2013-02-28

Carl Bernadotte Founded CB Asset Management 1994 26 years of experience

Owner, ABB Investment Management, portfolio manager

Portfolio management ABB Aros Securities, head broker

Edu: Master of Science in Business and Economics,

born 1955 Stockholm University

Marcus Grimfors Edu: Bachelor of Science in Business and Economics, 4 years of experience

Portfolio management Stockholm University; Joined CB August 2008

Master of Science in Engineering Physics,

born 1981 Royal Institute of Technology, Stockholm

Alexander Jansson Acacia Partners (Alder), analyst 4 years of experience

Portfolio management Edu: Master of Science in Business Administration Joined CB October 2009

and Bachelor of Science in Economics,

born 1983 Uppsala University

Erik Allenius Somnell Edu: Master of Science in Industrial Engineering

Business Development and Management, Joined CB January 2013

Royal Institute of Technology, Stockholm

born 1984

CB Funds

Team

2

Jan Malmgren Consultant. Since inception

Chairman Has been managing director at Öhman Fondkommission and

born 1948 SBC Arbitech (now referred to as UBS Stockholm).

Nils Bildt Founder and co-owner of Teleopti AB, a niche-oriented, Joined the board 2008

Member multinational software-optimising company, maintaining

born 1952 communication networks and contact centres around

the world.

Per-Otto Hyland Senior Advisor of the Investment banking of Credit Suisse. Has Joined the board 2008

Member worked close to 30 years in different international banks. Board

born 1954 member of NatImmune, a Danish biotech-company, BlueStep

Bostadslån, a Swedish financial services company, and

Innovation, a Norwegian strategy consultancy.

Christoffer Saidac Partner at Hannes Snellman Attorneys Ltd. Since inception

Member Has worked many years within Corporate Finance

born 1959 and Capital Markets at Vinge.

Carl Bernadotte Managing director and owner, CB Asset Management. Since inception

Member

born 1955

3

CB Funds

Board of Directors

Caceis

Luxembourg

SEB

Luxembourg

European

Quality Fund CB Hedge Save Earth

Fund

CB Funds

Stockholm

CB Funds

4

Swedish Financial Supervisory

Authority

Our philosophy

Private and institutional investors alike seek return on assets. This is the

foundation for all investments.

Our philosophy and goal, therefore, is to generate an absolute return and at

the same time to be competitive in relation to a relevant index.

Simplicity, Quality and Long-term perspective are our guidelines.

CB Funds

5

CB Funds

6

Ethical guidelines

No investments in companies active in

Production of tobacco or alcohol

Weapons manufacturing

Gambling

Pornography

Became a signatory of the “The United Nations-backed Principles for

Responsible Investment Initiative” (PRI) in February 2011.

European Quality Fund and Save Earth Fund have been awarded the

environmental-ethical ME-labeling from the Swedish Pensions Agency.

This document is neither an offer to sell nor a solicitation to invest. Such offers or

solicitations must be preceded or accompanied by a current offering document of the

funds. This document is submitted to you confidentially solely in connection with your

consideration of an investment in CB Hedge, European Quality Fund and/or Save Earth

Fund (the “Funds”). The preceding/upcoming pages constitute a summary only. No

assurance can be given that the investment objective will be achieved, and investment

results may vary substantially over any given time period. Past performance is not

necessarily indicative of future results. The funds involves a degree of risk. An investor in

the funds could lose all or a substantial amount of his or her investment. The funds has

fees that will reduce returns. The funds performance may be volatile.

Disclaimer

CB Funds

7

European Quality Fund

a fund of large and mid-caps with sustainable growth

3-Year 5-Year 10-Year

Large caps within MSCI Europe

Concentrated portfolio (20-33 positions)

Long-term perspective

European Quality Fund

Guidelines

Objective

Lower volatility than MSCI Europe

Absolute return (rolling 36 months)

Outperform MSCI Europe (rolling 12 months)

9

Investment criteria

European Quality Fund

10

Large caps

- Minimum market cap 1 BEUR -

Mature industries

- Proven management -

Stable dividend yield

- Not necessarily high -

Conservative valuation

- Future profits -

Internal recruiting

- Of top management -

Resilient profit growth

- Regardless of economic cycles - Primary

Secondary

European Quality Fund

11

Portfolio

A strong global position

Visibility* Market position** Market share***

Industrials 44% 2 18%

Health Care 59% 1 27%

Materials 44% 2 18%

Consumer Staples 25% 4 4%

Consumer Discretionary 3% 3 11%

IT 71% 1 30%

Aggregate 45% 2 21%

*Refers to the porportion of the company's turnover that is of a recurring nature or from the order book. The figures refers to 2012.

**Refers to the company's position within relevant segment

***Refers to the company's market share within relevant segment

European Quality Fund

Portfolio

12

High and transparent exposure to emerging markets

We argue that an EM exposure through well-run DM

companies is a very attractive combination

Standard deviation (risk) Performance*

*Net in EUR as of 2012-12-31

**European Quality Fund

EQF** MSCI China MSCI India MSCI Brazil MSCI Russia

1 yr 20% 21% 24% -1% 12%

3 yrs 38% 14% 4% -9% 6%

5 yrs 2% -7% -24% -8% -8%

EQF** MSCI China MSCI India MSCI Brazil MSCI Russia

1 yr 8% 17% 27% 22% 25%

3 yrs 11% 17% 24% 20% 24%

5 yrs 15% 26% 33% 30% 36%

European Quality Fund

13

Stable earnings growth (EPS) – on average 14% higher than index

Portfolio

EQF – performance 2013

MSCI Europe

EQF – performance 12 months

MSCI Europe

EQF – performance 36 months

MSCI Europe

EQF – standard deviation

MSCI Europe

Beta (Sensitivity to market fluctuations)

Information ratio (>0 justifies active management)

Tracking error (Active risk)

R2 (100% if active risk is 0%)

Active Share (Deviation from index)

European Quality Fund

Key ratios*, as of February 28 (EUR)

36 months

14

+5.2%

+3.8%

+16.2%

+12.7%

+39.1%

+28.2%

11.4%

13.1%

*All fees are included if nothing else is stated. The performance of MSCI Europe includes dividends after the

deduction of withholding taxes.

0.62

0.29

9.5%

50.6%

91.0%

15

European Quality Fund

Performance against MSCI Europe, 5 years (EUR)

+17.2%

+5.2%

+139.9%

+105.7%

Performance against MSCI Europe, 10 years (EUR)

16

The fund’s ability to preserve capital (EUR)

European Quality Fund

Period Index Fund Outperformance

2007-07-16 - 2009-03-09 -58,5% -45,3% 13,2%

2010-04-15 - 2010-05-25 -13,7% -10,8% 2,9%

2011-02-17 - 2011-09-22 -24,3% -14,1% 10,2%

2012-03-16 - 2012-06-04 -12,8% -6,7% 6,1%

Drawdown

17

European Quality Fund

Alpha

Risk analysis – EQF compared to MSCI Europe*

Correlation Standard deviation

Beta Tracking error

*All figures are on a 60 days rolling basis 18

European Quality Fund

0.73

0.72

9.5% 9.6%

7.0%

19

Geographical exposure vs MSCI Europe

European Quality Fund

Sector exposure vs MSCI Europe

Company Country Industry Share of fund Average share Performance, EUR Contribution

Fresenius Germany Healthcare 7.2% 6.4% 20.8% 1.2%

SAP Germany IT 7.1% 5.0% 42.2% 1.6%

Volkswagen Germany Consumer Discretionary 7.0% 2.3% 43.7% 1.1%

Elekta Sweden Healthcare 6.6% 5.1% 36.0% 1.7%

Rolls Royce UK Industrials 6.5% 5.4% 20.9% 0.9%

Adidas Germany Consumer Discretionary 4.8% 4.6% 30.9% 1.3%

SGS Switzerland Industrials 4.7% 4.7% 28.1% 1.2%

Linde Germany Materials 4.7% 6.7% 14.9% 1.0%

Getinge Sweden Healthcare 4.7% 4.8% 28.9% 1.3%

Syngenta Switzerland Materials 4.6% 0.9% 30.3% 0.1%

Coloplast Denmark Healthcare 4.4% 0.8% 52.8% 0.3%

Bureau Veritas France Industrials 4.3% 4.6% 41.6% 1.7%

BASF Germany Materials 4.3% 2.7% 30.5% 0.8%

Novo Nordisk Denmark Healthcare 4.2% 5.5% 34.8% 2.0%

Svenska Handelsbanken Sweden Financials 4.2% 4.2% 32.2% 1.1%

Henkel Germany Consumer Staples 3.9% 4.9% 35.3% 1.7%

Vopak Netherlands Industrials 3.8% 4.5% 27.8% 1.2%

Schindler Switzerland Industrials 3.7% 4.4% 21.3% 0.8%

Essilor France Healthcare 3.4% 3.7% 34.0% 1.1%

Barclays UK Financials 0.4% 0.3% 49.1% 0.1%

Allianz Germany Financials 0.4% 0.3% 38.3% 0.1%

Deutsche Bank Germany Financials 0.3% 0.2% 16.8% 0.0%

2012

European Quality Fund

20

Portfolio as of 2012-12-31

European long-only fund with a concentrated portfolio consisting of world-leading

growth companies.

Invests in quality countries with high transparency: Germany, Netherlands,

Switzerland, France, Sweden, Denmark and the UK

Ethical guidelines, no investments in companies active in production of tobacco or

alcohol, weapons manufacturing, gambling and pornography.

Historically above average return with lower than average risk. Competitive

compared to the benchmark index as well as peers.

Managed by a team of three portfolio managers.

Summary of European Quality Fund

European Quality Fund

21

Fund name: European Quality Fund

Manager: CB Asset Management AB

Domicile: Luxembourg/BVI

Custodian: Caceis Investor Services (Crédit Agricole), Luxembourg

Auditor: PricewaterhouseCoopers S.ár.I.

Currency: EUR

Liquidity/NAV: Daily/Daily

Fees, SICAV A, BVI: Management fee: 1.5%, perform. fee: 0%

Fees, SICAV I: Management fee: 0.5%, perform. fee: 20% on net return above

benchmark index (MSCI Europe)

Fund launch: November, 1995

Minimum investment: SICAV A: None, SICAV I: €1M

PPM: 309 492

ISIN/Reuters/Bloomberg: LU0112589485 / 908840.FBF / EUREUEA LX

European Quality Fund

Fund facts

22

Countries represented in the MSCI Europe index

Holdings > 5% sum < 40% of portfolio assets

Any single holding < 10% of portfolio assets

Only listed stocks

Put options < 10% of portfolio assets

Investment restrictions

Appendix 1

European Quality Fund

23

24

Historical performance, as of February 28 (EUR)

Historical relative-performance, as of February 28 (EUR)

Appendix 2

European Quality Fund

European Quality Fund

Case - Fresenius

25

Founded 1912. Listed in Germany since 1986.

The company is a market leader in dialysis,

intravenous nutritional supplements, planning of

hospitals and early phase biotechnology projects.

The company holds a leading position in all

markets and in all areas they operate in. The

company’s customers are large companies with

high credit ratings, which ensure stable,

predictable and sustainable cash flows.

19 consecutive years of raised dividends!

Earnings, dividend, and sales growth

The stocks outperformance against the European market (EUR)

Did you know…Fresenius Medical Care (30% owned by

Fresenius) has overtaken Gambro as the market leader

within the dialysis market

Appendix 3

N/A

CB Hedge

An ethical hedge fund

3-Year 5-Year 10-Year

Selection of

long

positions

from EQF*

Short

position

MSCI

Europe

Net long

* European Quality Fund, a long-only fund managed by CB Funds

CB Hedge

27

Bull market Bear market

Consistent returns

A market-neutral fund attempts to generate consistent returns in both up and down markets.

Return is generated in an up market when the Long portfolio (blue box) rises more than the

Shorted index, MSCI Europe (red box). Return is generated in a down market when the long

portfolio falls less than the short side.

Strategy: consistent returns

CB Hedge

28

CB Hedge

Guidelines

Strategy: Long European equities, short MSCI Europe

Long side: Between 7 and 33 stocks, selected from EQF*

Short side: MSCI Europe

Net exposure: Net long between 0 and 20%

Gross exposure: Maximum 300% of AUM

Largest exposure: Single position max 20% and sum of the

4 largest positions max 60% of AUM

* European Quality Fund, a long-only fund managed by CB Funds

Objective

Annual return of 10-15% over a twelve month period

Outperform HFRX Equity Market Neutral Index over a twelve month period

29

30

CB Hedge

Sida 30 2013-03-25 30

The fund must always have a net exposure of 0-20%. In addition, the fund’s gross exposure may not exceed 300%

of AUM. During 2012 the average net and gross exposure amounted to 12% and 274%, respectively.

Gross and net exposure 2012

31

CB Hedge

Sida 31 2013-03-25

Performance since fund inception July 2, 2007 (EUR)

March 9, 2009: The market troughed

September 1, 2009: ”Restart”

+4,3%

-14,2% -13,5%

32

CB Hedge

Performance, 36 months (EUR)

+26,8%

+20,8%

-6,2%

CB Hedge

Sida 33 2013-03-25

CBH** – performance 2013

HFRXEMN***

CBH – performance 12 months

HFRXEMN

CBH – annual performance

HFRXEMN

CBH – standard deviation

HFRXEMN

Sharpe (0%)

Correlation to MSCI Europe

Value at Risk

Key ratios*, as of February 28 (EUR)

*All fees are included if nothing else is stated

**CB Hedge

***HFRX Equity Market Neutral Index

33

36 months

+1.4%

+0.6%

+5.7%

-3.7%

+6.8%

-1.9%

10.9%

4.5%

+0.62

-0.17

-0.97%

34

CB Hedge

Sida 34 2013-03-25 34

60 days rolling correlation with MSCI Europe*

0.14

*Data for 2012.

Market neutrality, i.e. independency of market flucuations is one of the more important objectives in the management

of the fund. The fund’s correlation with the European stock market should therefore be close to 0. During 2012, the

correlation between CB Hedge and MSCI Europe was kept in a tight interval between -0.2 and 0.2.

35

CB Hedge

Sida 35 2013-03-25 35

Correlations, 1 year

*Data för 2012.

Correlations, 3 years

CB Hedge MSCI Sweden MSCI USA MSCI Europe MSCI World

CB Hedge 1,00 -0,11 -0,23 -0,43 -0,33

MSCI Sweden -0,11 1,00 0,77 0,84 0,84

MSCI USA -0,23 0,77 1,00 0,83 0,96

MSCI Europe -0,43 0,84 0,83 1,00 0,93

MSCI World -0,33 0,84 0,96 0,93 1,00

CB Hedge MSCI Sweden MSCI USA MSCI Europe MSCI World

CB Hedge 1,00 0,12 -0,16 -0,24 -0,18

MSCI Sweden 0,12 1,00 0,80 0,82 0,83

MSCI USA -0,16 0,80 1,00 0,90 0,98

MSCI Europe -0,24 0,82 0,90 1,00 0,95

MSCI World -0,18 0,83 0,98 0,95 1,00

The fund has a low or negative correlation with all broad market indices. With its low correlations the fund

contributes to diversification in a portfolio with high exposure to the stock market.

36

CB Hedge

Sida 36 2013-03-25 36

60 days rolling standard deviation*

10.4%

6.8%

*Data for 2012.

We have an implicit target saying that the standard deviation of the fund should be around 10%, illustrated below

as the red line. For the greater part of 2012, the fund’s standard deviation, 60 days rolling, was below 10%, which

was significantly lower compared to the European stock market.

37

CB Hedge

Sida 37 2013-03-25 37

60 days rolling beta against MSCI Europe*

0.09

*Data for 2012.

The fund’s Beta, measured against MSCI Europe, shows how sensitive the fund is to movements in the stock

market. Since market neutrality is an objective, the fund’s beta should be close to 0. During 2012, and measured

on a 60-day rolling basis, the fund’s beta was kept in an interval between -0.2 and 0.2.

38

CB Hedge

Sida 38 2013-03-25 38

60 days rolling VaR, 95% confidence interval*

0.70%

*Data for 2012.

Value at Risk indicates how much the fund may drop in value during a single day and by a certain probability. By

the end of 2012, there was a 5% probability that the fund would fall more than 0.7% in one trading day, based on

60 days data.

39

CB Hedge

2013-03-25 39

Correlation against MSCI Europe* Standard deviation*

Beta against MSCI Europe*

*Data for 2010-2012. Key ratios concerns CB Hedge and are on a 60-days rolling basis.

0.14

0.09

VaR, 95%*

10.4%

6.8%

0.70%

The charts below illustrates the development for some of our most important risk measures. In all these cases,

the risk level has gone down; an effect of our continuous and strict risk monitoring.

40

Sector exposure as percentage of long portfolio vs MSCI Europe

Geographical exposure as percentage of long portfolio vs MSCI Europe

CB Hedge

41

CB Hedge

Sida 41 2013-03-25 41

Portfolio as of 2012-12-31

Focused management with well-defined universe

Permanent hedge

Low correlation to the market

Prospect of good performance with low risk independent of market direction

42

The advantages of the fund

CB Hedge

Fund name: CB Hedge Europe

Manager: CB Asset Management AB

Domicile: Luxembourg, (FCP fund Fonds Commun de Placement)

Custodian: SEB Fund Services, Luxembourg

Auditor: PricewaterhouseCoopers S.ár.l.

Primebroker: Skandinaviska Enskilda Banken AB publ.

Currency: EUR

Liquidity/NAV: Daily subscription, monthly redemption

Fees: Fixed annual management fee 1%. Performance fee

of 20% on net return above EURIBOR 3M

High watermark: Yes, collective

Subscription fee: Up to 5%, for the moment 0%

Redemption fee: 1%

Fund launch: July 2, 2007

Minimum investment: None

ISIN/Reuters/Bloomberg: LU0302609374 / LP65078535 / CBHEEUR LX

Fund facts

CB Hedge

43

N/A N/A

The most successful managers in the world – in one fund

3-Year 5-Year 10-Year

Investment universe

Renewable energy

• Wind

• Solar

• Hydro

• Bio

• Geothermal

Water treatment

• Filtration

• Saving/Efficiency

• Infrastructure

Cleantech

• Energy storage

• Energy infrastructure

• Energy efficiency

• Transportation

• Emissions control

• Smart materials

• Recycling & Waste treatment

Save Earth Fund

Save Earth Fund

45

Guidelines

Actively managed funds and ETF:s within renewable energy, cleantech and water

treatment

Global universe

Low density/well-diversified portfolio (6-10 funds)

Objective

Lower than MSCI World volatility

Absolute return (rolling 36 months)

MSCI World (outperformance rolling 12 months)

Save Earth Fund

46

Save Earth Fund

Investment strategy

Identification of investment

universe

Criteria check

Shortlist

20-30 funds

Quantitative screening

Qualitative screening

Allocation

Investment

6-10 funds

All available funds and strategies

– 150 funds; 40 ETF:s; and ~200

stocks

Liquidity, AUM, diversification,

track-record

Performance, standard deviation,

sharpe ratio, alpha, beta, correlation

and drawdown

Track record, view on risk,

competences, incentives etc

Sector- and region allocation

47

SEF – performance 2013

MSCI World

SEF – performance 12 months

MSCI World

SEF – performance 36 months

MSCI World

SEF – standard deviation

MSCI World

Beta (Sensitivity tio market fluctuations)

Information ratio (>0 justifies active management)

Tracking error (Active risk)

R2 (100% if active risk is 0%)

Save Earth Fund

*All fees are included if nothing else is stated. The performance of MSCI World includes dividends.

Calculated

since fund

inception

48

Key ratios*, as of February 28 (EUR)

+6.8%

+6.2%

+10.7%

+13.3%

+14.6%

+38.2%

11.6%

10.2%

-0,96

.-0,97

6,2%

71,2%

Save Earth Fund

Performance since fund inception, 2008-06-09 (EUR)

6.8% -60.9% +35.3% -16.0% +25.8%

Renewable energy index: WilderHill New Energy Global Innovation Index

Water index: Palisades Global Water Index

Cleantech index: The Cleantech Index

MSCI World: MSCI World

49

50

Save Earth Fund

Performance and risk* Sharpe*

*Weekly data from Lipper for the period 2011-12-30 – 2012-12-28, in EUR.

In 2012, Save Earth Fund had the fourth best return and at the same time the lowest risk among its Nordic and

largest international peers. The fund had the best risk-adjusted return (Sharpe.)

Save Earth Fund

Sector allocation

* The cash in the underlying funds is

included.

51

Geographical allocation

Save Earth Fund

52

* The cash in the underlying funds is

included.

Risk analysis – The fund compared to MSCI World*

Correlation Standard deviation

Beta Tracking error

Save Earth Fund

*36 months. The charts shows Save Earth Fund compared to MSCI

World. All numbers are on a 60 days rolling basis. 53

0.76

9.1%

7.1%

0.62 5.9%

54

Portfolio as of 2012-12-31, largest company exposures

Save Earth Fund

2012

Company Sector Country Performance, EUR

Andritz Renewable Energy Austria 51.5%

American Water Works Water Treatment USA 14.3%

Xylem Water Treatment USA 3.5%

Danaher Water Treatment USA 16.6%

Arcadis Cleantech Netherlands 47.9%

Pentair Water Treatment USA 44.9%

Aqua America Water Treatment USA 13.1%

Nemetschek Cleantech Germany 28.7%

Umicore Cleantech Belgium 30.8%

Idex Water Treatment USA 23.0%

Save Earth Fund

Fund facts

Fund name: Save Earth Fund

Manager: CB Asset Management AB

Domicile: Luxembourg

Custodian: SEB Fund Service, Luxembourg

Auditor: PricewaterhouseCoopers S.ár.I.

Currency: EUR

Liquidity/NAV: Daily/Daily

Fees RC: Fixed annual management fee of 1%. Performance fee

of 20% on postive net return above MSCI World

Fees IC: Fixed annual management fee of 1%. Performance fee

of 20% on net return above MSCI World

High Watermark: Yes, collective. From start of each share class

Subcription/Redemption fee: No/No

Fund launch: June 9, 2008

Minimum investment: None

PPM: 639 690

ISIN/Reuters/Bloomberg: LU0354788688 / 913218.FBF / CBSVERC LX

55