Q4 2014 +29

Year 2014 +110

5 yrs (annualised) +66

AUM (million) 1570

Class RC 1304

Class IC 1268

Class ID 966

Fund performance and AUM NAV 31 December 2014 (EUR)

Class RC

NA

3-year 5-year 10-year

EUR SEK

+67

+185

+49

1482

CB SAVE EARTH FUND

Quarterly update 31 December 2014

Save Earth Fund The strategy and the team

A global environmental fund three megatrends renewable

energy cleantech and water

Concentrated portfolio (6-10 funds)

Benchmark MSCI World Net

Objective Lower standard deviation than benchmark

Objective Outperform benchmark over 12 months

About CB Save Earth Fund

Company founded in 1994

Family owned acting under the supervision of the Swedish

Financial Supervisory Authority

Guidelines active ethical and long-term

An ethical framework is applied in the portfolio management

The team is based in Stockholm Sweden fund

administration is performed in Luxembourg

About CB Fonder

The team

Carl Bernadotte

Portfolio Manager amp owner

gt25 yearsrsquo experience

Born 1955

Marcus Grimfors

Portfolio Manager

6 yearsrsquo experience

Born 1981

Alexander Jansson

Portfolio Manager amp CEO

6 yearsrsquo experience

Born 1983

Erik Allenius Somnell

Business Development

3 yearsrsquo experience

Born 1984

C B SAVE EAR T H FU N D

2

Save Earth Fund

3

Cartoon of the quarter Climate talks

A comment from The Economist on what can be expected during the important climate meeting in Paris 2015

The meeting is being held as a follow-up on the failed climate talks in Copenhagen 2009 There are hopes

that an agreement (like the one in Kyoto 1997) could be made The climate agreement in November between

China and the US ndash the worldrsquos two largest polluters ndash should hardly have worsened the odds for Parishellip

Source The Economist

C B SAVE EAR T H FU N D

Save Earth Fund

4

The sector and the fund in media

The Swedish business paper Dagens Industri pay attention to

climate and environmental funds because of their strong

performance over the past year More on the subject together with

some comments from Alexander Jansson can be found by clicking

on the picture to the right (NB in Swedish)

Di 5 December 2014

Financial Times published an award-winning article series on

water shortages which has become a global problem The series

highlights subjects such as the worldrsquos largest infrastructure project

in China the leading technologies for improving the efficiency of

water use and the fact that 95 of California suffer from severe

water stress Read the series by clicking on the picture to the right

FT Q3-Q4 2014

At the end of November EON Germanyrsquos largest power

providerdistributor announced that the company will be spilt in

two the new EON with renewable energy and distribution as the

main focus and the old EON to which all nuclear and fossil

power production will be allocated A sign of the times and

something we believe we will see more of as the share of

renewable energy increases at the expense of fossil energy Read

more by clicking on the picture to the right

The Economist rdquoEON and EOUTrdquo 6 December 2014

C B SAVE EAR T H FU N D

Save Earth Fund The strategy and the team

A global environmental fund three megatrends renewable

energy cleantech and water

Concentrated portfolio (6-10 funds)

Benchmark MSCI World Net

Objective Lower standard deviation than benchmark

Objective Outperform benchmark over 12 months

About CB Save Earth Fund

Company founded in 1994

Family owned acting under the supervision of the Swedish

Financial Supervisory Authority

Guidelines active ethical and long-term

An ethical framework is applied in the portfolio management

The team is based in Stockholm Sweden fund

administration is performed in Luxembourg

About CB Fonder

The team

Carl Bernadotte

Portfolio Manager amp owner

gt25 yearsrsquo experience

Born 1955

Marcus Grimfors

Portfolio Manager

6 yearsrsquo experience

Born 1981

Alexander Jansson

Portfolio Manager amp CEO

6 yearsrsquo experience

Born 1983

Erik Allenius Somnell

Business Development

3 yearsrsquo experience

Born 1984

C B SAVE EAR T H FU N D

2

Save Earth Fund

3

Cartoon of the quarter Climate talks

A comment from The Economist on what can be expected during the important climate meeting in Paris 2015

The meeting is being held as a follow-up on the failed climate talks in Copenhagen 2009 There are hopes

that an agreement (like the one in Kyoto 1997) could be made The climate agreement in November between

China and the US ndash the worldrsquos two largest polluters ndash should hardly have worsened the odds for Parishellip

Source The Economist

C B SAVE EAR T H FU N D

Save Earth Fund

4

The sector and the fund in media

The Swedish business paper Dagens Industri pay attention to

climate and environmental funds because of their strong

performance over the past year More on the subject together with

some comments from Alexander Jansson can be found by clicking

on the picture to the right (NB in Swedish)

Di 5 December 2014

Financial Times published an award-winning article series on

water shortages which has become a global problem The series

highlights subjects such as the worldrsquos largest infrastructure project

in China the leading technologies for improving the efficiency of

water use and the fact that 95 of California suffer from severe

water stress Read the series by clicking on the picture to the right

FT Q3-Q4 2014

At the end of November EON Germanyrsquos largest power

providerdistributor announced that the company will be spilt in

two the new EON with renewable energy and distribution as the

main focus and the old EON to which all nuclear and fossil

power production will be allocated A sign of the times and

something we believe we will see more of as the share of

renewable energy increases at the expense of fossil energy Read

more by clicking on the picture to the right

The Economist rdquoEON and EOUTrdquo 6 December 2014

C B SAVE EAR T H FU N D

Save Earth Fund

3

Cartoon of the quarter Climate talks

A comment from The Economist on what can be expected during the important climate meeting in Paris 2015

The meeting is being held as a follow-up on the failed climate talks in Copenhagen 2009 There are hopes

that an agreement (like the one in Kyoto 1997) could be made The climate agreement in November between

China and the US ndash the worldrsquos two largest polluters ndash should hardly have worsened the odds for Parishellip

Source The Economist

C B SAVE EAR T H FU N D

Save Earth Fund

4

The sector and the fund in media

The Swedish business paper Dagens Industri pay attention to

climate and environmental funds because of their strong

performance over the past year More on the subject together with

some comments from Alexander Jansson can be found by clicking

on the picture to the right (NB in Swedish)

Di 5 December 2014

Financial Times published an award-winning article series on

water shortages which has become a global problem The series

highlights subjects such as the worldrsquos largest infrastructure project

in China the leading technologies for improving the efficiency of

water use and the fact that 95 of California suffer from severe

water stress Read the series by clicking on the picture to the right

FT Q3-Q4 2014

At the end of November EON Germanyrsquos largest power

providerdistributor announced that the company will be spilt in

two the new EON with renewable energy and distribution as the

main focus and the old EON to which all nuclear and fossil

power production will be allocated A sign of the times and

something we believe we will see more of as the share of

renewable energy increases at the expense of fossil energy Read

more by clicking on the picture to the right

The Economist rdquoEON and EOUTrdquo 6 December 2014

C B SAVE EAR T H FU N D

Save Earth Fund

4

The sector and the fund in media

The Swedish business paper Dagens Industri pay attention to

climate and environmental funds because of their strong

performance over the past year More on the subject together with

some comments from Alexander Jansson can be found by clicking

on the picture to the right (NB in Swedish)

Di 5 December 2014

Financial Times published an award-winning article series on

water shortages which has become a global problem The series

highlights subjects such as the worldrsquos largest infrastructure project

in China the leading technologies for improving the efficiency of

water use and the fact that 95 of California suffer from severe

water stress Read the series by clicking on the picture to the right

FT Q3-Q4 2014

At the end of November EON Germanyrsquos largest power

providerdistributor announced that the company will be spilt in

two the new EON with renewable energy and distribution as the

main focus and the old EON to which all nuclear and fossil

power production will be allocated A sign of the times and

something we believe we will see more of as the share of

renewable energy increases at the expense of fossil energy Read

more by clicking on the picture to the right

The Economist rdquoEON and EOUTrdquo 6 December 2014

C B SAVE EAR T H FU N D

Save Earth Fund

5

Performance The fund and indices

Environmental investments have generally performed well over the past year which has also been the case

for MSCI World the latter driven by a strengthening US dollar as well as a strong performance for the US

stock market

The renewable energy index (Wilderhill New Energy Index) the most volatile sector in the comparison had

a solid start of the year but fell back along with the oil price Also the Cleantech index was curbed due to the

oil price decline while the water index is fairly uncorrelated with the oil price Read more about the oil price

on page 8

CB Save Earth Fund was +11 for the year The fund has since inception in June 2008 performed better

than two out of the three sectors it invests in At the same time the risk for CB Save Earth Fund has been

significantly lower than the risk in each of the three sectors as well as the MSCI World index

Source MSCI Reuters Bloomberg CB Fonder

+110

+195

Return sector indices 1 year (EUR) Risk and return sector indices since fund inception (EUR)

C B SAVE EAR T H FU N D

6

Save Earth Fund Performance The fund and other global strategies

Source CB Fonder Lipper Reuters Bloomberg

Daily data for the period 2011-12-31 ndash 2014-12-31 (EUR)

Risk and return 3 years Risk-adjusted return (Sharpe ratio) 3 years

Our objective is for the fund to offer a green and global exposure and to be a competitive alternative

compared to other global funds Over the last three years CB Save Earth Fund has stood up well especially

when looking at the risk-adjusted return (Sharpe ratio) compared to the global strategies of the most

recognized names in the Nordic market

Going forward we believe that green investments can offer a window of growth and thus a better return than

the global stock market Compare with emerging markets during the 2003-2007 period

Standard Deviation

Re

turn

pa

C B SAVE EAR T H FU N D

Save Earth Fund

7 Source CB Fonder Bloomberg

Daily data from Bloomberg for the period 2008-06-30 ndash 2014-12-31 (EUR)

Risk and return since inception (EUR) Risk-adjusted return (Sharpe ratio) since inception

Performance The fund and peers

CB Save Earth Fundrsquos objective is to offer investors a low risk alternative within a segment characterised

by high risk The fund has since inception in 2008 had a significantly lower risk than many competitors

while delivering a highly competitive return a combination that results in a high Sharpe ratio

C B SAVE EAR T H FU N D

Standard Deviation

Re

turn

pa

Save Earth Fund

8

The oil price fell by 46 in USD during 2014 which had a big impact on many markets in particular the ones directly

exposed (ie energy marketscompanies)

A falling oil price is first and foremost negative for oil companies but also companies in renewable energy is exposed due to

the decreasing incentives for substitution that comes with a lower oil price We still believe in a strong long-term case for

renewable energy but we are cautious short term

Our analysis show that the renewable energy sector historically has been hit hardest by a falling oil price followed by

cleantech The water sector on the other hand has consistently performed very well in relative terms See the below table

The unconstrained allocation mandate (between the sectors cleantech water and renewable energy) for CB Save Earth

Fund allowed us to significantly reduce the exposure towards renewable energy already in October in favor of water and

cleantech The oil price has since then fallen more than 40 Today renewable energy represent 1 of invested assets

compared to 72 for water and 20 for the cleantech sector See the current and historical allocation on page 11

Read the analysis by clicking on the below picture

What are the implications of a falling oil price on a green global equity fund

The table shows the four largest drawdowns in the oil price (in USD)

over the past decade and the performance of each sector relative to

the MSCI World index over the same period Source MSCI SampP

Reuters Bloomberg CB Fonder

Analysis Implications of a falling oil price C B SAVE EAR T H FU N D

6

Save Earth Fund Performance The fund and other global strategies

Source CB Fonder Lipper Reuters Bloomberg

Daily data for the period 2011-12-31 ndash 2014-12-31 (EUR)

Risk and return 3 years Risk-adjusted return (Sharpe ratio) 3 years

Our objective is for the fund to offer a green and global exposure and to be a competitive alternative

compared to other global funds Over the last three years CB Save Earth Fund has stood up well especially

when looking at the risk-adjusted return (Sharpe ratio) compared to the global strategies of the most

recognized names in the Nordic market

Going forward we believe that green investments can offer a window of growth and thus a better return than

the global stock market Compare with emerging markets during the 2003-2007 period

Standard Deviation

Re

turn

pa

C B SAVE EAR T H FU N D

Save Earth Fund

7 Source CB Fonder Bloomberg

Daily data from Bloomberg for the period 2008-06-30 ndash 2014-12-31 (EUR)

Risk and return since inception (EUR) Risk-adjusted return (Sharpe ratio) since inception

Performance The fund and peers

CB Save Earth Fundrsquos objective is to offer investors a low risk alternative within a segment characterised

by high risk The fund has since inception in 2008 had a significantly lower risk than many competitors

while delivering a highly competitive return a combination that results in a high Sharpe ratio

C B SAVE EAR T H FU N D

Standard Deviation

Re

turn

pa

Save Earth Fund

8

The oil price fell by 46 in USD during 2014 which had a big impact on many markets in particular the ones directly

exposed (ie energy marketscompanies)

A falling oil price is first and foremost negative for oil companies but also companies in renewable energy is exposed due to

the decreasing incentives for substitution that comes with a lower oil price We still believe in a strong long-term case for

renewable energy but we are cautious short term

Our analysis show that the renewable energy sector historically has been hit hardest by a falling oil price followed by

cleantech The water sector on the other hand has consistently performed very well in relative terms See the below table

The unconstrained allocation mandate (between the sectors cleantech water and renewable energy) for CB Save Earth

Fund allowed us to significantly reduce the exposure towards renewable energy already in October in favor of water and

cleantech The oil price has since then fallen more than 40 Today renewable energy represent 1 of invested assets

compared to 72 for water and 20 for the cleantech sector See the current and historical allocation on page 11

Read the analysis by clicking on the below picture

What are the implications of a falling oil price on a green global equity fund

The table shows the four largest drawdowns in the oil price (in USD)

over the past decade and the performance of each sector relative to

the MSCI World index over the same period Source MSCI SampP

Reuters Bloomberg CB Fonder

Analysis Implications of a falling oil price C B SAVE EAR T H FU N D

Save Earth Fund

7 Source CB Fonder Bloomberg

Daily data from Bloomberg for the period 2008-06-30 ndash 2014-12-31 (EUR)

Risk and return since inception (EUR) Risk-adjusted return (Sharpe ratio) since inception

Performance The fund and peers

CB Save Earth Fundrsquos objective is to offer investors a low risk alternative within a segment characterised

by high risk The fund has since inception in 2008 had a significantly lower risk than many competitors

while delivering a highly competitive return a combination that results in a high Sharpe ratio

C B SAVE EAR T H FU N D

Standard Deviation

Re

turn

pa

Save Earth Fund

8

The oil price fell by 46 in USD during 2014 which had a big impact on many markets in particular the ones directly

exposed (ie energy marketscompanies)

A falling oil price is first and foremost negative for oil companies but also companies in renewable energy is exposed due to

the decreasing incentives for substitution that comes with a lower oil price We still believe in a strong long-term case for

renewable energy but we are cautious short term

Our analysis show that the renewable energy sector historically has been hit hardest by a falling oil price followed by

cleantech The water sector on the other hand has consistently performed very well in relative terms See the below table

The unconstrained allocation mandate (between the sectors cleantech water and renewable energy) for CB Save Earth

Fund allowed us to significantly reduce the exposure towards renewable energy already in October in favor of water and

cleantech The oil price has since then fallen more than 40 Today renewable energy represent 1 of invested assets

compared to 72 for water and 20 for the cleantech sector See the current and historical allocation on page 11

Read the analysis by clicking on the below picture

What are the implications of a falling oil price on a green global equity fund

The table shows the four largest drawdowns in the oil price (in USD)

over the past decade and the performance of each sector relative to

the MSCI World index over the same period Source MSCI SampP

Reuters Bloomberg CB Fonder

Analysis Implications of a falling oil price C B SAVE EAR T H FU N D

Save Earth Fund

8

The oil price fell by 46 in USD during 2014 which had a big impact on many markets in particular the ones directly

exposed (ie energy marketscompanies)

A falling oil price is first and foremost negative for oil companies but also companies in renewable energy is exposed due to

the decreasing incentives for substitution that comes with a lower oil price We still believe in a strong long-term case for

renewable energy but we are cautious short term

Our analysis show that the renewable energy sector historically has been hit hardest by a falling oil price followed by

cleantech The water sector on the other hand has consistently performed very well in relative terms See the below table

The unconstrained allocation mandate (between the sectors cleantech water and renewable energy) for CB Save Earth

Fund allowed us to significantly reduce the exposure towards renewable energy already in October in favor of water and

cleantech The oil price has since then fallen more than 40 Today renewable energy represent 1 of invested assets

compared to 72 for water and 20 for the cleantech sector See the current and historical allocation on page 11

Read the analysis by clicking on the below picture

What are the implications of a falling oil price on a green global equity fund

The table shows the four largest drawdowns in the oil price (in USD)

over the past decade and the performance of each sector relative to

the MSCI World index over the same period Source MSCI SampP

Reuters Bloomberg CB Fonder

Analysis Implications of a falling oil price C B SAVE EAR T H FU N D

Save Earth Fund Analysis Active allocation

The returns differ significantly between the three sectors active allocation matters

MSCI World is practically never the best performer every year (with narrow exceptions in 2011 and 2014) a green sector

has given a greater return why the prospects for active allocation are good

Renewable energy as a high-Beta sector has very volatile returns 2007 and 2013 were stellar years for the sector while

2008 2010 and 2011 were lousy Cleantech has a somewhat similar return profile but without the extremes

Over the past 10 years the water sector has performed better or in line with the world index which is why we argue that the

sector is an appropriate base in our portfolio ndash to which cleantech and renewable energy is added as compliments

Source Reuters Bloomberg SampP MSCI CB Fonder Data as of 2014-12-31

Each sectorrsquos excess return against the MSCI World index

per calendar year since 2005

9

C B SAVE EAR T H FU N D

10

Save Earth Fund The portfolio Largest exposures

Based on available data from underlying funds as of 2014-12-31

C B SAVE EAR T H FU N D

The 10 largest company exposures as of 31 December 2014

Exposure to large companies with a

long history no mayflies

A mixture of high-yielding utilities and growth companies

For 2015 high profit growth is

expected which gives attractive

valuations PEG ratio of 14

Due to a concentrated

portfolio (6-10 managers 6 as

of 31 December 2014) our

company exposures are fairly

large

Company Foundedlisted Country SectorMarket cap

euro bn

Share of

AUM

EPS growth

2015E

PEG

2015DY

American Water 18862008 USA Water 82 24 79 26 25

Xylem 20112011 USA Water 54 20 103 16 16

Pentair 19661966 USA Water 103 18 150 10 20

AO Smith Corp 18741983 USA Water 48 18 133 15 11

Arcadis 18881995 Netherlands Cleantech 20 18 169 08 29

Andritz 18522001 Austria Renewables 47 18 328 05 31

Rexnord 18922012 USA Water 23 18 141 11 00

Danaher 19691979 USA Water 509 17 103 20 05

Pennon Group 19891989 UK Water 46 17 167 13 38

Suez Environnement 18582008 France Water 79 16 159 11 44

TotalAverage 101 184 153 14 22

Save Earth Fund

11

The portfolio Historical allocation share of AUM

Sector allocation

Geographical allocation

Including cash in underlying funds

As of 2014-12-31

As of 2014-12-31

C B SAVE EAR T H FU N D

Save Earth Fund

12

Risk profile Standard deviation and Beta

36 months data on a 60-day rolling basis (EUR)

Standard deviation

Beta against MSCI World

153

133

+079

C B SAVE EAR T H FU N D

The fundrsquos beta is consistently below 1

The fundrsquos standard deviation is consistently lowerin line with that of the benchmark MSCI World This becomes particularly evident when the risk in the market is rising as has happened in the last quarter

1 2 3 4 5

Save Earth Fund

13 Source MSCI CB Fonder

Time period limited to date of fund inception in June 2008

The fund compared to MSCI World during the largest drawdowns (EUR)

The fund has consistently performed well compared to index (MSCI World) during drawdowns

Risk profile The fundrsquos ability to preserve capital

C B SAVE EAR T H FU N D

- Our objective is that the fund should be a low-risk alternative within a segment characterised by high risk

we believe the performance of the fund in drawdowns to be a testament to this

Save Earth Fund

14

The investment case for CB Save Earth Fund

In the mirror ndash what

has happened

In the crystal ball ndash

whatrsquos next

C B SAVE EAR T H FU N D

bull The fund returned +3 in EUR during the fourth quarter which was better than two of the three sectors that the

fund invests in The full year performance 2014 was +11

bull The oil price fell by 42 in the last quarter of 2014 which have had a negative effect on the renewable energy

sector The unconstrained allocation mandate of the fund allowed us to significantly reduce our exposure towards

renewable energy in October in favor of water and cleantech today renewable energy represent 1 of the fundrsquos

assets compared to 72 for water and 20 for cleantech

bull The fund offers a low-risk alternative in a segment characterized by high risk Since inception in 2008 the funds

risk level (standard deviation) has been significantly lower than that of environmental indices and peers as well as

the MSCI World index The fund has also been competitive with other global funds during the last three years

bull The fundrsquos assets increased by 39 in 2014 to EUR 157 million

bull We still believe in renewable energy as a long-term investment now that the sector has entered a phase with lower

subsidy dependence We are however cautious short term due to the falling oil price which reduces the

incentives for substitution

bull The water sector ndash the fundrsquos largest exposure (72) ndash continues to perform in line with or better than the world

index eg due to the fact that there is no substitution for water which suggests that this trend may continue for

years to come The sector resembles traditional sectors such as healthcare and consumer staples both in terms of

structural growth drivers and investment return

bull The portfolio is exposed to high-yielding utilities and growth companies The expected profit growth for the

underlying companies is attractive at +15 for 2015 compared to +8 for MSCI World

bull We find the offering of a competitive global equity exposure without fossil energy increasingly interesting ndash with

holdings in structural growth sectors in a world that may face a prolonged period of weak growth The fund also

offers an opportunity for a yearly dividend of 6 a low management fee and daily liquidity

Save Earth Fund

15

Share classes C B SAVE EAR T H FU N D

CB Save Earth Fund RC

Management fee10

Performance fee No

Dividend No

ISIN LU0354788688

CB Save Earth Fund IC

Management fee 05

Performance fee 20 of return gt MSCI World Net with collective

eternal and relative High-Water Mark

Dividend No

ISIN LU0354788506

CB Save Earth Fund ID

Management fee 05

Performance fee 20 of return gt MSCI World Net with collective

eternal and relative High-Water Mark

Dividend Yes 6 of NAV yearly at end of October

ISIN LU1053083884

Save Earth Fund C B SAVE EAR T H FU N D Fund facts

16

bull Fund name CB Save Earth Fund

bull Manager CB Asset Management AB

bull Domicile Luxembourg

bull Custodian SEB Fund Service Luxembourg

bull Auditor PricewaterhouseCoopers SaacuterI

bull UCITS-classification UCITS IV

bull Currency EUR

bull LiquidityNAV DailyDaily

bull Subscriptionredemption fee RCIC NoNo ID NoYes

bull Fund launch June 9 2008

bull Minimum investment RC None ICID euro500 000

bull ISINReutersBloomberg RC LU0354788688 913218FBF CBSVERC LX

IC LU0354788506 68173241 CBSICAE LX

ID LU1053083884 NA CBIDLUX LX

Max 1 dependent on customer relationship

Save Earth Fund C B SAVE EAR T H FU N D Appendix Three megatrends

17

Water bull Filtration bull SavingEfficiency bull Infrastructure

Cleantech bull Energy storage bull Energy infrastructure bull Energy efficiency bull Transportation bull Emissions control bull Smart materials bull Recycling amp Waste treatment

Renewable energy bull Wind bull Solar bull Hydro bull Bio bull Geothermal

C B SAVE EAR T H FU N D

18

Save Earth Fund

18

Appendix Multi-Manager

Source Wikipedia

C B SAVE EAR T H FU N D

Every asset manager has a certain skill one can be a specialist in Swedish Large Caps another in Emerging Market

high-yield debt To be an expert in every field is hard if not impossible and generally the complexity increases when

analysing lesser developed markets sectors or companies Our ambition is to identify the managers that over time

have performed best-in-class in each region andor sector in order to deliver the best possible overall performance

To make a simple illustration of this point we have made a comparison between the personal best marks of

Carolina Kluumlft (successful Swedish heptathlon athlete) and the gold medallists performance in each individual event

in the 2012 London Olympics

Carolinarsquos performances are of course astonishingly good but can in no single event match that of the specialist

Multi-manager or Fund of Funds is in others words a method of identifying and selecting specialists with the

ambition to deliver a consistently higher return the whole is greater than the sum of the parts

Gold London

2012 Olympics 1235 s 205 m 2188 s 207 m 712 m 6955 m 15619

Carolina Kluumlft

Personal best 1315 s 195 m 2298 s 1505 m 697 m 5096 m 2089

19

Save Earth Fund

19

Appendix Environmental strategies as an asset class C B SAVE EAR T H FU N D

- The basic idea of a so called CoreSatellite strategy is to invest a large part of the portfolio in large caps with a

similar riskreturn profile as the broad market (eg MSCI World) and to add smaller positions (10-20 of the

portfolio) in niche strategies so called satellites with a different riskreturn profile

- We argue that environmental strategies in the form of global stocks with strong long-term drivers and an

attractive and different riskreturn profile have the right characteristics to fit well in this type of strategy as a

satellitecomplement to the core in a global portfolio Compare for example with the characteristics of emerging

markets

Environmental strategies as a complement to a global portfolio

Large caps in developed

markets

Example of a CoreSatellite-portfolio

Bonds

Environmental strategies

Hedge funds

EM

HY Credit

Real Estate

20

Save Earth Fund

20

Appendix Environmental strategies as an asset class

Environmental strategies as a complement to a global portfolio

Risk and return 10 years Risk and return 2 years

Source SampP MSCI Reuters Bloomberg

Monthly data for the period 2004-12-31 ndash 2014-12-31 (EUR)

C B SAVE EAR T H FU N D

- The renewable energy index (NEXEUT) and the cleantech index (CTIUS) has clearly differing risk profiles compared to the

broad developed market indices (MSCI Europe MSCI World and MSCI USA)

- The water index (SampP Global Water Index) however has a risk profile in line with the broad developed markets Seen

from that perspective it can be argued that the sector is part of the core rather than the satellites

21

Save Earth Fund

The fund and benchmark indices since inception June 2008 (EUR)

+716 +35 +822 -408 +304

Appendix The fund and benchmark indices

Source MSCI SampP CB Fonder Reuters Bloomberg

Daily data for the period 2008-06-09 ndash 2014-12-31

C B SAVE EAR T H FU N D

bull Index for renewable energy (including dividends)

WilderHill New Energy Global Innovation Index

bull Water index (including dividends) SampP Global Water Index

bull Index for cleantech The Cleantech Index

bull World index (including dividends after tax) MSCI World

10

Save Earth Fund The portfolio Largest exposures

Based on available data from underlying funds as of 2014-12-31

C B SAVE EAR T H FU N D

The 10 largest company exposures as of 31 December 2014

Exposure to large companies with a

long history no mayflies

A mixture of high-yielding utilities and growth companies

For 2015 high profit growth is

expected which gives attractive

valuations PEG ratio of 14

Due to a concentrated

portfolio (6-10 managers 6 as

of 31 December 2014) our

company exposures are fairly

large

Company Foundedlisted Country SectorMarket cap

euro bn

Share of

AUM

EPS growth

2015E

PEG

2015DY

American Water 18862008 USA Water 82 24 79 26 25

Xylem 20112011 USA Water 54 20 103 16 16

Pentair 19661966 USA Water 103 18 150 10 20

AO Smith Corp 18741983 USA Water 48 18 133 15 11

Arcadis 18881995 Netherlands Cleantech 20 18 169 08 29

Andritz 18522001 Austria Renewables 47 18 328 05 31

Rexnord 18922012 USA Water 23 18 141 11 00

Danaher 19691979 USA Water 509 17 103 20 05

Pennon Group 19891989 UK Water 46 17 167 13 38

Suez Environnement 18582008 France Water 79 16 159 11 44

TotalAverage 101 184 153 14 22

Save Earth Fund

11

The portfolio Historical allocation share of AUM

Sector allocation

Geographical allocation

Including cash in underlying funds

As of 2014-12-31

As of 2014-12-31

C B SAVE EAR T H FU N D

Save Earth Fund

12

Risk profile Standard deviation and Beta

36 months data on a 60-day rolling basis (EUR)

Standard deviation

Beta against MSCI World

153

133

+079

C B SAVE EAR T H FU N D

The fundrsquos beta is consistently below 1

The fundrsquos standard deviation is consistently lowerin line with that of the benchmark MSCI World This becomes particularly evident when the risk in the market is rising as has happened in the last quarter

1 2 3 4 5

Save Earth Fund

13 Source MSCI CB Fonder

Time period limited to date of fund inception in June 2008

The fund compared to MSCI World during the largest drawdowns (EUR)

The fund has consistently performed well compared to index (MSCI World) during drawdowns

Risk profile The fundrsquos ability to preserve capital

C B SAVE EAR T H FU N D

- Our objective is that the fund should be a low-risk alternative within a segment characterised by high risk

we believe the performance of the fund in drawdowns to be a testament to this

Save Earth Fund

14

The investment case for CB Save Earth Fund

In the mirror ndash what

has happened

In the crystal ball ndash

whatrsquos next

C B SAVE EAR T H FU N D

bull The fund returned +3 in EUR during the fourth quarter which was better than two of the three sectors that the

fund invests in The full year performance 2014 was +11

bull The oil price fell by 42 in the last quarter of 2014 which have had a negative effect on the renewable energy

sector The unconstrained allocation mandate of the fund allowed us to significantly reduce our exposure towards

renewable energy in October in favor of water and cleantech today renewable energy represent 1 of the fundrsquos

assets compared to 72 for water and 20 for cleantech

bull The fund offers a low-risk alternative in a segment characterized by high risk Since inception in 2008 the funds

risk level (standard deviation) has been significantly lower than that of environmental indices and peers as well as

the MSCI World index The fund has also been competitive with other global funds during the last three years

bull The fundrsquos assets increased by 39 in 2014 to EUR 157 million

bull We still believe in renewable energy as a long-term investment now that the sector has entered a phase with lower

subsidy dependence We are however cautious short term due to the falling oil price which reduces the

incentives for substitution

bull The water sector ndash the fundrsquos largest exposure (72) ndash continues to perform in line with or better than the world

index eg due to the fact that there is no substitution for water which suggests that this trend may continue for

years to come The sector resembles traditional sectors such as healthcare and consumer staples both in terms of

structural growth drivers and investment return

bull The portfolio is exposed to high-yielding utilities and growth companies The expected profit growth for the

underlying companies is attractive at +15 for 2015 compared to +8 for MSCI World

bull We find the offering of a competitive global equity exposure without fossil energy increasingly interesting ndash with

holdings in structural growth sectors in a world that may face a prolonged period of weak growth The fund also

offers an opportunity for a yearly dividend of 6 a low management fee and daily liquidity

Save Earth Fund

15

Share classes C B SAVE EAR T H FU N D

CB Save Earth Fund RC

Management fee10

Performance fee No

Dividend No

ISIN LU0354788688

CB Save Earth Fund IC

Management fee 05

Performance fee 20 of return gt MSCI World Net with collective

eternal and relative High-Water Mark

Dividend No

ISIN LU0354788506

CB Save Earth Fund ID

Management fee 05

Performance fee 20 of return gt MSCI World Net with collective

eternal and relative High-Water Mark

Dividend Yes 6 of NAV yearly at end of October

ISIN LU1053083884

Save Earth Fund C B SAVE EAR T H FU N D Fund facts

16

bull Fund name CB Save Earth Fund

bull Manager CB Asset Management AB

bull Domicile Luxembourg

bull Custodian SEB Fund Service Luxembourg

bull Auditor PricewaterhouseCoopers SaacuterI

bull UCITS-classification UCITS IV

bull Currency EUR

bull LiquidityNAV DailyDaily

bull Subscriptionredemption fee RCIC NoNo ID NoYes

bull Fund launch June 9 2008

bull Minimum investment RC None ICID euro500 000

bull ISINReutersBloomberg RC LU0354788688 913218FBF CBSVERC LX

IC LU0354788506 68173241 CBSICAE LX

ID LU1053083884 NA CBIDLUX LX

Max 1 dependent on customer relationship

Save Earth Fund C B SAVE EAR T H FU N D Appendix Three megatrends

17

Water bull Filtration bull SavingEfficiency bull Infrastructure

Cleantech bull Energy storage bull Energy infrastructure bull Energy efficiency bull Transportation bull Emissions control bull Smart materials bull Recycling amp Waste treatment

Renewable energy bull Wind bull Solar bull Hydro bull Bio bull Geothermal

C B SAVE EAR T H FU N D

18

Save Earth Fund

18

Appendix Multi-Manager

Source Wikipedia

C B SAVE EAR T H FU N D

Every asset manager has a certain skill one can be a specialist in Swedish Large Caps another in Emerging Market

high-yield debt To be an expert in every field is hard if not impossible and generally the complexity increases when

analysing lesser developed markets sectors or companies Our ambition is to identify the managers that over time

have performed best-in-class in each region andor sector in order to deliver the best possible overall performance

To make a simple illustration of this point we have made a comparison between the personal best marks of

Carolina Kluumlft (successful Swedish heptathlon athlete) and the gold medallists performance in each individual event

in the 2012 London Olympics

Carolinarsquos performances are of course astonishingly good but can in no single event match that of the specialist

Multi-manager or Fund of Funds is in others words a method of identifying and selecting specialists with the

ambition to deliver a consistently higher return the whole is greater than the sum of the parts

Gold London

2012 Olympics 1235 s 205 m 2188 s 207 m 712 m 6955 m 15619

Carolina Kluumlft

Personal best 1315 s 195 m 2298 s 1505 m 697 m 5096 m 2089

19

Save Earth Fund

19

Appendix Environmental strategies as an asset class C B SAVE EAR T H FU N D

- The basic idea of a so called CoreSatellite strategy is to invest a large part of the portfolio in large caps with a

similar riskreturn profile as the broad market (eg MSCI World) and to add smaller positions (10-20 of the

portfolio) in niche strategies so called satellites with a different riskreturn profile

- We argue that environmental strategies in the form of global stocks with strong long-term drivers and an

attractive and different riskreturn profile have the right characteristics to fit well in this type of strategy as a

satellitecomplement to the core in a global portfolio Compare for example with the characteristics of emerging

markets

Environmental strategies as a complement to a global portfolio

Large caps in developed

markets

Example of a CoreSatellite-portfolio

Bonds

Environmental strategies

Hedge funds

EM

HY Credit

Real Estate

20

Save Earth Fund

20

Appendix Environmental strategies as an asset class

Environmental strategies as a complement to a global portfolio

Risk and return 10 years Risk and return 2 years

Source SampP MSCI Reuters Bloomberg

Monthly data for the period 2004-12-31 ndash 2014-12-31 (EUR)

C B SAVE EAR T H FU N D

- The renewable energy index (NEXEUT) and the cleantech index (CTIUS) has clearly differing risk profiles compared to the

broad developed market indices (MSCI Europe MSCI World and MSCI USA)

- The water index (SampP Global Water Index) however has a risk profile in line with the broad developed markets Seen

from that perspective it can be argued that the sector is part of the core rather than the satellites

21

Save Earth Fund

The fund and benchmark indices since inception June 2008 (EUR)

+716 +35 +822 -408 +304

Appendix The fund and benchmark indices

Source MSCI SampP CB Fonder Reuters Bloomberg

Daily data for the period 2008-06-09 ndash 2014-12-31

C B SAVE EAR T H FU N D

bull Index for renewable energy (including dividends)

WilderHill New Energy Global Innovation Index

bull Water index (including dividends) SampP Global Water Index

bull Index for cleantech The Cleantech Index

bull World index (including dividends after tax) MSCI World

Save Earth Fund

11

The portfolio Historical allocation share of AUM

Sector allocation

Geographical allocation

Including cash in underlying funds

As of 2014-12-31

As of 2014-12-31

C B SAVE EAR T H FU N D

Save Earth Fund

12

Risk profile Standard deviation and Beta

36 months data on a 60-day rolling basis (EUR)

Standard deviation

Beta against MSCI World

153

133

+079

C B SAVE EAR T H FU N D

The fundrsquos beta is consistently below 1

The fundrsquos standard deviation is consistently lowerin line with that of the benchmark MSCI World This becomes particularly evident when the risk in the market is rising as has happened in the last quarter

1 2 3 4 5

Save Earth Fund

13 Source MSCI CB Fonder

Time period limited to date of fund inception in June 2008

The fund compared to MSCI World during the largest drawdowns (EUR)

The fund has consistently performed well compared to index (MSCI World) during drawdowns

Risk profile The fundrsquos ability to preserve capital

C B SAVE EAR T H FU N D

- Our objective is that the fund should be a low-risk alternative within a segment characterised by high risk

we believe the performance of the fund in drawdowns to be a testament to this

Save Earth Fund

14

The investment case for CB Save Earth Fund

In the mirror ndash what

has happened

In the crystal ball ndash

whatrsquos next

C B SAVE EAR T H FU N D

bull The fund returned +3 in EUR during the fourth quarter which was better than two of the three sectors that the

fund invests in The full year performance 2014 was +11

bull The oil price fell by 42 in the last quarter of 2014 which have had a negative effect on the renewable energy

sector The unconstrained allocation mandate of the fund allowed us to significantly reduce our exposure towards

renewable energy in October in favor of water and cleantech today renewable energy represent 1 of the fundrsquos

assets compared to 72 for water and 20 for cleantech

bull The fund offers a low-risk alternative in a segment characterized by high risk Since inception in 2008 the funds

risk level (standard deviation) has been significantly lower than that of environmental indices and peers as well as

the MSCI World index The fund has also been competitive with other global funds during the last three years

bull The fundrsquos assets increased by 39 in 2014 to EUR 157 million

bull We still believe in renewable energy as a long-term investment now that the sector has entered a phase with lower

subsidy dependence We are however cautious short term due to the falling oil price which reduces the

incentives for substitution

bull The water sector ndash the fundrsquos largest exposure (72) ndash continues to perform in line with or better than the world

index eg due to the fact that there is no substitution for water which suggests that this trend may continue for

years to come The sector resembles traditional sectors such as healthcare and consumer staples both in terms of

structural growth drivers and investment return

bull The portfolio is exposed to high-yielding utilities and growth companies The expected profit growth for the

underlying companies is attractive at +15 for 2015 compared to +8 for MSCI World

bull We find the offering of a competitive global equity exposure without fossil energy increasingly interesting ndash with

holdings in structural growth sectors in a world that may face a prolonged period of weak growth The fund also

offers an opportunity for a yearly dividend of 6 a low management fee and daily liquidity

Save Earth Fund

15

Share classes C B SAVE EAR T H FU N D

CB Save Earth Fund RC

Management fee10

Performance fee No

Dividend No

ISIN LU0354788688

CB Save Earth Fund IC

Management fee 05

Performance fee 20 of return gt MSCI World Net with collective

eternal and relative High-Water Mark

Dividend No

ISIN LU0354788506

CB Save Earth Fund ID

Management fee 05

Performance fee 20 of return gt MSCI World Net with collective

eternal and relative High-Water Mark

Dividend Yes 6 of NAV yearly at end of October

ISIN LU1053083884

Save Earth Fund C B SAVE EAR T H FU N D Fund facts

16

bull Fund name CB Save Earth Fund

bull Manager CB Asset Management AB

bull Domicile Luxembourg

bull Custodian SEB Fund Service Luxembourg

bull Auditor PricewaterhouseCoopers SaacuterI

bull UCITS-classification UCITS IV

bull Currency EUR

bull LiquidityNAV DailyDaily

bull Subscriptionredemption fee RCIC NoNo ID NoYes

bull Fund launch June 9 2008

bull Minimum investment RC None ICID euro500 000

bull ISINReutersBloomberg RC LU0354788688 913218FBF CBSVERC LX

IC LU0354788506 68173241 CBSICAE LX

ID LU1053083884 NA CBIDLUX LX

Max 1 dependent on customer relationship

Save Earth Fund C B SAVE EAR T H FU N D Appendix Three megatrends

17

Water bull Filtration bull SavingEfficiency bull Infrastructure

Cleantech bull Energy storage bull Energy infrastructure bull Energy efficiency bull Transportation bull Emissions control bull Smart materials bull Recycling amp Waste treatment

Renewable energy bull Wind bull Solar bull Hydro bull Bio bull Geothermal

C B SAVE EAR T H FU N D

18

Save Earth Fund

18

Appendix Multi-Manager

Source Wikipedia

C B SAVE EAR T H FU N D

Every asset manager has a certain skill one can be a specialist in Swedish Large Caps another in Emerging Market

high-yield debt To be an expert in every field is hard if not impossible and generally the complexity increases when

analysing lesser developed markets sectors or companies Our ambition is to identify the managers that over time

have performed best-in-class in each region andor sector in order to deliver the best possible overall performance

To make a simple illustration of this point we have made a comparison between the personal best marks of

Carolina Kluumlft (successful Swedish heptathlon athlete) and the gold medallists performance in each individual event

in the 2012 London Olympics

Carolinarsquos performances are of course astonishingly good but can in no single event match that of the specialist

Multi-manager or Fund of Funds is in others words a method of identifying and selecting specialists with the

ambition to deliver a consistently higher return the whole is greater than the sum of the parts

Gold London

2012 Olympics 1235 s 205 m 2188 s 207 m 712 m 6955 m 15619

Carolina Kluumlft

Personal best 1315 s 195 m 2298 s 1505 m 697 m 5096 m 2089

19

Save Earth Fund

19

Appendix Environmental strategies as an asset class C B SAVE EAR T H FU N D

- The basic idea of a so called CoreSatellite strategy is to invest a large part of the portfolio in large caps with a

similar riskreturn profile as the broad market (eg MSCI World) and to add smaller positions (10-20 of the

portfolio) in niche strategies so called satellites with a different riskreturn profile

- We argue that environmental strategies in the form of global stocks with strong long-term drivers and an

attractive and different riskreturn profile have the right characteristics to fit well in this type of strategy as a

satellitecomplement to the core in a global portfolio Compare for example with the characteristics of emerging

markets

Environmental strategies as a complement to a global portfolio

Large caps in developed

markets

Example of a CoreSatellite-portfolio

Bonds

Environmental strategies

Hedge funds

EM

HY Credit

Real Estate

20

Save Earth Fund

20

Appendix Environmental strategies as an asset class

Environmental strategies as a complement to a global portfolio

Risk and return 10 years Risk and return 2 years

Source SampP MSCI Reuters Bloomberg

Monthly data for the period 2004-12-31 ndash 2014-12-31 (EUR)

C B SAVE EAR T H FU N D

- The renewable energy index (NEXEUT) and the cleantech index (CTIUS) has clearly differing risk profiles compared to the

broad developed market indices (MSCI Europe MSCI World and MSCI USA)

- The water index (SampP Global Water Index) however has a risk profile in line with the broad developed markets Seen

from that perspective it can be argued that the sector is part of the core rather than the satellites

21

Save Earth Fund

The fund and benchmark indices since inception June 2008 (EUR)

+716 +35 +822 -408 +304

Appendix The fund and benchmark indices

Source MSCI SampP CB Fonder Reuters Bloomberg

Daily data for the period 2008-06-09 ndash 2014-12-31

C B SAVE EAR T H FU N D

bull Index for renewable energy (including dividends)

WilderHill New Energy Global Innovation Index

bull Water index (including dividends) SampP Global Water Index

bull Index for cleantech The Cleantech Index

bull World index (including dividends after tax) MSCI World

Save Earth Fund

12

Risk profile Standard deviation and Beta

36 months data on a 60-day rolling basis (EUR)

Standard deviation

Beta against MSCI World

153

133

+079

C B SAVE EAR T H FU N D

The fundrsquos beta is consistently below 1

The fundrsquos standard deviation is consistently lowerin line with that of the benchmark MSCI World This becomes particularly evident when the risk in the market is rising as has happened in the last quarter

1 2 3 4 5

Save Earth Fund

13 Source MSCI CB Fonder

Time period limited to date of fund inception in June 2008

The fund compared to MSCI World during the largest drawdowns (EUR)

The fund has consistently performed well compared to index (MSCI World) during drawdowns

Risk profile The fundrsquos ability to preserve capital

C B SAVE EAR T H FU N D

- Our objective is that the fund should be a low-risk alternative within a segment characterised by high risk

we believe the performance of the fund in drawdowns to be a testament to this

Save Earth Fund

14

The investment case for CB Save Earth Fund

In the mirror ndash what

has happened

In the crystal ball ndash

whatrsquos next

C B SAVE EAR T H FU N D

bull The fund returned +3 in EUR during the fourth quarter which was better than two of the three sectors that the

fund invests in The full year performance 2014 was +11

bull The oil price fell by 42 in the last quarter of 2014 which have had a negative effect on the renewable energy

sector The unconstrained allocation mandate of the fund allowed us to significantly reduce our exposure towards

renewable energy in October in favor of water and cleantech today renewable energy represent 1 of the fundrsquos

assets compared to 72 for water and 20 for cleantech

bull The fund offers a low-risk alternative in a segment characterized by high risk Since inception in 2008 the funds

risk level (standard deviation) has been significantly lower than that of environmental indices and peers as well as

the MSCI World index The fund has also been competitive with other global funds during the last three years

bull The fundrsquos assets increased by 39 in 2014 to EUR 157 million

bull We still believe in renewable energy as a long-term investment now that the sector has entered a phase with lower

subsidy dependence We are however cautious short term due to the falling oil price which reduces the

incentives for substitution

bull The water sector ndash the fundrsquos largest exposure (72) ndash continues to perform in line with or better than the world

index eg due to the fact that there is no substitution for water which suggests that this trend may continue for

years to come The sector resembles traditional sectors such as healthcare and consumer staples both in terms of

structural growth drivers and investment return

bull The portfolio is exposed to high-yielding utilities and growth companies The expected profit growth for the

underlying companies is attractive at +15 for 2015 compared to +8 for MSCI World

bull We find the offering of a competitive global equity exposure without fossil energy increasingly interesting ndash with

holdings in structural growth sectors in a world that may face a prolonged period of weak growth The fund also

offers an opportunity for a yearly dividend of 6 a low management fee and daily liquidity

Save Earth Fund

15

Share classes C B SAVE EAR T H FU N D

CB Save Earth Fund RC

Management fee10

Performance fee No

Dividend No

ISIN LU0354788688

CB Save Earth Fund IC

Management fee 05

Performance fee 20 of return gt MSCI World Net with collective

eternal and relative High-Water Mark

Dividend No

ISIN LU0354788506

CB Save Earth Fund ID

Management fee 05

Performance fee 20 of return gt MSCI World Net with collective

eternal and relative High-Water Mark

Dividend Yes 6 of NAV yearly at end of October

ISIN LU1053083884

Save Earth Fund C B SAVE EAR T H FU N D Fund facts

16

bull Fund name CB Save Earth Fund

bull Manager CB Asset Management AB

bull Domicile Luxembourg

bull Custodian SEB Fund Service Luxembourg

bull Auditor PricewaterhouseCoopers SaacuterI

bull UCITS-classification UCITS IV

bull Currency EUR

bull LiquidityNAV DailyDaily

bull Subscriptionredemption fee RCIC NoNo ID NoYes

bull Fund launch June 9 2008

bull Minimum investment RC None ICID euro500 000

bull ISINReutersBloomberg RC LU0354788688 913218FBF CBSVERC LX

IC LU0354788506 68173241 CBSICAE LX

ID LU1053083884 NA CBIDLUX LX

Max 1 dependent on customer relationship

Save Earth Fund C B SAVE EAR T H FU N D Appendix Three megatrends

17

Water bull Filtration bull SavingEfficiency bull Infrastructure

Cleantech bull Energy storage bull Energy infrastructure bull Energy efficiency bull Transportation bull Emissions control bull Smart materials bull Recycling amp Waste treatment

Renewable energy bull Wind bull Solar bull Hydro bull Bio bull Geothermal

C B SAVE EAR T H FU N D

18

Save Earth Fund

18

Appendix Multi-Manager

Source Wikipedia

C B SAVE EAR T H FU N D

Every asset manager has a certain skill one can be a specialist in Swedish Large Caps another in Emerging Market

high-yield debt To be an expert in every field is hard if not impossible and generally the complexity increases when

analysing lesser developed markets sectors or companies Our ambition is to identify the managers that over time

have performed best-in-class in each region andor sector in order to deliver the best possible overall performance

To make a simple illustration of this point we have made a comparison between the personal best marks of

Carolina Kluumlft (successful Swedish heptathlon athlete) and the gold medallists performance in each individual event

in the 2012 London Olympics

Carolinarsquos performances are of course astonishingly good but can in no single event match that of the specialist

Multi-manager or Fund of Funds is in others words a method of identifying and selecting specialists with the

ambition to deliver a consistently higher return the whole is greater than the sum of the parts

Gold London

2012 Olympics 1235 s 205 m 2188 s 207 m 712 m 6955 m 15619

Carolina Kluumlft

Personal best 1315 s 195 m 2298 s 1505 m 697 m 5096 m 2089

19

Save Earth Fund

19

Appendix Environmental strategies as an asset class C B SAVE EAR T H FU N D

- The basic idea of a so called CoreSatellite strategy is to invest a large part of the portfolio in large caps with a

similar riskreturn profile as the broad market (eg MSCI World) and to add smaller positions (10-20 of the

portfolio) in niche strategies so called satellites with a different riskreturn profile

- We argue that environmental strategies in the form of global stocks with strong long-term drivers and an

attractive and different riskreturn profile have the right characteristics to fit well in this type of strategy as a

satellitecomplement to the core in a global portfolio Compare for example with the characteristics of emerging

markets

Environmental strategies as a complement to a global portfolio

Large caps in developed

markets

Example of a CoreSatellite-portfolio

Bonds

Environmental strategies

Hedge funds

EM

HY Credit

Real Estate

20

Save Earth Fund

20

Appendix Environmental strategies as an asset class

Environmental strategies as a complement to a global portfolio

Risk and return 10 years Risk and return 2 years

Source SampP MSCI Reuters Bloomberg

Monthly data for the period 2004-12-31 ndash 2014-12-31 (EUR)

C B SAVE EAR T H FU N D

- The renewable energy index (NEXEUT) and the cleantech index (CTIUS) has clearly differing risk profiles compared to the

broad developed market indices (MSCI Europe MSCI World and MSCI USA)

- The water index (SampP Global Water Index) however has a risk profile in line with the broad developed markets Seen

from that perspective it can be argued that the sector is part of the core rather than the satellites

21

Save Earth Fund

The fund and benchmark indices since inception June 2008 (EUR)

+716 +35 +822 -408 +304

Appendix The fund and benchmark indices

Source MSCI SampP CB Fonder Reuters Bloomberg

Daily data for the period 2008-06-09 ndash 2014-12-31

C B SAVE EAR T H FU N D

bull Index for renewable energy (including dividends)

WilderHill New Energy Global Innovation Index

bull Water index (including dividends) SampP Global Water Index

bull Index for cleantech The Cleantech Index

bull World index (including dividends after tax) MSCI World

1 2 3 4 5

Save Earth Fund

13 Source MSCI CB Fonder

Time period limited to date of fund inception in June 2008

The fund compared to MSCI World during the largest drawdowns (EUR)

The fund has consistently performed well compared to index (MSCI World) during drawdowns

Risk profile The fundrsquos ability to preserve capital

C B SAVE EAR T H FU N D

- Our objective is that the fund should be a low-risk alternative within a segment characterised by high risk

we believe the performance of the fund in drawdowns to be a testament to this

Save Earth Fund

14

The investment case for CB Save Earth Fund

In the mirror ndash what

has happened

In the crystal ball ndash

whatrsquos next

C B SAVE EAR T H FU N D

bull The fund returned +3 in EUR during the fourth quarter which was better than two of the three sectors that the

fund invests in The full year performance 2014 was +11

bull The oil price fell by 42 in the last quarter of 2014 which have had a negative effect on the renewable energy

sector The unconstrained allocation mandate of the fund allowed us to significantly reduce our exposure towards

renewable energy in October in favor of water and cleantech today renewable energy represent 1 of the fundrsquos

assets compared to 72 for water and 20 for cleantech

bull The fund offers a low-risk alternative in a segment characterized by high risk Since inception in 2008 the funds

risk level (standard deviation) has been significantly lower than that of environmental indices and peers as well as

the MSCI World index The fund has also been competitive with other global funds during the last three years

bull The fundrsquos assets increased by 39 in 2014 to EUR 157 million

bull We still believe in renewable energy as a long-term investment now that the sector has entered a phase with lower

subsidy dependence We are however cautious short term due to the falling oil price which reduces the

incentives for substitution

bull The water sector ndash the fundrsquos largest exposure (72) ndash continues to perform in line with or better than the world

index eg due to the fact that there is no substitution for water which suggests that this trend may continue for

years to come The sector resembles traditional sectors such as healthcare and consumer staples both in terms of

structural growth drivers and investment return

bull The portfolio is exposed to high-yielding utilities and growth companies The expected profit growth for the

underlying companies is attractive at +15 for 2015 compared to +8 for MSCI World

bull We find the offering of a competitive global equity exposure without fossil energy increasingly interesting ndash with

holdings in structural growth sectors in a world that may face a prolonged period of weak growth The fund also

offers an opportunity for a yearly dividend of 6 a low management fee and daily liquidity

Save Earth Fund

15

Share classes C B SAVE EAR T H FU N D

CB Save Earth Fund RC

Management fee10

Performance fee No

Dividend No

ISIN LU0354788688

CB Save Earth Fund IC

Management fee 05

Performance fee 20 of return gt MSCI World Net with collective

eternal and relative High-Water Mark

Dividend No

ISIN LU0354788506

CB Save Earth Fund ID

Management fee 05

Performance fee 20 of return gt MSCI World Net with collective

eternal and relative High-Water Mark

Dividend Yes 6 of NAV yearly at end of October

ISIN LU1053083884

Save Earth Fund C B SAVE EAR T H FU N D Fund facts

16

bull Fund name CB Save Earth Fund

bull Manager CB Asset Management AB

bull Domicile Luxembourg

bull Custodian SEB Fund Service Luxembourg

bull Auditor PricewaterhouseCoopers SaacuterI

bull UCITS-classification UCITS IV

bull Currency EUR

bull LiquidityNAV DailyDaily

bull Subscriptionredemption fee RCIC NoNo ID NoYes

bull Fund launch June 9 2008

bull Minimum investment RC None ICID euro500 000

bull ISINReutersBloomberg RC LU0354788688 913218FBF CBSVERC LX

IC LU0354788506 68173241 CBSICAE LX

ID LU1053083884 NA CBIDLUX LX

Max 1 dependent on customer relationship

Save Earth Fund C B SAVE EAR T H FU N D Appendix Three megatrends

17

Water bull Filtration bull SavingEfficiency bull Infrastructure

Cleantech bull Energy storage bull Energy infrastructure bull Energy efficiency bull Transportation bull Emissions control bull Smart materials bull Recycling amp Waste treatment

Renewable energy bull Wind bull Solar bull Hydro bull Bio bull Geothermal

C B SAVE EAR T H FU N D

18

Save Earth Fund

18

Appendix Multi-Manager

Source Wikipedia

C B SAVE EAR T H FU N D

Every asset manager has a certain skill one can be a specialist in Swedish Large Caps another in Emerging Market

high-yield debt To be an expert in every field is hard if not impossible and generally the complexity increases when

analysing lesser developed markets sectors or companies Our ambition is to identify the managers that over time

have performed best-in-class in each region andor sector in order to deliver the best possible overall performance

To make a simple illustration of this point we have made a comparison between the personal best marks of

Carolina Kluumlft (successful Swedish heptathlon athlete) and the gold medallists performance in each individual event

in the 2012 London Olympics

Carolinarsquos performances are of course astonishingly good but can in no single event match that of the specialist

Multi-manager or Fund of Funds is in others words a method of identifying and selecting specialists with the

ambition to deliver a consistently higher return the whole is greater than the sum of the parts

Gold London

2012 Olympics 1235 s 205 m 2188 s 207 m 712 m 6955 m 15619

Carolina Kluumlft

Personal best 1315 s 195 m 2298 s 1505 m 697 m 5096 m 2089

19

Save Earth Fund

19

Appendix Environmental strategies as an asset class C B SAVE EAR T H FU N D

- The basic idea of a so called CoreSatellite strategy is to invest a large part of the portfolio in large caps with a

similar riskreturn profile as the broad market (eg MSCI World) and to add smaller positions (10-20 of the

portfolio) in niche strategies so called satellites with a different riskreturn profile

- We argue that environmental strategies in the form of global stocks with strong long-term drivers and an

attractive and different riskreturn profile have the right characteristics to fit well in this type of strategy as a

satellitecomplement to the core in a global portfolio Compare for example with the characteristics of emerging

markets

Environmental strategies as a complement to a global portfolio

Large caps in developed

markets

Example of a CoreSatellite-portfolio

Bonds

Environmental strategies

Hedge funds

EM

HY Credit

Real Estate

20

Save Earth Fund

20

Appendix Environmental strategies as an asset class

Environmental strategies as a complement to a global portfolio

Risk and return 10 years Risk and return 2 years

Source SampP MSCI Reuters Bloomberg

Monthly data for the period 2004-12-31 ndash 2014-12-31 (EUR)

C B SAVE EAR T H FU N D

- The renewable energy index (NEXEUT) and the cleantech index (CTIUS) has clearly differing risk profiles compared to the

broad developed market indices (MSCI Europe MSCI World and MSCI USA)

- The water index (SampP Global Water Index) however has a risk profile in line with the broad developed markets Seen

from that perspective it can be argued that the sector is part of the core rather than the satellites

21

Save Earth Fund

The fund and benchmark indices since inception June 2008 (EUR)

+716 +35 +822 -408 +304

Appendix The fund and benchmark indices

Source MSCI SampP CB Fonder Reuters Bloomberg

Daily data for the period 2008-06-09 ndash 2014-12-31

C B SAVE EAR T H FU N D

bull Index for renewable energy (including dividends)

WilderHill New Energy Global Innovation Index

bull Water index (including dividends) SampP Global Water Index

bull Index for cleantech The Cleantech Index

bull World index (including dividends after tax) MSCI World

Save Earth Fund

14

The investment case for CB Save Earth Fund

In the mirror ndash what

has happened

In the crystal ball ndash

whatrsquos next

C B SAVE EAR T H FU N D

bull The fund returned +3 in EUR during the fourth quarter which was better than two of the three sectors that the

fund invests in The full year performance 2014 was +11

bull The oil price fell by 42 in the last quarter of 2014 which have had a negative effect on the renewable energy

sector The unconstrained allocation mandate of the fund allowed us to significantly reduce our exposure towards

renewable energy in October in favor of water and cleantech today renewable energy represent 1 of the fundrsquos

assets compared to 72 for water and 20 for cleantech

bull The fund offers a low-risk alternative in a segment characterized by high risk Since inception in 2008 the funds

risk level (standard deviation) has been significantly lower than that of environmental indices and peers as well as

the MSCI World index The fund has also been competitive with other global funds during the last three years

bull The fundrsquos assets increased by 39 in 2014 to EUR 157 million

bull We still believe in renewable energy as a long-term investment now that the sector has entered a phase with lower

subsidy dependence We are however cautious short term due to the falling oil price which reduces the

incentives for substitution

bull The water sector ndash the fundrsquos largest exposure (72) ndash continues to perform in line with or better than the world

index eg due to the fact that there is no substitution for water which suggests that this trend may continue for

years to come The sector resembles traditional sectors such as healthcare and consumer staples both in terms of

structural growth drivers and investment return

bull The portfolio is exposed to high-yielding utilities and growth companies The expected profit growth for the

underlying companies is attractive at +15 for 2015 compared to +8 for MSCI World

bull We find the offering of a competitive global equity exposure without fossil energy increasingly interesting ndash with

holdings in structural growth sectors in a world that may face a prolonged period of weak growth The fund also

offers an opportunity for a yearly dividend of 6 a low management fee and daily liquidity

Save Earth Fund

15

Share classes C B SAVE EAR T H FU N D

CB Save Earth Fund RC

Management fee10

Performance fee No

Dividend No

ISIN LU0354788688

CB Save Earth Fund IC

Management fee 05

Performance fee 20 of return gt MSCI World Net with collective

eternal and relative High-Water Mark

Dividend No

ISIN LU0354788506

CB Save Earth Fund ID

Management fee 05

Performance fee 20 of return gt MSCI World Net with collective

eternal and relative High-Water Mark

Dividend Yes 6 of NAV yearly at end of October

ISIN LU1053083884

Save Earth Fund C B SAVE EAR T H FU N D Fund facts

16

bull Fund name CB Save Earth Fund

bull Manager CB Asset Management AB

bull Domicile Luxembourg

bull Custodian SEB Fund Service Luxembourg

bull Auditor PricewaterhouseCoopers SaacuterI

bull UCITS-classification UCITS IV

bull Currency EUR

bull LiquidityNAV DailyDaily

bull Subscriptionredemption fee RCIC NoNo ID NoYes

bull Fund launch June 9 2008

bull Minimum investment RC None ICID euro500 000

bull ISINReutersBloomberg RC LU0354788688 913218FBF CBSVERC LX

IC LU0354788506 68173241 CBSICAE LX

ID LU1053083884 NA CBIDLUX LX

Max 1 dependent on customer relationship

Save Earth Fund C B SAVE EAR T H FU N D Appendix Three megatrends

17

Water bull Filtration bull SavingEfficiency bull Infrastructure

Cleantech bull Energy storage bull Energy infrastructure bull Energy efficiency bull Transportation bull Emissions control bull Smart materials bull Recycling amp Waste treatment

Renewable energy bull Wind bull Solar bull Hydro bull Bio bull Geothermal

C B SAVE EAR T H FU N D

18

Save Earth Fund

18

Appendix Multi-Manager

Source Wikipedia

C B SAVE EAR T H FU N D

Every asset manager has a certain skill one can be a specialist in Swedish Large Caps another in Emerging Market

high-yield debt To be an expert in every field is hard if not impossible and generally the complexity increases when

analysing lesser developed markets sectors or companies Our ambition is to identify the managers that over time

have performed best-in-class in each region andor sector in order to deliver the best possible overall performance

To make a simple illustration of this point we have made a comparison between the personal best marks of

Carolina Kluumlft (successful Swedish heptathlon athlete) and the gold medallists performance in each individual event

in the 2012 London Olympics

Carolinarsquos performances are of course astonishingly good but can in no single event match that of the specialist

Multi-manager or Fund of Funds is in others words a method of identifying and selecting specialists with the

ambition to deliver a consistently higher return the whole is greater than the sum of the parts

Gold London

2012 Olympics 1235 s 205 m 2188 s 207 m 712 m 6955 m 15619

Carolina Kluumlft

Personal best 1315 s 195 m 2298 s 1505 m 697 m 5096 m 2089

19

Save Earth Fund

19

Appendix Environmental strategies as an asset class C B SAVE EAR T H FU N D

- The basic idea of a so called CoreSatellite strategy is to invest a large part of the portfolio in large caps with a

similar riskreturn profile as the broad market (eg MSCI World) and to add smaller positions (10-20 of the

portfolio) in niche strategies so called satellites with a different riskreturn profile

- We argue that environmental strategies in the form of global stocks with strong long-term drivers and an

attractive and different riskreturn profile have the right characteristics to fit well in this type of strategy as a

satellitecomplement to the core in a global portfolio Compare for example with the characteristics of emerging

markets

Environmental strategies as a complement to a global portfolio

Large caps in developed

markets

Example of a CoreSatellite-portfolio

Bonds

Environmental strategies

Hedge funds

EM

HY Credit

Real Estate

20

Save Earth Fund

20

Appendix Environmental strategies as an asset class

Environmental strategies as a complement to a global portfolio

Risk and return 10 years Risk and return 2 years

Source SampP MSCI Reuters Bloomberg

Monthly data for the period 2004-12-31 ndash 2014-12-31 (EUR)

C B SAVE EAR T H FU N D

- The renewable energy index (NEXEUT) and the cleantech index (CTIUS) has clearly differing risk profiles compared to the

broad developed market indices (MSCI Europe MSCI World and MSCI USA)

- The water index (SampP Global Water Index) however has a risk profile in line with the broad developed markets Seen

from that perspective it can be argued that the sector is part of the core rather than the satellites

21

Save Earth Fund

The fund and benchmark indices since inception June 2008 (EUR)

+716 +35 +822 -408 +304

Appendix The fund and benchmark indices

Source MSCI SampP CB Fonder Reuters Bloomberg

Daily data for the period 2008-06-09 ndash 2014-12-31

C B SAVE EAR T H FU N D

bull Index for renewable energy (including dividends)

WilderHill New Energy Global Innovation Index

bull Water index (including dividends) SampP Global Water Index

bull Index for cleantech The Cleantech Index

bull World index (including dividends after tax) MSCI World

Save Earth Fund

15

Share classes C B SAVE EAR T H FU N D

CB Save Earth Fund RC

Management fee10

Performance fee No

Dividend No

ISIN LU0354788688

CB Save Earth Fund IC

Management fee 05

Performance fee 20 of return gt MSCI World Net with collective

eternal and relative High-Water Mark

Dividend No

ISIN LU0354788506

CB Save Earth Fund ID

Management fee 05

Performance fee 20 of return gt MSCI World Net with collective

eternal and relative High-Water Mark

Dividend Yes 6 of NAV yearly at end of October

ISIN LU1053083884

Save Earth Fund C B SAVE EAR T H FU N D Fund facts

16

bull Fund name CB Save Earth Fund

bull Manager CB Asset Management AB

bull Domicile Luxembourg

bull Custodian SEB Fund Service Luxembourg

bull Auditor PricewaterhouseCoopers SaacuterI

bull UCITS-classification UCITS IV

bull Currency EUR

bull LiquidityNAV DailyDaily

bull Subscriptionredemption fee RCIC NoNo ID NoYes

bull Fund launch June 9 2008

bull Minimum investment RC None ICID euro500 000

bull ISINReutersBloomberg RC LU0354788688 913218FBF CBSVERC LX

IC LU0354788506 68173241 CBSICAE LX

ID LU1053083884 NA CBIDLUX LX

Max 1 dependent on customer relationship

Save Earth Fund C B SAVE EAR T H FU N D Appendix Three megatrends

17

Water bull Filtration bull SavingEfficiency bull Infrastructure

Cleantech bull Energy storage bull Energy infrastructure bull Energy efficiency bull Transportation bull Emissions control bull Smart materials bull Recycling amp Waste treatment

Renewable energy bull Wind bull Solar bull Hydro bull Bio bull Geothermal

C B SAVE EAR T H FU N D

18

Save Earth Fund

18

Appendix Multi-Manager

Source Wikipedia

C B SAVE EAR T H FU N D

Every asset manager has a certain skill one can be a specialist in Swedish Large Caps another in Emerging Market

high-yield debt To be an expert in every field is hard if not impossible and generally the complexity increases when

analysing lesser developed markets sectors or companies Our ambition is to identify the managers that over time

have performed best-in-class in each region andor sector in order to deliver the best possible overall performance

To make a simple illustration of this point we have made a comparison between the personal best marks of

Carolina Kluumlft (successful Swedish heptathlon athlete) and the gold medallists performance in each individual event

in the 2012 London Olympics

Carolinarsquos performances are of course astonishingly good but can in no single event match that of the specialist

Multi-manager or Fund of Funds is in others words a method of identifying and selecting specialists with the

ambition to deliver a consistently higher return the whole is greater than the sum of the parts

Gold London

2012 Olympics 1235 s 205 m 2188 s 207 m 712 m 6955 m 15619

Carolina Kluumlft

Personal best 1315 s 195 m 2298 s 1505 m 697 m 5096 m 2089

19

Save Earth Fund

19

Appendix Environmental strategies as an asset class C B SAVE EAR T H FU N D

- The basic idea of a so called CoreSatellite strategy is to invest a large part of the portfolio in large caps with a

similar riskreturn profile as the broad market (eg MSCI World) and to add smaller positions (10-20 of the

portfolio) in niche strategies so called satellites with a different riskreturn profile

- We argue that environmental strategies in the form of global stocks with strong long-term drivers and an

attractive and different riskreturn profile have the right characteristics to fit well in this type of strategy as a

satellitecomplement to the core in a global portfolio Compare for example with the characteristics of emerging

markets

Environmental strategies as a complement to a global portfolio

Large caps in developed

markets

Example of a CoreSatellite-portfolio

Bonds

Environmental strategies

Hedge funds

EM

HY Credit

Real Estate

20

Save Earth Fund

20

Appendix Environmental strategies as an asset class

Environmental strategies as a complement to a global portfolio

Risk and return 10 years Risk and return 2 years

Source SampP MSCI Reuters Bloomberg

Monthly data for the period 2004-12-31 ndash 2014-12-31 (EUR)

C B SAVE EAR T H FU N D

- The renewable energy index (NEXEUT) and the cleantech index (CTIUS) has clearly differing risk profiles compared to the

broad developed market indices (MSCI Europe MSCI World and MSCI USA)

- The water index (SampP Global Water Index) however has a risk profile in line with the broad developed markets Seen

from that perspective it can be argued that the sector is part of the core rather than the satellites

21

Save Earth Fund

The fund and benchmark indices since inception June 2008 (EUR)

+716 +35 +822 -408 +304

Appendix The fund and benchmark indices

Source MSCI SampP CB Fonder Reuters Bloomberg

Daily data for the period 2008-06-09 ndash 2014-12-31

C B SAVE EAR T H FU N D

bull Index for renewable energy (including dividends)

WilderHill New Energy Global Innovation Index

bull Water index (including dividends) SampP Global Water Index

bull Index for cleantech The Cleantech Index

bull World index (including dividends after tax) MSCI World

Save Earth Fund C B SAVE EAR T H FU N D Fund facts

16

bull Fund name CB Save Earth Fund

bull Manager CB Asset Management AB

bull Domicile Luxembourg

bull Custodian SEB Fund Service Luxembourg

bull Auditor PricewaterhouseCoopers SaacuterI

bull UCITS-classification UCITS IV

bull Currency EUR

bull LiquidityNAV DailyDaily

bull Subscriptionredemption fee RCIC NoNo ID NoYes

bull Fund launch June 9 2008

bull Minimum investment RC None ICID euro500 000

bull ISINReutersBloomberg RC LU0354788688 913218FBF CBSVERC LX

IC LU0354788506 68173241 CBSICAE LX

ID LU1053083884 NA CBIDLUX LX

Max 1 dependent on customer relationship

Save Earth Fund C B SAVE EAR T H FU N D Appendix Three megatrends

17

Water bull Filtration bull SavingEfficiency bull Infrastructure

Cleantech bull Energy storage bull Energy infrastructure bull Energy efficiency bull Transportation bull Emissions control bull Smart materials bull Recycling amp Waste treatment

Renewable energy bull Wind bull Solar bull Hydro bull Bio bull Geothermal

C B SAVE EAR T H FU N D

18

Save Earth Fund

18

Appendix Multi-Manager

Source Wikipedia

C B SAVE EAR T H FU N D

Every asset manager has a certain skill one can be a specialist in Swedish Large Caps another in Emerging Market

high-yield debt To be an expert in every field is hard if not impossible and generally the complexity increases when

analysing lesser developed markets sectors or companies Our ambition is to identify the managers that over time

have performed best-in-class in each region andor sector in order to deliver the best possible overall performance

To make a simple illustration of this point we have made a comparison between the personal best marks of

Carolina Kluumlft (successful Swedish heptathlon athlete) and the gold medallists performance in each individual event

in the 2012 London Olympics

Carolinarsquos performances are of course astonishingly good but can in no single event match that of the specialist

Multi-manager or Fund of Funds is in others words a method of identifying and selecting specialists with the

ambition to deliver a consistently higher return the whole is greater than the sum of the parts

Gold London

2012 Olympics 1235 s 205 m 2188 s 207 m 712 m 6955 m 15619

Carolina Kluumlft

Personal best 1315 s 195 m 2298 s 1505 m 697 m 5096 m 2089

19

Save Earth Fund

19

Appendix Environmental strategies as an asset class C B SAVE EAR T H FU N D

- The basic idea of a so called CoreSatellite strategy is to invest a large part of the portfolio in large caps with a

similar riskreturn profile as the broad market (eg MSCI World) and to add smaller positions (10-20 of the

portfolio) in niche strategies so called satellites with a different riskreturn profile

- We argue that environmental strategies in the form of global stocks with strong long-term drivers and an

attractive and different riskreturn profile have the right characteristics to fit well in this type of strategy as a

satellitecomplement to the core in a global portfolio Compare for example with the characteristics of emerging

markets

Environmental strategies as a complement to a global portfolio

Large caps in developed

markets

Example of a CoreSatellite-portfolio

Bonds

Environmental strategies

Hedge funds

EM

HY Credit

Real Estate

20

Save Earth Fund

20

Appendix Environmental strategies as an asset class

Environmental strategies as a complement to a global portfolio

Risk and return 10 years Risk and return 2 years

Source SampP MSCI Reuters Bloomberg

Monthly data for the period 2004-12-31 ndash 2014-12-31 (EUR)

C B SAVE EAR T H FU N D

- The renewable energy index (NEXEUT) and the cleantech index (CTIUS) has clearly differing risk profiles compared to the

broad developed market indices (MSCI Europe MSCI World and MSCI USA)

- The water index (SampP Global Water Index) however has a risk profile in line with the broad developed markets Seen

from that perspective it can be argued that the sector is part of the core rather than the satellites

21

Save Earth Fund

The fund and benchmark indices since inception June 2008 (EUR)

+716 +35 +822 -408 +304

Appendix The fund and benchmark indices

Source MSCI SampP CB Fonder Reuters Bloomberg

Daily data for the period 2008-06-09 ndash 2014-12-31

C B SAVE EAR T H FU N D

bull Index for renewable energy (including dividends)

WilderHill New Energy Global Innovation Index

bull Water index (including dividends) SampP Global Water Index

bull Index for cleantech The Cleantech Index

bull World index (including dividends after tax) MSCI World

Save Earth Fund C B SAVE EAR T H FU N D Appendix Three megatrends

17

Water bull Filtration bull SavingEfficiency bull Infrastructure

Cleantech bull Energy storage bull Energy infrastructure bull Energy efficiency bull Transportation bull Emissions control bull Smart materials bull Recycling amp Waste treatment

Renewable energy bull Wind bull Solar bull Hydro bull Bio bull Geothermal

C B SAVE EAR T H FU N D

18

Save Earth Fund

18

Appendix Multi-Manager

Source Wikipedia

C B SAVE EAR T H FU N D

Every asset manager has a certain skill one can be a specialist in Swedish Large Caps another in Emerging Market

high-yield debt To be an expert in every field is hard if not impossible and generally the complexity increases when

analysing lesser developed markets sectors or companies Our ambition is to identify the managers that over time

have performed best-in-class in each region andor sector in order to deliver the best possible overall performance

To make a simple illustration of this point we have made a comparison between the personal best marks of

Carolina Kluumlft (successful Swedish heptathlon athlete) and the gold medallists performance in each individual event

in the 2012 London Olympics

Carolinarsquos performances are of course astonishingly good but can in no single event match that of the specialist

Multi-manager or Fund of Funds is in others words a method of identifying and selecting specialists with the

ambition to deliver a consistently higher return the whole is greater than the sum of the parts

Gold London

2012 Olympics 1235 s 205 m 2188 s 207 m 712 m 6955 m 15619

Carolina Kluumlft

Personal best 1315 s 195 m 2298 s 1505 m 697 m 5096 m 2089

19

Save Earth Fund

19

Appendix Environmental strategies as an asset class C B SAVE EAR T H FU N D

- The basic idea of a so called CoreSatellite strategy is to invest a large part of the portfolio in large caps with a

similar riskreturn profile as the broad market (eg MSCI World) and to add smaller positions (10-20 of the

portfolio) in niche strategies so called satellites with a different riskreturn profile

- We argue that environmental strategies in the form of global stocks with strong long-term drivers and an

attractive and different riskreturn profile have the right characteristics to fit well in this type of strategy as a

satellitecomplement to the core in a global portfolio Compare for example with the characteristics of emerging

markets

Environmental strategies as a complement to a global portfolio

Large caps in developed

markets

Example of a CoreSatellite-portfolio

Bonds

Environmental strategies

Hedge funds

EM

HY Credit

Real Estate

20

Save Earth Fund

20

Appendix Environmental strategies as an asset class

Environmental strategies as a complement to a global portfolio

Risk and return 10 years Risk and return 2 years

Source SampP MSCI Reuters Bloomberg

Monthly data for the period 2004-12-31 ndash 2014-12-31 (EUR)

C B SAVE EAR T H FU N D

- The renewable energy index (NEXEUT) and the cleantech index (CTIUS) has clearly differing risk profiles compared to the

broad developed market indices (MSCI Europe MSCI World and MSCI USA)

- The water index (SampP Global Water Index) however has a risk profile in line with the broad developed markets Seen

from that perspective it can be argued that the sector is part of the core rather than the satellites

21

Save Earth Fund

The fund and benchmark indices since inception June 2008 (EUR)

+716 +35 +822 -408 +304

Appendix The fund and benchmark indices

Source MSCI SampP CB Fonder Reuters Bloomberg

Daily data for the period 2008-06-09 ndash 2014-12-31

C B SAVE EAR T H FU N D

bull Index for renewable energy (including dividends)

WilderHill New Energy Global Innovation Index

bull Water index (including dividends) SampP Global Water Index

bull Index for cleantech The Cleantech Index

bull World index (including dividends after tax) MSCI World

18

Save Earth Fund

18

Appendix Multi-Manager

Source Wikipedia

C B SAVE EAR T H FU N D

Every asset manager has a certain skill one can be a specialist in Swedish Large Caps another in Emerging Market

high-yield debt To be an expert in every field is hard if not impossible and generally the complexity increases when

analysing lesser developed markets sectors or companies Our ambition is to identify the managers that over time

have performed best-in-class in each region andor sector in order to deliver the best possible overall performance

To make a simple illustration of this point we have made a comparison between the personal best marks of

Carolina Kluumlft (successful Swedish heptathlon athlete) and the gold medallists performance in each individual event

in the 2012 London Olympics

Carolinarsquos performances are of course astonishingly good but can in no single event match that of the specialist

Multi-manager or Fund of Funds is in others words a method of identifying and selecting specialists with the

ambition to deliver a consistently higher return the whole is greater than the sum of the parts

Gold London

2012 Olympics 1235 s 205 m 2188 s 207 m 712 m 6955 m 15619

Carolina Kluumlft

Personal best 1315 s 195 m 2298 s 1505 m 697 m 5096 m 2089

19

Save Earth Fund

19

Appendix Environmental strategies as an asset class C B SAVE EAR T H FU N D

- The basic idea of a so called CoreSatellite strategy is to invest a large part of the portfolio in large caps with a

similar riskreturn profile as the broad market (eg MSCI World) and to add smaller positions (10-20 of the

portfolio) in niche strategies so called satellites with a different riskreturn profile

- We argue that environmental strategies in the form of global stocks with strong long-term drivers and an

attractive and different riskreturn profile have the right characteristics to fit well in this type of strategy as a

satellitecomplement to the core in a global portfolio Compare for example with the characteristics of emerging

markets

Environmental strategies as a complement to a global portfolio

Large caps in developed

markets

Example of a CoreSatellite-portfolio

Bonds

Environmental strategies

Hedge funds

EM

HY Credit

Real Estate

20

Save Earth Fund

20

Appendix Environmental strategies as an asset class

Environmental strategies as a complement to a global portfolio

Risk and return 10 years Risk and return 2 years

Source SampP MSCI Reuters Bloomberg

Monthly data for the period 2004-12-31 ndash 2014-12-31 (EUR)

C B SAVE EAR T H FU N D

- The renewable energy index (NEXEUT) and the cleantech index (CTIUS) has clearly differing risk profiles compared to the

broad developed market indices (MSCI Europe MSCI World and MSCI USA)

- The water index (SampP Global Water Index) however has a risk profile in line with the broad developed markets Seen

from that perspective it can be argued that the sector is part of the core rather than the satellites

21

Save Earth Fund

The fund and benchmark indices since inception June 2008 (EUR)

+716 +35 +822 -408 +304

Appendix The fund and benchmark indices

Source MSCI SampP CB Fonder Reuters Bloomberg

Daily data for the period 2008-06-09 ndash 2014-12-31

C B SAVE EAR T H FU N D

bull Index for renewable energy (including dividends)

WilderHill New Energy Global Innovation Index

bull Water index (including dividends) SampP Global Water Index

bull Index for cleantech The Cleantech Index

bull World index (including dividends after tax) MSCI World

19

Save Earth Fund

19

Appendix Environmental strategies as an asset class C B SAVE EAR T H FU N D

- The basic idea of a so called CoreSatellite strategy is to invest a large part of the portfolio in large caps with a

similar riskreturn profile as the broad market (eg MSCI World) and to add smaller positions (10-20 of the

portfolio) in niche strategies so called satellites with a different riskreturn profile

- We argue that environmental strategies in the form of global stocks with strong long-term drivers and an

attractive and different riskreturn profile have the right characteristics to fit well in this type of strategy as a

satellitecomplement to the core in a global portfolio Compare for example with the characteristics of emerging

markets

Environmental strategies as a complement to a global portfolio

Large caps in developed

markets

Example of a CoreSatellite-portfolio

Bonds

Environmental strategies

Hedge funds

EM

HY Credit

Real Estate

20

Save Earth Fund

20

Appendix Environmental strategies as an asset class

Environmental strategies as a complement to a global portfolio

Risk and return 10 years Risk and return 2 years

Source SampP MSCI Reuters Bloomberg

Monthly data for the period 2004-12-31 ndash 2014-12-31 (EUR)

C B SAVE EAR T H FU N D

- The renewable energy index (NEXEUT) and the cleantech index (CTIUS) has clearly differing risk profiles compared to the

broad developed market indices (MSCI Europe MSCI World and MSCI USA)

- The water index (SampP Global Water Index) however has a risk profile in line with the broad developed markets Seen

from that perspective it can be argued that the sector is part of the core rather than the satellites

21

Save Earth Fund

The fund and benchmark indices since inception June 2008 (EUR)

+716 +35 +822 -408 +304

Appendix The fund and benchmark indices

Source MSCI SampP CB Fonder Reuters Bloomberg

Daily data for the period 2008-06-09 ndash 2014-12-31

C B SAVE EAR T H FU N D

bull Index for renewable energy (including dividends)

WilderHill New Energy Global Innovation Index

bull Water index (including dividends) SampP Global Water Index

bull Index for cleantech The Cleantech Index

bull World index (including dividends after tax) MSCI World

20

Save Earth Fund

20

Appendix Environmental strategies as an asset class

Environmental strategies as a complement to a global portfolio

Risk and return 10 years Risk and return 2 years

Source SampP MSCI Reuters Bloomberg

Monthly data for the period 2004-12-31 ndash 2014-12-31 (EUR)

C B SAVE EAR T H FU N D

- The renewable energy index (NEXEUT) and the cleantech index (CTIUS) has clearly differing risk profiles compared to the

broad developed market indices (MSCI Europe MSCI World and MSCI USA)

- The water index (SampP Global Water Index) however has a risk profile in line with the broad developed markets Seen

from that perspective it can be argued that the sector is part of the core rather than the satellites

21

Save Earth Fund

The fund and benchmark indices since inception June 2008 (EUR)

+716 +35 +822 -408 +304

Appendix The fund and benchmark indices

Source MSCI SampP CB Fonder Reuters Bloomberg

Daily data for the period 2008-06-09 ndash 2014-12-31

C B SAVE EAR T H FU N D

bull Index for renewable energy (including dividends)

WilderHill New Energy Global Innovation Index

bull Water index (including dividends) SampP Global Water Index

bull Index for cleantech The Cleantech Index

bull World index (including dividends after tax) MSCI World

21

Save Earth Fund

The fund and benchmark indices since inception June 2008 (EUR)

+716 +35 +822 -408 +304

Appendix The fund and benchmark indices

Source MSCI SampP CB Fonder Reuters Bloomberg

Daily data for the period 2008-06-09 ndash 2014-12-31

C B SAVE EAR T H FU N D

bull Index for renewable energy (including dividends)

WilderHill New Energy Global Innovation Index

bull Water index (including dividends) SampP Global Water Index

bull Index for cleantech The Cleantech Index

bull World index (including dividends after tax) MSCI World

Save Earth Fund

22

Disclaimer C B SAVE EAR T H FU N D

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 Save Earth Fund (the ldquoFundrdquo) The precedingupcoming 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 fund involves a degree of risk An investor in the fund could lose

all or a substantial amount of his or her investment The fund has fees that will reduce returns

The fundrsquos performance may be volatile