e anle 8-ie

CARNEGIE INVESTMENT FUND Société d'Investissement à Capital Variable AUDITED ANNUAL REPORT

31 DECEMBER 2013

R.C.S. Luxembourg B 158 803 Subscriptions are only valid if made on the basis of the current prospectus and relevant Key Investor Information Document "KIID" accompanied by the latest annual report and the latest semi-annual report if published after the annual report

CARNEGIE INVESTMENT FUND

TABLE OF CONTENTS

GENERAL INFORMATION Management and Administration

3

Board of Directors

3

Investment Manager's Report

4 5-6

Audit Report

FINANCIAL STATEMENTS 7

Statement of Net Assets Net Asset Value per share

7

Statement of Operations and Changes in Net Assets

8

Financial details relating to the last 2 years

9

Statement of Changes in Number of Shares Outstanding

10

SECURITIES PORTFOLIO 11

Carnegie Investment Fund - Short Term Fund Carnegie Investment Fund - Nordic Equity Fund

12 - 13

NOTES TO THE FINANCIAL STATEMENTS

14- 16

2

CARNEGIE INVESTMENT FUND

MANAGEMENT AND ADMINISTRATION REGISTERED OFFICE Centre Europe 5, Place de la Gare L-1616 Luxembourg

INVESTMENT MANAGER Banque Carnegie Luxembourg S.A. Centre Europe 5, Place de la Gare L-1616 Luxembourg

MANAGEMENT COMPANY Carnegie Fund Services SA. Centre Europe 5, Place de la Gare L-1616 Luxembourg

CUSTODIAN J.P. Morgan Bank Luxembourg S.A. 6, Route de Trêves L-2633 Senningerberg

LEGAL ADVISOR Bonn & Schmitt 22-24, Rives de Clausen L-2165 Luxembourg

AUDITOR PricewaterhouseCoopers, Société coopérative 400, Route d'Esch L-1471 Luxembourg

FUND ADMINISTRATOR, REGISTRAR AND TRANSFER AGENT Carnegie Fund Services SA. Centre Europe 5, Place de la Gare L-1616 Luxembourg

BOARD OF DIRECTORS CHAIRMAN Bruno FREREJEAN Co-Managing Director Banque Carnegie Luxembourg S.A. DIRECTORS Jean-Marc DELMOTTE Managing Director Carnegie Fund Services S.A. Ann-Charlotte Byström EEK (until October 4, 2013)

Danilo LINOS.A (since October 5, 2013)

COO for Private Banking & Structured Finance

Deputy General Manager

Carnegie Investment Bank AB

Banque Carnegie Luxembourg SA.

Stockholm, Sweden

Luxembourg

3

CARNEGIE INVESTMENT FUND

INVESTMENT MANAGER'S REPORT

CARNEGIE INVESTMENT FUND — SHORT TERM FUND PERFORMANCE During the year, the net asset value per share increased from SEK 100.77 to SEK 101.33, representing a return of + 0.56%. The total net assets increased during the year from SEK 18.12 million to SEK 30.78 million. Net subscriptions of shares were SEK 12.50 million.

INVESTMENT STRATEGY The Sub-Fund shall mainly invest in a portfolio of short-term OECD government debt securities with a residual maturity not exceeding 12 months and a minimum rating of AA per Standard & Poor's or equivalent, together with cash deposits with the Custodian Bank within the limits prescribed by the Law. The management company of the Fund decided to adopt the commitment approach to determine the global market risk exposure.

CARNEGIE INVESTMENT FUND - NORDIC EQUITY FUND PERFORMANCE During the year, the net asset value per share increased from SEK 79.05 to SEK 108.47, representing a return of + 37.22%. The total net assets increased during the year from SEK 162.03 million to SEK 307.90 million. Net subscriptions of shares were SEK 74.53 million.

INVESTMENT STRATEGY The objective of the Sub-Fund is to achieve long term capital growth by investing in equities issued by issuers situated in Sweden, Norway, Denmark and Finland. The Board of Directors decided to adopt the commitment approach to determine the global market risk exposure.

Luxembourg, 14 February 2014

The information in this report represents historical data and is not an indication of future results

4

pwc Audit report To the Shareholders of CARNEGIE INVESTMENT FUND

We have audited the accompanying financial statements of CARNEGIE INVESTMENT FUND and of each of its Sub-Funds, which comprise the Statement of Net Assets and the Securities Portfolio as at 31 December 2013 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 about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the "Réviseur d'entreprises agréé", including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the "Réviseur d'entreprises agréé" considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

• PricewaterhouseCoopers, Société coopérative, 400 Route dTsch, BY. 1443, L-1014 Luxembourg T: +3524948481,F:+352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 47- TVA LU25482518

5

pwc Opinion In our opinion, the financial statements give a true and fair view of the financial position of CARNEGIE INVESTMENT FUND and of each of its Sub-Funds as of 31 December 2013, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other matters Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. PricewaterhouseCoopers, Société coopérative Represented by

Lamorlette

6

Luxembourg, 7 March 2014

CARNEGIE INVESTMENT FUND

STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2013

CARNEGIE CARNEGIE COMBINED INVESTMENT INVESTMENT FUND - Short Term FUND - Nordic Fund Equity Fund * (EUR) (SEK) (SEK)

ASSETS Investments at market value (Note 2.1) Cash at banks Receivable on subscriptions Other receivables Total Assets

38,030,130.71 845,557.49 162,922.68 56,729.59 39,095,340.46

30,488,056.67 318,832.87 0.00 0.00 30,806,889.54

306,576,794.80 7,175,427.69 1,444,000.00 502,800.00 315,699,022.49

(372,684.90) (298,110.18) (138,497.70) (60,580.32) (4,462.25) (6,871.88) (2,403.94) (883,611.17)

0.00 0.00 0.00 (7,827.53) (775.79) 0.00 (21,306.40) '') '') 72)

(3,303,143.56) (2,642,180.32) (1,227,519.00) (529,101.89) (38,773.58) (60,906.13) 0.00 (7,801,624.48)

38,111,729.29

30,776,979 82

307,897,398.01

LIABILITIES Bank overdrafts Payables on investments purchased Payables on redemptions Other l,iabilities Subscription tax payable ("taxe d'abonnement") Unrealised loss on foreign exchange (Note 2.3) Unrealised loss on forward foreign exchange (Note 5) Total Liabilities

NET ASSET VALUE

NET ASSET VALUE PER SHARE AS AT 31 DECEMBER 2013

CARNEGIE CARNEGIE INVESTMENT INVESTMENT FUND - Short Term FUND - Nordic Fund Equity Fund * (SEK) (SEK)

101.33

Class 1 A - Net asset value per share

* This subfund was contributed in kind on 1 January 2013. See note 1 to the financial statements.

The accompanying notes form an integral part of this annual report 7

108.47

CARNEGIE INVESTMENT FUND

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD ENDED 31 DECEMBER 2013 CARNEGIE CARNEGIE COMBINED (i)

INVESTMENT INVESTMENT FUND - Short Term FUND - Nordic Fund Equity Fund *

(EUR)

(SEK)

(SEK)

INCOME Dividends, net (Note 24) Other income

535,714.38

(WO 4,748,090.08

6,810.58

5,000wo 55,362.89 5,000.00 4,803,452.97

Total Income EXPENSES Management fee (Note 6) Investment Management fees (Note 7)

(6,311.23) (55,937.05) (369,284.27)

0.00

0.i 51 (3,273,003.43)

Custody fees (Note 9)

:7 (218,200.25) (26,215.69) (14,1 ,

Administration fees (Note 10)

(24,618.95)

Taxe d'abonnement (Note 4)

(13,730.04) (2,762.81 (118,927.92)

Bank and interest expenses Total Expenses

Net investment income Net realised gains/losses on investments (Note 2.2)

0.14 , (218,200.25)

(12,249.12)

(7)8.81 , (107,846.38)

(452,409.31)

(3.9 5(,,I .1:-t.23)

90,11'1.65

1

1 74

3,279,168.34 122,611.1 28,940,985.48

Net realised gains/losses on forward foreign (127,535.75) 158,861.1t (1,289,223.28)

exchange contracts Net realised gains/(losses) for the year

3,241,748.24 212,91)1.9, , 28,519,036.94

Change in net unrealised appreciation / (depreciation) on investments

4,838,665.04

7,745.05 42,877,827.11

Change in net unrealised appreciation/(depreciation) on foreign exchange (Note 2.3)

(6,871.88)

0.00 (60,906.12)

Change in net unrealised appreciation/(depreciation) on forward foreign exchange contracts (Note 5) Result of operations for the year

(7,356.26) (65,199.24),

0.(X)

8,066,185.15 155,447.71 71,335,957.93

Subscriptions

37,384,257.09 17,500,000.00 313,840,409A11

Redemptions

(9.283,117.2 (5,(X)0,0X)0.00) (77,278,968.93)

Increase / (Decrease) in net assets

Y. I . I I 12,655,447.71 307,897,398.01

Net assets at the beginning of the year (i)

2,044,604.27 18,121,532.11

0.00

NET ASSETS AT THE END OF THE YEAR

38,211,729.29 30,776,979.82 307,897,398.01

(i) Net assets at the beginning of the year were translated at the exchange rate ruling as at 31 December 2013. The same net assets when translated at EUR = SEK 8.5881, the exchange rates ruling as at 31 December 2012 reflect a figure of EUR 20,977,114.8(1.

*This subfund was contributed in kind on 1 January 2013. See note Ito the financial statements.

The accompanying notes form an integral part of this annual report 8

CARNEGIE INVESTMENT FUND

FINANCIAL DETAILS RELATING TO THE LAST 2 YEARS

CARNEGIE CARNEGIE INVESTMENT FUND - INVESTMENT FUND Short Term Fund - Nordic Equity Fund (SEK)

(SEK)

1.1.11=m1=2.0.1.1 Total net assets - Class lA Net asset value per share - Class 1A

30,776,979.82

307,897,398.01

101.33

108.47

18,121,532.11

162,032,027.47

100.77

79.05

1.1.12.rssmba.2412 Total net assets - Class 1A Net asset value per share - Class 1A

The accompanying notes form an integral part of this annual report 9

CARNEGIE INVESTMENT FUND

STATEMENT OF CHANGES IN NUMBER OF SHARES OUTSTANDING FOR THE PERIOD ENDED 31 DECEMBER 2013

CARNEGIE CARNEGIE INVESTMENT INVESTMENT FUND - Short Term FUND - Nordic Equity Fund Fund

(SEK)

(SEK)

Class IA Shares outstanding as at 1 January 2013

179,838.9999

2,049,827.0362

Shares issued Shares redeemed

173,421.8611 (49,528.4892)

1,634,734.0936 (846,106.9737)

Shares outstanding as at 31 December 2013

303,732.3718

2,838,454.1561

The accompanying notes form an integral part of this annual report 10

CARNEGIE INVESTMENT FUND - SHORT l'h,RM FUND

SECURITIES PORTFOLIO AS AT 31 DECEMBER 2013 NOMINAL

SECURITY DESCRIPTION

MARKET VALUE (SEK)

OF NET ASSETS

4,271,629.72 4,297,485.86 4,296,798.09 12,865,913.67

13.88 13.96 13.96 41.80

4,493,160.00 4,298,882.00 4,334,601.00 4,495,500.00 17,622,143.00

14.60 13.97 14.08 14.61 57.26

30,488,056.67

99.06

30,488,056.67

99.06

Transferable Securities Admitted To An Official Exchange Listing Treasury Bills

482,000 485,000 485,000

Germany German Treasury Bill German Treasury Bill German Treasury Bill

4,500,000 4,300,000 4,350,000 4,500,000

Sweden Swedish Treasury Bill Swedish Treasury Bill Swedish Treasury Bill Swedish Treasury Bill

12/02/2014 16/04/2014 25/06/2014

19/03/2014 15/01/2014 18/06/2014 19/02/2014

TREASURY 131 LLS TRANSFERABLE SECURITIF.:S ADMITITI) TO \ N OFFICIAI, EXCI !ANGLE, LISTING

INDUSTRY SECTOR ANALYSIS AS AT 31 DECEMBER 2013

SECTOR DESCRIPTION OF NET ASSETS Treasury Bills

99.06 99.06

A statement of changes in the composition of the portfolio is available to Shareholders free of charge on request from the Company's registered office

The accompanying notes form an integral part of this annual report 11

CARNEGIE INVESTMENT FUND - NORDIC EQUITY FUND

SECURITIES PORTFOLIO AS AT 31 DECEMBER 2013

NOMINAL

SECURITY DESCRIPTION

0/0

MARKET VALUE (SEK)

OF NET ASSETS

9,439,529.43 8,465,546.08 6,156,679.77 14,762,724.21 10,479,454.93 7,870,284.52 11,415,120.55 7,478,196.07 76,067,535.56

3.07 2.75 2.00 4.79 3.40 2.56 3.71 2.43 24.71

8,721,290.40 4,635,844.46 6,326,480.78 19,683,615.64

2.83 1.51 2.05 6.39

17,571,771.76 12,748,272.75 5,245,052.07 9,222,797.02 44,787,893.60

5.71 4.14 1.70 3.00 14.55

12,660,000.00 8,495,000.00 8,915,000.00 8,880,000.00 10,071,000.00 6,750,000.00 11,407,500.00 10,818,500.00 6,000,000.00 13,329,000.00 10,165,000.00 11,916,000.00 5,850,000.00 3,332,000.00 12,997,500.00 5,062,500.00

4.11 2.76 2.90 2.88 3.27 2.19 3.70 3.51 1.95 4.33 3.30 3.87 1.90 1.08 4.22 1.64

Transferable Securities Admitted To An Official Exchange Listing Shares

135 25,000 17,500 12,500 30,000 9,000 45,000 12,000

Denmark A.P. Moller - Maersk B D/S Norden 1:1..Smidth & Co Novo Nordisk B Pandora Royal Unibrew SimCorp Trygvesta

30,000 15,000 20,000

J inland Kone B Nokian Renkaat Sampo A

200,000 30,000 20,000 75,000

Norway Opera Software Schibsted SeaDrill Subsea 7

120,000 25,000 50,000 15,000 45,000 30,000 45,000 110,000 100,000 45,000 50,000 40,000 50,000 10,000 150,000 75,000

Sweden Addrech B Assa Abloy B Atlas Copco A Autoliv SDB Axis Communications AF B BioGaia B 12,Iekta B I laldex I [critics & Mauritz 13 I lexagon B Kinnevik B Lagercrantz Group B Modern Times Group B Nordea Bank Sanitec Corporation

The accompanying notes form an integral part of this annual report 12



CARNEGIE INVESTMENT FUND - NORDIC EQUITY FUND

SECURITIES PORTFOLIO AS AT 31 DECEMBER 2013

NOMINAL

SECURITY DESCRIPTION

MARKET VALUE (SEK)

OF NET ASSETS

Transferable Securities Admitted To An Official Stock Exchange Listing (continued) Sweden 70,000 Swedbank A

12,670,000.00 4.12

125,000 Vostok Nafta Investment SDB

6,718,750.00 2.18 166,037,750.00 53.91

TOTAL SI IARES

306,576,794.80 99.56

TOTAL TRANSIT:RABLE SECURITIES ADMITFED TO AN OFFICIAL EXC../ IANGE LISTING

306,576,794.80 99.56

TOTAL SECUR ITI ES PORTI0110

306,576,794.80 99.56

INDUSTRY SECTOR ANALYSIS AS AT 31 DECEMBER 2013 SECTOR DESCRIPTION OF NET ASSETS Automobiles

2.88

Banking

8.34

Brewers

2.56

Commercial Vehicles & Trucks

7.44

Construction & Materials

2.00

Equity Investment lntruments

6.05

linancial Services

2.05

I lealth Care

7.21

Industrial Engineering

5.73

Industrial Transportation

5.82

Insurance

2.43

Media

5.22

Oil & Gas

4.70

Personal & Household Goods

5.91

Pharmaceuticals & Biotechnology

4.79

Retail

7.73

Software & Computer Services Technology I I ardware & I:.quipmcnt

12.69 6.01 99.56

A statement of changes in the composition of the portfolio is available to Shareholders free of charge on request from the Company's registered office The accompanying notes form an integral part of this annual report 13

CARNEGIE INVESTMENT FUND

NOTES TO THE FINANCIAL STATEMENTS

1 GENERAL CARNEGIE.: INVESTMENT FUND, (hereafter the "Company"), was incorporated as a "Société Anonyme" qualifying as a "Société d'Investissement à Capital Variable" with multiple Sub-Funds on 13 January 2011. The Company is an Undertaking for Collective Investment in Transferable Securities ("UCH'S") pursuant to Part I of the Luxembourg I.aw of 17 December 2010 on undertakings for collective investment and the Law of 10 August 1915 on commercial companies, as amended (the "1915 Law"). It is established for an undetermined duration from the date of incorporation. The Company presently contains two Sub-Funds: - Carnegie Investment Fund — Short Term Fund — Class 1 A - Carnegie Investment Fund — Nordic Equity Fund — Class 1 A The sub-fund Carnegie Investment Fund — Nordic Equity Fund has been contributed in kind on 1 January 2013. The contribution has been done based on the net asset value as at 31 December 2012 (calculated on 1 January 2013) with effect 1 January 2013 and with a one to one exchange ratio.

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These financial statements are established in accordance with the Luxembourg legal and regulatory requirements concerning undertakings for collective investment. 2.1 Valuation of investments (a) The value of any cash at hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, dividends and interests declared or due but not yet collected will be deemed to be the full value thereof, unless it is unlikely that such values arc received in full, in which case the value thereof will be determined by deducting such amount the Directors consider appropriate to reflect the true value thereof. (b) Securities and money market instruments listed on a stock exchange or traded on any other regulated market will be valued at the last available price on such stock exchange or market. If a security is listed on several stock exchanges or markets, the last available price on the stock exchange or market, which constitutes the main market for such securities, will be determining. (c) Securities and money market instruments not listed on any stock exchange or traded on any regulated market will be valued prudently, and in good faith on the basis of their reasonable foreseeable sales prices. (d) Securities for which no price quotation is available or for which the price referred to in (b) and/or (c) is not representative of the fair market value, will be valued prudently, and in good faith on the basis of their reasonable foreseeable sales prices. (e) Investments in investment funds of the open ended type are taken at their latest net asset values reported by the administrator of the relevant investment fund. (f) Futures and options arc valued on the basis of their closing price on the concerned market on the preceding day. 1he prices used are the liquidation prices on the futures markets. (g) Forward foreign exchange contracts are valued by reference to the forward rate prevailing at the valuation date.

14

CARNEGIE INVESTMENT FUND

NOTES TO THE FINANCIAL STATEMENTS

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.2 Realised gains and losses on investments Realised gains and losses on sales of investments have been determined on the average cost basis and include transaction costs. 2.3 Foreign currency translation 'Mc combined financial statements of the Company arc maintained in FUR. The combined financial statements are the sum of the Sub-Funds' financial statements equivalent in FUR translated, where applicable, at the rate of exchange ruling as at 31 December 2013. The market value of the investments and other assets and liabilities expressed in currencies other than the base currency of the Sub-Fund have been converted at the rates of exchange ruling as at 31 December 2013. The cost of investments in currencies other than the base currency of the Sub-Fund is converted at the rates of exchange prevailing at each Net Asset Value calculation date. Thc realised and change in net unrealised gains and losses on foreign exchange are recognised in the Statement of Operations and Changes in Net Assets. Income and expenses expressed in currencies other than the reference currency are converted at exchange rates ruling at the transaction date. 2.4 Dividend and interest income Dividends are shown net of withholding tax deducted at source, and are recorded as income on the ex-dividend date. Interest income is accrued on a daily basis. Treasury Bills are not interest bearing (zero coupon) and therefore are valued at amortised cost with no interest income booked in the profit and loss account. The income generated by the amortization of the difference between the face value and the purchase price is booked in the statement of operations and changes in the net assets under "net realised gains/(losses) on investments" and "change in net unrealised appreciation/(depreciation) on investments".

3 EXCHANGE RATES AS AT 31 DECEMBER 2013 1 USD = 0.72600552 FUR 1 NOK 0.11950430 BUR 1 DKK 0.13405545 EUR 1 SEX = 0.11282734 FUR 1 GBP = 1.20121563 R

4 TAXATION The Company is registered under the Luxembourg law as an investment company (Société d'Investissement à Capital Variable "SICAV"). Accordingly, no Luxembourg income or capital gains tax is, at present, payable. It is subject, however, to an annual "taxe d'abonnement" calculated at the annual rate of 0.05% of the net asset value of the Company at the end of each quarter, excluding investments in other Luxembourg funds already subject to that tax. This tax is payable quarterly. Presently the annual rate payable is 0.01% for share Class 1A.

15

CARNEGIE INVESTMENT FUND

NOTES TO THE FINANCIAL STATEMENTS

5 FORWARD FOREIGN EXCHANGE CONTRACTS As at 31 December 2013 CARNEGIE INVESTMENT FUND — Short Term Fund had entered into the following forward foreign exchange contracts with counterparty Banque Carnegie Luxembourg S.A.:

Purchase.

Maturity

_ Unr

Result (SEK) SEK

4,197,786.20

I :,UR

482,000.00

12FEB14

-77,134.87

SI :.K

4,289,582.50

IUR

485,000.00

16APR14

-16,549.66

SEK 4,383,769.50

IUR

485,000.00 25JUN14

72,378.13

-21,306.40 6 MANAGEMENT FEES The Management Company is entitled to be paid a fee based on the net assets as determined on each valuation date. The fee is accrued daily and payable monthly. The management fee rate applicable in % of the total net assets per year is as follows: Carnegie Investment Fund - Short Term Fund - Class lA

0.20 °A

Administration, audit, legal and other expenses in the Fund are borne by the Management Company.

7 INVESTMENT MANAGEMENT FEES The Investment Manager is entitled to be paid a fee based on the net assets as determined on each valuation date. The fee is accrued daily and payable monthly. The investment management fee rate applicable in % of the total net assets per year is as follows: 1.50 %

Carnegie Investment Fund - Nordic Equity Fund - Class L

8 TRANSACTION COSTS For the year ended 31 December 2013, the Company incurred transaction costs which have been defined as the commission paid by the Company to the intermediary relating to purchases or sales of transferable securities, money market instruments, derivatives or other eligible assets as follows: Carnegie Investment Fund - Short Term Fund - Class IA Carnegie Investment Fund - Nordic Equity Fund - Class IA

SEK SEK

0.00 3,112,553.71

9 CUSTODIAN In consideration for their services, the Custodian shall be paid custodian fees of a maximum of up to 0.10% per annum of the Net Asset Value, calculated daily and paid on a monthly basis.

10 ADMINISTRATION FEE In consideration for its services as Administrator, Carnegie Fund Services S.A. will receive a fixed fee of 0.10% calculated and accrued on each 'Valuation Date and payable monthly on Carnegie Investment Fund- Nordic Equity Fund.

16