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Catella Nordic TigerThe Best of Both Worlds

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Catella is the leading multi-boutique asset manager serving investors a gateway into the Nordic investment landscape. • Catella AB, strong capitalized owner, OMX Nasdaq

listed (First North).

• 50 employees in Stockholm and Malmö.

• Providing asset management for

• Institutions, High Net Worth Individuals and Retail through distributors.

• Strategies: Long Only, Alternativ, Allocation

• Funds available through distributors like Folksam, Sparbanken Finn, Sparbanken Gripen, UBS, Skandia, Swedbank, Storebrand, MaxM, Länsförsäkringar,, SEB, Avanza and Nordnet.

• Sponsor of Swedish Tennis

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Catella Fondförvaltning AB

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Why Catella Nordic Tiger“The Nordic way, safe and sound”

Get emerging markets exposure through a mature, regulated market with great fundamentals.

Emerging markets are driving global growth today. Asia is on its way to uncovering the power of a rapidly

awaking consumer market

Nordic companies have a large and increasing exposure towards emerging markets.

Catella has a thorough knowledge of and a proven track record in the Nordic equity space.

Portfolio outperforming index significantly when back testing.

“You are in a great position. Your country´s finance has no problems and you have a strong export that gains on globalization.” Jim O’Neill, Chief economist Goldman Sachs. Source: Dagens Industri 2010-09-10

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% revenuesales towardemergingmarkets

Estimatedgrowth towardemergingmarkets 1-2 yrs

62% 5-12%

45% 10-15%

40% 2-5%

40% 5-10%

38% 15-20%

Source: Societe General, Emerging markets attraction report

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Executive summary Fund objective

Catella Nordic Tiger aims to exploit compelling opportunities in Nordic growth stocks with a large revenue exposure against emerging markets

Highly liquid Nordic stocks with a significant revenues exposure in emerging markets.

Long only fund

The fund’s target is to outperform the Nordic equity market

Tracking Error target: 4-8% p.a.

UCITS III, Daily traded, Luxembourg domiciled

Experienced team

Back testing results are impressive

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Investment Philosophy We believe that promising stocks requires hard work, not

guesswork

Emerging Markets will be leading the global growth for the foreseeable future.

Investors should expect a return better than market index through active management.

Our experience, our combination of fund managers and our non-committee style position taking are the key offerings to our investors

All portfolio managers should be close to the market, all trading are done directly by the portfolio managers.

We also believe in the use of derivatives for risk control and as a complement for enhanced return.

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Investment Process Catella Nordic Tiger

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The fund is investing in Nordic equities with significant revenue exposure towards emerging markets. The average revenue sales exposure of the companies in the investment

universe should normally be above 45%. All companies in portfolio has a minimum of 20% revenues in emerging markets.

Emerging market definition: Countries included in the Dow Jones emerging markets classification.

Investment universe reviewed on a quarterly basis.

Alpha is generated from bottom up stock picking and top down allocation.

Significant bet size and concentrated portfolio, average of 30-45 lines.

Trend analysis of fundamental data, macro and equity markets.

A top down view governs the choice of preferred sectors and region exposure.

The bottom up analysis dictates preferred shares within the universe.

Derivatives are actively used to control risk or balance the cash, but also as a complement to the stock portfolio.

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Investors with risk appetite seeking Nordic exposure

Emerging markets exposure

Growth

Concentrated portfolio

High return, high risk

Nordic markets: Mature, regulated and secure market venues with sound fundamentals.

We will offer you the best of both worlds

Invest in Catella Nordic Tiger

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The team

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Industryexperience

Years with the firm Years managing Nordic equities

Primary Portfolio manager: Ola Mårtensson

11 7 11

Pehr Blomquist 23 10 16

Henrik Holmer 5 5 2

Klas Nisbeth 5 4 1

Mr Mårtensson has been portfolio manager at Catella since 2003. He has previous been working for SEB Asset Management as Quantitative Analyst and for Sungard as developer. He has a Master of Science in Engineering Physics from Lund University and is a CFA chart holder.

Mr. Blomquist has been portfolio manager at Catella since 2004. He has previous been CIO at CatellaSponsor Stiftelseförvaltning and portfolio Manger and Partner at IBP, Selective Capital and GSAM (today Goldman Sachs). He has Bachelor of Science in Economy from Stockholm Univ, Master of Science Economy from University of Pennsylvania and Post graduate studies in Macro Economy from Princeton University.

Henrik and Klas has solid experience from post trade functions and have recently been promoted to support Pehr and Ola in with the portfolio management, research and trade execution.

The team have solid experience of managing Nordic equities and European equities under relative, absolute and allocation mandates. The team is today managing 1.6 Billon SEK

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Facts

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Strategy Long Only

Investment Universe Nordic listed companies

Type UCITS III

Tracking error target 4-8%

Liquidity < 50%

Exposure Normal gross 95-103%

Benchmark NASDAQ OMX VINX Nordic Net Return

Concentration 25-35 long positions

Management Fee Min Investment 100 SEK

1,5%

Management Fee Min investment 10 MSEK

Max 0,8%, 20% Performance FeeHWM: Eternal

Share classes Retail, Institutional, SEK, EUR, GBP

Subscription/Redemption Daily

Domicile Luxembourg

Performance dissemination Catella website & Swedish financial media,

Currency SEK

Inception date Q4 2010

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Appendix 1: Catella Nordic Tiger

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Catella’s Risk Management has back tracked a portfolio of 38 holdings that qualifies in the universe of having minimum of 20 percent revenue sales (Aug 2010) from emerging markets. The companies have in average 45% revenue sales exposure against emerging market. Research received from third party: Bloomberg

We have back tracked a market weighted (historical market weights) capped (<9%) Nordic portfolio against Nasdaq OMX Nordic VINX Benchmark Net Return. (Nordic Equity Index capped <9%)

50,00

100,00

200,00

Nordic Tiger

VINX Nordic Equity Index

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Catella Nordic Tiger v.s. iShares MSCI EMI SEK

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Volatility since 2003-04-11

Ishares MSCI EMI SEK 33,48%

Catella Nordic Tiger Value Weighted 22,66%

Catella’s Risk Management has back tested a portfolio (20030411-20101219) of 45 holdings that qualifies in the universe of having minimum of 20 percent revenue sales (Aug 2010) from emerging markets. The companies have in average more than 45% revenue sales exposure against emerging market. The fund was launched 20101217. The data from 20101220 is based on Catella Nordic Tigers net asset value. Research received from third party: Bloomberg

100,00

200,00

400,00

2003-04-11 2004-04-11 2005-04-11 2006-04-11 2007-04-11 2008-04-11 2009-04-11 2010-04-11

iShares MSCI Emerging Market Index SEK Catella Nordic Tiger *

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Appendix 3: Catella Nordic Tiger – Topperformers 1 Month

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Asset Name

DANISCO

AP MOLLER­MAERSK B

SUBSEA 7 INC

NOKIA OYJ

ABB LTD

NKT (NORDISK KABEL)

NOVOZYMES A/S­B

VESTAS WIND SYSTEM 

MEDA A

AKER KVAERNER

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Appendix 3: Catella Nordic Tiger investment univers– Overweight and underweight since 20th Jan, 2010

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ELEKTA AB­B 2,00%

METSO OYJ (FIM10) 1,80%

NOVOZYMES A/S­B 1,75%

OUTOKUMPU TECHNOLOGY 1,65%

SAAB AB B 1,58%

TGS NOPEC GEOPH.CO (NO 1,56%

AUTOLIV SDB 1,43%

TELENOR ­1,31%

NOVO­NORDISK B ­1,50%

TELIASONERA AB ­1,89%

ERICSSON TEL. AB­B ­2,00%

AP MOLLER­MAERSK B ­2,66%

NOKIA OYJ ­2,68%

ABB LTD ­3,53%

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DISCLAIMER This material has been prepared for professional investors. Catella Fondförvaltning AB when preparing thispresentation has not taken into account any one customer’s particular investment objectives, financialresources or other relevant circumstances and the opinions and recommendations herein are not intended to

represent recommendations of particular investments to particular customers. All securities‘ transactionsinvolve risks, which include (among others) the risk of adverse or unanticipated market, financial or politicaldevelopments and, in international transactions, currency risk. Due care and attention has been used in thepreparation of this forecast information. However, actual results may vary from their forecasts, and anyvariation may be materially positive or negative. Forecasts, by their very nature, are subject to uncertainty andcontingencies, many of which are outside the control of Catella Fondförvaltning AB.

Catella can not guarantee that the information contained herein is without fault or entirely accurate. Theinformation in this material is based on sources that Catella believes to be reliable. Catella can however notguarantee that all information is correct. Furthermore, information and opinions may change without notice.Catella is under no obligation to make amendments or changes to this publication if errors are found oropinions or information change. Catella accepts no responsibility for the accuracy of its sources.

Catella is the owner of all works of authorship including, but not limited to, all design, text, sound recordings,images and trademarks in this material unless otherwise explicitly stated. The use of Catellas material, worksor trademarks is forbidden without written consent except were otherwise expressly stated. Furthermore, it

is prohibited to publish material made or gathered by Catella without written consent.

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