287,819.69 The accompanying notes form an integral part of these financial statements. 37

Number of shares outstanding and net asset value per share Sub-funds Ccy Number of shares outstanding Net asset value per share Net asset value per share Net asset value per share SWEDBANK ROBUR INTERNATIONAL GLOBAL HIGH DIVIDEND SUB- FUND 31/12/2012 31/12/2012 31/12/2011 31/12/2010 SEK 1,043,320.5208 241.88 222.83 233.30 EUR 185.5534 11.27 10.00 0.00 SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB-FUND SEK 2,251,117.9441 258.49 228.93 256.73 EUR 1,964.9591 11.06 9.18 0.00 SWEDBANK ROBUR INTERNATIONAL RUSSIAN EQUITY SUB-FUND JPY 90,936.9300 8,304.00 6,443.52 8,962.81 SWEDBANK ROBUR INTERNATIONAL TOMORROW EQUITY SUB-FUND SEK 1,353,853.6280 36.44 35.48 54.68 EUR 6,888.5236 30.61 3.35 5.12 SWEDBANK ROBUR INTERNATIONAL AFRICA EQUITY SUB-FUND SEK 4,438,050.0316 84.26 72.71 91.47 EUR 7,696.9426 8.78 7.30 9.12 SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB-FUND SEK 515,150.9522 204.93 205.64 191.10 SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB-FUND SEK 144,359,346.4923 256.34 249.82 243.87 SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB-FUND SEK 133,300,397.9123 137.86 135.37 132.63 SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB-FUND (the official share class is EUR, which allows subscriptions and redemptions in SEK) EUR 8,489,983.3597 1.70 1.53 1.54 SEK 8,489,983.3597 14.56 13.65 13.81 SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB- FUND SEK 7,764,873.8931 153.61 150.26 146.78 SWEDBANK ROBUR INTERNATIONAL FRN SUB-FUND SEK 56,352,765.0418 141.58 138.71 135.74 SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB-FUND SEK 133,084,363.3798 122.34 119.51 116.65 SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB-FUND SEK 61,915,458.3588 124.84 112.49 110.72 The accompanying notes form an integral part of these financial statements 38

GLOBAL HIGH DIVIDEND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Number of shares Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING SHARES SHARES IN AUD GOODMAN GRP 73,610 2,150,043.42 0.85 SHOPPING CENTRES AUSTRALASIA 1,361 13,771.20 0.01 SONIC HEALTHCARE 31,194 2,804,941.02 1.11 WOOLWORTHS LTD 6,807 1,346,760.37 0.53 6,315,516.01 2.50 SHARES IN CAD BCE INC 4,998 1,386,319.70 0.55 CANADIAN IMPERIAL BANK OF COMMERCE 5,460 2,850,006.43 1.13 4,236,326.13 1.68 SHARES IN EUR AHOLD KONINKLIJKE 66,231 5,763,027.09 2.28 ALSTOM RGPT 6,698 1,732,933.64 0.69 BMW3 9,266 3,878,618.36 1.54 CAP GEMINI 10,624 2,997,237.89 1.19 CASINO GUICHARD 9,477 5,866,400.89 2.32 DEUTSCHE POST AG REGISTERED 10,704 1,525,526.59 0.60 ENI 37,634 5,925,777.01 2.35 EUTELSAT 4,946 1,065,843.46 0.42 K+S NAMEN 6,734 2,023,516.49 0.80 LEGRAND HOLDING 10,475 2,866,618.00 1.14 METSO 4,116 1,132,226.89 0.45 REXEL 8,259 1,094,814.03 0.43 ROYAL DUTCH SHELL -A- 12,247 2,744,079.79 1.09 SES GLOB FID DEP REC 1-A- SHS 4,077 759,741.97 0.30 THALES 20,956 4,721,941.03 1.87 44,098,303.13 17.47 SHARES IN GBP BT GROUP 37,626 918,141.58 0.36 CAPITAL GROUP 23,038 1,836,594.86 0.73 CENTRICA 177,377 6,248,057.02 2.48 MORRISON SUPERMARKET 126,204 3,504,697.24 1.39 NATIONAL GRID 24,587 1,825,082.52 0.72 ROYAL DUTCH SHELL -B- 11,890 2,730,629.35 1.08 SAGE 84,507 2,626,059.63 1.04 SAINSBURY J. 46,541 1,695,908.06 0.67 TATE LYLE 42,516 3,420,810.43 1.36 TESCO PLC 136,120 4,829,285.22 1.91 UTD UTILITIES 80,662 5,736,252.03 2.27 35,371,517.94 14.01 SHARES IN HKD BOC HONG KONG 213,000 4,304,025.65 1.71 CHEUNG KONG INFRASTRUCTURE 114,000 4,540,217.58 1.80 CHINA MOBILE HK 31,000 2,345,779.08 0.93 HUTCHINSON WHAMPOA 31,000 2,102,753.77 0.83 NWS HLDGS 394,781 4,336,164.44 1.72 The accompanying notes form an integral part of these financial statements. 39

GLOBAL HIGH DIVIDEND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Number of shares Market Value (in SEK) % of NAV SJM HOLDINGS 142,000 2,143,083.31 0.85 THE LINK REIT 31,500 1,022,114.91 0.40 YUE YUEN INDUSTRIAL 202,500 4,397,471.13 1.74 25,191,609.87 9.98 SHARES IN IDR PERUSAHAAN GAS NEGA 1,669,000 5,105,471.00 2.02 TELEKOM INDONESIA 114,500 689,089.63 0.27 5,794,560.63 2.29 SHARES IN JPY ASTELLAS PHARMA 17,100 4,985,921.81 1.98 EISAI CO LTD 13,200 3,575,642.40 1.42 HOYA CORP 16,000 2,035,828.72 0.81 ITOCHU 42,500 2,900,506.64 1.15 JAPAN REAL ESTATE 56 3,581,662.00 1.42 KAO 19,900 3,367,597.50 1.33 LAWSON INC 8,100 3,577,674.02 1.42 MARUBENI CORP 29,000 1,339,812.47 0.53 MITSUBISHI TANABE PHARMA CORP 72,000 6,100,262.64 2.42 NOMURA RESEARCH INSTITUTE 33,200 4,476,656.13 1.77 NTT DOCOMO 639 5,962,112.82 2.36 ONO PHARMACEUTICAL 6,600 2,190,080.97 0.87 RESONA HOLDING 102,200 3,014,495.29 1.19 SHINOGI AND CO 22,100 2,389,608.14 0.95 49,497,861.55 19.62 SHARES IN MYR KUALA LUMP KEP 46,300 2,364,539.15 0.94 PUBLIC BANK 145,900 5,060,543.62 2.01 7,425,082.77 2.95 SHARES IN NOK TELENOR 23,936 3,138,597.22 1.24 3,138,597.22 1.24 SHARES IN PHP ABOITIZ POWER CORP 793,099 4,661,664.85 1.85 4,661,664.85 1.85 SHARES IN SEK ATLAS COPCO -B- 24,272 3,839,830.40 1.52 3,839,830.40 1.52 SHARES IN THB SIAM CEMENT 39,000 3,647,701.20 1.45 3,647,701.20 1.45 SHARES IN TWD FAR EASTONE TELECOM 153,000 2,544,237.50 1.01 2,544,237.50 1.01 SHARES IN USD ALTRIA GROUP 14,507 2,931,340.80 1.16 AMERICAN ELECTRIC 20,388 5,571,949.98 2.21 AT&T 12,420 2,709,007.03 1.07 BRISTOL MYERS SQUIB 16,590 3,526,902.99 1.40 The accompanying notes form an integral part of these financial statements. 40

GLOBAL HIGH DIVIDEND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Number of shares Market Value (in SEK) % of NAV CENTERPOINT ENERGY 17,077 2,100,791.23 0.83 DTE ENERGY 8,541 3,281,782.02 1.30 H&R BLOCK INC 22,910 2,723,362.03 1.08 PUBLIC SERV 14,397 2,799,627.03 1.11 WASTE MANAGEMENT 12,141 2,629,214.60 1.04 XCEL ENERGY 4,677 796,711.30 0.32 29,070,689.01 11.52 TOTAL SHARES 224,833,498.21 89.09 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 224,833,498.21 89.09 II. TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET SHARES SHARES IN NGN ZENITH BANK 1 0.81 0.00 0.81 0.00 TOTAL SHARES 0.81 0.00 TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET 0.81 0.00 III. OTHER TRANSFERABLE SECURITIES SHARES SHARES IN CAD TELUS NON VOTING 15,018 6,290,090.11 2.49 6,290,090.11 2.49 SHARES IN ZAR BHP BILLITON zar 11,044 2,481,065.31 0.98 2,481,065.31 0.98 TOTAL SHARES 8,771,155.42 3.47 OPTIONS OPTIONS IN SEK AOM.0113.CALL.30. -66-44,198.15-0.02 CGM.0113.CALL.34. -106-39,132.71-0.02 DPW.0113.CALL.16.5-107 -28,478.10-0.01-111,808.96-0.05 TOTAL OPTIONS -111,808.96-0.05 TOTAL OTHER TRANSFERABLE SECURITIES 8,659,346.46 3.42 TOTAL INVESTMENT, AT MARKET VALUE 233,492,845.48 92.51 CASH 9,490,262.61 3.76 OTHER NET ASSETS 9,394,282.62 3.73 TOTAL NET ASSETS 252,377,390.71 100.00 The accompanying notes form an integral part of these financial statements. 41

EUROPEAN EQUITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Number of shares or nominal value Market Value (in SEK) % of NAV TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN EUR REPSOL YPF RIGHTS 10 JANUARY 2013 41,094 162,999.41 0.03 162,999.41 0.03 TOTAL BONDS 162,999.41 0.03 SHARES SHARES IN CHF ABB REGISTERED 32,927 4,391,088.33 0.75 CIE FINANC RICHEMONT SA 21,298 10,815,728.38 1.86 CREDIT SUISSE GROUP REGISTERED 54,703 8,660,740.82 1.49 NESTLE REGISTERED 73,574 31,188,132.13 5.36 ROCHE HOLDING GENUSSSCHEIN 18,586 24,323,299.85 4.18 ZURICH FINL SVCS RGD 4,916 8,510,423.77 1.46 87,889,413.28 15.10 SHARES IN DKK DANSKE BANK AS 36,766 4,047,069.34 0.70 MOELLER-MAERSK -B- 142 6,961,570.59 1.20 NOVO NORDISK -B- 10,031 10,580,007.79 1.82 21,588,647.72 3.72 SHARES IN EUR ALLIANZ AG REGISTERRED VINKULIERT 13,076 11,765,266.99 2.02 BANCO BILBAO VIZCAYA ARGENTARIA RGD 178,540 10,668,671.98 1.83 BASF 28,066 17,181,216.74 2.95 BEIERSDORF AG 8,461 4,495,081.73 0.77 BNP PARIBAS 30,755 11,244,443.77 1.93 BRENNTAG AG 6,957 5,938,886.64 1.02 CONTINENTAL 9,122 6,859,779.99 1.18 DAIMLER 27,491 9,752,510.87 1.68 ENI 71,577 11,270,376.28 1.94 HENKEL KGAA PREF 19,948 10,652,593.06 1.83 IBERDOLA 179,255 6,456,079.04 1.11 ING GROUP 117,042 7,095,345.33 1.22 LEGRAND HOLDING 14,903 4,078,396.94 0.70 LINDE AG 7,851 8,897,428.39 1.53 PERNOD RICARD 11,040 8,287,905.96 1.42 REPSOL YPF 41,094 5,410,380.25 0.93 ROYAL DUTCH SHELL -A- 37,016 8,254,877.55 1.42 SANOFI AVENTIS 35,890 21,997,657.35 3.78 SAP 29,603 15,424,761.41 2.65 SCHNEIDER ELECTRIC 22,803 10,734,351.83 1.84 SOCIETE GENERALE-A- 22,736 5,531,965.96 0.95 TECHNIP 7,540 5,621,558.74 0.97 TELEFONICA 60,222 5,268,596.65 0.91 TOTAL 49,159 16,464,349.73 2.83 UNICREDIT BANCA SPA 60,701 1,931,376.14 0.33 231,283,859.32 39.74 The accompanying notes form an integral part of these financial statements. 42

EUROPEAN EQUITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Number of shares or nominal value Market Value (in SEK) % of NAV SHARES IN GBP ASSOCIATED BRITISH FOOD PLC 51,568 8,516,059.27 1.46 BARCLAYS 166,816 4,621,927.92 0.79 BG GROUP 101,756 10,878,692.39 1.87 BHP BILLITON 79,589 17,895,850.04 3.07 BT GROUP 328,643 8,019,475.56 1.38 BURBERRY GROUP 26,758 3,463,903.29 0.60 CENTRICA 355,229 12,512,845.78 2.15 COMPASS GROUP 158,559 12,138,095.30 2.09 DIAGEO 83,442 15,744,573.32 2.70 EXPERIAN PLC 73,873 7,644,224.80 1.31 GLENMORE 56,643 2,101,096.68 0.36 HSBC HOLDING 231,964 15,844,530.68 2.72 IMI ORD 53,668 6,216,467.64 1.07 IMPERIAL TOBACCO 50,318 12,607,899.76 2.17 LLOYDS TSB 646,901 3,272,886.52 0.56 PRUDENTIAL 102,975 9,410,669.33 1.62 SHIRE 54,274 10,813,975.19 1.86 SPECTRIS 22,175 4,797,635.23 0.82 STANDARD CHARTERED PLC 55,621 9,241,174.70 1.59 TULLOW OIL 57,645 7,675,353.18 1.32 VODAFONE NEW ORD SHARES 604,003 9,850,281.57 1.69 XSTRATA 78,090 8,731,985.81 1.50 201,999,603.96 34.70 SHARES IN SEK ASTRAZENECA 28,391 8,699,002.40 1.49 ATLAS COPCO AB 24,116 4,299,882.80 0.74 MILLICOM INT 11,573 6,509,812.50 1.12 SWEDBANK -A- 58,373 7,413,371.00 1.27 26,922,068.70 4.62 TOTAL SHARES 569,683,592.98 97.88 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 569,846,592.39 97.91 TOTAL INVESTMENT, AT MARKET VALUE 569,846,592.39 97.91 CASH 9,756,476.02 1.68 OTHER NET ASSETS 2,481,269.00 0.41 TOTAL NET ASSETS 582,084,337.41 100.00 The accompanying notes form an integral part of these financial statements. 43

RUSSIAN EQUITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in EUR) Description Number of shares Market Value (in EUR) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING SHARES SHARES IN USD ETALON GROUP 6,000 24,754.19 0.37 EURASIA DRILLIN SP GDR REG S 4,500 121,613.48 1.84 GAZPROM OAO 50,400 360,929.74 5.45 GLOBALTRANS GDR 5,500 68,740.19 1.04 GROUP LSR OJSC GDR 19,000 59,920.28 0.91 JSFC SISTEMA GDR REG S 5,400 82,574.53 1.25 LUKOIL HLDG SPONSORED ADR REPR 4 SHS 12,900 645,982.20 9.76 MAIL. RU GROUP LTD 2,200 57,456.98 0.87 MD MEDICAL GROUP INVESTMENT 3,420 32,284.46 0.49 MEGAFON -GDR -WI 3,733 67,256.76 1.02 MMC NORILSK NICKEL SP GDR REG S 18,700 260,896.31 3.94 NOVATEK SP GDR REPR 10 REG -S- 5,030 456,169.03 6.89 NOVOLIPET GDR REG S 2,300 35,257.69 0.53 PHOSAGRO SP GDR REG-S 4,134 42,560.86 0.64 RUSHYDRO-SP GDR 42,000 73,349.62 1.11 TATNFT SP GDR REG S 9,700 319,933.92 4.83 URALKALI GDR REG S 9,000 260,327.79 3.93 VNESHTORGBANK GDR REG S 17,000 44,527.26 0.67 X5 RTL SP GDR 3,000 40,537.83 0.61 YANDEX 2,500 41,503.01 0.63 3,096,576.13 46.78 TOTAL SHARES 3,096,576.13 46.78 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 3,096,576.13 46.78 II. TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET SHARES SHARES IN USD ALROSA CJSC 100,000 74,464.70 1.13 ARMADA 12,000 63,816.76 0.96 DIXY GROUP 7,500 74,506.43 1.13 ENEL WGC-5 710,000 28,550.74 0.43 EON RUSSIA 871,165 56,543.79 0.85 FGC UES 42,000,000 209,842.87 3.17 GAZPROM NEFT 19,500 68,978.21 1.04 JSFC SISTEMA 64,000 40,570.35 0.61 M VIDEO COMPANY 12,730 75,915.31 1.15 MAGNIT 2,600 311,450.33 4.71 MOBILE TELESYSTEMS OJSC 90,700 553,765.78 8.37 MOSTOTREST OAO 10,800 48,544.91 0.73 PHARMSTANDARD 1,700 68,868.95 1.04 ROSNEFT OIL 60,300 404,258.67 6.11 SBERBANK PREF 84,000 140,395.69 2.12 SBERBANK SHS 210,000 484,317.34 7.32 SEVERSTAL 9,600 87,993.75 1.33 SOLLERS 630 10,704.80 0.16 SURGUTNEFTEGAZ 415,000 205,151.91 3.10 SURGUTNEFTEGAZ OJSC 40,000 26,649.74 0.40 The accompanying notes form an integral part of these financial statements. 44

RUSSIAN EQUITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in EUR) (continued) Description Number of shares Market Value (in EUR) % of NAV TNK BP 20,000 28,895.48 0.44 TRANSNEFT 190 323,946.70 4.89 VOZROZHDENIYE BANK 6,500 86,956.74 1.31 3,475,089.95 52.50 TOTAL SHARES 3,475,089.95 52.50 TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET 3,475,089.95 52.50 TOTAL INVESTMENT, AT MARKET VALUE 6,571,666.08 99.28 CASH 59,012.91 0.89 OTHER NET LIABILITIES -12,151.27-0.17 TOTAL NET ASSETS 6,618,527.72 100.00 The accompanying notes form an integral part of these financial statements. 45

TOMORROW EQUITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Number of shares Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING SHARES SHARES IN CAD AGRIMARINE HOLDINGS 877,367 214,779.56 0.43 BLUTIP POWER TECHNOLOGIES 2,833,333 0.00 0.00 SUSTAIN ENERGY TECH 401,888 918,233.16 1.85 1,133,012.72 2.28 SHARES IN DKK NOVO NORDISK -B- 3,500 3,691,558.89 7.45 NOVOZYMES -B- 8,800 1,612,259.79 3.25 5,303,818.68 10.70 SHARES IN EUR GEA GROUP 10,516 2,209,276.84 4.46 UMICORE 6,650 2,380,231.14 4.80 4,589,507.98 9.26 SHARES IN GBP ALENT PLC 29,625 965,955.88 1.95 VESUVIUS PLC 29,625 1,082,321.03 2.18 2,048,276.91 4.13 SHARES IN HKD CHINA EVERBRIGHT INTERNATIONAL LTD 688,200 2,261,928.85 4.56 CHINA LIANSU GROUP HOLDINGS LTD 320,000 1,424,697.64 2.88 CN LONGYUAN PWR 430,000 1,932,464.17 3.90 5,619,090.66 11.34 SHARES IN NOK TOMRA SYSTEMS 37,700 2,213,953.88 4.47 2,213,953.88 4.47 SHARES IN SEK AF -B- 14,600 2,270,300.00 4.58 ELEKTA AB 19,100 1,936,740.00 3.91 FLEXENCLOSURE 4,000 1,400,000.00 2.83 NIBE INDUSTRIER -B- 20,400 1,912,500.00 3.86 SWECO -B- 66,200 4,832,600.00 9.75 12,352,140.00 24.93 SHARES IN USD CHINA ENERGY 375,839 366,403.56 0.74 DEERE & CO 3,800 2,094,828.38 4.23 FLOWSERVE 4,603 4,292,985.88 8.66 GILEAD SCIENCES 3,400 1,613,568.21 3.26 8,367,786.03 16.89 SHARES IN ZAR ASPEN PHARMACARE 35,446 4,594,742.66 9.27 LIFE HEALTHCARE 85,000 2,216,690.69 4.47 6,811,433.35 13.74 TOTAL SHARES 48,439,020.21 97.74 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 48,439,020.21 97.74 The accompanying notes form an integral part of these financial statements. 46

TOMORROW EQUITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Number of shares Market Value (in SEK) % of NAV II. OTHER TRANSFERABLE SECURITIES WARRANTS WARRANTS IN CAD WTS SUSTAINABLE ENERGY CAD 0.30 07.05.13 1,320,000 0.00 0.00 WTS HY DRIVE TECHNOLOGIE 666,666 0.07 0.00 0.07 0.00 TOTAL WARRANTS 0.07 0.00 TOTAL OTHER TRANSFERABLE SECURITIES 0.07 0.00 TOTAL INVESTMENT, AT MARKET VALUE 48,439,020.28 97.74 CASH 1,172,467.16 2.37 OTHER NET LIABILITIES -61,009.21-0.11 TOTAL NET ASSETS 49,550,478.23 100.00 The accompanying notes form an integral part of these financial statements. 47

AFRICA EQUITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Number of shares Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING SHARES SHARES IN CAD FIRST QUANTUM MINERALS 100,000 13,969,928.56 3.73 IAMGOLD 20,000 1,457,050.49 0.39 LUCARA DIAMOND CORP 270,000 1,092,787.87 0.29 PERSEUS MINING 400,000 5,666,307.47 1.51 PLATINUM GROUP METALS LTD 400,000 2,141,185.31 0.57 24,327,259.70 6.49 SHARES IN GBP AFREN 400,000 5,537,124.92 1.48 AFRICAN MINERALS 50,000 1,677,556.68 0.45 CENTAMIN 500,000 2,072,198.26 0.55 CHAR OIL & GAS 500,000 1,451,858.65 0.39 KENMARE RESOURCES 1,000,000 3,283,840.29 0.88 OPHIR ENERGY 60,000 3,196,200.82 0.85 TULLOW OIL 225,000 29,958,443.31 8.00 47,177,222.93 12.60 SHARES IN SEK AFRICA OIL CORP. 350,000 15,995,000.00 4.27 15,995,000.00 4.27 SHARES IN ZAR ADVTECH LTD 1,000,000 4,755,530.20 1.27 AFRICAN RAINBOW MINERALS 20,000 2,913,145.76 0.78 ANGLOGOLD ASHANTI 65,000 13,079,318.79 3.49 ARCELOR MITTAL SOUTH AFRICA LIMITED 60,000 1,656,765.36 0.44 AVI 150,000 6,897,436.34 1.84 BIDVEST GROUP 65,000 10,743,548.09 2.87 BLUE LABEL TELECONS LTD 500,000 3,091,094.63 0.83 CLOVER INDUSRTIES LIMITED 100,000 1,343,820.79 0.36 CORONATION FUND MANAGERS LTD 250,000 7,605,013.22 2.03 DISCOVERY HOLDING LTD 240,000 11,448,248.64 3.06 EOH HOLDINGS LTD 180,000 5,225,714.07 1.40 EXXARO RESOURCES 30,000 3,888,796.47 1.04 FAMOUS BRANDS 50,000 2,722,157.53 0.73 FIRSTRAND 1,000,000 23,777,651.00 6.35 HUDACO INDUSTRIES LTD 50,000 4,410,370.75 1.18 IMPERIAL HOLDING LTD 100,000 15,246,843.44 4.07 JSE LTD 150,000 9,002,908.99 2.40 LEWIS GROUP 150,000 7,938,667.35 2.12 LIFE HEALTHCARE 300,000 7,823,614.20 2.09 MTN 160,000 21,795,668.74 5.82 NASPERS -N- 40,000 16,665,832.29 4.45 OCEANA GROUP 60,000 3,213,204.37 0.86 PSG GROUP 100,000 4,655,817.47 1.24 SABMILLER PLC 25,000 7,467,716.46 1.99 SASOL 40,000 11,131,008.75 2.97 SPUR CORP LTD 150,000 2,623,211.82 0.70 The accompanying notes form an integral part of these financial statements. 48

AFRICA EQUITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Number of shares Market Value (in SEK) % of NAV THE FOSCHINI GROUP 90,000 9,716,238.52 2.59 TIGER BRANDS 30,000 7,484,207.41 2.00 WOOLWORTHS HOLDINGS 140,000 7,624,188.74 2.04 235,947,740.19 63.01 TOTAL SHARES 323,447,222.82 86.37 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 323,447,222.82 86.37 II. TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET SHARES SHARES IN EGP GHABBOUR AUTO 40,000 1,133,949.36 0.30 1,133,949.36 0.30 SHARES IN KES EAST AFRICAN BREWERIES 250,000 5,001,212.50 1.34 EQUITY BANK 2,500,000 4,482,218.75 1.20 KENYA COMMERCIAL BANK 3,000,000 6,737,482.50 1.80 SAFARICOM 6,000,000 2,287,347.00 0.61 18,508,260.75 4.95 SHARES IN MAD ATTIJARIWAFA BANK 15,000 3,529,742.13 0.94 3,529,742.13 0.94 SHARES IN NGN DANGOTE CEMENT SHS 165,300 881,152.36 0.24 FBN HOLDINGS PLC 3,000,000 1,962,469.08 0.52 FLOUR MILLS OF NIGERIA 1,000,000 2,704,845.00 0.72 NIGERIA TRUST BANK 6,000,000 5,742,594.00 1.53 NIGERIAN BREWERIES 1,200,000 7,340,533.20 1.96 ZENITH BANK 9,000,000 7,299,336.33 1.95 25,930,929.97 6.92 TOTAL SHARES 49,102,882.21 13.11 TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET 49,102,882.21 13.11 TOTAL INVESTMENT, AT MARKET VALUE 372,550,105.03 99.48 CASH 3,557,624.62 0.95 OTHER NET LIABILITIES -1,556,211.00-0.43 TOTAL NET ASSETS 374,551,518.65 100.00 The accompanying notes form an integral part of these financial statements. 49

GLOBAL BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Nominal value Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN AUD AUSTRALIA 4.5% 2020 191,000 1,410,769.66 1.34 AUSTRALIA 6.25% 15.04.15 30,000 218,321.64 0.21 1,629,091.30 1.55 BONDS IN CAD CANADA 3.00% 01.06.14 47,000 314,854.18 0.30 CANADA 3.50% 01.06.20 67,000 494,066.83 0.47 CANADA 5.000% XW98 01.06.37 30,000 289,850.03 0.27 1,098,771.04 1.04 BONDS IN DKK DENMARK GOV 4% 2017 20,000 27,221.04 0.03 27,221.04 0.03 BONDS IN EUR BELGIAN OLO 49 4,000% 28.03.17 6,000 58,741.14 0.06 BELGIUM 4.000% 28.03.22 56,000 565,885.59 0.54 BELGIUM SERIE 52 4.000% 28.03.18 20,000 199,122.30 0.19 BELGIUM T-BILL 3.75% - 28.09.21 30,000 308,007.56 0.29 FRANCHE GVT TREASURY BOND 5.750% 25.10.32 80,000 1,007,158.14 0.95 FRANCHE GVT TREASURY BOND 25.10.25 82,000 994,225.46 0.94 FRANCHE GVT TREASURY BOND 3.50% 25.04.15 13,000 120,325.01 0.11 FRANCHE GVT TREASURY BOND 3.500% 25.04.20 132,000 1,301,074.66 1.23 FRANCHE GVT TREASURY BOND 4.00% 25.04.15 29,000 298,638.46 0.28 FRENCH REPUBLIC 4.000% 25.04.18 116,000 1,160,603.00 1.10 FRENCH REPUBLIC 4.000% 25.10.38 50,000 512,161.56 0.49 FRENCH REPUBLIC 4.250% 25.10.17 231,000 2,318,895.82 2.20 FRENCH REPUBLIC 5.000% 25.10.16 7,000 70,494.94 0.07 FRENCH T-BILL 4% - 25.10.13 5,000 44,300.06 0.04 FRENCH T-BILL 8.5% 25.04.23 29,000 399,208.75 0.38 GERMANY 5.500% 04.01.31 10,000 131,392.83 0.12 GERMANY 2.250% 04.09.20 2,000 18,882.94 0.02 GERMANY 2.500% 04.01.21 230,000 2,206,018.72 2.09 GERMANY 4.750% 04.07.34 33,000 415,029.69 0.39 ITALIAN REPUBLIC 4% 01.09.20 25,000 215,932.80 0.20 ITALY 3 % 15.06.15 48,000 418,924.75 0.40 ITALY 4.25% 2019 175,000 1,547,452.24 1.47 ITALY 6% 01.05.31 29,000 277,650.27 0.26 ITALY BOUNI ORID 3.750% 01.08.21 30,000 251,725.74 0.24 ITALY TREASURY BOND 4.000% 01.02.17 35,000 312,745.73 0.30 ITALY TREASURY BOND 4.000% 01.02.37 84,000 627,629.50 0.59 ITALY TREASURY BOND 4.250% 01.08.13 200,000 1,748,426.77 1.66 ITALY TREASURY BOND 4.500% 01.02.18 141,000 1,276,697.77 1.21 ITALY TREASURY BOND 4.500% 01.08.18 35,000 315,839.85 0.30 ITALY TREASURY BOND 5.250% 01.11.29 5,000 44,420.86 0.04 ITALY TREASURY BOND 6.500% 01.11.27 61,000 610,098.68 0.58 KINGDOM OF BELGIUM 4.25% 28.03.41 18,000 189,909.54 0.18 KINGDOM OF BELGIUM 5.50% 28.03.28 53,000 625,182.37 0.59 KINGDOM OF SPAIN 3% 30.04.15 50,000 428,850.02 0.41 NETH 3.75% GOVERNMENT BOND 15.01.42 3,000 34,116.54 0.03 The accompanying notes form an integral part of these financial statements. 50

GLOBAL BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV NETHERL 4% 150719 60,000 616,268.05 0.58 NETHERLANDS 3.500% GOVERNEMENT BOND 15.07.20 87,000 875,346.25 0.83 NETHERLANDS 3.75% 15.07.14 37,000 335,714.69 0.32 NETHERLANDS 4.00% GOVERNEMENT BOND 15.01.37 35,000 400,230.16 0.38 NETHERLANDS 4.00% GOVERNEMENT BOND 15.07.16 5,000 48,640.38 0.05 NETHERLANDS 4.50% GOVERNEMENT BOND 15.07.17 7,000 71,092.58 0.07 NETHERLANDS 5.50% GOVERNEMENT BOND 15.01.28 12,000 150,293.47 0.14 SPAIN 3.15% 16 130,000 1,107,462.87 1.05 SPAIN 4.60% GOVERNEMENT BOND 30.07.19 13,000 111,850.69 0.11 24,772,669.20 23.48 BONDS IN GBP UK 3.75% 21 160,000 1,982,278.90 1.88 UK T-BILL 2% - 22.01.16 175,000 1,932,355.96 1.83 UNITED KINGDOM GILT TREASURY STOCK 5.000% 07.03.18 121,000 1,540,528.25 1.46 UNITED KINGDOM TREASURY STOCK 4.250% 07.06.32 95,000 1,235,949.53 1.17 UNITED KINGDOM TREASURY STOCK 4.250% 07.12.55 63,000 824,140.54 0.78 UNITED KINGDOM TREASURY STOCK 4.75% 07.03.20 147,000 1,915,855.99 1.81 9,431,109.17 8.93 BONDS IN SEK SWEDEN 3.50% 01.06.22 350,000 410,137.00 0.39 410,137.00 0.39 BONDS IN USD UNITED STATES TREASURY BONDS 5.375% 15.02.31 156,000 1,450,279.74 1.37 UNITED STATES TREASURY BONDS 8% 15.11.21 35,000 351,418.58 0.33 UNITED STATES TREASURY NOTES 4% 15.02.14 350,000 2,371,387.77 2.25 US TREASURY NOTES 2.125% 31.05.15 1,200,000 8,138,545.12 7.71 12,311,631.21 11.66 TOTAL BONDS 49,680,629.96 47.08 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 49,680,629.96 47.08 II. TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET BONDS BONDS IN CAD CANADA 4.000% 01.06.17 46,000 334,021.06 0.32 CANADA 5.750% 01.06.29 52,000 504,437.01 0.48 CANADA GVT 3.00% 12.01.15 70,000 479,866.78 0.45 1,318,324.85 1.25 BONDS IN DKK DENMARK 4% 2019 70,000 98,761.79 0.09 DENMARK 4.5% 2039 190,000 334,315.24 0.32 DENMARK TREASURY BOND 3% 15.11.21 220,000 294,861.50 0.28 727,938.53 0.69 BONDS IN EUR FRENCH REPUBLIC 2.5% 12.01.14 72,000 633,796.54 0.60 GERMANY 3.25%07.07.42 20,000 213,834.75 0.20 GERMANY 3.250% 04.01.20 100,000 1,004,291.43 0.95 GERMANY 3.5% 12.04.13 10,000 86,664.36 0.08 GERMANY 3.75% 2019 22,000 224,722.63 0.21 GERMANY 3.750% 01.04.17 275,000 2,700,693.77 2.56 The accompanying notes form an integral part of these financial statements. 51

GLOBAL BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV GERMANY BRD 4.750% 04.07.28 40,000 477,161.83 0.45 GERMANY GOVERNMENT BOND 4.25% 04.01.15 13,000 118,734.03 0.11 GERMANY GOVERNMENT BOND 4.750% 04.07.40 46,000 611,370.96 0.58 ITALY TREASURY BOND 5.000% 01.03.25 210,000 1,867,654.04 1.77 SPAIN 2.5% GOVERNEMENT BOND 31.10.13 55,000 473,427.40 0.45 SPAIN 4.10% GOVERNEMENT BOND 30.07.18 21,000 178,362.39 0.17 SPAIN 4.20% GOVERNEMENT BOND 31.01.37 130,000 890,433.20 0.84 SPAIN 5.5% - 30.04.21 83,000 730,593.08 0.69 10,211,740.41 9.66 BONDS IN GBP UNITED KINGDOM GILT TREASURY STOCK 4.25% 07.09.39 132,000 1,695,669.65 1.61 1,695,669.65 1.61 BONDS IN USD UNITED STATES TREASURY BONDS 4.500% 15.02.36 467,000 4,003,464.36 3.79 UNITED STATES TREASURY NOTES 0.875% 31.01.17 740,000 4,872,606.45 4.62 UNITED STATES TREASURY NOTES 2.625% 15.08.20 4,000 28,546.68 0.03 UNITED STATES TREASURY NOTES 3.5% 15.05.20 912,000 6,883,727.74 6.52 UNITED STATES TREASURY NOTES 4.125% 15.05.15 8,000 56,674.93 0.05 UNITED STATES TREASURY NOTES 4.250% 15.08.14 37,000 256,081.45 0.24 UNITED STATES TREASURY NOTES 4.250% 15.11.14 478,000 3,337,602.16 3.16 UNITED STATES TREASURY NOTES 4.750% 15.05.14 6,000 41,407.11 0.04 US T-BILL 4.375% - 15.11.39 25,000 212,030.18 0.20 US TREAS 3.125% 2019 9,000 66,238.40 0.06 US TREASURY NOTES 2% 15.11.21 755,000 5,095,487.53 4.83 US TREASURY NOTES 4.75% 15.02.41 169,000 1,518,963.29 1.44 US TREASURY NOTES 3.125% 41 15,000 102,400.11 0.10 USA TREAS NOTES E 4.875% 16 1,264,000 9,510,118.86 9.01 USD TREASURY BILL 3.500% 15.02.18 44,000 325,530.18 0.31 USD TREASURY BILL 4.500% 15.05.38 66,000 568,179.46 0.54 36,879,058.89 34.94 TOTAL BONDS 50,832,732.33 48.15 TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET 50,832,732.33 48.15 III. OTHER TRANSFERABLE SECURITIES BONDS BONDS IN USD UNITED STATES TREASURY NOTES 3.625% 15.02.20 190,000 1,442,575.47 1.37 1,442,575.47 1.37 TOTAL BONDS 1,442,575.47 1.37 TOTAL OTHER TRANSFERABLE SECURITIES 1,442,575.47 1.37 TOTAL INVESTMENT, AT MARKET VALUE 101,955,937.76 96.60 CASH 2,086,858.04 1.98 OTHER NET ASSETS 1,526,054.77 1.42 TOTAL NET ASSETS 105,568,850.57 100.00 The accompanying notes form an integral part of these financial statements. 52

TOTAL RETURN FIXED INCOME SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Nominal value Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN SEK AKADEMISK 2.9% 15.10.15 100,000,000 103,799,480.00 0.28 AKADEMISK 4.1% 19.10.16 450,000,000 489,778,695.00 1.32 AKADEMISK 4.4% 18.01.18 300,000,000 335,641,830.00 0.91 AKADEMISKA HUS FRN 15.01.16 300,000,000 299,815,500.00 0.81 AKADEMISKA HUS FRN 15.10.15 250,000,000 252,802,500.00 0.68 E.I.B. 2.95% 17.02.15. 274,000,000 285,059,900.40 0.77 E.I.B. 4.500% 05.05.14 48,500,000 50,542,432.00 0.14 EURO INV BANK 75,000,000 82,954,575.00 0.22 FOERENINGS N2 10.750% 26.04.19 59,000,000 79,175,793.40 0.21 HELSINGBORGS FRN 12.04.15 400,000,000 400,816,000.00 1.08 LANDSHYP FRN 15 400,000,000 399,946,000.00 1.08 LANDSHYPOTEK FRN 15 600,000,000 599,406,000.00 1.62 LANDSHYPOTEK FRN COVERED 07.12.15 700,000,000 700,574,000.00 1.89 LANSF HYPO 4.5% 21.06.17 800,000,000 887,228,400.00 2.40 NORDEA HYP 3.250% 17.06.15 4,688,200,000 4,891,577,397.74 13.22 NORDEA HYP COVERED 4.250% 19.06.13 1,029,000,000 1,042,933,174.50 2.82 NORDEA HYP FRN 14 300,000,000 301,878,000.00 0.82 NORDEA HYPO COVERED 4.5% 15.06.16 430,000,000 471,158,224.00 1.27 SBAB FRN 19.07.14 1,450,000,000 1,472,475,000.00 3.98 SCBC 4% 15.04.15 527,670,000 558,039,730.25 1.51 SCBC 4% 21.09.16 170,000,000 184,106,090.00 0.50 SEB 4.00% 17.06.15 1,847,000,000 1,960,021,624.00 5.30 SEB 4.25% 16 547,000,000 594,714,372.40 1.61 SEB FRN EMTN 2014 1,000,000,000 1,005,545,000.00 2.72 SEB FRN EMTN 2016 600,000,000 600,120,000.00 1.62 SKANDINAVISKA ENSKILDA BANKEN 3% 21.06.17 250,000,000 262,412,075.00 0.71 SPECIALFA ST SVERIGE MTN 4.25% 11.02.15 200,000,000 211,887,720.00 0.57 SPECIALFA ST SVERIGE N 174 MTN 2.255% 18.07.16 60,000,000 61,382,766.00 0.17 SPECIALFAST FRN - 14.11.14 200,000,000 199,934,000.00 0.54 SPECIALFAST FRN - 18.09.13 108,000,000 108,123,660.00 0.29 SPECIALFAST FRN 20.06.16 250,000,000 250,133,750.00 0.68 SPECIALFAST FRN 03.06.13 150,000,000 150,522,750.00 0.41 SPECIALFAST SVERIGE 3.47% 14 190,000,000 196,883,225.00 0.53 SPECIALFAST SVERIGE NR 121 2.1% 03.03.16 250,000,000 254,103,925.00 0.69 STADSHYPO FRN 15 1,500,000,000 1,505,400,000.00 4.07 STADSHYPOTEK COVERED NR 1576 6.000% 18.03.15 2,921,000,000 3,210,630,878.70 8.68 STADSHYPOTEK COVERED NR 1577 6.000% 16.12.15 51,000,000 57,502,010.40 0.16 STADSHYPOTEK COVERED NR 1578 6.000% 21.09.16 550,000,000 634,800,540.00 1.72 SUNDSVALLS FRN 24.02.14 200,000,000 200,704,000.00 0.54 SWEDBANK AB FRN 01.11.13 750,000,000 755,932,500.00 2.04 SWEDBANK FRN 07.07.14 200,000,000 200,999,000.00 0.54 SWEDBANK HYPOTEK - 05.05.14 850,000,000 856,013,750.00 2.31 SWEDBANK HYPOTEK COVERED FRN 26.01.15 200,000,000 201,517,000.00 0.54 SWEDBANK HYPOTEK COVERED NR 166 6.750% 05.05.14 95,000,000 101,885,134.50 0.28 SWEDBANK HYPOTHEK SPNTAB FRN 18.03.15 650,000,000 654,257,500.00 1.77 SWEDBANK MORT COVERED 3.75% 18.03.15 1,743,600,000 1,831,908,632.28 4.95 SWEDBANK MORTGAGE 3.75% 16.09.15 1,803,100,000 1,910,056,826.73 5.16 SWEDBANK MORTGAGE AB 3.75% 15.06.16 422,600,000 452,438,898.54 1.22 SWEDBANK MORTGAGE AB 3.75% 17 200,000,000 215,915,320.00 0.58 SWEDEN 3.000% 12.07.16 158,000,000 169,590,453.40 0.46 The accompanying notes form an integral part of these financial statements. 53

TOTAL RETURN FIXED INCOME SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV SWEDEN TREASURY BOND 4.500% 12.08.15 297,470,000 325,522,521.64 0.88 SWEDISH GOV 4% 15 18,000,000 19,242,104.40 0.05 SWEDISH T-BILL 01.13 816,000,000 815,741,654.40 2.20 33,865,552,314.68 91.52 TOTAL BONDS 33,865,552,314.68 91.52 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 33,865,552,314.68 91.52 II. OTHER TRANSFERABLE SECURITIES BONDS BONDS IN SEK LINKOPINGS STADS FRN 19.06.15 100,000,000 100,007,500.00 0.27 SBAB CERT 0% 27.03.13 500,000,000 498,638,000.00 1.35 SBAB CERTIF 30.05.13 500,000,000 498,991,550.00 1.35 SEB CERTIFIKAT 0% 11.03.13 1,000,000,000 998,001,500.00 2.70 SPECIALFA ST SVERIGE MTN 4.500% 07.07.16 79,000,000 86,586,717.60 0.23 2,182,225,267.60 5.90 TOTAL BONDS 2,182,225,267.60 5.90 TOTAL OTHER TRANSFERABLE SECURITIES 2,182,225,267.60 5.90 TOTAL INVESTMENT, AT MARKET VALUE 36,047,777,582.28 97.42 CASH 243,474,337.81 0.66 OTHER NET ASSETS 713,113,085.38 1.92 TOTAL NET ASSETS 37,004,365,005.47 100.00 The accompanying notes form an integral part of these financial statements. 54

SWEDISH LIQUIDITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Number of shares or nominal value Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN SEK CITY OF GOTHENBURG 3.53% EMTN 13 35,000,000 35,184,541.00 0.19 GOTEBORG FRN 06.05.13 69,000,000 69,055,545.00 0.38 GOTH CITY FRN 07.10.13 15,000,000 15,018,900.00 0.08 GOTH CITY FRN 14 52,000,000 52,034,840.00 0.28 LANDSHYPOTEK FRN 22.11.13 353,000,000 353,870,145.00 1.93 LANDSHYPOTEK FRN COVERED 01.06.14 159,000,000 159,069,960.00 0.87 LANDSHYPOTEK FRN COVERED 11.09.15 422,000,000 422,023,210.00 2.30 LANSFORAK FRN 2015 187,000,000 187,929,390.00 1.02 NORDEA COVERED FRN 01.11.13 52,000,000 52,008,060.00 0.28 NORDEA FRN 17.03.15 225,000,000 224,834,625.00 1.22 NORDEA HYP COVERED 4.250% 19.06.13 772,000,000 782,453,266.00 4.26 NORDEA HYPOTEK FRN 17.04.13 604,000,000 604,691,580.00 3.29 NORDEA HYPOTEK FRN COVERED 11.02.13 82,000,000 82,056,170.00 0.45 NORDEA HYPOTHEK COVERED 4% 18.06.14 422,000,000 438,422,087.80 2.39 OREBRO KOMMUN 13.06.14 196,000,000 196,141,120.00 1.07 SBAB 4% COV 09042014 819,700,000 847,805,791.63 4.61 SBAB FIN FRN 20.06.13 343,000,000 344,219,365.00 1.87 SBAB FRN 24.03.14 28,000,000 28,177,660.00 0.15 SBAB FRN 30.09.13 212,000,000 212,940,220.00 1.16 SBAB MTN FRN 29.03.13 12,000,000 12,014,460.00 0.07 SCBC COVERED FRN 31.07.13 322,000,000 322,851,690.00 1.76 SEB BOLAN 4.25% 19.06.13 376,500,000 381,589,112.85 2.08 SHBASS FRN 01.11.13 392,000,000 392,766,360.00 2.14 SHBASS FRN 02.05.14 414,000,000 413,964,810.00 2.25 SPINTAB COVERED FRN 18.12.15 200,000,000 200,871,000.00 1.09 STADSHYPO COVERED FRN 03.04.13 447,000,000 447,201,150.00 2.43 STADSHYPO EMTN COVERED FRN 2013 177,000,000 177,415,950.00 0.97 STADSHYPO FRN 2014 310,000,000 310,181,350.00 1.69 STADSHYPOTEK AB COVERED FRN 2013 448,000,000 448,801,920.00 2.44 STADSHYPOTEK AB FRN COVERED 11.02.13 26,000,000 26,018,330.00 0.14 STADSHYPOTEK COVERED FRN 03.06.13 274,000,000 274,249,340.00 1.49 STADSHYPOTEK COVERED FRN 03.09.13 473,000,000 473,863,225.00 2.58 STADSHYPOTEK COVERED FRN 2013 565,000,000 565,259,900.00 3.08 STADSHYPOTEK LOAN COVERED 1574 6.000% 18.09.13 775,000,000 800,654,980.00 4.36 STHLM LNDST FRN - 19.02.13 176,000,000 176,046,640.00 0.96 STOCKHOLM 3.30% 10.05.13 53,000,000 53,363,415.70 0.29 STOCKHOLM LANS 3.25% - 24.05.13 148,000,000 149,090,079.20 0.81 STOCKHOLM LANS 3.7% 17.06.13 17,000,000 17,177,860.80 0.09 SWED HYP COVERED FRN 16.12.13 177,000,000 177,539,850.00 0.97 SWEDBANK AB FRN 01.11.13 159,000,000 160,257,690.00 0.87 SWEDBANK FRN 03.11.14 230,000,000 231,820,450.00 1.26 SWEDBANK FRN 07.05.13 350,000,000 350,749,000.00 1.91 SWEDBANK FRN 13 32,000,000 32,038,720.00 0.17 SWEDBANK FRN 14.05.13 53,000,000 53,156,880.00 0.29 SWEDBANK FRN 16.09.15 157,000,000 157,772,440.00 0.86 SWEDBANK HYP FRN 13 262,000,000 262,779,450.00 1.43 SWEDBANK HYP FRN 14 198,000,000 199,122,660.00 1.08 SWEDBANK HYP FRN 14 220,000,000 221,185,800.00 1.20 SWEDBANK HYPOTEK - 05.05.14 113,000,000 113,799,475.00 0.62 SWEDBANK HYPOTEK COVERED NR 166 6.750% 05.05.14 1,112,000,000 1,192,592,311.20 6.49 The accompanying notes form an integral part of these financial statements. 55

SWEDISH LIQUIDITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Number of shares or nominal value Market Value (in SEK) % of NAV SWEDBANK HYPOTEK FRN 19.06.13 400,000,000 400,910,000.00 2.18 SWEDBANK HYPOTEK FRN 30.03.13 217,000,000 217,380,835.00 1.18 SWEDBANK HYPOTHEK SPNTAB FRN 18.03.15 275,000,000 276,801,250.00 1.51 SWEDEN 0% T BILL.03.13 662,120,000 660,906,135.40 3.60 SWEDISH T-BILL 01.13 249,100,000 249,021,134.94 1.36 SWEDISH T-BILL 20.02.13 517,500,000 516,879,724.50 2.81 16,226,031,856.02 88.31 TOTAL BONDS 16,226,031,856.02 88.31 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 16,226,031,856.02 88.31 II. OTHER TRANSFERABLE SECURITIES BONDS BONDS IN SEK GÖTEBORG CERT 0% 13 67,000,000 66,923,975.10 0.36 HANDEL CERT 0% 13 60,000,000 59,967,738.00 0.33 KOMMUNINVEST CERT 16.01.13 242,000,000 241,930,449.20 1.32 NORDEA 0% CERTIF 24.01.13 26,000,000 25,983,175.40 0.14 NORDEA CERT 0% 04.03.13 27,000,000 26,947,444.50 0.15 NORDEA CERT 0% 2013 200,000,000 199,821,900.00 1.09 SBAB CERT 0% 06.02.13 160,000,000 159,825,056.00 0.87 SBAB CERT 0% 06.03.13 150,000,000 149,697,510.00 0.81 SBAB CERT 0% 13.03.13 99,000,000 98,777,151.00 0.54 SEB CERT 03.04.13 164,000,000 163,562,858.00 0.89 SEB CERT 26.03.13 200,000,000 199,507,320.00 1.09 SEB CERTIFIKAT 0% 11.03.13 320,000,000 319,360,480.00 1.74 SWED CERT 0% 11.03.13 212,000,000 211,532,752.00 1.15 1,923,837,809.20 10.48 TOTAL BONDS 1,923,837,809.20 10.48 TOTAL OTHER TRANSFERABLE SECURITIES 1,923,837,809.20 10.48 TOTAL INVESTMENT, AT MARKET VALUE 18,149,869,665.22 98.79 CASH 81,531,408.93 0.44 OTHER NET ASSETS 145,183,330.30 0.77 TOTAL NET ASSETS 18,376,584,404.45 100.00 The accompanying notes form an integral part of these financial statements. 56

EURO BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in EUR) Description Nominal value Market Value (in EUR) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN EUR AUSTRIA 3.5% 2015 125,000 135,724.88 0.94 AUSTRIA 3.900% 15.07.20 135,000 160,038.05 1.11 AUSTRIA 4.15% 2037 35,000 45,483.44 0.32 AUSTRIA 4.300% 15.09.17 135,000 158,422.91 1.10 AUSTRIA 4.85% 15.03.26 59,000 77,867.14 0.54 BELGIAN OLO 49 4,000% 28.03.17 165,000 188,152.30 1.31 BELGIUM 4.000% 28.03.22 191,000 224,806.24 1.56 BELGIUM 4.25% 80,000 82,473.60 0.57 BELGIUM 5.000% 28.03.35 107,000 143,006.03 0.99 BELGIUM SERIE 52 4.000% 28.03.18 80,000 92,771.44 0.64 DEUTSCH BUNDESREPUBLIK 4.000% 04.01.37 123,000 166,916.78 1.16 FINLAND T.BILL 3.375% 15.04.20 96,000 111,528.96 0.77 FRANCE GVT TREASURY BOND 5.750% 25.10.32 212,000 310,869.38 2.16 FRANCE GVT TREASURY BOND 25.10.25 300,000 423,669.00 2.94 FRANCE GVT TREASURY BOND 3.50% 25.04.15 45,000 48,513.15 0.34 FRANCE GVT TREASURY BOND 3.500% 25.04.20 145,000 166,467.97 1.16 FRANCE GVT TREASURY BOND 4.00% 25.04.15 81,000 97,155.45 0.67 FRENCH REPUBLIC 4.000% 25.04.18 490,000 571,026.40 3.97 FRENCH REPUBLIC 4.000% 25.10.38 207,000 246,968.60 1.72 FRENCH REPUBLIC 4.250% 25.10.17 129,000 150,831.96 1.05 FRENCH REPUBLIC 5.000% 25.10.16 368,000 431,660.32 3.00 IRELAND TREASURY 4.5% 18.04.20 140,000 140,915.88 0.98 IRELAND TREASURY 4.6% 18.04.16 155,000 165,152.66 1.15 ITALIAN REPUBLIC 4% 01.09.20 208,000 209,255.28 1.45 ITALY 3 % 15.06.15 579,000 588,583.03 4.09 ITALY 4.25% 2019 50,000 51,497.20 0.36 ITALY BOUNI ORID 3.750% 01.08.21 745,000 728,110.10 5.06 ITALY TREASURY BOND 4.000% 01.02.17 228,000 237,297.16 1.65 ITALY TREASURY BOND 4.250% 01.02.19 133,000 137,435.95 0.95 ITALY TREASURY BOND 4.250% 01.08.13 445,000 453,118.58 3.15 ITALY TREASURY BOND 4.500% 01.02.18 255,000 268,932.69 1.87 ITALY TREASURY BOND 4.500% 01.08.18 100,000 105,107.40 0.73 ITALY TREASURY BOND 5.000% 01.08.39 162,000 162,394.15 1.13 ITALY TREASURY BOND 5.250% 01.11.29 443,000 458,411.08 3.18 KINGDOM OF BELGIUM 3.75% 28.09.20 85,000 98,378.57 0.68 KINGDOM OF BELGIUM 4.25% 28.03.41 37,000 45,468.49 0.32 KINGDOM OF SPAIN 3% 30.04.15 130,000 129,871.30 0.90 NETH 3.75% GOVERNMENT BOND 15.01.42 10,000 13,245.79 0.09 NETHERL 4% 150719 204,000 244,052.34 1.69 NETHERLANDS 3.25% GOVERNEMENT BOND 15.07.15 6,000 6,482.74 0.05 NETHERLANDS 3.75% 15.07.14 140,000 147,955.50 1.03 NETHERLANDS 3.75% GOVERNEMENT BOND 15.01.23 154,000 185,492.38 1.29 NETHERLANDS 4.00% GOVERNEMENT BOND 15.01.37 80,000 106,553.12 0.74 NETHERLANDS 4.00% GOVERNEMENT BOND 15.07.16 5,000 5,665.41 0.04 NETHERLANDS 4.50% GOVERNEMENT BOND 15.07.17 87,000 102,915.25 0.71 NETHERLANDS 5.50% GOVERNEMENT BOND 15.01.28 45,000 65,645.64 0.46 The accompanying notes form an integral part of these financial statements. 57

EURO BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in EUR) (continued) Description Nominal value Market Value (in EUR) % of NAV OBRIGACOES DO TESOURO 4.35% 16.10.17 135,000 131,287.50 0.91 OBRIGACOES DO TESOURO 4.8% 15.06.20 150,000 134,343.75 0.93 SPAIN 3.15% 16 280,000 277,829.44 1.93 9,435,752.38 65.54 TOTAL BONDS 9,435,752.38 65.54 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 9,435,752.38 65.54 II. TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET BONDS BONDS IN EUR FRENCH REPUBLIC 2.5% 12.01.14 295,000 302,464.09 2.10 FUNGIBLE T BD 3.750% 25.04.21 271,000 315,599.83 2.19 GERMANY 3.000% 04.07.20 375,000 433,015.88 3.01 GERMANY 3.25%07.07.42 51,000 63,511.58 0.44 GERMANY 3.250% 04.01.20 109,000 127,503.08 0.89 GERMANY 3.5% 12.04.13 15,000 15,141.41 0.11 GERMANY 3.75% 2019 272,000 323,614.18 2.25 GERMANY 3.750% 01.04.17 530,000 606,251.63 4.21 GERMANY 5.625% 04.01.28 67,000 100,442.32 0.70 GERMANY 6.500% 04.07.27 106,000 170,756.46 1.19 GERMANY BOND 2.25% 10.04.15 232,000 243,990.22 1.69 GERMANY BRD 4.250% 04.07.39 58,000 83,172.00 0.58 GERMANY BRD 4.750% 04.07.28 54,000 75,029.82 0.52 GERMANY GOVERNMENT BOND 4.25% 04.01.15 52,000 55,318.43 0.38 GERMANY GOVERNMENT BOND 4.750% 04.07.40 37,000 57,277.37 0.40 GERMANY SERIES 0302 3.750% 04.07.13 6,600 6,722.98 0.05 GERMANY T-BILL 3.25 % - 04.07.21 200,000 235,411.00 1.63 REPUBLIC OF FINLAND 1.75% 15.04.16 100,000 105,374.50 0.73 SPAIN 2.5% GOVERNEMENT BOND 31.10.13 140,000 140,363.16 0.97 SPAIN 3.3% GOVERNEMENT BOND 31.10.14 100,000 100,840.80 0.70 SPAIN 3.8% STRIPPABLE GOVERNEMENT BOND 31.01.17 40,000 39,849.80 0.28 SPAIN 4.10% GOVERNEMENT BOND 30.07.18 81,000 80,131.52 0.56 SPAIN 4.20% GOVERNEMENT BOND 31.01.37 150,000 119,669.55 0.83 SPAIN 4.3% 2019 198,000 194,136.42 1.35 SPAIN 4.8% GOVERNEMENT BOND 31.01.24 185,000 175,044.41 1.22 SPAIN 5.5% - 30.04.21 195,000 199,924.73 1.39 SPAIN 5.75% GOVERNEMENT BOND 30.07.32 62,000 62,536.86 0.43 4,433,094.03 30.80 TOTAL BONDS 4,433,094.03 30.80 TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET 4,433,094.03 30.80 TOTAL INVESTMENT, AT MARKET VALUE 13,868,846.41 96.34 CASH 274,345.99 1.91 OTHER NET ASSETS 255,791.65 1.75 TOTAL NET ASSETS 14,398,984.05 100.00 The accompanying notes form an integral part of these financial statements. 58

SWEDISH BOND MEGA SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Number of shares or nominal value Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN SEK AKADEMISKA HUS FRN 15.01.16 15,000,000 14,990,775.00 1.26 CITY OF GOTH FRN 15 9,000,000 9,102,870.00 0.76 GOTH CITY FRN 07.10.13 1,000,000 1,001,260.00 0.08 GOTHBG FRN 16.04.14 18,000,000 18,011,430.00 1.51 LANDSHYPOTEK FRN 25.02.14 9,000,000 9,035,550.00 0.76 LANDSHYPOTEK FRN COVERED 01.06.14 3,000,000 3,001,320.00 0.25 LANDSHYPOTEK FRN COVERED 01.12.14 15,000,000 15,017,925.00 1.26 LANDSHYPOTEK FRN COVERED 07.12.15 20,000,000 20,016,400.00 1.68 LANDSHYPOTEK FRN COVERED 11.09.15 26,000,000 26,001,430.00 2.18 LANSFOR HYP COVERED 4.5% 05.05.14 3,000,000 3,128,619.00 0.26 LANSFORAK FRN 2015 12,000,000 12,059,640.00 1.01 LANSFORSAKRINAR BK FRN 26.01.15 8,000,000 8,055,720.00 0.68 LANSFORSAKRINAR BK FRN COVERED 05.12.16 10,000,000 10,005,300.00 0.84 NORDEA COVERED FRN 01.11.13 4,000,000 4,000,620.00 0.34 NORDEA FRN 17.03.15 13,000,000 12,990,445.00 1.09 NORDEA HYP 3.250% 17.06.15 31,000,000 32,344,801.70 2.71 NORDEA HYPO COVERED 4.5% 15.06.16 44,500,000 48,759,397.60 4.09 NORDEA HYPOTEK FRN 17.04.13 25,000,000 25,028,625.00 2.10 NORDEA HYPOTEK FRN COVERED 11.02.13 14,000,000 14,009,590.00 1.17 OREBRO KOMMUN 13.06.14 13,000,000 13,009,360.00 1.09 SBAB 4% COV 09042014 29,500,000 30,511,493.05 2.56 SBAB BANK FRN 03.10.14 9,000,000 9,078,840.00 0.76 SBAB FRN 20.11.15 13,000,000 12,963,275.00 1.09 SBAB FRN 25.03.14 1,000,000 1,006,345.00 0.08 SBAB FRN 30.09.13 13,000,000 13,057,655.00 1.09 SCBC COVERED FRN 31.07.13 9,000,000 9,023,805.00 0.76 SEB 4.00% 17.06.15 12,000,000 12,734,304.00 1.07 SEB BOLAN 4.25% 19.06.13 27,000,000 27,364,956.30 2.29 SEB FRN 15.09.15 9,000,000 9,030,105.00 0.76 SHBASS FRN 03.11.15 18,000,000 18,001,980.00 1.51 SPECIALFAST FRN - 14.09.15 13,000,000 13,017,355.00 1.09 SPECIALFAST FRN 26.11.14 9,000,000 9,098,505.00 0.76 SPINTAB COVERED FRN 18.12.15 18,000,000 18,078,390.00 1.52 STADSHYPO COVERED FRN 03.04.13 9,000,000 9,004,050.00 0.75 STADSHYPO EMTN COVERED FRN 2013 7,000,000 7,016,450.00 0.59 STADSHYPO FRN 15 23,000,000 23,082,800.00 1.94 STADSHYPOTEK AB COVERED FRN 2013 22,000,000 22,039,380.00 1.85 STADSHYPOTEK AB FRN COVERED 11.02.13 7,000,000 7,004,935.00 0.59 STADSHYPOTEK COVERED FRN 03.06.13 4,000,000 4,003,640.00 0.34 STADSHYPOTEK COVERED FRN 03.09.13 22,000,000 22,040,150.00 1.85 STADSHYPOTEK COVERED FRN 2013 6,000,000 6,002,760.00 0.50 STADSHYPOTEK COVERED NR 1576 6.000% 18.03.15 58,000,000 63,750,972.60 5.34 STADSHYPOTEK LOAN COVERED 1574 6.000% 18.09.13 55,000,000 56,820,676.00 4.76 STOCKH FRN 13.02.15 14,000,000 14,046,200.00 1.18 SWEDBANK AB FRN 01.11.13 1,000,000 1,007,910.00 0.08 SWEDBANK COVERED FRN 01.03.13 5,000,000 5,007,100.00 0.42 SWEDBANK FRN 03.11.14 30,000,000 30,237,450.00 2.54 SWEDBANK FRN 07.04.15 9,000,000 9,124,875.00 0.77 SWEDBANK FRN 07.05.13 17,000,000 17,036,380.00 1.43 SWEDBANK FRN 16.09.15 11,000,000 11,054,120.00 0.93 The accompanying notes form an integral part of these financial statements. 59

SWEDISH BOND MEGA SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Number of shares or nominal value Market Value (in SEK) % of NAV SWEDBANK HYP FRN 14 13,000,000 13,073,710.00 1.10 SWEDBANK HYP FRN 14 25,000,000 25,134,750.00 2.11 SWEDBANK HYPOTEK - 05.05.14 20,000,000 20,141,500.00 1.69 SWEDBANK HYPOTEK COVERED NR 166 6.750% 05.05.14 33,500,000 35,927,915.85 3.01 SWEDBANK HYPOTHEK SPNTAB FRN 18.03.15 16,000,000 16,104,800.00 1.35 SWEDBANK MORT COVERED 3.75% 18.03.15 44,500,000 46,753,804.85 3.92 SWEDBANK MORTGAGE 3.75% 16.09.15 45,000,000 47,669,323.50 4.00 SWEDEN 0% T BILL.03.13 8,890,000 8,873,701.96 0.74 SWEDISH COVERED FRN 11.02.13 13,000,000 13,008,645.00 1.09 SWEDISH T-BILL 01.13 2,110,000 2,109,331.97 0.18 SWEDISH T-BILL 20.02.13 13,000,000 12,984,418.20 1.09 1,032,599,836.58 86.60 TOTAL BONDS 1,032,599,836.58 86.60 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 1,032,599,836.58 86.60 II. TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET BONDS BONDS IN SEK STOCKH FRN 14 11,000,000 11,069,960.00 0.93 11,069,960.00 0.93 TOTAL BONDS 11,069,960.00 0.93 TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET 11,069,960.00 0.93 III. OTHER TRANSFERABLE SECURITIES BONDS BONDS IN SEK KOMMUNINVEST CERT 16.01.13 16,000,000 15,995,401.60 1.34 LINKOPINGS STADS FRN 19.06.15 5,000,000 5,000,375.00 0.42 MALMO KOMMUN FRN 13.12.13 18,000,000 18,034,740.00 1.51 SBAB CERT 0% 06.02.13 3,000,000 2,996,719.80 0.25 SBAB CERT 0% 06.03.13 25,000,000 24,949,585.00 2.09 SEB CERT 03.04.13 33,000,000 32,912,038.50 2.76 SEB CERT 26.03.13 4,000,000 3,990,146.40 0.33 SEB CERTIFIKAT 0% 11.03.13 10,000,000 9,980,015.00 0.84 113,859,021.30 9.54 TOTAL BONDS 113,859,021.30 9.54 TOTAL OTHER TRANSFERABLE SECURITIES 113,859,021.30 9.54 TOTAL INVESTMENT, AT MARKET VALUE 1,157,528,817.88 97.07 CASH 17,956,133.93 1.51 OTHER NET ASSETS 17,291,505.29 1.42 TOTAL NET ASSETS 1,192,776,457.10 100.00 The accompanying notes form an integral part of these financial statements. 60

FRN SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Number of shares or nominal value Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN SEK ASSA ABLOY FRN 15 150,000,000 150,003,750.00 1.88 CITY OF GOTH FRN 15 178,000,000 180,034,540.00 2.26 FORTUM CORPORATION FRN 14.09.15 152,000,000 153,099,720.00 1.92 FORVALTING FRN 07.04.15 150,000,000 151,593,750.00 1.90 GOTH CITY FRN 07.10.13 31,000,000 31,039,060.00 0.39 GOTH CITY FRN 14 23,000,000 23,015,410.00 0.29 HELSINGBORG FRN 15 200,000,000 200,188,000.00 2.51 LANDSHYPOTEK FRN 22.11.13 216,000,000 216,532,440.00 2.71 LANDSHYPOTEK FRN COVERED 01.06.14 30,000,000 30,013,200.00 0.38 LANDSHYPOTEK FRN COVERED 02.03.15 55,000,000 55,146,300.00 0.69 LANDSHYPOTEK FRN COVERED 07.12.15 130,000,000 130,106,600.00 1.63 LANDSHYPOTEK FRN COVERED 11.09.15 200,000,000 200,011,000.00 2.51 LANSFORSAKRINAR BK FRN 26.01.15 84,000,000 84,585,060.00 1.06 LANSFORSAKRINAR BK FRN COVERED 05.12.16 100,000,000 100,053,000.00 1.25 NORDEA FRN 17.03.15 125,000,000 124,908,125.00 1.57 SBAB BANK FRN 03.10.14 150,000,000 151,314,000.00 1.90 SBAB FRN 07.02.14 30,000,000 30,232,950.00 0.38 SBAB FRN 20.11.15 92,000,000 91,740,100.00 1.15 SBAB FRN 25.03.14 18,000,000 18,114,210.00 0.23 SBAB FRN 31.03.14 50,000,000 50,318,500.00 0.63 SCANIA CV EMTN FRN 06.10.14 115,000,000 116,564,000.00 1.46 SCANIA FRN 16.02.15 40,000,000 40,585,600.00 0.51 SCBC COVERED FRN 22.09.14 300,000,000 301,902,000.00 3.78 SCBC COVERED FRN 31.07.13 136,000,000 136,359,720.00 1.71 SEB FRN 15.09.15 246,000,000 246,822,870.00 3.09 SHBASS FRN 01.11.13 383,000,000 383,748,765.00 4.81 SHBASS FRN 03.11.15 200,000,000 200,022,000.00 2.51 SKANDINAVISKA ENSKILDA FRN 16.1.15 50,000,000 51,253,750.00 0.64 SPECIALFAST FRN - 14.09.15 50,000,000 50,066,750.00 0.63 SPINTAB COVERED FRN 18.12.15 200,000,000 200,871,000.00 2.52 STADSHYPO EMTN COVERED FRN 2013 51,000,000 51,119,850.00 0.64 STADSHYPO FRN 15 420,000,000 421,512,000.00 5.28 STADSHYPOTEK AB COVERED FRN 2013 196,000,000 196,350,840.00 2.46 STADSHYPOTEK COVERED FRN 03.06.13 19,000,000 19,017,290.00 0.24 STADSHYPOTEK COVERED FRN 03.09.13 312,000,000 312,569,400.00 3.92 STHLM LNDST FRN - 19.02.13 77,000,000 77,020,405.00 0.97 STOCKH FRN 07.03.14 100,000,000 100,347,500.00 1.26 STOCKH FRN 13.02.15 240,000,000 240,792,000.00 3.02 STOCKHOLM 3.30% 10.05.13 26,000,000 26,178,279.40 0.33 STOCKHOLM LANS 3.7% 17.06.13 8,000,000 8,083,699.20 0.10 SWED HYP COVERED FRN 16.12.13 77,000,000 77,234,850.00 0.97 SWEDBANK FRN 03.11.14 168,000,000 169,329,720.00 2.12 SWEDBANK FRN 07.04.15 200,000,000 202,775,000.00 2.54 SWEDBANK FRN 03.11.14 20,000,000 20,450,500.00 0.26 SWEDBANK FRN 16.09.15 132,000,000 132,649,440.00 1.66 SWEDBANK HYP FRN 13 73,000,000 73,217,175.00 0.92 SWEDBANK HYP FRN 14 19,000,000 19,107,730.00 0.24 SWEDBANK HYP FRN 14 102,000,000 102,549,780.00 1.29 SWEDBANK HYPOTEK - 05.05.14 165,000,000 166,167,375.00 2.08 SWEDBANK HYPOTEK FRN 19.06.13 53,000,000 53,120,575.00 0.67 The accompanying notes form an integral part of these financial statements. 61

FRN SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Number of shares or nominal value Market Value (in SEK) % of NAV SWEDBANK HYPOTHEK SPNTAB FRN 18.03.15 240,000,000 241,572,000.00 3.03 SWEDEN 0% T BILL.03.13 44,755,000 44,672,950.66 0.56 SWEDISH T-BILL 01.13 24,245,000 24,237,324.03 0.30 UPPSALA KOMMUN FRN 02.06.14 8,000,000 8,006,200.00 0.10 UPPSALA KOMMUN FRN 17.02.15 100,000,000 100,436,000.00 1.26 VASTERAS CITY FRN 10.10.14 100,000,000 99,992,000.00 1.25 VOLVO TREASURY AB FRN 09.02.15 150,000,000 151,176,750.00 1.89 7,039,932,803.29 88.26 TOTAL BONDS 7,039,932,803.29 88.26 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 7,039,932,803.29 88.26 II. OTHER TRANSFERABLE SECURITIES BONDS BONDS IN SEK GÖTEBORG CERT 0% 13 30,000,000 29,965,959.00 0.38 KOMMUNINVEST CERT 16.01.13 4,000,000 3,998,850.40 0.05 LINKOPINGS STADS FRN 19.06.15 140,000,000 140,010,500.00 1.75 NORDEA CERT 0% 04.03.13 36,000,000 35,929,926.00 0.45 NORDEA CERT 0% 2013 253,000,000 252,774,703.50 3.17 SBAB CERT 0% 06.03.13 152,000,000 151,693,476.80 1.90 SEB CERT 13.04.29 80,000,000 79,718,264.00 1.00 SEB CERTIFIKAT 0% 11.03.13 131,000,000 130,738,196.50 1.64 SWED CERT 0% 11.03.13 20,000,000 19,955,920.00 0.25 844,785,796.20 10.59 TOTAL BONDS 844,785,796.20 10.59 TOTAL OTHER TRANSFERABLE SECURITIES 844,785,796.20 10.59 TOTAL INVESTMENT, AT MARKET VALUE 7,884,718,599.49 98.85 CASH 80,091,840.71 1.00 OTHER NET ASSETS 13,345,169.50 0.15 TOTAL NET ASSETS 7,978,155,609.70 100.00 The accompanying notes form an integral part of these financial statements. 62

SWEDISH TOTAL RETURN PLUS SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Nominal value Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN SEK AKADEMISKA HUS FRN 15.01.16 185,000,000 184,886,225.00 1.14 CITY OF GOTH FRN 15 91,000,000 92,040,130.00 0.57 GOTH CITY FRN 07.10.13 18,000,000 18,022,680.00 0.11 GOTHBG FRN 16.04.14 182,000,000 182,115,570.00 1.12 LANDSHYPOTEK FRN 25.02.14 91,000,000 91,359,450.00 0.56 LANDSHYPOTEK FRN COVERED 01.12.14 260,000,000 260,310,700.00 1.60 LANDSHYPOTEK FRN COVERED 07.12.15 250,000,000 250,205,000.00 1.54 LANDSHYPOTEK FRN COVERED 11.09.15 352,000,000 352,019,360.00 2.16 LANSFOR HYP COVERED 4.5% 05.05.14 28,500,000 29,721,880.50 0.18 LANSFORAK FRN 2015 175,000,000 175,869,750.00 1.08 LANSFORSAKRINAR BK FRN 26.01.15 143,000,000 143,995,995.00 0.88 LANSFORSAKRINAR BK FRN COVERED 05.12.16 140,000,000 140,074,200.00 0.86 NORDEA COVERED FRN 01.11.13 41,000,000 41,006,355.00 0.25 NORDEA FRN 17.03.15 137,000,000 136,899,305.00 0.84 NORDEA HYP 3.250% 17.06.15 511,500,000 533,689,228.05 3.28 NORDEA HYP COVERED 4.250% 19.06.13 246,000,000 249,330,963.00 1.53 NORDEA HYPO COVERED 4.5% 15.06.16 607,500,000 665,647,956.00 4.09 NORDEA HYPOTEK FRN 17.04.13 343,000,000 343,392,735.00 2.11 NORDEA HYPOTEK FRN COVERED 11.02.13 144,000,000 144,098,640.00 0.89 OREBRO KOMMUN 13.06.14 163,000,000 163,117,360.00 1.00 SBAB 4% COV 09042014 301,850,000 312,199,802.61 1.92 SBAB BANK FRN 03.10.14 91,000,000 91,797,160.00 0.56 SBAB FRN 20.11.15 145,000,000 144,590,375.00 0.89 SBAB FRN 25.03.14 16,000,000 16,101,520.00 0.10 SBAB FRN 30.09.13 137,000,000 137,607,595.00 0.85 SCBC COVERED FRN 31.07.13 99,000,000 99,261,855.00 0.61 SEB 4.00% 17.06.15 123,000,000 130,526,616.00 0.80 SEB BOLAN 4.25% 19.06.13 278,000,000 281,757,698.20 1.73 SEB FRN 15.09.15 91,000,000 91,304,395.00 0.56 SHBASS FRN 03.11.15 182,000,000 182,020,020.00 1.12 SPECIALFAST FRN - 14.09.15 137,000,000 137,182,895.00 0.84 SPECIALFAST FRN 26.11.14 91,000,000 91,995,995.00 0.57 SPINTAB COVERED FRN 18.12.15 182,000,000 182,792,610.00 1.12 STADSHYPO COVERED FRN 03.04.13 113,000,000 113,050,850.00 0.69 STADSHYPO EMTN COVERED FRN 2013 69,000,000 69,162,150.00 0.42 STADSHYPO FRN 15 327,000,000 328,177,200.00 2.02 STADSHYPOTEK AB COVERED FRN 2013 234,000,000 234,418,860.00 1.44 STADSHYPOTEK AB FRN COVERED 11.02.13 69,000,000 69,048,645.00 0.42 STADSHYPOTEK COVERED FRN 03.06.13 21,000,000 21,019,110.00 0.13 STADSHYPOTEK COVERED FRN 03.09.13 280,000,000 280,511,000.00 1.72 STADSHYPOTEK COVERED FRN 2013 4,000,000 4,001,840.00 0.02 STADSHYPOTEK COVERED NR 1575 6.000% 18.06.14 13,000,000 13,878,066.80 0.09 STADSHYPOTEK COVERED NR 1576 6.000% 18.03.15 1,228,000,000 1,349,761,971.60 8.29 STADSHYPOTEK LOAN COVERED 1574 6.000% 18.09.13 693,000,000 715,940,517.60 4.40 STOCKH FRN 13.02.15 146,000,000 146,481,800.00 0.90 SWEDBANK AB FRN 01.11.13 91,000,000 91,719,810.00 0.56 SWEDBANK COVERED FRN 01.03.13 154,000,000 154,218,680.00 0.95 SWEDBANK FRN 03.11.14 322,000,000 324,548,630.00 1.99 SWEDBANK FRN 07.04.15 106,000,000 107,470,750.00 0.66 SWEDBANK FRN 07.05.13 226,000,000 226,483,640.00 1.39 The accompanying notes form an integral part of these financial statements. 63

SWEDISH TOTAL RETURN PLUS SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV SWEDBANK FRN 16.09.15 130,000,000 130,639,600.00 0.80 SWEDBANK HYP FRN 14 170,000,000 170,963,900.00 1.05 SWEDBANK HYP FRN 14 253,000,000 254,363,670.00 1.56 SWEDBANK HYPOTEK - 05.05.14 202,000,000 203,429,150.00 1.25 SWEDBANK HYPOTEK COVERED NR 166 6.750% 05.05.14 592,500,000 635,441,496.75 3.90 SWEDBANK HYPOTHEK SPNTAB FRN 18.03.15 169,000,000 170,106,950.00 1.04 SWEDBANK MORT COVERED 3.75% 18.03.15 600,400,000 630,808,638.92 3.87 SWEDBANK MORTGAGE 3.75% 16.09.15 673,000,000 712,921,215.90 4.38 SWEDEN 0% T BILL.03.13 321,405,000 320,815,768.21 1.97 SWEDISH COVERED FRN 11.02.13 137,000,000 137,091,105.00 0.84 SWEDISH T-BILL 01.13 154,595,000 154,546,055.22 0.95 SWEDISH T-BILL 20.02.13 123,000,000 122,852,572.20 0.75 13,990,815,662.56 85.91 TOTAL BONDS 13,990,815,662.56 85.91 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 13,990,815,662.56 85.91 II. TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET BONDS BONDS IN SEK STOCKH FRN 14 114,000,000 114,725,040.00 0.70 114,725,040.00 0.70 TOTAL BONDS 114,725,040.00 0.70 TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET 114,725,040.00 0.70 III. OTHER TRANSFERABLE SECURITIES BONDS BONDS IN SEK GÖTEBORG CERT 0% 13 100,000,000 99,886,530.00 0.61 KOMMUNINVEST CERT 16.01.13 160,000,000 159,954,016.00 0.98 LINKOPINGS STADS FRN 19.06.15 55,000,000 55,004,125.00 0.34 MALMO KOMMUN FRN 13.12.13 182,000,000 182,351,260.00 1.12 NORDEA 0% CERTIF 24.01.13 333,000,000 332,784,515.70 2.04 NORDEA CERT 0% 04.03.13 140,000,000 139,727,490.00 0.86 NORDEA CERT 0% 2013 216,000,000 215,807,652.00 1.33 SBAB CERT 0% 06.02.13 27,000,000 26,970,478.20 0.17 SBAB CERT 0% 06.03.13 255,000,000 254,485,767.00 1.56 SEB CERT 03.04.13 342,000,000 341,088,399.00 2.09 SEB CERT 26.03.13 38,000,000 37,906,390.80 0.23 SEB CERTIFIKAT 0% 11.03.13 105,000,000 104,790,157.50 0.64 1,950,756,781.20 11.97 TOTAL BONDS 1,950,756,781.20 11.97 TOTAL OTHER TRANSFERABLE SECURITIES 1,950,756,781.20 11.97 TOTAL INVESTMENT, AT MARKET VALUE 16,056,297,483.76 98.58 CASH 140,464,326.67 0.86 OTHER NET ASSETS 85,168,358.97 0.56 TOTAL NET ASSETS 16,281,930,169.40 100.00 The accompanying notes form an integral part of these financial statements. 64

CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Nominal value Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN EUR 3CIF MTN 3.75% 10.03.14 2,000,000 17,475,527.68 0.23 A2A SPA MTN 4.5% 28.11.19 1,000,000 8,931,598.68 0.12 AAREAL BANK 3.25% 17.08.15 500,000 4,525,438.52 0.06 AAREAL BK 4% 12.05.14 1,000,000 8,910,409.66 0.12 ABBEY NAT 4.125% 2014 1,000,000 8,894,543.66 0.12 ABBEY NATIONAL TREASURY SERVICES 3.375%.10.15 1,000,000 9,121,535.69 0.12 ABERTIS 4.75% 25.10.19 1,500,000 13,613,907.16 0.18 ABN AMRO 3.375% 21.01.14 2,000,000 17,668,323.68 0.23 ABN AMRO 3.625% 06 10 17 1,000,000 9,488,076.44 0.12 ABN AMRO 4.25% 11.04.16 1,000,000 9,475,670.40 0.12 ABN AMRO 4.625% 2014 2,000,000 18,201,654.94 0.24 ACHMEA 2.375% 08.02.16 700,000 6,195,908.95 0.08 ACHMEA 7.375% 14 2,000,000 18,763,387.03 0.24 AEGON NV 3% 18.07.17 1,750,000 16,087,376.83 0.21 AEGON NV 4.125% 08.12.14 1,000,000 9,119,715.57 0.12 AIR FRANCE KLM 6.25% 18.01.18 500,000 4,507,387.50 0.06 ALLIANDER PERPETUAL FIX TO FLOAT 4.875% UNTIL 15 THEN FRN 500,000 4,577,144.69 0.06 ALLIANZ 5.5% WITHOUT FIXED MATURITY 1,000,000 8,832,333.12 0.11 ALLIANZ 6.5% UNTIL 2015 AND FRN 13.01.25 1,000,000 9,438,975.96 0.12 ALLIANZ FIN 4.375% NO EXPIR DATE 1,000,000 8,637,510.96 0.11 ALLIANZ FIN II 41 500,000 4,930,433.72 0.06 ALSTOM 2.875% 05.10.15 1,000,000 8,967,597.68 0.12 ALSTOM 3.875% 16 1,500,000 13,813,790.47 0.18 ALSTOM EMTN 2.25% 11.10.17 1,000,000 8,761,150.74 0.11 AMERIC EMTN 4.375% - 26.04.16 1,000,000 9,295,769.83 0.12 AMERICA MOVIL SAB DE CV 3.75% 28.06.17 1,000,000 9,549,900.63 0.12 AMGEN 2.125% 13.09.19 1,000,000 8,808,697.25 0.11 AMGEN 4.375% 05.12.18 500,000 5,001,238.34 0.06 ANG WATER SVS FINAN 6.25% 16 500,000 5,091,862.58 0.07 ANGLO AME 2.75% 19 500,000 4,423,249.60 0.06 ANGLO AMER 5.875% - 17.04.15 500,000 4,757,358.62 0.06 ANH BUSCH 2.875% 24 1,000,000 8,948,984.32 0.12 ANH-BUSCH INBEV 8.625% 30.01.17 500,000 5,608,744.02 0.07 ANZ BANKING 3.75% 1,000,000 9,563,019.27 0.12 ARCELOR MITTAL 9.375% 03.06.16 1,000,000 10,434,627.82 0.14 AREVA 3.875% 23.09.16 1,000,000 9,149,481.50 0.12 ASIF III 4.75% - 11.09.13 1,000,000 8,809,675.99 0.11 ASSICURAZ GENERALI PSA 4.875% EMTN 11.11.14 1,000,000 9,088,009.31 0.12 ATLANTIA 4.375% EMTN 16.03. 500,000 4,596,359.04 0.06 ATLANTIA 5.625% EMTN 06.05.16 500,000 4,776,263.90 0.06 ATLANTIA SPA 3.375% 18.09.17 1,000,000 8,917,501.28 0.12 ATLAS COPCO 2.625% 19 1,000,000 9,194,606.88 0.12 AVIVA 5.7% NO MAT 500,000 4,260,794.77 0.06 AVIVA PLC 4.7291% PERPETUAL 1,000,000 8,381,216.61 0.11 AXA 4.50% 23.01.15 1,000,000 9,228,150.44 0.12 AXA MTN 5.777% - VRN - 06.07.16 1,500,000 12,731,978.84 0.16 B.A.T 5.875% 2015 1,500,000 14,287,066.16 0.18 BAA FUND NOTES 4.375% 25.01.17 1,000,000 9,592,510.46 0.12 BANCA INTESA SPA 3.75% 23.11.16 1,500,000 13,331,178.05 0.17 BANK OF AMERICA 4% 15 1,000,000 9,129,897.97 0.12 The accompanying notes form an integral part of these financial statements. 65

CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV BANK OF AMERICA 4.625% 07.08.17 2,000,000 19,387,947.81 0.25 BANK OF AMERICA 4.75% 06.05.19 VAR RATE SUB 1,000,000 8,375,215.35 0.11 BANK OF AMERICA 4.75% EMTN 03.04.17 2,000,000 19,361,195.39 0.25 BANK OF AMERICA 5.125% 26.09.14 1,000,000 9,171,408.86 0.12 BANK OF AMERICA 7% 15.06.16 3,000,000 30,497,138.36 0.39 BANQUE FEDERATIVE DU CREDIT MUTUEL 3% 29.10.15 3,000,000 27,235,670.04 0.35 BANQUE PSA FINANCE 3.875% 14.01.15 1,000,000 8,793,483.74 0.11 BARC BK 5.25% 270514 3,000,000 27,376,558.10 0.35 BARCLAYS 4%.01.17 1,000,000 9,558,571.98 0.12 BARCLAYS 4.5% 04032014 VRN 04032019 2,000,000 17,359,434.55 0.22 BARCLAYS BANK 3.5% 18.03.15 2,500,000 22,709,355.80 0.29 BARCLAYS BANK 6.000% 23.01.18 1,000,000 9,758,038.90 0.13 BARCLAYS MTN 4.125% 15.03.16 2,000,000 18,864,215.13 0.24 BASF 5.125% 2015 2,500,000 23,833,133.36 0.31 BASF FINANCE 5% 26.09.14 1,000,000 9,257,220.93 0.12 BAYER 5.000 % 29.07 NO FIXED MATURITY 500,000 4,551,388.19 0.06 BAYER CAPITAL 4.625% 26.09.14 2,000,000 18,385,178.58 0.24 BBVA 3.875% EMTN 06.08.15 500,000 4,354,376.72 0.06 BBVA EMTN 4.375% 21.09.15 1,000,000 8,807,203.36 0.11 BBVA MTN 4.875% 15.04.16 500,000 4,494,565.05 0.06 BERTELSMANN AG 2.625% 02.08.22 1,000,000 8,669,534.88 0.11 BERTELSMANN AG 7.875% 16.01.14 3,000,000 27,651,689.02 0.36 BFCM 5.000% 2015 150,000 1,394,947.57 0.02 BFCM EMTN 2.875% 21.06.17 500,000 4,588,778.04 0.06 BFCM EMTN 3.25% 23.08.22 500,000 4,621,334.26 0.06 BFCM EMTN 4.25% 2014 1,000,000 8,921,373.35 0.12 BG ENERGY CAPITAL 3% 2018 1,000,000 9,332,550.11 0.12 BHP BILLITON FIN 2.125% EMTN 29.11.18 1,000,000 8,953,036.67 0.12 BILFINGER BERGER SE 2.375% 07.12.19 750,000 6,679,980.47 0.09 BMW FINANCE 3.25% 28.01.16 1,000,000 9,220,174.50 0.12 BMW FINANCE NV EMTN 5% 06.08.18 1,000,000 10,246,639.72 0.13 BMW FINANCIAL EMTN 2.125% 15 1,000,000 8,840,042.90 0.11 BNP 2.5% 23.08.19 1,000,000 8,954,135.62 0.12 BNP 5.431% 07.09.17 1,500,000 14,726,124.33 0.19 BNP PARIBAS 2.875% 15 1,500,000 13,507,030.55 0.17 BNP PARIBAS 3.500% 07.03.16 1,000,000 9,236,203.63 0.12 BNP PARIBAS FIX TO FLOAT 4.73% UNTIL 04.16 THEN FRN PERPETUA 500,000 4,075,429.53 0.05 BNP PARIBAS FIX TO FLOAT 8.667% UNTIL 09.13 THEN FRN PERP 500,000 4,402,751.72 0.06 BNP PARIBAS WITHOUT MATURITY 500,000 4,298,360.63 0.06 BNP PARIBAS WITHOUT MATURITY 5.019% 250,000 2,039,056.25 0.03 BNZ INTL FUNDING LTD 4% MEDIUM TERM 500,000 4,792,116.16 0.06 BOUYGUES 4.75% 24.05.16 1,000,000 9,601,138.90 0.12 BP CAPITAL MARKETS 3.472% 01.06.16 1,000,000 9,333,649.06 0.12 BPCE 1.75% EMTN 14.03.16 1,000,000 8,759,167.50 0.11 BPCE 2% 24.04.18 1,000,000 8,759,639.69 0.11 BPCE 2.875% 15 1,000,000 9,015,135.59 0.12 BRIT. TELECOM 5.25% 23.06.14 1,000,000 9,145,592.26 0.12 BRITISH AMERICAN TOBACCO 3.625% 2021 1,000,000 9,592,690.77 0.12 BRITISH TELECOM 6.5% 07.07.15 1,000,000 9,760,554.46 0.13 CAMPARI 4.5% 19 1,000,000 9,022,673.66 0.12 CAPITAL IRELAND PLC 4.375% 18.09.14 1,000,000 8,808,886.12 0.11 CARGILL 1.875% 2019 1,000,000 8,688,886.59 0.11 CARGILL INC 6.25% 24.07.15 1,000,000 9,769,929.82 0.13 CARLSBERG BREW 6% 14 1,000,000 9,209,193.65 0.12 The accompanying notes form an integral part of these financial statements. 66

CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV CARREFOUR 1.875% 19.12.17 1,500,000 12,906,788.20 0.17 CARREFOUR 4.375% 16 900,000 8,540,945.55 0.11 CASINO GUICHARD PERRRACHON 5.5% 30.01.15 500,000 4,672,980.33 0.06 CEZ AS 5.75% 26/05/2015 1,000,000 9,591,935.23 0.12 CITIGROUP 3.95% 10.10.13 1,000,000 8,796,248.27 0.11 CITIGROUP 4% 26.11.15 2,000,000 18,591,917.43 0.24 CITIGROUP 4.375% EMTN 30.01.17 1,000,000 9,640,417.55 0.12 CITIGROUP 4.75% 19 500,000 4,168,152.93 0.05 CITIGROUP 4.750% 12.11.13 1,500,000 13,310,804.66 0.17 CITIGROUP 4.750% 31.05.17 1,000,000 7,984,334.71 0.10 CITIGROUP EMTN 3.5% 05.08.15 2,500,000 22,795,382.51 0.29 CLERICAL MED 4.25% NO MATURITY 500,000 3,608,567.22 0.05 CLOVERIE PLC FIX 6.625% TILL 01.09.22 FLOAT 01.09.42 500,000 5,208,857.19 0.07 CNP ASS 4.75% NO MAT 1,000,000 7,337,382.94 0.09 COCA COLA HBC EMTN 4.25% 16.11.16 1,000,000 9,239,483.29 0.12 COCA-COLA 2% MTN 05.12.19 1,000,000 8,731,204.52 0.11 COLLECTIVITES TERRITORIALES DE FRANCE 4.3% 07.11.22 1,000,000 8,693,934.87 0.11 COMMERZBANK AG 3.875% 22.03.17 1,500,000 14,223,486.24 0.18 COMMERZBANK EMTN 3.625% 10.07.17 1,000,000 9,423,702.37 0.12 COMMERZBANK EMTN 4.75% 26.01.15 500,000 4,637,011.38 0.06 COMPASS 3.125% 19 1,000,000 9,325,467.07 0.12 COVENTRY BLDG SOCIETY 2.25% 04.12.17 1,000,000 8,759,682.62 0.11 CREDIT AGRICOLE 1.875% EMTN 18.10.17 2,000,000 17,441,323.05 0.23 CREDIT MUTUEL ARKEA 5% EMTN 28.06.17 1,000,000 9,941,940.31 0.13 CREDIT MUTUEL ARKEA 5.375% 22.04.14 500,000 4,548,902.68 0.06 CREDIT SUISSE AG LDN MTN 5.125% 18.09.17 2,500,000 25,343,515.98 0.33 CREDIT SUISSE LONDON 3.875% 2017 2,000,000 19,064,102.75 0.25 CREDIT SUISSE MTN 2.875% 24.09.15 2,000,000 18,092,996.84 0.23 CS MTN 6.125% 16.05.14 1,000,000 9,227,867.11 0.12 CWTH AUSTRALIA 4.25% 10.11.16 1,000,000 9,674,708.04 0.13 DAIMLER AG 1.75% EMTN 21.05.15 1,500,000 13,176,664.81 0.17 DAIMLER AG 6.125% 08.09.15 3,500,000 34,205,872.60 0.44 DANONE 1.125% 27.11.17 2,000,000 17,276,275.40 0.22 DANSKE BANK AS 3.875% 18.05.16 500,000 4,669,091.10 0.06 DANSKE BANK AS 4.750% 04.06.14 3,000,000 27,161,233.76 0.35 DANSKE BK 2.5% 2015 500,000 4,445,670.64 0.06 DELHAIZE GROUP 3.125% 27.02.20 2,000,000 17,703,764.61 0.23 DELTA LLOYD LEVENSV FRN 29.08.42 500,000 4,788,493.94 0.06 DEUT POSTBK 5.983% PERPETUAL NO MATURITY 500,000 3,715,911.72 0.05 DEUTSCH PFANDBRIEFBANK 2.5% 15 1,000,000 8,775,634.49 0.11 DEUTSCH POST AG 2.875% 11.12.24 1,000,000 8,789,087.96 0.11 DEUTSCHE BANK 5.125% 31.08.17 1,000,000 10,141,390.06 0.13 DEUTSCHE BANK 9.5% 31.06.15 FRN PERPETUAL 1,000,000 9,427,952.19 0.12 DEUTSCHE BOERSE 2.375% 05.10.22 1,000,000 8,808,302.31 0.11 DEUTSCHE TEL 4% 2015 1,000,000 9,123,733.58 0.12 DEUTSCHE TEL 5.75% 14.04.15 1,000,000 9,514,511.20 0.12 DEUTSCHE TELEKOM 6% EMTN 20.01.17 1,500,000 15,293,913.50 0.20 DNB NOR BANK ASA 4.5% 29.05.14 2,000,000 18,138,997.95 0.23 DONG ENERGY 4.875% 16.12.21 1,000,000 10,295,740.18 0.13 DONG ENERGY 5.5% FIXED TO FLOAT 500,000 4,533,401.57 0.06 E.ON FINANCE 5.25% - 08.09.15 2,000,000 19,195,769.98 0.25 E.ON INTER FIN 5.25% 06.06.14 1,000,000 9,157,551.86 0.12 EDF 5.125% 23.01.15 2,000,000 18,710,706.40 0.24 EDF MTN 2.75% 10.03.23 500,000 4,370,474.53 0.06 The accompanying notes form an integral part of these financial statements. 67

CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV EDISON 3.875% 10.11.17 1,500,000 14,052,115.37 0.18 EDISON 4.25% 22.07.14 1,000,000 8,992,160.79 0.12 EDISON SPA 3.25% 17.03.15 500,000 4,467,117.21 0.06 EMIXIS EMTN 1.875% 13.11.20 1,000,000 8,616,536.58 0.11 ENAGAS 4.25% 17 1,200,000 10,837,490.39 0.14 ENBW 7.375% FIX TO FLOAT FROM 04.02.17 TO 02.04.72 2,000,000 19,153,220.24 0.25 ENBW INTL FINANCE 4.25% 16 500,000 4,815,409.48 0.06 ENEL 4.625% 24.06.15 1,500,000 13,704,248.07 0.18 ENEL 5.25% 14.01.15 1,000,000 9,130,670.66 0.12 ENEL 5.25% 20.06.17 1,000,000 9,471,626.62 0.12 ENEL FIN INTL 3.625% EMTN 17.04.18 1,500,000 13,362,536.59 0.17 ENEL FNC 4.875% 2020 500,000 4,640,024.89 0.06 ENI 5% EMTN 16 1,000,000 9,570,763.40 0.12 ENI 5.875% 20.01.14 1,500,000 13,571,267.26 0.18 EON INTL 5.5% 19.01.16 2,000,000 19,539,653.60 0.25 EP ENERGY 5.875% 01.11.19 1,000,000 9,265,402.92 0.12 ERSTE GROUP MTN 4.25% 12.04.16 500,000 4,701,934.93 0.06 ESB FINANACE 4.375% EMTN 21.11.19 750,000 6,837,848.50 0.09 ESB FINANACE 6.25% EMTN 11.09.17 1,500,000 14,799,259.92 0.19 EUTELSAT 4.125% 27.03.17 500,000 4,780,908.65 0.06 EVERYTHING EVERYWHERE FINANCE PLC 3.25% 03.08.18 1,000,000 8,932,517.32 0.12 EVERYTHING EVERYWHERE LTD 3.5% 06.02.17 1,000,000 9,056,328.82 0.12 EVONIK INDUSTR VRN 7.000% 14.10.14 1,000,000 9,491,742.46 0.12 F. VAN LANSCHOT 2.875% EMTN 17.10.16 500,000 4,377,158.34 0.06 FCE BANK 4.75% 15 2,000,000 18,264,466.45 0.24 FIAT FIN 7.75% EMTN 17.10.16 500,000 4,563,729.84 0.06 FON REG 3.875% 2018 1,000,000 9,117,715.15 0.12 FONCIERE LYONNAISE 3.5%2 8.11.17 200,000 1,781,874.16 0.02 FORTIS 4% EMTN 03.02.15 2,000,000 18,266,681.51 0.24 FORTIS 4.5% EMTN 14 2,000,000 18,060,595.17 0.23 FORTIS 4.625% 1,000,000 8,188,060.03 0.11 FORTIS 5.757% EMTN 04.10.17 1,500,000 14,515,745.24 0.19 FRANCE TELECOM 4.75% 21.02.17 2,000,000 19,586,375.89 0.25 G4S FIN 2.625% 18 2,250,000 19,327,574.57 0.25 G4S INTL FIN 2.875% 02.05.17 1,000,000 8,876,419.67 0.11 GAS NATURAL 5% 18 500,000 4,736,513.03 0.06 GAZ CAPITAL 3.755% 15.03.17 - GAZPROM OAO REG S SENIOR 2,000,000 18,212,163.59 0.24 GAZ CAPITAL 5.875% 01.06.15 1,500,000 14,104,504.08 0.18 GAZPROM 5.440% 02.11.17 1,000,000 9,742,378.96 0.13 GAZPRU 8.125% 040215 1,500,000 14,590,748.17 0.19 GDF SUEZ 5% EMTN 15 1,000,000 9,359,027.79 0.12 GDF SUEZ 5.625% - 18.01.16 1,500,000 14,708,880.36 0.19 GE CAP 2% EMTN 27.02.15 1,000,000 8,806,061.50 0.11 GE CAP 4.625% FIX 15.09.16 TO FLOAT 15.09.66 1,000,000 8,427,612.65 0.11 GE CAP EUROPEAN FUNDING 2.875% 18.06.19 1,000,000 9,191,464.59 0.12 GE CAP EUROPEAN FUNDING 6% 01.15.19 1,000,000 10,698,709.21 0.14 GE CAP EUROPEAN FUNDING 4.750% 30.07.14 5,000,000 45,616,993.73 0.59 GE CAP FIX 5.5% 15.09.17 TO FLOAT EUR3M + 2% 15.09.67 500,000 4,285,169.00 0.06 GE CAPITAL 4.125% EMTN 27.10.16 2,000,000 19,050,778.06 0.25 GE CAPITAL 4.25% EMTN 06.02.14 1,000,000 8,923,056.11 0.12 GE CAPITAL EUROPEAN FUNDING 3.75% 04.04.16 1,000,000 9,329,880.02 0.12 GECINA 4.25% 03.02.16 500,000 4,625,111.87 0.06 GENERALI 4.75% 12.05.14 1,500,000 13,439,278.08 0.17 GENERALI FIN FIXED 5.317% UNTIL 16.06.16 AFTER VAR RATE 1,000,000 7,421,503.67 0.10 The accompanying notes form an integral part of these financial statements. 68

CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV GENERALI FINANCE BV 5.479% UNTIL 2017 THEN VAR RATE 500,000 3,671,146.92 0.05 GERRESHEIMER 5% - 19.05.18 1,000,000 9,642,589.69 0.12 GLAXOSMITH 3.875 MTN 06072015 2,000,000 18,597,000.04 0.24 GLENCORE FNC EMTN 5.25% 2013 500,000 4,442,438.20 0.06 GOLD SACHS 4.5% 17 1,000,000 9,443,749.51 0.12 GOLDMAN SACHS 4% 02.02.15 2,000,000 18,106,012.47 0.23 GOLDMAN SACHS 4.375% 16.03.17 1,000,000 9,412,618.48 0.12 GOLDMAN SACHS 4.5% 09.05.16 1,000,000 9,328,600.78 0.12 GOLDMAN SACHS 4.5% 23.05.16 1,000,000 9,335,975.73 0.12 GOLDMAN SACHS 4.75% 28.01.14 2,000,000 17,841,321.50 0.23 GOLDMAN SACHS 5.125% 16.10.14 2,000,000 18,345,118.63 0.24 GROUPE AUCHAN 2.375% 12.12.22 1,500,000 12,973,742.22 0.17 HAMMERSON 2.75% 29.06.19 1,000,000 8,867,756.89 0.11 HAMMERSON 4.875% 15 500,000 4,671,301.87 0.06 HANNOVER FINANCE SA 5% UNTIL 06/15 THEN FRN PERP 1,000,000 8,832,539.18 0.11 HENKEL 5.375% FIX TO FLOAT 500,000 4,629,305.89 0.06 HOLCIM FIN 9% 14 1,000,000 9,428,432.98 0.12 HSBC 3.75% 30.11.16 500,000 4,751,760.88 0.06 HSBC 3.75% 2015 2,500,000 23,060,223.72 0.30 HSBC 4.5% 30/04/2014 1,000,000 9,034,564.58 0.12 HSBC 4.500% 14.06.16 500,000 4,767,450.88 0.06 HSBC 4.875% 15.01.14 1,500,000 13,463,862.66 0.17 HSBC 4.875% 30.05.17 1,000,000 9,871,195.79 0.13 HSBC 6.250% 19.03.18 500,000 5,153,806.97 0.07 HSBC BANK 3.125% 15.11.17 1,000,000 9,378,199.21 0.12 HSBC CAP FUND NON CUMUL PERPETUAL 1,500,000 12,909,634.29 0.17 HSBC FIXTOFLOAT 5.13% - 29.03.16 500,000 4,289,414.54 0.06 HSBC MTN 3.875% 16.03.16 1,500,000 14,039,571.95 0.18 HUTCH WHAMPOA 2.500% 06.06.17 2,000,000 18,072,666.38 0.23 HUTCH WHAMPOA 4.750% 14.11.16 1,000,000 9,752,784.58 0.13 HUTCHISON FIN 4.625% 21.09.16 500,000 4,855,956.66 0.06 IBERDROLA INTERNATIONAL BV 4.5% 21.09.18 1,800,000 16,867,962.76 0.22 IBREDROLA 3.5% EMT15 500,000 4,484,601.58 0.06 IMP TOBACCO 8.375% 2,500,000 26,071,459.06 0.34 IMPERIAL TOBACCO FRN 15.09.14 1,000,000 9,492,480.80 0.12 ING 4% 2016 1,000,000 9,472,356.39 0.12 ING BANK 3.5% 20 1,000,000 8,462,306.66 0.11 ING BANK 3.875 24.05.16 2,000,000 18,736,050.80 0.24 ING BANK 4.625% 19 1,000,000 8,515,193.34 0.11 ING BANK NV 2.125% 10.07.15 2,500,000 22,104,614.64 0.29 ING BANK NV 3.375% 03.03.15 1,500,000 13,551,151.44 0.18 ING GROEP NV 4.75% 31.05.17 1,000,000 9,850,710.79 0.13 INTESA S.PAOLO 3.25% 27.11.13 500,000 4,370,697.75 0.06 INTESA SAN PAOLO 3.875% EMTN 15 700,000 6,206,654.55 0.08 INTESA SANPAOLO 3.375% 15 1,050,000 9,234,194.62 0.12 INTESA SANPAOLO 5.375% 19.12.13 2,150,000 19,131,169.24 0.25 INTESA SANPAOLO BANK EMTN 4% 09.11.17 2,000,000 17,781,188.66 0.23 INTESA SANPAOLO EMTN 4.875% 10.07.15 2,000,000 18,170,352.20 0.24 INVESTOR MTN 4% 14.03.16 1,000,000 9,415,872.39 0.12 IPIC GMTN 4.875% 14.05.16 1,000,000 9,557,026.59 0.12 JP MORGAN 3.75% - 15.06.16 1,000,000 9,403,784.00 0.12 JPM 3.875% FIX TO FLOAT TILL 03-13 1,500,000 12,435,663.18 0.16 JPM 4.625% FIX TO FLOAT TILL 05-12 1,000,000 8,362,998.18 0.11 JPMORGAN CHASE EMTN 2.75% 24.08.22 2,000,000 17,780,227.07 0.23 The accompanying notes form an integral part of these financial statements. 69

CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV JPMORGAN CHASE EMTN 6.125% 01.04.14 3,000,000 27,484,246.02 0.36 JPMORGAN CHASE FRN 12.10.15 500,000 4,187,062.49 0.05 JTI FIN EMTN 4.5% 02.04.14 1,000,000 9,003,313.36 0.12 KBC IFIMA 4.500% 17.09.14 2,000,000 18,123,269.31 0.23 KBC IFIMA 5% EMTN 16.03.16 500,000 4,764,750.74 0.06 KESKO 2.75% 11.09.18 1,000,000 8,731,625.21 0.11 KLEPIERRE 2.75% 17.09.19 1,300,000 11,398,648.11 0.15 KONINKLIJKE 6.5% 1,000,000 9,807,105.04 0.13 KONINKLIJKE KPN NV 4% 22.06.15 1,000,000 9,135,255.32 0.12 KONINKLIJKE KPN NV 7.50% EMTN 04.02.19 500,000 5,475,136.47 0.07 KRAFT FOODS 6.25 % 20.03.15 1,000,000 9,573,656.71 0.12 LAGARDERE SCA 4.125% 31.10.17 1,000,000 8,966,266.93 0.12 LANXESS FINANCE 4.125% 23.05.18 500,000 4,875,108.76 0.06 LEASE EMTN 2.5% 19.09.16 1,000,000 8,851,307.08 0.11 LEASEPLAN EMTN 4.125% 2015 1,000,000 9,049,245.78 0.12 LEG&GEN FIX TO FLOAT 08.06.25 1,000,000 8,592,437.08 0.11 LINDE FIN 7.375% 2066 1,000,000 10,072,087.91 0.13 LINDE FINANCE 6.75% - 08.12.15 1,000,000 10,107,631.88 0.13 LLOYDS 3.375% EMTN.04.15 500,000 4,524,790.31 0.06 LLOYDS 5.875% 08.07.14 500,000 4,554,689.31 0.06 LLOYDS TSB 11.875% 21 1,500,000 16,191,694.94 0.21 LLOYDS TSB 4.625% 17 1,500,000 14,530,400.69 0.19 LLOYDS TSB BANK PLC 3.750% 07.09.15 1,000,000 9,206,815.46 0.12 LLOYDS TSB BANK PLC 6.25% 15.04.14 1,000,000 9,194,555.37 0.12 LLOYDS TSB BANK PLC 6.375% 17.06.16 2,000,000 20,136,208.48 0.26 MAN 2.125% EMTN 13.03.17 400,000 3,578,426.10 0.05 MAN 7.25%-20.05.16 1,000,000 10,332,795.20 0.13 MAPFRE 5.125% 15 500,000 4,502,021.57 0.06 MEDIOBANCA 3.75% 12.10.15 1,000,000 8,786,220.41 0.11 MEDIOBANCA 3.75% 16 500,000 4,389,873.46 0.06 MERCK FINANCIAL SERVICES GMBH 3.375% 24.03.20 2,000,000 18,169,321.94 0.24 MERRILL LYNCH 4.625% 02.10.13 2,000,000 17,617,480.34 0.23 MERRILL LYNCH 4.875% 30.05.14 3,000,000 27,087,364.11 0.35 METRO 3.5% 13.02.18 300,000 2,756,586.84 0.04 METRO 7.625% EMTN 15 2,500,000 24,275,608.57 0.31 METRO AG 5.75% 500,000 4,583,631.03 0.06 MICHELIN 8.625% 24.04.14 800,000 7,590,083.39 0.10 MICHELIN LUXEMBOURG MTN 2.75% 20.06.19 500,000 4,521,077.08 0.06 MORG STAN 5.5% 17 1,500,000 14,709,060.66 0.19 MORGAN STANLEY 3.75% 21.09.17 1,250,000 11,453,486.28 0.15 MORGAN STANLEY 4% 17.11.15 1,000,000 9,114,109.24 0.12 MORGAN STANLEY 4.375% 12.10.16 1,000,000 9,299,873.70 0.12 MORGAN STANLEY 4.5% 23.02.16 2,500,000 23,096,433.07 0.30 MORGAN STANLEY 4.500% 29.10.14 2,000,000 18,135,855.66 0.23 MORGAN STANLEY FRN 29.11.13 1,000,000 8,559,563.21 0.11 MUNICH RE 5.767% FIX UNTIL 12.06.17 TO FLOAT 31.12.49 PE 1,000,000 9,099,505.29 0.12 MUNICH RE 6% FIX UNTIL 26.05.21 TO FLOAT 26.05.41 1,000,000 10,304,042.36 0.13 NAT AUSTRALIA 5.5% 20.05.15 1,000,000 9,553,300.49 0.12 NATIONAL AUSTRALIA BANK 3.5% 23.01.15 2,000,000 18,166,729.12 0.24 NATIONAL GRID 3.250% 03.06.15 3,000,000 27,227,608.26 0.35 NATIONAL GRID 6.5 % 22042014 300,000 2,767,602.90 0.04 NATIONWIDE BUILD 3.125% 03.04.17 750,000 6,945,768.23 0.09 NATIONWIDE BUILD 3.75% 2015 1,000,000 9,082,935.28 0.12 NATIXIS 4.125% EMTN 20.01.17 500,000 4,512,616.07 0.06 The accompanying notes form an integral part of these financial statements. 70

CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV NATIXIS 4.5% EMTN 14.05.19 1,000,000 8,241,358.81 0.11 NEDERLANDSE GASUNIE 2.625% 13.07.22 1,000,000 9,009,846.92 0.12 NEDERLANDSE GASUNIE 4.25% 20.06.16 500,000 4,805,849.53 0.06 NEDERLANDSE GASUNIE N.V. 0.875% 30.10.15 1,500,000 12,969,827.23 0.17 NESTLE 1.5% EMTN 19.07.19 1,000,000 8,773,685.57 0.11 NESTLE FIN 0.75% 17.10.16 1,000,000 8,648,929.68 0.11 NOMURA 5.125% 2014 1,000,000 9,136,294.17 0.12 NORDEA 4.5% EURO MEDIUM TERM NOTES SERIES 107 SENIOR 1,000,000 9,058,492.37 0.12 NORDEA 4.625% EMTN 15.02.22 1,500,000 13,937,679.24 0.18 NORDEA BANK 2.25% EMTN 05.10.17 1,500,000 13,507,275.25 0.17 NORDEA BANK 3.625% 11.02.16 1,000,000 9,309,850.05 0.12 NORDEA BANK AB 3.750% 24.02.17 1,000,000 9,516,511.62 0.12 NORDEA BANK AB 6.250% 10.09.18 1,000,000 8,856,398.28 0.11 NY LIFE GLOBAL FUNDING 4.375% 17 500,000 4,855,963.09 0.06 NYKREDIT BANK AS 3.500% 04.11.15 600,000 5,427,481.79 0.07 OMV AG 6.750% 29.04.49 1,000,000 9,561,027.44 0.12 ORIGIN ENERGY 2.875% EMTN 11.10.19 750,000 6,700,038.35 0.09 PERNOD RICARD 4.875% 18.03.16 1,500,000 14,321,566.99 0.19 PERNOD RICARD 5% 15.03.17 500,000 4,921,272.99 0.06 PERNOD-RICARD 7% 15.01.15 1,000,000 9,608,642.62 0.12 PETROLEOS MEXICANOS PEMEX 09.01.17 1,000,000 9,795,093.92 0.13 PETROLEOS MEXICANOS PEMEX 6.375% 05.08.16 500,000 4,985,153.40 0.06 PFIZER 4.75% - 03/06/2016 1,000,000 9,732,926.32 0.13 PFIZER 4.75% 2014 3,000,000 27,868,764.81 0.36 PGNIG FIN 4% 17 500,000 4,489,744.30 0.06 PHILIP M 5.875% 04.09.15 1,000,000 9,765,680.00 0.13 PHILIP MORRIS 2.125% 30.05.19 600,000 5,338,323.10 0.07 POHJOLA BANK 3.125% 2015 500,000 4,514,547.81 0.06 POHJOLA BANK 4.5% REG S SERIES 99 SENIOR 1,000,000 9,054,010.74 0.12 POHJOLA BANK PLC 3.125% 12.01.16 500,000 4,583,450.73 0.06 POHJOLA BK 2.625% 17 900,000 8,233,714.29 0.11 PPR 3.125% 23.4.19 500,000 4,654,993.71 0.06 PPR 3.75% 08.04.15 1,000,000 9,118,384.82 0.12 PROCTER AND GAMBLE 4.875% 11.05.27 1,500,000 16,565,692.20 0.21 PROCTER&GAMBLE 5.125% 17 2,000,000 20,580,027.32 0.27 RABOBANK 3% 16.02.15 2,500,000 22,592,850.57 0.29 RABOBANK 3.375% 17 2,000,000 18,757,085.27 0.24 RABOBANK 3.875% 20.04.16 5,000,000 46,988,527.35 0.61 RABOBANK 4.25% 16.01.17 1,000,000 9,649,612.63 0.12 RABOBANK 4.25% 22.04.14 1,000,000 9,014,096.75 0.12 RABOBANK 4.375 2016 5,000,000 47,734,006.32 0.62 RABOBANK 4.375% 22.01.14 3,500,000 31,296,504.22 0.40 RAIFFAISEN BANK 3.625% EMTN 27.01.14 1,000,000 8,845,666.41 0.11 RAIFFEISEN ZENTRALBANK OESTERREICH 4.5% EMTN 05.03.19 500,000 4,001,229.34 0.05 RBS 4.25% EMTN 16 2,000,000 18,818,608.96 0.24 RBS 4.75% 2014 1,000,000 8,911,852.03 0.12 RBS 4.875% EMTN 22.04.15 500,000 4,485,923.75 0.06 RBS 5.250% 15.05.13 2,470,000 21,563,551.63 0.28 RBS 5.75% EMTN 21.05.14 2,000,000 18,295,442.94 0.24 RCI BANQUE 4% 16.03.16 1,000,000 9,161,192.12 0.12 RCI BANQUE 4% 2013 1,000,000 8,804,524.69 0.11 RCI BANQUE 4.375 1,000,000 9,079,741.48 0.12 RENAULT 4.625% 25.05.16 1,000,000 8,998,677.18 0.12 RENAULT EMTN 4.625% 18.09.17 500,000 4,483,240.78 0.06 The accompanying notes form an integral part of these financial statements. 71

CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV RENAULT EMTN 4.625% 18.09.17 500,000 4,485,923.75 0.06 RENAULT EMTN 6% 13.10.14 500,000 4,579,827.66 0.06 RENTOKIL INITIAL 3.375% EMTN 24.09.19 2,000,000 17,835,157.10 0.23 REPSOL EMTN 6.5% 27.03.14 500,000 4,554,358.78 0.06 ROCHE HOLDING 5.625% 04.03.16 507,000 5,035,597.08 0.07 ROYAL BANK OF SCOTLAND 6.934% 09.04.18 1,000,000 9,701,615.00 0.13 ROYAL BANK SCOTLAND 4.35% EMTN 23.01.17 500,000 4,405,434.68 0.06 ROYAL BANK SCOTLAND 4.875% 20.01.17 1,000,000 9,721,996.98 0.13 ROYAL BK FIX TO VARIABLE 1,000,000 10,541,405.68 0.14 ROYAL BK SCOT 4.875% 15.07.15 1,500,000 14,067,878.34 0.18 RWE AG FIX TO FLOAT 3,000,000 26,245,873.50 0.34 RWE FIN 6.25% EMTN 20.04.16 500,000 5,032,704.20 0.07 SABMILLER PLC 4.5 20.01.15 500,000 4,627,691.81 0.06 SAMPO 4.25% EMTN 27.02.17 500,000 4,725,665.25 0.06 SANPAOLO 3.75% EMTN 02.03.20 450,000 3,294,643.98 0.04 SANTANDER 3.5% 10.03.15 1,000,000 8,696,948.37 0.11 SANTANDER 4.5% 18.05.15 2,000,000 17,737,797.54 0.23 SANTANDER ISS 19 500,000 3,646,064.39 0.05 SANTANDER MTN 3.5% 12.08.14 1,500,000 13,048,371.68 0.17 SAP 1% 15 1,000,000 8,612,029.19 0.11 SAP 2.250% 06.08.13 1,000,000 8,700,760.34 0.11 SAP 2.50% 10.04.14 500,000 4,386,718.29 0.06 SAP 3.5% 10.04.17 1,000,000 9,326,772.07 0.12 SCOTTISH & SOUTHERN ENERGY 5.025% 01.10.15 FRN PERPETUAL 500,000 4,459,094.06 0.06 SEB 1.875% 19 2,000,000 17,352,016.68 0.22 SEB 2.500% 01.09.15 500,000 4,482,674.14 0.06 SEB 4% 12.09.22 2,000,000 18,158,246.64 0.23 SEB 5.5% 06.05.14 1,000,000 9,158,959.88 0.12 SEB EMTN 9.250% PERP FIX TO FLOAT 500,000 4,722,025.00 0.06 SEB EMTN FRN 2013 750,000 6,499,330.82 0.08 SHELL INT 4.5% 09.02.16 1,000,000 9,623,959.15 0.12 SIEMENS 5.125% 20.02.17 2,000,000 20,138,062.94 0.26 SIEMENS 5.25% 14.09.66 FIX 5.25% UNTIL 13.09.16 THEN FRN 500,000 4,783,887.82 0.06 SNAM 2% 15 1,000,000 8,674,754.86 0.11 SNS BANK 4.625% 18.02.14 500,000 4,412,801.05 0.06 SOC GEN EMTN 3% 31.03.15 1,000,000 8,962,841.31 0.12 SOCIETE GEN 3.75% - 21.08.14 1,000,000 8,997,355.02 0.12 SOCIETE GENERALE 2.375% 13.07.15 1,000,000 8,870,306.79 0.11 SOCIETE GENERALE 4% 20.04.16 1,000,000 9,367,132.50 0.12 SOLVAY FIX 6.375 % 02.06.16 TO FLOAT MATURITY 02.06.2104 500,000 4,647,674.57 0.06 SPBK 3.5% EMTN 21.04.16 500,000 4,606,468.47 0.06 SSE PLC FIX TO FLOAT 5.625% UNTIKL 01.10.17 THEN FRN 1,000,000 9,122,523.02 0.12 ST GOBAIN 3.625% 15.06.21 1,500,000 13,385,665.93 0.17 ST GOBAIN 4.75% EMTN 11.04.17 500,000 4,841,281.89 0.06 STAND CHART 1.75% 17 1,500,000 13,138,622.46 0.17 STANDARD CHARTERED 3.625% 23.11.22 1,000,000 8,806,920.04 0.11 STANDARD CHARTERED 3.875% 2016 1,000,000 9,452,008.76 0.12 STANDARD CHARTERED BANK 5.875% 26.09.17 1,000,000 10,025,700.46 0.13 STATKRAFT 4.625% MTN 22.09.17 500,000 4,947,789.30 0.06 STD CHART 3.625% 2015 1,000,000 9,266,458.94 0.12 STD CHARTERED 5.75% 30.04.14 1,000,000 9,158,882.62 0.12 STOCK LAND 2.125% 22 4,000,000 35,158,378.03 0.45 SUEZ ENVIRONMENT FIX TO VAR 4.82% UNTIL 21.09.15 VAR AFTER 1,000,000 8,763,649.13 0.11 SVENSKA HANDELSBANK 3.375 EMTN 17 1,000,000 9,453,210.73 0.12 The accompanying notes form an integral part of these financial statements. 72

CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV SVENSKA HANDELSBANKEN 2.625% EMTN 23.08.22 1,000,000 8,887,031.34 0.11 SVENSKA HANDELSBANKEN FIX TO FLOAT PERP 4.194% UNTIL 15 900,000 7,824,193.66 0.10 SWEDBANK 1.75% 18.06.15 1,000,000 8,772,475.02 0.11 SWEDBANK 2.375% 16 2,500,000 22,441,359.42 0.29 SWEDBANK 3.375% 09.02.17 1,000,000 9,350,081.70 0.12 SWEDBANK COVERED 3% 05.12.22 4,000,000 34,808,364.36 0.45 TELECOM ITALIA 4.5%.09.17 1,500,000 13,774,086.82 0.18 TELECOM ITALIA 7% 20107 1,000,000 9,981,811.38 0.13 TELECOM ITALIA 8.25% 21.03.16 1,000,000 10,162,072.54 0.13 TELEFON ERICSSON 5.375% 27.06.17 500,000 4,987,875.00 0.06 TELEFONICA 3.406% 24.03.15 1,000,000 8,886,155.62 0.11 TELEFONICA 4.375% 02.02.16 1,000,000 9,147,008.87 0.12 TELEFONICA 4.674% 14 1,000,000 8,868,769.99 0.11 TELEFONICA 4.75% 07.02.17 2,000,000 18,638,605.37 0.24 TELEFONICA 4.967% 16 2,000,000 18,548,474.79 0.24 TELEFONICA 5.811% EMTN 05.09.17 1,000,000 9,753,943.62 0.13 TELEFONICA EMIS SA 5.431% 500,000 4,468,198.98 0.06 TELEFONICA EMIS SA 5.496% 01.04.16 2,000,000 18,854,496.36 0.24 TELEFONICA EMISIONES SA 3.661% 18.09.17 1,000,000 8,967,975.44 0.12 TELEKOM 6.375% 29.01.16 1,500,000 14,708,094.78 0.19 TELIASONERA 4.125%-11.05.15 1,000,000 9,273,627.82 0.12 TELSTRA 4% 2022 1,000,000 9,738,318.02 0.13 TENNE T 6.655% 06.01.17 1,000,000 9,186,485.00 0.12 TENNE T HOLDING B.V 09.02.22 4.5% 500,000 5,087,552.66 0.07 TERNA EMTN 2.875% 16.02.18 1,000,000 8,885,485.96 0.11 TERNA EMTN 4.125% 17.02.17 500,000 4,684,729.59 0.06 THALES 2.750% 19.10.16 1,000,000 9,049,726.57 0.12 TORONTO DOMINION BK 5.375% 14.05.15 1,500,000 14,335,552.77 0.19 TOYOTA 6.625% 03.02.16 1,000,000 10,145,141.93 0.13 TWUCFH 3.25% 2016 500,000 4,652,203.42 0.06 UBI BANCA 3.875% 13 500,000 4,310,891.16 0.06 UBS 6.250% 03.09.13 1,000,000 8,917,020.49 0.12 UBS FIX TO FLOAT 7.152% TILL 21.12.17 THEN FRN PERP 250,000 2,342,231.72 0.03 UBS FIX/FLOAT 4.125% - 25.09.13 300,000 2,593,486.37 0.03 UBS JERSEY BRANCH 4.5% 16.09.19 1,500,000 13,244,623.34 0.17 UBS MTN 3.5% 15.07.15 2,000,000 18,319,413.65 0.24 UBS MTN 5.625% 19.05.14 3,000,000 27,500,189.29 0.36 UBS PERPETUAL FIX-TO FLOAT 4.28% UNTIL 04/15 THEN FLOATING 500,000 4,121,040.00 0.05 UNIBAIL ROD 2.25% 18 1,500,000 13,302,871.66 0.17 UNIBAIL ROD 3% EMTN 22.03.19 500,000 4,602,471.91 0.06 UNICREDIT 4.375% 14 500,000 4,425,881.06 0.06 UNICREDIT 4.375% EMTN 11.09.15 2,500,000 22,627,042.32 0.29 UNICREDIT 4.5% EMTN 19 500,000 4,109,616.99 0.05 UNICREDIT 6% 05.02.14 500,000 4,489,246.34 0.06 UNICREDITO MTN 5.25% 14.01.14 500,000 4,457,085.05 0.06 UNIONE DI BANCHE UBIIM 3.75% 30.10.15 1,000,000 8,769,890.78 0.11 VATTENFALL AB 5.25% EMTN 17.03.16 1,000,000 9,798,734.18 0.13 VATTENFALL VRN 5.25% NO EXP. DATE 1,500,000 13,702,226.19 0.18 VERBUND INT FIN 4.75% 15 500,000 4,678,200.31 0.06 VINCI 4.125% EMTN 17 1,000,000 9,590,733.27 0.12 VIVENDI 4% 31.03.17 1,500,000 14,058,606.00 0.18 VODAFONE 6.25% 15.01.16 1,000,000 9,993,728.05 0.13 VOESTALPINE 4% 18 2,000,000 18,069,215.01 0.23 VOITH AG 5.375% 2017 500,000 5,013,395.41 0.06 The accompanying notes form an integral part of these financial statements. 73

CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV VOLKSWAGEN 6.875 2014 2,000,000 18,274,339.77 0.24 VOLKSWAGEN EMTN 3.5% 02.02.15 1,000,000 9,059,170.62 0.12 VOLKSWAGEN INT FINANCE NV 7 % 09.02.16 1,500,000 15,229,818.45 0.20 VOLKSWAGEN LEASING 2.75% 2015 2,000,000 17,994,194.91 0.23 VOLVO 5% MTN 31.05.17 1,000,000 9,846,143.31 0.13 VOLVO TREASURY 9.875% 27.02.14 1,500,000 14,221,026.50 0.18 WELLS FARGO 4.375% 01.08.16 1,000,000 9,644,049.22 0.12 WESFARMERS 2.75% MTN 02.08.22 1,500,000 13,252,891.17 0.17 WESPAC 4.25% 22.09.16 1,000,000 9,633,411.79 0.12 WESTPAC BK 3.875% 20.03.17 1,000,000 9,559,885.57 0.12 WPP 6.625% 12.05.16 1,000,000 10,074,526.19 0.13 XSTRATA CANADA FIN CORP 6.25% 27.05.15 1,000,000 9,591,128.20 0.12 XSTRATA FINANCE DUBAI LT 1.5% 19.05.16 500,000 4,286,091.94 0.06 XSTRATA FINANCE DUBAI LT 2.375% 19.11.18 500,000 4,316,252.80 0.06 ZURICH FINANCE 6.5% 1,000,000 9,896,789.17 0.13 5,369,932,437.62 69.45 BONDS IN GBP BP CAPITAL MARKET 2.177% 16.02.16 1,000,000 8,938,939.28 0.12 DANSKE BANK AS 29.09.21 500,000 5,183,795.31 0.07 NATIONAL AUSTRALIA BANK LTD 3.625% 08.11.17 1,000,000 11,391,304.09 0.15 S.GÉNÉRALE 3.875% 17.12.15 1,000,000 11,067,428.74 0.14 SVENSKA HANDELSBANKEN 5.500% 26.05.16 1,000,000 11,932,968.79 0.15 48,514,436.21 0.63 BONDS IN SEK FORTUM CORPORATION FRN 14.09.15 10,000,000 10,072,350.00 0.13 FORVALTING FRN 02.10.17 15,000,000 15,084,825.00 0.20 HUSQVARNA FRN 28.11.17 8,000,000 8,050,400.00 0.10 LE LUNDBERGFORETAGEN AB 3.05% 20.03.19 10,000,000 10,155,117.00 0.13 MEDA AB FRN 25.06.15 25,000,000 25,135,125.00 0.33 NORDEA BANK 2.710% 21.09.17 15,000,000 15,181,365.00 0.20 NORDEA HYP 3.000% 21.06.17 140,000,000 147,165,816.00 1.90 NORDEA HYP 3.250% 17.06.15 20,000,000 20,867,614.00 0.27 NORDEA HYPOTHEK COVERED 4% 18.06.14 30,000,000 31,167,447.00 0.40 PEAB FIN FRN 24.10.16 5,000,000 4,989,525.00 0.06 SEB 4.00% 17.06.15 50,000,000 53,059,600.00 0.69 SEB 4.25% 16 110,000,000 119,595,212.00 1.55 SEFYR VAERME 7% 24.02.17 10,000,000 10,614,176.00 0.14 SKANDINAVISKA ENSKILDA BANKEN 3% 21.06.17 60,000,000 62,978,898.00 0.81 SKANSKA FIN FRN 25.04.16 15,000,000 15,044,325.00 0.19 SSAB 4.875% 13.12.17 20,000,000 20,013,364.00 0.26 STADSHYPOTEK COVERED NR 1576 6.000% 18.03.15 45,000,000 49,461,961.50 0.64 STADSHYPOTEK COVERED NR 1577 6.000% 16.12.15 43,000,000 48,482,087.20 0.63 STADSHYPOTEK COVERED NR 1578 6.000% 21.09.16 35,000,000 40,396,398.00 0.52 STADSHYPOTEK COVERED NR 1579 6.000% 21.06.17 150,000,000 176,735,985.00 2.29 SWEDBANK MORTGAGE AB 3.75% 15.06.16 100,000,000 107,060,790.00 1.39 SWEDBANK MORTGAGE AB 3.75% 17 60,000,000 64,774,596.00 0.84 TELE 2 EMTN 4.875% 17 15,000,000 15,833,409.00 0.20 1,071,920,385.70 13.87 TOTAL BONDS 6,490,367,259.53 83.95 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 6,490,367,259.53 83.95 The accompanying notes form an integral part of these financial statements. 74

CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV II. TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET BONDS BONDS IN EUR 3CIF FRN 09.08.13 1,000,000 8,655,944.02 0.11 ACCOR 2.875% 17 1,000,000 8,910,340.98 0.12 AIR LIQUIDE FINANCE 2.125% 15.10.21 700,000 6,086,770.07 0.08 AKZO NOBEL 4% EMTN 2018 750,000 7,262,193.27 0.09 ALLIANZ 4% - 23.11.16 1,000,000 9,658,945.06 0.12 AP MOELLER 3.375% 19 1,500,000 13,534,010.49 0.18 ATLANTIA EMTN 4.5% 2019 1,000,000 9,353,790.64 0.12 AUTOROUTE PARIS RHIN RHONE 5.125% 18 1,500,000 14,751,983.86 0.19 BANCA INTESA SPA 4.125% 19.09.16 2,500,000 22,444,836.55 0.29 BANQUE PSA 4.25% 25.02.16 500,000 4,435,101.88 0.06 BANQUE PSA 6% 16.07.14 1,000,000 9,050,387.66 0.12 BBVA 4.375% FIX TO FLOAT TO 10.14 1,000,000 7,297,675.00 0.09 BMW FIN 3.25% EMTN 19 2,500,000 23,607,012.75 0.31 BNP 2.875% 17 1,000,000 9,193,533.69 0.12 BNP PARIBAS 3% 17 1,000,000 9,194,435.18 0.12 BOUYGUES 4.5% 22 1,000,000 9,767,379.92 0.13 BPCE 3.75% 17 1,000,000 9,486,634.08 0.12 BRE FINANCE FRANCE SA 2.75% 12.10.15 1,000,000 8,636,154.45 0.11 CARLSBERG 2.625% 03.07.19 500,000 4,479,244.23 0.06 CATERPILLAR 2.750% 06.06.14 700,000 6,198,487.17 0.08 CATERPILLAR INT 1.375% EMTN 18.05.15 1,500,000 13,091,694.12 0.17 CEZ 3.625% EMTN 27.05.16 500,000 4,685,751.27 0.06 CM ARKEA 4.5% 17 500,000 4,863,393.84 0.06 CREDIT AGRICOLE EMTN 3% 20.07.15 1,500,000 13,532,902.96 0.18 DAIMLER 2.625% 2019 1,000,000 9,109,747.80 0.12 DANSKE BK 3.875% 17 1,000,000 9,437,473.51 0.12 DEUTSCH POST FINANCE B.V. 1.875% 27.06.17 2,000,000 17,771,298.16 0.23 DNB BK 4.75% EMTN 08.03.22 1,500,000 14,383,717.42 0.19 DVB BANK 2.5% 15.05.15 500,000 4,436,325.31 0.06 E.ON INTL 6.375% 17 500,000 5,264,529.86 0.07 ELM 5.252% - NO EXPIR. DATE 500,000 4,414,990.35 0.06 ERSTE GROUP 3.375% EMTN 17 1,000,000 9,302,732.67 0.12 EWE EMTN 4.875% 14.10.19 500,000 5,059,675.54 0.07 FRANZ HANIEL 6.25% 18 1,000,000 9,583,564.37 0.12 GLENCORE 5.25% 22.03.17 1,000,000 9,654,308.89 0.12 HEINEKEN 2.5% 19 1,000,000 9,042,171.33 0.12 HOLCIM 2.625% EMTN 07.09. 500,000 4,367,795.86 0.06 IBERDROLA EMTN 4.75% 25.01.16 2,000,000 18,554,415.96 0.24 IBERDROLA FINANZAS SAU 3.875% 10.02.14 1,000,000 8,831,740.73 0.11 IBERDROLA INTERNATIONAL BV 4.25% 11.10.18 1,500,000 13,957,910.96 0.18 IBM 1.375% 19 3,500,000 29,876,286.52 0.39 ING 4% 18.09.13 3,000,000 26,321,005.21 0.34 ING BANK 4.25% EMTN 2017 500,000 4,816,036.23 0.06 INT SAN BK 4% 13 700,000 6,101,289.87 0.08 INTESA SANPAOLO 5% 28.02.17 700,000 6,485,469.53 0.08 INTESA SANPAOLO EMTN 4.375% 15.10.19 500,000 4,423,790.49 0.06 KBC IFIMA 3% 16 2,000,000 18,077,165.19 0.23 KBC IFIMA 3.625% EMTN 07.03.14 3,000,000 26,531,744.89 0.34 KBC IFIMA 3.875% 31.03.15 2,000,000 18,142,689.72 0.23 KBC IFIMA 4.5% 17 1,000,000 9,563,568.74 0.12 The accompanying notes form an integral part of these financial statements. 75

CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV KBC IFIMA EMTN 4.375% 26.10.15 1,000,000 9,280,109.87 0.12 LINDE 1.75% EMTN 17.09. 400,000 3,457,119.85 0.04 LINDE FINANCE BV 12.12.18 3.125% 1,500,000 14,259,648.36 0.18 LOTTOMATICA SPA 3.500% 05.03. 200,000 1,765,626.96 0.02 MAN EMTN 1% 21.09.15 1,000,000 8,657,892.93 0.11 NATIONAL AUSTRALIA BANK 4.75% 15.07.16 500,000 4,871,807.63 0.06 RAIFFAISEN BANK 2.875% EMTN 06.03.15 500,000 4,466,456.13 0.06 RCI BANQUE EMTN 5.625% 15 500,000 4,667,266.68 0.06 RENAULT EMTN 4.25% 27.04.17 750,000 6,973,952.28 0.09 REPSO EMTN 4.375%.02.18 500,000 4,624,953.04 0.06 REPSOL EMTN 4.25% 12.02.16 1,000,000 9,164,609.15 0.12 ROBERT BOSCH 4.375% 19/05/2016 1,000,000 9,645,860.77 0.12 ROCHE FINANCE 2% EMTN 18 750,000 6,774,790.15 0.09 SANOFI 1% 17 500,000 4,319,661.25 0.06 SANTANDER 4.000% 27.03.17 500,000 4,421,584.01 0.06 SANTANDER 4.375% 14 3,000,000 26,385,499.49 0.34 SANTANDER 4.625% EMTN 21.03.16 2,000,000 17,948,863.47 0.23 SANTANDER US DEBT 3.381% EMTN 01.12.15 1,000,000 8,662,666.47 0.11 SHB 2.25% EMTN 18 1,000,000 9,014,174.02 0.12 SNAM SPA 4.375% 11.07.16 1,500,000 13,990,132.35 0.18 SPAREBANK ASA 2.000% 14.05.18 500,000 4,373,372.14 0.06 SPAREBANKEN 1 SR 3.5% 27.03.17 500,000 4,658,312.01 0.06 SWISS RE EMTN 7.000% 19.05.14 1,000,000 9,323,664.12 0.12 TDC 3.5% 23.02.15 1,000,000 9,054,611.72 0.12 TDC 4.375% 23.02.18 1,000,000 9,773,870.56 0.13 TELECOM ITALIA 6.125% 18 500,000 4,914,018.24 0.06 TVO POWER 4.625% 19 1,000,000 9,750,552.35 0.13 UBS LONDON 3.125% 2016 1,000,000 9,161,089.09 0.12 UNICREDIT 4.875% EMTN 07.03.17 1,000,000 9,212,061.20 0.12 UNICREDIT 6.95% EMTN 31.10.22 500,000 4,482,322.13 0.06 VIVENDI 4.125% EMTN 17 3,000,000 28,298,975.63 0.37 VW FIN 1.875% EMTN 15.05.17 3,500,000 31,000,158.51 0.40 WELLS FARGO 4.125% 03.11.16 1,000,000 9,639,885.26 0.12 WILLOW NO.2 3.375% 27.06.22 500,000 4,644,729.74 0.06 863,330,345.81 11.17 TOTAL BONDS 863,330,345.81 11.17 TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET 863,330,345.81 11.17 TOTAL INVESTMENT, AT MARKET VALUE 7,353,697,605.34 95.12 CASH 99,009,393.76 1.28 OTHER NET ASSETS 276,580,820.59 3.60 TOTAL NET ASSETS 7,729,287,819.69 100.00 The accompanying notes form an integral part of these financial statements. 76

Notes to the financial statements at December 31, 2012 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the SICAV have been prepared in accordance with generally accepted accounting principles in Luxembourg applicable to UCITS and other UCIs. A. Valuation policy Securities admitted to official listing on a stock exchange or which are traded on another regulated market which operates regularly and is recognized and open to the public in Europe, North or South America, Asia, Australia, New Zealand or Africa are valued on the basis of the last known available price. If the same security is quoted on different markets, the quotation of the main market for this security is used. If there is no relevant quotation or if the quotations are not representative of the fair value, the valuation is made in good faith by the Board of Directors or its delegate with a view to establishing the probable sale price for such securities. As of December 31, 2012, the SICAV had portfolio securities priced using theoretical models as follows: Sub-Funds % of Total Portfolio % of net assets Swedbank Robur International SICAV Total Return Fixed Income Sub-Fund 11.33 11.04 Swedbank Robur International SICAV Swedish Liquidity Sub-Fund 12.00 11.86 Swedbank Robur International SICAV Swedish Bond Mega Sub-Fund 7.85 7.61 Swedbank Robur International SICAV FRN Sub-Fund 9.37 9.26 Swedbank Robur International SICAV Swedish Total Return Plus Sub-Fund 10.52 10.52 Swedbank Robur International SICAV Corporate Bond Sub-Fund 1.11 1.05 Cash and cash equivalent are valued at their nominal value plus accrued interest. Unexpired futures contracts are valued at their last known price on the date of valuation or on closing date and unrealised appreciations or depreciations resulting from them are recorded in the statement of net assets. Unexpired forward foreign exchange rate contracts are valued at the forward foreign exchange rates applicable on the valuation date or on the closing date and unrealised appreciations or depreciations resulting from them are recorded in the statement of net assets. The liquidating value of forward rate agreement is determined by the difference of the contract rate and the expected forward rate at maturity date. This difference is applied to the notional amount of the contract and discounted using the inter-banking rates based on remaining life period. B. Currency translation policy The financial statements of the SICAV are expressed in Swedish Krona (SEK). The market value of investments and other assets and liabilities expressed in currencies other than SEK have been converted at the exchange rates ruling at December 31, 2012. The costs of investments and transactions in currencies other than SEK have been converted at the exchange rates ruling at the transaction date. Profits and losses arising from foreign exchange transactions are included in the statement of operations. Exchange rates prevailing at December 31, 2012 were as follows: AUD 6.745630 SEK LTL 2.486605 SEK BRL 3.173351 SEK LVL 12.311608 SEK CAD 6.528004 SEK MAD 0.769007 SEK CHF 7.112442 SEK MYR 2.127915 SEK CZK 0.341834 SEK NGN 0.041613 SEK DKK 1.150825 SEK NOK 1.168668 SEK 77

Notes to the financial statements at December 31, 2012 (continued) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) B. Currency translation policy (continued) EGP 1.021208 SEK NZD 5.349888 SEK EUR 8.585500 SEK PHP 0.159074 SEK GBP 10.558972 SEK PLN 2.108372 SEK HKD 0.838452 SEK RSD 0.076524 SEK HUF 0.029514 SEK RUB 0.213053 SEK IDR 0.000665 SEK SGD 5.321701 SEK ILS 1.743107 SEK THB 0.212570 SEK INR 0.118429 SEK TND 4.193982 SEK ISK 0.050868 SEK TRY 3.638540 SEK JPY 0.075245 SEK TWD 0.224413 SEK KES 0.075490 SEK USD 6.498259 SEK KRW 0.006113 SEK ZAR 0.767021 SEK KZT 0.043211 SEK C. Income recognition policy Realized gains and losses on sales of securities are determined on the basis of the average cost of securities sold. Realized gains and losses on Futures Rates Agreements and Foreign Exchange Trades are determined on the basis of the forwarded and foreign exchange rates prevailing at the settlement date. Dividends are recognized as income on the date securities are first quoted ex-dividend. Interest is accrued on a daily basis and calculated in accordance with the settlement day valuation method. The settlement day valuation method is widely used for fixed income funds in Scandinavia. In order to reflect the impact of settlement lags incurred by a fixed-income fund in its payable securities and receivable securities accounts, a number of days are added to the fund s fixed income component for the calculation of accrued interests. This number of days corresponds to the settlement lag of the fixed-income security belonging to a specific market, usually 1, 2 or 3 days. Interest income on bank deposits is based on interest rates arranged between the depositary bank and the Fund s management and may differ from prevailing Market rates of interest. D. NAV calculation policy The Net Asset Value of each Sub-Fund is expressed in SEK, except for Swedbank Robur International SICAV Euro Bond and Swedbank Robur International SICAV Russian Equity Sub- Funds which are expressed in Euros (EUR), as a per share figure and is determined on any valuation date, by dividing the value of the net assets of the Sub-Fund, being the value of the assets of that Sub-Fund less its liabilities, on the valuation date, by the number of shares then outstanding. The difference between the opening net assets stated at the rate of exchange used for translation into SEK as of December 31, 2011 and December 31, 2012 is shown as currency revaluation in the combined statement of operations and changes in net assets. 78

Notes to the financial statements at December 31, 2012 (continued) NOTE 2 FEES PAID TO AUTHORITIES Fees paid to authorities are mainly composed of the subscription tax. Under the prevailing laws and regulations, the SICAV is subject to a tax called "taxe d abonnement", payable quarterly and calculated at the annual rate of 0.01% for Swedbank Robur International SICAV Russian Equity Sub-Fund and 0.05% for the other Sub-Funds based on the Net Asset Value at the end of each quarter. The reduced rate applied to the Swedbank Robur International SICAV Russian Equity Sub- Fund is based on the application of the Chapter 23 of the law of 2010; the JPY class of the Sub- Fund being dedicated to only one investor which is an institutional investor. NOTE 3 INVESTMENT ADVISORY FEES In consideration for its services, the Investment Advisor is paid monthly in arrears fees based on the average net asset value. At December 31, 2012, the maximum annual investment advisory rates are: 1.300% for Swedbank Robur International Global Equity Sub-Fund until August 27, 2012; 1.000% for Swedbank Robur International Global High Dividend Sub-Fund (formerly Swedbank Robur International Global Equity Sub-Fund) as from August 28, 2012; 1.300% for Swedbank Robur International European Equity Sub-Fund; 1.900% for Swedbank Robur International Russian Equity Sub-Fund; 1.100% for Swedbank Robur International Tomorrow Equity Sub-Fund; 1.900% for Swedbank Robur International Africa Equity Sub-Fund; 1.300% for Swedbank Robur International Global Bond Sub-Fund 1.300% for Swedbank Robur International Total Return Fixed Income Sub-Fund as from June 18, 2012, (1.200% until June 17, 2012); 0.750% for Swedbank Robur International Swedish Liquidity, Swedish Bond Mega, FRN, Swedish Total Return Plus Sub-Funds as from June 18, 2012, (1.300% until June 17, 2012); 1.300% for Swedbank Robur International Euro Bond Sub-Fund; 1.300% for Swedbank Robur International Corporate Bond Sub-Fund. The Swedbank Robur International Total Return Fixed Income Sub-Fund invests in Sub-Funds of Swedbank Robur International II: Swedbank Robur International Currency Hedge and Swedbank Robur International Global Macro Hedge. The management fees of those two Sub- Funds amount to 0.956%. The Investment Advisor / Investment Manager retrocedes to Swedbank Robur International Total Return Fixed Income Sub-Fund all advisory and administration fees earned due to its investment in other investments funds (Swedbank Robur International II Global Macro Hedge and Swedbank Robur International II Currency Hedge) advised. NOTE 4 COMMISSIONS ON SUBSCRIPTIONS, REDEMPTIONS AND CONVERSIONS An issue commission of the Net Asset Value may be charged to the investors by the Main Distributor or SWEDBANK AB (publ) Luxembourg Branch upon subscribing for shares in the following Sub-Funds: Swedbank Robur International Russian Equity Sub-Fund, Swedbank Robur International Eastern European Equity Sub-Fund, and Swedbank Robur International Mix Sub-Fund. 79

Notes to the financial statements at December 31, 2012 (continued) NOTE 4 COMMISSIONS ON SUBSCRIPTIONS, REDEMPTIONS AND CONVERSIONS (CONTINUED) A maximum of: From SEK 1 to 19,999 4.50% From SEK 20,000 to 49,999 4.00% From SEK 50,000 to 499,999 3.00% From SEK 500,000 to 999,999 2.00% From SEK 1,000,000 to 1.50% An issue commission of maximum 1% since June 18, 2012 of the Net Asset Value may be charged to the investors by the Main Distributor or SWEDBANK AB (publ) Luxembourg Branch upon subscribing for shares in the following Sub-Funds: Swedbank Robur International Swedish Bond Mega Sub-Fund, No issue commission will be charged to the investors upon subscribing for shares in the following Sub-Funds: Swedbank Robur International Global High Dividend Sub-Fund, Swedbank Robur International European Equity Sub-Fund, Swedbank Robur International Tomorrow Equity Sub-Fund, Swedbank Robur International Africa Equity Sub-Fund, Swedbank Robur International Global Bond Sub-Fund, Swedbank Robur International Total Return Fixed Income Sub-Fund, Swedbank Robur International Swedish Liquidity Sub-Fund, Swedbank Robur International Euro Bond Sub-Fund, Swedbank Robur International FRN Sub-Fund, Swedbank Robur International Swedish Total Return Plus Sub-Fund and Swedbank Robur International Corporate Bond Sub-Fund. All shares will be allotted immediately upon subscription and payment must be received by the SICAV within five business days from the relevant Valuation Date. Shares will be repurchased at the respective Net Asset Value of shares of each Sub-Fund. A repurchase commission of maximum 1% may be charged by the Main Distributor or SWEDBANK AB (publ) Luxembourg Branch, upon the redemption of shares in the following Sub-Funds: Swedbank Robur International Russian Equity Sub-Fund, Swedbank Robur International Eastern European Equity Sub-Fund, and Swedbank Robur International Mix Sub-Fund. Shares of any Sub-Fund may be converted into shares of any other Sub-Fund upon written instructions addressed to the Main Distributor or SWEDBANK AB (publ) Luxembourg Branch. No conversion commission will be charged. NOTE 5 DEPOSITARY FEES SWEDBANK AB (publ) Luxembourg Branch from April 17, 2012, has been appointed (SWEDBANK S.A. until April 17, 2012) to act as depositary bank, domiciliary and paying agent. The depositary fees are payable monthly in arrear and are calculated on the average of the Total Net Asset Value of each Sub-Fund during the preceding month. 80

Notes to the financial statements at December 31, 2012 (continued) NOTE 5 DEPOSITARY FEES (CONTINUED) Swedbank Robur International Global High Dividend Sub-Fund 0.1000% Swedbank Robur International European Equity Sub-Fund 0.1000% Swedbank Robur International Russian Equity Sub-Fund 0.0835% Swedbank Robur International Tomorrow Equity Sub-Fund 0.1000% Swedbank Robur International Africa Equity Sub-Fund 0.4000% Other Sub-Funds 0.0160% NOTE 6 ADMINISTRATOR FEES The administrator fees are payable monthly in arrear and are calculated on the average of the Total Net Asset Value of each Sub-Fund during the preceding month. At December 31, 2012, annual administrator fee rates are: Swedbank Robur International Global High Dividend Sub-Fund 0.1000% Swedbank Robur International European Equity Sub-Fund 0.1000% Swedbank Robur International Russian Equity Sub-Fund 0.0165% Swedbank Robur International Tomorrow Equity Sub-Fund 0.4000% Swedbank Robur International Africa Equity Sub-Fund 0.1000% Other Sub-Funds 0.0180% NOTE 7 ACCRUED EXPENSES At December 31, 2012, accrued expenses consist of: GLOBAL HIGH DIVIDEND SUB- FUND (SEK) EUROPEAN EQUITY SUB-FUND (SEK) RUSSIAN EQUITY SUB-FUND (EUR) Fees paid to authorities (Note 2) 32,589.42 75,487.56 166.37 Advisory fees (Note 3) 213,572.45 653,665.50 2,767.26 Depositary fees (Note 5) 21,261.72 49,980.52 460.98 Administrator fees (Note 6) 21,261.72 49,980.52 15,038.09 Total 288,685.31 829,114.10 18,432.70 TOMORROW EQUITY SUB-FUND (SEK) AFRICA EQUITY SUB-FUND (SEK) GLOBAL BOND SUB- FUND (SEK) Fees paid to authorities (Note 2) 6,605.26 47,719.23 13,418.70 Advisory fees (Note 3) 46,379.01 606,321.15 85,088.49 Depositary fees (Note 5) 4,195.48 126,686.36 1,479.46 Administrator fees (Note 6) 16,805.80 31,624.12 129,991.87 Total 73,985.55 812,350.86 229,978.52 TOTAL RETURN FIXED INCOME SUB- FUND (SEK) SWEDISH LIQUIDITY SUB-FUND (SEK) EURO BOND SUB- FUND (EUR) Fees paid to authorities (Note 2) 4,742,243.72 2,356,843.29 1,867.12 Advisory fees (Note 3) 28,822,073.93 7,201,111.80 11,187.30 Depositary fees (Note 5) 501,139.05 246,671.49 194.54 Administrator fees (Note 6) 563,781.45 277,505.41 15,165.85 Total 34,629,238.15 10,082,131.99 28,414.81 81

Notes to the financial statements at December 31, 2012 (continued) NOTE 7 ACCRUED EXPENSES (CONTINUED) SWEDISH BOND MEGA SUB-FUND (SEK) FRN SUB-FUND (SEK) SWEDISH TOTAL RETURN PLUS SUB- FUND (SEK) Fees paid to authorities (Note 2) 154,872.56 1,030,988.59 2,061,678.03 Advisory fees (Note 3) 474,033.39 2,473,709.70 5,564,205.85 Depositary fees (Note 5) 16,237.86 107,942.68 213,561.27 Administrator fees (Note 6) 18,267.58 121,435.56 240,256.44 Total 663,411.39 3,734,076.53 8,079,701.59 CORPORATE BOND SUB-FUND (SEK) Fees paid to authorities (Note 2) 987,283.15 Advisory fees (Note 3) 6,293,604.26 Depositary fees (Note 5) 103,739.30 Administrator fees (Note 6) 116,706.72 Total 7,501,333.43 NOTE 8 FUTURES CONTRACTS - OPEN POSITIONS At December 31, 2012, the following futures contracts were opened: SWEDBANK ROBUR INTERNATIONAL GLOBAL HIGH DIVIDEND SUB-FUND * Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 2 S&P 500 FUTURE 03/13 USD 107,780.84-104,896.10 12 EURO STOXX 50 03/13 EUR 36,550.00-20,614.47 Total -125,510.57 SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB-FUND Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 10 Euro Bund 03/13 EUR 169,634.85 100,733.67-587 KSS2 SWED MTG BD 03/13 SEK -639,620,441.00 525,108.00 122 R10 SWED GVT 03/13 SEK 172,073,558.00 761,158.00-1,777 R2 SWED GVT 03/13 SEK -1,958,932,814.00 1,323,865.00-3,682 R5 SWED GVT 03/13 SEK -4,580,643,648.00 5,363,260.00-1,000 US 10 YR NOTE 03/13 USD -2,034,488,327.48-1,249,084.22 FUTURE -350 KSS5 SWED MTG BD 03/13 SEK -416,596,600.00-295,950.00-500 Euro OAT 03/13 EUR -7,929,648.84-3,335,724.31 Total 3,193,366.14 SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB-FUND Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 32 KSS2 SWED MTG BD 03/13 SEK 34,868,576.00 76,768.00-64 R5 SWED GVT 03/13 SEK -79,620,096.00 25,024.00 Total 101,792.00 82

Notes to the financial statements at December 31, 2012 (continued) NOTE 8 FUTURES CONTRACTS - OPEN POSITIONS (CONTINUED) SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB-FUND Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) -861 R5 SWED GVT 03/13 SEK -1,071,139,104.00 336,651.00 Total 336,651.00 SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB-FUND Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) -263 Euro Bund 03/13 EUR -4,461,396.55-3,093,441.50-4 Euro-Bobl 03/13 EUR -59,551.57-30,907.80 1,310 Euro-Schatz 03/13 EUR 16,914,571.08 1,349,640.60-547 R5 SWED GVT 03/13 SEK -680,503,008.00 501,389.00-287 R2 SWED GVT 03/13 SEK -316,383,634.00 213,877.00 Total -1,059,442.70 NOTE 9 COLLATERAL GIVEN BY THE SICAV FOR TRADING FUTURES In connection with the futures trades, some of the counterparties receive securities as collateral or additional collateral as the case may be. At December 31, 2012, the following collateralized securities were included in the SICAV s portfolio. SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB-FUND Quantity Description Currency Market Value 100,000.00 SVENSKA STATEN 3.50% 220601 NR1054 SEK 117,182.00 SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB-FUND Quantity Description Currency Market Value 500,000,000.00 STADHYPOTHEK 6% 150318 NR 1576 SEK 549,577,350.00 SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB-FUND Quantity Description Currency Market Value 30,000,000.00 SCBC 4% 140409 NR 126 SEK 31,028,637.00 SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB-FUND Quantity Description Currency Market Value 100,000.00 GERMANY 3.75% 190104 SEK 118,975.80 SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB-FUND Quantity Description Currency Market Value 28,000,000.00 SCBC 4% 140409 NR 126 SEK 28,960,061.20 22,000,000.00 NORDEA HYPOTHEK 3.25% 150617 NR 5520 SEK 22,954,375.40 83

Notes to the financial statements at December 31, 2012 (continued) NOTE 9 COLLATERAL GIVEN BY THE SICAV FOR TRADING FUTURES (CONTINUED) SWEDBANK ROBUR INTERNATIONAL FRN SUB-FUND Quantity Description Currency Market Value 14,000,000.00 STADSHYPOTEK AB SEK VAR% 131003 SEK 14,025,060.00 SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB-FUND Quantity Description Currency Market Value 55,000,000.00 SWEDBANK HYP. 3.75% 150318 NR 182 SEK 57,785,601.50 SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB-FUND Quantity Description Currency Market Value 5,000,000.00 SEB 4.25% 160615 NR 569 SEK 52,559,220.00 50,000,000.00 NORDEA HYPOTEK 3% 170621 NR 5528 SEK 5,436,146.00 NOTE 10 FORWARD FOREIGN EXCHANGE TRANSACTIONS - OPEN POSITIONS At December 31, 2012, the following forward foreign exchange transactions were opened: SWEDBANK ROBUR INTERNATIONAL GLOBAL HIGH DIVIDEND SUB-FUND Currency Buy Currency Sell Maturity Unrealized Result (SEK) SEK 8,967,673.58 NZD -1,660,000.00 28.03.2013 119,873.58 SEK 203,365.29 AUD -30,000.00 27.03.2013 1,819.26 SEK 9,756,566.80 SGD -1,825,000.00 27.03.2013 20,888.95 SEK 29,384,640.00 JPY -380,000,000.00 27.03.2013 715,920.00 SEK 11,817,412.43 EUR -1,365,000.00 27.03.2013 68,699.09 SEK 19,060,580.60 CAD -2,900,000.00 27.03.2013 122,008.80 SEK 11,348,598.69 GBP -1,070,000.00 27.03.2013 31,651.67 NOK 7,780,000.00 SEK -9,113,585.36 27.03.2013-30,178.62 ZAR 1,000,000.00 SEK -755,828.00 27.03.2013 4,115.00 CHF 1,390,000.00 SEK -9,970,785.53 27.03.2013-49,019.74 USD 8,680,000.00 SEK -56,559,748.00 27.03.2013-44,623.88 Total 961,154.11 SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB-FUND Currency Buy Currency Sell Maturity Unrealized Result (SEK) SEK 20,147,930.60 GBP -1,900,000.00 27.03.2013 52,417.20 EUR 2,150,000.00 SEK -18,607,383.55 27.03.2013-102,084.15 CHF 220,000.00 SEK -1,577,889.50 27.03.2013-7,538.08 Total -57,205.03 84

Notes to the financial statements at December 31, 2012 (continued) NOTE 10 FORWARD FOREIGN EXCHANGE TRANSACTIONS - OPEN POSITIONS (CONTINUED) SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB-FUND Currency Buy Currency Sell Maturity Unrealized Result (SEK) SEK 6,218,045,140.00 EUR -718,000,000.00 03.01.2013 53,656,140.00 SEK 23,459,942.00 GBP -2,200,000.00 03.01.2013 227,803.40 SEK 12,543,465.70 EUR -1,450,000.00 03.01.2013 94,490.70 SEK 24,237,502.80 EUR -2,800,000.00 03.01.2013 198,102.80 SEK 3,897,442.35 EUR -450,000.00 03.01.2013 33,967.35 SEK 21,836,882.50 EUR -2,500,000.00 03.01.2013 373,132.50 SEK 36,394,927.80 EUR -4,200,000.00 03.01.2013 335,827.80 SEK 6,254,007,760.00 EUR -728,000,000.00 04.02.2013-2,236,416.00 SEK 23,079,643.40 GBP -2,200,000.00 04.02.2013-164,595.20 SEK 85,936,250.00 EUR -10,000,000.00 04.02.2013-1,170.00 EUR 1,400,000.00 SEK -12,131,123.20 03.01.2013-111,423.20 Total 52,405,860.15 NOTE 11 FORWARD RATE AGREEMENTS - OPEN POSITIONS At December 31, 2012, the following forward rate agreements were outstanding: SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB-FUND Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 90 IMM-FRA MAR13 1.955% 03/13 SEK 89,821,890.00-176,131.00-90 IMM-FRA MAR13 2.055% 03/13 SEK -89,799,201.00 198,567.90 100 IMM-FRA MAR14 1.645% 03/14 SEK 99,884,750.00-115,250.00-100 IMM-FRA MAR14 1.76% 03/14 SEK -99,856,250.00 143,750.00-70 IMM-FRA JUN13 1.615% 06/13 SEK -69,913,844.00 82,463.60 70 IMM-FRA JUN13 1.655% 06/13 SEK 69,906,809.00-89,197.10 100 IMM-FRA DEC13 1.665% 12/13 SEK 99,869,340.00-130,660.00-100 IMM-FRA DEC13 1.735% 12/13 SEK -99,851,920.00 148,080.00-50 IMM-FRA DEC13 1.78% 12/13 SEK -49,920,360.00 79,640.00-50 IMM-FRA DEC13 1.81% 12/13 SEK -49,916,625.00 83,375.00 100 IMM-FRA DEC13 2.035% 12/13 SEK 99,777,250.00-222,750.00 Total 1,888.40 SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB-FUND Number of Contracts Description 85 Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 10,000 IMM-FRA MAR13 1.94% 03/13 SEK 9,980,588,000.00-19,412,000.00-5,000 IMM-FRA DEC13 1.75% 12/13 SEK -4,992,409,000.00 7,591,000.00-10,000 IMM-FRA JUN13 1.67% 06/13 SEK -9,986,310,000.00 13,690,000.00 5,000 IMM-FRA JUN13 1.685% 06/13 SEK 4,992,967,000.00-7,033,000.00 5,000 IMM-FRA JUN13 2.05% 06/13 SEK 4,988,383,000.00-11,617,000.00 10,000 IMM-FRA DEC13 1.83% 12/13 SEK 9,982,827,000.00-17,173,000.00 5,000 IMM-FRA MAR13 1.355% 03/13 SEK 4,997,668,000.00-2,332,000.00-4,000 IMM-FRA MAR13 1.425% 03/13 SEK -3,997,428,400.00 2,571,600.00-16,000 IMM-FRA MAR13 1.45% 03/13 SEK -15,988,705,600.00 11,294,400.00-5,000 IMM-FRA MAR14 1.275% 03/14 SEK -4,998,822,500.00 1,177,500.00 4,000 IMM-FRA MAR14 1.48% 03/14 SEK 3,997,025,600.00-2,974,400.00 6,000 IMM-FRA MAR14 1.515% 03/14 SEK 5,995,018,200.00-4,981,800.00 2,500 IMM-FRA JUN13 1.185% 06/13 SEK 2,499,623,000.00-377,000.00-2,500 IMM-FRA JUN13 1.205% 06/13 0.00 502,500.00-3,000 IMM-FRA JUN13 1.21% 06/13 SEK -2,999,359,500.00 640,500.00 10,000 IMM-FRA JUN13 1.215% 06/13 SEK 9,997,739,000.00-2,261,000.00 12,000 IMM-FRA JUN13 1.235% 06/13 SEK 11,996,684,400.00-3,315,600.00 10,000 IMM-FRA JUN14 1.175% 06/14 SEK 10,001,357,000.00 1,357,000.00-5,000 IMM-FRA MAR14 1.27% 03/14 SEK -4,998,884,500.00 1,115,500.00 5,000 IMM-FRA MAR13 1.375% 03/13 SEK 4,997,416,000.00-2,584,000.00 5,000 IMM-FRA MAR14 1.185% 03/14 SEK 4,999,938,000.00-62,000.00

Notes to the financial statements at December 31, 2012 (continued) NOTE 11 FORWARD RATE AGREEMENTS - OPEN POSITIONS (CONTINUED) SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB-FUND (continued) Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 5,000 IMM-FRA MAR14 1.19% 03/14 SEK 4,999,876,000.00-124,000.00 18,000 IMM-FRA MAR14 1.205% 03/14 SEK 17,998,884,000.00-1,116,000.00-5,000 IMM-FRA MAR14 1.26% 03/14 SEK -4,999,008,500.00 991,500.00 5,000 IMM-FRA MAR14 1.355% 03/14 SEK 4,997,831,000.00-2,169,000.00-5,000 IMM-FRA JUN13 1.11% 06/13 SEK -5,000,188,000.00-188,000.00-5,000 IMM-FRA JUN13 1.125% 06/13 SEK -5,000,000,000.00 0.00-5,000 IMM-FRA JUN13 1.13% 06/13 SEK -4,999,937,000.00 63,000.00-18,000 IMM-FRA JUN13 1.135% 06/13 SEK -17,999,546,400.00 453,600.00-5,000 IMM-FRA JUN13 1.14% 06/13 SEK -4,999,811,500.00 188,500.00 6,000 IMM-FRA JUN13 1.19% 06/13 SEK 5,999,020,200.00-979,800.00 10,000 IMM-FRA JUN13 1.20% 06/13 SEK 9,998,116,000.00-1,884,000.00 3,000 IMM-FRA JUN13 1.23% 06/13 SEK 2,999,208,600.00-791,400.00 10,000 IMM-FRA JUN14 1.21% 06/14 SEK 10,000,493,000.00 493,000.00 5,000 IMM-FRA SEP13 1.13% 09/13 SEK 4,999,812,000.00-188,000.00 3,000 IMM-FRA SEP13 1.185% 09/13 SEK 2,999,474,700.00-525,300.00-10,000 IMM-FRA SEP13 1.195% 09/13 SEK -9,997,999,000.00 2,001,000.00-7,000 IMM-FRA SEP13 1.20% 09/13 SEK -6,998,511,800.00 1,488,200.00 2,000 IMM-FRA SEP13 1.205% 09/13 SEK 1,999,549,800.00-450,200.00 10,000 IMM-FRA SEP13 1.22% 09/13 SEK 9,997,373,000.00-2,627,000.00 7,000 IMM-FRA SEP13 1.28% 09/13 SEK 6,997,111,100.00-2,888,900.00 5,000 IMM-FRA DEC13 1.14% 12/13 SEK 5,000,000,000.00 0.00 5,000 IMM-FRA DEC13 1.16% 12/13 SEK 4,999,751,000.00-249,000.00 5,000 IMM-FRA DEC13 1.42% 12/13 SEK 4,996,515,500.00-3,484,500.00-1,000 IMM-FRA DEC13 1.455% 12/13 SEK -999,216,000.00 784,000.00-3,000 IMM-FRA DEC13 1.47% 12/13 SEK -2,997,536,100.00 2,463,900.00 9,000 IMM-FRA DEC13 1.475% 12/13 SEK 8,992,495,800.00-7,504,200.00 750 IMM-FRA DEC13 1.57% 12/13 SEK 749,197,350.00-802,650.00-750 IMM-FRA DEC13 1.575% 12/13 SEK -749,188,050.00 811,950.00-5,000 IMM-FRA DEC14 1.28% 12/14 SEK -5,000,795,500.00-795,500.00 3,000 IMM-FRA DEC14 1.315% 12/14 SEK 3,000,220,200.00 220,200.00 5,000 IMM-FRA DEC14 1.325% 12/14 SEK 5,000,244,500.00 244,500.00 5,000 IMM-FRA DEC14 1.385% 12/14 SEK 4,999,510,000.00-490,000.00 5,000 IMM-FRA DEC14 1.39% 12/14 SEK 4,999,449,000.00-551,000.00-2,000 IMM-FRA DEC14 1.40% 12/14 SEK -1,999,730,600.00 269,400.00 2,000 IMM-FRA DEC14 1.415% 12/14 SEK 1,999,657,200.00-342,800.00 2,000 IMM-FRA DEC14 1.43% 12/14 SEK 1,999,583,600.00-416,400.00 Total -52,277,700.00 SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB-FUND Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 6,000 IMM-FRA MAR13 1.915% 03/13 SEK 5,988,731,400.00-11,268,600.00-3,000 IMM-FRA MAR13 1.94% 03/13 SEK -2,994,176,400.00 5,823,600.00-3,000 IMM-FRA MAR13 1.965% 03/13 SEK -2,993,987,400.00 6,012,600.00-730 IMM-FRA JUN13 1.66% 06/13 SEK -729,019,026.00 980,974.00 2,910 IMM-FRA JUN13 1.755% 06/13 SEK 2,905,394,925.00-4,605,075.00-600 IMM-FRA DEC13 1.70% 12/13 SEK -599,163,780.00 836,220.00-1,400 IMM-FRA DEC13 1.75% 12/13 SEK -1,397,874,520.00 2,125,480.00 3,400 IMM-FRA DEC13 1.9% 12/13 SEK 3,393,568,900.00-6,431,100.00 4,130 IMM-FRA JUN13 1.93% 06/13 SEK 4,121,649,140.00-8,356,926.00 2,000 IMM-FRA MAR13 1.22% 03/13 SEK 1,999,747,800.00-252,200.00 770 IMM-FRA MAR13 1.305% 03/13 SEK 769,737,892.00-261,767.60 770 IMM-FRA MAR13 1.31% 03/13 SEK 769,728,190.00-271,457.00 1,800 IMM-FRA MAR13 1.32% 03/13 SEK 1,799,319,240.00-679,247.20 1,780 IMM-FRA MAR14 1.275% 03/14 SEK 1,779,580,810.00-418,719.00-220 IMM-FRA MAR14 1.28% 03/14 SEK -219,945,462.00 55,033.80 86

Notes to the financial statements at December 31, 2012 (continued) NOTE 11 FORWARD RATE AGREEMENTS - OPEN POSITIONS (CONTINUED) SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB-FUND (continued) Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) -2,540 IMM-FRA JUN13 1.195% 06/13 SEK -2,539,553,214.00 446,610.10-1,780 IMM-FRA MAR13 1.23% 03/13 SEK -1,779,730,686.00 269,011.40-1,780 IMM-FRA MAR13 1.24% 03/13 SEK -1,779,685,830.00 313,817.00-1,780 IMM-FRA MAR13 1.25% 03/13 SEK -1,779,640,974.00 358,622.60 1,780 IMM-FRA MAR14 1.27% 03/14 SEK 1,779,602,882.00-396,671.80 2,540 IMM-FRA JUN13 1.19% 06/13 SEK 2,539,585,218.00-414,618.70-2,080 IMM-FRA MAR13 1.4% 03/13 SEK -2,078,793,808.00 1,207,351.80 2,080 IMM-FRA MAR13 1.405% 03/13 SEK 2,078,767,600.00-1,233,585.00 2,080 IMM-FRA MAR14 1.45% 03/14 SEK 2,078,608,064.00-1,393,274.40-2,260 IMM-FRA JUN13 1.44% 06/13 SEK -2,258,211,662.00 1,790,711.90-4,050 IMM-FRA JUN13 1.59% 06/13 SEK -4,045,269,600.00 4,730,400.00-1,400 IMM-FRA DEC13 1.46% 12/13 SEK -1,398,885,040.00 1,114,960.00 Total -9,917,849.10 SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB-FUND Number of Contracts Description Expiration Date Currency Market Value (EUR) Unrealized Result (EUR) 90 IMM-FRA MAR13 1.955% 03/13 EUR 771,165,928.50-21,667.46-90 IMM-FRA MAR13 2.055% 03/13 EUR -770,970,976.35 24,427.63 100 IMM-FRA MAR14 1.645% 03/14 EUR 857,560,261.44-13,423.80-100 IMM-FRA MAR14 1.76% 03/14 EUR -857,315,646.96 16,743.35-40 IMM-FRA JUN13 1.615% 06/13 EUR -342,997,288.29 5,734.32 40 IMM-FRA JUN13 1.655% 06/13 EUR 342,962,849.88-6,202.55 100 IMM-FRA DEC13 1.665% 12/13 EUR 857,428,368.58-15,218.68-100 IMM-FRA DEC13 1.735% 12/13 EUR -857,278,413.14 17,247.69-50 IMM-FRA DEC13 1.78% 12/13 EUR -428,591,022.57 9,276.11-50 IMM-FRA DEC13 1.81% 12/13 EUR -428,559,222.64 9,711.14 100 IMM-FRA DEC13 2.035% 12/13 EUR 856,637,484.48-25,944.91 Total 682.84 SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB-FUND Number of Contracts Description 87 Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 1,000 IMM-FRA MAR13 1.915% 03/13 SEK 998,121,900.00-1,878,100.00-500 IMM-FRA MAR13 1.94% 03/13 SEK -499,029,400.00 970,600.00-500 IMM-FRA MAR13 1.965% 03/13 SEK -498,997,900.00 1,002,100.00 1,000 IMM-FRA MAR13 1.985% 03/13 SEK 997,945,400.00-2,054,600.00-600 IMM-FRA MAR13 2.01% 03/13 SEK -598,729,440.00 1,270,560.00-400 IMM-FRA MAR13 2.035% 03/13 SEK -399,127,760.00 872,240.00 600 IMM-FRA JUN13 1.69% 06/13 SEK 599,148,480.00-851,520.00-600 IMM-FRA JUN13 1.77% 06/13 SEK -599,027,940.00 972,060.00-400 IMM-FRA DEC13 1.61% 12/13 SEK -399,532,080.00 467,920.00-800 IMM-FRA DEC13 1.70% 12/13 SEK -798,885,040.00 1,114,960.00 300 IMM-FRA DEC13 1.745% 12/13 SEK 299,548,290.00-451,710.00 400 IMM-FRA DEC13 1.9% 12/13 SEK 399,243,400.00-756,600.00 500 IMM-FRA DEC13 2.03% 12/13 SEK 498,892,500.00-1,107,500.00 1,500 IMM-FRA MAR13 1.22% 03/13 SEK 1,499,810,850.00-189,150.00-700 IMM-FRA MAR13 1.255% 03/13 SEK -699,849,990.00 150,010.00-700 IMM-FRA MAR13 1.265% 03/13 SEK -699,832,350.00 167,650.00-700 IMM-FRA MAR13 1.27% 03/13 SEK -699,823,530.00 176,470.00 140 IMM-FRA MAR13 1.305% 03/13 SEK 139,952,344.00-47,315.60 140 IMM-FRA MAR13 1.31% 03/13 SEK 139,950,580.00-49,067.00 320 IMM-FRA MAR13 1.32% 03/13 SEK 319,878,976.00-122,158.60 800 IMM-FRA MAR13 1.355% 03/13 SEK 799,626,880.00-373,120.00 800 IMM-FRA MAR13 1.365% 03/13 SEK 799,606,720.00-393,280.00

Notes to the financial statements at December 31, 2012 (continued) NOTE 11 FORWARD RATE AGREEMENTS - OPEN POSITIONS (CONTINUED) SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB-FUND (continued) Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) -1,000 IMM-FRA MAR13 1.425% 03/13 SEK -999,357,100.00 642,900.00-600 IMM-FRA MAR13 1.45% 03/13 SEK -599,576,460.00 423,540.00 700 IMM-FRA MAR14 1.275% 03/14 SEK 699,835,150.00-164,850.00-1,500 IMM-FRA MAR14 1.28% 03/14 SEK -1,499,628,150.00 371,850.00 700 IMM-FRA MAR14 1.285% 03/14 SEK 699,817,790.00-182,210.00-900 IMM-FRA MAR14 1.345% 03/14 SEK -899,631,900.00 368,100.00 1,000 IMM-FRA MAR14 1.48% 03/14 SEK 999,256,400.00-743,600.00 600 IMM-FRA MAR14 1.515% 03/14 SEK 599,501,820.00-498,180.00 250 IMM-FRA JUN13 1.185% 06/13 SEK 249,962,300.00-37,700.00-590 IMM-FRA JUN13 1.195% 06/13 SEK -589,896,219.00 103,781.00 250 IMM-FRA JUN13 1.205% 06/13 SEK 249,949,750.00-50,250.00-1,000 IMM-FRA JUN13 1.21% 06/13 SEK -999,786,500.00 213,500.00 750 IMM-FRA JUN13 1.215% 06/13 SEK 749,830,425.00-169,575.00-590 IMM-FRA JUN13 1.225% 06/13 SEK -589,851,792.00 148,208.00 990 IMM-FRA JUN13 1.235% 06/13 SEK 989,726,463.00-273,537.00 440 IMM-FRA JUN13 1.265% 06/13 SEK 439,845,252.00-154,748.00-500 IMM-FRA JUN13 1.29% 06/13 SEK -499,792,750.00 207,250.00-420 IMM-FRA JUN14 1.175% 06/14 SEK -420,056,994.00-56,994.00-900 IMM-FRA JUN14 1.185% 06/14 SEK -900,099,900.00-99,900.00 500 IMM-FRA JUN14 1.30% 06/14 SEK 499,913,600.00-86,400.00 500 IMM-FRA JUN14 1.31% 06/14 SEK 499,901,250.00-98,750.00 500 IMM-FRA JUN14 1.315% 06/14 SEK 499,895,050.00-104,950.00-180 IMM-FRA JUN14 1.395% 06/14 SEK -179,926,686.00 73,314.00 700 IMM-FRA SEP13 1.315% 09/13 SEK 699,649,790.00-350,210.00-700 IMM-FRA SEP13 1.32% 09/13 SEK -699,641,040.00 358,960.00 300 IMM-FRA DEC14 1.32% 12/14 SEK 300,018,360.00 18,360.00 150 IMM-FRA DEC14 1.365% 12/14 SEK 149,992,650.00-7,350.00 200 IMM-FRA DEC14 1.38% 12/14 SEK 199,982,860.00-17,140.00 Total -1,276,132.20 SWEDBANK ROBUR INTERNATIONAL FRN SUB-FUND * Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) -1,300 IMM-FRA JUN13 1.66% 06/13 SEK -1,298,253,060.00 1,746,940.00 1,300 IMM-FRA JUN13 1.755% 06/13 SEK 1,297,942,750.00-2,057,250.00 780 IMM-FRA MAR14 1.275% 03/14 SEK 779,816,310.00-183,925.50 780 IMM-FRA MAR14 1.28% 03/14 SEK 779,806,638.00-193,609.90 2,340 IMM-FRA MAR13 1.19% 03/13 SEK 2,339,881,830.00-118,321.50-780 IMM-FRA MAR13 1.23% 03/13 SEK -779,881,986.00 118,165.30-780 IMM-FRA MAR13 1.24% 03/13 SEK -779,862,330.00 137,846.50-780 IMM-FRA MAR13 1.25% 03/13 SEK -779,842,674.00 157,527.70-2,340 IMM-FRA MAR14 1.235% 03/14 SEK -2,339,680,824.00 319,585.20 780 IMM-FRA MAR14 1.27% 03/14 SEK 779,825,982.00-174,241.10 Total -247,283.30 SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB-FUND Number of Contracts Description 88 Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 3,000 IMM-FRA MAR13 1.915% 03/13 SEK 2,994,365,700.00-5,634,300.00-1,500 IMM-FRA MAR13 1.94% 03/13 SEK -1,497,088,200.00 2,911,800.00-1,500 IMM-FRA MAR13 1.965% 03/13 SEK -1,496,993,700.00 3,006,300.00 4,000 IMM-FRA MAR13 1.985% 03/13 SEK 3,991,781,600.00-8,218,400.00-2,400 IMM-FRA MAR13 2.01% 03/13 SEK -2,394,917,760.00 5,082,240.00-1,600 IMM-FRA MAR13 2.035% 03/13 SEK -1,596,511,040.00 3,488,960.00 1,500 IMM-FRA JUN13 1.58% 06/13 SEK 1,498,285,650.00-1,714,350.00

Notes to the financial statements at December 31, 2012 (continued) NOTE 11 FORWARD RATE AGREEMENTS - OPEN POSITIONS (CONTINUED) SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB-FUND (continued) Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) -1,500 IMM-FRA JUN13 1.66% 06/13 SEK -1,497,984,300.00 2,015,700.00 2,400 IMM-FRA JUN13 1.69% 06/13 SEK 2,396,593,920.00-3,406,080.00-1,500 IMM-FRA JUN13 1.715% 06/13 SEK -1,497,777,000.00 2,223,000.00 1,500 IMM-FRA JUN13 1.755% 06/13 SEK 1,497,626,250.00-2,373,750.00-2,400 IMM-FRA JUN13 1.77% 06/13 SEK -2,396,111,760.00 3,888,240.00-1,300 IMM-FRA DEC13 1.61% 12/13 SEK -1,298,479,260.00 1,520,740.00-3,600 IMM-FRA DEC13 1.70% 12/13 SEK -3,594,982,680.00 5,017,320.00 1,200 IMM-FRA DEC13 1.745% 12/13 SEK 1,198,193,160.00-1,806,840.00-600 IMM-FRA DEC13 1.75% 12/13 SEK -599,089,080.00 910,920.00 1,200 IMM-FRA DEC13 1.9% 12/13 SEK 1,197,730,200.00-2,269,800.00 1,600 IMM-FRA DEC13 1.99% 12/13 SEK 1,596,615,200.00-3,384,800.00 1,500 IMM-FRA DEC13 2.03% 12/13 SEK 1,496,677,500.00-3,322,500.00 6,500 IMM-FRA MAR13 1.22% 03/13 SEK 6,499,180,350.00-819,650.00-4,300 IMM-FRA MAR13 1.255% 03/13 SEK -4,299,078,510.00 921,490.00-4,300 IMM-FRA MAR13 1.265% 03/13 SEK -4,298,970,150.00 1,029,850.00-4,300 IMM-FRA MAR13 1.27% 03/13 SEK -4,298,915,970.00 1,084,030.00 1,390 IMM-FRA MAR13 1.305% 03/13 SEK 1,389,526,844.00-472,815.60 1,390 IMM-FRA MAR13 1.31% 03/13 SEK 1,389,509,330.00-490,317.00 3,240 IMM-FRA MAR13 1.32% 03/13 SEK 3,238,774,632.00-1,226,124.40 4,200 IMM-FRA MAR13 1.355% 03/13 SEK 4,198,041,120.00-1,958,880.00 4,200 IMM-FRA MAR13 1.365% 03/13 SEK 4,197,935,280.00-2,064,720.00-5,000 IMM-FRA MAR13 1.425% 03/13 SEK -4,996,785,500.00 3,214,500.00-3,400 IMM-FRA MAR13 1.45% 03/13 SEK -3,397,599,940.00 2,400,060.00 4,300 IMM-FRA MAR14 1.275% 03/14 SEK 4,298,987,350.00-1,012,650.00-6,500 IMM-FRA MAR14 1.28% 03/14 SEK -6,498,388,650.00 1,611,350.00 4,300 IMM-FRA MAR14 1.285% 03/14 SEK 4,298,880,710.00-1,119,290.00-4,100 IMM-FRA MAR14 1.345% 03/14 SEK -4,098,323,100.00 1,676,900.00 5,000 IMM-FRA MAR14 1.48% 03/14 SEK 4,996,282,000.00-3,718,000.00 3,400 IMM-FRA MAR14 1.515% 03/14 SEK 3,397,176,980.00-2,823,020.00 2,250 IMM-FRA JUN13 1.185% 06/13 SEK 2,249,660,700.00-339,300.00-5,410 IMM-FRA JUN13 1.195% 06/13 SEK -5,409,048,381.00 951,619.00 2,250 IMM-FRA JUN13 1.205% 06/13 SEK 2,249,547,750.00-452,250.00 1,000 IMM-FRA JUN13 1.21% 06/13 SEK 999,786,500.00-213,500.00 4,250 IMM-FRA JUN13 1.215% 06/13 SEK 4,249,039,075.00-960,925.00-5,910 IMM-FRA JUN13 1.225% 06/13 SEK -5,908,515,408.00 1,484,592.00 7,010 IMM-FRA JUN13 1.235% 06/13 SEK 7,008,063,137.00-1,936,863.00-440 IMM-FRA JUN13 1.265% 06/13 SEK -439,845,252.00 154,748.00-4,500 IMM-FRA JUN13 1.29% 06/13 SEK -4,498,134,750.00 1,865,250.00-5,580 IMM-FRA JUN14 1.175% 06/14 SEK -5,580,757,206.00-757,206.00-6,100 IMM-FRA JUN14 1.185% 06/14 SEK -6,100,677,100.00-677,100.00 3,000 IMM-FRA JUN14 1.275% 06/14 SEK 2,999,666,700.00-333,300.00 4,500 IMM-FRA JUN14 1.30% 06/14 SEK 4,499,222,400.00-777,600.00 4,500 IMM-FRA JUN14 1.31% 06/14 SEK 4,499,111,250.00-888,750.00 4,500 IMM-FRA JUN14 1.315% 06/14 SEK 4,499,055,450.00-944,550.00 180 IMM-FRA JUN14 1.395% 06/14 SEK 179,926,686.00-73,314.00 4,300 IMM-FRA SEP13 1.315% 09/13 SEK 4,297,848,710.00-2,151,290.00-4,300 IMM-FRA SEP13 1.32% 09/13 SEK -4,297,794,960.00 2,205,040.00 3,700 IMM-FRA DEC14 1.32% 12/14 SEK 3,700,226,440.00 226,440.00 1,850 IMM-FRA DEC14 1.365% 12/14 SEK 1,849,909,350.00-90,650.00 2,800 IMM-FRA DEC14 1.38% 12/14 SEK 2,799,760,040.00-239,960.00 Total -9,781,756.00 NOTE 12 TRANSACTION FEES As at year-end the transactions fees are composed of fees on purchases and sales on portfolio, options, warrants, futures, forward foreign exchange transactions and forward rate agreements. 89

Notes to the financial statements at December 31, 2012 (continued) NOTE 12 TRANSACTION FEES (CONTINUED) The amounts disclosed in the statement of operations and changes in net assets correspond to the amounts of transaction fees for the whole year. NOTE 13 RELATED - PARTIES TRANSACTIONS During the year, the Sub-Fund Swedbank Robur International Total Return Fixed Income Sub- Fund invested part of its assets into other collective investment Undertakings promoted by Swedbank group. NOTE 14 CHANGES IN THE INVESTMENT PORTFOLIO Changes in the investment portfolio during the reporting year are available to the shareholders at the address of the Depositary bank. NOTE 15 SUBSEQUENT EVENTS Following the Board of Directors meeting dated November 7, 2012, it was resolved to close the following Sub-Funds: Swedbank Robur International Euro Bond Sub-Fund on May 3, 2013 Swedbank Robur International Russian Equity Sub-Fund on March 12, 2013 Swedbank Robur International Global Bond Sub-Fund on March 15, 2013 90