Handelsbanken Funds

HANDELSBANKEN FUNDS

Société d'investissement à capital variable Luxembourg

PROSPECTUS

July 2017

VISA 2017/108012-125-0-PC L'apposition du visa ne peut en aucun cas servir d'argument de publicité Luxembourg, le 2017-06-14 Commission de Surveillance du Secteur Financier

HANDELSBANKEN FUNDS (the "Fund") is registered under part I of the Luxembourg law of 17 December 2010 concerning undertakings for collective investment, as amended (the "Law"). The Fund qualifies as an Undertaking for Collective Investment in Transferable Securities under the Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities ("UCITS"). The Fund is a self- managed investment company within the meaning of article 27 of the Law.

The shares have not been registered under the United States Securities Act of 1933 and may not be offered directly or indirectly in the United States of America (including its territories and possessions) to nationals or residents thereof or to persons normally resident therein, or to any partnership or persons connected thereto unless pursuant to any applicable statute, rule or interpretation available under United States law.

The distribution of this document in other jurisdictions may also be restricted; persons into whose possession this document comes are required to inform themselves about and to observe any such restrictions. This document does not constitute an offer by anyone in any jurisdiction in which such offer is not authorised or to any person to whom it is unlawful to make such offer.

Any information or representation given or made by any person which is not contained herein or in any other document which may be available for inspection by the public should be regarded as unauthorised and should accordingly not be relied upon. Neither the delivery of this Prospectus nor the offer, issue or sale of shares in the Fund shall under any circumstances constitute a representation that the information given in this Prospectus is correct as at any time subsequent to the date of this Prospectus.

All references herein to times and hours are to Luxembourg local time.

All references herein to EUR are to Euro. All references herein to NOK are to Norwegian Kroner. All references herein to USD or U.S. Dollar are to United States Dollars. All references herein to SEK are to Swedish Kronor. All references herein to GBP are to British Pounds.

Shareholders are informed that their personal data or information given in the subscription documents or otherwise in connection with an application to subscribe for shares, as well as details of their shareholding, will be stored in digital form and processed in compliance with the provisions of data protection law applicable in Luxembourg (including, but not limited to, the Luxembourg law of 2 August 2002 on data protection, as amended) by the Fund, acting as data controller, as well as its various service providers, mainly the Investment Manager, the

Administrative Agent (each as defined below) or Handelsbanken group entities, and their affiliate agents (together referred to as the "Entities") acting as data processors.

Personal data may be processed by the Entities as well as the Fund for the purposes of carrying out their services and complying with applicable legal or regulatory obligations including but not limited to such obligations in Luxembourg as well as in other jurisdictions under applicable company law, anti-money laundering law and regulations and tax laws such as but not limited to FATCA (as defined below) or to the automatic exchange of information under the Euro- CRS Directive (as defined below) or similar laws and regulations (e.g. on the Organisation for Economic Co-Operation and Development level).

Personal data shall be disclosed to third parties where necessary for legitimate business interests only. This may include disclosure to third parties such as governmental or regulatory bodies including tax authorities, auditors and accountants, investment managers, investment advisers, paying agents and subscription and redemption agents, distributors as well as permanent representatives in places of registration and any other agents of the Entities who may process the personal data for carrying out their services and complying with legal and regulatory obligations as described above.

By subscribing and/or holding shares of the Fund, investors consent to the aforementioned processing of their personal data and in particular, the disclosure of such data to, and the processing of such data by the parties referred to above including affiliates situated in countries outside of the European Union which may not offer a similar level of protection as the one deriving from Luxembourg data protection law. Investors acknowledge that the transfer of their personal data to these parties may transit via and/or their personal data may be processed by parties in countries which may not have data protection requirements deemed equivalent to those prevailing in the European Union.

For investors who fail to provide the relevant personal data as requested by the Fund or the Administrative Agent ownership of shares may be prevented or restricted as further detailed in the chapter "Taxation", section 3. "United States ("US") Tax Withholding and Reporting under the Foreign Account Tax Compliance Act ("FATCA") of this prospectus.

Investors may request access to, rectification of or deletion of any personal data provided to any of the parties above or stored by any of the parties above in accordance with applicable data protection law.

While the Fund and the Entities have taken reasonable measures to ensure confidentiality of the personal data, due to the fact that such data is transferred electronically and available outside of Luxembourg, the same level of confidentiality and the same level of protection in relation to data protection law as currently in force in Luxembourg may not be guaranteed while the personal data is kept abroad.

The Fund will accept no liability with respect to any unauthorised third party receiving knowledge and/or having access to the investor's personal data, except in case of wilful negligence or gross misconduct of the Fund.

Personal data shall not be held for longer than necessary with regard to the purpose of the data processing, subject always to applicable legal minimum retention periods.

HANDELSBANKEN FUNDS

Société d'Investissement à Capital Variable Registered office: 15, rue Bender, L-1229 Luxembourg, Grand-Duchy of Luxembourg R.C.S. Luxembourg B 22 175

Board of Directors Chairman

Peter Carlberg, Head of Business Development, Markets and Asset Management, Svenska Handelsbanken AB (Publ.), Stockholm, Sweden.

Directors

- Liselotte Calander, Head of Legal, Handelsbanken Markets and Asset Management, Svenska Handelsbanken AB (Publ.), Stockholm, Sweden; - Birgitta Röstlund, Head of Handelsbanken Asset Management, Svenska Handelsbanken AB (publ), Luxembourg; - Pär Sjögemark, Investment & Risk Advisory, Markets and Asset Management, Svenska Handelsbanken AB (Publ.), Stockholm, Sweden.

Conducting Officers (Dirigeants) - Oliver O'Rourke, Handelsbanken Asset Management, Svenska Handelsbanken AB (publ), Luxembourg; - Birgitta Röstlund, Head of Handelsbanken Asset Management, Svenska Handelsbanken AB (publ), Luxembourg.

Investment Managers Xact Kapitalförvaltning AB, Blasieholmstorg 12, 106 70 Stockholm, Sweden for the following sub-funds: - Handelsbanken Funds – Commodity; - Handelsbanken Funds – Global Index Criteria; - Handelsbanken Funds – Global Dynamic Allocation Preserve 90; - Handelsbanken Funds – MSCI Emerging Markets Index; - Handelsbanken Funds – Pension 40; - Handelsbanken Funds – Pension 50; - Handelsbanken Funds – Pension 60; - Handelsbanken Funds – Pension 70; - Handelsbanken Funds – Pension 80; and - Handelsbanken Funds – Pension 90.

Handelsbanken Fonder AB, Blasieholmstorg 12, 106 70 Stockholm, Sweden, for the following sub-funds:

- Handelsbanken Funds – America Small Cap; - Handelsbanken Funds – Swedish Short Term Assets Shares; - Handelsbanken Funds – Russia Shares; - Handelsbanken Funds – Global Selective; - Handelsbanken Funds – Brazil; - Handelsbanken Funds – Multi Asset (L); - Handelsbanken Funds – Multi Asset (M); - Handelsbanken Funds – Multi Asset (H); - Handelsbanken Funds – Emerging Markets Bond Fund; and - Handelsbanken Funds – Global Selective Criteria.

Sub-Investment Manager Svenska Handelsbanken AB (publ), Stockholm with registered office at Blasieholmstorg 12, SE - 10670 Stockholm for the following sub-funds: - Handelsbanken Funds – Multi Asset (L); - Handelsbanken Funds – Multi Asset (M); - Handelsbanken Funds – Multi Asset (H); - Handelsbanken Funds – Pension 40; - Handelsbanken Funds – Pension 50; - Handelsbanken Funds – Pension 60; - Handelsbanken Funds – Pension 70; - Handelsbanken Funds – Pension 80; and - Handelsbanken Funds – Pension 90.

Depositary JP MORGAN BANK LUXEMBOURG S.A., 6, Route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg.

Domiciliary, Registrar and Transfer Agent - Paying Agent, Administration Agent Svenska Handelsbanken AB (publ), Luxembourg Branch, 15, rue Bender, L-1229 Luxembourg, Grand Duchy of Luxembourg.

Auditors KPMG Luxembourg, Société cooperative, 39, Avenue John F. Kennedy, L–1855 Luxembourg, Grand Duchy of Luxembourg.

Legal Advisors ELVINGER HOSS PRUSSEN, 2 Place Winston Churchill, L-1340 Luxembourg, Grand Duchy of Luxembourg.

Main Handelsbanken Group Distributors In Luxembourg:

Svenska Handelsbanken AB (publ), Luxembourg Branch with registered office at 15 rue Bender, L-1229 Luxembourg.

In Finland: Svenska Handelsbanken AB (publ), Helsinki Branch, with registered office at Alexandersgatan 11, FI-00100 Helsingfors.

In Sweden: Svenska Handelsbanken AB (publ), Stockholm with registered office at Blasieholmstorg 12, SE - 10670 Stockholm.

In Norway: Handelsbanken Kapitalforvaltning AS, with registered office at Tjuvholmen allé 11, Postboks 1342 Vika 0113 Oslo.

C O N T E N T S

PRINCIPAL FEATURES 9 THE FUND 14 INVESTMENT POLICIES AND RESTRICTIONS 14 1. General Investment Policies for all Sub-Funds ...... 14 2. Specific Investment Policies for each Sub-Fund ...... 15 3. Investment and Borrowing Restrictions...... 15 Financial Derivative Instruments ...... 23 Use of Techniques and Instruments Relating to Transferable Securities and Money Market Instruments ...... 24 RISK MANAGEMENT PROCESS 31 RISK WARNINGS 32 1. Introduction ...... 32 2. General risks ...... 32 3. Underlying Asset risks ...... 35 4. Other risks ...... 39 ISSUE, REDEMPTION AND CONVERSION OF SHARES 41 1. Issue of shares ...... 42 2. Conversion of shares ...... 47 3. Redemption of shares ...... 48 4. Transfer of shares ...... 49 DISTRIBUTION POLICY 49 MANAGEMENT AND ADMINISTRATION 50 1. Conducting Officers ...... 50 2. Investment Managers ...... 51 3. Sub-Investment Managers ...... 51 4. Depositary and Administrative Agent ...... 52 5. Remuneration policy of the Fund ...... 55 FUND CHARGES 57 TAXATION 58 1. Taxation of the Fund ...... 58 2. Withholding tax ...... 59 3. Taxation of the shareholders ...... 59 4. Prevention of money laundering and terrorist financing ...... 63 GENERAL INFORMATION 64 1. Organisation ...... 64 2. The shares ...... 64 3. Meetings ...... 65 4. Reports and Accounts ...... 65

5. Allocation of assets and liabilities among the Sub-Funds ...... 66 6. Determination of the Net Asset Value of shares ...... 66 7. Temporary Suspension of Issues, Redemptions and Conversions...... 68 8. Merger or Liquidation of Sub-Funds ...... 70 9. Liquidation of the Fund ...... 71 10. Pooling ...... 71 11. Material Contracts ...... 72 12. Documents ...... 73 APPENDIX: SUB-FUNDS DETAILS 74 SCHEDULE 1: LIST OF SUBCUSTODIANS AND OTHER DELEGATES USED BY THE DEPOSITARY AND SUB-DELEGATES 145

PRINCIPAL FEATURES

The following summary is qualified in its entirety by reference to the more detailed information included elsewhere in this Prospectus.

Administrative Agent Svenska Handelsbanken AB (publ), Luxembourg Branch, 15, rue Bender, L-1229 Luxembourg, Grand Duchy of Luxembourg acts as domiciliary, registrar and transfer agent, paying agent and administration agent (the "Administrative Agent")

Articles The articles of incorporation of the Fund, as amended from time to time.

Board of Directors The board of directors of the Fund.

Classes Pursuant to the Articles, the Board of Directors may decide to issue, within each Sub-Fund, separate classes of shares (hereafter referred to as "Class" or "Classes") whose assets will be commonly invested but where for example a specific sales or redemption charge structure, fee structure, minimum investment amount, taxation, distribution policy or other feature may be applied.

Conversion of shares Unless specifically indicated to the contrary for any Sub-Fund and in compliance with eligibility conditions set forth for the Class in which conversion is to be made, shareholders may at any time request conversion of their shares into shares of another Class within the same existing Sub-Fund or of another Sub-Fund on the basis of the net asset values of the shares of both Classes concerned, determined on the common applicable Valuation Day.

Conducting Officers The persons appointed by the Board of Directors in order to conduct the business of the Fund in compliance with the investment restrictions, the Law and any relevant Luxembourg regulations.

CSSF The "Commission de Surveillance du Secteur Financier", the Luxembourg supervisory authority.

Cut-off time Means 16:00 (Luxembourg time) on a Valuation Day or such other specific time limits provided for a specific Sub-Fund in the relevant Appendix to this Prospectus.

Depositary The assets of the Fund are held under the custody or control of JP MORGAN BANK LUXEMBOURG S.A. (the "Depositary").

Directors The directors of the Fund.

Directive The Directive 2009/65/EC of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as amended.

Eligible Market A Regulated Market in an Eligible State.

Eligible State Any Member State or any other state in Eastern and Western Europe, Asia, Africa, Australia, North and South America and Oceania, as determined by the Board of Directors.

EU The European Union.

FATCA The Foreign Account Tax Compliance Act.

FATF The Financial Action Task Force (also referred to as "Groupe d'Action Financière").

Fund The Fund is an investment company organised under Luxembourg law as a société anonyme qualifying as a société d'investissement à capital variable ("SICAV"). It comprises several Sub-Funds.

Investment Manager Means each investment manager listed in the Appendix.

Issue of shares The offering price per share of each Class within the Sub- Funds will be the net asset value per share of such Class determined on the applicable Valuation Day plus the applicable sales commission.

KIID(s) Means the key investor information document(s) as defined by the Law and applicable laws and regulations, as may be amended from time to time.

Law The law of 17 December 2010 concerning undertakings for collective investments, as amended.

Listing and Clearing Shares of all Sub-Funds may be listed on the Luxembourg Stock Exchange at the discretion of the Board of Directors and can be cleared through Clearstream, Euroclear or other central depositories.

Member State Member state of the European Union and equivalent member states as defined in Article 1(13) of the Law.

Redemption of shares Shareholders may at any time request redemption of their shares, at a price equal to the net asset value per share of the

Sub-Fund concerned, determined on the applicable Valuation Day, less the applicable redemption charge.

Reference Currency Means the currency specified as such in the relevant Product Annex.

Regulated Market A market within the meaning of Article 4(1)14 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC and any other market which is regulated, operates regularly and is recognised and open to the public.

Shares Shares of each Sub-Fund are offered in registered form only and all shares must be fully paid for. Fractions of shares will be issued up to 4 decimals in registered form only.

Sub-Funds The Fund offers investors, within the same investment vehicle, a choice between several sub-funds (each one a "Sub- Fund") which are distinguished mainly by their specific investment policy and/or by the currency in which they are denominated. The specifications of each Sub-Fund are described in the Appendix to this Prospectus. The Board of Directors may, at any time, decide on the creation of further sub-funds and in such case, the Appendix to this Prospectus will be updated. Each Sub-Fund may have one or more classes of shares. Information regarding the launch dates of any new Sub-Funds and / or Classes can be obtained on the following Handelsbanken website www.handelsbanken.lu/funds.

UCI An undertaking for collective investment whether situated in a Member State or not.

UCITS Means an undertaking for collective investment in transferable securities as defined in Article 1(2) of the Directive and Article 2(2) of the Law.

Underlying Asset Means the underlying asset(s) to which the investment policy of a Sub-Fund may be linked insofar as described in the Appendix to the Prospectus for the relevant Sub-Fund.

Valuation Day Unless modified for a specific Sub-Fund in the relevant Appendix to this Prospectus a valuation day is a day on which the net asset value per share is calculated and on which shares may be issued, converted and redeemed which is any day, other than:  A Saturday or Sunday; or  A day on which banks in Luxembourg or Sweden are authorised or required by law to close; or  Where the principal market(s) for a significant part of a Sub-Fund's investments (or in the case of the Global Dynamic Allocation Preserve 90 where the principal market(s) for a significant part of its “risky asset”) is/are closed for an ordinary holiday; or  The 24 and 31 December of each calendar year all of which are not Valuation Days.

The net asset value per share will not be calculated for a Sub- Fund during any period when the determination of the net asset value has been suspended for a Sub-Fund, in accordance with chapter "General Information", section 7. "Temporary Suspension of Issues, Redemptions and Conversions" of the prospectus. Details of the non-Valuation Days (i.e. days on which it is expected that the net asset value per share will not be calculated for a Sub-Fund) is available at www.handelsbanken.lu.

THE FUND

HANDELSBANKEN FUNDS is an open-ended collective investment company ("société d'investissement à capital variable") established under the laws of the Grand Duchy of Luxembourg, with an "umbrella" structure comprising different Sub-Funds and Classes. In accordance with the Law, a subscription of shares constitutes acceptance of all terms and provisions of the Prospectus, the KIIDs and the Articles.

There may be created within each Sub-Fund different classes of shares as described under "Principal Features – The Classes".

INVESTMENT POLICIES AND RESTRICTIONS

1. General Investment Policies for all Sub-Funds

The provisions of this section apply only insofar as they are compatible with the specific investment policy disclosed in the relevant Appendix to this Prospectus.

The Board of Directors determines the specific investment policy and investment objective of each Sub-Fund, which is described in more detail in the respective Appendix to this Prospectus. The investment objectives of the Sub-Funds will be carried out in compliance with the investment and borrowing restrictions set forth in section 3 of this chapter.

Each Sub-Fund seeks an above-average total investment return, comprised principally of long- term capital appreciation, by investing in a diversified portfolio of transferable securities or in financial derivative instruments as described in respect of the investment objective and policies in the relevant Appendix to this Prospectus. There can be no assurance that the investment objectives of any Sub-Fund will be achieved.

In the general pursuit of obtaining an above-average total investment return as may be consistent with the preservation of capital, efficient portfolio management techniques may be employed to the extent permitted by the investment and borrowing restrictions stipulated by the Board of Directors as further detailed in section 3 of this chapter.

The Sub-Funds may from time to time also hold, on an ancillary basis, cash reserves or include other permitted assets with a short remaining maturity, especially in times when rising interest rates are expected.

Investors are invited to refer to the description of the investment policy of each Sub-Fund in the Appendix to this Prospectus for details.

The historical performance of the Sub-Funds will be published in the KIIDs for each Sub-Fund.

Past performance is not necessarily indicative of future results.

2. Specific Investment Policies for each Sub-Fund

The specific investment policy of each Sub-Fund is described in the Appendix to this Prospectus.

3. Investment and Borrowing Restrictions

The Articles provide that the Board of Directors shall, based upon the principle of spreading of risks, determine the corporate and investment policy of the Fund and the investment and borrowing restrictions applicable, from time to time, to the investments of the Fund.

In order for the Fund to qualify as a UCITS under the Law and the Directive, the Board of Directors has decided that the following restrictions shall apply to the investments of the Fund and, as the case may be and unless otherwise specified for a Sub-Fund in the Appendix to this Prospectus, to the investments of each of the Sub-Funds:

I. (1) The Fund, for each Sub-Fund, may invest in:

a) transferable securities and money market instruments admitted to or dealt in on an Eligible Market;

b) recently issued transferable securities and money market instruments, provided that the terms of issue include an undertaking that application will be made for admission to official listing on an Eligible Market and such admission is secured within one year of the issue;

c) units of UCITS and/or other UCI, whether situated in a Member State or not, provided that:

such other UCIs have been- authorised under laws which provide that they are subject to supervision considered by the Luxembourg supervisory authority to be equivalent to that laid down in EU Law, and that cooperation between authorities is sufficiently ensured;

the level of protection for- unit holders in such other UCIs is equivalent to that provided for unit holders in a UCITS, and in particular that the rules

on assets segregation, borrowing, lending, and uncovered sales of transferable securities and money market instruments are equivalent to the requirements of the Directive;

the business of such other- UCIs is reported in half-yearly and annual reports to enable an assessment of the assets and liabilities, income and operations over the reporting period;

no more than 10% of the -assets of the UCITS or of the other UCIs, whose acquisition is contemplated, can, according to their constitutional documents, in aggregate be invested in units of other UCITS or other UCIs; d) deposits with credit institutions which are repayable on demand or have the right to be withdrawn, and maturing in no more than 12 months, provided that the credit institution has its registered office in a Member State or, if the registered office of the credit institution is situated in a third country, provided that it is subject to prudential rules considered by the Luxembourg regulatory authority as equivalent to those laid down in EU law; e) financial derivative instruments, including equivalent cash-settled instruments, dealt in on an Eligible Market and/or financial derivative instruments dealt in over-the-counter ("OTC derivatives"), provided that:

the underlying consists - of instruments covered by this section I. (1), financial indices, interest rates, foreign exchange rates or currencies, in which the Sub-Funds may invest according to their investment objective;

the counterparties to OTC- derivative transactions are institutions subject to prudential supervision, and belonging to the categories approved by the Luxembourg supervisory authority;

the OTC derivatives are -subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the Fund's initiative; f) money market instruments other than those dealt in on an Eligible Market, if the issue or the issuer of such instruments are themselves regulated for the purpose of protecting investors and savings, and provided that such instruments are:

- issued or guaranteed by a central, regional or local authority or by a central bank of a Member State, the European Central Bank, the EU or the European Investment Bank, a third country or, in case of a Federal

State, by one of the members making up the federation, or by a public international body to which one or more Member States belong, or

- issued by an undertaking any securities of which are dealt in on Eligible Markets, or

- issued or guaranteed by an establishment subject to prudential supervision, in accordance with criteria defined by EU law, or by an establishment which is subject to and complies with prudential rules considered by the Luxembourg supervisory authority to be at least as stringent as those laid down by EU law, such as, but not limited to, a credit institution which has its registered office in a country which is an Organisation for Economic Cooperation and Development (the "OECD") member state and a FATF State.

- issued by other bodies belonging to the categories approved by the Luxembourg supervisory authority provided that investments in such instruments are subject to investor protection equivalent to that laid down in the first, the second or the third indent and provided that the issuer is a company whose capital and reserves amount to at least ten million Euros (10,000,000 EUR) and which presents and publishes its annual accounts in accordance with the fourth directive 78/660/EEC, is an entity which, within a group of companies which includes one or several listed companies, is dedicated to the financing of the group or is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking liquidity line.

(2) In addition, the Fund may invest a maximum of 10% of the net assets of any Sub- Fund in transferable securities and money market instruments other than those referred to under (1) above.

II. The Fund may hold ancillary liquid assets.

III. a) (i) The Fund may invest no more than 10% of the net assets of any Sub- Fund in transferable securities and money market instruments issued by the same issuing body.

(ii) The Fund may not invest more than 20% of the net assets of any Sub- Fund in deposits made with the same body.

(iii) The risk exposure of a Sub-Fund to a counterparty in an OTC derivative transaction may not exceed 10% of its net assets when the counterparty is a credit institution referred to in I. (1) d) above or 5% of its net assets in other cases.

b) Moreover, where the Fund holds, on behalf of a Sub-Fund, investments in transferable securities and money market instruments of issuing bodies which individually exceed 5% of the net assets of such Sub-Fund, the total of all such investments must not account for more than 40% of the total net assets of such Sub-Fund.

This limitation does not apply to deposits and OTC derivative transactions made with financial institutions subject to prudential supervision. Notwithstanding the individual limits laid down in paragraph a), the Fund may not combine for each Sub-Fund, where it would lead to investment of more than 20% of its assets in a single body, any of the following:

- investments in transferable securities or money market instruments issued by a single body,

- deposits made with a single body, and/or

- exposures arising from OTC derivative transactions undertaken with a single body c) The limit of 10% laid down in sub-paragraph a) (i) above is increased to a maximum of 35% in respect of transferable securities or money market instruments which are issued or guaranteed by a Member State, its public local authorities, or by another Eligible State, including the federal agencies of the United States of America, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, or by public international bodies of which one or more Member States are members. d) The limit of 10% laid down in sub-paragraph a) (i) is increased to 25% for certain bonds when they are issued by a credit institution which has its registered office in a Member State and is subject by law, to special public supervision designed to protect bondholders. In particular, sums deriving from the issue of these bonds must be invested in conformity with the law in assets which, during the whole period of validity of the bonds, are capable of covering claims attaching to the bonds and which, in case of bankruptcy of the issuer, would be used on a priority basis for the repayment of principal and payment of the accrued interest.

If a Sub-Fund invests more than 5% of its net assets in the bonds referred to in this sub-paragraph and issued by one issuer, the total value of such investments may not exceed 80% of the net assets of the Sub-Fund.

e) The transferable securities and money market instruments referred to in paragraphs c) and d) shall not be included in the calculation of the limit of 40% in paragraph b).

The limits set out in sub-paragraphs a), b), c) and d) may not be aggregated and, accordingly, investments in transferable securities or money market instruments issued by the same issuing body, in deposits or in derivative instruments effected with the same issuing body may not, in any event, exceed a total of 35% of any Sub-Fund's net assets;

Companies which are part of the same group for the purposes of the establishment of consolidated accounts, as defined in accordance with the seventh Council Directive 83/349/EEC of 13 June 1983 based on the Article 54 (3) (g) of the Treaty on consolidated accounts, as amended, or in accordance with recognised international accounting rules, are regarded as a single body for the purpose of calculating the limits contained in this paragraph III. A) to e).

The Fund may cumulatively invest up to 20% of the net assets of a Sub-Fund in transferable securities and money market instruments within the same group.

f) Notwithstanding the above provisions, the Fund is authorised to invest up to 100% of the net assets of any Sub-Fund, in accordance with the principle of risk spreading, in transferable securities and money market instruments issued or guaranteed by a Member State, by its local authorities or agencies, or by another member State of the OECD, a G20 member state or Singapore, or by public international bodies of which one or more member states of the EU, provided that such Sub-Fund must hold securities from at least six different issues and securities from one issue do not account for more than 30% of the net assets of such Sub- Fund.

IV. a) Without prejudice to the limits laid down in paragraph V., the limits provided in paragraph III. A) to e) are raised to a maximum of 20% for investments in shares and/or bonds issued by the same issuing body if the aim of the investment policy of a Sub-Fund is to replicate the composition of a certain stock or bond index which is sufficiently diversified, represents an adequate benchmark for the market to which it refers, is published in an appropriate manner and disclosed in the relevant Sub-Fund's investment policy.

b) The limit laid down in paragraph a) is raised to 35% where this proves to be justified by exceptional market conditions, in particular on Regulated Markets

where certain transferable securities or money market instruments are highly dominant. The investment up to this limit is only permitted for a single issuer.

V. a) The Fund may not acquire shares carrying voting rights which should enable it to exercise significant influence over the management of an issuing body.

b) The Fund may for a Sub-Fund acquire no more than:

- 10% of the non-voting shares of the same issuer;

- 10% of the debt securities of the same issuer;

- 25% of the units of the same collective investment undertaking;

- 10% of the money market instruments of the same issuer;

These limits under second, third and fourth indents may be disregarded at the time of acquisition, if at that time the gross amount of debt securities or of the money market instruments or the net amount of the instruments in issue cannot be calculated.

The limits set out in paragraph a) and b) above shall not apply to: (i) transferable securities and money market instruments issued or guaranteed by an EU Member State or its local authorities; (ii) transferable securities and money market instruments issued or guaranteed by a non-EU Member State; (iii) transferable securities and money market instruments issued by public international bodies of which one or more EU Member States are members; or (iv) shares held in the capital of a company incorporated in a non-EU Member State which invests its assets mainly in the securities of issuing bodies having their registered office in that state where, under the legislation of that state, such holding represents the only way in which such Fund's assets may invest in the securities of the issuing bodies of that state, provided, however, that such company in its investment policy complies with the limits laid down in III a) to e), V a) and b) and VI.

VI. a) Unless otherwise provided for in the Appendix to the Prospectus for a Sub- Fund, no more than 10% of a Sub-Fund's net assets may be invested in aggregate in the units of UCITS and/or other UCIs referred to in paragraph I) (1) c). In the case restriction VI. a) above is not applicable to a specific Sub-Fund as provided in its investment policy, (i) such Sub-Fund may acquire units of

UCITS and/or other UCIs referred to in paragraph I) (1) c) provided that no more than 20% of the Sub-Fund's net assets be invested in the units of a single UCITS or other UCI, and (ii) investments made in units of UCIs other than UCITS may not in aggregate exceed 30% of the net asset of a Sub-Fund.

For the purpose of the application of this investment limit, each sub-fund of a UCI with multiple sub-funds is to be considered as a separate issuer provided that the principle of segregation of the obligations of the various sub-funds vis-à-vis third parties is ensured.

b) The underlying investments held by the UCITS or other UCIs in which the Fund invests do not have to be considered for the purpose of the investment and borrowing restrictions set forth under III. a) to e) above.

c) When the Fund invests in the units of UCITS and/or other UCIs linked to the Fund by common management or control, no subscription or redemption fees may be charged to the Fund on account of its investment in the units of such other UCITS and/or UCIs, except for any applicable dealing charge payable to the UCITS and/or UCIs.

It is expected that investments will include investment funds of the HANDELSBANKEN Group and / or other Sub-Funds as further detailed in IX. Unless specified differently in the Appendix to this Prospectus, in the case where a substantial proportion of the net assets are invested in investment funds of the HANDELSBANKEN Group, the maximum management fee (excluding any performance fee, if any) charged to the Sub-Fund and each of the UCITS or other UCIs concerned shall not exceed 3% of the value of the relevant investments. The management fee charged to the Sub-Fund by an investment fund of the HANDELSBANKEN Group shall normally be refunded to the Sub-Fund. Such investments may however entail a duplication of certain fees and expenses such as administration, operating and auditing costs.

VII. a) The Fund may not borrow for the account of any Sub-Fund amounts in excess of 10% of the net assets of that Sub-Fund, any such borrowings to be from banks and to be effected only on a temporary basis, provided that the Fund may acquire foreign currencies by means of back to back loans;

b) The Fund may not grant loans to or act as guarantor on behalf of third parties.

This restriction shall not prevent the Fund from acquiring transferable securities, money market instruments or other financial instruments referred to in I. (1) c), e) and f) which are not fully paid.

c) The Fund may not carry out uncovered sales of transferable securities, money market instruments or other financial instruments.

d) The Fund may not acquire movable or immovable property.

e) The Fund may not acquire either precious metals or certificates representing them.

VIII. a) The Fund needs not comply with the limits laid down in this chapter when exercising subscription rights attaching to transferable securities or money market instruments which form part of its assets. While ensuring observance of the principle of risk spreading, recently created Sub-Funds may derogate from paragraphs III. A) to e), IV. And VI. A) and b) for a period of six months following the date of their creation.

b) If the limits referred to in paragraph a) are exceeded for reasons beyond the control of the Fund or as a result of the exercise of subscription rights, it must adopt as a priority objective for its sales transactions the remedying of that situation, taking due account of the interest of its shareholders.

c) To the extent that an issuer is a legal entity with multiple sub-fund where the assets of the sub-fund are exclusively reserved to the investors in such sub- fund and to those creditors whose claim has arisen in connection with the creation, operation or liquidation of that sub-fund, each sub-fund is to be considered as a separate issuer for the purpose of the application of the risk spreading rules set out in paragraphs III. A) to e), IV. And VI.

IX. A Sub-Fund (the "Investing Fund") may subscribe, acquire and / or hold securities to be issued by one or more Sub-Funds (each, a "Target Fund") without the Fund being subject to the requirements of the law of 10 August 1915 on commercial companies, as amended, with respect to the subscription, acquisition and / or the holding by a company of its own shares, under the condition however that:

 the Target Fund does not, in turn, invest in the Investing Fund invested in this Target Fund; and

 no more than 10% of the assets that the Target Fund whose acquisition is contemplated may, according to its investment policy, be invested in units of other UCITS or UCIs; and

 the Investing Fund may not invest more than 20% of its net assets in units of a single Target Fund; and

 voting rights, if any, attaching to the Shares of the Target Fund are suspended for as long as they are held by the Investing Fund concerned

and without prejudice to the appropriate processing in the accounts and the periodic reports; and

 for as long as these securities are held by the Investing Fund, their value will not be taken into consideration for the calculation of the net assets of the Fund for the purposes of verifying the minimum threshold of the net assets imposed by the Law.

X. Under the conditions and within the limits laid down by the Law, the Fund may, to the widest extent permitted by Luxembourg laws and regulations (i) create any Sub-Fund qualifying either as a feeder UCITS (a "Feeder UCITS") or as a master UCITS (a "Master UCITS"), (ii) convert any existing Sub-Fund into a Feeder UCITS or Master UCITS, or (iii) change the Master UCITS of any of its Feeder UCITS. A Feeder UCITS shall invest at least 85% of its assets in the units of another Master UCITS. A Feeder UCITS may hold up to 15% of its assets in one or more of the following:

 ancillary liquid assets in accordance with paragraph II. above;

 financial derivative instruments, which may be used only for hedging purposes. For the purposes of compliance with the section "Financial Derivative Instruments" below, the Feeder UCITS shall calculate its global exposure relating to financial derivative instruments by combining its own direct exposure under the second indent of the preceding paragraph with either:

 the Master UCITS' actual exposure to financial derivative instruments in proportion to the Feeder UCITS' investment into the Master UCITS; or

 the Master UCITS' potential maximum global exposure to financial derivative instruments provided for in the Master UCITS' management regulations or instruments of incorporation in proportion to the Feeder UCITS' investment into the Master UCITS.

Financial Derivative Instruments

As specified in I. (1) e) above, the Fund may in respect of each Sub-Fund invest in financial derivative instruments.

The Fund shall ensure that the global exposure of each Sub-Fund relating to financial derivative instruments does not exceed the total net assets of that Sub-Fund. The Fund's overall risk exposure shall consequently not exceed 200% of its total net assets. In addition, this overall risk exposure may not be increased by more than 10% by means of temporary borrowings (as referred

to in VII. a) above) so that it may not exceed 210% of any Sub-Fund's total net assets under any circumstances.

The global exposure relating to financial derivative instruments is calculated taking into account the current value of the Underlying Assets, the counterparty risk, foreseeable market movements and the time available to liquidate the positions.

Each Sub-Fund may invest in financial derivative instruments within the limits laid down in I. (1) e), provided that the exposure to the Underlying Assets does not exceed in aggregate the investment limits laid down in clause III. a) to e). When a Sub-Fund invests in index-based financial derivative instruments, these investments do not have to be combined to the limits laid down in III. When a transferable security or money market instrument embeds a derivative, the latter must be taken into account when complying with the requirements of this restriction.

The Sub-Funds may use financial derivative instruments for investment purposes and for hedging purposes, within the limits of the Law. Under no circumstances shall the use of these instruments cause a Sub-Fund to diverge from its investment policy.

Use of Techniques and Instruments Relating to Transferable Securities and Money Market Instruments

Sub-Funds, must comply with the requirements of ESMA Guidelines 2014/937 on ETFs and other UCITS issues as also specified within CSSF Circular 14/592 amending and/or supplementing the existing rules governing OTC derivative instruments, efficient portfolio management techniques and the management of collateral received in the context of such instruments and techniques.

A. General

The Fund may employ the following techniques and instruments related to transferable securities and money market instruments provided that such techniques or instruments are considered by the Board of Directors as economically appropriate to the efficient portfolio management of the Company in accordance with the investment objectives of each Sub-Fund, with respect to Article 11 of the Grand-Ducal regulation of 8 February 2008, and in accordance with CSSF Circular 14/592 ("CSSF Circular 14/592") regarding ESMA guidelines on ETFs and other UCITS issues.

Under no circumstances shall these operations cause a Sub-Fund to diverge from its investment objectives as laid down in this Prospectus or result in additional risk higher than its risk profile as described in the Sub-Fund specific text in this Prospectus. Such techniques and instruments may be used by any Sub-Fund for the purpose of generating additional capital or income or for reducing costs or risk, to the extent permitted by and within the limits set forth in Article 11(1) of the Grand-Ducal regulation of 8 February 2008 relating to certain definitions of the law of 20

December 2002 on undertakings for collective investment1, (ii) CSSF Circular 08/356 relating to the rules applicable to undertakings for collective investments when they use certain techniques and instruments relating to transferable securities and money market instruments ("CSSF Circular 08/356"), (iii) CSSF Circular 14/592 and (iv) any other applicable laws and regulations.

The risk exposure to a counterparty generated through efficient portfolio management techniques and OTC financial derivatives must be combined when calculating counterparty risk limits referred to section IV above. "Investment and Borrowing Restrictions".

All revenues arising from efficient portfolio management techniques, net of direct and indirect operational costs and fees, will be returned to the Sub- Fund. For further details regarding the revenue returned to the Sub-Funds from efficient portfolio management techniques please see the section FUND CHARGES.

In particular, fees and cost may be paid to agents of the Fund and other intermediaries providing services in connection with efficient portfolio management techniques as normal compensation of their services. Such fees may be calculated as a percentage of gross revenues earned by the Sub-Fund through the use of such techniques. Information on direct and indirect operational costs and fees that may be incurred in this respect as well as the identity of the entities to which such costs and fees are paid – as well as any relationship they may have with the Depositary will be available in the annual report of the Fund.

B. Securities Lending Transaction

The Fund may, for each Sub-Fund, participate in a securities lending programme in which securities are transferred temporarily to approved borrowers in exchange for collateral the value of which, at the conclusion of the contract, must be at least equal to the global valuation of the securities lent (typically ranging from 105 % to 110 % of the value of the lent securities).

Any of the transferable securities or money market instruments held by a Sub-Fund may be the subject to Securities Lending transactions.

The expected proportion of the assets of a Sub-Fund that could be subject to Security Lending fluctuates between 0% and 30%, the latter being the maximum.

The following Sub-Funds currently participate in a security lending program: HANDELSBANKEN FUNDS – America Small Cap HANDELSBANKEN FUNDS – Russia Shares HANDELSBANKEN FUNDS – Global Selective HANDELSBANKEN FUNDS – Global Index Criteria HANDELSBANKEN FUNDS – Brazil

1 The law of 20 December 2002 on undertakings for collective investment has been repealed and replaced by the Law.

HANDELSBANKEN FUNDS – Global Dynamic Allocation Preserve 90 HANDELSBANKEN FUNDS – Pension 40 HANDELSBANKEN FUNDS – Pension 50 HANDELSBANKEN FUNDS – Pension 60 HANDELSBANKEN FUNDS – Pension 70 HANDELSBANKEN FUNDS – Pension 80 HANDELSBANKEN FUNDS – Pension 90 HANDELSBANKEN FUNDS – MSCI Emerging Markets Index HANDELSBANKEN FUNDS – Global Selective Criteria

A Sub-Fund which is permitted to enter into a Security Lending Transactions in accordance with its investment policy but does not actually engage in such transactions as of the date of this Prospectus may nevertheless engage in Security Lending Transactions provided that the maximum proportion of its assets under management subject to these instruments does not exceed 30%. In case a Sub-Fund has actually engaged in Security Lending Transactions, this section of the Prospects will be updated accordingly and in particular the maximum and expected proportion of assets under management subject to these transactions will be disclosed at the next available opportunity

The Fund may more specifically enter into securities lending transactions provided that the following rules are complied with in addition to the above mentioned conditions:

(i) The borrower in a securities lending transaction must be subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by EU law;

(ii) The Fund may only lend securities to a borrower either directly or through a standardised system organised by a recognised clearing institution or through a lending system organised by a financial institution subject to prudential supervision rules considered by the CSSF as equivalent to those provided by EU law and specialised in this type of transaction;

(iii) The Fund may only enter into securities lending transactions provided that it is entitled at any time under the terms of the agreement to request the return of the securities lent or to terminate the agreement.

C. Repurchase and Reverse Repurchase transactions

The Fund may enter into repurchase agreements that consist of forward transactions at the maturity of which the Fund (seller) has the obligation to repurchase the assets sold and the counterparty (buyer) the obligation to return the assets purchased under the transactions. The Fund may further enter into Reverse Repurchase agreements that consist of forward transactions at the maturity of which the counterparty (seller) has the obligation to repurchase the asset sold and the Fund (buyer) the obligation to return the assets purchased under the

transactions. The Fund may also enter into transactions that consist of the purchase/sale of securities with a clause reserving for the counterparty/Fund the right to repurchase the securities from the Fund/counterparty at a price and term specified by the parties in their contractual arrangements.

The Fund's involvement in such transactions is, however, subject to the additional following rules:

(i) The Fund may only enter into Reverse Repurchase agreement and/or repurchase agreement transactions provided that it is able at any time (a) to recall the full amount of cash in a Reverse Repurchase agreement or any securities subject to a repurchase agreement or (b) to terminate the agreement in accordance with applicable regulations. However, fixed-term transactions that do not exceed seven days should be considered as arrangements on terms that allow the assets to be recalled at any time by the Fund.

(ii) As detailed in CSSF Circular 08/356 the securities that are subject to Reverse Repurchase agreement and/or repurchase agreement transactions are limited to:  short term bank certificates or money market instruments such as defined within Directive 2007/16/EC of 19 March 2007 implementing Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to certain UCITS as regards the clarification of certain definitions;  bonds issued or guaranteed by a Member State of the OECD or by their local public authorities or by supranational institutions and undertakings with EU, regional or world-wide scope;  shares or units issued by money market UCIs calculating a daily net asset value and being assigned a rating of AAA or its equivalent;  bonds issued by non-governmental issuers offering an adequate liquidity;  shares quoted or negotiated on a regulated market of a European Union Member State or on a stock exchange of a Member State of the OECD, on the condition that these shares are included in a main index.

Where a Sub-Fund is actually engaged in Repurchase and/or Reverse Repurchase Transactions in accordance with its investment policy, the maximum and the expected proportion of assets under management of the Sub-Fund that could be subject to Repurchase and/or Reverse Repurchase Transactions will be disclosed in this section of the Prospects. In addition the securities purchased with a repurchase option must be in accordance with the UCITS' investment policy and must, together with the other securities that the UCITS holds in its portfolio, globally comply with the UCITS' investment restrictions. Currently none of the Fund’s Sub-Funds are engaged in Repurchase and/or Reverse Repurchase Transactions

A Sub-Fund which is permitted to enter into Repurchase and/or Reverse Repurchase Transactions in accordance with its investment policy but does not actually engage in such transactions as of the date of this Prospectus (i.e. its expected proportion of assets under management subject to Repurchase and/or Reverse Repurchase Transactions being 0%) may

nevertheless engage in Repurchase and/or Reverse Repurchase Transactions provided that the maximum proportion of its assets under management subject to these instruments does not exceed 100%. In case a Sub-Fund has actually engaged in Repurchase and/or Reverse Repurchase Transactions, this section of the Prospects will be updated accordingly and in particular the maximum and expected proportion of assets under management subject to these transactions will be disclosed at the next available opportunity.

D. Counterparty

The Fund's use of Security Lending, Repurchase and Reverse Repurchase transactions is subject to the following additional rules:

(i) The counterparty to these transactions must be subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by EU law;

(ii) The counterparty has its registered office in a country which is a member state of the Organisation for Economic Cooperation and Development ("OECD"),

(iii) The counterparty must have a Moody’s credit ration equal to or higher than Baa3 or a similar rating by another credit rating agency.

Management of collateral and collateral policy

General

In the context of OTC financial derivatives transactions and efficient portfolio management techniques, each Sub-Fund may receive collateral with a view to reduce its counterparty risk. This section sets out the collateral policy applied by the Fund in such case. All assets received by a Sub-Fund in the context of efficient portfolio management techniques (securities lending, repurchase or Reverse Repurchase agreements) shall be considered as collateral for the purposes of this section.

Eligible collateral

Collateral received by the relevant Sub-Fund may be used to reduce its counterparty risk exposure if it complies with the criteria set out in applicable laws, regulations and circulars issued by the CSSF from time to time notably in terms of liquidity, valuation, issuer credit quality, correlation, risks linked to the management of collateral and enforceability. In particular, collateral should comply with the following conditions:

(a) Any collateral received other than cash should be of high quality, highly liquid and traded on a regulated market or multilateral trading facility with transparent pricing in order that it can be sold quickly at a price that is close to pre-sale valuation;

(b) It should be valued on at least a daily basis and assets that exhibit high price volatility should not be accepted as collateral unless suitably conservative haircuts are in place;

(c) It should be issued by an entity that is independent from the counterparty and is expected not to display a high correlation with the performance of the counterparty;

(d) It should be sufficiently diversified in terms of country, markets and issuers with a maximum exposure of 20% of the Sub-Fund's net asset value to any single issuer on an aggregate basis, taking into account all collateral received;

(e) It should be capable of being fully enforced by the relevant Sub-Fund at any time without reference to or approval from the counterparty.

Subject to the abovementioned conditions, collateral received by the Sub-Funds may consist of:

1. Government Securities. The following securities if traded in regulated markets are acceptable if rated AA- by S&P and Aa1 by Moody's or higher:

U.S. Government Securities: Book-entry securities issued by the U.S. Treasury and any other securities issued or fully guaranteed as to principal and interest by the United States government.

U.K. Government Securities: Unstripped British Government Debt - Unstripped Government Debt issued by the government of the United Kingdom or by the Bank of England.

UK Eligible Bank Bills issued by the Bank of England. UK bank bills are bills of exchange issued by the Bank of England and accepted by a UK bank. A UK bank bill represents an order in writing, addressed and signed by the Bank of England, requiring the Bank of England to pay its holder, on demand or at a fixed date, a specified sum of money.

Eurozone Government Securities: Bills, Notes and Bonds issued or guaranteed as to principal and interest by the governments of the following countries denominated in Euro: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain. Bills, notes, and bonds are defined as negotiable debt obligations of the listed countries.

Other Government Securities: Bills, Notes and Bonds issued or guaranteed as to principal and interest by the governments of the following countries: Australia, Canada, Denmark, Japan, New Zealand, Norway, Sweden,

and Switzerland. Bills, notes, and bonds are defined as negotiable debt obligations of the listed countries.

2. Equities: Common stocks admitted to or dealt in on a regulated market of a Member State of the EU or on a stock exchange of a Member State of the OECD or Hong Kong or Singapore, are accepted from a limited set of borrowers on the condition that these shares are included in a main index.

3. Cash. Cash-in-Lieu: In the unlikely event where the Borrower is unable to supply and deliver securities described above as Collateral, a deposit of cash, which is not to be reinvested, is required to be held overnight to meet the collateral value requirements under the relevant MSLA, in the following currencies: USD, EUR and GBP.

Level of collateral

Each Sub-Fund will determine the required level of collateral for OTC financial derivatives transactions and efficient portfolio management techniques by reference to the applicable counterparty risk limits set out in this Prospectus and taking into account the nature and characteristics of transactions, the creditworthiness and identity of counterparties and prevailing market conditions.

Repurchase agreement and Reverse Repurchase agreements will generally be collateralised, at any time during the lifetime of the agreement, at a minimum of 100% of their notional amount.

Haircut policy

Collateral will be valued, on a daily basis, using available market prices. The collateral level per asset takes into account appropriate discounts which will be determined by the Fund. The policy takes into account a variety of factors, depending on the nature of the collateral received, such as the issuer's credit standing, the maturity, currency, price volatility of the assets and, where applicable, the outcome of liquidity stress tests carried out by the Fund under normal and exceptional liquidity conditions

At the time of this Prospectus, only securities are accepted as collateral by the Fund. The following table lists the type of securities that may be held as collateral and the haircuts assigned to each type.

The following collateral requirements shall apply subject however, to applicable market conventions.

Type of collateral Haircut

Dollar denominated government securities At least 4 %

Non-Dollar denominated government At least 4 % securities

Cash collateral At least 4 %

Equity securities collateral At least 9 %

The Fund reserves the right to review and amend the above eligible assets for collateral and/or haircuts at any time when the market conditions have changed and when and if this is deemed in the best interest of the Fund. The prospectus will then be updated accordingly.

Where there is a title transfer, collateral received will be held by the Depositary (or subcustodian on the behalf of the Depositary) on behalf of the relevant Sub-Fund in accordance with the Depositary’s safekeeping duties under the Depositary Agreement. For other types of collateral arrangements, the collateral will be held by a third party custodian that is subject to prudential supervision by its regulator and is unrelated to the provider of the collateral.

Collateral received by the Sub-Funds may not be sold, re-invested or pledged.

RISK MANAGEMENT PROCESS

The Fund will employ a risk management process which enables it to monitor and measure at any time the risk of the positions and their contribution to the overall risk profile of each Sub- Fund. The Fund or the Investment Manager will employ, if applicable, a process for accurate and independent assessment of the value of any OTC derivative instruments.

Upon request of an investor, the Fund must also provide supplementary information relating to the quantitative limits that apply in the risk management of the Fund, to the methods chosen to this end and to the recent evolution of the main risks and yields of the categories of instruments.

Unless otherwise provided in the relevant Appendix, the Commitment approach is used to monitor and measure the global exposure of each Sub-Fund.

RISK WARNINGS

The following is a general description of a number of risks which may affect the value of Shares. See also the section of the relevant Product Annex headed "Other information – risk factors" (if any) for a description of additional risks particular to a specific issue of Shares. The description of the risks made below is not exhaustive. Not all risks listed necessarily apply to each issue of Shares, and there may be other considerations that should be taken into account in relation to a particular issue. What factors will be of relevance to a particular Sub-Fund will depend upon a number of interrelated matters including, but not limited to, the nature of the Shares and the Sub-Fund's investment policy.

No investment should be made in the Shares until careful consideration of all these factors has been made.

1. Introduction

The value of investments and the income from them, and therefore the value of and income from Shares relating to a Sub-Fund can go down as well as up and an investor may not get back the amount the investor invests. Due to the various commissions and fees which may be payable on the Shares, an investment in Shares should be viewed as medium to long term. Short or leveraged funds are associated with higher risks and may better be considered as short to medium term investments. An investment in a Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors. Investors should only reach an investment decision after careful consideration with their legal, tax, accounting, financial and other advisers. The legal, regulatory, tax and accounting treatment of the Shares can vary in different jurisdictions. Any descriptions of the Shares set out in the Prospectus, including any Product Annex, are for general information purposes only. Investors should recognise that the Shares may decline in value and should be prepared to sustain a total loss of their investment. Risk factors may occur simultaneously and/or may compound each other resulting in an unpredictable effect on the value of the Shares.

2. General risks

Valuation of the Shares: the value of a Share will fluctuate as a result of changes in the value of, amongst other things, the Sub-Fund's assets, the Underlying Asset and, where applicable, the financial derivative instruments used to expose the Sub-Fund to the Underlying Asset synthetically.

Valuation of the Underlying Asset and the Sub-Fund's assets: the Sub-Fund's assets, the Underlying Asset or the financial derivative instruments used to expose the Sub-Fund to the Underlying Asset synthetically may be complex and specialist in nature. Valuations for such assets or financial derivative instruments will usually only be available from a limited number of market professionals which frequently act as counterparties to the transactions to be valued. Such valuations are often subjective and there may be substantial differences between any available valuations.

Exchange rates: an investment in the Shares may directly or indirectly involve exchange rate risk. Because the net asset value of the Sub-Fund will be calculated in its Reference Currency, the performance of an Underlying Asset or of its constituents denominated in a currency other than the Reference Currency will also depend on the exchange rate of such currency. Equally, the currency denomination of any Sub-Fund asset in a currency other than the Reference Currency will involve exchange rate risk for the Sub-Fund.

Interest rates: fluctuations in interest rates of the currency or currencies in which the Shares, the Sub-Fund's assets and/or the Underlying Asset are denominated may affect financing costs and the real value of the Shares.

Inflation: the rate of inflation will affect the actual rate of return on the Shares. An Underlying Asset may reference the rate of inflation.

Yield: returns on Shares may not be directly comparable to the yields which could be earned if any investment were instead made in any Sub-Fund's assets and/or Underlying Asset.

Correlation: the Shares may not correlate perfectly, nor highly, with movements in the value of Sub-Fund's assets and/or the Underlying Asset.

Volatility: the value of the Shares may be affected by market volatility and/or the volatility of the Sub-Fund's assets and/or the Underlying Asset.

Credit risk: the ability of the Fund to make payments to Shareholders in respect of the Shares will be diminished to the extent of any other liabilities undertaken by, or imposed on, the Fund. Any Sub-Fund's assets, Underlying Asset or derivative technique used to link the two may involve the risk that the counterparty to such arrangements may default on any obligations to perform thereunder.

Liquidity risk: The risk that a financial instrument cannot be settled, can only be settled at a substantially reduced price or that the transaction results in significant costs. Liquidity risk can also be the risk that during extreme conditions in the financial markets, units cannot be redeemed within the time limits. Liquidity risk is affected by the type of instrument, the existence of market and clearing functions, the size of the flow in the fund, the traded volume,

the number of actors in the market as well as the size of the fund relative to the size and the turnover of the market or the companies in which the fund invests. . Leverage: the Sub-Fund's assets, Underlying Asset and the derivative techniques used to expose the Sub-Fund to the Underlying Assets may comprise elements of leverage (or borrowings) which may potentially magnify losses and may result in losses greater than the amount borrowed or invested by the Sub-Fund.

Political factors, emerging market and non-OECD member country assets: the performance of the Shares and/or the possibility to purchase, sell, or repurchase the Shares may be affected by changes in general economic conditions and uncertainties such as political developments, changes in government policies, the imposition of restrictions on the transfer of capital and changes in regulatory requirements. Such risks can be heightened in investments in, or relating to, emerging markets or non-OECD member countries. In addition, local custody services remain underdeveloped in many non-OECD and emerging market countries and there is a heightened transaction and custody risk involved in dealing in such markets. In certain circumstances, a Sub-Fund may not be able to recover or may encounter delays in the recovery of some of its assets. Furthermore, the legal infrastructure and accounting, auditing and reporting standards in emerging markets or non-OECD member countries, may not provide the same degree of investor information or protection as would generally apply to major markets.

Capital protection: Shares of any Sub-Fund may be issued with a maturity and expressed to be fully or partially protected. In certain circumstances, such protection may not apply. Shareholders may be required to hold their Shares until maturity in order to fully realise the maximum protection available. Shareholders should read the terms of any protection with great care. Specifically, it should be noted that, unless otherwise expressly provided, it is unlikely that protection levels will be based on the price at which Shareholders may purchase the Shares in the secondary market (if any).

Path dependency: Shares may be linked to products which are path dependant. This means that any decision or determination made (whether pursuant to the exercise of a discretion, in consequence of an error or otherwise) can have a cumulative effect and may result in the value of such product over time being significantly different from what it would have been had the decision been made or discretion been exercised in an alternative manner.

Share subscriptions and repurchases: provisions relating to the subscription and repurchase of Shares grant the Fund discretion to limit the amount of Shares available for subscription or repurchase on any bank business day in Luxembourg unless otherwise specified in the Appendix to this Prospectus of each Sub-Fund, in conjunction with such limitations, to defer or pro rata such subscription or repurchase. In addition, where requests for subscription or repurchase are received after the cut-off deadline, there will be a delay between the time of

submission of the request and the actual date of subscription or repurchase. Such deferrals or delays may operate to decrease the number of Shares or the repurchase amount to be received.

Listing: there can be no certainty that a listing on any stock exchange applied for by the Fund will be achieved and/or maintained or that the conditions of listing will not change. Further, trading in Shares on a stock exchange may be halted pursuant to that stock exchange's rules due to market conditions and investors may not be able to sell their Shares until trading resumes.

Legal and regulatory: the Fund must comply with regulatory constraints or changes in the laws affecting it, the Shares, or the investment restrictions, which might require a change in the investment policy and objectives followed by a Sub-Fund. The Sub-Fund's assets, the Underlying Asset and the derivative techniques used to expose the Sub-Fund to the Underlying Assets may also be subject to change in laws or regulations and/or regulatory action which may affect the value of the Shares.

Nominee arrangements: The Fund draws the investors' attention to the fact that any investor will only be able to fully exercise his investor rights directly against the Fund, notably the right to participate in general shareholders' meetings if the investor is registered himself and in his own name in the shareholders' register of the Fund. In cases where an investor subscribes shares of the Fund through an intermediary investing into the Fund in his own name but on behalf of the investor, it may not always be possible for the investor to exercise certain shareholder rights directly against the Fund. Investors are advised to take advice on their rights.

Use of derivatives: as a Sub-Fund whose performance is linked to an Underlying Asset will often invest in derivative instruments or securities which differ from the Underlying Asset, derivative techniques will be used to link the value of the Shares to the performance of the Underlying Asset. While the prudent use of such derivatives techniques can be beneficial, derivatives instruments also involve risks which, in certain cases, can be greater than the risks presented by more traditional investments. There may be transaction costs associated with the use of any such derivatives instruments.

3. Underlying Asset risks

(A) General

Underlying Asset calculation and substitution: in certain circumstances described in the relevant Appendix, the Underlying Asset may cease to be calculated or published on the basis described or such basis may be altered or the Underlying Asset may be substituted. In certain circumstances such as the discontinuance in the calculation or publication of the Underlying Asset or suspension in the trading of any constituents of the Underlying Asset, it could result

in the suspension of trading of the Shares or the requirement for market makers to provide two way prices on the relevant stock exchanges.

Corporate actions: securities comprising an Underlying Asset may be subject to change in the event of corporate actions in respect of those securities.

Tracking error: the following are some of the factors which may result in the value of the Shares varying from the value of the Underlying Asset: investments in assets other than the Underlying Asset may give rise to delays or additional costs and taxes compared to an investment in the Underlying Asset; investment or regulatory constraints may affect the Fund but not the Underlying Asset; the fluctuation in value of a Sub-Fund's assets; where applicable, any differences between the maturity date of the Shares and the Maturity Date of the relevant Sub-Fund's assets; and the existence of a cash position held by a Sub-Fund.

No investigation or review of the Underlying Asset(s): none of the Fund, the Investment Manager or any of its affiliates has performed or will perform any investigation or review of the Underlying Asset on behalf of any prospective investor in the Shares. Any investigation or review made by or on behalf of the Fund, the Investment Manager or any of its affiliates is or shall be for their own proprietary investment purposes only.

(B) Certain risks associated with particular Underlying Assets

Certain risks associated with investment in particular Underlying Assets or any securities comprised therein are set out below.

Shares: the value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events.

Equity investments in Russia are currently subject to certain risks with regard to the ownership and custody of securities. This results from the fact that no physical share certificates are issued and ownership of securities is evidenced by entries in the books of a company or its registrar (which is neither an agent nor responsible to the Depositary, other than by the local regulation). No certificates representing shareholdings in Russian companies will be held by the Depositary or any of its local correspondents or in an effective central depository system.

Equity investments in Russia may also be settled using local depositories. Neither the Depository Clearing Corporation ("DCC") nor the National Settlement Depository ("NSD") is legally recognized as a central securities depository or supported by legislation to protect finality of title. Like local custodians, DCC and NSD still have to register the equity positions with the registrar in their own nominee names.

If concerns are raised regarding a specific investor, the whole nominee position in a depository could be frozen for a period of months until the investigation is complete. As a result, there is a risk that an investor could be restricted from trading because of another DCC or NSD account holder. At the same time should an underlying registrar be suspended, investors settling through registrars cannot trade, but settlement between two depository accounts can take place. Any discrepancies between a registrar and the DCC or NSD records may impact corporate entitlements and potentially settlement activity of underlying clients.

Securities traded on the Russian Trading Stock Exchange ("RTS") or on the Moscow Interbank Currency Exchange ("MICEX") can be treated as investment in securities dealt in on a regulated market.

All Fund's investments in the securities issued by corporations, governments, and public-law entities in different nations and denominated in different currencies involve certain risks. These risks are typically increased in developing countries and Emerging Markets. Such risks, which can have adverse effects on portfolio holdings, may include: (i) investment and repatriation restrictions; (ii) currency fluctuations; (iii) the potential for unusual market volatility as compared to more industrialised nations; (iv) government involvement in the private sector; (v) limited investor information and less stringent investor disclosure requirements; (vi) shallow and substantially smaller liquid securities markets than in more industrialised countries, which means a Fund may at times be unable to sell certain securities at desirable prices; (vii) certain local tax law considerations; (viii) limited regulation of the securities markets; (ix) international and regional political and economic developments; (x) possible imposition of exchange controls or other local governmental laws or restrictions; (xi) the increased risk of adverse effects from deflation and inflation; (xii) the possibility of limited legal recourse for the Fund; and (xiii) the custodial and/or the settlement systems may not be fully developed.

Investors in Funds investing in Emerging Markets should in particular be informed that the liquidity of securities issued by corporations and public-law entities in Emerging Markets may be substantially smaller than with comparable securities in industrialised countries.

Pooled investment vehicles: alternative investment funds, mutual funds and similar investment vehicles operate through the pooling of investors' assets. Investments are then invested either directly into assets or are invested using a variety of hedging strategies and/or mathematical modelling techniques, alone or in combination, any of which may change over time. Such strategies and/or techniques can be speculative, may not be an effective hedge and may involve substantial risk of loss and limit the opportunity for gain. It may be difficult to obtain valuations of products where such strategies and/or techniques are used and the value of such products may depreciate at a greater rate than other investments. Pooled investment vehicles are often unregulated, make available only limited information about their operations, may incur extensive costs, commissions and brokerage charges, involve substantial fees for investors

(which may include fees based on unrealised gains), have no minimum credit standards, employ high risk strategies such as short selling and high levels of leverage and may post collateral in unsegregated third party accounts.

Indices: the compilation and calculation of an index or portfolio will generally be rules based, account for fees and include discretions exercisable by the index provider or investment manager. Methodologies used for certain proprietary indices are designed to ensure that the level of the index reaches a pre-determined level at a specified time. However, this mechanism may have the effect of limiting any gains above that level. Continuous protection or lock-in features designed to provide protection in a falling market may also result in a lower overall performance in a rising market.

Real estate: the risks associated with a direct or indirect investment in real estate include, but are not limited to: the cyclical nature of real estate values, changes in environmental, planning, landlord and tenant, tax or other laws or regulations affecting real property, demographic trends, variations in rental income and increases in interest rates.

Commodities: prices of commodities are influenced by, among other things, various micro and macro economic factors such as changing supply and demand relationships, weather conditions and other natural phenomena, agricultural, trade, fiscal, monetary, and exchange control programmes and policies of governments (including government intervention in certain markets) and other events.

Structured finance securities: structured finance securities include, without limitation, asset- backed securities and credit-linked securities, which may entail a higher liquidity risk than exposure to sovereign or corporate bonds. Certain specified events and/or the performance of assets referenced by such securities, may affect the value of, or amounts paid on, such securities (which may in each case be zero).

Risks related to securities lending and repurchase transactions: There is no assurance that a Sub-Fund will achieve the objective for which it entered into a transaction. Repurchase transactions might expose a Sub-Fund to risks similar to those associated with Derivatives. Securities loans may, in the event of a counterparty default or an operational difficulty, be recovered late and only in part, which might restrict the Sub-Fund's ability to complete the sale of securities or to meet redemption requests. The Sub-Fund's exposure to its counterparty will be mitigated by the fact that the counterparty will forfeit its collateral if it defaults on the transaction. If the collateral is in the form of securities, there is a risk that when it is sold it will realise insufficient cash to settle the counterparty's debt to the Sub-Fund or to purchase replacements for the securities that were lent to the counterparty.

In the latter case, the Sub-Fund's tri-party lending agent will indemnify the Sub-Fund against a shortfall of cash available to purchase replacement securities but there is a risk that the

indemnity might be insufficient or otherwise unreliable. In the event that a Sub-Fund reinvests cash collateral in one or more of the permitted types of investment that are described above, there is a risk that the investment will earn less than the interest that is due to the counterparty in respect of that cash and that it will return less than the amount of cash that was invested. There is also a risk that the investment will become illiquid, which would restrict the Sub- Fund's ability to recover its securities on loan, which might restrict the Sub-Fund's ability to complete the sale of securities or to meet redemption requests.

Risks related to the use of Derivatives: Some of the Sub-Funds may seek to protect or enhance the returns from the Underlying Assets by using listed or OTC Derivatives. The ability to use these strategies may be limited by market conditions and regulatory limits and there can be no assurance that the objective sought to be attained from the use of these strategies will be achieved. Participation in Derivatives involves investment risks and transaction costs. If the investment manager's predictions of movements in the direction of the securities, foreign currencies and interest rates are inaccurate or if the correlation between the Derivatives' market value and the price movements of securities, currencies and other instruments to be hedged or replaced is imperfect, the adverse consequences to a Sub-Fund may leave the Sub-Fund in a worse position than if such Derivatives were not used. Where a Sub-Fund enters into OTC Derivatives, it is exposed to a potential counterparty risk. In case of insolvency or default of OTC Derivative's counterparty, such event would affect the assets of the Sub-Fund.

Others: Underlying Asset(s) may include other assets which involve substantial financial risk such as distressed debt, low quality credit securities, forward contracts and deposits with commodity trading advisors (in connection with their activities).

4. Other risks

Potential conflicts of interest: Svenska Handelsbanken AB (publ) may potentially act as swap counterparty, swap calculation agent, index provider, Investment Manager and/or subcustodian to the Fund. Each of Svenska Handelsbanken AB (publ), acting in any such role, and the Directors, the Depositary, the Administrative Agent, any Shareholder, other Investment Manager, index provider or swap counterparty and swap calculation agent may undertake activities which may give rise to potential conflicts of interest including, but not limited to, financing or banking transactions with the Fund or investing and dealing in Shares, other securities or assets (including sales to and purchases from the Fund) of the kind included in the Sub-Fund's assets or Underlying Asset.

Allocation of shortfalls among Classes of a Sub-Fund: the right of holders of any Class of Shares to participate in the assets of the Fund is limited to the assets (if any) of the relevant Sub-Fund and all the assets comprising a Sub-Fund will be available to meet all of the liabilities of the Sub-Fund, regardless of the different amounts stated to be payable on the separate Classes (as set out in the relevant Product Annex). For example, if on a winding-up of the Fund,

the amounts received by the Fund under the relevant Sub-Fund's assets (after payment of all fees, expenses and other liabilities which are to be borne by the relevant Sub-Fund) are insufficient to pay the full redemption amount payable in respect of all Classes of Shares of the relevant Sub-Fund, each Class of Shares of the Sub-Fund will rank pari passu with each other Class of Shares of the relevant Sub-Fund, and the proceeds of the relevant Sub-Fund will be distributed equally amongst the Shareholders of that Sub-Fund pro rata to the amount paid up on the Shares held by each Shareholder. The relevant Shareholders will have no further right of payment in respect of their Shares or any claim against any other Sub-Fund or any other assets of the Fund. This may mean that the overall return (taking account of any dividends already paid) to Shareholders who hold Shares paying dividends quarterly or more frequently may be higher than the overall return to Shareholders who hold Shares paying dividends annually and that the overall return to Shareholders who hold Shares paying dividends may be higher than the overall return to Shareholders who hold Shares paying no dividends. In practice, cross liability between Classes is only likely to arise where the aggregate amounts payable in respect of any Class exceed the assets of the Sub-Fund notionally allocated to that Class, that is, those amounts (if any) received by the Fund under the relevant Sub-Fund's assets (after payment of all fees, expenses and other liabilities which are to be borne by such Sub-Fund) that are intended to fund payments in respect of such Class or are otherwise attributable to that Class. In these circumstances, the remaining assets of the Sub-Fund notionally allocated to any other Class of the same Sub-Fund may be available to meet such payments and may accordingly not be available to meet any amounts that otherwise would have been payable on such other Class.

Segregated liability between Sub-Funds: while the provisions of the Law provide for segregated liability between Sub-Funds, these provisions have yet to be tested in foreign courts, in particular, in satisfying local creditors' claims. Accordingly, it is not free from doubt that the assets of any Sub-Fund may be exposed to the liabilities of other Sub-Funds. As at the date of this Prospectus, the Directors are not aware of any existing or contingent liability of any Sub- Fund.

Consequences of winding-up proceedings: if the Fund fails for any reason to meet its obligations or liabilities, or is unable to pay its debts, a creditor may be entitled to make an application for the winding-up of the Fund. The commencement of such proceedings may entitle creditors (including the Swap Counterparty) to terminate contracts with the Fund and claim damages for any loss arising from such early termination. The commencement of such proceedings may result in the Fund being dissolved at a time and its assets (including the assets of all Sub-Funds) being realised and applied to pay the fees and expenses of the appointed liquidator or other insolvency officer, then in satisfaction of debts preferred by law and then in payment of the Fund's liabilities, before any surplus is distributed to the Shareholders of the Fund. In the event of proceedings being commenced, the Fund may not be able to pay the full amounts anticipated by the relevant Appendix in respect of any Class or Sub-Funds.

ISSUE, REDEMPTION AND CONVERSION OF SHARES

Late trading is to be understood as the acceptance of a subscription (or conversion or redemption) order after the relevant Cut-off time (as specified below) for a Valuation Day and the execution of such order at the price based on the net asset value applicable to such Valuation Day ("Late Trading"). Late Trading is strictly forbidden.

The repeated purchase and sale of shares designed to take advantage of pricing inefficiencies in the Fund - also known as "Market Timing" - may disrupt portfolio investment strategies and increase the Fund's expenses and adversely affect the interests of the Fund's long term shareholders.

To deter such practice, shares are issued at an unknown price and neither the Fund nor a Distributor will accept orders received after the relevant cut-off times and the Board of Directors reserve the right, in case of reasonable doubt and whenever an investment is suspected to be related to Market Timing or Late Trading, which the Board of Directors shall be free to appreciate, to suspend, revoke or cancel any subscription or conversion order placed by investors who have been identified as doing frequent in and out trades within the Fund.

The Board of Directors, as safeguard of the fair treatment of all investors, takes necessary measures to ensure that (i) the exposure of the Fund to Market Timing or Late Trading activities is adequately assessed on an ongoing basis, and (ii) sufficient procedures and controls are implemented to minimise the risks of Market Timing or Late Trading in the Fund.

Applications and Cut-off time for Subscriptions, Redemptions and Conversions Subscriptions, redemptions and conversions for shares in each Sub-Fund can be made on any Valuation Day unless it has been otherwise defined for a particular Sub-Fund in the Appendix to this Prospectus.

Applications for subscriptions, redemptions and conversions will normally be satisfied on a Valuation Day, provided the application is received prior to the Cut-off time at the office of the Administrative Agent on such Valuation Day (unless the Board of Directors decides to impose earlier deadlines for all applications for subscription as of such Valuation Day or otherwise provided for a specific Sub-Fund in the Appendix to this Prospectus).

Unless otherwise provided for a specific Sub-Fund in the Appendix to this Prospectus, applications received after the Cut-off time at the office of the Administrative Agent on a Valuation Day will be satisfied on the next following Valuation Day.

Shares of each Class in a Sub-Fund shall be allotted at the net asset value per share of such class determined on the applicable Valuation Day.

1. Issue of shares

Initial offer details for new Sub-Funds are disclosed in the Appendix to this Prospectus.

Unless provided to the contrary in the Appendix to the Prospectus for a Sub-Fund, the Fund issues different Classes of Shares: Class A, Class A2, Class A3, Class AI and Class BI shares which may differ in the minimum subscription amount, minimum holding amount and/or eligibility requirements, reference currency, distribution policy and the fees and expenses applicable to them. A list of the Classes of Shares for each Sub-Fund is disclosed in the Appendix to this Prospectus. The proceeds of the different Classes are commonly invested in accordance with the specific investment policy of each Sub-Fund.

The minimum subscription amount and minimum holding amount may be waived at the Directors' discretion.

Class A

Class A shares are capital appreciation shares.

Class A shares in each of the Sub-Funds will be charged a monthly flat all-in fee (Flat All-in Fee) at a rate specified in the Appendix to this Prospectus for each Sub-Fund.

The Luxembourg tax ("taxe d'abonnement") payable by Class A shares is described in chapter "Taxation" under section "1. The Fund".

Class A2

Class A2 shares are capital appreciation shares.

Class A2 shares in each of the Sub-Funds will be charged a monthly flat all-in fee (Flat All-in Fee) at a rate specified in the Appendix to this Prospectus for each Sub-Fund.

The Luxembourg tax ("taxe d'abonnement") payable by Class A2 shares is described in chapter "Taxation" under section "1. The Fund".

Unless otherwise provided for a specific Sub-Fund in the Appendix to this Prospectus, the minimum initial subscription for Class A2 shares is EUR 50,000 (or equivalent in another

currency) and the minimum holding for Class A2 shares is EUR 50,000 (or equivalent in another currency).

Class A3

Class A3 shares are capital appreciation shares.

Class A3 shares in each of the Sub-Funds will be charged a monthly flat all-in fee (Flat All-in Fee) at a rate specified in the Appendix to this Prospectus for each Sub-Fund.

The Luxembourg tax ("taxe d'abonnement") payable by Class A3 shares is described in chapter "Taxation" under section "1.The Fund".

Unless otherwise provided for a specific Sub-Fund in the Appendix to this Prospectus, the minimum initial subscription for Class A3 Shares is SEK 1,000,000 (or equivalent in another currency) and the minimum holding for Class A3 shares is SEK 1,000,000 (or equivalent in another currency).

Class AI

Class AI shares are capital appreciation shares.

Class AI shares can only be subscribed by Institutional Investors (within the meaning of article 174 of the Law.

Class AI shares in each of the Sub-Funds will be charged a monthly flat all-in fee (Flat All-in Fee) at a rate specified in the Appendix to this Prospectus for each Sub-Fund.

The Luxembourg tax ("taxe d'abonnement") payable by Class AI shares is described in chapter "Taxation" under section "1. The Fund".

Unless otherwise provided for a specific Sub-Fund in the Appendix to this Prospectus, the minimum initial subscription for Class AI shares is EUR 50,000 (or equivalent in another currency) and the minimum holding for Class AI shares is EUR 50,000 (or equivalent in another currency).

Class BI

Class BI shares are distributing shares.

Class BI shares can only be subscribed by Institutional Investors (within the meaning of article 174 of the Law).

Class BI shares in each of the Sub-Funds will be charged a monthly flat all-in fee (Flat All-in Fee) at a rate specified in the Appendix to this Prospectus for each Sub-Fund. The Luxembourg tax ("taxe d'abonnement") payable by Class BI shares is described in chapter "Taxation" under section "1. The Fund".

Class SPA

Class SPA shares are capital appreciation shares.

Class SPA shares can only be subscribed by the Swedish Pension Agency.

Class SPA shares in each of the Sub-Funds will be charged a monthly flat all-in fee (Flat All- in Fee) at a rate specified in the Appendix to this Prospectus for each Sub-Fund.

The SPA Class will not bear any transaction expenses arising in connection with the administration of the Fund assets (brokerage commission in line with the market, fees, fiscal charges, etc.).

Class L

Class L shares are capital appreciation shares.

Class L shares can only be subscribed by Handelsbanken LIV.

Class L shares in each of the Sub-Funds will be charged a monthly flat all-in fee (Flat All-in Fee) at a rate specified in the Appendix to this Prospectus for each Sub-Fund.

The Luxembourg tax ("taxe d'abonnement") payable by Class L shares is described in chapter "Taxation" under section "1. The Fund".

Unless otherwise provided for a specific Sub-Fund in the Appendix to this Prospectus, the minimal initial subscription for Class BI shares is EUR 50,000 (or equivalent in another currency) and the minimum holding for Class BI shares is EUR 50,000 (or equivalent in another currency).

Unless otherwise provided for a Class in a specific Sub-Fund in the Appendix to this Prospectus, a sales commission of up to 1% of the net asset value per share may be charged to remunerate the Distributor or the authorised intermediary agents active in the placement of the shares.

Redemption commission

If in any country in which the shares are offered, local law or practice requires Shareholder Transactions and relevant money flows to be transmitted via local paying agents, additional transaction charges for any individual order, as well as for additional administrative services, may be charged to the investor by such local paying agents.

Payment for shares must be received by the Depositary in cleared funds in the reference currency of the relevant Class as listed in the Appendix to this Prospectus. For requests for subscriptions in any other major freely convertible currency (approved by the Board of Directors), the Depositary will arrange the foreign exchange conversion at the risk and expense of the investor.

The Fund reserves the right to cancel an application if subscription monies are not received on an account of the Fund in the reference currency of the relevant Class within the relevant time limit.

The Fund reserves the right to accept or refuse any application in whole or in part and for any reason in which event the amount paid on the subscription or the balance thereof (as the case may be) will be returned (without interest) as soon as practicable in the currency of subscription at the risk and cost of the applicant. The Fund may also limit the distribution of shares of a given Sub-Fund to specific countries.

Pursuant to the Luxembourg laws of 19 February 1973 (as amended), 5 April 1993 (as amended) and 12 November 2004 (as amended), and the circulars of the Luxembourg supervisory authority, professional obligations have been outlined to prevent the use of UCIs for money laundering purposes. As a result, the identity of subscribers (a certified copy of the passport or the identification card) and/or the status of financial intermediaries (a recent original extract of the Trade Register or equivalent and, where applicable or if requested, a certified copy of the business authorisation delivered by the competent local authorities) shall be disclosed to the Administrative Agent of the Fund. The Administrative Agent may require subscribers to provide any document it deems necessary to this effect. Such information shall be collected for compliance reasons only and shall not be disclosed to unauthorised persons.

In case of delay or failure by a subscribed to provide the documents required, the application for subscription (or, if applicable, for redemption) will not be accepted. Neither the Fund nor the Administrative Agent has any liability for delays or failure to process deals as a result of the subscriber providing no or only incomplete documentation.

Shareholders may be requested to provide additional or updated identification documents from time to time pursuant to ongoing client due diligence requirements under relevant laws and regulations.

The shares are issued in registered form only.

The Fund shall normally issue confirmations of shareholding to the holder of shares.

Confirmation of completed subscriptions will be mailed at the risk of the investor, to the address indicated in the Application Form within seven business days following the issue of the shares.

Issue of shares of a given Sub-Fund shall be suspended whenever the determination of the net asset value per share of such Sub-Fund is suspended by the Fund (section 7. under chapter "General Information").

The subscribers may elect to make use of nominee services by entering into account agreements pursuant to which the nominee shall hold the shares in its name for and on behalf of the subscriber(s), who shall be entitled at any time to claim direct title to the shares by instructing the nominee to transfer these into his/their name and/or to give voting instructions before any general meeting of shareholders of the Fund, where the shares may in such case be voted in their name.

The Fund may restrict or prevent the ownership of Shares by any US person and/or any person, firm or corporate body if in the opinion of the Fund such holding may be detrimental to the Fund or its Shareholders, may result in a breach of any applicable law or regulations (whether Luxembourg or foreign) or may expose the Fund or its Shareholders to liabilities (to include, inter alia, regulatory or tax liabilities and any other tax liabilities that might derive, inter alia, from any breach of FATCA requirements ) or any other disadvantages that it or they would not have otherwise incurred or been exposed to. Such persons, firms or corporate bodies (including US persons and/or persons in breach of FATCA requirements) are herein referred to as "Prohibited Persons".

For such purposes, the Fund may:

1) decline to issue any Share and decline to register any transfer of a Share, where it appears to it that such registration or transfer would or might result in beneficial ownership of such Share by a Prohibited Person;

2) at any time require any person whose name is entered in, or any person seeking to register the transfer of Shares on, the register of shareholders to furnish it with any representations and warranties or any information, supported by affidavit, which it may consider necessary for the purpose of determining whether or not, to what extent and under which circumstances, beneficial ownership of such Shareholder's Shares rests or

will rest in a Prohibited Person, or whether such registration will result in beneficial ownership of such Shares by a Prohibited Person; and

3) where it appears to the Fund that any Prohibited Person, either alone or in conjunction with any other person, is a beneficial owner of Shares or is in breach of its representations and warranties or fails to make such representations and warranties in a timely manner as the Fund may require, may compulsorily redeem from any such Shareholder all or part of the Shares held by such Shareholder in the manner more fully described in the Articles; and

4) decline to accept the vote of any Prohibited Person at any meeting of shareholders of the Fund.

2. Conversion of shares

Subject to any suspension of the determination of the net asset values concerned, and subject to compliance with any eligibility conditions of the Class into which the conversion is to be effected, shareholders have the right to convert all or part of their shares of one Class in any Sub-Fund into shares of another Class of the same Sub-Fund or of another existing Sub-Fund by applying for conversion in the same manner as for the redemption of shares.

The number of shares issued upon conversion will be based upon the respective net asset values of the shares of the two Sub-Funds concerned on the common Valuation Day on which the conversion request is received before the Cut-off time at the office of the Administrative Agent or otherwise provided for a specific Sub-Fund in the Appendix to this Prospectus. If the net asset values concerned are expressed in different currencies, the conversion will be calculated by using the exchange rate applicable on the relevant Valuation Day on which the conversion is to be effected.

A conversion commission of up to 3% of the net asset value of the shares to be converted will be charged one part of it will revert to the Distributor and the other part will revert to the Sub- Fund the shares of which are converted.

Class A shares, Class A2 shares, and Class A3 shares of any Sub-Fund may not be converted, at the request of shareholders, to Class AI shares or Class BI shares of the same or another Sub- Fund unless accepted by the Board of Directors.

Unless waived by the Board of Directors, if, as a result of any conversion request, the amount invested by any shareholder in a Class of shares for which there is a minimum holding amount falls below such minimum holding amount, it will be treated as an instruction to convert the shareholder's total holding in the relevant Class.

3. Redemption of shares

Any shareholder may present to the Administrative Agent his shares for redemption in part or whole on any Valuation Day.

Redemption shall be effected at the net asset value per share of the relevant class determined on the Valuation Day on which the request for redemption has been accepted until the Cut-off time at the office of the Administrative Agent, unless it is otherwise provided for a specific Sub-Fund in the Appendix to this Prospectus.

No redemption commission will be charged by the Fund. However, a redemption commission of up to 1% of the net asset value of the shares to be redeemed may be charged by the Distributor or the authorised intermediary agents active in the placement of the shares, as indicated in the marketing material.

Redemption payments will be made in the reference currency of the relevant Class as listed in the Appendix to this Prospectus at the latest on the third Luxembourg bank business day following the applicable Valuation Day, unless it is otherwise provided for a specific Sub-Fund in the Appendix to this Prospectus.

Unless waived by the Board of Directors, if as a result of a redemption, the value of a shareholder's holding in a Sub-Fund would become less than the minimum holding in a specific Class the relevant shareholder will be deemed (if so decided from time to time by the Board of Directors) to have requested redemption of all of his shares. Also, the Board of Directors may, at any time, decide to compulsorily redeem all shares from shareholders whose holding in a Sub-Fund is less than the minimum holding referred to above. In case of such compulsory redemption, the shareholder concerned will receive a one month prior notice so as to be able to increase his holding above the minimum holding at the applicable net asset value.

Redemption of shares of a given Sub-Fund shall be suspended whenever the determination of the net asset value per share of such Sub-Fund is suspended by the Fund (as provided for by chapter "General Information" section 7).

A shareholder may not withdraw his request for redemption of shares of any one Sub-Fund except in the event of a suspension of the determination of the net asset value of the shares of such Sub-Fund and, in such event, a withdrawal will be effective only if written notification is received by the Administrative Agent before the termination of the period of suspension. If the request is not withdrawn, the Fund shall proceed to redemption on the first applicable Valuation Day following the end of the suspension of the determination of the net asset value of the shares of the relevant Sub-Fund.

Further, if on any Valuation Day redemption or conversion requests relate to more than 10% of the shares in issue in respect of a Sub-Fund, the Board of Directors may declare that part or all of such shares for redemption or conversions will be deferred on a pro rata basis to the third following Valuation Day on which such redemption or conversion requests will be complied with in priority to later requests.

4. Transfer of shares

The transfer of shares may normally be effected by delivery to the Administrative Agent of an instrument of transfer in appropriate form together with the relevant certificate(s), if any. The minimum holding following any transfer is EUR 50,000 (or equivalent in another currency) for Class AI shares, A2 shares and Class BI shares and SEK 1,000,000 (or equivalent in another currency) for Class A3 shares, for the transferor and the transferee, unless otherwise provided for a specific Sub-Fund in the Appendix to this Prospectus. Any transferee will be required to complete a subscription form if he is a new investor in the Fund.

On receipt of the transfer request, the Administrative Agent may, after reviewing the endorsement(s) require that the signature(s) are guaranteed by an approved Bank, Stock Broker or Public Notary.

Shareholders are recommended to contact the Administrative Agent prior to requesting a transfer to ensure that they have the correct documentation for the transaction.

DISTRIBUTION POLICY

The general policy regarding the appropriation of net income and capital gains is as follows:

Class A, Class A2, Class A3, Class AI, Class SPA and Class L shares being capital appreciation Classes of shares, the Board of Directors does intend to recommend at the annual general meeting the reinvestment of their net assets.

Class BI shares being distributing Class of shares, the Board of Directors may decide to distribute interim dividends either in the form of cash in the relevant currency or in the form of reinvestment by the purchase of further Class BI shares.

No dividends will be distributed if their amount is below the amount of EUR 50 or its equivalent in another currency. Such amount will automatically be reinvested in new Class BI shares.

Dividends may in any case result from a decision of the shareholders in general meeting, subject to a majority vote of those present or represented and within limits provided by law, and a concurring decision at the same majority in the relevant Sub-Fund.

Dividend announcements (if any) will be made in such newspapers as the Board of Directors shall determine, and payment shall be made by the Depositary to the mandated address of the registered shareholders.

Dividends unclaimed after five years from the date of declaration will lapse and revert to the Fund in the relevant Sub-Fund.

MANAGEMENT AND ADMINISTRATION

The Directors of the Fund are responsible for its management and supervision including the determination of investment policies.

1. Conducting Officers

The Board of Directors has appointed the Conducting Officers mentioned above in this Prospectus to conduct the day-to-day business of the Fund.

The Conducting Officers shall conduct the business of the Fund and, more specifically, shall have the duty to ensure that the different service providers to which the Fund has delegated certain functions (including the Investment Manager and the Administrative Agent) perform their function in compliance with the applicable laws, the Law, the Articles, this Prospectus and the provisions of the contracts which have been entered into between the Fund and each of them. The Conducting Officers shall also ensure that investment policies and restrictions of the Fund are respected.

Inter alia, the Conducting Officers will provide on a quarterly basis the Board of Directors with reports on their activities and on an ad hoc basis, as necessary, with reports concerning any failure to comply by the Fund with its investment policies and restrictions. The Conducting Officers will also provide on an ad hoc basis the Board of Directors with reports on any issue they will judge appropriate.

Additional information which the Fund must make available to investors in accordance with Luxembourg laws and regulations such as but not limited to shareholder complaints handling procedures, the strategy followed for the exercise of voting rights of the Fund, rules of conduct and the management of activities giving rise to detrimental conflicts of interest shall be available at the registered office of the Fund.

Any person who would like to receive further information regarding the Fund or who wishes to make a complaint should consult our website: www.handelsbanken.lu/funds

2. Investment Managers

The Board of Directors has appointed HANDELSBANKEN FONDER AB and XACT KAPITALFÖRVALTNING AB to perform the day-to-day management of the assets of the Sub- Funds. HANDELSBANKEN FONDER AB as well as XACT KAPITALFÖRVALTNING AB are wholly-owned subsidiaries of SVENSKA HANDELSBANKEN AB (Publ.), one of the largest commercial banks in Sweden and a member of the Stockholm Stock Exchange.

HANDELSBANKEN FONDER AB is incorporated under the laws of Sweden since November 1959 and it has an authorised and fully-paid share capital as of the date of this prospectus of SEK 1,500,000-. HANDELSBANKEN FONDER AB manages funds established in Sweden comprising equity index funds, growth funds, bond and money market funds.

The advisory team is responsible for investment, analysis and money management at HANDELSBANKEN FONDER AB.

XACT KAPITALFÖRVALTNING AB is incorporated under the laws of Sweden since November 2014 and it has an authorised and fully-paid share capital as of the date of this prospectus of SEK 1,500,000-. XACT KAPITALFÖRVALTNING AB manages funds established in Sweden comprising mostly of equity index funds and equity index Exchange traded funds.

In accordance with the Articles and the Law, and subject to the prior approval of the CSSF, HANDELSBANKEN FONDER AB and XACT KAPITALFÖRVALTNING AB may appoint additional sub-investment managers to whom they may delegate all or part of the day-to-day conduct of their investment management responsibilities in respect of any Sub-Fund.

3. Sub-Investment Managers

HANDELSBANKEN FONDER AB has sub-delegated to SVENSKA HANDELSBANKEN (PUBL.) STOCKHOLM the performance of the day-to-day management of the assets of the following sub-funds: - Handelsbanken Funds – Multi Asset (L); - Handelsbanken Funds – Multi Asset (M); - Handelsbanken Funds – Multi Asset (H).

XACT KAPITALFÖRVALTNING AB has entered into an agreement with SVENSKA HANDELSBANKEN (PUBL.) STOCKHOLM for the determination of the strategic market allocation of the portfolio and for providing recommendations for the assets selection for the following sub-funds: - Handelsbanken Funds – Pension 40; - Handelsbanken Funds – Pension 50; - Handelsbanken Funds – Pension 60; - Handelsbanken Funds – Pension 70; - Handelsbanken Funds – Pension 80; - Handelsbanken Funds – Pension 90.

4. Depositary and Administrative Agent

J.P. Morgan Bank Luxembourg SA has been appointed by the Fund as the depositary (the "Depositary") for (i) the safekeeping of the assets of the Fund, (ii) the cash monitoring (iii) the oversight functions and (iv) certain other associated services to the Fund.

The Depositary was incorporated in Luxembourg as a "société anonyme" and has its registered office at European Bank & Business Centre, 6C, route de Treves, L-2633 Senningerberg, Grand Duchy of Luxembourg. The Depositary is operating as a banking institution within the meaning of Luxembourg law of 5th April 1993 (as amended from time to time) concerning the financial sector.

The Depositary is entrusted with the safekeeping of the Fund's assets. For the financial instruments which can be held in custody, they may be held either directly by the Depositary or, to the extent permitted by applicable laws and regulations, through other credit institutions or financial intermediaries acting as its correspondents, sub custodians, nominees, agents or delegates. The Depositary also ensures that the Fund's cash flows are properly monitored, and in particular that the subscription monies have been received and all cash of the Fund has been booked in the cash account in the name of (i) the Fund, or (ii) the Depositary on behalf of the Fund.

The Depositary will further, in accordance with the Law and Directive 2014/91/UE as completed, implemented or interpreted by any applicable laws and regulations (the "UCITS V Rules"):

a) ensure that the issue, redemption and cancellation of Shares effected by the Fund or on its behalf are carried out in accordance with the Luxembourg law or the Articles; b) ensure that the value per Share of the Fund is calculated in accordance with the Luxembourg law and the Articles; c) carry out, or where applicable, cause any sub custodian or other custodial delegate to carry out the instructions of the Fund or the Investment Manager unless they conflict with the Luxembourg law and the Articles; d) ensure that in transactions involving the assets of the Fund, the consideration is remitted to it within the usual time limits; and e) ensure that the income of the Fund is applied in accordance with the Articles.

The Depositary regularly provides the Fund with a complete inventory of all assets of the Fund,

The Depositary shall assume its functions and responsibilities in accordance with the UCITS V Rules as further described in a separate depositary agreement entered into with the Fund (please see the section describing the depositary agreement for further details).

The Depositary Agreement

The Fund has appointed the Depositary as depositary under a depositary agreement (such agreement as amended from time to time, the "Depositary Agreement").

The Depositary shall perform all the duties and obligations of a depositary under the UCITS V Rules as outlined in the Depositary Agreement.

The Depositary Agreement may be terminated by any party on 120 days' notice in writing. Subject to the UCITS V Rules, the Depositary Agreement may also be terminated by the Depositary on 120 days' notice in writing except in the limited circumstances provided in the Depositary Agreement where a shorter notice period applies.

Before expiration of any such notice period, the Fund shall propose a successor depositary which fulfils the requirements of the UCITS V Rules and to which the Fund's assets shall be transferred and which shall take over its duties as the Fund's depositary from the Depositary. The Fund will use best endeavours to find a suitable replacement depositary, and until such replacement is appointed the Depositary shall continue to perform its services under the Depositary Agreement.

The Depositary will be responsible for the safekeeping and ownership verification of the assets of the Fund, cash flow monitoring and oversight in accordance with the UCITS V Rules. In carrying out its role as depositary, the Depositary shall act independently from the Fund and the Fund's Investment Manager(s) and solely in the interest of the Fund and its investors.

The Depositary is liable to the Fund or its investors for the loss of a financial instrument held in custody by the Depositary or any of its delegates. In case of a financial instrument held in custody, the Depositary shall return a financial instrument of identical type of the corresponding amount to the Fund without undue delay. The Depositary shall; however, not be liable if it can prove that the loss has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. The Depositary is also liable to the Fund or its shareholders for all other losses suffered by them as a result of the Depositary's negligent or intentional failure to properly fulfil its duties in accordance with the Investment Funds Legislation.

Conflicts of Interest

In carrying out its functions, the Depositary shall act honestly, fairly, professionally, independently and solely in the interest of the Fund and the investors of the Fund.

As part of the normal course of global custody business, the Depositary may from time to time have entered into arrangements with other clients, funds or other third parties for the provision of safekeeping and related services. Within a multi-service banking group such as JPMorgan Chase Group, from time to time conflicts may arise between the Depositary and its safekeeping delegates, for example, where an appointed delegate is an affiliated group company and is providing a product or service to a fund and has a financial or business interest in such product or service or where an appointed delegate is an affiliated group company which receives remuneration for other related custodial products or services it provides to the funds, for instance foreign exchange, securities lending, pricing or valuation services. In the event of any potential conflict of interest which may arise during the normal course of business, the Depositary will at all times have regard to its obligations under applicable laws including Article 25 of the Undertakings for Collective Investment in Transferable Securities Directive 2014/91/EU (UCITS V Directive).

Sub custodians and Other Delegates

The Depositary may entrust all or part of the assets of the Fund that it holds in custody to such sub custodians as may be determined by the Depositary from time to time. Except as provided in the UCITS V Rules, the Depositary's liability shall not be affected by the fact that it has entrusted all or part of the assets in its care to a third party.

When selecting and appointing a sub custodian or other delegate, the Depositary shall exercise all due skill, care and diligence as required by the UCITS V Rules to ensure that it entrusts the Fund's assets only to a delegate who may provide an adequate standard of protection. The Depositary shall also periodically assess whether the third-party delegates fulfil applicable legal and regulatory requirements and will exercise ongoing supervision over each third-party delegate to ensure that the obligations of the third-party delegates continue to be competently

discharged. The fees of any third-party delegate, other than a delegate within the Depositary's regular sub custody network, shall be paid by the Fund. The current list of sub custodians and other delegates used by the Depositary and sub-delegates that may arise from any delegation is available at Schedule 1. Up-to-date information regarding the description of the Depositary's duties and of conflicts of interest that may arise as well as of any safekeeping functions delegated by the Depositary, the latest version of the list of sub custodians and other delegates used by the Depositary and sub-delegates that any conflict of interest that may arise from any delegation may be obtained by investors from the Fund upon request at the Fund's registered office.

SVENSKA HANDELSBANKEN AB (publ), Luxembourg Branch has been appointed as Administrative Agent and is responsible for the central administration of the Fund and in particular for processing the issue, redemption and conversion of shares, the determination of the net asset value of the shares in each Sub-Fund and for the maintenance of accounting records.

5. Remuneration policy of the Fund

Further to the requirements of Articles 14a and 14b of the Directive, the Fund has issued a remuneration policy, the object of which is to pay remuneration which promotes sound and effective risk management and which will not encourage risk-taking inconsistent with the Sub- Fund's risk profiles, or the Fund's prospectus and Articles and that its payment of remuneration conform with the requirements of CSSF Circulars and regulations, Luxembourg law and European Directives on the subject of remuneration.

The Fund's directors and conducting officers are not employed or remunerated by the Fund but are employed by Svenska Handelsbanken AB (Publ.) or by wholly owned subsidiaries of Svenska Handelsbanken AB (Publ.) which are subject to Svenska Handelsbanken AB (Publ.) remuneration policy. The Fund has entered into management agreements with the following, wholly owned subsidiaries of Svenska Handelsbanken AB (Publ), to provide investment management services:

 Handelsbanken Fonder AB  Xact Kapitalförvaltning AB

Both entities, as Swedish regulated entities, are subject to the requirements of the Directive with regard to remuneration and have issued remuneration policies.

The Fund has entered into an agreement with Svenska Handelsbanken AB (Luxembourg Branch) to act as its Administrative Agent. The Administrative Agent is subject to Svenska Handelsbanken AB (Publ.) remuneration policy.

It is also noted that the Fund pays fees for the services it receives from its service providers and that such fees do not include a variable component related to the Fund's performance and the Fund does not pay its service providers bonuses based on the Fund's performance.

The up-to-date remuneration policy of the Fund, including, but not limited to, a description of how remuneration benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits (if any) are available at http://www.handelsbanken.lu. A paper copy is available free of charge upon request of the Fund's registered office.

FUND CHARGES

The Fund pays a maximum monthly Flat All-in Fee calculated on the average net asset value of the Sub-Funds and its share classes as described for each Sub-Fund in the relevant Appendix.

The relevant Flat All-in Fee will not be charged until the corresponding share classes have been launched.

Out of the aforementioned Flat All-in fee, the Fund will bear all internal and external costs incurred in connection with the Administration, Portfolio Management and Safekeeping of the Fund's assets as well as Distribution., such as:

 annual fees and expenses for approving and supervising the Fund in Luxembourg and abroad;  other fees charged by the supervisory authorities;  printing of the regulations, prospectuses and annual and semi-annual reports;  production of the KIID or the corresponding documents for the Fund's sales countries;  price publications and publication of notices to investors;  fees incurred in connection with the listing of the Fund and sales within Luxembourg and abroad;  commission and expenses of the Depositary for the safekeeping of the Fund's assets, dealing with payments and other duties, as required under the Law;  fees and other expenses for the payment of dividends to investors; and  legal and auditor's fees.

Unless otherwise provided in the relevant Appendix, the Fund will also, in addition to the Flat All-in Fee, bear all transaction expenses arising in connection with the administration of the Fund assets (brokerage commission in line with the market, fees, fiscal charges, etc.).

Unless otherwise provided in the relevant Appendix, all taxes levied on the income and assets of the Fund, particularly the "taxe d'abonnement", will also be borne by the Fund.

In the Sub-Funds that may invest in other UCI or UCITS under the terms of their investment policies, fees may be incurred both at the level of the Sub-Fund as well as at the level of the relevant target fund but the maximum investment management fee is set at 3% of the value of the relevant investments.

In addition to part of the Flat All-in Fee, the Investment Manager may be entitled to a performance fee which, if any, will be described in the Appendix to this Prospectus for the relevant Sub-Fund.

When a Sub-Fund lends securities, the Sub-Fund will receive 80 percent of the revenue from the lending of securities and the remaining 20 percent goes to the Securities Lending Agent JP Morgan Chase Bank, N.A. (London Branch). As the revenue sharing agreement with the Securities Lending Agent does not increase the costs to the Sub-Fund, the payment to the Securities Lending Agent is excluded from the ongoing charges.

TAXATION

The following information is based on the laws, regulations, decisions and practice currently in force in Luxembourg and is subject to changes therein, possibly with retrospective effect. This summary does not purport to be a comprehensive description of all Luxembourg tax laws and Luxembourg tax considerations that may be relevant to a decision to invest in, own, hold, or dispose of shares and is not intended as tax advice to any particular investor or potential Investor. Prospective Investors should consult their own professional advisers as to the implications of buying, holding or disposing of Shares and to the provisions of the laws of the jurisdiction in which they are subject to tax. This summary does not describe any tax consequences arising under the laws of any state, locality or other taxing jurisdiction other than Luxembourg.

1. Taxation of the Fund

The Fund is not subject to taxation in Luxembourg on its income, profits or gains.

The Fund is not subject to net wealth tax.

No stamp duty, capital duty or other tax will be payable in Luxembourg upon the issue of the shares of the Fund.

However, Class A, Class A2 and Class A3 shares are subject to a subscription tax ("taxe d'abonnement") at a rate of 0.05% per annum based on its net assets, such tax being payable quarterly and calculated on the total net asset value of each Class at the end of the relevant quarter.

No such tax is due on the portion of the Fund's assets represented by units / shares held in other Luxembourg undertakings for collective investment provided that such units / shares have already been subject to the subscription tax provided for by article 175 of the Law or by article 68 of the amended law of 13 February 2007 on specialised investment funds (the "SIF Law").

Class AI shares, Class BI shares, Class SPA Shares and Class L Shares are liable in Luxembourg to a reduced "taxe d'abonnement" of 0.01% per annum of their net assets, such

tax being payable quarterly and calculated on the total net asset value of each Class at the end of the relevant quarter.

In order to qualify for the reduced "taxe d'abonnement" of 0.01% per annum (instead of the 0.05% referred above) the sub-fund Swedish Short-Term Assets Shares will be invested in a manner that the residual average of the securities and instruments comprised in the portfolio does not exceed 12 months.

2. Withholding tax

Interest and dividend income received by the Fund may be subject to non-recoverable withholding tax in the source countries. The Fund may further be subject to tax on the realised or unrealised capital appreciation of its assets in the countries of origin. The Fund may benefit from double tax treaties entered into by Luxembourg, which may provide for exemption from withholding tax or reduction of withholding tax rate.

Distributions made by the Fund are not subject to withholding tax in Luxembourg.

3. Taxation of the shareholders

Investors should consult their professional advisors on the possible tax or other consequences of buying, holding, transferring or selling the Fund's shares under the laws of their countries of citizenship, residence or domicile.

Luxembourg resident individuals

Capital gains realised on the sale of the shares by Luxembourg resident individuals Investors who hold the shares in their personal portfolios (and not as business assets) are generally not subject to Luxembourg income tax except if:

(i) the shares are sold before or within 6 months from their subscription or purchase; or (ii) if the shares held in the private portfolio constitute a substantial shareholding. A shareholding is considered as substantial when the seller, alone or with his/her spouse and underage children, has participated either directly or indirectly at any time during the five years preceding the date of the disposal in the ownership of more than 10% of the capital or assets of the company.

Distributions made by the Fund will be subject to income tax. Luxembourg personal income tax is levied following a progressive income tax scale, and increased by the solidarity surcharge (contribution au fonds pour l’emploi) giving an effective maximum marginal tax rate of 43.6%. An additional temporary income tax of 0.5% (impôt d’équilibrage budgétaire temporaire) will

be due by Luxembourg resident individuals subject to Luxembourg State social security scheme in relation to their professional and capital income.

Luxembourg resident corporate

Luxembourg resident corporate investors will be subject to corporate taxation at the rate of 29.22% (in 2016 for entities having their registered office in Luxembourg-City) on capital gains realised upon disposal of shares and on the distributions received from the Fund.

Luxembourg corporate resident investors who benefit from a special tax regime, such as, for example, (i) an undertaking for collective investment subject to the Law, (ii) specialised investment funds subject to the SIF Law, or (ii) family wealth management companies subject to the amended law of 11 May 2007 on family wealth management companies, are exempt from income tax in Luxembourg, but instead subject to an annual subscription tax ("taxe d’abonnement") and thus income derived from the shares, as well as gains realised thereon, are not subject to Luxembourg income taxes.

The shares shall be part of the taxable net wealth of the Luxembourg resident corporate investors except if the holder of the shares is (i) a UCI subject to the Law, (ii) a vehicle governed by the law of 22 March 2004 on securitisation, (iii) an investment company governed by the amended law of 15 June 2004 relating to the investment company in risk capital, (iv) a specialised investment fund subject to the SIF Law or (v) a family wealth management company subject to the amended law of 11 May 2007 on family wealth management companies. The taxable net wealth is subject to tax on a yearly basis at the rate of 0.5%. A reduced tax rate of 0.05% is due for the portion of the net wealth exceeding EUR 500 million.

Non Luxembourg residents

Non-resident individuals or collective entities who do not have a permanent establishment in Luxembourg to which the shares are attributable, are not subject to Luxembourg taxation on capital gains realised upon disposal of the shares nor on the distribution received from the Fund and the shares will not be subject to net wealth tax. The additional temporary income tax of 0.5% (impôt de rééquilibrage budgétaire) will also be due by individuals subject to the Luxembourg State social security scheme in relation to their professional and capital income.

Automatic Exchange of Information

Following the development by the Organisation for Economic Co-operation and Development ("OECD") of a common reporting standard ("CRS") to achieve a comprehensive and multilateral automatic exchange of information ("AEOI") on a global basis. Council Directive 2014/107/EU amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation (the "Euro-CRS Directive") was adopted on 9 December

2014 in order to implement the CRS among the Member States. For Austria, the Euro-CRS Directive will apply for the first time by 30 September 2018 for the calendar year 2017, i.e. the Savings Directive will apply one year longer.

The Euro-CRS Directive was implemented into Luxembourg law by the Law of 18 December 2015 on the automatic exchange of financial account information in the field of taxation (the "CRS Law").

The CRS Law requires Luxembourg financial institutions to identify financial assets holders and establish if they are fiscally resident in countries with which Luxembourg has a tax information sharing agreement. Luxembourg financial institutions will then report financial account information of the assets holder to the Luxembourg tax authorities, which will thereafter automatically transfer this information to the competent foreign tax authorities on a yearly basis.

The Fund will be responsible for the treatment of personal data collected in accordance with the CRS Law.

Accordingly, the Fund will require its investors to provide information in relation to the identity and fiscal residence of financial account holders (including certain entities and their controlling persons) in order to ascertain their CRS status and report information regarding a shareholder and his/her/its account to the Luxembourg has authorities (Administration des Contributions Directes), if such account is deemed a CRS reportable account under the CRS Law.

In addition, Luxembourg signed the OECD's multilateral competent authority agreement (the "Multilateral Agreement") to automatically exchange information under the CRS. The Multilateral Agreement aims to implement the CRS among non-EU member states: it requires agreements on country-by country basis.

Investors should consult their professional advisors on the possible tax and other consequences with respect to the implementation of the CRS Law.

The Fund reserves the right to refuse any application for share of the Fund if the information provided or not provided does not satisfy the requirements under the CRS Law.

United States ("US") Tax Withholding and Reporting under the Foreign Account Tax Compliance Act ("FATCA")

The Foreign Account Tax Compliance Act ("FATCA"), a portion of the 2010 Hiring Incentives to Restore Employment Act, became law in the United States in 2010. It requires financial institutions outside the US ("foreign financial institutions" or "FFIs") to pass information about "Financial Accounts" held by "Specified US Persons", directly or indirectly, to the US tax authorities, the Internal Revenue Service ("IRS") on an annual basis. A 30% withholding tax is imposed on certain US source income of any FFI that fails to comply with this requirement.

On 28 March 2014, the Grand-Duchy of Luxembourg entered into a Model 1 Intergovernmental Agreement ("IGA") with the United States of America and a memorandum of understanding in respect thereof. The Fund would hence have to comply with such Luxembourg IGA as implemented into Luxembourg law by the Law of 24 July 2015 relating to FATCA (the "FATCA Law") in order to comply with the provisions of FATCA rather than directly complying with the US Treasury Regulations implementing FATCA. Under the FATCA Law and the Luxembourg IGA, the Fund may be required to collect information aiming to identify its direct and indirect shareholders that are Specified US Persons for FATCA purposes ("FATCA reportable accounts"). Any such information on reportable accounts provided to the Fund will be shared with the Luxembourg tax authorities which will exchange that information on an automatic basis with the Government of the United States of America pursuant to Article 28 of the convention between the Government of the United States of America and the Government of the Grand-Duchy of Luxembourg for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes in Income and Capital, entered into in Luxembourg on 3 April 1996. The Fund intends to comply with the provisions of the FATCA Law and the Luxembourg IGA to be deemed compliant with FATCA and will thus not be subject to the 30% withholding tax with respect to its share of any such payments attributable to actual and deemed US investments of the Fund. The Fund will continually assess the extent of the requirements that FATCA and notably the FATCA Law place upon it.

To ensure the Fund's compliance with FATCA, the FATCA Law and the Luxembourg IGA in accordance with the foregoing, the Fund may:

a. request information or documentation, including W-8 tax forms, a Global Intermediary Identification Number, if applicable, or any other valid evidence of a shareholder's FATCA registration with the IRS or a corresponding exemption, in order to ascertain such shareholder's FATCA status;

b. report information concerning a shareholder and his account holding in the Fund to the Luxembourg tax authorities if such account is deemed a US reportable account under the FATCA Law and the Luxembourg IGA;

c. report information to the Luxembourg tax authorities (Administration des Contributions Directes) concerning payments to shareholders with FATCA status of a non participating foreign financial institution.

d. deduct applicable US withholding taxes from certain payments made to a shareholder by or on behalf of the Fund in accordance with FATCA, the FATCA Law and the Luxembourg IGA; and

e. divulge any such personal information to any immediate payor of certain FATCA source income as may be required for withholding and reporting to occur with respect to the payment of such income.

The Fund will be responsible for the treatment of personal data collected in accordance with the FATCA Law.

4. Prevention of money laundering and terrorist financing

In accordance with international regulations and Luxembourg laws and regulations (including, but not limited to, the amended Law of 12 November 2004 on the fight against money laundering and financing of terrorism), the Grand Ducal Regulation dated 1 February 2010, CSSF Regulation 12-02 of 14 December 2012 CSSF Circular 13/556 and 15/609 concerning the fight against money laundering and terrorist financing, and any respective amendments or replacements, obligations have been imposed on all professionals of the financial sector in order to prevent undertakings for collective investment from money laundering and financing of terrorism purposes. As result of such provisions, the register and transfer agent of a Luxembourg undertaking for collective investment must ascertain the identity of the subscriber in accordance with Luxembourg laws and regulations. The register and transfer agent may require subscribers to provide any document it deems necessary to effect such identification. In addition, the register and transfer agent, as delegate of the Fund, may require any other information that the Fund may require in order to comply with its legal and regulatory obligations, including but not limited to the CRS Law.

In case of delay or failure by an applicant to provide the required documentation, the subscription request will not be accepted and in case of redemption, payment of redemption proceeds delayed. Neither the undertaking for collective investment nor the Administrative Agent will be held responsible for said delay or failure to process deals resulting from the failure of the applicant to provide documentation or incomplete documentation.

From time to time, shareholders may be asked to supply additional or updated identification documents in accordance with clients' on-going due diligence obligations according to the relevant laws and regulations.

GENERAL INFORMATION

1. Organisation

The Fund is an investment company organised as a société anonyme under the laws of the Grand-Duchy of Luxembourg and qualifies as a société d'investissement à capital variable (SICAV). The Fund was initially incorporated on 28 November 1984 as a "société anonyme d'investissement" and was renamed and transformed on 29 March 1988 into a "société d'investissement à capital variable", organised for an unlimited period and its Articles were further amended on 7 March 1989 to conform these to the Luxembourg law of 30 March 1988 on undertakings for collective investment. At a meeting held on 15 January 2007, the Fund was submitted to the provisions of Part I of the Luxembourg law of 20 December 2002 on undertakings for collective investment and the Articles were published in the Mémorial on 23 February 2007. Since 1 July 2011, the Fund is governed by the Law pursuant to article 183 (1) of the Law. The latest amendment of the Articles was decided by the extraordinary general meeting of the shareholders on 6 November 2014 and was published in the Mémorial on 8 December 2014. The Articles have been filed with the Registre de Commerce et des Sociétés of Luxembourg.

The minimum capital of the Fund required by Luxembourg law is the equivalent in USD of 1,250,000 EUR.

2. The shares

The shares in each Sub-Fund are freely transferable and are each entitled to participate equally in the profits and liquidation proceeds attributable to each Sub-Fund concerned. The rules governing such allocation are set forth under this chapter, section 5. "Allocation of Assets and Liabilities among the Sub-Funds". The shares, which are of no par value and which must be fully paid upon issue, carry no preferential or pre-emptive rights and each one is entitled to one vote at all meetings of shareholders. Shares redeemed by the Fund become null and void.

The Fund may restrict or prevent the ownership of its shares by any person, firm or corporation, if such ownership is such that it may be against the interests of the Fund or of the majority of its shareholders. Where it appears to the Fund that a person who is precluded from holding shares, either alone or in conjunction with any other person, is a beneficial owner of shares, the Fund may proceed to compulsory redemption of all shares so owned.

Under the Articles, the Board of Directors may decide to issue, in respect of each Class, distribution shares and/or capitalisation shares.

Should the shareholders, at an annual general meeting, decide any distributions in respect of distribution shares (if issued) these will be paid within one month of the date of the annual general meeting. Under Luxembourg law, no distribution may be decided as a result of which the net assets of the Fund would become less than the minimum provided for under Luxembourg law.

3. Meetings

The annual general meeting of shareholders will be held at the registered office of the Fund in Luxembourg on the 1st Friday of the month of April of each year at 2.45 p.m. or, if any such day is not a bank business day in Luxembourg, on the next following bank business day. Notices of all general meetings will be published to the extent required by Luxembourg law and will be sent to the holders of registered shares recorded by the Transfer Agent in the share register of the Fund by post at least 8 days prior to the meeting at their addresses shown on the register of shareholders. Such notices will include the agenda and will specify the time and place of the meeting and the conditions of admission. They will also refer to the rules of quorum and majorities required by Luxembourg law and laid down in Articles 67 and 67-1 of the Luxembourg law of 10 August 1915 on commercial companies (as amended) and in the Articles.

Under the conditions set out in Luxembourg laws and regulations, the notice of any meeting of shareholders may specify that the quorum and the majority applicable for this meeting of shareholders will be determined by reference to the shares issued and in circulation at a certain date and time preceding the meeting of shareholders (the "Record Date"), whereas the rights of a shareholder to attend a meeting of shareholders and to exercise the voting rights attached to his / her / its shares will be determined by reference to the shares held by this shareholder as at the Record Date.

Each share confers the right to one vote. The vote on the payment of a dividend on a particular Class requires a separate majority vote from the meeting of shareholders of the Class concerned. Any change in the Articles affecting the rights of a Sub-Fund must be approved by a resolution of both the general meeting of the Fund and the shareholders of the Sub-Fund concerned.

4. Reports and Accounts

Audited annual reports shall be published within 4 months following the end of the accounting year and unaudited semi-annual reports shall be published within 2 months following the period to which they refer. The annual and semi-annual reports shall be made available at the

registered offices of the Fund, the Depositary and the Paying Agents during ordinary office hours. The Fund's accounting year ends on 31 December in each year.

The Base Currency of the Fund is the United States Dollar (the "USD"). The aforesaid reports will comprise consolidated accounts of the Fund expressed in USD as well as individual information on each Sub-Fund expressed in the Base Currency of each Sub-Fund.

5. Allocation of assets and liabilities among the Sub-Funds

For the purpose of allocating the assets and liabilities between the Sub-Funds, the Board of Directors has established a pool of assets for each Sub-Fund in the following manner:

(a) the proceeds from the issue of each share of each Sub-Fund are to be applied in the books of the Fund to the pool of assets established for that Sub-Fund and the assets and liabilities and income and expenditure attributable thereto are applied to such pool subject to the provisions set forth hereafter;

(b) where any asset is derived from another asset, such derivative asset is applied in the books of the Fund to the same pool as the asset from which it was derived and on each revaluation of an asset, the increase or diminution in value is applied to the relevant pool;

(c) where the Fund incurs a liability which relates to any asset of a particular pool or to any action taken in connection with an asset of a particular pool, such liability is allocated to the relevant pool;

(d) in the case where any asset or liability of the Fund cannot be considered as being attributable to a particular pool, such asset or liability is allocated to all the pools in equal parts or, if the amounts so justify, pro rata to the net asset values of the relevant Sub-Funds;

(e) upon the payment of dividends to the holders of shares in any Sub-Fund, the net asset value of such Sub-Fund shall be reduced by the amount of such dividends.

If there have been created within each Sub-Fund different classes of shares, the rules shall mutatis mutandis apply for the allocation of assets and liabilities amongst Classes.

6. Determination of the Net Asset Value of shares

The net asset value of the shares of each Sub-Fund is determined in its Base Currency. It shall be determined on each Valuation Day by dividing the net assets attributable to each Sub-Fund

by the number of shares of such Sub-Fund then outstanding. The net assets of each Sub-Fund are made up of the value of the assets attributable to such Sub-Fund less the total liabilities attributable to such Sub-Fund calculated at such time as the Board of Directors shall have set for such purpose.

Unless otherwise provided for in the Appendix to the Prospectus for a Sub-Fund, the value of the assets of the Sub-Funds shall be determined as follows:

1) The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full in which case the value thereof shall be arrived at after making such discount as the Corporation may consider appropriate in such case to reflect the true value thereof.

2) The value of securities and/or financial derivative instruments which are quoted or dealt in on any Regulated Market is based on the last available price and, if appropriate, on the average price on the Regulated Market which is normally the principal market of such securities and/or financial derivative instruments.

3) The value of securities and/or financial derivative instruments dealt in on another organised market shall be valued in a manner as similar as possible to that provided for quoted securities and/or financial derivative instruments.

4) In the event that any of the securities held in the Sub-Fund's portfolio on the relevant day are not quoted or dealt in on any Regulated Market or other organised market or if, with respect to securities quoted or dealt in on any Regulated Market or dealt in on another organised market, the price as determined pursuant to sub-paragraphs 2) or 3) is not representative of the fair market value of the relevant securities, the value of such securities will be determined based on the reasonably foreseeable sales price determined prudently and in good faith.

5) Shares or units in open-ended investment funds shall be valued at their last available calculated net asset value reduced by any applicable redemption charge.

6) The financial derivative instruments which are not listed on any official stock exchange or traded on any other Regulated Market will be valued in a reliable and verifiable

manner on a daily basis in accordance with market practice and verified by a competent professional appointed by the Board of Directors.

7) Money market instruments are valued at:

- market value plus any accrued interest for instruments having, at the moment of their acquisition by the Fund, an initial or remaining maturity of more than 12 months, until the instruments have a remaining maturity of less than 12 months at which time they will move to an amortised cost basis plus accrued interest, and - on an amortised cost basis plus accrued interest for instruments having, at the moment of their acquisition by the Fund, an initial or remaining maturity of less than 12 months.

8) The swap transactions will be consistently valued based on a calculation of the net present value of their expected cash flows.

In the event that the above mentioned calculation methods are inappropriate or misleading, the Board of Directors may adjust the value of any investment or permits another method of valuation to be used for the assets of the Fund;

In circumstances where the interests of the Fund or its shareholders so justify (avoidance of market timing practices, for example), the Board of Directors may take any appropriate measures, such as applying a fair-value pricing methodology to adjust the value of the Fund's assets as further described in the sales document of the Fund.

The value of assets denominated in a currency other than the Base Currency of a Sub-Fund shall be determined by taking into account the rate of exchange at the time set by the Board of Directors for the calculation of the value of each Sub-Fund's net assets.

The net asset value per share of each Class in a Sub-Fund and the issue and redemption prices thereof are available at the registered office of the Fund.

7. Temporary Suspension of Issues, Redemptions and Conversions

The determination of the net asset value of shares of one or several Sub-Funds may be suspended:

(a) during any period when any of the principal stock exchanges or organised markets on which a substantial portion of the investments of the concerned Sub-Fund is quoted or dealt in, is closed otherwise than for ordinary holidays, or during which dealings therein are restricted or suspended; or

(b) in case of the existence of any state of affairs which constitutes an emergency as a result of which disposals or valuation of assets of the concerned Sub-Fund would be impracticable; or

(c) during any breakdown in the means of communication normally employed in determining the price or value of the assets of the concerned Sub-Fund or the current prices or values on any market or stock exchange in respect of the assets attributable to the Sub-Fund cannot reasonably be promptly and accurately ascertained; or

(d) during any period when the Fund is unable to repatriate funds for the purpose of making payments on the redemption of shares or during which any transfer of funds involved in the realisation or acquisition of investments or payments due on redemption of shares cannot in the opinion of the Board of Directors be effected at normal rates of exchange; or

(e) in case a decision to liquidate the Fund or a Sub-Fund, on or after the day of publication of the first notice convening the general meeting of shareholders for this purpose; or

(f) if the Board of Directors has determined that there has been a material change in the valuations of a substantial proportion of the investments of the Fund attributable to a particular Sub-Fund in the preparation or use of a valuation or the carrying out of a later or subsequent valuation; or

(g) during any other circumstance or circumstances where a failure to do so might result in the Fund or its shareholders incurring any liability to taxation or suffering other pecuniary disadvantages or any other detriment which the Fund or its Shareholders might so otherwise have suffered; or

(h) during any period when the determination of the net asset value per share of and/or the redemptions in the underlying investment funds representing a material part of the assets of the relevant Sub-Fund is suspended; or

(i) provided that any such suspension is justified for the protection of the shareholders in accordance with the provisions on mergers of the Law, the Fund may temporarily suspend the subscription, the conversion or the repurchase of shares of the Sub-Fund concerned by the merger or of the Fund.

Any suspension of the determination of the Net asset value will be notified to the CSSF and, if the shares are distributed in other member states of the European Union, to the competent authorities of those member states.

The Board of Directors has the power to suspend the issue, redemption and conversion of

shares in one or several Sub-Funds for any period during which the determination of the net asset value per share of the concerned Sub-Fund(s) is suspended by the Fund by virtue of the powers described above. Any redemption/conversion request made or in abeyance during such a suspension period may be withdrawn by written notice to be received by the Fund before the end of such suspension period. Should such withdrawal not be effected, the shares in question shall be redeemed/converted on the first Valuation Day following the termination of the suspension period. In the event of such period being extended, notice may be published in newspapers in the countries where the Fund's shares are publicly sold. Investors who have requested the issue, redemption or conversion of shares shall be informed of such suspension when such request is made.

8. Merger or Liquidation of Sub-Funds

The Board of Directors may decide to liquidate any Sub-Fund if the net assets of such Sub- Fund fall below the equivalent of USD 3 million during a period of 30 consecutive days or if a change in the economic or political situation relating to the Sub-Fund concerned would justify such liquidation or if required by the interests of the shareholders of any of the Sub-Funds concerned. The decision of the liquidation will be notified to the shareholders concerned prior to the effective date of the liquidation and the notification will indicate the reasons for, and the procedures of, the liquidation operations. Unless the Board of Directors otherwise decides in the interests of the shareholders of the Sub-Fund concerned, they may continue to request redemption or conversion of their shares on the basis of the applicable net asset value, taking into account the estimated liquidation expenses. Assets which could not be distributed to their beneficiaries upon the close of the liquidation of the Sub-Fund will be deposited with the Caisse de Consignation on behalf of their beneficiaries.

Under the conditions set out in the Law, any merger of a Sub-Fund with another Sub-Fund or with another UCITS (whether subject to Luxembourg law or not) shall be decided by the Board of Directors unless the Board of Directors decides to submit the decision for the merger to the meeting of shareholders of the Sub-Fund concerned. In the latter case, no quorum is required for this meeting and the decision for the merger is taken by a simple majority of the votes cast. In the case of a merger of a Sub-Fund where, as a result, the Fund ceases to exist, the merger shall, notwithstanding the foregoing, be decided by a meeting of shareholders resolving in accordance with the quorum and majority requirements for an amendment of the Articles.

The Board of Directors may decide to consolidate or split shares of a Class of any Sub-Fund. The Board of Directors may also submit the question of the consolidation of shares of a Class to a meeting of Shareholders of such Class. Such meeting will resolve on the consolidation with a simple majority of the votes cast.

Termination of a Sub-Fund by compulsory redemption of its shares for a reason other than those mentioned in the first paragraph, may be effected only upon its prior approval by the shareholders of the Sub-Fund to be terminated, at a duly convened Sub-Fund's shareholders meeting which may be validly held without a quorum and decide by a simple majority of the votes cast by the shareholders of the relevant Sub-Fund.

9. Liquidation of the Fund

The Fund is incorporated for an unlimited period and liquidation shall normally be decided upon by an extraordinary general meeting of shareholders. Such a meeting must be convened by the Board of Directors within 40 days if the net assets of the Fund become less than two thirds of the minimum capital required by law. The meeting, for which no quorum shall be required, shall decide on the dissolution by a simple majority of shares represented at the meeting. If the net assets fall below one fourth of the minimum capital, the dissolution may be resolved by shareholders holding one fourth of the shares at the meeting.

Should the Fund be liquidated, such liquidation shall be carried out in accordance with the provisions of the Law which specifies the steps to be taken to enable shareholders to participate in the liquidation distributions and in this connection provides for deposit in escrow at the Caisse de Consignation in Luxembourg of any such amounts which it has not been possible to distribute to the shareholders at the close of liquidation. Amounts not claimed within the prescribed period are liable to be forfeited in accordance with the provisions of Luxembourg law. The net liquidation proceeds of each Sub-Fund shall be distributed to the shareholders of the relevant Sub-Fund in proportion to their respective holdings.

10. Pooling

For the purpose of effective management, and subject to the provisions of the Articles and to applicable laws and regulations, the Fund may invest and manage all or any part of the portfolio of assets established for two or more Sub-Funds (for the purposes hereof "Participating Funds") on a pooled basis. Any such asset pool shall be formed by transferring to it cash or other assets (subject to such assets being appropriate with respect to the investment policy of the pool concerned) from each of the Participating Funds. Thereafter, the Fund may from time to time make further transfers to each asset pool. Assets may also be transferred back to a Participating Fund up to the amount of the participation of the Class concerned. The share of a Participating Fund in an asset pool shall be measured by reference to notional units of equal value in the asset pool. On formation of an asset pool, the Fund shall, in its discretion, determine the initial value of notional units (which shall be expressed in such currency as the Fund consider appropriate) and shall allocate to each Participating Fund units having an aggregate value equal to the amount of cash (or to the value of other assets) contributed. Thereafter, the value of the

notional unit shall be determined by dividing the net asset value of the asset pool by the number of notional units subsisting.

When additional cash or assets are contributed to or withdrawn from an asset pool, the allocation of units of the Participating Fund concerned will be increased or reduced, as the case may be, by a number of units determined by dividing the amount of cash or the value of assets contributed or withdrawn by the current value of a unit. Where a contribution is made in cash, it will be treated for the purpose of this calculation as reduced by an amount which the Fund considers appropriate to reflect fiscal charges and dealing and purchase costs which may be incurred in investing the cash concerned; in the case of cash withdrawal, a corresponding addition will be made to reflect costs which may be incurred in realising securities or other assets of the asset pool.

Dividends, interest and other distributions of an income nature received in respect of the assets in an asset pool will be immediately credited to the Participating Funds in proportion to their respective participation in the asset pool at the time of receipt. Upon the dissolution of the Fund, the assets in an asset pool will be allocated to the Participating Funds in proportion to their respective participation in the asset pool.

11. Material Contracts

The following material contracts have been entered into:

(a) An Agreement between the Fund and Handelsbanken Fonder AB pursuant to which the latter acts as investment manager of some Sub-Funds, as specified in the Appendix. This Agreement is entered into for an unlimited period and may be terminated by either party upon twenty bank business days' written notice.

(b) An Agreement between the Fund and Xact Kapitalförvaltning AB pursuant to which the latter acts as investment manager of some Sub-Funds, as specified in the Appendix. This Agreement is entered into for an unlimited period and may be terminated by either party upon twenty bank business days' written notice.

(c) An Agreement between Handelsbanken Fonder AB and Svenska Handelsbanken AB (Publ.) pursuant to which the latter was appointed as sub-investment manager for the sub-funds:

Handelsbanken Funds – Multi Asset (L); Handelsbanken Funds – Multi Asset (M); and Handelsbanken Funds – Multi Asset (H).

The Agreement is entered into for an unlimited period and may be terminated by either

party upon the expiration of twenty Banking days following the dispatch of a registered letter of termination.

(d) An Agreement between Xact Kapitalförvaltning AB and Svenska Handelsbanken AB (Publ.) pursuant to which the latter was appointed as sub-investment manager for the sub-funds:

Handelsbanken Funds – Pension 40; Handelsbanken Funds – Pension 50; Handelsbanken Funds – Pension 60; Handelsbanken Funds – Pension 70; Handelsbanken Funds – Pension 80; and Handelsbanken Funds – Pension 90.

The Agreement is entered into for an unlimited period and may be terminated by either party upon the expiration of twenty Banking days following the dispatch of a registered letter of termination.

(e) An Agreement between the Fund and JP Morgan Bank Luxembourg S.A. pursuant to which the latter was appointed Depositary. The Agreement is entered into for an unlimited period and may be terminated by either party upon three months' written notice.

(f) An Agreement between the Fund and Svenska Handelsbanken AB, Luxembourg Branch pursuant to which the latter acts as Administrative Agent of the Fund. The Agreement is entered into for an unlimited period and may be terminated by either party upon ninety days' written notice.

12. Documents

Copies of the contracts mentioned above are available for inspection, and copies of the Articles, the current Prospectus, the KIIDs and the latest financial reports may be obtained free of charge during normal office hours at the registered office of the Fund in Luxembourg.

APPENDIX: SUB-FUNDS DETAILS

1. HANDELSBANKEN FUNDS – America Small Cap

2. HANDELSBANKEN FUNDS – Swedish Short Term Assets Shares

3. HANDELSBANKEN FUNDS – Russia Shares

4. HANDELSBANKEN FUNDS – Global Selective

5. HANDELSBANKEN FUNDS – Global Index Criteria

6. HANDELSBANKEN FUNDS – Commodity

7. HANDELSBANKEN FUNDS – Brazil

8. HANDELSBANKEN FUNDS – Global Dynamic Allocation Preserve 90

9. HANDELSBANKEN FUNDS – Multi Asset (L)

10. HANDELSBANKEN FUNDS – Multi Asset (M)

11. HANDELSBANKEN FUNDS – Multi Asset (H)

12. HANDELSBANKEN FUNDS – Pension 40

13. HANDELSBANKEN FUNDS – Pension 50

14. HANDELSBANKEN FUNDS – Pension 60

15. HANDELSBANKEN FUNDS – Pension 70

16. HANDELSBANKEN FUNDS – Pension 80

17. HANDELSBANKEN FUNDS – Pension 90

18. HANDELSBANKEN FUNDS – MSCI Emerging Markets Index

19. HANDELSBANKEN FUNDS – Emerging Markets Bond Fund

20. HANDELSBANKEN FUNDS – Global Selective Criteria

APPENDIX 1. HANDELSBANKEN FUNDS – America Small Cap

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund's investment objective is capital appreciation through continuous management of a diversified portfolio of transferable securities, consisting primarily of common stocks of small capitalisation issuers admitted to official listing on a stock exchange or dealt on a market which is regulated, operates regularly and is recognised and open to the public in the United States of America and Canada. The Sub-Fund may also invest up to 10 % of its assets in common stocks of small capitalisation issuers admitted to official listing on a stock exchange or dealt on a market which is regulated, operates regularly and is recognised and open to the public in Latin America. However, depending on their comparative attractiveness, the Sub- Fund may also invest in fixed-income securities denominated in US dollars and may hold ancillary liquid assets.

Market capitalisation is the total value of a company's shares and may fluctuate materially over time. Small capitalisation companies are those whose market capitalisation is within the range of the market capitalisation of companies in the benchmark for the Sub-Fund at the time of purchase.

2. Base Currency

USD

3. Investment Manager

The Sub-Fund is managed by Handelsbanken Fonder AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

Class A shares: Up to 2.8% p.a. of the average total net assets of the Class

Class A shares are denominated in USD, EUR, NOK and SEK.

The All-in Fee effectively charged to each Class will be disclosed in the semi-annual and annual reports of the Fund.

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who

 seek capital appreciation over the long-term;  are looking for diversified investment across a number of markets;  do not seek current income from their investment.

The Fund is not intended to be a complete investment program and investors should consider their long-term investment goals and financial needs when making an investment decision about the Fund.

6. Valuation Day

The net asset value per share will be calculated on each Valuation Day where that day is also a bank business day in the United States of America.

7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

The Sub-Fund faces the same risks as those normally associated with investments in equities. In accordance with the investment policy the Sub-Fund's assets are risk exposed to the American market and thus to a limited geographical region, which normally results in a higher risk than for an equity fund exposed to more than one geographical market. Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they originally invested. However, the volatility of the Sub-Fund is limited by its diversification across a large number of companies and industry groups.

Investors should also note that investments in securities of Latin American issuers involve special considerations and risks, including the risks associated with international investing generally, such as currency fluctuations, the risks of investing in countries with smaller capital markets, such as limited liquidity, price volatility and restrictions on foreign investment, and the risks associated with Latin American economies, including high inflation and interest rates, large amounts of external debt and political and social uncertainties.

APPENDIX 2. HANDELSBANKEN FUNDS – Swedish Short Term Assets Shares

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund's investment objective is to achieve a high total return on a short term basis, while maintaining a high degree of capital preservation, through a continuous management of a diversified portfolio of transferable securities, consisting primarily of high quality fixed- income transferable debt securities of issuers residing in Sweden, with a short remaining maturity and denominated in any of the currencies of a Member State of the OECD. The Sub- Fund may invest in any highly liquid transferable securities, such as (without limitation) treasury bonds, within the provisions of article 41 of the Law. However, depending on their comparative attractiveness, the Sub-Fund may also invest in other fixed income securities denominated in any currency of a Member State of the OECD. The Sub-Fund may also hold ancillary liquid assets. The Sub-Fund may use future contracts, options, swaps or other derivatives as part of the investment strategy. It may also use derivatives to hedge various investments, for risk management and to increase the Sub-Funds income or gain.

The Sub-Fund will only hold transferable securities and instruments so that the average residual maturity of all transferable securities and instruments comprised in the portfolio does not exceed 12 months, taking into account the own terms and conditions and/or the effect of any connected financial instruments. The Sub-Fund may also hold any floating rate or variable rate security having a reference interest rate which is adjusted at least annually on the basis of market conditions (i.e. money market rate or index).

The underlying assets of the above mentioned derivatives consist of instruments as described under Investment Policies and Restrictions, Financial Derivative Instruments.

Under no circumstances will the Sub-Fund be permitted to derogate from the investment policy by using the aforementioned derivatives.

2. Base Currency

SEK

3. Investment Manager

The Sub-Fund is managed by Handelsbanken Fonder AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

Class A shares Up to 1.65% p.a. of the average total net assets of the Class Class A2 shares Up to 1.65% p.a. of the average total net assets of the Class

Class A shares and Class A2 shares are denominated in SEK and EUR.

There is a minimum investment into the Class A2 shares of EUR 100,000- (or equivalent in another currency).

The All-in Fee effectively charged to each Class will be disclosed in the semi-annual and annual reports of the Fund.

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who

 seek a high total return on a short term basis consistent with capital preservation;  do not seek current income from their investment.

The Fund is not intended to be a complete investment program and investors should consider their long-term investment goals and financial needs when making an investment decision about the Fund.

6. Valuation Day The net asset value per share will be calculated on each Valuation Day

7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

The Sub-Fund's underlying investments are primarily in high quality money market instruments, often issued by the government or by banks, the risks to investors capital is extremely low. There will be fluctuations depending on economic and interest rate backdrop, therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they originally invested. However, the volatility of the Sub- Fund is significantly lower compared to many equity sub-funds. Non SEK denominated

investors are exposed to currency risk as the Sub-Fund's Underlying Assets are denominated mainly in SEK.

APPENDIX 3. HANDELSBANKEN FUNDS – Russia Shares

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund's investment objective is to achieve a value growth over the long-term with a satisfactory risk spread. It invests in securities listed or traded on Russian stock markets and may also invest in securities issued by companies with a significant portion of their businesses activities in Russia, Estonia, Latvia, Lithuania, Belarus, Ukraine, Armenia, Republic of Azerbaijan, Georgia, Republic of Kazakhstan, Turkmenistan, Kyrgyz Republic, Republic of Uzbekistan, the Republic of Tajikistan, the Republic of Moldova or other countries in this region, listed or traded on other stock markets. Such securities may also be listed on other exchanges as depository receipts or certificates, or in other forms of instruments.

The Directors shall verify whether the markets on which the pre mentioned securities are listed or traded qualify as Regulated Markets, subject to the 10% limit referred to in investment restriction I. (2) of section 3. "Investment and Borrowing Restrictions" in the main part of the Prospectus.

Where the Sub-Fund invests directly in Russia, investment in securities listed on either the Russia Trading Stock Exchange or the Moscow Interbank Currency Exchange is considered to be an investment in Regulated Markets not falling within the 10% limit referred to in investment restriction I. (2) of section 3. "Investment and Borrowing Restrictions" in the main part of the Prospectus.

2. Base Currency

SEK

3. Investment Manager

The Sub-Fund is managed by Handelsbanken Fonder AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

Class A shares Up to 3.0% p.a. of the average total net assets of the Class

Class A shares are denominated in SEK, EUR and NOK.

The All-in Fee effectively charged to each Class will be disclosed in the semi-annual and annual reports of the Fund.

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who

 seek capital appreciation over the long-term;  do not seek current income from their investment.

The Fund is not intended to be a complete investment program and investors should consider their long-term investment goals and financial needs when making an investment decision about the Fund.

6. Valuation Day

The net asset value per share will be calculated on every Valuation Day where that day is also a bank business day in Russia.

7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

The Sub-Fund faces the same risks as those normally associated with investments in equities. In accordance with the investment policy the Sub-Fund's assets are risk exposed to the Russian market which may be subject to additional political and economic risks, while stocks can be negatively impacted by low liquidity, poor transparency and greater financial risks. Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they originally invested. However, the volatility of the Sub-Fund is limited by its diversification across a large number of companies and industry groups.

Investors should also refer to the section "Risk Warning" in the main part of the Prospectus.

APPENDIX 4. HANDELSBANKEN FUNDS – Global Selective

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund's investment objective is capital appreciation through continuous management of a diversified portfolio of transferable securities, consisting primarily of common stocks researched and selected on a world-wide basis. However, depending on their comparative attractiveness, the Sub-Fund may also invest in fixed income securities and may hold ancillary liquid assets. While the assets of the Sub-Fund are invested with full geographical flexibility, the emphasis will be on securities of companies located primarily in Member States of the Organisation for Economic Co-operation and Development ("OECD") giving due consideration to economic, social and political developments, currency risks and the liquidity of the various international markets. In order to achieve the most appropriate currency distribution and with the objective of reducing the risk of the depreciation in value of specific currencies, the diversification of the Sub-Fund's assets may be adjusted by entering into forward currency contracts to the extent described under the chapter "Investment Restrictions".

2. Base Currency

EUR

3. Investment Manager

The Sub-Fund is managed by Handelsbanken Fonder AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

Class A shares Up to 2.80% p.a. of the average total net assets of the Class Class A2 shares Up to 2.80% p.a. of the average total net assets of the Class Class AI shares Up to 2.80% p.a. of the average total net assets of the Class Class BI shares Up to 2.80% p.a. of the average total net assets of the Class

Class A, A2, AI and Class BI shares are denominated in USD, SEK, EUR and NOK.

The minimum initial subscription and the minimum holding for Class A2 shares is SEK 1,000,000 and for Class AI is SEK 10,000,000 (or equivalent in another currency).

There is no minimum initial subscription and minimum holding for the Class BI shares.

The All-in Fee effectively charged to each Class will be disclosed in the semi-annual and annual reports of the Fund.

Dividends declared for Class BI shares shall automatically be reinvested in new Class BI shares, unless otherwise stated in the subscription documents.

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who

 seek capital appreciation over the long-term;  are looking for diversified investment across a number of markets;  do not seek current income from their investment.

The Fund is not intended to be a complete investment program and investors should consider their long-term investment goals and financial needs when making an investment decision about the Fund.

6. Valuation Day

The net asset value per share will be calculated on every Valuation Day.

7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

The Sub-Fund faces the same risks as those normally associated with investments in equities. In accordance with the investment policy the Sub-Fund's assets are risk exposed to the global equity markets. As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies held in the Sub-Funds portfolio. Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they originally invested. The volatility of the Sub-Fund may be high due to its concentration. However, there may also be greater potential for higher returns over the longer term.

APPENDIX 5. HANDELSBANKEN FUNDS – Global Index Criteria

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund's investment objective is to provide long-term capital growth by investing in socially responsible companies, globally. The Sub-Fund will aim to track the performance of the MSCI ACWI Select Global Norms and Criteria Index (the Index) over time.

Companies that are involved in serious violations of widely accepted international norms of responsible corporate behaviour and involved in certain controversial business activities, are excluded from MSCI ACWI Select Global Norms and Criteria Index.

The Benchmark is developed with MSCI All Country World Index (MSCI ACWI) as base. The MSCI ACWI Select Global Norms and Criteria Index (the "Index") excludes a set of securities from the MSCI ACWI Index. The excluded securities are identified as a result of the application of MSCI ESG Research's ESG screens detailed in the index methodology. A description of the Index and the methodology can be consulted on the website: www.msci.com and its constituents on https://www.msci.com/constituents

The Index is free float-adjusted market capitalisation weighted.

The Sub-Fund is tracking the Benchmark by following a physical sample based optimised basket model whereby this chosen model does not imply a counterparty risk. The Sub-Fund will hold an optimised basket of transferable securities that are included in the Benchmark. The aim of the investment manager is to minimise all miss tracking between the Benchmark and the Sub-Fund, all transaction costs included.

The Sub-Fund may invest directly in transferable securities such as equities, equity linked securities, index and participation notes, equity linked notes, bonds and convertible bonds, in deposits with credit institutions and in money market instruments

Financial derivative instruments utilised by the Sub-Fund may include futures, options, forward contracts on financial instruments and options on such contracts, credit linked instruments and swap contracts by private agreement and other fixed interest and credit derivatives. Financial derivative instruments may also be used for hedging purposes.

Techniques and instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the purpose of efficient portfolio management.

Under no circumstances will the Sub-Fund be permitted to derogate from its investment policy by using the aforementioned financial derivative instruments.

Anticipated level of tracking error: Up to 1%

2. Base Currency

SEK

3. Investment Manager

The Sub-Fund is managed by Xact Kapitalförvaltning AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

Class A shares Up to 2.8% p.a. of the average total net assets of the Class Class AI shares Up to 2.8% p.a. of the average total net assets of the Class Class BI shares Up to 2.8% p.a. of the average total net assets of the Class

Class A shares and Class AI shares are denominated in SEK, EUR and NOK. Class BI shares are denominated in SEK

There is a minimum investment into the Class AI shares and into the Class BI of SEK 500 000.

The All-in Fee effectively charged to each Class will be disclosed in the semi-annual and annual reports of the Fund.

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who

 seek a global equity strategy managed along ethical lines and who are prepared to invest for at least a three-to five year investment horizon  do not seek current income from their investment with the exception of investors in the Class BI shares.

The Fund is not intended to be a complete investment program and investors should consider their long-term investment goals and financial needs when making an investment decision about the Fund.

6. Valuation Day

The net asset value per share will be calculated on every Valuation Day.

7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Tracking Error

The tracking error is usually defined as the volatility of the difference between the return of the index-tracking UCITS' portfolio and the return of the benchmark or index. The tracking error helps measure the quality of the replication.

Where the Sub-Fund's Investment Policy states that the Sub Fund will aim to track the performance of a Reference Index the Investors should be aware and understand that the Sub- Funds is subject to tracking error risks which may result in the value and performance of the Shares varying from those of the Reference Index. Reference Indices such as financial indices may be theoretical constructions which are based on certain assumptions and the Sub-Fund aims to reflect such financial indices may be subject to constraints and circumstances which may differ from the assumptions in the relevant Reference Index.

Investors should be aware that tracking error(s) may among other result from:

- the composition of the Sub-Fund's portfolio deviating from time to time from the composition of the Reference Index, especially in case not all components of the Reference Index can be held and/or traded by the Sub-Fund;

- investment, regulatory and/or tax constraints (including Investment Restrictions) affecting the Company but not the Reference Index;

- investments in assets other than the Reference Index giving rise to delays or additional costs/taxes compared to an investment in the Reference Index;

- constraints linked to income reinvestment;

- constraints linked to the timing of rebalancing of the Sub-Fund's portfolio;

- transaction costs and other fees and expenses to be borne by the Sub-Fund (including costs, fees and expenses to be borne in relation to the use of financial techniques and instruments);

- the possible existence of idle (non invested) cash or cash assimilated positions held by the Sub-Fund and, as the case may be, cash or cash assimilated positions beyond what it requires to reflect the Reference Index (also known as "cash drag").

9. Risk Profile

The Sub-Fund faces the same risks as those normally associated with investments in equities. As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies held in the Sub-Funds portfolio is risk exposed to the global equity markets. In accordance with the investment policy the Sub-Fund's assets exclude from the portfolio companies that are not considered to be socially responsible and this may result in the Sub-Fund being more volatile that a core global sub-fund. Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they originally invested. However, the volatility of the Sub-Fund is limited by its diversification across a large number of companies and industry groups. This Sub-Fund is denominated in SEK, but will have significant exposure to other currencies.

IMPORTANT THIS SUB-FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. ("MSCI"), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE "MSCI PARTIES"). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY SVENSKA HANDELSBANKEN AB. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THIS SUB-FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THIS SUB-FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THIS SUB-FUND OR THE ISSUER OR OWNERS OF THIS SUB-FUND OR ANY OTHER PERSON OR ENTITY. NONE OF

THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THIS SUB-FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THIS SUB-FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THIS SUB-FUND IS REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THIS SUB-FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THIS SUB-FUND.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE SUB-FUND, OWNERS OF THE SUB-FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARITES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

No purchaser, seller or holder of this security, product or fund, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this security without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

APPENDIX 6. HANDELSBANKEN FUNDS – Commodity

Information contained herein should be read in conjunction with the full text of the prospectus.

1. Investment Policy

The Sub-Fund's investment objective is to provide long-term capital growth through investments in financial derivative instruments linked to commodity indices.

The Sub-Fund will aim to track the performance of the diversified index "SHB Commodity Index Excess Return" (the "Index") by entering into one or more OTC derivative transactions with Svenska Handelsbanken AB (publ) designed to return the Index (synthetical replication). The Index measures the performance of a basket of commodities representing the five broad commodity sectors, i.e. energy, precious metals, base metals, agriculture and livestock, each such commodity sector being represented by a specific index. The Index owner is Svenska Handelsbanken AB (publ). The Index calculator is Handelsbanken Capital Markets. The Index is further described below under the section "General description of the Index".

In order to get an exposure to the Index the Sub-Fund will enter into a range of commodity index related financial derivative instruments including, but not limited to, futures, options, forward contracts on financial derivative instruments and options on such contracts, credit linked instruments and swap contracts and other fixed interest and credit financial derivative instruments. Financial derivative instruments may also be used for hedging purposes.

The Sub-Fund may also invest directly in transferable securities such as equities, equity linked securities, index and participation notes, equity linked notes, bonds and convertible bonds, in deposits with credit institutions and in money market instruments as well as in units in UCITS or other UCIs (including ETFs) registered in member states of the European Economic Area, provided that no more than 10% of the Sub-Fund's net assets be invested in such units.

The Sub-Fund will not trade any physical commodities or derivatives based directly on physical commodities and will not take physical delivery of any commodities.

The investors get exposure to the Index via an OTC derivative whereby the counterparty risk for the Sub-Fund and investor consists of the cash position in the Sub-Fund (maximum 20% with any single counterparty).

Under no circumstances will the Sub-Fund be permitted to derogate from its investment policy by using the aforementioned financial derivative instruments.

General Description of SHB Commodity Index

This section provides a description of the general aspects of the SHB Commodity Index Excess Return (the "Index"). For a full and detailed description, please refer to the more detailed "Index Rules", available at www.handelsbanken.se/index which shall prevail in case of discrepancies with the below description.

The SHB Commodity Index Excess Return (the "Index") measures the performance of a basket of commodities, each such commodity represented by an index based on futures contracts in the relevant commodity. It is designed as benchmark for investment in the Nordic commodity markets. It is also designed as a "tradable" index that is readily accessible to market participants. In order to achieve its objectives the Index consists primarily of commodities that are important to the Nordic markets on a world production-weighted basis adjusted for liquidity. There is no limit to the number of contracts that may be included in the Index.

The Index as at 30 April 2015 consisted of the following 15 underlying assets that can be found on the following website: http://borsrum.handelsbanken.se/Handelsbankens-Index/Ravaruindex/SHB-Commodity- Index/ Underlying Assets Weight as of 30 April 2015

SHB Brent Crude Oil 18,00 %

SHB Gasoil 12,00 %

SHB Copper 11,00 %

SHB Power 10,00 %

SHB Gasoline 10,00 %

SHB Gold 10,00 %

SHB Aluminium 8,00 %

SHB Lean Hogs 4,00 %

SHB Wheat 3,00 %

SHB Nickel 3,00 %

SHB Live Cattle 3,00 %

SHB Zinc 2,00 %

SHB Coffee 2,00 %

SHB Soybeans 2,00 %

SHB Silver 2,00 %

On each quarterly reset Date (i.e. the first business day in March, June, September and December, the underlying asset Ci are rebalanced by the Index calculator to reset the cash amounts invested in each underlying asset according to the weights, (Weight as of 30 April 2015 in the table above).

If, on any Calculation Date, either (1) the percentage weight of any underlying asset (Ci) reaches 35 % or more or (2) the percentage weight of any two underlying assets (Ci) each reaches 20 % or more, the underlying assets, Ci, will be rebalanced as of the nearest following calculation date (the "Rebalancing Date") to reset the cash amounts invested in each underlying asset according to the weights, wi in the table above.

Anticipated level of tracking error: Up to 1%

2. Base Currency

SEK

3. Investment Manager

The Sub-Fund is managed by Xact Kapitalförvaltning AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

Class A shares Up to 2.80% p.a. of the average total net assets of the Class

Class BI shares Up to 2.80% p.a. of the average total net assets of the Class

Class A shares is denominated in SEK, EUR and NOK. Class BI shares is denominated in SEK

The All-in Fee effectively charged to each Class will be disclosed in the semi-annual and annual reports of the Fund.

Dividends declared for Class BI shares shall automatically be reinvested in new Class BI shares, unless otherwise stated in the subscription documents.

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who

 seek capital appreciation over the long term and who can afford to set aside the capital invested for at least five years  do not seek current income from their investment.

The Sub-Fund is not intended to be a complete investment program and investors should consider their long-term investment goals and financial needs when making an investment decision about the Sub-Fund.

6. Valuation Day

The net asset value per share will be calculated on every Valuation Day where that day is also a bank business day in the United Kingdom.

7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Tracking Error

Investors should be aware that tracking error(s) may among other result from:

- investment, regulatory and/or tax constraints (including Investment Restrictions) affecting the Company but not the Reference Index;

- investments in assets other than the Reference Index giving rise to delays or additional costs/taxes compared to an investment in the Reference Index;

- constraints linked to income reinvestment;

- constraints linked to the timing of rebalancing of the Sub-Fund's portfolio;

- transaction costs and other fees and expenses to be borne by the Sub-Fund (including costs, fees and expenses to be borne in relation to the use of financial techniques and instruments);

9. Risk Profile

The Sub-Fund faces the same risks as those normally associated with investments in commodities. As the Sub-Fund will aim to track an index composed of different commodities, investors are exposed to fluctuations in the different commodity sectors included in the index as well as the actual commodities. Investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they originally invested. However, the volatility of the Sub-Fund is limited by the diversification of the Index across a large number of commodity types. This Sub-Fund is denominated in SEK, but will have significant exposure to other currencies. The risk that the Sub-Fund will not be able to sell, redeem or close a position (holdings) within a reasonable time and at a reasonable price, could result in a delay to the sale of your shares in the Sub-Fund.

Investors should also refer to the section "Risk Warning" in the main part of the Prospectus.

APPENDIX 7. HANDELSBANKEN FUNDS – Brazil

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund's investment objective is long term capital appreciation by investing in equity and equity related financial investments of companies which have their registered office in, and with an official listing on a major stock exchange or other Regulated Market, in Brazil or companies for which Brazil is a key market area or ADRs of such companies. The companies' main business activities shall be focused on Brazilian domestic demand in order for the Sub- Fund to gain exposure to the growth of the Brazilian economy.

The Sub-Fund's market exposure towards Brazil shall never be below 90% of its net assets. The Sub-Fund shall be fully invested in equity or equity-related financial instruments. However, the Sub-Fund may also hold ancillary liquid assets.

The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged by using financial derivative instruments.

Under no circumstances will the Sub-Fund be permitted to derogate from its investment policy by using the aforementioned financial derivative instruments.

2. Base Currency

SEK

3. Investment Manager

The Sub-Fund is managed by Handelsbanken Fonder AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fees

Class A shares Up to 2.80% p.a. of the average total net assets of the Class Class AI shares Up to 2.80% p.a. of the average total net assets of the Class Class BI shares Up to 2.80% p.a. of the average total net assets of the Class

Class A shares, Class AI shares and Class BI shares are denominated in SEK, EUR and NOK.

The All-in Fee effectively charged to each Class will be disclosed in the semi-annual and annual reports of the Fund.

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who

 seek capital appreciation over the long-term;  are more experienced investors seeking exposure to a portfolio where a high proportion of the net assets may be invested in Emerging Markets and smaller capitalisation securities, which may restrict liquidity and increase the volatility of return; and  do not seek current income from their investment.

The Fund is not intended to be a complete investment program and investors should consider their long-term investment goals and financial needs when making an investment decision about the Fund.

6. Valuation Day

The net asset value per share will be calculated on each Valuation Day where that day is also a bank business day in Brazil.

7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

The Sub-Fund faces the same risks as those normally associated with investments in equities. In accordance with the investment policy the Sub-Fund's assets are risk exposed to the Brazilian market and thus to a limited geographical region, which normally results in a higher risk than for an equity fund exposed to more than one geographical market. Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they originally invested. However, the volatility of the Sub-Fund is limited by its diversification across a large number of companies and industry groups.

Investors should also note that investments in securities of Brazilian issuers involve special considerations and risks, including the risks associated with international investing generally, such as currency fluctuations, the risks of investing in countries with smaller capital markets, and limited liquidity, price volatility and restrictions on foreign investment, and the risks associated with the Brazilian economy generally, including high inflation and interest rates, large amounts of external debt and political and social uncertainties.

APPENDIX 8. HANDELSBANKEN FUNDS – Global Dynamic Allocation Preserve 90

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund's investment objective is to provide exposure to the global capital markets with opportunities for capital growth, while limiting the risk of losses by allocating its portfolio between a diversified risk exposure and a non-risky exposure using a dynamic investment management strategy, and to protect shareholders against a fall in the net asset value of the Sub-Fund's shares. The non-risky asset will consist of cash, Swedish t-bills or money-market funds. The risky asset is defined as all other UCITS-eligible assets listed below, predominantly equities, than those categorized as non-risky. Each end-of year a protection level will be set to 90% of the observed end-of-year NAV. That protection level will be established for the coming 12 months forward. At any point in time the maximum allocation to the risky asset will be determined by an investment algorithm which is a function of the difference between the current NAV and the current protection level divided by the expected maximum daily draw down (EMV) of the risky asset. The expected EMV is determined on a discretionary basis by the Investment Manager. The Investment Manager may at any time reduce the Sub-Fund's exposure to the risky asset below the maximum allocation to such assets determined by the algorithm.

The Sub-Fund can invest its assets in:

1) Equities and equity-related instruments, such as but not limited to convertible debenture loans, certificates, subscription rights, ADRs and warrants;

2) Standardised and non-standardised derivative contracts, where the underlying asset may be an equity-related security, a money market instrument, a deposit in a credit institution, a derivative contract, an eligible financial index, an exchange rate or a currency;

3) Money market instruments and other fixed-income securities, such as but not limited to, treasury bills, government bonds, corporate bonds with fixed or variable interest rates, certificates of deposit, Företagscertifikat (Swedish commercial paper) and bonds that are traded publicly; and

4) Units in UCITS or other UCIs (including ETFs) registered in member states of the European Economic Area.

Investments in UCITS may amount to 100% of the value of the Fund.

The proportion of risk exposure in the Sub-Fund will be determined by the market situation. In declining capital markets, the proportion of risk exposure will fall, while the portion of fixed income investments or liquidity funds will raise, and vice versa.

The investment strategy is based on statistical models which are designed to achieve the objective to protect the capital of the Sub-Fund according to the protection mechanism described above. The statistical models used by the investment manager to protect investments, do not, in any circumstances, constitute a guarantee of return, growth or capital protection.

The Sub-Fund may invest in financial derivative instruments, including equivalent cash settled instruments, for hedging purposes and efficient portfolio management. Techniques and instruments relating to transferable securities and money market instruments (including but not limited to, securities lending or repurchase agreements) may be used for the purpose of efficient portfolio management.

2. Base Currency

SEK.

3. Investment Manager

The Sub-Fund is managed by Xact Kapitalförvaltning AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

Class A shares Up to 2.80% p.a. of the average total net assets of the Class Class A2 shares Up to 2.80% p.a. of the average total net assets of the Class Class AI shares Up to 2.80% p.a. of the average total net assets of the Class Class BI Shares Up to 2.80% p.a. of the average total net assets of the Class

Class A, A2, AI and BI shares are denominated in SEK.

The minimum initial subscription and the minimum holding for Class A2 shares is SEK 100,000 (or equivalent in another currency) and for Class AI and BI of SEK 10,000,000 (or equivalent in another currency).

The All-in Fee effectively charged to each Class will be disclosed in the semi-annual and annual reports of the Fund.

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who

 seek value growth with limited risk of losses,  do not seek current income from their investment with the exception of investors in the Class BI shares.

6. Valuation Day

The net asset value per share will be calculated on each Valuation Day.

7. Historical Performance.

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

For the long-term, high-risk funds are most suitable, and have a record of providing higher returns than low-risk funds.

Since the investment strategy to protect the fund is dependent on a dynamic allocation strategy between the risky and non-risky assets, described above, the allocation to risk can be anywhere between 100% to 0% at any given time. However the risky asset in itself is still diversified across different asset classes so a 100% allocation to risk is still a well-diversified portfolio.

The holdings of the Sub-Fund are well diversified globally without sector and geographical limitations.

The Sub-Fund faces the same risks as those normally associated to investments in equities, financial indices on commodities, currencies and fixed income securities including the market risk, the concentration of assets or markets, the liquidity risk and the credit risk as well as the risk associated to financial derivative instruments.

The Sub-Fund's performance is affected by trends on both the stock market and the fixed income market, and it is suitable for savings with at least a two-year horizon, to provide opportunities for value growth.

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APPENDIX 9. HANDELSBANKEN FUNDS – Multi Asset (L)

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund's investment policy is long term capital appreciation through an active strategy of asset allocation by investing primarily in a selection of UCITS or UCIs investing in equities, bonds, commodities and hedge or other alternative investment funds, in compliance with article 41 (1) (e) of the Law.

Given the Sub-Fund's investment policy, the 10% restriction detailed in the first paragraph of clause VI. a) of section 3. "Investment and Borrowing Restrictions" in the main part of the Prospectus will not be applied. Consequently, the Sub-Fund may acquire units of UCITS and/or other UCIs, referred to in clause I) (1) c) of section 3. "Investment and Borrowing Restrictions" in the main part of the Prospectus, provided that (i) no more than 20% of the Sub-Fund's net assets be invested in the units of a single UCITS or other UCI, (ii) investments made in units of UCIs other than UCITS may not in aggregate exceed 30% of the net assets of the Sub-Fund.

The Sub-Fund may also invest in other Sub-Funds in accordance with clause IX. of section 3. "Investment and Borrowing Restrictions" in the Prospectus and the Law.

The Sub-Fund may also invest directly in transferable securities (including equities, equity linked securities, index and participation notes, equity linked notes, bonds and convertible bonds), deposits with credit institutions, money market instruments and financial derivative instruments which may include futures, options, forward contracts on financial instruments and options on such contracts and swap contracts by private agreement and other fixed income, currency and credit derivatives.

The Sub-Fund may also invest in financial derivative instruments for hedging purposes.

Under no circumstances will the Sub-Fund be permitted to derogate from its investment policy by using the aforementioned financial derivative instruments.

101

As a general guideline (and subject to market conditions), it is the Investment Manager's intention when following the Sub-Fund's investment policy, to keep the Sub-Fund´s exposure to the following asset groups within the following limits in terms of percentage of the Sub- Fund's net asset value. For units of UCITS, UCIs or Sub-Funds held by the Sub Fund the determination of their asset group will be made based on the individual UCITS', UCIs' or Sub- Funds' primary investment policy.

Asset Group Minimum Maximum Asset Group Minimum Maximum Equities Funds 10% 30 % Hedge Funds and 0% 25 % other Alternative Investment Funds Bonds Funds 40% 90 % Commodity Funds 0% 10 %

2. Base Currency

SEK

3. Investment Manager

The Sub-Fund is managed by Handelsbanken Fonder AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

Class A shares: Up to 2.80% p.a. of the average total net assets of the Class + performance fee if applicable Class A2 shares: Up to 2.80% p.a. of the average total net assets of the Class + performance fee if applicable Class A3 shares: Up to 2.80% p.a. of the average total net assets of the Class + performance fee if applicable Class BI shares Up to 2.80% p.a. of the average total net assets of the Class + performance fee if applicable

The minimum initial subscription and the minimum holding for Class A2 shares and Class BI shares is SEK 100 000 (or equivalent in another currency) and for Class A3 shares SEK 1,000,000 (or equivalent in another currency).

Class A shares, Class BI and Class A3 shares are denominated in SEK. Class A2 shares are denominated in SEK and EUR

The All-in Fee effectively charged to each Class will be disclosed in the semi-annual and annual reports of the Fund.

102

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who seek capital appreciation with a low to medium risk and who can afford to set aside the capital invested for at least five years.

6. Valuation Day

The net asset value per share will be calculated on each Valuation Day.

7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

The Sub-Fund faces the same risks as those normally associated with investments in equities, bonds, hedge or other alternative investment funds and commodity funds. As the allocation of the Sub-Fund's assets will vary between asset groups depending on market conditions but will have a significant proportion of its assets invested in Bonds Funds, the risk exposure of the Sub-Fund will vary from low to medium. Investors should also refer to the section "Risk Warning" in the main part of the Prospectus.

9. Sub-Investment Manager

The Investment Manager has appointed Svenska Handelsbanken AB (Publ.) as sub- investment manager in charge of the day-to-day management of the Sub-Fund's assets.

103

APPENDIX 10. HANDELSBANKEN FUNDS – Multi Asset (M)

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund may also invest in other Sub-Funds in accordance with clause IX. of section 3. "Investment and Borrowing Restrictions" in the Prospectus and the Law.

The Sub-Fund may also invest in financial derivative instruments for hedging purposes.

Under no circumstances will the Sub-Fund be permitted to derogate from its investment policy by using the aforementioned financial derivative instruments.

104

Asset Group Minimum Maximum Asset Group Minimum Maximum Equities Funds 20% 60 % Hedge Funds and 0% 25 % other Alternative Investment Funds Bonds Funds 20% 60 % Commodity Funds 0% 20 %

2. Base Currency

SEK

3. Investment Manager

The Sub-Fund is managed by Handelsbanken Fonder AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

Class A shares: Up to 2.80% p.a. of the average total net assets of the Class + performance fee if applicable Class A2 shares: Up to 2.80% p.a. of the average total net assets of the Class + performance fee if applicable Class A3 shares: Up to 2.80% p.a. of the average total net assets of the Class + performance fee if applicable Class BI shares: Up to 2.80% p.a. of the average total net assets of the Class + performance fee if applicable

The minimum initial subscription and the minimum holding for Class A2 shares and class BI shares is SEK 100 000 (or equivalent in another currency) and for Class A3 shares SEK 1,000,000 (or equivalent in another currency).

Class A shares, Class BI and Class A3 shares are denominated in SEK. Class A2 shares are denominated in SEK and EUR

The All-in Fee effectively charged to each Class will be disclosed in the semi-annual and annual reports of the Fund.

105

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who seek capital appreciation with a medium low to medium risk and who can afford to set aside the capital invested for at least five years.

6. Valuation Day

The net asset value per share will be calculated on each Valuation Day.

7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

The Sub-Fund faces the same risks as those normally associated with investments in equities, bonds, hedge or other alternative investment funds and commodity funds. As the allocation of the Sub-Fund's assets will vary between asset groups depending on market conditions but will have a significant proportion of its assets invested in Equities and Commodity Funds, the risk exposure of the Sub-Fund will vary from medium low to medium. Investors should also refer to the section "Risk Warning" in the main part of the Prospectus.

9. Sub-Investment Manager

The Investment Manager has appointed Svenska Handelsbanken AB (Publ.) as sub- investment manager in charge of the day-to-day management of the Sub-Fund's assets.

106

APPENDIX 11. HANDELSBANKEN FUNDS – Multi Asset (H)

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund may also invest in other Sub-Funds in accordance with clause IX. of section 3. "Investment and Borrowing Restrictions" in the Prospectus and the Law.

The Sub-Fund may also invest in financial derivative instruments for hedging purposes.

Under no circumstances will the Sub-Fund be permitted to derogate from its investment policy by using the aforementioned financial derivative instruments.

107

Asset Group Minimum Maximum Asset Group Minimum Maximum Equities Funds 40% 100 % Hedge Funds and 0% 25 % other Alternative Investment Funds Bonds Funds 0% 40 % Commodity Funds 0% 20 %

2. Base Currency

SEK

3. Investment Manager

The Sub-Fund is managed by Handelsbanken Fonder AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

Class A shares: Up to 2.80% p.a. of the average total net assets of the Class + performance fee if applicable Class A2 shares: Up to 2.80% p.a. of the average total net assets of the Class + performance fee if applicable Class A3 shares: Up to 2.80% p.a. of the average total net assets of the Class + performance fee if applicable Class BI shares: Up to 2.80% p.a. of the average total net assets of the Class + performance fee if applicable

Class A shares, Class BI and Class A3 shares are denominated in SEK. Class A2 shares are denominated in SEK and EUR and NOK .

The All-in Fee effectively charged to each Class will be disclosed in the semi-annual and annual reports of the Fund.

108

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who seek capital appreciation with a medium high to high risk and who can afford to set aside the capital invested for at least five years.

6. Valuation Day

The net asset value per share will be calculated on each Valuation Day.

7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

The Sub-Fund faces the same risks as those normally associated with investments in equities, bonds, hedge or other alternative investment funds and commodity funds. As the allocation of the Sub-Fund's assets will vary between asset groups depending on market conditions, the risk exposure of the Sub-Fund will vary from medium high to high. Investors should also refer to the section "Risk Warning" in the main part of the Prospectus.

9. Sub-Investment Manager

The Investment Manager has appointed Svenska Handelsbanken AB (Publ.) as sub- investment manager in charge of the day-to-day management of the Sub-Fund's assets.

109

APPENDIX 12. HANDELSBANKEN FUNDS – Pension 40

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund aims to attract pension savings for individual investors born in the 1940's and generate good returns with a gradual reduction in risk up to the time of retirement.

The Sub-Fund's investment policy is long term capital appreciation through a strategy of asset allocation by investing mainly in a selection of UCITS or UCIs investing in transferable securities and other financial instruments in compliance with article 41 (1) (e) of the 2010 Law.

Given the Sub-Fund's investment policy, the 10% restriction detailed in the first paragraph of clause VI. a) of section 3. "Investment and Borrowing Restrictions" in the main part of the Prospectus is not applicable. Consequently, the Sub-Fund may invest in shares and or units of UCITS and/or other UCIs, referred to in clause I) (1) c) of section 3. "Investment and Borrowing Restrictions" in the main part of the Prospectus, provided that (i) no more than 20% of the Sub-Fund's net assets be invested in the shares and/or units of a single UCITS or other UCI, (ii) investments made in shares and/or units of UCIs other than UCITS may not in aggregate exceed 30% of the net assets of the Sub-Fund.

The Sub-Fund is also allowed to invest in other Sub-Funds within the SICAV in accordance with clause IX. of section 3. "Investment and Borrowing Restrictions" of the Prospectus and the 2010 Law.

The Sub-Fund may on an ancillary basis invest directly in transferable securities (including equities, equity linked securities, index and participation notes, equity linked notes, bonds and convertible bonds), deposits with credit institutions, money market instruments and financial derivative instruments for hedging purposes which may include futures, options, forward contracts on financial instruments and options on such contracts and swap contracts by private agreement and other fixed income, currency and credit derivatives.

Under no circumstances will the Sub-Fund be permitted to derogate from its investment policy by using the aforementioned financial derivative instruments.

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The fund's mix of investments will change over time to adjust the level of risk in the Fund to the remaining investment horizon.

2. Base Currency

SEK

3. Investment Manager

The Sub-Fund is managed by Xact Kapitalförvaltning AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

Class L shares: Up to 2.80% p.a. of the average total net assets of the Class + performance fee if applicable

There is no minimum initial subscription or minimum holding for the SPA-Class and the L Class.

The SPA Class, the Class A and the Class L Shares are denominated in SEK.

The SPA Class will not bear any transaction expenses arising in connection with the administration of the Fund assets (brokerage commission in line with the market, fees, fiscal charges, etc.). The Flat All-in fee, for the SPA Class is set at Zero as Svenska Handelsbanken AB (publ) consider that the costs that would normally be included in the Flat All-in fee for this class is sufficient small to allow Svenska Handelsbanken AB (publ) to pay these costs itself.

The Flat All-in fee effectively charged to the Classes will be disclosed in the semi-annual and annual reports of the Fund.

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who seek capital appreciation with a medium risk and who can afford to set aside the capital invested up to their retirement.

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6. Valuation Day

The net asset value per share will be calculated on each Valuation Day.

7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

The Sub-Fund faces the same risks as those normally associated with investments in equities and bonds. The risk exposure of the Sub-Fund is set at level of low to medium with a gradual reduction in risk up to the time of retirement. Investors should also refer to the section "Risk Warning" in the main part of the Prospectus and the KIID.

9. Sub-Investment Manager

The Investment Manager has appointed Svenska Handelsbanken AB (Publ.) as sub- investment manager in charge of the determination of the assets allocation of the Sub-Fund.

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APPENDIX 13. HANDELSBANKEN FUNDS – Pension 50

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund aims to attract pension savings for individual investors born in the 1950's and generate good returns with a gradual reduction in risk up to the time of retirement.

Given the Sub-Fund's investment policy, the 10% restriction detailed in the first paragraph of clause VI. a) of section 3. "Investment and Borrowing Restrictions" in the main part of the Prospectus is not applicable. Consequently, the Sub-Fund may invest in shares and or units of UCITS and/or other UCIs, referred to in clause I) (1) c) of section 3. "Investment and Borrowing Restrictions" in the main part of the Prospectus, provided that (i) no more than 20% of the Sub-Fund's net assets be invested in the shares and/or units of a single UCITS or other UCI, (ii) investments made in shares and/or units of UCIs other than UCITS may not in aggregate exceed 30% of the net assets of the Sub-Fund.

The Sub-Fund is also allowed to invest in other Sub-Funds within the SICAV in accordance with clause IX. of section 3. "Investment and Borrowing Restrictions" of the Prospectus and the 2010 Law.

Under no circumstances will the Sub-Fund be permitted to derogate from its investment policy by using the aforementioned financial derivative instruments.

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The fund's mix of investments will change over time to adjust the level of risk in the Fund to the remaining investment horizon.

2. Base Currency

SEK

3. Investment Manager

The Sub-Fund is managed by Xact Kapitalförvaltning AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

Class SPA- shares 0% p.a. of the average total net assets of the Class (Swedish Pension Agency): Class A shares: Up to 2.80% p.a. of the average total net assets of the Class + performance fee if applicable Class L shares: Up to 2.80% p.a. of the average total net assets of the Class + performance fee if applicable

There is no minimum initial subscription or minimum holding for the SPA-Class and the L Class.

The SPA Class the Class A Shares and the Class L Shares are denominated in SEK.

The Flat All-in fee effectively charged to the Classes will be disclosed in the semi-annual and annual reports of the Fund.

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who seek capital appreciation with a medium risk and who can afford to set aside the capital invested up to their retirement.

6. Valuation Day

The net asset value per share will be calculated on each Valuation Day.

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7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

The Sub-Fund faces the same risks as those normally associated with investments in equities and bonds. The risk exposure of the Sub-Fund is set at level of medium with a gradual reduction in risk up to the time of retirement. Investors should also refer to the section "Risk Warning" in the main part of the Prospectus and the KIID.

9. Sub-Investment Manager

The Investment Manager has appointed Svenska Handelsbanken AB (Publ.) as sub- investment manager in charge of the determination of the assets allocation of the Sub-Fund

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APPENDIX 14. HANDELSBANKEN FUNDS –Pension 60

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund aims to attract pension savings for individual investors born in the 1960's and generate good returns with a gradual reduction in risk up to the time of retirement.

Given the Sub-Fund's investment policy, the 10% restriction detailed in the first paragraph of clause VI. a) of section 3. "Investment and Borrowing Restrictions" in the main part of the Prospectus is not applicable. Consequently, the Sub-Fund may invest in shares and or units of UCITS and/or other UCIs, referred to in clause I) (1) c) of section 3. "Investment and Borrowing Restrictions" in the main part of the Prospectus, provided that (i) no more than 20% of the Sub-Fund's net assets be invested in the shares and/or units of a single UCITS or other UCI, (ii) investments made in shares and/or units of UCIs other than UCITS may not in aggregate exceed 30% of the net assets of the Sub-Fund.

The Sub-Fund is also allowed to invest in other Sub-Funds within the SICAV in accordance with clause IX. of section 3. "Investment and Borrowing Restrictions" of the Prospectus and the 2010 Law.

Under no circumstances will the Sub-Fund be permitted to derogate from its investment policy by using the aforementioned financial derivative instruments.

The fund's mix of investments will change over time to adjust the level of risk in the Fund to

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the remaining investment horizon.

2. Base Currency

SEK

3. Investment Manager

The Sub-Fund is managed by Xact Kapitalförvaltning AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

There is no minimum initial subscription or minimum holding for the SPA-Class and the L Class.

The SPA Class, the Class A Shares and the Class L Shares are denominated in SEK.

The Flat All-in fee effectively charged to the Classes will be disclosed in the semi-annual and annual reports of the Fund.

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who seek capital appreciation with a medium risk and who can afford to set aside the capital invested up to their retirement.

6. Valuation Day

The net asset value per share will be calculated on each Valuation Day.

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7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

The Sub-Fund faces the same risks as those normally associated with investments in equities and bonds. The risk exposure of the Sub-Fund is set at level of high with a gradual reduction in risk up to the time of retirement. Investors should also refer to the section "Risk Warning" in the main part of the Prospectus and the KIID.

9. Sub-Investment Manager

The Investment Manager has appointed Svenska Handelsbanken AB (Publ.) as sub- investment manager in charge of the determination of the assets allocation of the Sub-Fund.

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APPENDIX 15. HANDELSBANKEN FUNDS – Pension 70

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund aims to attract pension savings for individual investors born in the 1970's and generate good returns with a gradual reduction in risk up to the time of retirement.

Given the Sub-Fund's investment policy, the 10% restriction detailed in the first paragraph of clause VI. a) of section 3. "Investment and Borrowing Restrictions" in the main part of the Prospectus is not applicable. Consequently, the Sub-Fund may invest in shares and or units of UCITS and/or other UCIs, referred to in clause I) (1) c) of section 3. "Investment and Borrowing Restrictions" in the main part of the Prospectus, provided that (i) no more than 20% of the Sub-Fund's net assets be invested in the shares and/or units of a single UCITS or other UCI, (ii) investments made in shares and/or units of UCIs other than UCITS may not in aggregate exceed 30% of the net assets of the Sub-Fund.

The Sub-Fund is also allowed to invest in other Sub-Funds within the SICAV in accordance with clause IX. of section 3. "Investment and Borrowing Restrictions" of the Prospectus and the 2010 Law.

Under no circumstances will the Sub-Fund be permitted to derogate from its investment policy by using the aforementioned financial derivative instruments.

The fund's mix of investments will change over time to adjust the level of risk in the Fund to

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the remaining investment horizon.

2. Base Currency

SEK

3. Investment Manager

The Sub-Fund is managed by Xact Kapitalförvaltning AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

There is no minimum initial subscription or minimum holding for the SPA-Class and the L Class.

The SPA Class, the Class A Shares and the Class L Shares are denominated in SEK.

The Flat All-in fee effectively charged to the Classes will be disclosed in the semi-annual and annual reports of the Fund.

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who seek capital appreciation with a medium risk and who can afford to set aside the capital invested up to their retirement.

6. Valuation Day

The net asset value per share will be calculated on each Valuation Day.

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7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

9. Sub-Investment Manager

The Investment Manager has appointed Svenska Handelsbanken AB (Publ.) as sub- investment manager in charge of the determination of the assets allocation of the Sub-Fund.

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APPENDIX 16. HANDELSBANKEN FUNDS – Pension 80

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund aims to attract pension savings for individual investors born in the 1980's and generate good returns with a gradual reduction in risk up to the time of retirement.

Given the Sub-Fund's investment policy, the 10% restriction detailed in the first paragraph of clause VI. a) of section 3. "Investment and Borrowing Restrictions" in the main part of the Prospectus is not applicable. Consequently, the Sub-Fund may invest in shares and or units of UCITS and/or other UCIs, referred to in clause I) (1) c) of section 3. "Investment and Borrowing Restrictions" in the main part of the Prospectus, provided that (i) no more than 20% of the Sub- Fund's net assets be invested in the shares and/or units of a single UCITS or other UCI, (ii) investments made in shares and/or units of UCIs other than UCITS may not in aggregate exceed 30% of the net assets of the Sub-Fund.

The Sub-Fund is also allowed to invest in other Sub-Funds within the SICAV in accordance with clause IX. of section 3. "Investment and Borrowing Restrictions" of the Prospectus and the 2010 Law.

Under no circumstances will the Sub-Fund be permitted to derogate from its investment policy by using the aforementioned financial derivative instruments.

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The fund's mix of investments will change over time to adjust the level of risk in the Fund to the remaining investment horizon.

2. Base Currency

SEK

3. Investment Manager

The Sub-Fund is managed by Xact Kapitalförvaltning AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

There is no minimum initial subscription or minimum holding for the SPA-Class and the L Class.

The SPA Class, the Class A Shares and the Class L Shares are denominated in SEK.

The Flat All-in fee effectively charged to the Classes will be disclosed in the semi-annual and annual reports of the Fund.

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who seek capital appreciation with a medium risk and who can afford to set aside the capital invested up to their retirement.

6. Valuation Day

The net asset value per share will be calculated on each Valuation Day.

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7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

9. Sub-Investment Manager

The Investment Manager has appointed Svenska Handelsbanken AB (Publ.) as sub- investment manager in charge of the determination of the assets allocation of the Sub-Fund.

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APPENDIX 17. HANDELSBANKEN FUNDS – Pension 90

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund aims to attract pension savings for individual investors born in the 1990's and generate good returns with a gradual reduction in risk up to the time of retirement.

Given the Sub-Fund's investment policy, the 10% restriction detailed in the first paragraph of clause VI. a) of section 3. "Investment and Borrowing Restrictions" in the main part of the Prospectus is not applicable. Consequently, the Sub-Fund may invest in shares and or units of UCITS and/or other UCIs, referred to in clause I) (1) c) of section 3. "Investment and Borrowing Restrictions" in the main part of the Prospectus, provided that (i) no more than 20% of the Sub- Fund's net assets be invested in the shares and/or units of a single UCITS or other UCI, (ii) investments made in shares and/or units of UCIs other than UCITS may not in aggregate exceed 30% of the net assets of the Sub-Fund.

The Sub-Fund is also allowed to invest in other Sub-Funds within the SICAV in accordance with clause IX. of section 3. "Investment and Borrowing Restrictions" of the Prospectus and the 2010 Law.

Under no circumstances will the Sub-Fund be permitted to derogate from its investment policy by using the aforementioned financial derivative instruments.

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The fund's mix of investments will change over time to adjust the level of risk in the Fund to the remaining investment horizon.

2. Base Currency

SEK

3. Investment Manager

The Sub-Fund is managed by Xact Kapitalförvaltning AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

There is no minimum initial subscription and minimum holding for the SPA-shares.

The SPA Class, the Class A and the Class L Shares are denominated in SEK.

The SPA Class will not bear any transaction expenses arising in connection with the administration of the Fund assets (brokerage commission in line with the market, fees, fiscal charges, etc.) The Flat All-in fee, for the SPA Class is set at Zero as Svenska Handelsbanken AB (publ) consider that the costs that would normally be included in the Flat All-in fee for this class is sufficient small to allow Svenska Handelsbanken AB (publ) to pay these costs itself.

The Flat All-in fee effectively charged to the Classes will be disclosed in the semi-annual and annual reports of the Fund.

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who seek capital appreciation with a high risk and who can afford to set aside the capital invested up to their retirement. ¨

6. Valuation Day

The net asset value per share will be calculated on each Valuation Day.

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7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

9. Sub-Investment Manager

The Investment Manager has appointed Svenska Handelsbanken AB (Publ.) as sub- investment manager in charge of the determination of the assets allocation of the Sub-Fund.

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APPENDIX 18. HANDELSBANKEN FUNDS – MSCI Emerging Markets Index

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund's investment objective is to provide long-term capital growth by investing in companies in Emerging Markets.

The Sub-Fund will mainly invest, directly or through the use of financial derivative instruments, in companies with their legal seat in emerging markets.

The Sub-Fund will aim to track the performance of the MSCI Emerging Markets Select Global Norms & Ex Controversial Businesses Index (the ‘Reference Index’) over time.

The Reference Index is developed with MSCI Emerging Markets Index as base. The Reference Index excludes a set of securities from the MSCI Emerging Markets Index. The excluded securities are identified as a result of the application of MSCI ESG Research's ESG screens detailed in the index methodology.

A description of the Index and the methodology can be consulted on the website: https://www.msci.com and its constituents can be consulted on the website: https://www.msci.com/constituents.

The Sub-Fund will aim to track the Reference Index over time by following a physical sample based optimised basket model whereby this chosen model does not imply a counterparty risk. The Sub-Fund will hold an optimised basket of transferable securities that are included in the Reference Index. The aim of the investment manager is to minimise all miss tracking between the Reference Index and the Sub-Fund, all transaction costs included.

Financial derivative instruments utilised by the Sub-Fund may include futures, options, forward

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contracts on financial instruments and options on such contracts, credit linked instruments and swap contracts by private agreement and other fixed interest and credit derivatives. Financial derivative instruments may also be used for hedging purposes.

Under no circumstances will the Sub-Fund be permitted to derogate from its investment policy by using the aforementioned financial derivative instruments.

Anticipated level of tracking error: Up to 1%

2. Base Currency

SEK

3. Investment Manager

The Sub-Fund is managed by Xact Kapitalförvaltning AB (the "Investment Manager").

4. Classes of shares and All-in Fee

Class A shares Up to 2,80% of the average total net assets of the Class Class A2 shares Up to 2,80% of the average total net assets of the Class Class AI shares Up to 2,80% of the average total net assets of the Class Class BI shares Up to 2,80% of the average total net assets of the Class

Class A, A2 and AI shares are denominated in SEK, EUR and NOK. Class BI shares are denominated in SEK.

The minimum initial subscription and the minimum holding for Class A2 shares is SEK 1,000,000 and for Class AI is SEK 10,000,000 (or equivalent in another currency).

The All-in Fee effectively charged to each Class will be disclosed in the semi-annual and annual reports of the Fund.

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who seek exposure to Emerging market through a passively managed strategy and who are prepared for at least a three to five year investment horizon

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An investment in the Sub-Fund is suitable for investors who are able and willing to invest in a sub-fund with a high risk grading as further described in the main part of the Prospectus. intended to be a buy and hold investment.

6. Valuation Day

The net asset value per share will be calculated on each Valuation Day.

7. Cut-off time Applications for subscription, redemption and conversion of shares will normally be satisfied on a Valuation Day, provided that the application is received prior to 07:00 a.m. (Central European Time) at the office of the Administrative Agent on the Valuation Day. Applications received after 07:00 a.m. (Central European Time) will be satisfied on the next following Valuation Day.

8. Historical Performance

Investors should consult the Key Investor Information Document of the Sub-Fund for information relating to historical performance.

9. Risk Profile of the Sub-Fund

The Sub-Fund faces the same risks as those normally associated with investments in equities. As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies held in the Sub-Funds portfolio are risk exposed to the emerging equity markets. Investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they originally invested. However, the volatility of the Sub-Fund is limited by its diversification across a large number of companies and industry groups. This Sub-Fund is denominated in SEK, but will have significant exposure to other currencies.

10. General Description of the Reference Index

The Reference Index is calculated and maintained by MSCI Inc and can be consulted on the website: https://www.msci.com/constituents.

The Reference Index is a free float-adjusted market capitalisation weighted index reflecting the performance of large and mid-capitalisation companies in global emerging markets. According to the MSCI index methodology the Reference Index targets an 85% free float-adjusted market representation level within each industry group in global emerging markets. The Reference Index excludes companies that are involved in serious violations of widely accepted

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international norms of responsible corporate behaviour and involved in certain controversial business activities. The excluded securities are identified as a result of the application of MSCI ESG Research's ESG screens detailed in the index methodology.

As of 1 June 2017, the Reference Index consists of stocks from the following Emerging Markets: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The Reference Index is calculated in US Dollars on an end of day basis. The Reference Index and the Underlying Asset are total return net indices. A total return net index calculates the performance of the index constituents on the basis that any dividends or distributions are reinvested after the deduction of any taxes that may apply. The Reference Index is reviewed and rebalanced on a quarterly basis and may also be rebalanced at other times in order to reflect corporate activity such as mergers and acquisitions.

11. Further Information

Additional information on the Reference Index, its composition, calculation and rules for periodical review and re-balancing and on the general methodology behind the MSCI indices can be found on www.msci.com

12. Tracking Error

Investors should be aware that tracking error(s) may among other result from:

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- investment, regulatory and/or tax constraints (including Investment Restrictions) affecting the Company but not the Reference Index;

- investments in assets other than the Reference Index giving rise to delays or additional costs/taxes compared to an investment in the Reference Index;

- constraints linked to income reinvestment;

- constraints linked to the timing of rebalancing of the Sub-Fund's portfolio;

- transaction costs and other fees and expenses to be borne by the Sub-Fund (including costs, fees and expenses to be borne in relation to the use of financial techniques and instruments);

Licence to use the relevant Reference Index may be terminated

The Sub-Fund has been granted a licence by the relevant Index Sponsor to use the relevant Reference Index in order to create a Sub-Fund based on the relevant Reference Index and to use certain trademarks and any copyright in the relevant Reference Index. A Sub-Fund may not be able to fulfil its objective and may be terminated if the licence agreement between the Sub- Fund and the relevant Index Sponsor is terminated. A Sub-Fund may also be terminated if the relevant Reference Index ceases to be compiled or published and there is no replacement index using the same or substantially similar formula for the method of calculation as used in calculating the relevant Reference Index.

13. Specific Risk Warning

The specific risk factor(s) should be read in addition to and in conjunction with the section Risk Factors as set out in the main part of the Prospectus.

No Guarantee

Investors should note that the Sub-Fund is not capital protected or guaranteed and that the capital invested or its respective amount are not protected or guaranteed and investors in this Sub-Fund should be prepared and able to sustain losses up to the total capital invested. Investors will also bear some other risks as described in the main part of the Prospectus.

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Tracking Error Risk

Please refer to point 10.

Emerging Markets

Investors in the Sub-Fund should be aware of the following risks associated with an investment in emerging markets

(a) Emerging Market Risk: Investments in the market to which the Reference Index relates are currently exposed to risks pertaining to emerging markets generally. These include risks brought about by investment ceiling limits where foreign investors are subject to certain holding limits and constraints imposed on trading of listed securities where a registered foreign investor may only maintain a trading account with one licensed securities company in the relevant market. These may contribute to the illiquidity of the relevant securities market, as well as create inflexibility and uncertainty as to the trading environment.

(b) Legal Risk: The economies of most emerging markets are often substantially less developed than those of other geographic regions such as the United States and Europe. The laws and regulations affecting these economies are also in a relatively early stage of development and are not as well established as the laws and regulations of developed countries. Such countries' securities laws and regulations may still be in their development stages and not drafted in a very concise manner which may be subject to interpretation. In the event of a securities related dispute involving a foreign party, the laws of these countries would typically apply (unless an applicable international treaty provides otherwise). The court systems of these nations are not as transparent and effective as court systems in more developed countries or territories and there can be no assurance of obtaining effective enforcement of rights through legal proceedings and generally the judgements of foreign courts are often not recognised.

(c) Regulatory Risk: Foreign investment in emerging economies' primary and secondary securities markets is often still relatively new and much of the relevant securities laws may be ambiguous and/or have been developed to regulate direct investment by foreigners rather than portfolio investment. Investors should note that because of a lack of precedent, securities market laws and the regulatory environment for primary and secondary market investments by foreign investors can be in the early stages of development, and may, in some jurisdictions, remain untested. The regulatory framework of the emerging economies' primary and secondary securities markets is often in the development stage compared to many of the world's leading stock markets, and accordingly there may be a lower level of regulatory monitoring of the activities of the emerging economies' primary and secondary securities markets.

(d) Foreign Exchange Risk: Some currencies of emerging markets are controlled. Investors should note the risks of limited liquidity in certain foreign exchange markets.

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(e) Trading Volumes and Volatility: Often emerging market stock exchanges are smaller and have lower trading volumes and shorter trading hours than most OECD exchanges and the market capitalisations of listed companies are small compared to those on more developed exchanges in developed markets. The listed equity securities of many companies on such exchanges are accordingly materially less liquid, subject to greater dealer spreads and experience materially greater volatility than those of OECD countries. Many such exchanges have, in the past, experienced substantial price volatility and no assurance can be given that such volatility will not occur in the future. The above factors could negatively affect the Net Asset Value of the Sub-Fund.

IMPORTANT

THIS SUB-FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. ("MSCI"), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE "MSCI PARTIES"). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY SVENSKA HANDELSBANKEN AB. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THIS SUB-FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THIS SUB-FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THIS SUB-FUND OR THE ISSUER OR OWNERS OF THIS SUB-FUND OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THIS SUB-FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THIS SUB-FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THIS SUB-FUND IS REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THIS SUB-FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THIS SUB-FUND.

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APPENDIX 19. HANDELSBANKEN FUNDS – Emerging Markets Bond Fund

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment Policy

The Sub-Fund's investment objective is to achieve a long-term total positive return by investing in a diversified portfolio of debt securities primarily in developing countries (emerging markets).

The Sub-Fund will aim to generate positive returns through a diversified portfolio of transferable securities including bonds which are traded on or with an exposure to recognised markets of emerging market countries or to emerging market currencies.

The Sub-Fund will invest at least two-thirds of the Sub-Fund's assets directly or indirectly in transferable securities being bonds and other debt securities of issuers located in emerging market countries or the value of which is linked to currencies of emerging markets. The debt securities can be of various types and maturities, including, for example, fixed rate, floating rate and variable rate notes, bonds or index linked debt securities which are issued or guaranteed by any government, state, local authority or other political sub-division of government (including any agency or instrumentality thereof) or supranational bodies in emerging markets in Latin America, Asia, Central Europe, Eastern Europe and Africa or by other issuers where the debt securities have an exposure to emerging markets. Such debt securities may be denominated in any currency. However, at least two-thirds of the Sub-Fund's assets will be invested in debt securities that are denominated in local emerging market currencies.

The Handelsbanken Emerging Markets Bond Fund may not invest in securities which are rated below Standard & Poor's BB- and/or the equivalent of the rating agencies Fitch or Moody's.

While the Sub-Fund will primarily invest in listed debt securities, the Sub-Fund may also invest in:

(i) other types of transferable securities; (ii) money market instruments; (iii) units of collective investment schemes including ETF's that respect the conditions set out in article 41 – 1 (e) of the law dated 17 December 2010 relating to Undertakings for Collective Investment Funds. (iv) cash deposits; and (v) financial derivative instruments

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provided that such investment will be made in accordance with the investment restrictions and limits set out in the general part of the Prospectus.

Financial derivative instruments utilised by the Sub-Fund may include futures, options, forward contracts on financial instruments and options on such contracts and swap contracts by private agreement and other fixed income, currency and credit derivatives. Financial derivative instruments may also be used for hedging purposes.

The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.

Under no circumstances will the Sub-Fund be permitted to derogate from its investment policy by using the aforementioned financial derivative instruments.

In order to achieve the most appropriate currency distribution and with the objective of reducing the risk of the depreciation in value of specific currencies, the diversification of the Sub-Fund's assets may be adjusted by entering into forward currency contracts to the extent described under the chapter "Investment Restrictions".

2. Base Currency

SEK

3. Investment Manager

The Sub-Fund is managed by Handelsbanken Fonder AB (the "Investment Manager").

4. Classes of shares and Flat All-in Fee

Class A shares Up to 2.90% p.a. of the average total net assets of the Class Class A2 shares Up to 2.90% p.a. of the average total net assets of the Class Class AI shares Up to 2.90% p.a. of the average total net assets of the Class Class BI shares Up to 2.90% p.a. of the average total net assets of the Class

Class A, A2, AI and Class BI shares are denominated in USD, EUR, GBP, SEK and NOK.

The minimum initial subscription and the minimum holding for Class A2 shares is SEK 250.000 and for Class AI is SEK 10,000,000 (or equivalent in another currency).

137

The minimum initial subscription and the minimum holding for Class B I shares is SEK 250.000. The All-in Fee effectively charged to each Class will be disclosed in the semi-annual and annual reports of the Fund.

Dividends declared for Class BI shares shall automatically be reinvested in Class BI shares, unless otherwise stated in the subscription documents.

5. Valuation Day

The net asset value per share will be calculated on each Valuation Day.

6. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who

Seeks access to debt securities of issuers located in emerging markets and may be suitable for investors willing to accept a high level of risk within the fixed income investment spectrum. Investors are likely to use this Sub-Fund to complement an existing core bond portfolio and are likely to have an investment horizon of at least five years.

The Fund is not intended to be a complete investment program and investors should consider their long-term investment goals and financial needs when making an investment decision about the Fund.

7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

The Sub-Fund invests in Emerging Markets which tend to be more volatile than mature markets and its value could move sharply up or down. In some circumstances, the underlying investments may become illiquid which may constrain the Investment Manager's ability to realise some or the entire portfolio. The registration and settlement arrangements in emerging markets may be less developed than in more mature markets so the operational risks of investing are higher. Political risks and adverse economic circumstances are more likely to arise in undeveloped markets.

The Sub-Fund invests in fixed interest securities, including Sub-Investment Grade securities. Consequently, the Sub-Fund's portfolio may have a significant position in Sub-Investment Grade

138

bonds and/or high-yielding bonds, which means that there is more risk to investor's capital and income than from a fund investing in pure Investment Grade bonds.

9. Risk Warnings

No Investment Guarantee

Investment in the Sub-Fund is not in the nature of a deposit in a bank account and is not protected by any government, government agency or other guarantee scheme which may be available to protect the holder of a bank deposit account. Any investment in the Sub-Fund is subject to fluctuations in value.

Investing in Debt Securities

Investment in fixed income securities is subject to interest rate, sector, security and credit risks.

Lower rated securities will usually offer higher yields than higher-rated securities to compensate for the reduced creditworthiness and increased risk of default that these securities carry. Lower- rated securities generally tend to reflect short-term corporate and market developments to a greater extent than higher-rated securities which respond primarily to fluctuations in the general level of interest rates.

There are fewer investors in lower-rated securities and it may be harder to buy and sell such securities at an optimum time.

The volume of transactions effected in certain international bond markets may be appreciably below that of the world's largest markets, such as the United States. Accordingly, the Sub-Fund's investment in such markets may be less liquid and their prices may be more volatile than comparable investments in securities trading in markets with larger trading volumes. Moreover, the settlement periods in certain markets may be longer than in others which may affect portfolio liquidity.

Changes in Interest Rates

The value of units may be affected by substantial adverse movements in interest rates.

Credit Risk of Lower-Rated Debt Securities

Investors normally expect to be compensated in proportion to the risk they are assuming. Debt of companies with poor credit usually offer higher yields than those of companies with better credit.

Higher rated debt securities offer lower credit risk, but not lower interest rate risk. The value of a higher-rated investment still fluctuates in response to changes in interest rates.

139

The Sub-Fund will not necessarily sell an investment if its rating is reduced. A reduction in an investment's rating will generally cause its value to decline.

Debt securities rated below BBB- (or its equivalent) and comparable unrated securities are considered below investment grade and are commonly known as "junk bonds". They are considered to be of poor standing and mainly speculative, and those in the lowest rating category may be in default and are generally regarded by the rating agency as having extremely poor prospects of ever attaining any real investment standing. The lower ratings of these debt securities reflect a greater possibility that the issuing companies may be unable to make timely payments of interest and principal and thus default.

If this happens, or is perceived as likely to happen, the values of those debt securities will usually be more volatile. A default or expected default could also make it difficult for the Sub-Fund to sell the debt securities at prices approximating the values the sub-fund had previously placed on them. Because junk bonds are traded mainly by institutions, they usually have a limited market, which may at times make it difficult for the Sub-Fund to establish their fair value.

Credit ratings are based largely on the issuing company's historical financial condition and the rating agencies' investment analysis at the time of purchase. The rating assigned to any particular investment does not necessarily reflect the issuing company's current financial condition and does not reflect an assessment of an investment's volatility or liquidity.

Although the Investment Manager considers credit ratings in making investment decisions, it performs its own investment analysis and does not rely only on ratings assigned by the rating agencies. The investment Manager seeks to minimise the risks of debt securities through careful analysis of such factors as a company's experience, managerial strength, financial condition, borrowing requirements and debt maturity schedule. When the Sub-Fund buys debt securities of a company with poor credit, the achievement of its objectives depends more on the Investment Manager's ability to analyse credit risks than would be the case if the Sub-Fund were buying debt securities of a company with better credit.

Because the likelihood of default is higher for the lower-rated debt securities in which the Sub- Fund may invest, the Sub-Fund may have to participate in various legal proceedings or to take possession of and manage assets that secure the issuing company's obligations. This could increase the Sub-Fund's operating expenses and decrease its net asset value.

At times the Sub-Fund, either by itself or together with other funds and accounts managed by the Investment Manager or its affiliates, may own all or most of the debt securities of a particular issuing company. This concentration of ownership may make it more difficult to sell, or set a fair value on, these debt securities. Although they are generally thought to have lower credit risk, the Sub-Fund's investment-grade debt securities may share some of the risks of lower-rated debt securities.

140

The Sub-Fund may at times invest in "zero coupon" bonds and "payment-in-kind" bonds (bonds which pay interest in the form of additional bonds). Zero coupon bonds are issued at less than their face value and make payments of interest only at maturity rather than at intervals during the life of the bond.

Emerging Markets Risk

The Sub-Fund may invest in fixed income securities of Governments and public companies, and equity securities of companies, in emerging markets. Such securities may involve a high degree of risk and may be considered speculative. Risks include (i) greater risk of expropriation, confiscatory taxation, nationalization, and social, political and economic instability; (ii) the small current size of the markets for securities of emerging markets issuers and the currently low or non-existent volume of trading, resulting in lack of liquidity and in price volatility, (iii) certain national policies which may restrict the Sub-Fund's investment opportunities including restrictions on investing in issuers or industries deemed sensitive to relevant national interests; and (iv) the absence of developed legal structures governing private or foreign investment and private property.

Political, Regulatory, Settlement and Sub-Custodial Risk

The value of the Sub-Fund's assets may be affected by uncertainties such as international political developments, changes in government policies, changes in taxation, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Furthermore, the legal infrastructure and accounting, auditing and reporting standards in certain countries in which investment may be made may not provide the same degree of investor protection or information to investors as would generally apply in major securities markets. As the Sub-Fund may invest in markets where the trading, settlement and custodial systems are not fully developed, the assets of the Sub-Fund which are traded in such markets and which have been entrusted to sub-custodians in such markets may be exposed to risk in circumstances in which the Custodian will have no liability.

In accordance with the investment policy the Sub-Fund's assets are risk exposed to the Russian market which may be subject to additional political and economic risks, while stocks can be negatively impacted by low liquidity, poor transparency and greater financial risks. Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they originally invested. However, the volatility of the Sub-Fund is limited by its diversification across a large number of companies and industry groups.

Investors should also refer to the section "Risk Warning" in the main part of the Prospectus.

141

APPENDIX 20. HANDELSBANKEN FUNDS – Global Selective Criteria

Information contained herein should be read in conjunction with the full text of the Prospectus.

1. Investment policy

The Sub-Fund's investment objective is capital appreciation through continuous management of a diversified portfolio of transferable securities, consisting primarily of common stocks researched and selected on a world-wide basis. However, depending on their comparative attractiveness, the Sub-Fund may also invest in fixed income securities and may hold ancillary liquid assets. While the assets of the Sub-Fund are invested with full geographical flexibility, the emphasis will be on securities of companies located primarily in Member States of the Organisation for Economic Co-operation and Development ("OECD") giving due consideration to economic, social and political developments, currency risks and the liquidity of the various international markets. In order to achieve the most appropriate currency distribution and with the objective of reducing the risk of the depreciation in value of specific currencies, the diversification of the Sub-Fund's assets may be adjusted by entering into forward currency contracts to the extent described under the chapter "Investment Restrictions".

The Sub-Fund will mainly invest in companies considered by the Investment Manager to be social responsible in the sense that they tend according to pre-defined criteria reach a high level of corporate, social and environmental responsibility, including environmental sustainability, fair competition, respect of employees and stakeholders and human rights defence. Companies that do not follow international norms and conventions or have income from controversial activities such as military weapons, alcohol distribution or production, tobacco distribution or production, gambling or adult entertainment, will be deemed not to be in line with the pre-defined criteria and be thereby not eligible for the Sub-Fund's investment universe. A restrictive position is applied to fossil fuels.

2. Base Currency

EUR

3. Investment Manager

The Sub-Fund is managed by Handelsbanken Fonder AB (the "Investment Manager").

142

4. Classes of shares and Flat All-in Fee

Class A, AI and Class BI shares are denominated in SEK.

The minimum initial subscription and the minimum holding for Class AI is SEK 10,000,000 (or equivalent in another currency). There is no minimum initial subscription and minimum holding for the Class BI shares.

The All-in Fee effectively charged to each Class will be disclosed in the semi-annual and annual reports of the Fund.

Dividends declared for Class BI shares shall automatically be reinvested in new Class BI shares, unless otherwise stated in the subscription documents.

5. Profile of the Typical Investor

The Sub-Fund may be appropriate for investors who seek capital appreciation over the long-term; are looking for global investment opportunities; do not seek current income from their investment.

The Fund is not intended to be a complete investment program and investors should consider their long-term investment goals and financial needs when making an investment decision about the Fund.

6. Valuation Day

The net asset value per share will be calculated on each Valuation Day.

7. Historical Performance

Investors should consult the KIID of the relevant Class for information relating to historical performance.

8. Risk Profile

The Sub-Fund faces the same risks as those normally associated with investments in equities. In accordance with the investment policy the Sub-Fund's assets are risk exposed to the global equity markets. As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies held in the Sub-Funds portfolio. Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may

143

get back less than they originally invested. The volatility of the Sub-Fund may be high due to its concentration. However, there may also be greater potential for higher returns over the longer term.

144

SCHEDULE 1: LIST OF SUBCUSTODIANS AND OTHER DELEGATES USED BY THE DEPOSITARY AND SUB-DELEGATES

145

AGENT AND CASH NETWORK (CUSTODY & FUND SERVICES)

Last Updated April 19, 2017

MARKET SUBCUSTODIAN CASH CORRESPONDENT BANK

HSBC Bank Argentina S.A. HSBC Bank Argentina S.A. Bouchard 680, 9th Floor Buenos Aires C1106ABJ Buenos Aires ARGENTINA

AUSTRALIA JPMorgan Chase Bank, N.A.** Australia and New Zealand Banking Group Ltd. Level 31, 101 Collins Street Melbourne Melbourne 3000 AUSTRALIA

AUSTRIA UniCredit Bank Austria AG J.P. Morgan AG** Julius Tandler Platz - 3 Frankfurt am Main A-1090 Vienna AUSTRIA

BAHRAIN HSBC Bank Middle East Limited HSBC Bank Middle East Limited Road No 2832 Al Seef Al Seef 428 BAHRAIN

Standard Chartered Bank Standard Chartered Bank BANGLADESH Portlink Tower Dhaka Level-6, 67 Gulshan Avenue Gulshan Dhaka -1212 BANGLADESH

J.P. Morgan A.G.** BELGIUM BNP Paribas Securities Services S.C.A. Frankfurt am Main Central Plaza Building Rue de Loxum, 25 7th Floor 1000 Brussels BELGIUM

HSBC Bank Bermuda Limited

Hamilton HSBC Bank Bermuda Limited 6 Front Street Hamilton HM 11 BERMUDA

Standard Chartered Bank Botswana Limited BOTSWANA Standard Chartered Bank Botswana Limited 5th Floor, Standard House Gaborone P.O. Box 496 Queens Road, The Mall Gaborone BOTSWANA

J.P. Morgan S.A. DTVM** BRAZIL J.P. Morgan S.A. DTVM** Av. Brigadeiro Faria Lima, 3729, Floor 06 Sao Paulo Sao Paulo SP 04538-905 BRAZIL

Citibank Europe plc ING Bank N.V. BULGARIA Serdika Offices 10th Sofia Floor 48 Sitnyakovo Blvd Sofia 1505 BULGARIA

** J.P. Morgan affiliate

AGENT AND CASH NETWORK (CUSTODY & FUND SERVICES)

Last Updated April 19, 2017

MARKET SUBCUSTODIAN CASH CORRESPONDENT BANK

Canadian Imperial Bank of Commerce Royal Bank of Canada 320 Bay Street Toronto Toronto Ontario M5H 4A6 CANADA

Royal Bank of Canada 155 Wellington Street West, Toronto Ontario M5V 3L3 CANADA

CHILE Banco Santander Chile Banco Santander Chile Bandera 140, Piso 4 Santiago Santiago CHILE

CHINA A-SHARE HSBC Bank (China) Company Limited HSBC Bank (China) Company Limited 33/F, HSBC Building, Shanghai ifc Shanghai 8 Century Avenue, Pudong Shanghai

200120

THE PEOPLE'S REPUBLIC OF CHINA

JPMorgan Chase Bank, N.A.** HSBC Bank (China) Company Limited CHINA B-SHARE New York 33/F, HSBC Building, Shanghai ifc 8 Century Avenue, Pudong Shanghai 200120 JPMorgan Chase Bank, N.A.** THE PEOPLE'S REPUBLIC OF CHINA Hong Kong

CHINA CONNECT JPMorgan Chase Bank, N.A.** 48th JPMorgan Chase Bank, N.A.** Floor, One Island East Hong Kong 18 Westlands Road, Quarry Bay HONG KONG

COLOMBIA Cititrust Colombia S.A. Cititrust Colombia S.A. Bogotá Carrera 9 A # 99-02, 3rd floor Bogota COLOMBIA

*COSTA RICA* Banco BCT, S.A. Banco BCT, S.A. 150 Metros Norte de la Catedral Metropolitana San Jose Edificio BCT San Jose COSTA RICA

*RESTRICTED SERVICE ONLY. PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER INFORMATION*

CROATIA Privredna banka Zagreb d.d. Zagrebacka banka d.d. Radnicka cesta 50 Zagreb 10000 Zagreb CROATIA

CYPRUS HSBC Bank plc J.P. Morgan AG** 109-111, Messogian Ave. Frankfurt am Main 115 26 Athens GREECE

** J.P. Morgan affiliate

AGENT AND CASH NETWORK (CUSTODY & FUND SERVICES)

Last Updated April 19, 2017

MARKET SUBCUSTODIAN CASH CORRESPONDENT BANK

CZECH REPUBLIC UniCredit Bank Czech Republic and Slovakia, a.s. Ceskoslovenska obchodni banka, a.s. BB Centrum - FILADELFIE Prague Zeletavska 1525-1 140 92 Prague 1 CZECH REPUBLIC

Nordea Bank AB (publ) Nordea Bank AB (publ) DENMARK Christiansbro Copenhagen Strandgade 3 P.O. Box 850 DK-0900 Copenhagen DENMARK

Citibank, N.A. Citibank, N.A. EGYPT 4 Ahmed Pasha Street Cairo Garden City

Cairo EGYPT

J.P. Morgan AG** Swedbank AS Frankfurt am Main Liivalaia 8 15040 Tallinn ESTONIA

FINLAND Nordea Bank AB (publ) J.P. Morgan AG** Aleksis Kiven katu 3-5 Frankfurt am Main FIN-00020 NORDEA Helsinki FINLAND

BNP Paribas Securities Services S.C.A. 3, J.P. Morgan AG** rue d'Antin Frankfurt am Main 75002 Paris FRANCE

GERMANY Deutsche Bank AG J.P. Morgan AG** Alfred-Herrhausen-Allee 16-24 Frankfurt am Main D-65760 Eschborn GERMANY

J.P. Morgan AG#** Taunustor 1 (TaunusTurm) 60310 Frankfurt am Main GERMANY # Custodian for local German custody clients only.

Standard Chartered Bank Ghana Limited Standard Chartered Bank Ghana Limited Accra High Street Accra P.O. Box 768 Accra GHANA

J.P. Morgan AG** Frankfurt GREECE HSBC Bank plc am Main Messogion 109-111 11526 Athens GREECE

** J.P. Morgan affiliate

AGENT AND CASH NETWORK (CUSTODY & FUND SERVICES)

Last Updated April 19, 2017

MARKET SUBCUSTODIAN CASH CORRESPONDENT BANK

HONG KONG JPMorgan Chase Bank, N.A.** JPMorgan Chase Bank, N.A.** 48th Floor, One Island East Hong Kong 18 Westlands Road, Quarry Bay

HONG KONG

Deutsche Bank AG ING Bank N.V. Hold utca 27 Budapest H-1054 Budapest HUNGARY

*ICELAND* Islandsbanki hf. Islandsbanki hf. Kirkjusandur 2 IS- Reykjavik 155 Reykjavik ICELAND

*RESTRICTED SERVICE ONLY. PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER INFORMATION*

JPMorgan Chase Bank, N.A.** 6th JPMorgan Chase Bank, N.A.** Floor, Paradigm ‘B’ Wing Mumbai Mindspace, Malad (West) Mumbai 400 064 INDIA

PT Bank HSBC Indonesia Menara INDONESIA PT Bank HSBC Indonesia Mulia 25th Floor Jakarta Jl. Jendral Gatot Subroto Kav. 9-11 Jakarta 12930 INDONESIA

JPMorgan Chase Bank, N.A.** J.P. Morgan AG** IRELAND 25 Bank Street, Canary Wharf Frankfurt am Main London E14 5JP UNITED KINGDOM

ISRAEL Bank Leumi le-Israel B.M. Bank Leumi le-Israel B.M. 35, Yehuda Halevi Street Tel Aviv 65136 Tel Aviv ISRAEL

ITALY BNP Paribas Securities Services S.C.A. J.P. Morgan AG** Piazza Lina Bo Bardi, 3 Frankfurt am Main 20124 Milan ITALY

Mizuho Bank, Ltd. JPMorgan Chase Bank, N.A.** 2-15-1, Konan Tokyo Minato-ku Tokyo 108-6009 JAPAN

The Bank of Tokyo-Mitsubishi UFJ, Ltd. 1-3-2 Nihombashi Hongoku-cho Chuo-ku Tokyo 103-0021 JAPAN

** J.P. Morgan affiliate

AGENT AND CASH NETWORK (CUSTODY & FUND SERVICES)

Last Updated April 19, 2017

MARKET SUBCUSTODIAN CASH CORRESPONDENT BANK

JORDAN Standard Chartered Bank Standard Chartered Bank Amman Shmeissani Branch Al-Thaqafa Street Building # 2 P.O. Box 926190 Amman JORDAN

KAZAKHSTAN JSC Citibank Kazakhstan Subsidiary Bank Sberbank of Russia Joint Stock Company Park Palace, Building A, Floor 2 41 Almaty Kazybek Bi Almaty 050010 KAZAKHSTAN

Standard Chartered Bank Kenya Limited Nairobi Standard Chartered Bank Kenya Limited Chiromo 48 Westlands Road

Nairobi 00100

KENYA

HSBC Bank Middle East Limited HSBC Bank Middle East Limited Kuwait City, Sharq Area Abdulaziz Safat Al Sager Street Al Hamra Tower, 37F Safat 13017 KUWAIT

LATVIA Swedbank AS Balasta dambis 1a Riga LV- J.P. Morgan AG** Frankfurt 1048 LATVIA am Main

LITHUANIA AB SEB Bankas J.P. Morgan AG** 12 Gedimino pr. Frankfurt am Main LT 2600 Vilnius LITHUANIA

LUXEMBOURG BNP Paribas Securities Services S.C.A. J.P. Morgan AG** Frankfurt 33, Rue de Gasperich am Main L-5826 Hesperange LUXEMBOURG

*MALAWI* Standard Bank Limited, Malawi Standard Bank Limited, Malawi 1st Floor Kaomba House Blantyre Cnr Glyn Jones Road & Victoria Avenue Blantyre MALAWI

*RESTRICTED SERVICE ONLY. PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER INFORMATION*

MALAYSIA HSBC Bank Malaysia Berhad 2 HSBC Bank Malaysia Berhad Leboh Ampang Kuala Lumpur 12th Floor, South Tower 50100 Kuala Lumpur MALAYSIA

** J.P. Morgan affiliate

AGENT AND CASH NETWORK (CUSTODY & FUND SERVICES)

Last Updated April 19, 2017

MARKET SUBCUSTODIAN CASH CORRESPONDENT BANK

MAURITIUS The Hongkong and Shanghai Banking Corporation The Hongkong and Shanghai Banking Corporation Limited Limited HSBC Centre Ebene 18 Cybercity Ebene MAURITIUS Banco Santander (Mexico), S.A. Banco Nacional de Mexico, S.A. Mexico, D.F. Act. Roberto Medellin No. 800 3er Piso Norte Colonia Santa Fe 01210 Mexico, D.F. MEXICO

Attijariwafa Bank S.A. Société Générale Marocaine de Banques 55 MOROCCO Boulevard Abdelmoumen Casablanca Casablanca 20100 MOROCCO

Standard Bank Namibia Limited The Standard Bank of South Africa Limited 2nd Floor, Town Square Building Johannesburg Corner of Werner List and Post Street Mall

P.O. Box 3327

Windhoek

NAMIBIA

BNP Paribas Securities Services S.C.A. J.P. Morgan AG** Frankfurt NETHERLANDS Herengracht 595 am Main 1017 CE Amsterdam NETHERLANDS

JPMorgan Chase Bank, N.A.** Westpac Banking Corporation NEW ZEALAND Level 13, 2 Hunter Street Wellington Wellington 6011 NEW ZEALAND

Stanbic IBTC Bank Plc Plot Stanbic IBTC Bank Plc NIGERIA 1712 Lagos Idejo Street Victoria Island Lagos NIGERIA

Nordea Bank AB (publ) NORWAY Nordea Bank AB (publ) Essendropsgate 7 Oslo P.O. Box 1166 NO-0107 Oslo NORWAY

HSBC Bank Oman S.A.O.G. 2nd HSBC Bank Oman S.A.O.G. Floor Al Khuwair Seeb P.O. Box 1727 PC 111 Seeb OMAN

Standard Chartered Bank (Pakistan) Limited PAKISTAN Standard Chartered Bank (Pakistan) Limited Karachi P.O. Box 4896 Ismail Ibrahim Chundrigar Road Karachi 74000 PAKISTAN

** J.P. Morgan affiliate

AGENT AND CASH NETWORK (CUSTODY & FUND SERVICES)

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MARKET SUBCUSTODIAN CASH CORRESPONDENT BANK

PERU Citibank del Perú S.A. Citibank del Perú S.A. Lima Av. Canaval y Moreryra 480 Piso 3 San Isidro Lima 27 PERU

PHILIPPINES The Hongkong and Shanghai Banking Corporation The Hongkong and Shanghai Banking Corporation Limited Limited 7/F HSBC Centre Taguig City 3058 Fifth Avenue West Bonifacio Global City 1634 Taguig City PHILIPPINES

Bank Handlowy w. Warszawie S.A. ul. mBank S.A. Senatorska 16 Warsaw 00-923 Warsaw POLAND

BNP Paribas Securities Services S.C.A. J.P. Morgan AG** PORTUGAL Avenida D.João II, Lote 1.18.01, Bloco B, 7º Frankfurt am Main andar 1998-028 Lisbon PORTUGAL

HSBC Bank Middle East Limited The Commercial Bank (P.Q.S.C.)

2nd Floor, Ali Bin Ali Tower Building Doha 150 (Airport Road) P.O. Box 57 Doha QATAR

ING Bank N.V. ROMANIA Citibank Europe plc 145 Calea Victoriei Bucharest 1st District

010072 Bucharest

ROMANIA

JPMorgan Chase Bank, N.A.** J.P. Morgan Bank International (Limited Liability Company)** New York 10, Butyrsky Val White Square Business Centre Floor 12 Moscow 125047 RUSSIA

HSBC Saudi Arabia 2/F HSBC Saudi Arabia SAUDI ARABIA HSBC Building Olaya Riyadh Road, Al-Murooj Riyadh 11413 SAUDI ARABIA

Unicredit Bank Srbija a.d. Unicredit Bank Srbija a.d. Rajiceva 27-29 Belgrade 11000 Belgrade SERBIA

** J.P. Morgan affiliate

AGENT AND CASH NETWORK (CUSTODY & FUND SERVICES)

Last Updated April 19, 2017

MARKET SUBCUSTODIAN CASH CORRESPONDENT BANK

DBS Bank Ltd Oversea-Chinese Banking Corporation SINGAPORE 10 Toh Guan Road Singapore DBS Asia Gateway, Level 04-11 (4B) 608838 SINGAPORE

UniCredit Bank Czech Republic and Slovakia, a.s. SLOVAK REPUBLIC Sancova 1/A J.P. Morgan AG** SK-813 33 Bratislava Frankfurt am Main SLOVAK REPUBLIC

SLOVENIA UniCredit Banka Slovenija d.d. J.P. Morgan AG** Smartinska 140 Frankfurt am Main SI-1000 Ljubljana SLOVENIA

SOUTH AFRICA FirstRand Bank Limited The Standard Bank of South Africa Limited 1 Mezzanine Floor, 3 First Place, Bank City Johannesburg Cnr Simmonds and Jeppe Streets Johannesburg 2001 SOUTH AFRICA

SOUTH KOREA Standard Chartered Bank Korea Limited 47 Standard Chartered Bank Korea Limited Jongro, Jongro-Gu Seoul Seoul 03160 SOUTH KOREA

Kookmin Bank Co., Ltd. Kookmin Bank Co., Ltd. Seoul 84, Namdaemun-ro, Jung-gu Seoul 100-845 SOUTH KOREA

SPAIN Santander Securities Services, S.A. J.P. Morgan AG** Ciudad Grupo Santander Frankfurt am Main Avenida de Cantabria, s/n

Edificio Ecinar, planta baja

Boadilla del Monte

28660 Madrid

SPAIN

The Hongkong and Shanghai Banking Corporation Limited SRI LANKA The Hongkong and Shanghai Banking Corporation Limited Colombo 24 Sir Baron Jayatillaka Mawatha Colombo 1 SRI LANKA

Nordea Bank AB (publ) Svenska Handelsbanken Hamngatan 10 Stockholm SE-105 71 Stockholm SWEDEN

UBS Switzerland AG SWITZERLAND UBS Switzerland AG 45 Bahnhofstrasse Zurich 8021 Zurich SWITZERLAND

** J.P. Morgan affiliate

AGENT AND CASH NETWORK (CUSTODY & FUND SERVICES)

Last Updated April 19, 2017

MARKET SUBCUSTODIAN CASH CORRESPONDENT BANK

TAIWAN JPMorgan Chase Bank, N.A.** JPMorgan Chase Bank, N.A.** 8th Floor, Cathay Xin Yi Trading Building Taipei No. 108, Section 5, Xin Yi Road Taipei 11047 TAIWAN

*TANZANIA* Stanbic Bank Tanzania Limited Stanbic Bank Tanzania Limited Stanbic Centre Dar es Salaam Corner Kinondoni and A.H. Mwinyi Roads P.O. Box 72648 Dar es Salaam TANZANIA

*RESTRICTED SERVICE ONLY. PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER INFORMATION*

THAILAND Standard Chartered Bank (Thai) Public Company Standard Chartered Bank (Thai) Public Company Limited Limited 14th Floor, Zone B Bangkok Sathorn Nakorn Tower 90 North Sathorn Road Bangrak Silom, Bangrak Bangkok 10500 THAILAND

TRINIDAD AND Republic Bank Limited Republic Bank Limited TOBAGO 9-17 Park Street Port of Spain Port of Spain TRINIDAD AND TOBAGO

TUNISIA Banque Internationale Arabe de Tunisie, S.A. Banque Internationale Arabe de Tunisie, S.A. 70-72 Avenue Habib Bourguiba Tunis P.O. Box 520 Tunis 1000 TUNISIA

TURKEY Citibank A.S. JPMorgan Chase Bank, N.A.** Inkilap Mah., Yilmaz Plaza Istanbul O. Faik Atakan Caddesi No: 3 34768 Umraniye, Istanbul TURKEY

UGANDA Standard Chartered Bank Uganda Limited Standard Chartered Bank Uganda Limited 5 Speke Road Kampala P.O. Box 7111 Kampala UGANDA

*UKRAINE* PJSC Citibank PJSC Citibank 16-G Dilova Street Kiev 03150 Kiev UKRAINE JPMorgan Chase Bank, N.A.** New York

*RESTRICTED SERVICE ONLY. PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER INFORMATION* UNITED ARAB HSBC Bank Middle East Limited The National Bank of Abu Dhabi EMIRATES - ADX Emaar Square, Level 4, Building No. 5 Abu Dhabi

P.O. Box 502601 Abu Dhabi Dubai UNITED ARAB EMIRATES

** J.P. Morgan affiliate

AGENT AND CASH NETWORK (CUSTODY & FUND SERVICES)

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MARKET SUBCUSTODIAN CASH CORRESPONDENT BANK

UNITED ARAB HSBC Bank Middle East Limited Emaar The National Bank of Abu Dhabi EMIRATES - DFM Square, Level 4, Building No. 5 Abu Dhabi P.O. Box 502601 Dubai UNITED ARAB EMIRATES

UNITED ARAB HSBC Bank Middle East Limited Emaar JPMorgan Chase Bank, N.A. ** EMIRATES - NASDAQ Square, Level 4, Building No. 5 New York DUBAI P.O. Box 502601 Dubai UNITED ARAB EMIRATES

UNITED KINGDOM JPMorgan Chase Bank, N.A.** JPMorgan Chase Bank, N.A.** 25 Bank Street, Canary Wharf London London E14 5JP UNITED KINGDOM

Deutsche Bank AG Depository and Clearing Centre 10 Varies by currency Bishops Square London E1 6EG UNITED KINGDOM

JPMorgan Chase Bank, N.A.** UNITED STATES 4 New York Plaza JPMorgan Chase Bank, N.A.** New York NY 10004 New York UNITED STATES

Banco Itaú Uruguay S.A. Banco Itaú Uruguay S.A. Zabala 1463 Montevideo 11000 Montevideo URUGUAY

VENEZUELA Citibank, N.A. Avenida Citibank, N.A. Casanova Caracas Centro Comercial El Recreo Torre Norte, Piso 19 Caracas 1050 VENEZUELA HSBC Bank (Vietnam) Ltd. HSBC Bank (Vietnam) Ltd. Centre Ho Chi Minh City Point 106 Nguyen Van Troi Street Phu Nhuan District Ho Chi Minh City VIETNAM Standard Chartered Bank Côte d’Ivoire SA Abidjan *WAEMU - BENIN, Standard Chartered Bank Côte d’Ivoire SA BURKINA FASO, 23 Boulevard de la Republique 1 GUINEA-BISSAU, IVORY 01 B.P. 1141 COAST, MALI, NIGER, Abidjan 17 SENEGAL, TOGO* IVORY COAST

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AGENT AND CASH NETWORK (CUSTODY & FUND SERVICES)

Last Updated April 19, 2017

MARKET SUBCUSTODIAN CASH CORRESPONDENT BANK

ZAMBIA Standard Chartered Bank Zambia Plc Standard Chartered Bank Zambia Plc Standard Chartered House Lusaka Cairo Road P.O. Box 32238 Lusaka 10101 ZAMBIA

Stanbic Bank Zimbabwe Limited *ZIMBABWE* Stanbic Bank Zimbabwe Limited Stanbic Centre, 3rd Floor Harare 59 Samora Machel Avenue Harare ZIMBABWE

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