Faaborg-Midtfyn Kommune Kvartalsrapportering

Faaborg-Midtfyn Kommune Kvartalsrapportering 4. Kvartal 2014

Fair Value

MARKEDSVÆRDI PR. AKTIV KLASSE Dato: 12-31-2014 Aktivklasse Markedsværdi Vægt Kontanter 1,550,941.58 1.0 Akt Inv.for. 3,268,538.16 2.1 Akt Inv.for. 24,122,799.05 15.4 Obl Inv.for. 13,174,077.50 8.4 Obl Dk nom 114,562,094.79 73.1 TOTAL 156,678,451.08 100.0

PERFORMANCE RAPPORT - TIDSVÆGTET AFKAST Periode: 30-11-2014 til 31-12-2014 Periode År til dato kr. kr. Beregningsperiodens start 11-30-2014 12-31-2013 Porteføljens startværdi 154,798,442.81 124,934,781.42 Vedhængende renter 1,713,162.81 1,374,417.45 Total 156,511,605.62 126,309,198.88 Indskud i perioden 0.00 25,015,581.91 Udtræk i perioden -15,160.41-46,324.23 Afkast for perioden 182,005.87 5,399,994.53 Porteføljeværdi ultimo 31-12- 2014 154,707,051.44 154,707,051.44 Vedhængende renter 1,971,399.64 1,971,399.64 Total 156,678,451.08 156,678,451.08 Specifikation af afkast Realiseret gevinst 0.00 232,202.13 Realiseret kursgevinst 0.00 232,202.13 Realiseret valutagevinst 0.00 0.00 Urealiseret gevinst -76,230.96 2,582,180.57 Urealiseret kursgevinst -76,230.96 2,582,180.57 Urealiseret valutagevinst 0.00 0.00 Realiserede Renter Depot 0.00 1,894,455.75 Realiserede Renter Kontantkonto 0.00-73.00 Modtaget og tilgodehavende udbytte 0.00 0.00 Ændring i vedhængende renter 258,236.83 596,982.19 Afkast for perioden 182,005.87 5,305,747.64 Forvaltningsgebyr 0.00 94,246.89 Total afkast for periode efter gebyrer 182,005.87 5,399,994.53 Tidsvægtet afkast 0.12% 3.75%

PERFORMANCE RAPPORT - TIDSVÆGTET AFKAST Periode: 30-09-2014 til 31-12-2014 Periode År til dato kr. kr. Beregningsperiodens start 09-30-2014 12-31-2013 Porteføljens startværdi 154,743,815.17 124,934,781.42 Vedhængende renter 1,321,128.65 1,374,417.45 Total 156,064,943.82 126,309,198.88 Indskud i perioden 0.00 25,015,581.91 Udtræk i perioden -15,160.41-46,324.23 Afkast for perioden 628,667.68 5,399,994.53 Porteføljeværdi ultimo 31-12- 2014 154,707,051.44 154,707,051.44 Vedhængende renter 1,971,399.64 1,971,399.64 Total 156,678,451.08 156,678,451.08 Specifikation af afkast Realiseret gevinst -279,197.78 232,202.13 Realiseret kursgevinst -279,197.78 232,202.13 Realiseret valutagevinst 0.00 0.00 Urealiseret gevinst 177,771.74 2,582,180.57 Urealiseret kursgevinst 177,771.74 2,582,180.57 Urealiseret valutagevinst 0.00 0.00 Realiserede Renter Depot 79,822.72 1,894,455.75 Realiserede Renter Kontantkonto 0.00-73.00 Modtaget og tilgodehavende udbytte 0.00 0.00 Ændring i vedhængende renter 650,270.99 596,982.19 Afkast for perioden 628,667.68 5,305,747.64 Forvaltningsgebyr 0.00 94,246.89 Total afkast for periode efter gebyrer 628,667.68 5,399,994.53 Tidsvægtet afkast 0.40% 3.75%

BEHOLDNINGSOVERSIGT Dato: 31-12-2014 Gns. Markeds- Ureal. Markedsværdi Vægt Værdipapirer ISIN Stk. købspris Kostpris kurs Markedsværdi gevinst/tab inkl.rente i DKK % Kontanter (DKK) (FX = 1.0000) Transaktionskonto (DKK) TRKONTO 1,550,941.58 1,550,941.58 0.00 1,550,941.58 0.99 Obligationer - Inkonverterbare (DKK) (FX = 1.0000) Realkreditobligationer 4% Real 16 4 NDA 2 SDRO 2016 Jan DK0002018043 8,500,000.00 106.9942 9,094,510.50 103.7600 8,819,600.00-274,910.50 9,158,668.49 5.85 2% Real 17 2 RD T SDRO 2017 Apr DK0009286312 16,740,000.00 104.4683 17,488,001.00 103.8200 17,379,468.00-108,533.00 17,630,797.32 11.25 2% Real 19 2 RD T SDRO 2019 apr DK0009286668 10,705,000.00 106.4972 11,400,528.50 106.3600 11,385,838.00-14,690.50 11,546,559.64 7.37 2% Real 17 2 BRF B RO20 2017 Jan DK0009375099 21,865,000.00 103.9567 22,730,123.75 103.3000 22,586,545.00-143,578.75 23,022,646.92 14.69 4% Real 20 4 NYK D RO20 2020 Jan DK0009779506 6,675,000.00 116.8700 7,801,072.50 115.8000 7,729,650.00-71,422.50 7,995,918.49 5.10 2% Real 20 2 NYK H SDO 2020 Jan DK0009792525 10,500,000.00 107.3800 11,274,900.00 106.9600 11,230,800.00-44,100.00 11,440,224.66 7.30 Sum Realkreditobligationer 79,789,136.25 79,131,901.00-657,235.25 80,794,815.52 51.57 SUM Obligationer - Inkonverterba 79,789,136.25 79,131,901.00-657,235.25 80,794,815.52 51.57 Obligationer - Konverterbare (DKK) (FX = 1.0000) Realkreditobligationer 4% Real 41 4 NYK E SDO 2041 ALM DK0009775355 7,204,127.78 104.7500 7,546,323.85 104.4000 7,521,109.40-25,214.45 7,592,367.62 4.85 4 NYK E SDO 2041 IO30 DK0009777724 7,387,453.09 104.5568 7,724,082.28 104.2000 7,697,726.12-26,356.16 7,770,797.67 4.96 Sum 4% Real 41 15,363,165.29 9.81 3.5% Real 44 3.5 NYK E SDO 2044 IO10 DK0009787442 9,419,749.03 98.0261 9,233,810.19 103.1500 9,716,471.12 482,660.94 9,797,998.03 6.25 Sum Realkreditobligationer 24,504,216.32 24,935,306.65 431,090.33 25,161,163.32 16.06 SUM Obligationer - Konverterbare 24,504,216.32 24,935,306.65 431,090.33 25,161,163.32 16.06 Obligationer - Udtrukne (DKK) (FX = 1.0000) Realkreditobligationer 4% Real 41 4 NYK E SDO 2041 ALM DK0009775355 3,720,872.22 104.7500 3,897,613.65 100.0000 3,720,872.22-176,741.43 3,757,676.50 2.40

BEHOLDNINGSOVERSIGT Dato: 31-12-2014 Gns. Markeds- Ureal. Markedsværdi Vægt Værdipapirer ISIN Stk. købspris Kostpris kurs Markedsværdi gevinst/tab inkl.rente i DKK % 4 NYK E SDO 2041 IO30 DK0009777724 3,443,877.96 104.0268 3,582,556.43 100.0000 3,443,877.96-138,678.47 3,477,942.41 2.22 Sum 4% Real 41 7,235,618.90 4.62 3.5% Real 44 3.5 NYK E SDO 2044 IO10 DK0009787442 1,358,737.32 97.8652 1,329,731.16 100.0000 1,358,737.32 29,006.16 1,370,497.04 0.87 Sum Realkreditobligationer 8,809,901.24 8,523,487.50-286,413.74 8,606,115.95 5.49 SUM Obligationer - Udtrukne (DKK 8,809,901.24 8,523,487.50-286,413.74 8,606,115.95 5.49 Investeringsforeninger (DKK) (FX = 1.0000) Investeringsforeninger mv. Inv. - akt.: Danske SEBinvest Danske Aktier DK0010260629 11,790.000 279.2800 3,292,711.20 277.2297 3,268,538.16-24,173.04 3,268,538.16 2.09 Inv. - akt.: Europa SEBInvest Europa Small Cap DK0016283211 35,921.000 285.0405 10,238,938.97 322.9217 11,599,670.39 1,360,731.42 11,599,670.39 7.40 Inv. - akt.: Japan SEBInvest Japan Hybrid (DIAM) DK0016283484 20,364.000 79.3100 1,615,068.84 78.4369 1,597,289.03-17,779.81 1,597,289.03 1.02 Inv. - akt.: Nordamerika SEBInvest Nordamerika Indeks (SE DK0016283997 138,522.000 60.6002 8,394,461.61 78.8744 10,925,839.64 2,531,378.03 10,925,839.64 6.97 Inv. - obl.: High Yield Bonds Sky Harbor SD US HY Bonds - Clas LU0765418842 125,875.000 105.2176 13,244,265.22 104.6600 13,174,077.50-70,187.72 13,174,077.50 8.41 Sum Investeringsforeninger mv. 36,785,445.84 40,565,414.72 3,779,968.88 40,565,414.72 25.89 SUM Investeringsforeninger (DKK) 36,785,445.84 40,565,414.72 3,779,968.88 40,565,414.72 25.89 TOTAL 156,678,451.08 100.00

RESULTATOPGØRELSE Periode: 30-11-2014 til 31-12-2014 Kurs Valuta Renter/udbytte Realiseret Urealiseret Realiseret Urealiseret Påløbne Påløbne Afkast Værdipapir gev./tab gev./tab gev./tab gev./tab Realiseret primo ultimo I alt I alt Kontanter (DKK) Transaktionskonto (DKK) 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 0.00 0.00 Obligationer - Inkonverterbare (DKK) Realkreditobligationer 2% Real 17 2 BRF B RO20 2017 Jan 0.00-50,289.50 0.00 0.00 0.00 398,961.37 436,101.92 37,140.55-13,148.95 2 RD T SDRO 2017 Apr 0.00-30,132.00 0.00 0.00 0.00 222,894.25 251,329.32 28,435.07-1,696.93 0.00-80,421.50 0.00 0.00 0.00 621,855.62 687,431.23 65,575.62-14,845.88 2% Real 19 2 RD T SDRO 2019 apr 0.00-27,833.00 0.00 0.00 0.00 142,537.81 160,721.64 18,183.84-9,649.16 0.00-27,833.00 0.00 0.00 0.00 142,537.81 160,721.64 18,183.84-9,649.16 2% Real 20 2 NYK H SDO 2020 Jan 0.00-36,750.00 0.00 0.00 0.00 191,589.04 209,424.66 17,835.62-18,914.38 0.00-36,750.00 0.00 0.00 0.00 191,589.04 209,424.66 17,835.62-18,914.38 4% Real 16 4 NDA 2 SDRO 2016 Jan 0.00-32,300.00 0.00 0.00 0.00 310,191.78 339,068.49 28,876.71-3,423.29 0.00-32,300.00 0.00 0.00 0.00 310,191.78 339,068.49 28,876.71-3,423.29 4% Real 20 4 NYK D RO20 2020 Jan 0.00-72,090.00 0.00 0.00 0.00 243,591.78 266,268.49 22,676.71-49,413.29 0.00-72,090.00 0.00 0.00 0.00 243,591.78 266,268.49 22,676.71-49,413.29 Sum Realkreditobligationer 0.00-249,394.50 0.00 0.00 0.00 1,509,766.03 1,662,914.52 153,148.49-96,246.01 SUM Obligationer - Inkonverterbare 0.00-249,394.50 0.00 0.00 0.00 1,509,766.03 1,662,914.52 153,148.49-96,246.01

RESULTATOPGØRELSE Periode: 30-11-2014 til 31-12-2014 Kurs Valuta Renter/udbytte Realiseret Urealiseret Realiseret Urealiseret Påløbne Påløbne Afkast Værdipapir gev./tab gev./tab gev./tab gev./tab Realiseret primo ultimo I alt I alt Obligationer - Konverterbare (DKK) Realkreditobligationer 3.5% Real 44 3.5 NYK E SDO 2044 IO10 0.00-18,839.50 0.00 0.00 0.00 53,754.00 81,526.90 27,772.90 8,933.40 0.00-18,839.50 0.00 0.00 0.00 53,754.00 81,526.90 27,772.90 8,933.40 4% Real 41 4 NYK E SDO 2041 ALM 0.00-57,633.02 0.00 0.00 0.00 46,983.44 71,258.22 24,274.78-33,358.24 4 NYK E SDO 2041 IO30 0.00-36,937.27 0.00 0.00 0.00 48,179.04 73,071.55 24,892.50-12,044.76 0.00-94,570.29 0.00 0.00 0.00 95,162.48 144,329.77 49,167.28-45,403.00 Sum Realkreditobligationer 0.00-113,409.79 0.00 0.00 0.00 148,916.49 225,856.67 76,940.18-36,469.60 SUM Obligationer - Konverterbare ( 0.00-113,409.79 0.00 0.00 0.00 148,916.49 225,856.67 76,940.18-36,469.60 Obligationer - Udtrukne (DKK) Realkreditobligationer 3.5% Real 44 3.5 NYK E SDO 2044 IO10 0.00 0.00 0.00 0.00 0.00 7,753.66 11,759.72 4,006.06 4,006.06 0.00 0.00 0.00 0.00 0.00 7,753.66 11,759.72 4,006.06 4,006.06 4% Real 41 4 NYK E SDO 2041 ALM 0.00 0.00 0.00 0.00 0.00 24,266.56 36,804.28 12,537.72 12,537.72 4 NYK E SDO 2041 IO30 0.00 0.00 0.00 0.00 0.00 22,460.07 34,064.45 11,604.37 11,604.37 0.00 0.00 0.00 0.00 0.00 46,726.63 70,868.72 24,142.09 24,142.09

RESULTATOPGØRELSE Periode: 30-11-2014 til 31-12-2014 Kurs Valuta Renter/udbytte Realiseret Urealiseret Realiseret Urealiseret Påløbne Påløbne Afkast Værdipapir gev./tab gev./tab gev./tab gev./tab Realiseret primo ultimo I alt I alt Sum Realkreditobligationer 0.00 0.00 0.00 0.00 0.00 54,480.30 82,628.45 28,148.15 28,148.15 SUM Obligationer - Udtrukne (DKK) 0.00 0.00 0.00 0.00 0.00 54,480.30 82,628.45 28,148.15 28,148.15 SUM TOTAL, OBLIGATIONER 0.00-362,804.29 0.00 0.00 0.00 1,713,162.81 1,971,399.64 258,236.83-104,567.46 Investeringsforeninger (DKK) Investeringsforeninger mv. Inv. - obl.: High Yield Bonds Sky Harbor SD US HY Bonds - Class B Cap. DKK Hedged 0.00-270,631.25 0.00 0.00 0.00 0.00 0.00 0.00-270,631.25 0.00-270,631.25 0.00 0.00 0.00 0.00 0.00 0.00-270,631.25 Inv. - akt.: Danske SEBinvest Danske Aktier 0.00-5,148.69 0.00 0.00 0.00 0.00 0.00 0.00-5,148.69 0.00-5,148.69 0.00 0.00 0.00 0.00 0.00 0.00-5,148.69 Inv. - akt.: Europa SEBInvest Europa Small Cap 0.00 275,675.71 0.00 0.00 0.00 0.00 0.00 0.00 275,675.71 0.00 275,675.71 0.00 0.00 0.00 0.00 0.00 0.00 275,675.71 Inv. - akt.: Nordamerika SEBInvest Nordamerika Indeks (SEB AB) 0.00 269,078.98 0.00 0.00 0.00 0.00 0.00 0.00 269,078.98 0.00 269,078.98 0.00 0.00 0.00 0.00 0.00 0.00 269,078.98

RESULTATOPGØRELSE Periode: 30-11-2014 til 31-12-2014 Kurs Valuta Renter/udbytte Realiseret Urealiseret Realiseret Urealiseret Påløbne Påløbne Afkast Værdipapir gev./tab gev./tab gev./tab gev./tab Realiseret primo ultimo I alt I alt Inv. - akt.: Japan SEBInvest Japan Hybrid (DIAM) 0.00 17,598.57 0.00 0.00 0.00 0.00 0.00 0.00 17,598.57 0.00 17,598.57 0.00 0.00 0.00 0.00 0.00 0.00 17,598.57 Sum Investeringsforeninger 0.00 286,573.33 0.00 0.00 0.00 0.00 0.00 0.00 286,573.33 SUM Investeringsforeninger (DKK) 0.00 286,573.33 0.00 0.00 0.00 0.00 0.00 0.00 286,573.33 SUM TOTAL, INVESTERINGSFOREN. 0.00 286,573.33 0.00 0.00 0.00 0.00 0.00 0.00 286,573.33 SUM TOTAL 0.00-76,230.96 0.00 0.00 0.00 1,713,162.81 1,971,399.64 258,236.83 182,005.87

RESULTATOPGØRELSE Periode: 30-09-2014 til 31-12-2014 Kurs Valuta Renter/udbytte Realiseret Urealiseret Realiseret Urealiseret Påløbne Påløbne Afkast Værdipapir gev./tab gev./tab gev./tab gev./tab Realiseret primo ultimo I alt I alt Kontanter (DKK) Transaktionskonto (DKK) 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 0.00 0.00 Obligationer - Inkonverterbare (DKK) Realkreditobligationer 2% Real 17 2 BRF B RO20 2017 Jan 0.00-143,134.50 0.00 0.00-14,417.53 312,166.58 436,101.92 109,517.81-33,616.69 2 RD T SDRO 2017 Apr 0.00-97,248.00 0.00 0.00-4,188.49 163,052.05 251,329.32 84,088.77-13,159.23 0.00-240,382.50 0.00 0.00-18,606.02 475,218.63 687,431.23 193,606.58-46,775.92 2% Real 19 2 RD T SDRO 2019 apr 0.00-17,773.00 0.00 0.00-4,618.08 102,468.49 160,721.64 53,635.07 35,862.07 0.00-17,773.00 0.00 0.00-4,618.08 102,468.49 160,721.64 53,635.07 35,862.07 2% Real 20 2 NYK H SDO 2020 Jan 0.00-44,100.00 0.00 0.00-189,863.01 0.00 209,424.66 19,561.65-24,538.35 0.00-44,100.00 0.00 0.00-189,863.01 0.00 209,424.66 19,561.65-24,538.35 4% Real 16 4 NDA 2 SDRO 2016 Jan -45,560.00-90,950.00 0.00 0.00 245,172.60 456,065.75 339,068.49 128,175.34-8,334.66 4 RD S SDRO 2016 Jan -3,045.00 0.00 0.00 0.00 2,473.98 0.00 0.00 2,473.98-571.02-48,605.00-90,950.00 0.00 0.00 247,646.58 456,065.75 339,068.49 130,649.32-8,905.68 4% Real 20 4 NYK D RO20 2020 Jan 0.00-71,422.50 0.00 0.00-240,665.75 0.00 266,268.49 25,602.74-45,819.76 0.00-71,422.50 0.00 0.00-240,665.75 0.00 266,268.49 25,602.74-45,819.76 Sum Realkreditobligationer -48,605.00-464,628.00 0.00 0.00-206,106.28 1,033,752.88 1,662,914.52 423,055.36-90,177.64

RESULTATOPGØRELSE Periode: 30-09-2014 til 31-12-2014 Kurs Valuta Renter/udbytte Realiseret Urealiseret Realiseret Urealiseret Påløbne Påløbne Afkast Værdipapir gev./tab gev./tab gev./tab gev./tab Realiseret primo ultimo I alt I alt SUM Obligationer - Inkonverterbare -48,605.00-464,628.00 0.00 0.00-206,106.28 1,033,752.88 1,662,914.52 423,055.36-90,177.64 Obligationer - Konverterbare (DKK) Realkreditobligationer 3.5% Real 44 3.5 NYK E SDO 2044 IO10 0.00-103,176.90 0.00 0.00 93,612.29 86,968.56 81,526.90 88,170.64-15,006.26 0.00-103,176.90 0.00 0.00 93,612.29 86,968.56 81,526.90 88,170.64-15,006.26 4% Real 41 4 NYK E SDO 2041 ALM 0.00-201,955.88 0.00 0.00-12,623.43 0.00 71,258.22 58,634.79-143,321.09 4 NYK E SDO 2041 IO30 0.00-236,574.19 0.00 0.00 122,268.50 102,684.90 73,071.55 92,655.14-143,919.05 0.00-438,530.07 0.00 0.00 109,645.07 102,684.90 144,329.77 151,289.93-287,240.13 Sum Realkreditobligationer 0.00-541,706.97 0.00 0.00 203,257.36 189,653.46 225,856.67 239,460.57-302,246.40 SUM Obligationer - Konverterbare ( 0.00-541,706.97 0.00 0.00 203,257.36 189,653.46 225,856.67 239,460.57-302,246.40 Obligationer - Realkredit Variabel Rente (DKK) Realkreditobligationer Variabel rente - kun danske VAR NYK E JCB 2016 Apr -42,075.40 0.00 0.00 0.00 109,398.77 82,956.61 0.00 26,442.16-15,633.24 VAR RD T SDRO 2015 IO10-6,534.68 0.00 0.00 0.00 19,581.11 14,765.70 0.00 4,815.41-1,719.27-48,610.08 0.00 0.00 0.00 128,979.88 97,722.31 0.00 31,257.57-17,352.51 Sum Realkreditobligationer -48,610.08 0.00 0.00 0.00 128,979.88 97,722.31 0.00 31,257.57-17,352.51

RESULTATOPGØRELSE Periode: 30-09-2014 til 31-12-2014 Kurs Valuta Renter/udbytte Realiseret Urealiseret Realiseret Urealiseret Påløbne Påløbne Afkast Værdipapir gev./tab gev./tab gev./tab gev./tab Realiseret primo ultimo I alt I alt SUM Obligationer - Realkredit Vari -48,610.08 0.00 0.00 0.00 128,979.88 97,722.31 0.00 31,257.57-17,352.51 Obligationer - Udtrukne (DKK) Realkreditobligationer 3.5% Real 44 3.5 NYK E SDO 2044 IO10 0.00 0.00 0.00 0.00-6,590.61 0.00 11,759.72 5,169.11 5,169.11 0.00 0.00 0.00 0.00-6,590.61 0.00 11,759.72 5,169.11 5,169.11 4% Real 41 4 NYK E SDO 2041 ALM 0.00 0.00 0.00 0.00-20,626.57 0.00 36,804.28 16,177.71 16,177.71 4 NYK E SDO 2041 IO30 0.00 0.00 0.00 0.00-19,091.06 0.00 34,064.45 14,973.39 14,973.39 0.00 0.00 0.00 0.00-39,717.63 0.00 70,868.72 31,151.09 31,151.09 Sum Realkreditobligationer 0.00 0.00 0.00 0.00-46,308.24 0.00 82,628.45 36,320.21 36,320.21 SUM Obligationer - Udtrukne (DKK) 0.00 0.00 0.00 0.00-46,308.24 0.00 82,628.45 36,320.21 36,320.21 SUM TOTAL, OBLIGATIONER -97,215.08-1,006,334.97 0.00 0.00 79,822.72 1,321,128.65 1,971,399.64 730,093.71-373,456.34 Investeringsforeninger (DKK) Investeringsforeninger mv. Inv. - obl.: High Yield Bonds Sky Harbor SD US HY Bonds - Class B Cap. DKK Hedged 0.00-256,785.00 0.00 0.00 0.00 0.00 0.00 0.00-256,785.00 0.00-256,785.00 0.00 0.00 0.00 0.00 0.00 0.00-256,785.00

RESULTATOPGØRELSE Periode: 30-09-2014 til 31-12-2014 Kurs Valuta Renter/udbytte Realiseret Urealiseret Realiseret Urealiseret Påløbne Påløbne Afkast Værdipapir gev./tab gev./tab gev./tab gev./tab Realiseret primo ultimo I alt I alt Inv. - akt.: Danske SEBinvest Danske Aktier 0.00-24,173.04 0.00 0.00 0.00 0.00 0.00 0.00-24,173.04 0.00-24,173.04 0.00 0.00 0.00 0.00 0.00 0.00-24,173.04 Inv. - akt.: Europa SEBInvest Europa Small Cap -252,530.50 662,440.71 0.00 0.00 0.00 0.00 0.00 0.00 409,910.22-252,530.50 662,440.71 0.00 0.00 0.00 0.00 0.00 0.00 409,910.22 Inv. - akt.: Nordamerika SEBInvest Nordamerika Indeks (SEB AB) 187,753.20 832,337.14 0.00 0.00 0.00 0.00 0.00 0.00 1,020,090.34 187,753.20 832,337.14 0.00 0.00 0.00 0.00 0.00 0.00 1,020,090.34 Inv. - akt.: Japan SEBInvest Japan Hybrid (DIAM) -117,205.39-29,713.11 0.00 0.00 0.00 0.00 0.00 0.00-146,918.51-117,205.39-29,713.11 0.00 0.00 0.00 0.00 0.00 0.00-146,918.51 Sum Investeringsforeninger -181,982.69 1,184,106.71 0.00 0.00 0.00 0.00 0.00 0.00 1,002,124.01 SUM Investeringsforeninger (DKK) -181,982.69 1,184,106.71 0.00 0.00 0.00 0.00 0.00 0.00 1,002,124.01 SUM TOTAL, INVESTERINGSFOREN. -181,982.69 1,184,106.71 0.00 0.00 0.00 0.00 0.00 0.00 1,002,124.01 SUM TOTAL -279,197.78 177,771.74 0.00 0.00 79,822.72 1,321,128.65 1,971,399.64 730,093.71 628,667.68

RESULTATOPGØRELSE Periode: 31-12-2014 til 31-12-2014 Kurs Valuta Renter/udbytte Realiseret Urealiseret Realiseret Urealiseret Påløbne Påløbne Afkast Værdipapir gev./tab gev./tab gev./tab gev./tab Realiseret primo ultimo I alt I alt Kontanter (DKK) Transaktionskonto (DKK) 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 0.00 0.00 Obligationer - Inkonverterbare (DKK) Realkreditobligationer 2% Real 17 2 BRF B RO20 2017 Jan 0.00 0.00 0.00 0.00 0.00 436,101.92 436,101.92 0.00 0.00 2 RD T SDRO 2017 Apr 0.00 0.00 0.00 0.00 0.00 251,329.32 251,329.32 0.00 0.00 0.00 0.00 0.00 0.00 0.00 687,431.23 687,431.23 0.00 0.00 2% Real 19 2 RD T SDRO 2019 apr 0.00 0.00 0.00 0.00 0.00 160,721.64 160,721.64 0.00 0.00 0.00 0.00 0.00 0.00 0.00 160,721.64 160,721.64 0.00 0.00 2% Real 20 2 NYK H SDO 2020 Jan 0.00 0.00 0.00 0.00 0.00 209,424.66 209,424.66 0.00 0.00 0.00 0.00 0.00 0.00 0.00 209,424.66 209,424.66 0.00 0.00 4% Real 16 4 NDA 2 SDRO 2016 Jan 0.00 0.00 0.00 0.00 0.00 339,068.49 339,068.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 339,068.49 339,068.49 0.00 0.00 4% Real 20 4 NYK D RO20 2020 Jan 0.00 0.00 0.00 0.00 0.00 266,268.49 266,268.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 266,268.49 266,268.49 0.00 0.00 Sum Realkreditobligationer 0.00 0.00 0.00 0.00 0.00 1,662,914.52 1,662,914.52 0.00 0.00 SUM Obligationer - Inkonverterbare 0.00 0.00 0.00 0.00 0.00 1,662,914.52 1,662,914.52 0.00 0.00

RESULTATOPGØRELSE Periode: 31-12-2014 til 31-12-2014 Kurs Valuta Renter/udbytte Realiseret Urealiseret Realiseret Urealiseret Påløbne Påløbne Afkast Værdipapir gev./tab gev./tab gev./tab gev./tab Realiseret primo ultimo I alt I alt Obligationer - Konverterbare (DKK) Realkreditobligationer 3.5% Real 44 3.5 NYK E SDO 2044 IO10 0.00 0.00 0.00 0.00 0.00 81,526.90 81,526.90 0.00 0.00 0.00 0.00 0.00 0.00 0.00 81,526.90 81,526.90 0.00 0.00 4% Real 41 4 NYK E SDO 2041 ALM 0.00 0.00 0.00 0.00 0.00 71,258.22 71,258.22 0.00 0.00 4 NYK E SDO 2041 IO30 0.00 0.00 0.00 0.00 0.00 73,071.55 73,071.55 0.00 0.00 0.00 0.00 0.00 0.00 0.00 144,329.77 144,329.77 0.00 0.00 Sum Realkreditobligationer 0.00 0.00 0.00 0.00 0.00 225,856.67 225,856.67 0.00 0.00 SUM Obligationer - Konverterbare ( 0.00 0.00 0.00 0.00 0.00 225,856.67 225,856.67 0.00 0.00 Obligationer - Udtrukne (DKK) Realkreditobligationer 3.5% Real 44 3.5 NYK E SDO 2044 IO10 0.00 0.00 0.00 0.00 0.00 11,759.72 11,759.72 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11,759.72 11,759.72 0.00 0.00 4% Real 41 4 NYK E SDO 2041 ALM 0.00 0.00 0.00 0.00 0.00 36,804.28 36,804.28 0.00 0.00 4 NYK E SDO 2041 IO30 0.00 0.00 0.00 0.00 0.00 34,064.45 34,064.45 0.00 0.00 0.00 0.00 0.00 0.00 0.00 70,868.72 70,868.72 0.00 0.00

RESULTATOPGØRELSE Periode: 31-12-2014 til 31-12-2014 Kurs Valuta Renter/udbytte Realiseret Urealiseret Realiseret Urealiseret Påløbne Påløbne Afkast Værdipapir gev./tab gev./tab gev./tab gev./tab Realiseret primo ultimo I alt I alt Sum Realkreditobligationer 0.00 0.00 0.00 0.00 0.00 82,628.45 82,628.45 0.00 0.00 SUM Obligationer - Udtrukne (DKK) 0.00 0.00 0.00 0.00 0.00 82,628.45 82,628.45 0.00 0.00 SUM TOTAL, OBLIGATIONER 0.00 0.00 0.00 0.00 0.00 1,971,399.64 1,971,399.64 0.00 0.00 Investeringsforeninger (DKK) Investeringsforeninger mv. Inv. - obl.: High Yield Bonds Sky Harbor SD US HY Bonds - Class B Cap. DKK Hedged 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 0.00 0.00 Inv. - akt.: Danske SEBinvest Danske Aktier 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 0.00 0.00 Inv. - akt.: Europa SEBInvest Europa Small Cap 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 0.00 0.00 Inv. - akt.: Nordamerika SEBInvest Nordamerika Indeks (SEB AB) 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 0.00 0.00

RESULTATOPGØRELSE Periode: 31-12-2014 til 31-12-2014 Kurs Valuta Renter/udbytte Realiseret Urealiseret Realiseret Urealiseret Påløbne Påløbne Afkast Værdipapir gev./tab gev./tab gev./tab gev./tab Realiseret primo ultimo I alt I alt Inv. - akt.: Japan SEBInvest Japan Hybrid (DIAM) 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 0.00 0.00 Sum Investeringsforeninger 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 SUM Investeringsforeninger (DKK) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 SUM TOTAL, INVESTERINGSFOREN. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 SUM TOTAL 0.00 0.00 0.00 0.00 0.00 1,971,399.64 1,971,399.64 0.00 0.00

OBLIGATIONSOVERSIGT OG RISIKOMÅL Dato: 31-12-2014 Opt.just. Varighed Korr. Off Markedsværdi+ Vægt Mod. OAD Varighed Varighed Kon- Finans- Faktor Eff. Værdipapirer Fondskode Nom påløbne rente % (MOAD) (OAD) Officiel veksitet tilsynet Officiel Rente Kontanter (DKK) Transaktionskonto (DKK) TRKONTO 1,550,941.58 1,550,941.58 1.3 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Obligationer - Inkonverterbare (DKK) 2 BRF B RO20 2017 Jan DK0009375099 21,865,000.00 23,022,646.92 19.8 1.96 2.03 2.94 0.06 2.93 0.34 0.34 2 RD T SDRO 2017 Apr DK0009286312 16,740,000.00 17,630,797.32 15.2 2.17 2.29 2.19 0.07 2.18 0.46 0.29 2 RD T SDRO 2019 apr DK0009286668 10,705,000.00 11,546,559.64 9.9 4.03 4.35 4.06 0.22 4.04 0.25 0.48 2 NYK H SDO 2020 Jan DK0009792525 10,500,000.00 11,440,224.66 9.9 4.78 5.10 5.72 0.30 5.69 0.17 0.58 4 NDA 2 SDRO 2016 Jan DK0002018043 8,500,000.00 9,158,668.49 7.9 0.99 1.02 1.96 0.02 1.95 0.51 0.24 4 NYK D RO20 2020 Jan DK0009779506 6,675,000.00 7,995,918.49 6.9 4.62 5.35 5.49 0.31 5.45 0.18 0.77 74,985,000.00 80,794,815.52 69.6 2.85 3.07 3.47 0.14 3.45 0.33 0.42 Obligationer - Konverterbare (DKK) 3.5 NYK E SDO 2044 IO10 DK0009787442 9,419,749.03 9,797,998.03 8.4 0.67 0.69 18.89-5.40 5.48 0.05 3.37 4 NYK E SDO 2041 ALM DK0009775355 7,204,127.78 7,592,367.62 6.5-1.70-1.77 16.86 0.96 1.62 0.06 3.79 4 NYK E SDO 2041 IO30 DK0009777724 7,387,453.09 7,770,797.67 6.7-2.27-2.37 16.91 2.31 1.63 0.06 3.80 24,011,329.90 25,161,163.32 21.7-0.95-1.00 17.66-1.10 3.13 0.06 3.63 Obligationer - Udtrukne (DKK) 3.5 NYK E SDO 2044 IO10 DK0009787442 1,358,737.32 1,370,497.04 1.2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4 NYK E SDO 2041 ALM DK0009775355 3,720,872.22 3,757,676.50 3.2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4 NYK E SDO 2041 IO30 DK0009777724 3,443,877.96 3,477,942.41 3.0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8,523,487.50 8,606,115.95 7.4 0.00 0.00 0.00 0.00 0.00 0.00 0.00 SUM TOTAL 109,070,758.98 116,113,036.37 100.0 1.78 1.92 6.24-0.14 3.08 0.24 1.08 Beregnet ved Beregnet ved Beregnet ved Opt. justeret officiel Finanstilsynets varighed varighed varighed Ændring i porteføljeværdi ved renteændring på 1 pct. point i DKK: 2,066,458.56 7,171,221.89 3,539,801.90

OBLIGATIONSOVERSIGT OG RISIKOMÅL Dato: 31-12-2014 Opt.just. Varighed Korr. Off Markedsværdi+ Vægt Mod. OAD Varighed Varighed Kon- Finans- Faktor Eff. Værdipapirer Fondskode Nom påløbne rente % (MOAD) (OAD) Officiel veksitet tilsynet Officiel Rente Beregnet ved Beregnet ved Beregnet ved Opt. justeret officiel Finanstilsynets varighed varighed varighed Ændring i porteføljeværdi ved renteændring på 1 pct. point i % af markedsværdi incl. renter: 1.78 6.18 3.05

TRANSAKTIONSLISTE Bankkonto: 61006117030 Periode: 09-29-2014 til 12-31-2014 Vi har udført følgende handler for Dem: Handels- Handels Andre Børsdato Valør Transaktion Antal ISIN Værdipapir Kurs Kursværdi Renter Kurtage udgifter afgift Total beløb Mægler 10-10-14 10-14-14 KØB 920,000.00 DK0009375099 2 BRF B RO20 2017 Jan 104.0600 957,352.00 0.00 0.00 957,352.00 SYDBANK A/S COPENHAGEN 10-10-14 10-14-14 PL. RENTE DK0009375099 2 BRF B RO20 2017 Jan 14,417.53 10-10-14 10-14-14 KØB 390,000.00 DK0009286312 2 RD T SDRO 2017 Apr 104.4400 407,316.00 0.00 0.00 407,316.00 SYDBANK A/S COPENHAGEN 10-10-14 10-14-14 PL. RENTE DK0009286312 2 RD T SDRO 2017 Apr 4,188.49 10-10-14 10-14-14 KØB 430,000.00 DK0009286668 2 RD T SDRO 2019 apr 106.6700 458,681.00 0.00 0.00 458,681.00 SYDBANK A/S COPENHAGEN 10-10-14 10-14-14 PL. RENTE DK0009286668 2 RD T SDRO 2019 apr 4,618.08 10-10-14 10-14-14 KØB 525,000.00 DK0009276867 4 RD S SDRO 2016 Jan 104.7400 549,885.00 0.00 0.00 549,885.00 SYDBANK A/S COPENHAGEN 10-10-14 10-14-14 PL. RENTE DK0009276867 4 RD S SDRO 2016 Jan 16,454.79 10-10-14 10-14-14 KØB 500,000.00 DK0009778375 VAR NYK E JCB 2016 Apr 101.4800 507,400.00 0.00 0.00 507,400.00 SEB A/S (interne) 10-10-14 10-14-14 PL. RENTE DK0009778375 VAR NYK E JCB 2016 Apr 265.87 10-10-14 10-14-14 KØB 490,000.00 DK0009289175 VAR RD T SDRO 2015 IO10 100.3200 491,568.00 0.00 0.00 491,568.00 SYDBANK A/S COPENHAGEN 10-10-14 10-14-14 PL. RENTE DK0009289175 VAR RD T SDRO 2015 IO10 95.20 10-10-14 10-14-14 KØB 730,000.00 DK0009787442 3.5 NYK E SDO 2044 IO10 103.8500 758,105.00 0.00 0.00 758,105.00 SYDBANK A/S COPENHAGEN 10-10-14 10-14-14 PL. RENTE DK0009787442 3.5 NYK E SDO 2044 IO10 902.58 10-10-14 10-14-14 KØB 450,000.00 DK0009777724 4 NYK E SDO 2041 IO30 105.0200 472,590.00 0.00 0.00 472,590.00 SYDBANK A/S COPENHAGEN 10-10-14 10-14-14 PL. RENTE DK0009777724 4 NYK E SDO 2041 IO30 635.87 10-10-14 10-14-14 SALG 10,970.000 DK0016283211 SEBInvest Europa Small Cap 281.4600 3,087,616.20 0.00 0.00 3,087,616.20 Handler fra IFS systemet eller Interne 10-14-14 10-16-14 SALG 19,694.000 DK0016283484 SEBInvest Japan Hybrid (DIAM) 73.9447 1,456,266.43 0.00 0.00 1,456,266.43 Handler fra IFS systemet eller Interne

Vi har udført følgende handler for Dem: Handels- Handels Andre Børsdato Valør Transaktion Antal ISIN Værdipapir Kurs Kursværdi Renter Kurtage udgifter afgift Total beløb Mægler 10-27-14 10-29-14 KØB 10,925,000.00 DK0009775355 4 NYK E SDO 2041 ALM 104.7500 11,443,937.50 0.00 0.00 11,443,937.50 JYSKE BANK AS DENMARK 10-27-14 10-29-14 PL. RENTE DK0009775355 4 NYK E SDO 2041 ALM 33,250.00 10-27-14 10-29-14 SALG 11,346,697.55 DK0009289175 VAR RD T SDRO 2015 IO10 100.2050 11,369,958.28 0.00 0.00 11,369,958.28 JYSKE BANK AS DENMARK 10-27-14 10-29-14 PL. RENTE DK0009289175 VAR RD T SDRO 2015 IO10 4,748.35 11-24-14 11-26-14 KØB 6,675,000.00 DK0009779506 4 NYK D RO20 2020 Jan 116.8700 7,801,072.50 0.00 0.00 7,801,072.50 SEB COPENHAGEN (obl.) 11-24-14 11-26-14 PL. RENTE DK0009779506 4 NYK D RO20 2020 Jan 240,665.75 11-24-14 11-26-14 SALG 6,800,000.00 DK0002018043 4 NDA 2 SDRO 2016 Jan 104.1600 7,082,880.00 0.00 0.00 7,082,880.00 SEB COPENHAGEN (obl.) 11-24-14 11-26-14 PL. RENTE DK0002018043 4 NDA 2 SDRO 2016 Jan 245,172.60 11-24-14 11-26-14 SALG 525,000.00 DK0009276867 4 RD S SDRO 2016 Jan 104.1600 546,840.00 0.00 0.00 546,840.00 SEB COPENHAGEN (obl.) 11-24-14 11-26-14 PL. RENTE DK0009276867 4 RD S SDRO 2016 Jan 18,928.77 11-25-14 11-27-14 KØB 11,790.000 DK0010260629 SEBinvest Danske Aktier 279.2800 3,292,711.20 0.00 0.00 3,292,711.20 Handler fra IFS systemet eller Interne 11-25-14 11-27-14 SALG 42,151.000 DK0016283997 SEBInvest Nordamerika Indeks (SEB AB) 77.3200 3,259,115.32 0.00 0.00 3,259,115.32 Handler fra IFS systemet eller Interne 11-25-14 11-27-14 KØB 10,500,000.00 DK0009792525 2 NYK H SDO 2020 Jan 107.3800 11,274,900.00 0.00 0.00 11,274,900.00 SEB COPENHAGEN (obl.) 11-25-14 11-27-14 PL. RENTE DK0009792525 2 NYK H SDO 2020 Jan 189,863.01 11-25-14 11-27-14 SALG 11,260,000.00 DK0009778375 VAR NYK E JCB 2016 Apr 101.2210 11,397,484.60 0.00 0.00 11,397,484.60 SEB COPENHAGEN (obl.) 11-25-14 11-27-14 PL. RENTE DK0009778375 VAR NYK E JCB 2016 Apr 26,252.22

BANKKONTI Bankkonto: 61006117030 Periode: 09-30-2014 til 12-31-2014 Valuta: Danske Kroner Handels- Tran.- Beløb i Beløb i dato Valør kode Transaktion Betegnelse Valutakurs lokal valuta (DKK) Danske Kroner Transaktionskonto (DKK) 09-30-14 Balance ved start 1,701,636.64 1,701,636.64 10-01-14 10-01-14 dp Renter VAR RD T SDRO 2015 IO10 1.0000000 14,927.96 14,927.96 10-01-14 10-01-14 dp Renter VAR NYK E JCB 2016 Apr 1.0000000 83,412.42 83,412.42 10-01-14 10-01-14 dp Renter 4 NYK E SDO 2041 IO30 1.0000000 103,813.31 103,813.31 10-01-14 10-01-14 dp Renter 3.5 NYK E SDO 2044 IO10 1.0000000 87,924.26 87,924.26 10-10-14 10-14-14 wd Køb 2 BRF B RO20 2017 Jan 1.0000000-957,352.00-957,352.00 10-10-14 10-14-14 wd Køb 2 RD T SDRO 2017 Apr 1.0000000-407,316.00-407,316.00 10-10-14 10-14-14 wd Køb 2 RD T SDRO 2019 apr 1.0000000-458,681.00-458,681.00 10-10-14 10-14-14 wd Køb 4 RD S SDRO 2016 Jan 1.0000000-549,885.00-549,885.00 10-10-14 10-14-14 wd Køb VAR NYK E JCB 2016 Apr 1.0000000-507,400.00-507,400.00 10-10-14 10-14-14 wd Køb VAR RD T SDRO 2015 IO10 1.0000000-491,568.00-491,568.00 10-10-14 10-14-14 wd Køb 3.5 NYK E SDO 2044 IO10 1.0000000-758,105.00-758,105.00 10-10-14 10-14-14 wd Køb 4 NYK E SDO 2041 IO30 1.0000000-472,590.00-472,590.00 10-10-14 10-14-14 dp Salg SEBInvest Europa Small Cap 1.0000000 3,087,616.20 3,087,616.20 10-10-14 10-14-14 wd Påløbne renter 2 BRF B RO20 2017 Jan 1.0000000-14,417.53-14,417.53 10-10-14 10-14-14 wd Påløbne renter 2 RD T SDRO 2017 Apr 1.0000000-4,188.49-4,188.49 10-10-14 10-14-14 wd Påløbne renter 2 RD T SDRO 2019 apr 1.0000000-4,618.08-4,618.08 10-10-14 10-14-14 wd Påløbne renter 4 RD S SDRO 2016 Jan 1.0000000-16,454.79-16,454.79 10-10-14 10-14-14 wd Påløbne renter VAR NYK E JCB 2016 Apr 1.0000000-265.87-265.87 10-10-14 10-14-14 wd Påløbne renter VAR RD T SDRO 2015 IO10 1.0000000-95.20-95.20 10-10-14 10-14-14 wd Påløbne renter 3.5 NYK E SDO 2044 IO10 1.0000000-902.58-902.58 10-10-14 10-14-14 wd Påløbne renter 4 NYK E SDO 2041 IO30 1.0000000-635.87-635.87 10-14-14 10-16-14 dp Salg SEBInvest Japan Hybrid (DIAM) 1.0000000 1,456,266.43 1,456,266.43 10-27-14 10-29-14 wd Køb 4 NYK E SDO 2041 ALM 1.0000000-11,443,937.50-11,443,937.50 10-27-14 10-29-14 dp Salg VAR RD T SDRO 2015 IO10 1.0000000 11,369,958.28 11,369,958.28 10-27-14 10-29-14 wd Påløbne renter 4 NYK E SDO 2041 ALM 1.0000000-33,250.00-33,250.00 10-27-14 10-29-14 dp Påløbne renter VAR RD T SDRO 2015 IO10 1.0000000 4,748.35 4,748.35 11-24-14 11-26-14 wd Køb 4 NYK D RO20 2020 Jan 1.0000000-7,801,072.50-7,801,072.50 11-24-14 11-26-14 dp Salg 4 NDA 2 SDRO 2016 Jan 1.0000000 7,082,880.00 7,082,880.00 11-24-14 11-26-14 dp Salg 4 RD S SDRO 2016 Jan 1.0000000 546,840.00 546,840.00 11-24-14 11-26-14 wd Påløbne renter 4 NYK D RO20 2020 Jan 1.0000000-240,665.75-240,665.75 11-24-14 11-26-14 dp Påløbne renter 4 NDA 2 SDRO 2016 Jan 1.0000000 245,172.60 245,172.60 11-24-14 11-26-14 dp Påløbne renter 4 RD S SDRO 2016 Jan 1.0000000 18,928.77 18,928.77 11-25-14 11-27-14 wd Køb SEBinvest Danske Aktier 1.0000000-3,292,711.20-3,292,711.20 11-25-14 11-27-14 dp Salg SEBInvest Nordamerika Indeks 1.0000000 3,259,115.32 3,259,115.32 (SEB AB) 11-25-14 11-27-14 wd Køb 2 NYK H SDO 2020 Jan 1.0000000-11,274,900.00-11,274,900.00 11-25-14 11-27-14 dp Salg VAR NYK E JCB 2016 Apr 1.0000000 11,397,484.60 11,397,484.60 11-25-14 11-27-14 wd Påløbne renter 2 NYK H SDO 2020 Jan 1.0000000-189,863.01-189,863.01 11-25-14 11-27-14 dp Påløbne renter VAR NYK E JCB 2016 Apr 1.0000000 26,252.22 26,252.22 12-11-14 12-11-14 wd Omkostninger Depotgebyr 1.0000000-15,160.41-15,160.41 12-31-14 Balance ved slut 1,550,941.58 1,550,941.58 Danske Kroner Total 1,550,941.58 1,550,941.58

SEB Performance Decomposition [ff_fmidt] From: 2013-12-31 to 2014-12-31 Afkastbidrag målt i %-point Aktivklasse H1 14 Jul Aug Sep Oct Nov Dec Total High Yield Obligationer +0.20-0.05 +0.03-0.12 +0.05-0.04-0.17-0.11 Kontanter +0.02 +0.04 +0.00 +0.00 +0.00 +0.00 +0.00 +0.07 Obligationer +1.11 +0.04 +0.13 +0.08 +0.04-0.21-0.07 +1.11 Aktier +1.17-0.10 +0.63 +0.12-0.02 +0.47 +0.36 +2.67 Amerikanske Aktier +0.62 +0.07 +0.42 +0.17 +0.23 +0.26 +0.17 +1.97 Danske Aktier +0.00 +0.00 +0.00 +0.00 +0.00-0.01-0.00-0.02 Europæiske Aktier +0.67-0.25 +0.21-0.09-0.16 +0.24 +0.18 +0.80 Japanske Aktier -0.12 +0.09-0.00 +0.04-0.09-0.01 +0.01-0.08 Total +2.51-0.07 +0.79 +0.08 +0.06 +0.22 +0.12 +3.75 Afkastbidrag målt i DKK (100.000) Aktivklasse H1 14 Jul Aug Sep Oct Nov Dec Total High Yield Obligationer 3-1 0-2 1-1 -3-2 Kontanter 0 1 0 0 0 0 0 1 Obligationer 15 1 2 1 1-3 -1 15 Aktier 18-2 10 2-0 7 6 40 Amerikanske Aktier 9 1 7 3 4 4 3 30 Danske Aktier 0 0 0 0 0-0 -0-0 Europæiske Aktier 9-4 3-1 -2 4 3 11 Japanske Aktier -1 1-0 1-1 -0 0-0 Total 35-1 12 1 1 3 2 54

SEB Performance Decomposition [ff_fmidt] From: 2013-12-31 to 2014-12-31 Portefølje aktivklasse afkast målt i % Aktivklasse Jan Jul Aug Sep Oct Nov Dec Total High Yield Obligationer +1.9-0.6 +0.4-1.3 +0.6-0.5-2.0-1.6 Kontanter +4.0 +5.9 +0.0 +0.0 +0.0 +0.0 +0.0 +10.1 Obligationer +1.6 +0.0 +0.2 +0.1 +0.1-0.3-0.1 +1.6 Amerikanske Aktier +7.5 +0.8 +5.3 +2.0 +2.7 +2.9 +2.5 +26.2 Danske Aktier +0.0 +0.0 +0.0 +0.0 +0.0-0.6-0.2-0.7 Europæiske Aktier +9.8-3.1 +2.0-1.0-0.1 +3.4 +2.4 +13.7 Japanske Aktier -1.8 +3.2 +0.2 +2.1-2.0-1.1 +1.1 +1.7 Andel af afkast der kommer fra de respektive aktivklasser, % Aktivklasse H1 14 Jul Aug Sep Oct Nov Dec Total High Yield Obligationer +8.1 +67.8 +4.0-144.2 +80.1-18.4-148.6-2.8 Kontanter +0.9-60.2 +0.0 +0.0 +0.0 +0.0 +0.0 +1.8 Obligationer +44.3-49.3 +16.1 +97.7 +57.9-93.2-57.4 +29.7 Aktier +46.8 +141.6 +79.9 +146.5-37.9 +211.5 +306.1 +71.4 Amerikanske Aktier +24.9-90.6 +53.1 +210.0 +361.8 +114.1 +147.8 +52.6 Danske Aktier +0.0 +0.0 +0.0 +0.0 +0.0-5.4-2.8-0.4 Europæiske Aktier +26.6 +352.8 +27.0-116.4-248.9 +107.9 +151.4 +21.3 Japanske Aktier -4.6-120.6-0.2 +53.0-150.9-5.0 +9.7-2.2 Total +100.0 +100.0 +100.0 +100.0 +100.0 +100.0 +100.0 +100.0

SEB Performance Decomposition [ff_fmidt] From: 2013-12-31 to 2014-12-31 Gennemsnitlig vægt målt i % Aktivklasse H1 14 Jul Aug Sep Oct Nov Dec Total High Yield Obligationer +10.6 +8.8 +8.7 +8.7 +8.7 +8.6 +8.4 +9.6 Kontanter +0.7 +0.9 +0.8 +0.8 +0.8 +0.6 +1.0 +0.8 Obligationer +70.8 +71.5 +71.1 +70.9 +73.4 +73.8 +73.3 +71.6 Aktier +17.9 +18.8 +19.4 +19.6 +17.1 +16.9 +17.2 +18.0 Amerikanske Aktier +8.0 +8.0 +8.0 +8.4 +8.3 +8.5 +6.8 +8.0 Danske Aktier +0.0 +0.0 +0.0 +0.0 +0.0 +0.4 +2.1 +0.2 Europæiske Aktier +6.9 +8.1 +8.8 +9.2 +7.4 +7.1 +7.3 +7.4 Japanske Aktier +3.0 +2.7 +2.5 +2.0 +1.4 +1.0 +1.0 +2.4 Total +100.0 +100.0 +100.0 +100.0 +100.0 +100.0 +100.0 +100.0 Portfolio Weighes Over Time 100 90 80 PF weight, % 70 60 50 40 30 20 10 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec High Yield Obligationer Kontanter Obligationer Aktier Amerikanske Aktier Danske Aktier Europæiske Aktier

SEB Performance Decomposition [ff_fmidt] From: 2013-12-31 to 2014-12-31 Allokeringsbidrag målt i %-point Date H1 14 Jul Aug Sep Oct Nov Dec Total High Yield Obligationer +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Kontanter +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Obligationer +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Aktier +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Amerikanske Aktier +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Danske Aktier +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Europæiske Aktier +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Japanske Aktier +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Total +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Selektionsbidrag målt i %-point Aktivklasse H1 14 Jul Aug Sep Oct Nov Dec Total High Yield Obligationer +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Kontanter +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Obligationer +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Aktier +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Amerikanske Aktier +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Danske Aktier +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Europæiske Aktier +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Japanske Aktier +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Total +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00

SEB Performance Decomposition [ff_fmidt] From: 2013-12-31 to 2014-12-31 Interaktionsbidrag målt i %-point Aktivklasse H1 14 Jul Aug Sep Oct Nov Dec Total High Yield Obligationer +0.20-0.05 +0.03-0.12 +0.05-0.04-0.17-0.10 Kontanter +0.02 +0.04 +0.00 +0.00 +0.00 +0.00 +0.00 +0.07 Obligationer +1.11 +0.04 +0.13 +0.08 +0.04-0.21-0.07 +1.12 Aktier +1.17-0.10 +0.63 +0.12-0.02 +0.47 +0.36 +2.66 Amerikanske Aktier +0.62 +0.06 +0.42 +0.17 +0.23 +0.26 +0.17 +1.96 Danske Aktier +0.00 +0.00 +0.00 +0.00 +0.00-0.01-0.00-0.02 Europæiske Aktier +0.67-0.25 +0.21-0.09-0.16 +0.24 +0.18 +0.80 Japanske Aktier -0.12 +0.09-0.00 +0.04-0.10-0.01 +0.01-0.09 Total +2.51-0.07 +0.79 +0.08 +0.06 +0.22 +0.12 +3.75 Totalbidrag målt i %-point Aktivklasse H1 14 Jul Aug Sep Oct Nov Dec Total High Yield Obligationer +0.20-0.05 +0.03-0.12 +0.05-0.04-0.17-0.10 Kontanter +0.02 +0.04 +0.00 +0.00 +0.00 +0.00 +0.00 +0.07 Obligationer +1.11 +0.04 +0.13 +0.08 +0.04-0.21-0.07 +1.12 Aktier +1.17-0.10 +0.63 +0.12-0.02 +0.47 +0.36 +2.66 Amerikanske Aktier +0.62 +0.06 +0.42 +0.17 +0.23 +0.26 +0.17 +1.96 Danske Aktier +0.00 +0.00 +0.00 +0.00 +0.00-0.01-0.00-0.02 Europæiske Aktier +0.67-0.25 +0.21-0.09-0.16 +0.24 +0.18 +0.80 Japanske Aktier -0.12 +0.09-0.00 +0.04-0.10-0.01 +0.01-0.09 Total +2.51-0.07 +0.79 +0.08 +0.06 +0.22 +0.12 +3.75 PF return (calc) +2.51-0.07 +0.79 +0.08 +0.06 +0.22 +0.12 +3.75 BM return (calc) +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 +0.00 Calc diff +2.51-0.07 +0.79 +0.08 +0.06 +0.22 +0.12 +3.75

SEB Performance Decomposition [ff_fmidt] From: 2013-12-31 to 2014-12-31 Gennemsnitlige aktivevægte over perioden % Aktivklasse H1 14 Jul Aug Sep Oct Nov Dec Total High Yield Obligationer +10.6 +8.8 +8.7 +8.7 +8.7 +8.6 +8.4 +8.9 Kontanter +0.7 +0.9 +0.8 +0.8 +0.8 +0.6 +1.0 +0.8 Obligationer +70.8 +71.5 +71.1 +70.9 +73.4 +73.8 +73.3 +72.1 Aktier +17.9 +18.8 +19.4 +19.6 +17.1 +16.9 +17.2 +18.1 Amerikanske Aktier +8.0 +8.0 +8.0 +8.4 +8.3 +8.5 +6.8 +8.0 Danske Aktier +0.0 +0.0 +0.0 +0.0 +0.0 +0.4 +2.1 +0.4 Europæiske Aktier +6.9 +8.1 +8.8 +9.2 +7.4 +7.1 +7.3 +7.8 Japanske Aktier +3.0 +2.7 +2.5 +2.0 +1.4 +1.0 +1.0 +2.0 Total +100. 0 +100. 0 +100. 0 +100. 0 +100. 0 +100. 0 +100. 0 +100

SEB Performance Decomposition [ff_fmidt] From: 2013-12-31 to 2014-12-31 Performance decomposition Aktivklasse Allokering Selektion Interaktion Total High Yield Obligationer +0.00 +0.00-0.10-0.10 Kontanter +0.00 +0.00 +0.07 +0.07 Obligationer +0.00 +0.00 +1.12 +1.12 Aktier +0.00 +0.00 +2.66 +2.66 Amerikanske Aktier +0.00 +0.00 +1.96 +1.96 Danske Aktier +0.00 +0.00-0.02-0.02 Europæiske Aktier +0.00 +0.00 +0.80 +0.80 Japanske Aktier +0.00 +0.00-0.09-0.09 Total +0.00 +0.00 +3.75 +3.75 Portfolio Weighes Over Time 3.5 3 2.5 Contribution, % 2 1.5 Alloc Selec Inter Total 1 0.5 0 01/14 04/14 07/14 10/14

SEB Performance Decomposition [ff_fmidt] From: 2013-12-31 to 2014-12-31 Portefølje aktivklasse afkast målt i % Aktivklasse Jan Jul Aug Sep Oct Nov Dec Total High Yield Obligationer +1.9-0.6 +0.4-1.3 +0.6-0.5-2.0-1.6 Kontanter +4.0 +5.9 +0.0 +0.0 +0.0 +0.0 +0.0 +10.1 Obligationer +1.6 +0.0 +0.2 +0.1 +0.1-0.3-0.1 +1.6 Amerikanske Aktier +7.5 +0.8 +5.3 +2.0 +2.7 +2.9 +2.5 +26.2 Danske Aktier +0.0 +0.0 +0.0 +0.0 +0.0-0.6-0.2-0.7 Europæiske Aktier +9.8-3.1 +2.0-1.0-0.1 +3.4 +2.4 +13.7 Japanske Aktier -1.8 +3.2 +0.2 +2.1-2.0-1.1 +1.1 +1.7 Benchmark aktivklasse afkast målt i % Aktivklasse Jan Jul Aug Sep Oct Nov Dec Total High Yield Obligationer +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 Kontanter +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 Obligationer +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 Amerikanske Aktier +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 Danske Aktier +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 Europæiske Aktier +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 Japanske Aktier +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 +0.0 +0.0

SEB Performance Decomposition [ff_fmidt] From: 2013-12-31 to 2014-12-31 Historical benchmark weights Benchmark navn Dato Index ID Vægt Currency No external benchmark - - - -

SEB Risk report - 2014-12-31 Risiko overblik Aktivklasse PF BM AV VaR (95.0%) ES (95.0%) Vol TaR (95.0%) VaR(95.0%) mio. DKK Std Aktier 17.5 0.0 17.5-5.5-6.3 3.8-5.5-8.5 22.4 Amerikanske Aktier 7.0 0.0 7.0-1.9-2.3 1.3-1.9-3.1 21.1 Europæiske Aktier 7.4 0.0 7.4-2.7-3.1 1.9-2.7-4.2 27.2 Danske Aktier 2.1 0.0 2.1-0.6-0.7 0.4-0.6-1.0 22.3 Japanske Aktier 1.0 0.0 1.0-0.2-0.2 0.1-0.2-0.3 19.1 Obligationer 73.1 0.0 73.1 0.1-0.1-0.0 0.1 0.2 1.2 Kontanter 1.0 0.0 1.0 0.0 0.0-0.0 0.0 0.0 0.3 Short Duration HY 8.4 0.0 8.4-0.2-0.1 0.1-0.2-0.3 4.8 Total 100.0 0.0 100.0-5.5-6.5 3.8-5.5-8.6 3.8 Value at Risk (95.0%) Expected Shortfall (95.0%) Value at Risk, % 0-1 -2-3 -4-5 Amerikanske Aktier Europæiske Aktier Danske Aktier Japanske Aktier Obligationer Kontanter Short Duration HY Expected Shortfall, % 0-1 -2-3 -4-5 -6 Amerikanske Aktier Europæiske Aktier Danske Aktier Japanske Aktier Obligationer Kontanter Short Duration HY -6-7 Marginal contribution to Tracking Error Tracking Error at Risk (95.0%) Tracking Error, % 4 3.5 3 2.5 2 1.5 1 0.5 0 Amerikanske Aktier Europæiske Aktier Danske Aktier Japanske Aktier Obligationer Kontanter Short Duration HY Tracking Error at Risk, % 0-1 -2-3 -4-5 -6 Amerikanske Aktier Europæiske Aktier Danske Aktier Japanske Aktier Obligationer Kontanter Short Duration HY

SEB Risk report - 2014-12-31 Conditional Returns GE GOVT 10Y \ MSCI W -10.0-8.0-6.0-4.0-2.0 0.0 2.0 4.0 6.0 8.0 10.0-0.5-0.5-0.2 0.2 0.5 0.9 1.3 1.7 2.1 2.4 2.8 3.2-0.4-0.8-0.4-0.0 0.3 0.7 1.1 1.5 1.9 2.3 2.7 3.1-0.3-1.0-0.6-0.3 0.1 0.5 0.9 1.3 1.7 2.1 2.5 2.9-0.2-1.2-0.9-0.5-0.1 0.3 0.7 1.1 1.5 1.9 2.3 2.7-0.1-1.5-1.1-0.7-0.3 0.1 0.5 0.9 1.3 1.7 2.1 2.5 0.0-1.7-1.3-0.9-0.5-0.1 0.3 0.7 1.1 1.5 1.9 2.2 0.1-1.9-1.5-1.1-0.7-0.3 0.1 0.5 0.9 1.3 1.7 2.1 0.2-2.2-1.7-1.3-0.9-0.5-0.1 0.3 0.7 1.1 1.5 1.9 0.3-2.4-1.9-1.4-1.0-0.6-0.2 0.1 0.5 0.9 1.3 1.7 0.4-2.6-2.0-1.6-1.1-0.8-0.4-0.0 0.3 0.7 1.1 1.5 0.5-2.4-2.1-1.6-1.2-0.9-0.5-0.2 0.2 0.6 0.9 1.3

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