Independent Global Stock Nasdaq Copenhagen

Independent Invest Global (the Fund) is a Denmark-based investment fund. It mainly addresses equity investors. As of December 31, 2011, the Fund was engaged in making specialty investments in companies in the industrialized markets, such as the United States, Switzerland, Japan, the United Kingdom and Germany, among others. It invests in companies active within such sectors, as non-cyclical consumer goods, cyclical consumer goods, healthcare and oil and gas, among others. As of December 31, 2011, the Fund's investment portfolio comprised shares of such companies, as Inditex (5.2%), Johnson & Johnson (4.2%) and China Mobile Ltd (4.1%), among others. Independent Invest Global is a division of Investeringsforeningen Independent Invest.