June 2007 - Nordea Bank Lietuva

Nordea 1 – Norwegian Equity FundPerformance in %TimeframeNOK* EUR Index**Current year9.59 13.24 14.151 month4.27 6.19 1.771 year23.65 23.09 35.113 years130.24 143.64 150.185 years188.22 168.63 249.822006 26.71 22.82 32.98Since launch80.05 82.01 187.55*Base currency **Index in base currencyKey figures - 3 years30/06/2004 - 29/06/2007Annualised return in %Annualised standard deviationCorrelationSharpe ratioJensen's AlphaBetaTracking errorInformation ratioRisk free rate used in %*Oslo Exchange Mutual Fund Index - Total ReturnFund dataFund32.0516.070.961.55-0.341.064.35-0.857.13Index*35.7515.01–1.91–––––CommentThe Norwegian equity market continued to make headway in June. The OSE set an all-time high 20June, only to drop back slightly. The main reason for the receding equity markets globally has been arekindling of inflationary fears and subsequent rising interest rates, especially in the USA. Offsettingthe negative mood, however, are strong M&A activity, ample liquidity and robust global economicgrowth. The positive Norwegian equity market can mainly be explained by high oil prices, with thespot Brent oil price trading at around USD 72.50 per barrel, and the unmitigated bright globalprospects. In June Technology ranked among the sector winners (up 9%), while Financials was thesector loser (down 5%). Big cap shares underperformed small cap shares during the month. Thelargest positive contributions to fund performance were our overweights in Komplett and Blom andour underweight in DnB NOR. The best performing sector was Industrials. On the negative side wasEnergy, with the most negative contributions from Statoil. During June we increased the exposure inConsumer Stables by buying Orkla, while reducing Financials by selling DnB NOR, ConsumerDiscretionary (selling Expert) and Energy (selling Aker Kvaerner). Our oil outlook remains unchanged,as we expect oil prices to stay high throughout the summer months. Valuation of and earningsestimates in the Norwegian equity market still look a bit stretched, but the global macro outlookremains positive, giving support to Norwegian equities. Thus, excluding M&A activity and theupcoming Q2 earnings reporting season, our stance towards OSE trends in July is neutral.Performance (in base currency, indexed at 100)260240220200180160Management teamBase currencyLast NAVShare classFund categoryAUM (Million NOK)Minimum investment (EUR)Front end fee in %Annual management fee in %Security Number (ISIN)Launch dateNordic EquitiesNOK180.05BPAccumulating467.21505.001.500LU008195200321/11/19971401201008030/06/2004 30/06/2005 30/06/2006 29/06/2007Norwegian Equity FundOslo Exchange Mutual Fund Index - Total ReturnCurrency breakdown in % Sector allocation in %NOK 98.86Net Liquid Assets 1.14Top Holdings in %Seadrill Ltd - NOK 6.15Q-Free Asa 5.44Geo ASA 5.22Orkla A 5.04Petroleum Geo Services 4.69Norsk Hydro NOK 4.35Statoil Asa 4.23Komplett 4.21Wilhelmsen A 4.16Telenor Asa 3.70Energy 40.58Industrials 25.08Information Technology 10.49Not Classified 8.39Consumer Discretionary 7.87Telecommunication Services 3.70Materials 2.76Net Liquid Assets 1.14Empty 20.00Empty 20.00Empty 20.00Empty 20.00Empty 20.00