Nordea 1 Global Climate and Environment Fund · Overview of investment process Note: *The MSCI ESG Research Intangible Value Assessment (IVA) provides research and analysis of companies’

For Professionals Only*

* Investing for their own account – according to MiFID definition.

Nordea 1 – Global Climate and Environment Fund

ISIN: LU0348927095 (BI-EUR)

ISIN: LU0348926287 (BP-EUR)

Be part of the solution.

For Professionals Only

2

Investment drivers

We believe Climate & Environment is a long-term megatrend supported by multiple drivers

The impact of Climate & Environment as a driver in companies’ cash

flows is under-researched and under-estimated by the market.

Economic incentive to save resources

Environmental incentive to minimise harmful externalities

Political incentive to become resource independent, get votes and create jobs

Corporate incentive to focus on sustainability, staying competitive, environmental risks and innovation

Consumer trend towards sustainability

We cannot walk the same path as our ancestors!


3

Asset class & investment universe

Resource Efficiency

Environment Protection Alternative Energy Resource Efficiency

Climate & Environment a long-term structural growth trend

Many climate solutions have reached an inflection point

Investment universe consists of ~1100 companies with market cap above €5 trillion

Climate solution opportunities fall into three investment clusters

Environment Protection

5% 70% 25%

Renewable Power

Solar

Wind

Energy Efficiency

Smart Grid

Eco-Mobility

Agro & Biofuels

Intelligent Construction

Advanced Materials

Clean Water & Air

Waste Management

Environmental Services

Source: Nordea Investment Management AB


4

Focus on climate solutions that make most economic sense

Energy

-70%

Water

-70%

Waste

-60%

A Rational Combi Oven replacing traditional equipment in a commercial canteen pays off after 18 months.

Ansys simulation software is paying off by reducing waste of resources and developing time while optimising efficiency, e.g. in showerhead innovation.

A Yaskawa variable frequency drive controlling a fan achieves a payback period of less than 24 months by reducing energy costs.

Source: Nordea Investment Management AB

A resource recovery plan designed by Waste Management is helping an Alcoa plant reclaim 20 to 25 tons of aluminium oxide per week, turning waste into profits.

Energy

-65%


5

Overview of investment process

Note: *The MSCI ESG Research Intangible Value Assessment (IVA) provides research and analysis of companies’ risks and

opportunities arising from ESG factors in a single Rating (seven point scale; AAA-CCC).

~1000

~200

Investment Universe

Climate & Environment beneficiaries

ESG & Liquidity filter Exclude c - Rated* companies &

< 10 trading days

Strategic company

assessment Corporate culture, Business

fundamentals & Financial performance

Number of

companies

~500

Valuation Set of Expectations &

DCF valuation

Portfolio of 40 - 60

stocks

Environment ProtectionAlternative Energy Resource Efficiency Environment Protection

5% 70% 25%


6

Investment team

Climate & Environment Portfolio Management embedded in strong global research platform – providing diverse idea generation input

24 investment professionals to contribute to idea generation

Thomas Sørensen

Portfolio Manager, 19 years investment

experience within Nordea

Henning Padberg

Portfolio Manager, 8 years investment

experience within Nordea

Research platform

16 Global super-sector analysts

− Consumers

− Commodities

− Cyclical

− Financials

− Regulated

6 Emerging Markets specialists

2 Small & Mid cap specialists


7

Typical portfolio structure / characteristics

40-60 global holdings, fully invested, high conviction

High exposure to mid-cap growth with bias towards Industrials & Technology sectors

Focus on climate solutions no direct oil, coal and nuclear investments

Climate solution providers will be largest beneficiaries in the long run

Source: Nordea as of 07/03/2017


8

Reasons for investing

Visit our microsite!

www.nordea.lu/ClimateSolutions

Participation in a strong growth segment of the market

Taking advantage of an under-researched and misunderstood universe

Many climate solutions have reached the economic inflection point

Stable investment team with a proven track record

Source - © 2017 Morningstar, Inc. All Rights Reserved as of 30.04.2017, EAA OE Sector Equity Ecology. Performance in EUR. Period under consideration: 01.01.2009 – 30.04.2017. Performance calculated NAV

to NAV (net of fees and Luxembourg taxes) gross income reinvested, in the base currency of the respective sub-fund, excluding initial and exit charges. Initial and exit charges could affect the value of the

performance. The performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount invested. The value of shares can

greatly fluctuate as a result of the sub-fund’s investment policy and cannot be ensured. If the base currency of the respective sub-fund differs from the currency of the country where the investor resides the

represented performance might vary due to currency fluctuations.

• Appendix


10

Product Characteristics

• Investment universe: Global equities with exposure to Climate & Environment

• Benchmark: No benchmark

• Investment process: Fundamental bottom up

• Number of stocks: 40-60

• Bias: GARP and mid-cap

• Style: Bottom up and cash flow driven


11

Correlation to other asset classes

Source - © 2017 Morningstar, Inc. All Rights Reserved as of 28.02.2017. Performance in EUR. Period under consideration: 01.03.2012 – 28.02.2017. Performance calculated NAV to NAV (net of fees and

Luxembourg taxes) gross income reinvested, in the base currency of the respective sub-fund, excluding initial and exit charges. Initial and exit charges could affect the value of the performance. The performance

represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount invested. The value of shares can greatly fluctuate as a result of

the sub-fund’s investment policy and cannot be ensured. If the base currency of the respective sub-fund differs from the currency of the country where the investor resides the represented performance might

vary due to currency fluctuations. The Nordea 1- Global Climate and Environment Equity Fund does not have an official benchmark. The indexes shown are for illustrative purpose only.

5 Year Correlation Matrix

5 Year Excess Returns Correlation Matrix


12

Portfolio Overview

Source: Nordea Investment Management AB, 07.03.2017


13

How do we search the market?

Idea Generation Fundamental Investment Analysis Portfolio and Risk Management

• We purely focus on Climate & Environment beneficiaries

• In idea generation, industry knowledge and value-chain analysis is essential

• Ideas are generated from a variety of sources:

• Internal and external research

• Company meetings

• Industry and financial conferences

• Academic research

• Structural trends, innovation budgets (e.g. company’s R&D) and regulation

• Having an experienced team of analysts capable of filtering the information and

identifying the most attractive opportunities is key


14

Idea Generation Fundamental Investment Analysis Portfolio & Risk Management

5 key focus points for building an investment case

How well is the

company positioned

towards climate

strategies?

How is the company

capitalising on climate

strategies?

Does management act

and think as

sustainable owners?

What is it worth?

What is the Climate &

Environment driver the

market missing?


15


• Constant evaluation of risk and reward on stock level

• Weight enhancement towards strong risk/reward stocks by using Sharpe Ratio

• Sell discipline: Changes to fundamentals, reaching the target price or better opportunities

• Disciplined risk monitoring of Total portfolio risk and Stock contribution to total risk

Portfolio management

Stock contribution to total risk

Optimal

Portfolio

Total portfolio risk

Sharpe Ratio

Sharpe Ratios determine Alpha potential, Total portfolio risk and Stock

contribution to total risk are limiting factors


16



Optimal

Portfolio


Sharpe Ratio


Optimal

Portfolio


Sharpe Ratio

Source: Nordea as of 28/02/2017


17

Risk management & control

• Ongoing risk dialogue

• Pre-trade analysis

• Monthly risk reviews

• Dedicated Risk Management team

• Standardized risk reporting based on MSCI

Barra and Style Research

• Ad-hoc risk analysis (e.g. style biases,

market scenarios, portfolio optimization)

• Internal Risk Control team

• Line and limit controls

• Liquidity control (UCITS compliant)


N2205-LUA - Nordea 1 - Climate and Environment E.Fund - AssetDate: 15-Dec-14

Main Risk Numbers Benchmark: MSCI World (NDR)

Total Risk 14.62%

Benchmark Risk 12.26% (Std.Dev. of Return) Portfolio (Beg Last mth) Benchmark (Beg Last mth) Active (Beg Last mth) Trend AR % AR

Active Risk 5.52% Total Risk 14.62 (15.13) 12.26 (12.45) 5.52 (5.82) Down 100.00%

Beta Benchmark 1.11 Local Market Risk 15.13 (15.68) 12.33 (12.5) 5.51 (5.82) Down 99.67%

Market Value BarraOne (EUR) 43,414,626 Common Factor Risk 14.85 (15.39) 12.31 (12.48) 4.63 (4.93) Down 70.37%

Base Currency Cash % 1.0% Industry 13.72 (13.91) 12.26 (12.45) 3.10 (3.05) Neutral 31.45%

Gross Future Exposure 0.0% Style 2.59 (2.84) 0.58 (0.6) 2.97 (3.23) Down 28.89%

Net Future Exposure 0.0% Factor Interaction 10.03%

Active Share 99% Selection Risk 2.92 (3.03) 0.73 (0.74) 2.99 (3.1) Down 29.30%

Number of assets (excl. cash buckets) 49 Currency Risk 4.98 (5.13) 5.59 (5.7) 0.74 (0.72) Up 1.79%

Number of rejected assets 0 Currency/Market Interaction -1.45%

Largest Active Weights - Issuer Largest MCAR (riskiest securities) in Portfolio - Issuer

Name

Por

Weight

Benchmark

Weight

Active

Weight

Total

Risk (%) Beta MCAR

% Ctr to

Act Risk Name Por Weight

Benchmark

Weight

Active

Weight

Total Risk

(%) Beta MCAR

% Ctr to

Act Risk

Hexcel Corp 3.77% 0.00% 3.77% 23.30 1.15 0.08 5.2% SMA Solar Technology AG 0.56% 0.00% 0.56% 57.03 1.77 0.21 2.1%

ANSYS Inc 3.63% 0.02% 3.61% 22.08 1.00 0.07 4.5% Suss Microtec AG 0.47% 0.00% 0.47% 49.25 1.63 0.19 1.7%

Plum Creek Timber Co Inc 3.57% 0.02% 3.54% 17.21 0.82 0.03 1.8% Meyer Burger Technology AG 1.44% 0.00% 1.44% 51.26 1.31 0.18 4.7%

Middleby Corp/The 3.37% 0.00% 3.37% 26.94 1.27 0.10 6.0% Chart Industries Inc 1.30% 0.00% 1.30% 46.54 2.01 0.18 4.3%

Stericycle Inc 2.87% 0.03% 2.84% 17.17 0.65 0.02 1.0% Amtech Systems Inc 1.04% 0.00% 1.04% 48.24 1.54 0.18 3.3%

Danaher Corp 2.97% 0.16% 2.81% 18.31 0.97 0.04 1.9% Manz AG 1.29% 0.00% 1.29% 43.45 1.42 0.18 4.1%

Denso Corp 2.84% 0.07% 2.77% 25.28 0.91 0.05 2.3% MasTec Inc 2.57% 0.00% 2.57% 40.11 1.71 0.16 7.3%

Infineon Technologies AG 2.75% 0.04% 2.71% 26.38 1.35 0.13 6.4% Energy Recovery Inc 1.17% 0.00% 1.17% 43.89 1.57 0.15 3.3%

Continental AG 2.70% 0.07% 2.63% 23.74 1.24 0.10 4.7% Dialog Semiconductor PLC 1.16% 0.00% 1.16% 40.91 1.47 0.15 3.2%

IPG Photonics Corp 2.59% 0.00% 2.59% 29.72 1.28 0.11 5.3% Aixtron SE 1.92% 0.00% 1.92% 35.01 0.99 0.14 5.0%

10 Largest Active Risk Contributors by Issuer Smallast MCAR (most diversifying securities) with BM Weight >0,25% or in Portfolio - Issuer

Name

Por

Weight

Benchmark

Weight

Active

Weight

Total

Risk (%) Beta MCAR

% Ctr to

Act Risk Name Por Weight

Benchmark

Weight

Active

Weight

Total Risk

(%) Beta MCAR

% Ctr to

Act Risk

MasTec Inc 2.57% 0.00% 2.57% 40.11 1.71 0.16 7.3% Merck & Co Inc 0.00% 0.51% -0.51% 0.00 0.00 -0.02 0.2%

Veeco Instruments Inc 2.49% 0.00% 2.49% 33.39 1.37 0.14 6.4% Procter & Gamble Co/The 0.00% 0.75% -0.75% 0.00 0.00 -0.01 0.2%

Infineon Technologies AG 2.75% 0.04% 2.71% 26.38 1.35 0.13 6.4% Pfizer Inc 0.00% 0.61% -0.61% 0.00 0.00 -0.01 0.1%

Middleby Corp/The 3.37% 0.00% 3.37% 26.94 1.27 0.10 6.0% Bristol-Myers Squibb Co 0.00% 0.30% -0.30% 0.00 0.00 -0.01 0.1%

IPG Photonics Corp 2.59% 0.00% 2.59% 29.72 1.28 0.11 5.3% Altria Group Inc 0.00% 0.30% -0.30% 0.00 0.00 -0.01 0.1%

Hexcel Corp 3.77% 0.00% 3.77% 23.30 1.15 0.08 5.2% Johnson & Johnson 0.00% 0.91% -0.91% 0.00 0.00 -0.01 0.2%

Aixtron SE 1.92% 0.00% 1.92% 35.01 0.99 0.14 5.0% PepsiCo Inc 0.00% 0.44% -0.44% 0.00 0.00 -0.01 0.1%

Meyer Burger Technology AG1.44% 0.00% 1.44% 51.26 1.31 0.18 4.7% Berkshire Hathaway Inc 0.00% 0.52% -0.52% 0.00 0.00 -0.01 0.1%

Continental AG 2.70% 0.07% 2.63% 23.74 1.24 0.10 4.7% Philip Morris International Inc 0.00% 0.41% -0.41% 0.00 0.00 -0.01 0.0%

ON Semiconductor Corp 1.93% 0.00% 1.93% 31.46 1.49 0.13 4.6% Coca-Cola Co/The 0.00% 0.50% -0.50% 0.00 0.00 0.00 0.0%

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Dec Jan

Feb

Mar

Ap

r

May Jun

Jul

Au

g

Sep

Oct

No

v

Risk

Portfolio Risk (lhs) Benchmark Risk (lhs)Active Risk (rhs) Active Industry Risk (rhs)Active Style Risk (rhs) Active Selection Risk (rhs)Active Currency Risk (rhs) Active Risk (Short Model) (rhs)

0.0

-0.1

0.5

1.8

2.2

-0.3

-0.6

-0.2

-0.4

0.3

0.0

0.1

0.0

1.5

4.0

5.6

0.3

0.4

0.0

0.0

1.7

0.0

-1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0

Utilities (0.75)

Telecommunication Services (0)

Materials (0.8)

Information Technology (1.03)

Industrials (1.07)

Health Care (0.99)

Financials (0.79)

Energy (0)

Consumer Staples (0)

Consumer Discretionary (1.11)

Cash

Risk (%)

GICS Sector Contribution To Risk/Active Risk

Sect Contrib to Total Ind Risk Sect Contrib to Act Ind Risk

(Portfolio Sector Beta to Bm Sector)

-1.50%

-3.36%

6.08%

14.68%

29.52%

-10.75%

-17.43%

-7.53%

-9.95%

-0.84%

1.08%

-30% -20% -10% 0% 10% 20% 30% 40% 50%

Utilities

Telecommunication Services

Materials

Information Technology

Industrials

Health Care

Financials

Energy

Consumer Staples

Consumer Discretionary

Cash

Effective Weight

GICS Sector Weights

Eff. Portfolio Weight Eff. Active Weight

0.96

0.98

1

1.02

1.04

1.06

1.08

1.1

1.12

1.14

1.16

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

70,000,000

Dec Jan

Feb

Mar

Ap

r

May Jun

Jul

Au

g

Sep

Oct

No

v

Bet

a

Ma

rket

Va

lue

Market Value and Beta

Market Value Beta

-10.0% 0.0% 10.0% 20.0%

United States

Taiwan,…

Singapore

Sweden

Portugal

New Zealand

Norway

Netherlands

Japan

Italy

Israel

Ireland

Hong Kong

United Kingdom

France

Finland

Spain

Denmark

Germany

Switzerland

Canada

Belgium

Australia

Austria

Exposure

Active Equity Country

Exposure

-1 Week Current

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

EU

RO

PE

JAP

AN

NO

RTH

AM

ERIC

A

RE

ST OF W

OR

LD

Exp

osu

re

Active Equity Regional

Exposure

Current -1 Week98%

98%

99%

99%

100%

100%

101%

0.00%

5.00%

10.00%

15.00%

20.00%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Act

ive

Sha

re

Per

form

an

ce

Portfolio Performance & Active Share

Portfolio

Performance

Active Share

-2.00

-1.00

0.00

1.00

Dec-13 Mar-14 Jun-14 Sep-14

Exp

osu

re (

>0,2

=>

act

ive

bet

)

Style Factor Exposure

Global Volatility

Global Value

Global Size

Global

Momentum

-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

Global Size (vol*act exp=2.32%)Global Momentum (vol*act exp=0.69%)Global Value (vol*act exp=0.28%)Global Volatility (vol*act exp=1.59%)US Dividend Yield (vol*act exp=0.68%)US Size Non-Linearity (vol*act exp=0.92%)US Earnings Yield (vol*act exp=0.46%)US Leverage (vol*act exp=0.27%)US Growth (vol*act exp=0.27%)

Exp

osu

re

Active Global Style Exposure (all) & Local Exposure (>0.2)

Source: Nordea Investment Management AB. Note: For illustrative purposes only


18

Portfolio Management Tools

N A M E BloombergPX _ LA ST

R T_ PX _ C H

G_ PC T_ 1D

rel. Perf

vs. Local Buy date Weight CTR Strategy

CNT

RY_I

SSU

Risk

Cou

ntry

R E A L _T IM E _T R R _ Y

TD

R E A L _T IM E _T R R _ 1

MO


MO


MO

E Q Y _T R R _P C T _ 1Y

R Action! Change SR

Holding

period

Conv.

level

Risk

level

Our TP

h2

ESG

Rating B E S T _ TA R G E T PR IC E

3m

vola

Up/dns

ide Nd

h2

Up/dn

side Bl

Up/dn side

HOLT

EX PEC TED _ RE

PORT_ D T

# Trading days

Q1 (Worst) vs Q5 (Best) >4 vs <2 exceptions 25%

AIR LIQUIDE SA AI FP 94.44 -0.3% 0.1% 04/06/2014 2.4% 0 Energy Efficiency FR FR 3% -3% -3% -3% 8% 1.00 0.5 yrs 2 1 115.0 AA 105.4 21.9 22% 12% #VALUE! 17/02/2015 0.1

AIXTRON SE AIXA GR 8.98 0.6% 1.0% 26/10/2012 1.9% 2 Energy Efficiency DE GE -15% 0% -12% -15% -8% 2.01 2.1 yrs 3 4 16.0 BB 11.6 38.9 78% 29% #VALUE! 25/02/2015 0.5

AMTECH SYSTEMS INC ASYS US 7.71 -4.6% -3.9% 04/09/2013 1.0% -4 Solar US US 11% -22% -28% -26% 4% 1.82 1.3 yrs 3 5 18.0 NR 16.6 73.1 133% 116% #VALUE! 06/02/2015 9.5

ANSYS INC ANSS US 80.11 -0.3% 0.4% 02/04/2012 3.6% 1 Energy Efficiency US US -8% 0% 0% 6% -6% 2.03 2.7 yrs 3 1 110.0 A 87.6 18.4 37% 9% #VALUE! 27/02/2015 0.3

ARCADIS NV ARCAD NA 23.63 -0.7% -0.3% 13/12/2013 1.8% -1 Environmental ServicesNL NE -6% 0% -11% -8% 0% 1.37 1.0 yrs 2 2 32.0 NR 27.9 25.8 35% 18% #VALUE! 19/02/2015 0.9

BERTRANDT AG BDT GR 109.50 -1.4% -1.0% 25/01/2012 2.5% -3 Eco-Mobility DE GE 1% 7% 13% 1% 11% 0.65 2.9 yrs 2 1 130.0 NR 119.3 28.9 19% 9% #VALUE! 16/02/2015 1.9

CHART INDUSTRIES INC GTLS US 31.58 -2.9% -2.3% 30/04/2013 1.3% -3 Energy Efficiency US US -67% -27% -51% -60% -65% 1.71 1.6 yrs 3 3 62.0 A 57.2 56.3 96% 81% #VALUE! 25/02/2015 0.2

CHROMA ATE INC 2360 TT 82.10 2.6% 3.0% 14/01/2014 1.0% 3 Energy Efficiency TW TA 35% 1% -3% -4% 40% Sell -1.0% -0.56 0.9 yrs 3 2 67.0 NR 93.5 33.0 -18% 14% #VALUE! 24/03/2015 0.8

CONTINENTAL AG CON GR 163.35 -0.9% -0.5% 10/06/2010 2.7% -1 Eco-Mobility DE GE 4% 6% 1% -5% 8% 0.80 4.5 yrs 3 2 200.0 B 184.5 27.9 22% 13% #VALUE! 05/03/2015 0.1

CYTEC INDUSTRIES INC CYT US 44.05 -0.7% -0.1% 09/07/2010 1.5% -0 Advanced Materials US US -5% -10% -12% -12% 0% 0.77 4.4 yrs 3 3 55.0 BB 51.7 32.1 25% 17% #VALUE! 30/01/2015 0.1

DAIFUKU CO LTD 6383 JP 1260.00 -4.9% -3.0% 13/12/2013 1.7% -5 Energy Efficiency JP JN -5% -3% -3% -10% 3% 0.84 1.0 yrs 3 2 1,700.0 NR 1,582.5 41.3 35% 26% #VALUE! 12/02/2015 0.5

DANAHER CORP DHR US 83.39 -0.4% 0.2% 20/01/2012 2.9% 1 Clean Water & Air US US 8% 1% 8% 4% 11% target -0.4% 0.19 2.9 yrs 2 1 86.5 B 92.7 19.6 4% 11% #VALUE! 19/02/2015 0.0

DENSO CORP 6902 JP 5417.00 -1.6% 0.3% 05/02/2013 2.9% 1 Eco-Mobility JP JN 0% -1% 15% 14% 11% 1.05 1.9 yrs 3 3 7,100.0 AAA 5,980.8 29.5 31% 10% #VALUE! 03/02/2015 0.1

DIALOG SEMICONDUCTOR PLC DLG GR 27.23 0.2% 0.6% 15/03/2011 1.2% 1 Energy Efficiency DE GE 74% -1% 28% 17% 95% Sell -1.2% -0.02 3.8 yrs 3 4 27.0 NR 27.7 39.6 -1% 2% #VALUE! 20/02/2015 0.1

ECOLAB INC ECL US 102.03 -0.3% 0.3% 29/04/2010 2.7% 1 Waste Management US US -1% -9% -12% -5% 1% -0.5% 1.05 4.6 yrs 2 1 127.0 AAA 122.9 23.2 24% 20% #VALUE! 20/02/2015 0.0

ENERGY RECOVERY INC ERII US 4.72 0.0% 0.6% 13/12/2013 1.2% 1 Clean Water & Air US US -15% 1% 24% -18% -8% 0.43 1.0 yrs 3 5 6.0 NR 5.0 62.4 27% 6% #VALUE! 05/03/2015 2.6

HEXCEL CORP HXL US 39.77 0.1% 0.7% 26/10/2012 3.7% 3 Advanced Materials US US -11% -8% 1% -1% -7% 1.10 2.1 yrs 3 2 50.0 BBB 47.8 23.3 26% 20% #VALUE! 23/01/2015 0.4

HOLLYSYS AUTOMATION TECHNOLO HOLI US 23.90 -0.4% 0.2% 23/08/2013 1.5% 0 Energy Efficiency US CH 26% -3% 10% 3% 38% 0.47 1.3 yrs 3 3 28.0 NR 27.8 36.5 17% 16% #VALUE! 17/02/2015 0.4

HYDROGENICS CORP HYGS US 12.10 -3.5% -2.9% 03/02/2014 0.6% -2 Renewable Power US CA -37% -18% -34% -20% -36% 1.60 0.9 yrs 3 5 26.5 NR 29.0 74.4 119% 140% #VALUE! 06/03/2015 0.9

IHS INC-CLASS A IHS US 115.68 1.9% 2.6% 17/05/2012 1.9% 5 Environmental ServicesUS US -3% -12% -17% -10% -1% Add 0.3% 1.15 2.6 yrs 3 2 148.0 A 140.6 24.2 28% 22% #VALUE! 13/01/2015 0.1

INFINEON TECHNOLOGIES AG IFX GR 8.23 -0.6% -0.2% 19/01/2011 2.7% -0 Eco-Mobility DE GE 8% 9% -7% -10% 14% 0.85 3.9 yrs 3 2 10.5 BBB 8.8 32.4 28% 7% #VALUE! 29/01/2015 0.1

INTERTEK GROUP PLC ITRK LN 2149.00 0.3% 0.7% 22/05/2014 1.9% 1 Environmental ServicesGB GB -31% -19% -20% -23% -26% 1.21 0.6 yrs 2 1 2,710.0 AA 2,781.5 21.7 26% 29% #VALUE! 02/03/2015 0.3

IPG PHOTONICS CORP IPGP US 73.00 -2.8% -2.2% 03/02/2014 2.6% -6 Energy Efficiency US US -6% 2% 8% 9% -2% 1.21 0.9 yrs 3 3 100.0 BB 84.9 30.6 37% 16% #VALUE! 13/02/2015 0.2

JOHNSON MATTHEY PLC JMAT LN 3175.00 0.1% 0.5% 15/02/2013 2.1% 1 Eco-Mobility GB GB -1% 1% 3% 1% 1% target 0.56 1.8 yrs 2 2 3,600.0 AAA 3,572.0 24.0 13% 13% #VALUE! 04/06/2015 0.2

LINDE AG LIN GR 144.50 -0.2% 0.2% 01/04/2008 2.4% 0 Energy Efficiency DE GE -3% -1% -6% -6% -1% target 0.66 6.7 yrs 2 1 164.0 AA 162.9 20.6 13% 13% #VALUE! 13/03/2015 0.1

LKQ CORP LKQ US 27.51 -1.1% -0.4% 06/10/2009 2.5% -1 Waste Management US US -16% -5% -2% 7% -17% 0.93 5.2 yrs 2 2 34.0 AA 36.8 25.4 24% 34% #VALUE! 27/02/2015 0.2

MANZ AG M5Z GR 54.50 -1.0% -0.6% 07/08/2013 1.3% -1 Solar DE GE -12% -13% -25% -34% -8% 1.98 1.4 yrs 3 4 100.0 NR 80.0 42.2 83% 47% #VALUE! 27/03/2015 1.4

MASTEC INC MTZ US 18.68 -2.6% -2.0% 27/04/2012 2.6% -5 Smart Grid US US -43% -26% -38% -42% -40% 2.85 2.6 yrs 3 3 50.0 BBB 34.2 58.8 168% 83% #VALUE! 27/02/2015 0.2

MEYER BURGER TECHNOLOGY AG MBTN SW 5.71 -10.3% -9.9% 07/08/2013 1.4% -14 Solar CH SZ -46% -31% -40% -57% -35% Add 0.5% 4.35 1.4 yrs 3 4 18.0 NR 10.2 49.5 215% 78% #VALUE! 26/03/2015 0.7

MIDDLEBY CORP MIDD US 95.35 -0.5% 0.1% 20/10/2011 3.4% 0 Energy Efficiency US US 19% 2% 9% 18% 25% target 0.49 3.2 yrs 3 2 109.0 BB 108.2 29.5 14% 13.5% #VALUE! 25/02/2015 0.3

NANOCO GROUP PLC NANO LN 121.00 2.3% 2.7% 08/12/2011 0.9% 2 Advanced Materials GB GB -16% 1% 13% 16% -11% 1.10 3.0 yrs 3 5 200.0 NR 267.5 59.6 65% 121% #VALUE! 23/03/2015 0.7

NATIONAL GRID PLC NG/ LN 860.50 0.5% 0.9% 30/04/2013 1.9% 2 Smart Grid GB GB 15% -7% -1% 4% 17% target 0.35 1.6 yrs 2 1 910.0 AA 876.7 16.3 6% 2% #VALUE! 21/05/2015 0.0

OMRON CORP 6645 JP 5170.00 -2.8% -0.9% 15/03/2013 1.9% -2 Energy Efficiency JP JN 13% -5% 10% 27% 28% target 0.45 1.8 yrs 3 3 6,000.0 AA 5,772.7 36.0 16% 12% #VALUE! 30/01/2015 0.1

ON SEMICONDUCTOR CORP ONNN US 9.64 -0.1% 0.5% 22/10/2013 2.0% 1 Energy Efficiency US US 17% 16% 0% 7% 27% -0.5% 0.63 1.2 yrs 3 4 12.0 BBB 10.7 39.1 24% 11% #VALUE! 06/02/2015 0.1

PFEIFFER VACUUM TECHNOLOGY PFV GR 66.88 -0.2% 0.2% 07/08/2013 2.1% 0 Solar DE GE -30% 12% 0% -17% -24% 1.97 1.4 yrs 3 2 100.0 NR 69.4 25.2 50% 4% #VALUE! 20/03/2015 2.0

PLUM CREEK TIMBER CO PCL US 41.08 -0.4% 0.2% 28/06/2013 3.5% 1 Agro & Biofuels US US -8% 1% 4% -5% -5% 2.14 1.5 yrs 3 2 55.0 BBB 44.9 15.9 34% 9% #VALUE! 27/01/2015 0.2

POLYPORE INTERNATIONAL INC PPO US 43.44 -1.7% -1.0% 13/01/2014 1.6% -2 Eco-Mobility US US 12% -18% 3% -9% 18% Sell -0.3% 0.13 0.9 yrs 3 4 46.0 BBB 49.3 45.8 6% 14% #VALUE! 24/02/2015 0.3

RATIONAL AG RAA GR 248.91 -0.3% 0.1% 22/10/2013 2.2% 0 Energy Efficiency DE GE 6% -1% 9% 8% 11% 0.84 1.2 yrs 2 2 300.0 NR 257.2 24.5 21% 3% #VALUE! 20/03/2015 2.6

ROPER INDUSTRIES INC ROP US 150.80 0.6% 1.2% 12/01/2010 2.5% 3 Smart Grid US US 9% -4% 2% 3% 15% target 0.54 4.9 yrs 2 1 168.0 BBB 167.4 21.1 11% 11% #VALUE! 27/01/2015 0.1

SCHNEIDER ELECTRIC SE SU FP 57.57 -0.7% -0.3% 28/06/2013 2.2% -1 Energy Efficiency FR FR -7% -7% -9% -16% -3% Add 0.5% 1.02 1.5 yrs 3 2 75.0 AAA 66.4 29.5 30% 15% #VALUE! 19/02/2015 0.0

SEKISUI HOUSE LTD 1928 JP 1497.50 -0.4% 1.5% 22/10/2013 1.8% 3 Intelligent ConstructionJP JN 5% -5% 19% 14% 11% 0.77 1.2 yrs 3 2 1,800.0 AA 1,773.0 26.1 20% 18% #VALUE! 06/03/2015 0.1

SMA SOLAR TECHNOLOGY AG S92 GR 14.44 1.0% 1.4% 14/07/2014 0.6% 1 Solar DE GE -37% -20% -39% -46% -34% 0.68 0.4 yrs 3 4 20.0 NR 18.5 56.5 39% 28% #VALUE! 27/03/2015 0.7

STERICYCLE INC SRCL US 128.07 0.1% 0.7% 04/02/2013 2.8% 2 Waste Management US US 10% 0% 9% 9% 11% target 0.26 1.9 yrs 2 1 133.0 B 132.9 15.0 4% 4% #VALUE! 05/02/2015 0.1

SUESS MICROTEC AG SMHN GR 4.30 1.1% 1.5% 23/01/2012 0.5% 1 Energy Efficiency DE GE -33% -6% -22% -49% -29% 1.23 2.9 yrs 3 5 7.0 NR 6.6 50.8 63% 54% #VALUE! 27/03/2015 1.5

TESLA MOTORS INC TSLA US 204.04 -1.4% -0.8% 06/04/2011 1.7% -1 Eco-Mobility US US 36% -21% -22% -9% 38% 0.3% 1.65 3.7 yrs 3 4 355.0 AA 286.2 44.9 74% 40% #VALUE! 19/02/2015 0.0

THERMO FISHER SCIENTIFIC INC TMO US 123.73 -1.0% -0.4% 01/04/2008 2.3% -1 Environmental ServicesUS US 12% 4% 1% 4% 22% target 0.08 6.7 yrs 2 2 126.0 BB 141.6 23.1 2% 14% #VALUE! 30/01/2015 0.0

TRIMBLE NAVIGATION LTD TRMB US 26.57 -2.3% -1.6% 02/08/2012 1.6% -3 Agro & Biofuels US US -23% -8% -16% -30% -19% Add 0.5% 1.45 2.4 yrs 3 2 40.00 A 30.3 34.9 51% 14% #VALUE! 11/02/2015 0.1

VEECO INSTRUMENTS INC VECO US 35.63 -1.2% -0.6% 05/11/2013 2.5% -1 Energy Efficiency US US 8% 0% 1% 7% 17% 1.46 1.1 yrs 3 4 56.0 BB 39.1 39.1 57% 10% #VALUE! 19/02/2015 0.4

VISHAY INTERTECHNOLOGY INC VSH US 13.17 0.2% 0.9% 07/11/2012 1.4% 1 Energy Efficiency US US 1% -3% -15% -12% 5% 1.71 2.1 yrs 3 3 20.0 A 16.2 30.3 52% 23% #VALUE! 04/02/2015 0.2

Portfolio Cockpit

14/01/2014 Chroma ATE 2.00% 2.00% 2360 TT Energy Efficiency Buy Electronic testing (semis, solar, battery, EV); after some tough years, green energy coming back strongly; solid company with proven model and margins62.59 82.10 31.0% 31% 14/01/2014 62.34 -0.4% 14/01/2014 1651.73 62

13/01/2014 Darling International 2.00% 2.00% DAR US Waste Management Buy Recycling, processing and special waste management (animal, cooking oil) 20.93 17.59 -16.5% -17% 13/01/2014 20.80 -0.6% 13/01/2014 1645.41 -33

13/01/2014 Polypore 1.00% 1.00% PPO US Eco-Mobility Buy Re-entering position 37.45 43.44 15.4% 15% 13/01/2014 37.46 0.0% 13/01/2014 1645.41 15

13/01/2014 Aixtron 0.50% 1.70% AIXA GR Energy Efficiency Increase Increasing active weight (positive news: MPI is forecasting is new MOCVD demand to reach 200 units this year vs 60 units in 2013 and 300-350 units in 2010-2011)11.65 8.95 -23.8% -24% 13/01/2014 11.61 -0.3% 13/01/2014 1645.41 -12

13/01/2014 GT Advanced 0.40% 2.00% GTATQ US Advanced Materials Increase Increasing active weight 9.24 0.41 -96.1% -96% 13/01/2014 8.93 -3.3% 13/01/2014 1645.41 -38

13/01/2014 Ansys 0.30% 2.80% ANSS US Energy Efficiency Increase Increasing active weight 84.68 80.11 -6.0% -6% 13/01/2014 84.24 -0.5% 13/01/2014 1645.41 -2

13/01/2014 Manz 0.30% 1.10% M5Z GR Solar Increase Increasing active weight 68.33 53.76 -21.9% -22% 13/01/2014 67.52 -1.2% 13/01/2014 1645.41 -7

13/01/2014 Veeco 0.40% 2.00% VECO US Energy Efficiency Increase Increasing active weight 35.79 35.63 -1.0% -1% 13/01/2014 35.22 -1.6% 13/01/2014 1645.41 0

14/01/2014 Süss Microtech 0.20% 1.00% SMHN GR Energy Efficiency Increase Increasing active weight (positive news: Epistar adopts wafer-level packaging process with flip-chip structure and develops embedded LED chip (ELC) solution )7.11 4.36 -38.8% -39% 14/01/2014 7.18 1.0% 14/01/2014 1651.73 -8

13/01/2014 Deere -1.90% 0.00% DE US Agro & Biofuels Sell Weakening agriculture markets after years of overspend; high-horsepower in developed markets not growing and EM not yet that advanced90.52 87.47 3.9% -4% 13/01/2014 90.07 -0.5% 13/01/2014 1645.41 7

13/01/2014 ON Semiconsuctor -1.60% 0.00% ONNN US Energy Efficiency Sell Exiting after years af disappointments on Sanyo integration; too much commodity product portfolio, not moving up the chain8.67 9.64 -10.7% 11% 13/01/2014 8.67 0.0% 13/01/2014 1645.41 -17

14/01/2014 Bertrandt -0.60% 1.00% BDT GR Eco-Mobility Decrease Limited upside 112.90 108.80 3.8% -4% 14/01/2014 112.88 0.0% 14/01/2014 1651.73 2

13/01/2014 Dialog Semiconductor -0.30% 1.90% DLG GR Energy Efficiency Decrease Profit taking after positive quarter and strong stock price reaction 15.78 26.95 -70.2% 70% 13/01/2014 15.73 -0.3% 13/01/2014 1645.41 -21

13/01/2014 Dresser-Rand -0.50% 1.80% DRC US Energy Efficiency Decrease Nervous about 2014 guidance, near-term could be lumpy 58.29 80.77 -38.0% 38% 13/01/2014 57.92 -0.6% 13/01/2014 1645.41 -19

03/02/2014 IPG Photonics 1.20% 1.20% IPGP US Energy Efficiency Buy Leader in fiber lasers (much more efficienct than traditional lasers); applications in cutting, welding, 3D printing 64.71 73.00 7.6% 8% 03/02/2014 64.55 -0.2% 03/02/2014 1571.92 9

03/02/2014 Hydrogenics 1.00% 1.00% HYGS US Renewable Power Buy Small fuel cells for on-site electricity generation, telco backup, power shift for renewables; potentially hydrogen cars longer-term option23.17 12.10 -53.0% -53% 03/02/2014 22.93 -1.0% 03/02/2014 1571.92 -53

03/02/2014 Energy Recovery 0.20% 1.00% ERII US Clean Water & Air Increase Increasing active weight after weakness 4.18 4.72 7.6% 8% 03/02/2014 4.16 -0.7% 03/02/2014 1571.92 2

03/02/2014 Clean Harbors -1.30% 0.00% CLH US Waste Management Sell Not providing hoped for stability, no conviction to increase medium weight; earnings have disappointed 55.41 48.64 17.5% -17% 03/02/2014 53.87 -2.8% 03/02/2014 1571.92 23

04/02/2014 Zhuzhou CSR Times Electric-1.40% 0.00% 3898 HK Eco-Mobility Sell Too high dependency on Chinese infrastructure spending, future spending more granular, more urban, less long-distance high speed23.23 33.35 -38.2% 38% 04/02/2014 23.26 0.1% 04/02/2014 1569.93 -53

19/02/2014 Dresser-Rand -1.50% 0.00% DRC US Energy Efficiency Sell Earnings risks into numbers; weaker end markets 53.47 80.77 -51.1% 51% 19/02/2014 53.46 0.0% 19/02/2014 1655.04 -77

19/02/2014 Hollysys Automation 0.30% 1.50% HOLI US Energy Efficiency Increase Increasing active weight 19.11 23.90 25.1% 25% 19/02/2014 18.99 -0.7% 19/02/2014 1655.04 8

28/02/2014 GT Advanced -1.00% 2.00% GTATQ US Advanced Materials Decrease Profit-taking after strong short-term performance; Apple Sapphire factory partly priced in, still lots of technology/execution risks14.51 0.41 95.9% -96% 28/02/2014 14.46 -0.3% 28/02/2014 1675.40 96

28/02/2014 IPG Photonics 0.50% 1.60% IPGP US Energy Efficiency Increase Increasing active weight 70.78 73.00 4.4% 4% 28/02/2014 71.34 0.8% 28/02/2014 1675.40 2

28/02/2014 Plum Creek Timber 0.50% 2.30% PCL US Agro & Biofuels Increase Increasing active weight 43.20 41.08 -3.7% -4% 28/02/2014 43.24 0.1% 28/02/2014 1675.40 -2

28/02/2014 Polypore 0.50% 1.40% PPO US Eco-Mobility Increase Increasing active weight 35.52 43.44 23.5% 24% 28/02/2014 35.17 -1.0% 28/02/2014 1675.40 12

10/03/2014 Meyer Burger Technologies-1.00% 2.20% MBTN SW Solar Decrease Initial upside scenario priced in; now more visibility and mgmt. confidence in even stronger order recovery required to calculate high enough upside to justify risk18.47 4.99 71.7% -72% 10/03/2014 18.09 -2.0% 10/03/2014 1676.53 72

07/03/2014 Manz 0.30% 1.30% M5Z GR Solar Increase Increasing active weight 68.50 53.76 -19.9% -20% 07/03/2014 68.63 0.2% 07/03/2014 1681.17 -6

02/05/2014 Ansys 0.40% 2.70% ANSS US Energy Efficiency Increase Buying opportunity: slight miss in the Q due to Russia/Ukraine; very high quality, leading simulation company with strong structural growth drivers73.53 80.11 11.0% 11% 02/05/2014 73.75 0.3% 02/05/2014 1688.99 4

07/05/2014 Denso 0.70% 2.50% 6902 JP Eco-Mobility Increase Fallen in-line with JP market and stronger Yen; underlying business healthy and ecomobility driving additional demand; too cheap at 5x EV/EBITDA4457.21 5417.00 23.3% 23% 07/05/2014 4457.86 0.0% 07/05/2014 1684.04 16

02/05/2014 Linde 0.40% 2.50% LIN GR Energy Efficiency Increase Increasing active weight, attractive risk/reward 148.93 143.90 -1.3% -1% 02/05/2014 148.73 -0.1% 02/05/2014 1688.99 -1

02/05/2014 Meyer Burger Technologies0.60% 2.00% MBTN SW Solar Increase Fallen 40% on no news, positive solar capex cycle still to come, recently stronger indication of inclusion for Apple related sapphire business11.11 4.99 -53.1% -53% 02/05/2014 11.02 -0.8% 02/05/2014 1688.99 -32

02/05/2014 Pfeiffer Vacuum 0.40% 1.80% PFV GR Solar Increase Increasing active weight, attractive risk/reward 86.47 66.62 -20.9% -21% 02/05/2014 86.22 -0.3% 02/05/2014 1688.99 -8

02/05/2014 Plum Creek Timber 0.50% 2.90% PCL US Agro & Biofuels Increase Increasing active weight, attractive risk/reward 43.80 41.08 -4.2% -4% 02/05/2014 43.65 -0.4% 02/05/2014 1688.99 -2

07/05/2014 Sekisui House 0.30% 1.50% 1928 JP Intelligent ConstructionIncrease Fallen in-line with JP market and around lower orders due to consumer tax; no change in structural trend towards low-emission houses1238.90 1497.50 22.6% 23% 07/05/2014 1238.43 0.0% 07/05/2014 1684.04 7

07/05/2014 Asahi Diamond -0.80% 1.00% 6140 JP Solar Decrease Profit taking after strong run; hard to get a lot of upside in a DCF; still good earnings momentum 1361.90 1176.00 11.9% -12% 07/05/2014 1361.88 0.0% 07/05/2014 1684.04 10

02/05/2014 ASM International -0.50% 1.60% ASM NA Energy Efficiency Decrease Short-term profit taking 31.61 32.70 -5.5% 5% 02/05/2014 31.63 0.1% 02/05/2014 1688.99 -3

02/05/2014 GT Advanced -1.00% 1.30% GTATQ US Advanced Materials Decrease Expectations around Apple related sapphire production ramp mostly priced in; hard to see enough upside to justify future uncertainty16.87 0.41 95.5% -96% 02/05/2014 16.91 0.2% 02/05/2014 1688.99 96

02/05/2014 Hollysys Automation -0.50% 1.20% HOLI US Energy Efficiency Decrease Strong performer, taking profits due to limited upside, little black box 21.93 23.90 -11.0% 11% 02/05/2014 22.02 0.4% 02/05/2014 1688.99 -6

02/05/2014 Nemetschek -0.20% 1.40% NEM GR Intelligent ConstructionDecrease Short-term profit taking 63.02 79.95 -28.9% 29% 02/05/2014 63.30 0.4% 02/05/2014 1688.99 -6

06/05/2014 Polypore 0.30% 1.70% PPO US Eco-Mobility Increase Earnings stabilising, still in transition of business from LG towards Samsung; strong EV design momentum with company indicating wins in >100 models; consensus only expecting single digit top-line vs. We see higher level and acceleration in coming years35.25 43.44 24.9% 25% 06/05/2014 35.26 0.0% 06/05/2014 1683.52 7

06/05/2014 Chart Industries 0.90% 1.80% GTLS US Energy Efficiency Increase Buying opportunity after significant weakness; China and US transition to higher gas usage main driver over medium term73.95 31.58 -55.6% -56% 06/05/2014 74.11 0.2% 06/05/2014 1683.52 -50

07/05/2014 Chroma ATE -0.40% 2.00% 2360 TT Energy Efficiency Decrease Short-term profit taking after strong outperformance 76.99 82.10 -8.4% 8% 07/05/2014 77.29 0.4% 07/05/2014 1684.04 -3

06/05/2014 Trimble Navigation -0.50% 2.00% TRMB US Agro & Biofuels Decrease Reducing weight ahead of results, despite expectation for strong construction business, agro could be weak; shares have performed well and risk-reward justifies small reduction38.43 26.57 29.1% -29% 06/05/2014 38.24 -0.5% 06/05/2014 1683.52 15

22/05/2014 Aixtron 0.50% 2.00% AIXA GR Energy Efficiency Increase Positive feedback from company visit (Illtgen) on current shipment rate (30 tools this Q vs 10 last and 20 last y) and feedback on new tool (30% efficiency gain, higher ASP); stock corrected without significant news10.28 8.95 -10.8% -11% 22/05/2014 10.43 1.5% 22/05/2014 1692.36 -5

22/05/2014 Veeco 0.30% 2.00% VECO US Energy Efficiency Increase Increasing active weight; pent-up demand as capacity utilisation of clients nears 100% 32.05 35.63 13.4% 13% 22/05/2014 32.53 1.5% 22/05/2014 1692.36 4

22/05/2014 Intertek 2.00% 2.00% ITRK LN Environmental ServicesBuy Long-term beneficiary of quality and environemental regulation; structural growth in fragmented industry at reasonable price; China opening up with high focus on reducing pollution big additional opportunity; good portfolio diversifier2908.01 2161.00 -23.5% -23% 22/05/2014 2904.45 -0.1% 22/05/2014 1692.36 -47

22/05/2014 AZ Electronics -1.70% 0.00% AZEM LN Advanced Materials Sell Take-over by Merck completed 403.50 403.50 -2.2% 2% 22/05/2014 403.02 -0.1% 22/05/2014 1692.36 -4

22/05/2014 Dialog Semiconductor -0.60% 2.00% DLG GR Energy Efficiency Decrease Short-term profit taking 21.24 26.95 -29.1% 29% 22/05/2014 21.25 0.1% 22/05/2014 1692.36 -17

02/06/2014 MasTec 0.50% 2.30% MTZ US Smart Grid Increase Buying opportunity on short-term profit warning, long-term remains healthy 31.97 18.68 -37.9% -38% 02/06/2014 31.97 0.0% 02/06/2014 1717.27 -19

02/06/2014 Dialog Semiconductor -0.50% 1.60% DLG GR Energy Efficiency Decrease Short-term profit taking 22.72 26.95 -22.3% 22% 02/06/2014 22.68 -0.2% 02/06/2014 1717.27 -11

04/06/2014 Air Liquide 2.50% 2.50% AI FP Energy Efficiency Buy Stable long-term name, benefitting from same trends as Linde 97.29 93.93 0.2% 0% 04/06/2014 97.10 -0.2% 04/06/2014 1717.76 1

04/06/2014 Infineon Technologies -0.50% 2.90% IFX GR Eco-Mobility Decrease Short-term profit taking 9.07 8.14 6.6% -7% 04/06/2014 9.05 -0.3% 04/06/2014 1717.76 3

04/06/2014 National Grid -0.50% 2.50% NG/ LN Smart Grid Decrease Short-term profit taking 830.58 864.50 -7.8% 8% 04/06/2014 833.57 0.4% 04/06/2014 1717.76 -4

04/06/2014 Asahi Diamond -0.30% 1.00% 6140 JP Solar Decrease Short-term profit taking 1709.92 1176.00 27.5% -28% 04/06/2014 1706.00 -0.2% 04/06/2014 1717.76 8

04/06/2014 Nemetschek -0.30% 1.20% NEM GR Intelligent ConstructionDecrease Short-term profit taking 69.37 79.95 -18.9% 19% 04/06/2014 69.43 0.1% 04/06/2014 1717.76 -6

04/06/2014 Süss Microtech -0.30% 1.00% SMHN GR Energy Efficiency Decrease Short-term profit taking 8.48 4.36 44.9% -45% 04/06/2014 8.49 0.1% 04/06/2014 1717.76 13

Tracking strategies Historical strategy changes

Historical trade analysis

Aggregate Strategy* Performance

ConvictionMC € bn % # stocks % hist. MC Upside 1D Ytd 1M 3M 6M 1Yr 3Yr P/E

Energy Efficiency 1.50 744.6 17.0% 183 18.3% 736.9 14.7% -0.9% 3.7% -2.9% -2.4% -0.5% 8.8% 14.8% 17.8

Eco-Mobility 1.50 798.0 18.3% 112 11.2% 643.5 13.9% -0.6% 18.9% -0.4% 3.9% 10.9% 22.7% 19.3% 15.9

Agro & Biofuels 0.50 362.1 8.3% 92 9.2% 344.7 12.6% -0.8% 6.0% -3.0% 0.3% 1.9% 9.5% 9.6% 16.4

Smart Grid 1.00 268.8 6.2% 64 6.4% 254.7 11.4% -0.9% 15.1% -5.0% -2.4% 3.0% 19.3% 15.9% 15.2

Clean Water & Air 2.00 223.3 5.1% 62 6.2% 200.5 12.7% -0.8% 13.1% -2.3% 2.8% 3.9% 17.0% 22.1% 18.4

Nuclear 0.00 187.4 4.3% 17 1.7% 173.0 14.7% -1.7% 9.9% -3.0% -1.0% -0.4% 11.1% 8.5% 15.1

Advanced Materials 1.00 156.0 3.6% 63 6.3% 142.9 13.7% -1.0% 12.3% -0.1% 1.5% 7.6% 15.7% 4.3% 19.4

Environmental Services1.00 131.7 3.0% 26 2.6% 124.6 17.3% -0.7% 5.6% -5.6% -3.5% -1.3% 11.5% 26.8% 17.2

Renewable Power 0.50 138.4 3.2% 77 7.7% 127.1 22.7% -1.5% 4.1% -8.4% -10.6% -7.9% 5.4% -8.1% 17.0

Waste Management 2.00 124.5 2.8% 41 4.1% 109.6 16.1% -0.3% 11.4% -3.8% 0.3% 8.3% 14.1% 23.0% 20.3

Intelligent Construction 1.00 106.8 2.4% 38 3.8% 109.4 20.7% -1.0% -2.4% -5.4% -3.3% -6.2% 1.2% 17.9% 17.6

Ecological Products 62.6 1.4% 16 1.6% 57.6 14.9% -0.7% 25.5% -3.8% 9.5% 13.4% 29.9% 29.1% 20.9

Solar 1.00 63.3 1.4% 96 9.6% 55.6 38.2% ###### 7.2% -4.9% -14.1% -8.2% 8.3% 21.5% 25.6

Wind 0.33 31.6 0.7% 17 1.7% 26.3 15.4% -1.7% 10.7% -3.6% -5.8% -6.9% 16.9% 17.0% 16.0

Energy Storage 0.00 34.7 0.8% 25 2.5% 36.2 33.8% -0.8% -1.5% -2.8% -12.9% -9.3% 0.3% 6.1% 16.3

Other 0.00 936.2 21.4% 72 7.2% 898.7 16.5% -0.9% 5.1% -2.7% -1.1% 0.2% 9.3% 13.6% 13.1

Strategy Overview*

Clean Water & Air 4.0% Buys

Waste Management 2.9% 37.1%

Intelligent Construction 2.2%

Environmental Services 1.0% Sells

Agro & Biofuels 0.5% -36.3%

Energy Storage 0.0%

Nuclear 0.0% PTR

Wind 0.0% 36.7%

Energy Efficiency -0.2%

Renewable Power -0.5%

Holding

Period

Advanced Materials -0.5% 2.7 Yrs

Eco-Mobility -0.9%

Solar -1.9%

Smart Grid -3.3%

Total Changes 2015

Source: Nordea Investment Management AB. Note: For illustrative purposes only


19

Biographies

Mr. Thomas Sørensen

Mr. Sørensen has been the portfolio manager on the Climate and Environment product since its launch in 2008. In 1999, he joined

the Investment Management division and has undertaken a number of portfolio management and research responsibilities, including

now being part of the portfolio management team on our European Focus equity products and responsible for the Commodities

Super Sector research globally. Thomas began his career in 1997 with Nordea. He holds a BSc. Finance from Copenhagen Business

School.

Mr. Henning Padberg

Mr. Padberg has been the portfolio manager on the Climate & Environment since 2009. He began his career in 2008 with Nordea

Investment Management as a research associate focusing on the financial sector globally. In 2011 Henning became responsible for

the IT sector research globally. In 2014 Henning became part of the portfolio management team on our European Focus equity

products and responsible for the Cyclical Super Sector research globally. Henning holds a MSc. in Business Management from the

University of Münster, Germany.


20

The sub-funds mentioned are part of Nordea 1, SICAV, an open-ended Luxembourg-based investment company (Société d'Investissement à Capital Variable), validly formed and existing in accordance with the laws of Luxembourg and with European Council Directive 2009/65/EC of 13 July 2009.This document is advertising material and does not disclose all relevant information concerning the presented sub-funds. Any investment decision in the sub-funds should be made on the basis of the current prospectus and the Key Investor Information Document, which are available, along with the current annual and semi-annual reports, electronically in English and in the local language of the market where the mentioned SICAV is authorised for distribution, without charge upon request from Nordea Investment Funds S.A., 562, rue de Neudorf, P.O. Box 782, L-2017 Luxembourg, from the local representatives or information agents, or from our distributors. Investments in derivative and foreign exchange transactions may be subject to significant fluctuations which may affect the value of an investment. Investments in Emerging Markets involve a higher element of risk. The value of shares can greatly fluctuate as a result of the sub-fund’s investment policy and cannot be ensured. For further details of investment risks associated with these sub-funds, please refer to the relevant Key Investor Information Document, available as described above. Nordea Investment Funds S.A. only publishes product-related information and does not make any investment recommendations. Published by Nordea Investment Funds S.A., 562, rue de Neudorf, P.O. Box 782, L-2017 Luxembourg, which is authorized by the Commission de Surveillance du Secteur Financier in Luxembourg. Further information can be obtained from your financial advisor. He/she can advise you independently of Nordea Investment Funds S.A.. Additional information for investors in Switzerland: The Swiss Representative and Paying Agent is Nordea Bank S.A. Luxemburg, Zweigniederlassung Zürich, Mainaustrasse 21-23, CH-8008 Zürich. Telephone (+41) 44 421 42 42, Fax (+41) 44 421 42 82. Additional information for investors in Germany: The Information Agent in Germany is Société Générale S.A. Frankfurt Branch, Neue Mainzer Straße 46-50, D-60311 Frankfurt am Main. A hard copy of the above-mentioned fund documentation is also available from here. Additional information for investors in Austria: Sub-paying Agent and Representative in Austria is Erste Bank der Österreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna. Additional information for investors in the Netherlands: Nordea 1, SICAV is a Luxembourg Undertaking for Collective Investment in Transferable Securities (UCITS) registered in the Netherlands in the register kept by the AFM, and as such is allowed to offer its shares in the Netherlands. The AFM register can be consulted via www.afm.nl/register. Additional information for investors in France: With the authorisation of the AMF the shares of the sub-funds of Nordea 1, SICAV may be distributed in France. Centralising Correspondent in France is CACEIS Bank, located at 1-3, place Valhubert, 75013 Paris. Investors are advised to conduct thorough research before making any investment decision. Additional information for investors in Belgium: The Representative Agent in Belgium is BNP Paribas Securities Services S.C.A., Brussels branch, 25 Rue de Loxum, Brussels, B-1000-Belgium. A hard copy of the above-mentioned fund documentation is available upon demand free of charge. Additional information for investors in Spain: Nordea 1, SICAV is duly registered in the CNMV official registry of foreign collective investment institutions (entry no. 340) as authorised to be marketed to the public in Spain. The Depositary of the SICAV’s assets is, J.P. Morgan Bank Luxembourg S.A.. In Spain, any investment must be made through the authorised distributors and on the basis of the information contained in the mandatory documentation that must be received from the SICAV’s authorised distributor prior to any subscription. A complete list of the authorised distributors is available in the CNMV’s webpage (www.cnmv.es). Additional information for investors in Portugal: The Management Company of the SICAV, Nordea Investment Funds, S.A., and the Depositary of the SICAV’s assets, J.P. Morgan Bank Luxembourg S.A., are validly formed and existing in accordance with the laws of Luxembourg and authorized by the Commission de Surveillance du Secteur Financier in Luxembourg. Our distributor in Portugal is BEST - Banco Electrónico de Serviço Total, S.A., duly incorporated under the laws of Portugal and registered with the CMVM as a financial intermediary. Additional information for investors in Italy: Fund documentation as listed above is also available in Italy from the distributors and on the website www.nordea.it. The updated list of distribution agents in Italy, grouped by homogenous category, is available from the distributors themselves, at State Street Bank S.p.A. branches (located in the main towns of each region), BNP Paribas Securities Services, Banca Sella Holding S.p.A, Banca Monte dei Paschi di Siena, Allfunds Bank S.A. Sucursal de Milan, Société Générale Securities Services Sp.A. and on the website www.nordea.it. Any requests for additional information should be sent to the distributors. Before investing, please read the prospectus carefully. We recommend that you read the most recent annual financial statement in order to be better informed about the fund's investment policy. The prospectus and KIID for the sub-funds have been published with Consob. Additional information for investors in the United Kingdom: Approved by Nordea Bank AB, 5 Aldermanbury Square, London EC2V 7AZ, which is regulated by the FCA in the United Kingdom. Additional information for investors in Sweden: The Paying Agent is Nordea Bank AB (publ), Smålandsgatan 17, Stockholm SE-105 71. The Representative Agent is Nordea Funds Ltd, Swedish Branch, Mäster Samuelsgatan 21, Stockholm, SE-105 71. Additional information for investors in Denmark: The Information and Paying Agent is Nordea Danmark, filial af Nordea Bank AB (publ), Sverige, Strandgade 3, Christiansbro, DK-1401 Copenhagen K. A hard copy of the above-mentioned fund documentation is available here. Additional information for investors in Norway: The Paying Agent is Nordea Bank AB (publ), Filial i Norge, Essendrops gate 7, Postboks 1166 Sentrum, NO-0107 Oslo. The Representative Agent is Nordea Fonds Ltd., Norwegian Branch, Essendrops gate 7, Postboks 1166 Sentrum, NO-0107 Oslo. Additional information for investors in Finland: The Paying Agent is Nordea Bank AB (publ), Finnish Branch, Satamaradankatu 5, FI-00020 NORDEA, Helsinki. The Representative Agent is Nordea Funds Ltd, Satamaradankatu 5, FI-00020 NORDEA, Helsinki. Additional information for investors in Latvia: The Representative and Paying Agent is Nordea Bank AB Latvijas branch, K. Valdemara St. 62, Riga, LV-1013. Additional information for investors in Estonia: The Representative and Paying Agent in Estonia is Nordea Bank AB Estonia Branch, Liivalaia 45 10145 Tallinn. Additional information for investors in Lithuania: The Representative and Paying Agent in Lithuania is Nordea Bank AB, Lithuania Branch, Didzioji str. 18/2, LT-01128 Vilnius. Shareholders must evaluate possible investment risks and take this into consideration when making investment decisions. Information for investors in Brazil: Nordea 1, SICAV have not been, and will not be, registered with the CVM and may not be offered or sold in Brazil except in circumstances which do not constitute a public offering or distribution under Brazilian laws and regulations. Investors within Brazil should consult with their own counsel as to the applicability of these laws and regulations or any exemption there from. This material aims to provide information only and does not constitute and should not be construed as an offer to buy or sell or solicitation of an offer to buy or sell any security or financial instrument. Source (unless otherwise stated): Nordea Investment Funds S.A.. Unless otherwise stated, all views expressed are those of Nordea Investment Funds S.A.. This document may not be reproduced or circulated without prior permission and must not be passed to private investors. This document contains information only intended for professional investors and independent financial advisers and is not intended for general publication. Reference to companies or other investments mentioned within this document should not be construed as a recommendation to the investor to buy or sell the same, but is included for the purpose of illustration.

http://www.afm.nl/register





http://www.cnmv.es/

http://www.cnmv.es/

http://www.cnmv.es/

http://www.cnmv.es/

http://www.cnmv.es/

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