SKAGEN Global

Last updated Simplified prospectus 29th August 2008 SKAGEN Global Equity fund registered in Norway | UCITS | ISIN: NO 000 8004009 | Management company: SKAGEN AS | Fund inception date: 07.08.1997 Manager: Filip Weintraub Risk The risk scale illustrates SKAGEN’s evaluation of The fund’s objective the fund’s risk. The fund’s objective is to provide the unit holders with the best possible return based on the risk they have undertaken through an actively managed portfolio of international equities. 0 1 2 3 4 5 6 7 8 9 10 SKAGEN SKAGEN SKAGEN Avkastning Global Kon-Tiki The fund’s investment strategy SKAGEN SKAGEN Global has a worldwide investment mandate. The fund’s aim is to find high Vekst SKAGEN quality companies at a low price, which are characterised by being undervalued, Tellus under-researched and unpopular. To reduce risk, the fund seeks to maintain a sensible geographical and sector balance. Five is considered the lowest risk for equity funds and zero as the risk-free interest rate. The clas- sification is based on the funds’ risk profiles since inception. Who is the fund suitable for? SKAGEN Global is suitable for investors who wish to spread investments worldwide and achieve diversification, both geographically and across industries. Historical performance All returns are in EUR after deduction of costs. Performance comments Annual return 1997-2007 and return year to date The graphs on the left show the fund’s historical performance measured in EUR. All costs charged to the fund have been deducted. 150% 134.6% Historical returns are no guarantee for future returns. Future returns will depend, inter alia, 120% on market developments, the fund manager’s skill, the fund’s risk profile and subscrip- 90% tion and management fees. The return may become negative as a result of negative price developments. 60% 40.9% 43.7% 34.2% Fund performance may vary considerably within one year. Gains or losses for individual 27.0% 30% 20.4% 12.1% unit holders will therefore depend on the exact timing of the subscription and redemption of units. 0% -2.5% -0.9% -6.9% -15.8% -15.4% -30% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 The fund was established in August 1997 and performance is mea- Fund price information sured from date of inception until the end of the year. The price of fund units, the net asset value (NAV) per unit, is calculated each Norwegian business day based on the market value of the fund’s portfolio. Price information is Average annual return available on www.skagenfunds.com. The fund’s NAV per unit is calculated in NOK. The 25% fund’s investments are normally not hedged with respect to currency; however, some of 20.6% the fund’s international investments may be hedged by drawing on the fund’s currency 19.2% 20% 18.3% accounts. 15% 10.0% 10% Dividend Dividends received by the fund are automatically reinvested in the fund and are therefore 5% included in the net asset value per unit. 0% Since start Last 10 years Last 5 years Last 3 years Subscription and redemption Subscription and redemption instructions may be sent to SKAGEN by post, fax or e-mail, or to our partners (see www.skagenfunds.com). ��The minimum subscription amount is EUR Cumulative return 150. Last 3 years: 33.25% Last 5 years: 131.86% For subscriptions and redemptions in other currencies than NOK, the subscription/ Last 10 years: 552.59% redemption price is calculated from the fund’s NAV in NOK using the currency exchange rate used by the relevant fund on the valuation day. Since start: 600.48% www.skagenfunds.com | [email protected] | Telephone: +47 51 21 38 58 | Telefax: +47 51 86 37 00 Address: P.O. Box 160, 4001 Stavanger, Norway STANDARD & POORS A A A FUND MANAGEMENT RATING Stavanger | Oslo | Bergen | Ålesund | Trondheim | Tønsberg | Stockholm | Gothenburg | Copenhagen Simplified prospectus SKAGEN Global Costs Subscription fee Max. 0.7 % Redemption fee Max. 0.0 % Ten largest holdings Annual costs charged to the fund 2007 Annual average since inception Samsung Electronics 5.57% Siemens AG 5.14% Fixed management fee 1.0 % 1.0 % Nestle SA 4.51% Calculated daily, charged quarterly (includes investment management, Eletrobras SA 4.45% administration, distribution, custody, etc.). Pride nternational 4.40% Variable management fee 1.41 % 1.86 % LG Corp 3.79% Petroleo Brasileiro 3.72% Better value development measured in percent in the fund’s net asset value compared with the MSCI World Index (in NOK) is shared 90/10 between the unit holders and Cheung Kong Holdings 3.61% the management company. Thus, the fund may be charged a variable management fee even if the fund’s return has been negative, as long as the fund has had a better Kyocera Corp 2.29% value development than its benchmark index. In the opposite case, the fund may Pfizer Inc 1.61% have a positive return without being charged a variable management fee, if the value development measured in percent has not been better than the benchmark. Sum 39.09% The variable management fee is calculated daily and charged annually. + Other costs (except brokerage) charged to the fund. 0.0 % 0.0 % = Total cost (as a percentage of net value of a unit for 2007 compared to 2.41 % 2.86 % annual average percentage of net value of a unit since inception). Absolute gain and loss The graph below shows the fund’s performance measured in absolute gains and losses compared to the fund’s benchmark (��SC ��orld ndex��) mea- Taxation sured in NOK. The measurements are based on For information and advice regarding tax issues in respect to subscribing, redeeming and monthly observations over the past five years. holding fund units, please contact your local tax advisor. nformation on tax in the countries where SKAGEN has marketing approval is available in the relevant simplified prospectus for The graph shows that SKAGEN Global has each country. You may also contact SKAGEN for more information. achieved higher gains and somewhat lower losses than the World Index over the past five years. Further information Financial services group: SKAGEN AS is an independent investment management company unaffiliated with any financial services group Custodian: Handelsbanken Supervisory authority: The Financial Supervisory Authority of Norway (www.kredittilsynet.no) Independent auditor: PricewaterhouseCoopers AS SKAGEN Global Internal auditor: KPMG AS Complaints body: The Norwegian Banking Complaints Committee (www.bankklagenemnda.no) This simplified prospectus contains key fund information. Please download further information, full prospectus, general commercial terms, annual reports and market reports from SKAGEN at www.skagenfunds.com. Printed copies are also available free of charge. World Index Contact information Internet: www.skagenfunds.com, e-mail: [email protected] Telephone: +47 51 21 38 58 or +47 800SKAGEN, Telefax: +47 51 86 37 00 Address: P.O. box 160, NO-4001 Stavanger, Norway Absolute loss Absolute gain Absolute gain: Shows the accumulated monthly returns exceeding the risk-free interest rate (ST1X) for the last 5 years. Absolute loss: Shows the accumulated monthly losses exceeding the risk-free interest rate (ST1X) for the last 5 years. Stavanger | Oslo | Bergen | Ålesund | Trondheim | Tønsberg | Stockholm | Gothenburg | Copenhagen This simplified prospectus is only directed to investors in jurisdictions where the relevant fund has marketing approval. The fund cannot be distributed to investors subject to US jurisdiction including investors resident in or taxable to the USA. .

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