Formuepleje - Rusland Stock

Alfred Berg Invest Rusland (the Fund) is a Denmark-based investment fund engaged in making specialty investments in depositary certificates for Russian equities. As of May 31, 2012, most of its investments were located in Russia (52.46%), Cyprus (10.42%) and the United Kingdom (8.87%), and were active in such sectors, as energy (38.76%), materials (24.61%) and finance (14.18%), among others. As of May 31, 2012, its investment portfolio comprised Surgutneftegaz (7.79%), Gazprom (6.75%) and Oil Company Lukoil ADR (6.41%), among others. Alfred Berg Invest Rusland is a division of Investeringsforeningen Alfred Berg Invest, a Denmark-based investor association.