Alandsbanken SICAV SIMPLIFIED PROSPECTUS ... - Ålandsbanken

Alandsbanken SICAV
SIMPLIFIED PROSPECTUS dated February 2012
A SICAV established under the law of Luxembourg
relating to undertakings for collective investment dated 17 December 2010
This simplified prospectus contains only key information about the SICAV. For more information,
including the full prospectus dated February 2012 with the annual and semi-annual reports that
describe in detail the SICAV’s objectives, fees and expenses, risks and other matters of interest,
please contact your financial advisor or request the full prospectus with the annual and semiannual
reports at the following address: 14, boulevard Royal, L-2449 Luxembourg. Such
documents are available, at any time, free of charge, for existing and future investors.
IMPORTANT INFORMATION
Legal structure: Umbrella SICAV organized under Part I of the law of 17
December 2010 regarding undertakings for collective
investment incorporated on 14 April 2010 for an unlimited
duration.
Registered Office: 14, boulevard Royal
L-2449 Luxembourg
Promoter: Alandsbanken ABP
Nygatan 2
AX-22100 Mariehamn
Aland, Finland
Management Company: Alpha Management Company S.A.
16, rue Jean Pierre Brasseur
L-1258 Luxembourg
Custodian: Banque de Luxembourg
14, boulevard Royal
L-2449 Luxembourg
Central Administrative Banque de Luxembourg
Agent and Paying Agent: 14, boulevard Royal
L-2449 Luxembourg
Central Administration European Fund Administration
and Transfer Agent 2, rue d’Alsace
Subcontractor: B.P. 1725
L – 1017 Luxembourg
Principal Distributor: Alandsbanken ABP (publ)
Nygatan 2
AX-22100 Mariehamn
Aland, Finland
VISA 2012/84846-6603-0-PS
L'apposition du visa ne peut en aucun cas servir
d'argument de publicité
Luxembourg, le 2012-04-04
Commission de Surveillance du Secteur Financier
#41587.5805076v6 1

Listing Agent: Banque de Luxembourg
14, boulevard Royal
L-2449 Luxembourg
Auditor: Ernst & Young S.A.
7, parc d’activité Syrdall
L-5365 Munsbach
Supervisory authority: Commission de Surveillance du Secteur Financier
(www.cssf.lu)
Legal Adviser: Arendt & Medernach
14, rue Erasme
L-2082 Luxembourg
#41587.5805076v6 2

Investment Objective and
Policy
Risk Profile / Risk
Management
Risk Profile
INVESTMENT INFORMATION
Alandsbanken SICAV: Nordic Growth
The Nordic Growth Sub-Fund is an actively managed equity portfolio.
It is a vehicle aiming to outperform its benchmark, the Nordic VINX
Index, VINX Bench EUR NI Index (VBCEUN).
The Nordic Growth Sub-Fund mainly invests in Nordic equities listed
on stock exchanges in Iceland, Denmark, Norway, Sweden and
Finland or as the securities of companies organised and located in
other countries provided:
(a) the principal securities trading market is in a Nordic
country, or
(b) where fifty per cent (50 %) of the company’s
revenue alone or on a consolidated basis is derived
from either goods produced or developed, sales
made or services performed in Nordic countries.
The Nordic Growth Sub-Fund will focus on companies which are
expected to grow at a relatively high rate. Allocation between
different markets and sectors is thus a consequence of the objective
to invest in stocks which are estimated to deliver the best returns.
Investments may include, to a lesser extent, warrants, convertibles
and options on securities.
On an ancillary basis, the Nordic Growth Sub-Fund may also hold
liquid assets such as deposits and other regularly traded short term
money market instruments issued or guaranteed by first class
issuers or guarantors and having a residual maturity not exceeding
twelve months.
The Nordic Growth Sub-Fund may also deal in options on securities,
financial futures and forward exchange contracts for hedging
purposes so as to protect the value of the assets of the Nordic
Growth Sub-Fund.
The Nordic Growth Sub-Fund may also use various derivative
instruments for efficient portfolio management purposes to the extent
permitted by the investment restrictions detailed in the Prospectus.
EUR is the reference currency of the Nordic Growth Sub-Fund, but
assets may be denominated in other currencies and currency
exposure may be hedged.
Money invested in the Nordic Growth Sub-Fund can both increase
and decrease in value and it is not certain that one will recoup the
entire amount of the invested capital.
Investments in the Nordic Growth Sub-Fund are generally tied to
#41587.5805076v6 3

Risk Management
Calculation of global
exposure
Profile of Targeted
Investors
large risks, as share prices can strongly fluctuate. Growth-oriented
companies are largely valued based on future profits, which can
cause large fluctuations in the share development.
The Nordic Growth Sub-Fund’s investments are largely made in
shares denominated in foreign currency, which means that the fund
is sensitive to changes in the exchange rate against the euro (EUR).
In accordance with the Law of 2010 and the applicable regulations,
in particular Circular CSSF 11/512, the Nordic Growth Sub-Fund
uses a risk-management process which enables it to assess its
exposure to market, liquidity and counterparty risks, and to all other
risks, including operational risks, which are material for the Nordic
Growth Sub-Fund.
As part of the risk-management process, the Nordic Growth Sub-
Fund uses the commitment approach to monitor and measure the
global exposure. This approach measures the global exposure
related to positions on financial derivative instruments (“FDIs”) under
consideration of netting and hedging effects which may not exceed
the total net value of the portfolio of the Nordic Growth Sub-Fund.
Under the standard commitment approach, each FDI position is
converted into the market value of an equivalent position in the
underlying asset of that FDI.
The Nordic Growth Sub-Fund suits investors who are familiar with
the risks of the stock market and who can accept the occurrence of
rate fluctuations.
The Nordic Growth Sub-Fund is suitable for investors who are
seeking an investment horizon of 5 years or more.
Classes of Shares Shares of any Class within the Nordic Growth Sub-Fund will be
issued in registered book-entry form only.
The Nordic Growth Sub-Fund offers Share Classes A and B and
sub-Classes in EUR and SEK within Class A and Class B.
Within the Nordic Growth Sub-Fund, Shares of Class A (EUR) and A
(SEK) will exclusively be issued to retail investors, i.e. any investor
who does not qualify as an institutional investor as defined below
(the "Retail Investors") and Shares of Class B (EUR) and Class B
(SEK) will exclusively be issued to institutional investors, i.e.
investors within the meaning of the article 2 of the Luxembourg Law
of 13th February 2007 relating to Specialized Investment Funds (the
"Institutional Investors").
The Fund will not accept to issue Class B Shares to investors who
may not be considered as Institutional Investors. Furthermore, the
board of directors will not give its approval to any transfer of Shares
which would result in a non-institutional investor becoming a
Shareholder of Class B Shares. The board of directors, at its full
discretion, will refuse the issue or transfer of such Shares if there is
not sufficient evidence that the investors to which the Shares are
sold or transferred to are Institutional Investors.
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Sales and Redemption
Charge
Minimum Investment and
Holding
Considering the qualification of a subscriber or a transferee as
Institutional Investor, the board of directors will have due regard to
the guidelines or recommendations (if any) of the competent
Supervisory Authorities.
Institutional Investors subscribing in their own name, but on behalf of
a third party, must certify such subscription is made on behalf of an
Institutional Investor as aforesaid and the board of directors may
require at its sole discretion, evidence that the beneficial owner of
the Shares is an Institutional Investor.
Class A and Class B Shares will only differentiate to the extent of the
annual rate of the taxe d’abonnement applicable to the assets
corresponding to the relevant Class.
Classes A (EUR), A (SEK), B (EUR) and B (SEK) Shares are
exclusively issued as distribution Shares.
After the initial subscription period as defined hereafter, the offering
price per Share of each Class within the Nordic Growth Sub-Fund
corresponds to the Net Asset Value per Share of the relevant Class
plus the sales charge as mentioned hereinafter.
The sales charge levied is a maximum of three per cent (3 %) of the
Net Asset Value per Share of the relevant Class, which shall revert
to the relevant distributor.
The sales charge will be levied for subscriptions during the Initial
Subscription Period as well as for subscriptions after the Initial
Subscription Period.
The redemption charge levied is a maximum of two per cent (2 %) of
the redemption amount, which shall revert to the relevant distributor.
Class A Shares:
There exists no minimum initial investment and holding requirement
per investor for Class A Shares.
There exists no minimum subsequent investment requirement per
investor for Class A Shares.
Class B Shares:
There exists no minimum initial investment requirement per investor
for Class B (SEK) Shares.
There exists no minimum subsequent investment requirement per
investor for Class B (SEK) Shares.
For Class B (EUR) Shares the minimum initial investment and
holding requirement per investor will be as follows:
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� Class B (EUR) Shares: EUR 1,000,000.-
A redemption request which would reduce the value at such time of
any holding to below such amount may be treated as a request to
redeem the whole of such shareholding. The Board of Directors may
waive the minimum amounts for the initial and/or subsequent
subscriptions at their sole discretion.
For Class B (EUR) Shares the minimum subsequent investment
requirement per investor will be as follows:
� Class B (EUR) Shares: EUR 100,000.-
Subscriptions Investors whose applications are accepted will be allotted Shares
issued on the basis of the Net Asset Value per Share determined as
of the Valuation Day (as defined below), provided that such
application is received by the Fund not later than 16:00, Luxembourg
time, on the relevant Valuation Day. Applications received after
16:00, Luxembourg time, on the relevant Valuation Day, will be dealt
with on the following Valuation Day.
Payment for subscriptions must be made within three Business Days
after the applicable Valuation Day.
Redemptions Shareholders whose applications for redemption are accepted will
have their Shares redeemed on any Valuation Day provided that the
applications have been received by the Fund prior to 16:00,
Luxembourg time, on the relevant Valuation Day. Applications
received after 16:00, Luxembourg time, on the relevant Valuation
Day, will be dealt with on the following Valuation Day.
The redemption price shall be equal to the Net Asset Value per
Share of the Nordic Growth Sub-Fund on the relevant Valuation Day.
The redemption price shall be paid no later than three Business
Days after the applicable Valuation Day.
Conversions The Shares of any class of the Nordic Growth Sub-Fund may be
converted into Shares of any class of the Global Growth Sub-Fund or
of another Sub-Fund according to the procedure described in the
Prospectus on the basis of the respective Net Asset Values of the
relevant Classes or Sub-Funds, calculated as of the relevant
Valuation Day, provided that the request for conversion is received
by the Fund not later than 16:00 noon, Luxembourg time, on the
relevant Valuation Day. Requests received after 16:00 noon,
Luxembourg time, on the relevant Valuation Day will be dealt with on
the following Valuation Day.
Reference Currency of
the Nordic Growth Sub-
Fund
Frequency of the Net
Asset Value Calculation
A conversion fee of up to zero point five per cent (0.5 %) of the Net
Asset Value per Share of the relevant Class which shall be
converted shall be levied.
The Net Asset Value per Share of all the Classes of the Nordic
Growth Sub-Fund will be calculated in EUR.
The Net Asset Value per Share of the Nordic Growth Sub-Fund will
be determined in Luxembourg under the overall responsibility of the
#41587.5805076v6 6

and Valuation Day Board of Directors as of every Business Day (the "Valuation Day")
and has been determined for the first time on 1 September 2010.
Investment Manager Alandsbanken Asset Management AB (Reg. number 59 32 00 -
1745) has been appointed as Investment Manager for the Nordic
Growth Sub-Fund. Alandsbanken Asset Management AB has been
incorporated under the laws of Sweden. The registered office is at
Stureplan 19, SE-107 81 Stockholm. On December 1, 2011, its
capital and reserves amounted to SEK 493.000.000,-. Alandsbanken
Asset Management AB is an asset manager institution and is
licensed under the Swedish law (2007:528), Chapter 2, Section 1,
items 1, 2, 4 and 5.
Investment Management
Fee
Listing on the
Luxembourg Stock
Exchange
Publication of the Net
Asset Value
The Management Company will be entitled to receive, payable out of
the assets attributable to the relevant Class of Shares of the Nordic
Growth Sub-Fund, the following management fees calculated as of
each Valuation Day on the basis of the Net Asset Value of the
relevant Valuation Day and paid out monthly in arrears:
� Class A (EUR) Shares: up to 2.5 percent per annum;
� Class A (SEK) Shares: up to 2.5 percent per annum;
� Class B (EUR) Shares: up to 2.5 percent per annum;
� Class B (SEK) Shares: up to 2.5 percent per annum.
The Shares of the Nordic Growth Sub-Fund are not listed on the
Luxembourg Stock Exchange.
The Net Asset Value per Share as well as the issue, redemption and
conversion prices will be available at the registered office of the Fund
and will be available on each Valuation Day.
Taxation The Nordic Growth Sub-Fund is liable to an annual taxe
d’abonnement in the Grand Duchy of Luxembourg, such tax being
payable quarterly on the basis of the value of the aggregate net
assets of the Nordic Growth Sub-Fund at the end of the relevant
calendar quarter. The taxe d’abonnement shall be levied at the
annual rate of 0.05% in respect of the assets of the Nordic Growth
Sub-Fund attributable to Class A Shares and at the annual rate of
0.01% in respect of the assets of the Nordic Growth Sub-Fund
attributable to Class B Shares.
Investment Objective and
Policy
Alandsbanken SICAV: Swedish Growth
The Swedish Growth Sub-Fund is an actively managed equity
portfolio. It is a vehicle aiming to outperform its benchmark,
Scandinavian Information Exchange Portfolio Return Index
(SIXPRX).
The Swedish Growth Sub-Fund will focus on companies which are
expected to grow at a relatively high rate. Allocation between
different sectors is thus a consequence of the objective to invest in
stocks which are estimated to deliver the best returns.
Investments made include, to a lesser extent, warrants, convertibles
#41587.5805076v6 7

Risk Profile / Risk
Management
Risk Profile
Risk Management
Calculation of global
exposure
Profile of Targeted
Investors
and options on securities.
On an ancillary basis, the Swedish Growth Sub-Fund may also hold
liquid assets such as deposits and other regularly traded short term
money market instruments issued or guaranteed by first class
issuers or guarantors and having a residual maturity not exceeding
twelve months.
The Swedish Growth Sub-Fund may also deal in options on
securities, financial futures and forward exchange contracts for
hedging purposes so as to protect the value of the assets of the
Swedish Growth Sub-Fund.
The Swedish Growth Sub-Fund may also use various derivative
instruments for efficient portfolio management purposes to the extent
permitted by the investment restrictions detailed in the Prospectus.
SEK is the reference currency of the Swedish Growth Sub-Fund but
assets may be denominated in other currencies and currency
exposure may be hedged.
Money invested in the Swedish Growth Sub-Fund can both increase
and decrease in value and it is not certain that one will recoup the
entire amount of the invested capital.
Investments in the Swedish Growth Sub-Fund are generally tied to
large risks, as share prices can strongly fluctuate. Growth-oriented
companies are largely valued based on future profits, which can
cause large fluctuations in the share development.
In accordance with the Law of 2010 and the applicable regulations,
in particular Circular CSSF 11/512, the Swedish Growth Sub-Fund
uses a risk-management process which enables it to assess its
exposure to market, liquidity and counterparty risks, and to all other
risks, including operational risks, which are material for the Swedish
Growth Sub-Fund.
As part of this risk-management process, the Swedish Growth Sub-
Fund uses the commitment approach to monitor and measure the
global exposure. This approach measures the global exposure
related to positions on financial derivative instruments (“FDIs”) under
consideration of netting and hedging effects which may not exceed
the total net value of the portfolio of the Swedish Growth Sub-Fund.
Under the standard commitment approach, each FDI position is
converted into the market value of an equivalent position in the
underlying asset of that FDI.
The Swedish Growth Sub-Fund suits investors who are familiar with
the risks of the stock market and who can accept the occurrence of
rate fluctuations. The Swedish Growth Sub-Fund is suitable for
investors who are seeking an investment horizon of 5 years or more.
Classes of Shares Shares of any Class within the Swedish Growth Sub-Fund will be
issued in registered book-entry form only.
#41587.5805076v6 8

Sales and Redemption
Charge
Minimum Investment and
Holding
The Swedish Growth Sub-Fund offers Share Classes A and B and
sub-Classes in EUR and SEK within Class A and Class B.
Within the Swedish Growth Sub-Fund, Shares of Class A (EUR) and
A (SEK) will exclusively be issued to retail investors, i.e. any investor
who does not qualify as an institutional investor as defined below
(the "Retail Investors") and Shares of Class B will exclusively be
issued to institutional investors, i.e. investors within the meaning of
the article 2 of the Luxembourg Law of 13th February 2007 relating
to Specialized Investment Funds (the "Institutional Investors").
The Fund will not accept to issue Class B Shares to investors who
may not be considered as Institutional Investors. Furthermore, the
board of directors will not give its approval to any transfer of Shares
which would result in a non-institutional investor becoming a
Shareholder of Class B Shares. The board of directors, at its full
discretion, will refuse the issue or transfer of such Shares if there is
not sufficient evidence that the investors to which the Shares are
sold or transferred to are Institutional Investors.
Considering the qualification of a subscriber or a transferee as
Institutional Investor, the board of directors will have due regard to
the guidelines or recommendations (if any) of the competent
Supervisory Authorities.
Institutional Investors subscribing in their own name, but on behalf of
a third party, must certify such subscription is made on behalf of an
Institutional Investor as aforesaid and the board of directors may
require at its sole discretion, evidence that the beneficial owner of
the Shares is an Institutional Investor.
Class A and Class B Shares will only differentiate to the extent of the
annual rate of the taxe d’abonnement applicable to the assets
corresponding to the relevant Class.
Classes A (EUR), A (SEK), B (EUR) and B (SEK) Shares are
exclusively issued as distribution Shares.
The offering price per Share of each Class within the Swedish
GrowthSub-Fund corresponds to the Net Asset Value per Share of
the relevant Class plus the sales charge as mentioned hereinafter.
The sales charge levied is a maximum of three per cent (3 %) of the
Net Asset Value per Share of the relevant Class, which shall revert
to the relevant distributor.
The sales charge will be levied for subscriptions during the Initial
Subscription Period as well as for subscriptions after the Initial
Subscription Period.
The redemption charge levied is a maximum of two per cent (2%) of
the redemption amount, which shall revert to the relevant distributor.
Class A Shares:
There exists no minimum initial investment and holding requirement
#41587.5805076v6 9

per investor for Class A Shares.
There exists no minimum subsequent investment requirement per
investor for Class A Shares.
Class B Shares:
There exists no minimum initial investment requirement per investor
for Class B (SEK) Shares.
There exists no minimum subsequent investment requirement per
investor for Class B (SEK) Shares.
For Class B (EUR) Shares the minimum initial investment and
holding requirement per investor will be as follows:
� Class B (EUR) Shares: EUR 1,000,000.-
A redemption request which would reduce the value at such time of
any holding to below such amount may be treated as a request to
redeem the whole of such shareholding. The Board of Directors may
waive the minimum amounts for the initial and/or subsequent
subscriptions at their sole discretion.
For Class B (EUR) Shares the minimum subsequent investment
requirement per investor will be as follows:
� Class B (EUR) Shares: EUR 100,000.-
Subscriptions Investors whose applications are accepted will be allotted Shares
issued on the basis of the Net Asset Value per Share determined as
of the Valuation Day (as defined below) on which the application
form is received, provided that such application is received by the
Fund not later than 16:00, Luxembourg time, on the relevant
Valuation Day. Applications received after 16:00, Luxembourg time,
on the relevant Valuation Day, will be dealt with on the following
Valuation Day.
Payment for subscriptions must be made within three Luxembourg
Business Days after the applicable Valuation Day.
Redemptions Shareholders whose applications for redemption are accepted will
have their Shares redeemed on any Valuation Day provided that the
applications have been received by the Fund prior to 16:00,
Luxembourg time, on the relevant Valuation Day. Applications
received after 16:00, on the relevant Valuation Day, will be dealt with
on the following Valuation Day.
The redemption price shall be equal to the Net Asset Value per
Share of the Swedish Growth Sub-Fund on the relevant Valuation
Day.
The redemption price shall be paid no later than three Luxembourg
Business Days after the applicable Valuation Day.
#41587.5805076v6 10

Conversions The Shares of any class of the Swedish Growth Sub-Fund may be
converted into Shares of any class of the Swedish Growth Sub-Fund
or of another Sub-Fund according to the procedure described in this
Prospectus on the basis of the respective Net Asset Values of the
relevant Classes or Sub-Funds, calculated as of the relevant
Valuation Day, provided that the request for conversion is received
by the Fund not later than 16:00, Luxembourg time on the relevant
Valuation Day. Requests received after 16:00, Luxembourg time on
the relevant Valuation Day will be dealt with on the following
Valuation Day.
Reference Currency of
the Swedish Growth Sub-
Fund
Frequency of the Net
Asset Value Calculation
and Valuation Day
A conversion fee of up to zero point five per cent (0.5 %) of the Net
Asset Value per Share of the relevant Class which shall be
converted shall be levied.
The Net Asset Value per Share of all the Classes of the Swedish
Growth Sub-Fund will be calculated in SEK.
The Net Asset Value per Share of the Swedish Growth Sub-Fund will
be determined in Luxembourg under the overall responsibility of the
Board of Directors as of every Business Day (the "Valuation Day")
and has been determined for the first time on 1 September 2010.
Investment Manager Alandsbanken Asset Management AB (Reg. number 59 32 00 -
1745) has been appointed as Investment Manager for the Swedish
Growth Sub-Fund. Alandsbanken Asset Management AB has been
incorporated under the laws of Sweden. The registered office is at
Stureplan 19, SE-107 81 Stockholm. On December 1, 2011, its
capital and reserves amounted to SEK 493.000.000,-. Alandsbanken
Asset Management AB is an asset manager institution and is
licensed under the Swedish law (2007:528), Chapter 2, Section 1,
items 1, 2, 4 and 5.
Investment Management
Fee
Listing on the
Luxembourg Stock
Exchange
Publication of the Net
Asset Value
The Management Company will be entitled to receive, payable out of
the assets attributable to the relevant Class of Shares of the Swedish
Growth Sub-Fund, the following management fees calculated as of
each Valuation Day on the basis of the Net Asset Value of the
relevant Valuation Day and paid out monthly in arrears:
� Class A (EUR) Shares: up to 2.5 percent per annum;
� Class A (SEK) Shares: up to 2.5 percent per annum;
� Class B (EUR) Shares: up to 2.5 percent per annum;
� Class B (SEK) Shares: up to 2.5 percent per annum.
The Shares of the Swedish Growth Sub-Fund are not listed on the
Luxembourg Stock Exchange.
The Net Asset Value per Share as well as the issue, redemption and
conversion prices will be available at the registered office of the Fund
and will be available on each Valuation Day.
Taxation The Swedish Growth Sub-Fund is liable to an annual taxe
d’abonnement in the Grand Duchy of Luxembourg, such tax being
payable quarterly on the basis of the value of the aggregate net
#41587.5805076v6 11

Investment Objective and
Policy
Investment Objective
Investment Policy
assets of the Swedish Growth Sub-Fund at the end of the relevant
calendar quarter. The taxe d’abonnement shall be levied at the
annual rate of 0.05% in respect of the assets of the Swedish Growth
Sub-Fund attributable to Class A Shares and at the annual rate of
0.01% in respect of the assets of the Swedish Growth Sub-Fund
attributable to Class B Shares.
Alandsbanken SICAV : Brig 6
The investment objective of the Brig 6 Sub-Fund is to create positive
returns with an annualized standard deviation of 6%. The Sub-Fund
will pursue an investment policy similar to a traditional balanced
fund, but will in addition make use of the possibilities for
diversification and alpha generation within the restrictions of the Law
of 17 December 2010.
To achieve this objective, the Brig 6 Sub-Fund will uphold a stable ex
ante portfolio volatility of 6% by investing in a well diversified portfolio
of assets aiming to capture uncorrelated risk premiums. The portfolio
composition, the individual weighting of the assets, will depend on
the risk characteristics of the constituent assets. On an ancillary
basis, the Brig 6 Sub-Fund may hold short positions via derivatives in
one or more asset classes as referred to hereafter, based on the
view from a tactical asset allocation strategy.
The risk thus specified (measured as annualized historical standard
deviation of daily returns or volatility) is an indication of the market
risk involved in investing in the Brig 6 Sub-Fund. Inasmuch as
historical volatility is a fair indication of the future risk, this measure
implies that the annual return which the Brig 6 Sub-Fund can be
expected to generate over time will range between -6% and 6%
around the expected yearly return of the Net Asset Value in
approximately 2/3 of the cases. The specified level of risk only takes
into consideration market risk, as opposed to any other types of risk
set forth in Part A chapter V. above.
The main drivers for the Brig 6 Sub-Funds returns are based on
diversification, constant risk, manager selection and tactical asset
allocation. Diversification enables exposure to more risk premiums
without increasing the overall portfolio risk, constant risk ensures the
risk target to be met and yield an efficient risk allocation with respect
to time, manager selection enables access to superior external
portfolio managers and tactical asset allocation give possibilities to
position the portfolio with respect to the macro environment.
The main asset classes for the Brig 6 Sub-Fund are equities and
fixed income. On an ancillary basis, the Brig 6 Sub-Fund may also
invest in currencies. The decision between instruments in the same
asset class is based on both cost efficiency and efficient portfolio
management.
The Brig 6 Sub-Fund may invest directly in the targeted main asset
classes or through UCITS and also UCI´s and may also use financial
derivative instruments for investment purposes and these may
include, but are not limited to, futures, options and swaps. Financial
#41587.5805076v6 12

Risk Profile / Risk
Management
Risk Profile
Risk Management
Calculation of global
exposure
Leverage
Profile of Targeted
Investors
derivative instruments may also be used for hedging purposes.
The Sub-Fund may not invest in single commodities derivative
contracts.
All instruments used in the Brig 6 Sub-Fund, directly or indirectly
should have daily liquidity. However, holdings up to a maximum of
10% of the Brig 6 Sub–Fund’s net assets may have a weekly
liquidity.
The Brig 6 Sub-Fund's long positions will be sufficiently liquid to
cover at all times the Brig 6 Sub-Fund's obligations arising from its
short positions.
SEK is the reference currency of the Brig 6 Sub-Fund but assets
may be denominated in other currencies and currency exposure may
be hedged. The Sub-Fund will bear the cost involved with such
currency hedging.
Brig 6 Sub-Fund is only a suitable vehicle for investors who
understand and can bear the high degree of economic risk involved
in an investment therein, including the risk of loss of the entire
amount invested, and believe that the investments is suitable based
upon their financial needs, resources and objectives. An investment
in Brig 6 Sub-Fund is not intended to be a complete investment
program for an investor. Investment results may vary substantially
over time. Past performance is not necessarily indicative of future
results.
In accordance with the Law of 2010 and the applicable regulations,
in particular Circular CSSF 11/512, the Brig 6 Sub-Fund uses a riskmanagement
process which enables it to assess the exposure of the
Brig 6 Sub-Fund to market, liquidity and counterparty risks, and to all
other risks, including operational risks, which are material for the Brig
6 Sub-Fund.
As part of this risk-management process and in view of the absolute
return strategy of the Brig 6 Sub-Fund, the global exposure of the
Brig 6 Sub-Fund is measured and controlled by the absolute Value at
Risk (the "VaR") approach.
The method used for the determination of the level of leverage of the
Brig 6 Sub-Fund is the sum of the notionals for financial derivative
instruments. The expected level of leverage may vary between 0%
and 70% based on the net asset value of the Brig 6 Sub-Fund.
Under certain circumstances the level of leverage might exceed the
before mentioned range, without however exceeding a maximum of
100%.
The Brig 6 Sub-Fund suits investors who are seeking an alternative
to a traditional bond portfolio. The Brig 6 Sub-Fund is suitable for
investors who are seeking an investment horizon of 5 years or more.
Techniques and Subject to the provisions set forth in Part A of this Prospectus, the
#41587.5805076v6 13

Instruments Brig 6 Sub-Fund may engage, for hedging purposes, in various
portfolio strategies to attempt to reduce certain risks of its
investments. These strategies currently include the use of options,
forward currency exchange contracts and futures contracts and
options thereon, as described under the section "Investment
Objectives, Policies, Techniques and Investment Restrictions" of Part
A of this Prospectus. In addition, the Brig 6 Sub-Fund may also use,
for the purpose of efficient portfolio management and proxy hedging,
currency forwards, options and swaps, as well as listed futures (and
related options) related to equities, bonds, interest rates and
currencies. Participation in the options, forwards or futures markets
and in currency exchange transactions involves investment risks and
transaction costs to which the Brig 6 Sub-Fund would not be subject
in the absence of the use of these strategies.
Classes of Shares Shares of any Class within the Brig 6 Sub-Fund will be issued in
registered book-entry form only.
Within the Brig 6 Sub-Fund, Shares of Class A (SEK) and B (SEK)
will be issued to all types of investors.
Classes A (SEK) Shares are exclusively issued as capitalisation
Shares.
Classes B (SEK) Shares are exclusively issued as capitalisation
Shares.
Sales Charge After the initial subscription period as defined hereafter, the offering
price per Share of each Class within the Brig 6 Sub-Fund
corresponds to the Net Asset Value per Share of the relevant Class
plus the sales charge as mentioned hereinafter.
Minimum Investment and
Holding
The sales charge levied is a maximum of 5 per cent of the Net Asset
Value per Share of the relevant Class, which shall revert to the
relevant distributor.
The sales charge will be levied for subscriptions during the Initial
Subscription Period as well as for subscriptions after the Initial
Subscription Period.
Class A Shares:
The minimum initial investment and holding requirement per investor
will be as follows:
� Class A (SEK) Shares: SEK 200.-
� Class B ( SEK) Shares no minimum limit
A redemption request which would reduce the value at such time of
any holding to below such amount may be treated as a request to
redeem the whole of such shareholding. The Board of Directors may
waive the minimum amounts for the initial and/or subsequent
subscriptions at their sole discretion.
The minimum subsequent investment requirement per investor will
be as follows:
#41587.5805076v6 14

� Class A (SEK) Shares: SEK 200.-
� Class B ( SEK) Shares no minimum limit
Subscriptions Shares of any Class within the Brig 6 Sub-Fund may be subscribed
between 3 February 2012 and 24 February 2012 (the “Initial
Subscription Period”) for a subscription price of SEK 200 plus the
sales charge mentioned hereabove.
Redemptions
Conversions
Reference Currency of
the Brig 6 Sub-Fund
Frequency of the Net
Asset Value Calculation
and Valuation Day
After the Initial Subscription Period, investors whose applications are
accepted will be allotted Shares issued on the basis of the Net Asset
Value per Share determined as of the Valuation Day (as defined
below), provided that such application is received by the Fund not
later than 12.00 noon, Luxembourg time, one business day
preceding the relevant Valuation Day. Applications received after
12.00 noon, Luxembourg time, on the relevant Valuation Day, will be
dealt with on the following Valuation Day.
Payment for subscriptions must be made within three Business Days
after the applicable Valuation Day.
Shareholders whose applications for redemption are accepted will
have their Shares redeemed on any Valuation Day provided that the
applications have been received by the Fund prior to 12.00 noon,
Luxembourg time, one business day preceding the relevant
Valuation Day. Applications received after 12.00 noon, Luxembourg
time, on the relevant Valuation Day, will be dealt with on the
following Valuation Day.
The redemption price shall be equal to the Net Asset Value per
Share of the Brig 6 Sub-Fund on the relevant Valuation Day.
The redemption price shall be paid no later than three Business
Days after the applicable Valuation Day.
The Shares of any class of the Brig 6 Sub-Fund may be converted
into Shares of any class of the Brig 6 Sub-Fund or of another Sub-
Fund according to the procedure described in the Prospectus on the
basis of the respective Net Asset Values of the relevant Classes or
Sub-Funds, calculated as of the relevant Valuation Day, provided
that the request for conversion is received by the Fund not later than
12.00 noon, Luxembourg time, one business day preceding the
relevant Valuation Day. Requests received after 12.00 noon,
Luxembourg time, on the relevant Valuation Day will be dealt with on
the following Valuation Day. No conversion fee shall be levied,
except as stated in Part A of the full Prospectus.
The Reference Currency of the Brig 6 Sub-Fund will be the Swedish
Krona (SEK).
The Net Asset Value per Share of the Brig 6 Sub-Fund will be
determined in Luxembourg under the overall responsibility of the
Board of Directors as of every Business Day (the "Valuation Day")
and for the first time on 1 March 2012.
Investment Manager Ålandsbanken Asset Management AB (Reg. number 59 32 00 -
#41587.5805076v6 15

Management Company
Fee
1745) has been appointed as Investment Manager for the Brig 6
Sub-Fund. Ålandsbanken Asset Management AB has been
incorporated under the laws of Sweden. The registered office is at
Stureplan 19, SE-107 81 Stockholm. On December 1, 2011, its
capital and reserves amounted to SEK 493.000.000.-. Ålandsbanken
Asset Management AB is an asset manager institution and is
licensed under the Swedish law (2007:528), Chapter 2, Section 1,
items 1, 2, 4 and 5.
The Management Company will be entitled to receive, payable out of
the assets attributable to the relevant Class of Shares of the Brig 6
Sub-Fund, the following management fees calculated as of each
Valuation Day on the basis of the Net Asset Value of the relevant
Valuation Day and paid out monthly in arrears:
.
� Class A (SEK) Shares: up to 2,0 percent per annum
� Class B (SEK) Shares: up to 2,0 percent per annum
Performance Fee In addition, the Management Company will receive from the Fund,
payable out of the assets attributable to the relevant Class of Shares
of the Brig 6 Sub-Fund, a performance fee (the “Performance Fee”)
calculated as follows:
The Performance Fee will be calculated daily in respect of each
Valuation Day (a “Calculation Period”). The Performance Fee shall
be subject to a high watermark principle and will be equal to 20
percent of the out performance for the Brig 6 Sub-Fund collectively of
the Net Asset Value per Share against the OMRX T-bond Total
Return index (Swedish Government Bond Index Total Returns)
measured in SEK (the “Hurdle”) on each Valuation Day.
The Performance Fee is calculated on the basis of a relative
performance index (“RPI”). Such RPI is calculating the relative daily
performance of the Fund as compared to the Hurdle on a daily basis.
The RPI index is calculated as follows:
RPI = 100*(1+ RFund_1 – RHurdle_1)* (1+ RFund_2 – RHurdle_2)*…* (1+
RFund_N – RHurdle_N)
Where RFund_i is the daily return for the Sub-Fund net of all fees on
day i and RHurdle_i is the daily performance of the Hurdle on day i.
The Performance Fee that will be charged will amount to 20 % of the
performance of the RPI, subject to a High Water Mark as defined
below.
The Performance Fee will be charged to the Brig 6 Sub-Fund even if
the performance of the Brig 6 Sub-Fund is negative in absolute
terms, but the Brig 6 Sub-Fund is nevertheless still outperforming the
Hurdle.
The use of the high watermark ensures that the performance fee is
charged only in case that the shares outperform in relation to the
hurdle and that the highest RPI is reached since the last reset. A
performance fee will not be charged until any previous losses since
the last reset are recovered.
#41587.5805076v6 16

Publication of the Net
Asset Value
Taxation
Taxation
The High Water Mark on the RPI after Performance Fee will be reset
quarterly with a 12 month rear view window, using the highest RPI
after Performance Fee per Share during that 12 month period. The
first reset of the High Watermark will be done at the nearest calendar
quarter, five quarters after the launch of the Brig 6 Sub-Fund.
The Performance Fee will be crystallised for every Valuation Day
and paid to the Management Company.
The Performance Fee will be calculated and accrued as an expense
of the relevant Class of Shares as of each Valuation Day and will be
payable to the Management Company monthly in arrears.
The Performance Fee in respect to each Calculation Period will be
calculated by reference to the Net Asset Value calculated on each
Valuation Day after deduction for management fees.
The use of a high watermark ensures that the Performance Fee is
charged only to those shares that have outperformed the Hurdle and
reached the highest RPI since the last payment of the Performance
Fee and investors will not be charged a Performance Fee until any
previous losses since the last reset are recovered , within the 12
month period.
The Performance Fee is paid collectively from the Brig 6 Sub-fund to
the Management Company, with the effect that every shareholder
will pay the same Performance Fee per Share and all shareholders
will have the same Net Asset Value per Share. This could cause
differences between different shareholders going in and out of the
Brig 6 Sub-Fund at different times.
The examples in the appendix 1 will show different scenarios for
different shareholders with possible market conditions.
The Net Asset Value per Share as well as the issue, redemption and
conversion prices will be available at the registered office of the Fund
and will be available on each Valuation Day.
The Brig 6 Sub-Fund is liable to a tax of 0.05% per annum of its Net
Asset Value, such tax being payable quarterly on the basis of the
value of the aggregate net assets of the Brig 6 Sub-Fund at the end
of the relevant calendar quarter.
FINANCIAL INFORMATION
The following summary is based on the law and practice currently
applicable in the Grand Duchy of Luxembourg and is subject to
changes therein.
A. Taxation of the Fund in Luxembourg
The Fund is not liable to any Luxembourg tax on profits or income.
The Fund is, however, liable in Luxembourg to a tax of 0.05% per
annum of its Net Asset Value, such tax being payable quarterly on
#41587.5805076v6 17

Fees of the Custodian,
Paying, Domiciliary,
the basis of the value of the aggregate net assets of the Sub-Funds
at the end of the relevant calendar quarter. No stamp duty or other
tax is payable in Luxembourg on the issue of Shares. No
Luxembourg tax is payable on the realised capital appreciation of the
assets of the Fund.
General
Dividends and interest received by the Fund on its investments may
be subject to non-recoverable withholding or other taxes in the
countries of origin.
B. Luxembourg Taxation of Shareholders
Under current legislation, shareholders are not subject to any capital
gains or income tax in Luxembourg (except for (i) those domiciled,
resident or having a permanent establishment in Luxembourg or (ii)
non-residents of Luxembourg who hold (personally or by attribution)
more than 10% of the Shares of the Fund and who dispose of all or
part of their holdings within 6 months from the date of acquisition or
(iii) in some limited cases, some former residents of Luxembourg
who hold (personally or by attribution) more than 10% of the Shares
of the Fund).
General
It is expected that shareholders in the Fund will be resident for tax
purposes in many different countries. Consequently, no attempt is
made in this Prospectus to summarize the taxation consequences for
each investor of subscribing, converting, holding or redeeming or
otherwise acquiring or disposing of Shares in the Fund. These
consequences will vary in accordance with the law and practice
currently in force in a shareholder's country of citizenship, residence,
domicile or incorporation and with his personal circumstances.
On 3 June 2003, the EU Council of Economic and Finance Ministers
adopted a new directive regarding the taxation on savings income. It
has been transposed into Luxembourg law by the 21 June 2005 Law.
Under the new regulations, each Member State is required to provide
to the tax authorities of another Member State details of payment of
interest or other similar income (including in certain circumstances
interest accrued in the proceeds of unit redemptions) paid by a
person within its jurisdiction to an individual resident in that other
member State. However, Austria, Belgium and Luxembourg may
instead apply a withholding system for a transitional period in relation
to such payments, in lieu of exchange of information. The rate of
withholding tax is of 35%.
Investors should inform themselves of, and when appropriate
consult their professional advisers on, the possible tax
consequences of subscribing for, buying, holding, converting,
redeeming or otherwise disposing of Shares under the laws of
their country of citizenship, residence, domicile or
incorporation.
The Custodian, Paying, domiciliary, administrative, registrar and
transfer agent is entitled to receive out of the assets of each Sub-
#41587.5805076v6 18

Administrative, Registrar
and Transfer Agent
Fund a fee of up to 0.30 % per annum of the average quarterly Net
Asset Value thereof during the relevant quarter and payable
quarterly in arrears, subject to a minimum that will not exceed an
amount of EUR 50,000 per annum. In addition the Custodian Paying,
domiciliary, administrative, registrar and transfer agent is entitled to
be reimbursed by the Fund for its reasonable out-of-pocket expenses
and disbursements and for the charges of any correspondents.
COMMERCIAL INFORMATION
Distribution Policy Within each Sub-Fund, Shares may be issued as capitalisation
Shares and/or as distribution Shares. The features of the Shares
available within each Sub-Fund are set out in Part B of the full
Prospectus.
Net Asset Value
Information
The board of directors of the Fund may propose to the annual
general meeting of Shareholders to decide the payment of a cash
dividend for the different Sub-Funds. Distributions may be made out
of income, realised and unrealised capital gains, provided however
that no distribution may be made if, as a result, the Net Asset Value
of the Fund would fall below the equivalent of EUR 1,250,000.
The Fund may thus distribute its net income on investments, allowing
for realized or unrealized depreciations and realized or unrealized
gains on capital. The board of directors of the Fund shall normally
make the payment of these dividends after the closing of the Fund’s
accounts. However, it may also decide to pay interim dividends.
Dividends not claimed within five years of their due date will lapse
and revert to the relevant Class within the relevant Sub-Fund.
No interest shall be paid on a distribution declared by the Fund and
kept by it at the disposal of its beneficiary.
The Net Asset Value per Share of each class in respect of each Sub-
Fund shall be determined in the Reference Currency of that class or
Sub-Fund.
The Net Asset Value per share in respect of each Sub-Fund is
determined in Luxembourg under the overall responsibility of the
Board of Directors as of every Business Day.
The Net Asset Value per share of each Sub-Fund is available at the
registered office of the Fund.
Further Information For further information please do not hesitate to contact:
Alpha Management Company S.A.
16, rue Jean Pierre Brasseur
L-1258 Luxembourg
Grand-Duchy of Luxembourg
#41587.5805076v6 19

Historical performance *)
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
Historical Performance as at 31.12.2010
Nordic Growth Sub-Fund
31.08.10 ‐
31.12.10
Alandsbanken SICAV : Nordic
Growth Class A (EUR) Share (in
EUR)
Alandsbanken SICAV : Nordic
Growth Class A (SEK) Share (in SEK)
Nordic VINX Index, VINX Bench
EUR NI Index (in EUR)
Performance of Class A (EUR) Share (in %)
- from 31.08.2010 (launch date) to 31.12.2010 25.53
Performance of Class A (SEK) Share (in %)
- from 31.08.2010 (launch date) to 31.12.2010 20.80
*) The historical performance is not an indication of future results.
#41587.5805076v6 20

Historical performance *)
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
Swedish Growth Sub-Fund
31.08.10 ‐
31.12.10
Alandsbanken SICAV : Swedish
Growth Class A (EUR) Share (in
EUR)
Alandsbanken SICAV : Swedish
Growth Class A (SEK) Share (in SEK)
Scandinavian Information
Exchange Portfolio Return Index (in
SEK)
Performance of Class A (EUR) Share (in %)
- from 31.08.2010 (launch date) to 31.12.2010 26.67
Performance of Class A (SEK) Share (in %)
- from 31.08.2010 (launch date) to 31.12.2010 21.88
*) The historical performance is not an indication of future results.
#41587.5805076v6 21

Historical performance *)
30.00%
20.00%
10.00%
0.00%
‐10.00%
‐20.00%
‐30.00%
Historical Performance as at 31.12.2011
31.08.10 ‐
31.12.10
Nordic Growth Sub-Fund
01.01.11 ‐
31.12.11
Alandsbanken SICAV : Nordic
Growth Class A (EUR) Share (in
EUR)
Alandsbanken SICAV : Nordic
Growth Class A (SEK) Share (in SEK)
Nordic VINX Index, VINX Bench
EUR NI Index (in EUR)
Performance of Class A (EUR) Share (in %)
- as at 31.12.2011 -22.62
- from 31.08.2010 (launch date) to 31.12.2010 25.53
Performance of Class A (SEK) Share (in %)
- as at 31.12.2011 -23.54
- from 31.08.2010 (launch date) to 31.12.2010 20.80
*) The historical performance is not an indication of future results.
#41587.5805076v6 22

Historical performance *)
30.00%
20.00%
10.00%
0.00%
‐10.00%
‐20.00%
‐30.00%
31.08.10 ‐
31.12.10
Swedish Growth Sub-Fund
01.01.11 ‐
31.12.11
Alandsbanken SICAV : Swedish
Growth Class A (EUR) Share (in
EUR)
Alandsbanken SICAV : Swedish
Growth Class A (SEK) Share (in SEK)
Scandinavian Information
Exchange Portfolio Return Index (in
SEK)
Performance of Class A (EUR) Share (in %)
- as at 31.12.2011 -20.19
- from 31.08.2010 (launch date) to 31.12.2010 26.67
Performance of Class A (SEK) Share (in %)
- as at 31.12.2011 -21.11
- from 31.08.2010 (launch date) to 31.12.2010 21.88
*) The historical performance is not an indication of future results.
#41587.5805076v6 23