PROSPECTUS SWEDBANK ROBUR INTERNATIONAL, SICAV

GEDI:3006506v5 

PROSPECTUS 

SWEDBANK ROBUR INTERNATIONAL, SICAV 

Société d'Investissement à capital variable 

à compartiments multiples 

Containing following Sub Funds of Investments 

SWEDBANK ROBUR INTERNATIONAL GLOBAL EQUITY SUB FUND 1 

SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB FUND 

SWEDBANK ROBUR INTERNATIONAL RUSSIAN EQUITY SUB FUND 

SWEDBANK ROBUR INTERNATIONAL EASTERN EUROPEAN EQUITY SUB 

FUND 

SWEDBANK ROBUR INTERNATIONAL TOMORROW EQUITY SUB FUND 

SWEDBANK ROBUR INTERNATIONAL AFRICA EQUITY SUB FUND 

SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB FUND 

SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB 

FUND 

SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB FUND 

SWEDBANK ROBUR INTERNATIONAL MIX SUB FUND 

SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB FUND 

SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB FUND 

SWEDBANK ROBUR INTERNATIONAL FRN SUB FUND 

SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB FUND 

SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB FUND 

Subscriptions can only be received on the basis of the latest key investor information 

documents ("Key Investor Information Documents") and prospectus. The Key Investor 

Information Documents, the latest annual report as well as the latest semi-annual report, 

published after the latest annual report, form part of the present full prospectus. 

No information other than that contained in this prospectus, in the Key Investor Information 

Documents, in the periodic financial reports, as well as in any other documents mentioned in 

the prospectus and which may be consulted by the public may be given in connection with 

the offer. 

In addition to this prospectus, SWEDBANK ROBUR INTERNATIONAL, SICAV has created 

Key Investor Information Documents which contains key information on the historical 

performance, the charges, the synthetic risk and reward indicator, the objectives and 

investment policy and some practical information of each Sub Fund of SWEDBANK ROBUR 

INTERNATIONAL, SICAV. The Key Investor Information Documents may be obtained free 

of charge at the registered office of SWEDBANK ROBUR INTERNATIONAL, SICAV and 

VISA 2012/86983-666-0-PC 

1 

As from August 28, 2012, this Sub Fund will be renamed from Swedbank Robur International L'apposition du Global visa ne Equity peut en aucun cas servir 

d'argument de publicité 

Sub Fund into Swedbank Robur International Global High Dividend Sub Fund. 

Luxembourg, le 2012-07-30 

Commission de Surveillance du Secteur Financier

must be offered free of charge to any investor prior to any subscription in SWEDBANK 

ROBUR INTERNATIONAL, SICAV. 

Shares of SWEDBANK ROBUR INTERNATIONAL, SICAV may be neither bought nor held 

directly or indirectly by investors who are residents or citizens of the United States and its 

sovereign territories nor is the transfer of shares to those persons permitted. 

Shares of SWEDBANK ROBUR INTERNATIONAL, SICAV are offered to retail and 

institutional investors unless otherwise indicated in this prospectus and/or the Key Investor 

Information Documents. 

R.C.S LUXEMBOURG B 31.868 

July 2012 

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TABLE OF CONTENTS 

INTRODUCTION.................................................................................................................................................... 6 

THE COMPANY...................................................................................................................................................... 7 

CAPITAL STOCK................................................................................................................................................... 7 

INVESTMENT OBJECTIVE AND POLICY ....................................................................................................... 9 

INVESTMENT RESTRICTIONS ........................................................................................................................ 19 

RISK FACTORS .................................................................................................................................................... 28 

DISTRIBUTION POLICY.................................................................................................................................... 30 

NET ASSET VALUE ............................................................................................................................................. 31 

ISSUE OF SHARES............................................................................................................................................... 33 

REDEMPTION OF SHARES............................................................................................................................... 35 

CONVERSION AND SWITCHING BETWEEN SUB FUNDS ........................................................................ 36 

MARKET TIMING POLICY............................................................................................................................... 37 

TAXATION ............................................................................................................................................................ 37 

INVESTMENT MANAGER ................................................................................................................................. 38 

DOMICILIARY AGENT ...................................................................................................................................... 39 

DEPOSITORY BANK - PAYING AGENT - PLACEMENT AGENT ............................................................. 39 

ADMINISTRATOR ............................................................................................................................................... 39 

REGISTRAR AND TRANSFER AGENT ........................................................................................................... 39 

MAIN DISTRIBUTOR.......................................................................................................................................... 40 

DISTRIBUTORS IN THE BALTIC COUNTRIES ............................................................................................ 41 

MONEY LAUNDERING PREVENTION........................................................................................................... 42 

EXPENSES ............................................................................................................................................................. 42 

NOTICES................................................................................................................................................................ 43 

DOCUMENTS........................................................................................................................................................ 44 

SHAREHOLDER RIGHTS .................................................................................................................................. 45 

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REGISTERED OFFICE SWEDBANK ROBUR INTERNATIONAL, SICAV 

65, boulevard Grande-Duchesse Charlotte 

L-1331 Luxembourg 

Grand Duchy of Luxembourg 

DIRECTORS Cecilia Vernerson 

Chairman of the Board 

Head of Legal and Compliance – Swedbank Asset 

Management S.A. Luxembourg 

L-1331 Luxembourg – Grand Duchy of Luxembourg 

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Lars Friberg 

Managing Director – Swedbank Asset Management S.A. 

Luxembourg 

L-1331 Luxembourg – Grand Duchy of Luxembourg 

Sarah Olsson 

Legal counsel – Swedbank Robur Fonder AB 

S-105 34 Stockholm - Sweden 

CONDUCTING PERSONS Per-Olov Carlsson 

Chief Financial Officer – Swedbank Robur Fonder AB 

S-105 34 Stockholm – Sweden 

Petter Brandt 

Chief Risk Officer – Swedbank Robur Fonder AB 

S-105 34 Stockholm – Sweden 

AUDITOR DELOITTE S.A. 

560, rue de Neudorf 



INVESTMENT MANAGER 

MAIN DISTRIBUTOR 

DISTRIBUTOR IN 

ESTONIA 


LATVIA 

SWEDBANK ROBUR FONDER AB 

Malmskillnadsgatan 32 

S-105 34 Stockholm 

Sweden 

SWEDBANK AS 

Liivalaia 8 

Tallinn 15040 

Estonia 

AS SWEDBANK 

Balasta dambis 1a 

Riga LV-1048 

Latvia


LITHUANIA 

DOMICILIARY AGENT 

DEPOSITORY BANK 

PAYING AGENT 

PLACEMENT AGENT 

ADMINISTRATOR 

REGISTRAR AND 

TRANSFER AGENT 

"SWEDBANK", AB 

Konstitucijos pr. 20A 

Vilnius LT-03502 

Lithuania 

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SWEDBANK AB (publ) Luxembourg Branch 




SWEDBANK AB (publ) Luxembourg Branch 




LEGAL ADVISOR ELVINGER, HOSS & PRUSSEN 

2, Place Winston Churchill 


Grand Duchy of Luxembourg

INTRODUCTION 

SWEDBANK ROBUR INTERNATIONAL, SICAV (hereafter the "Company"), described in 

this prospectus is a company established in Luxembourg with a variable capital, société 

d'investissement à capital variable ("SICAV") which comprises separate "Sub Funds" 

consisting of securities or other liquid financial assets in accordance with article 41 (1) of the 

Law as defined under "The Company" herein below, at the initiative of SWEDBANK ROBUR 

AB, Stockholm, Sweden. 

The main objective of the Company is to provide a range of Sub Funds combined with active 

professional management to diversify investment risk and satisfy the needs of investors 

seeking income, capital conservation and longer term capital growth. 

As in the case of any investment, the Company cannot guarantee future performance and 

there can be no certainty that the investment objectives of the Company's individual Sub 

Funds will be achieved. 

For the moment, the Company contains following Sub Funds, respectively: 

� Swedbank Robur International Global Equity Sub Fund 

� Swedbank Robur International European Equity Sub Fund 

� Swedbank Robur International Global Bond Sub Fund 

� Swedbank Robur International Total Return Fixed Income Sub Fund 

� Swedbank Robur International Swedish Liquidity Sub Fund 

� Swedbank Robur International Mix Sub Fund 

� Swedbank Robur International Swedish Bond Mega Sub Fund 

� Swedbank Robur International FRN Sub Fund 

� Swedbank Robur International Swedish Total Return Plus Sub Fund 

� Swedbank Robur International Tomorrow Equity Sub Fund 

� Swedbank Robur International Africa Equity Sub Fund 

� Swedbank Robur International Corporate Bond Sub Fund 

The denomination currency (the "denomination currency") of the here above mentioned Sub 

Funds is Swedish Kronor. 

� Swedbank Robur International Euro Bond Sub Fund 

� Swedbank Robur International Russian Equity Sub Fund 

� Swedbank Robur International Eastern European Equity Sub Fund 

The denomination currency of the above Sub Funds is Euro. 

The Sub Funds including "Mega" in their name are aimed for wealthy private or institutional 

investors. 

However, the Board of Directors may decide at any time to create new Sub Funds investing 

in securities or other liquid financial assets in accordance with article 41 (1) of the Law as 

defined under "The Company" herein below. At the opening of such additional Sub Funds, a 

complement of the Prospectus shall be issued providing the investors with all information on 

those new Sub Funds and the present prospectus shall be adapted accordingly. 

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THE COMPANY 

The Company was incorporated in the Grand Duchy of Luxembourg on October 25, 1989 

under the name of ROBUR INTERNATIONAL, SICAV. It is organized as a variable capital 

company (société d'investissement à capital variable "SICAV") under the law of 

August 10, 1915 relating to commercial companies and Part I of the law of 

December 17, 2010 relating to collective investment undertakings, as may be amended from 

time to time (the "Law"). It is established for an undetermined duration from the date of the 

incorporation and has adopted the status of self-managed SICAV in the meaning of article 

27 of the Law. 

The registered office of the Company is at 65, boulevard Grande-Duchesse Charlotte, L- 

1331 Luxembourg. The articles of incorporation (the "Articles") of the Company were 

published in the Mémorial, Recueil des Sociétés et Associations, (hereafter referred to as 

the "Mémorial") dated November 28, 1989. The Articles have been deposited with the 

Register of the Tribunal d'Arrondissement of Luxembourg where they are available for 

inspection and where copies thereof can be obtained. The Articles have been amended on 

April 27, 1995 and on July 7, 1997 and the amendments were published in the Mémorial on 

May 10, 1995 and on August 11, 1997 respectively. They have further been amended on 

December 5, 2005 to be compliant with the Law as published in the Mémorial on December 

30, 2005 and also amended on August 6, 2007 to reflect the new name of the Company as 

published in the Mémorial on September 14, 2007. The Articles were amended for the last 

time on June 3, 2011 as published in the Mémorial on October 10, 2011. 

The financial year of the Company starts on January 1st and ends on December 31st of 

each year. 

Shareholders' meetings are to be held annually in Luxembourg at the Company's registered 

office or at such other place as is specified in the notice of meeting. The Annual General 

Meeting will be held on the last Friday in April each year, at 2:00 p.m. local time. If such day 

is a legal holiday in Luxembourg, the Annual General Meeting shall be held on the next 

following business day. Other meetings of shareholders may be held at such place and time 

as may be specified in the respective notices of meetings. Notices of meetings will be 

published in the Mémorial, in such Luxembourg newspaper and in such other newspaper of 

general circulation as the Board of Directors may determine from time to time in accordance 

with Luxembourg laws. Resolutions concerning the interests of the shareholders of the 

Company shall be taken in a general meeting and resolutions concerning the particular 

rights of the shareholders of one specific Sub Fund shall in addition be taken by this Sub 

Fund's general meeting. 

CAPITAL STOCK 

The capital of the Company shall at all times be equal to the value of the net assets of all the 

Sub Funds of the Company. 

The minimum capital of the Company shall be the equivalent in Swedish Kronor of 

EUR 1.250.000. - (one million two hundred fifty thousand Euro). For the purpose of 

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determining the capital of the Company, the net assets attributable to each Sub Fund, if not 

expressed in Swedish Kronor, will be converted into Swedish Kronor at the then prevailing 

exchange rate in Luxembourg. 

The Board of Directors is authorised, without limitation and at any time, to issue additional 

shares at the respective Net Asset Value per share determined in accordance with the 

provisions of the Company's Articles, without reserving to existing shareholders a 

preferential right to subscribe for the shares to be issued. 

The Company may offer different classes (Classes) of shares in each Sub Fund. The 

differences between the Classes may consist in different minimum initial subscription 

amounts and different levels of commissions and management fees and different currencies. 

The Company may also decide to reserve certain Classes to certain specific categories of 

investors. 

The Board of Directors may further decide to create in each Class of shares two or more sub 

classes (the "Sub Classes" and individually a "Sub Class") whose assets will be commonly 

invested pursuant to the specific investment policy of the Class concerned but where a 

specific sales and redemption charge structure, fee structure, or other specificity is applied to 

each Sub Class. 

Name of Sub-Fund Class Class Class 

EUR SEK JPY 

Swedbank Robur International Global Equity Sub Fund X X 

Swedbank Robur International European Equity Sub Fund X X 

Swedbank Robur International Russian Equity Sub Fund X 1 

X 

Swedbank Robur International Eastern European Equity Sub Fund NOT LAUNCHED 

Swedbank Robur International Tomorrow Equity Sub Fund X X 

Swedbank Robur International Africa Equity Sub Fund X X 

Swedbank Robur International Global Bond Sub Fund X 

Swedbank Robur International Total Return Fixed Income Sub Fund X 

Swedbank Robur International Swedish Liquidity Sub Fund X 

Swedbank Robur International Mix Sub Fund NOT LAUNCHED 

Swedbank Robur International Euro Bond Sub Fund X 

Swedbank Robur International Swedish Bond Mega Sub Fund X 

Swedbank Robur International FRN Sub Fund X 

Swedbank Robur International Swedish Total Return Plus Sub Fund X 

Swedbank Robur International Corporate Bond Sub Fund X 

Upon the issue of Classes and/or Sub Classes in another Sub Fund the prospectus shall be 

updated accordingly. 

Upon the issue of different Classes or Sub Classes of shares, a shareholder may, at his own 

expense, at any time, request the Company to convert his shares from one Class or Sub 

Class to another Class or Sub Class based on the relative Net Asset Value of the shares to 

be converted. 

1 

The EUR share class of Swedbank Robur International Russian Equity Sub Fund is not yet launched. 

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Fractions of shares may be issued with four decimals of a share. Fractions of shares will 

have no voting rights but will participate in the distribution of dividends, if any, and in the 

liquidation distribution. 

All shares are issued, fully paid and have no par value. Shares of any Sub Fund will be 

entitled to payment of a dividend in case payment of a dividend is decided. Each share 

carries one vote, regardless of its Net Asset Value and of the Sub Fund to which it relates. 

Shares are available in registered form. No share certificates will be issued in respect of 

registered shares unless specifically requested; registered share ownership will be 

evidenced by confirmation of ownership. 

If the capital of the Company becomes less than two-thirds of the legal minimum, the 

Directors must submit the question of the dissolution of the Company to the general meeting 

of shareholders. The meeting is held without a quorum, and decisions are taken by simple 

majority. If the capital becomes less than one quarter of the legal minimum, a decision 

regarding the dissolution of the Company may be taken by shareholders representing one 

quarter of the shares present. The meeting in the foregoing instance must be convened not 

later than 40 days from the day on which it appears that the capital has fallen below twothirds 

or one quarter of the minimum capital, as the case may be. 

INVESTMENT OBJECTIVE AND POLICY 

SWEDBANK ROBUR INTERNATIONAL GLOBAL EQUITY SUB FUND's principle 

objective is to maximize capital appreciation through investment in equity securities and, to a 

limited extent, convertible securities, warrants and equity linked notes and other equity linked 

securities which are admitted to official listing on a stock exchange or which are traded on 

another regulated market which operates regularly and is recognised and open to the public, 

hereafter referred to as "a regulated market" in Europe, North or South America, Asia, 

Australia, New Zealand or Africa provided that the Sub Fund may invest in equity linked 

notes and other equity linked securities which are unlisted within the investment limits set out 

below. In order to achieve its investment objectives, the Sub Fund may also invest part or all 

of its assets in financial derivative instruments such as futures. However, investors should 

note that the use of derivative instruments entails certain risks that may have a negative 

impact on the performance of the Sub Fund. 

Global Exposure 

The Sub Fund uses a relative Value-at-Risk model for the determination of its global 

exposure. The Monte Carlo method is used with a 99 percent confidence level and a one 

day time horizon. The relative Value-at-Risk approach is further described under point 8) iii) 

"Global Exposure". The Sub Fund's Value-at-Risk is compared to the MSCI World Net 

Return index as reference portfolio. The expected maximum level of leverage for the Sub 

Fund, calculated in accordance with CSSF Circular 11/512, is 200 percent. 

Profile of the Typical Investor 

This Sub Fund is intended for private and institutional investors. Investors must be able to 

accept volatility and the possibility of capital losses. The Sub Fund is only intended for 

investors who can set aside the invested capital for at least five years. 

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As from August 28, 2012, the Sub Fund SWEDBANK ROBUR INTERNATIONAL GLOBAL 

EQUITY SUB FUND will be renamed SWEDBBANK ROBUR INTERNATIONAL GLOBAL 

HIGH DIVIDEND SUB FUND. SWEDBANK ROBUR INTERNATIONAL GLOBAL HIGH 

DIVIDEND SUB FUND's principle objective is to maximize capital appreciation through 

investment in equity securities and, to a limited extent, convertible securities, warrants and 

equity linked notes and other equity linked securities which are admitted to official listing on 

a stock exchange or which are traded on another regulated market which operates regularly 

and is recognised and open to the public, hereafter referred to as "a regulated market" in 

Europe, North or South America, Asia, Australia, New Zealand or Africa. The Sub Fund may 

also invest in equity linked notes and other equity linked securities which qualify as unlisted 

transferable securities within the investment limits set out below. 

In order to achieve its investment objectives, the Sub Fund will invest primarily in securities 

of companies offering high dividend distribution records. The Sub Fund may invest part or all 

of its assets in financial derivative instruments such as, but not limited to, options (call and 

put) including on stock dividends, futures, swaps (including credit, credit-default and interest 

rate swaps), forward and any other OTC derivatives. However, investors should note that the 

use of derivative instruments entails certain risks that may have a negative impact on the 

performance of the Sub Fund, as further described under section "RISK FACTORS". 

The Sub Fund may also hold liquid assets including interest bearing accounts and term 

deposits with credit institutions and money market instruments in order to maximise the 

efficiency of the Sub Fund cash management or protect the Sub Fund and its Shareholders 

in exceptional market conditions. 


The Sub Fund uses an absolute Value-at-Risk model for the determination of its global 


day time horizon. The absolute Value-at-Risk approach is further described under point 8) iii) 

"Global Exposure". The expected maximum level of leverage for the Sub Fund, calculated in 

accordance with CSSF Circular 11/512, is 300 percent (not including the base portfolio of the 

Sub Fund). 





SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB FUND's principle 




another regulated market, within the E.U. or other European non E.U. countries provided 

that the Sub Fund may invest in equity linked notes and other equity linked securities which 

are unlisted within the investment limits set out below. 

GEDI:3006506v5 10





"Global Exposure". The Sub Fund's Value-at-Risk is compared to the MSCI Pan-Euro Net 

Return index as reference portfolio. The expected maximum level of leverage for the Sub 

Fund, calculated in accordance with CSSF Circular 11/512, is 200 percent. 





SWEDBANK ROBUR INTERNATIONAL RUSSIAN EQUITY SUB FUND's policy is to 

invest mainly in securities of issuers domiciled, significantly investing or conducting 

significant operations in Russia. It may also invest in securities of issuers domiciled, 

significantly investing or conducting significant operations in States of the former Soviet 

Union, including Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyzstan, 

Latvia, Lithuania, Moldavia, Tajikistan, Turkmenistan, Ukraine and Uzbekistan provided that 

direct investment in securities listed on these markets shall only be done if the Board of 

Directors consider them as appropriate regulated market in the meaning of article 41 (1) of 

the Law. The Sub Fund may also invest in securities (such as ADRs and GDRs) giving 

exposure to the above securities. At least 75% of the Sub Fund assets will be invested in 

equity or equity-related securities. 

The Sub Fund may hold liquid assets on an ancillary basis. Under normal market conditions, 

investment in liquid assets and debt instruments of any kind will not exceed 25% of the Sub 

Fund's net assets. The Sub Fund may use derivative techniques and instruments for efficient 

management and hedging purposes on an ancillary basis. However, investors should note 

that the use of derivative instruments entails certain risks that may have a negative impact 

on the performance of the Sub Fund. 

The Sub Fund may invest in securities listed on the RTS Stock Exchange, on the Moscow 

Interbank Currency Exchange in Russia and on any other regulated markets in Russia. 

Investments in Russia are currently subject to certain heightened risks with regard to the 

ownership and custody of securities. In Russia shareholdings are evidenced by entries in the 

books of a company or its registrar (which is neither an agent nor responsible to the 

Depositary Bank). No certificates representing shareholdings in Russian companies will be 

held by the Depositary Bank or any of its local correspondents or in an effective central 

depository system. As a result of this system and the lack of effective state regulation and 

enforcement, the Sub Fund could lose its registration and ownership of Russian securities 

through fraud, negligence or even mere oversight. However, in recognition of such risks, the 

Russian correspondent of the Depositary Bank is following increased "due diligence" 

procedures. The correspondent has entered into agreements with Russian company 

registrars and will only permit investment in those companies that have adequate registrar 

procedures in place. In addition, the settlement risk is minimised as the correspondent will 

not release cash until registrar extracts have been received and checked. In addition, 

Russian debt securities have an increased custodial risk associated with them as such 

securities are, in accordance with market practice, held in custody with Russian institutions 

which may not have adequate insurance coverage to cover loss due to theft, destruction or 

default. 

GEDI:3006506v5 11


The Sub Fund uses the commitment approach for the determination of its global exposure. 


The Sub Fund mainly invests in the emerging markets of Eastern Europe. Whilst the longterm 

growth potential of East European emerging markets make this Sub Fund very 

attractive for investors looking for high investment returns, investors in the Sub Fund need to 

be comfortable with the additional political and economic risks associated with emerging 

market investments. The Sub Fund may, therefore, be suitable for investors who already 

have a globally diversified portfolio and now want to expand into riskier assets in order to 

potentially boost returns. Because emerging stock markets are very volatile, investors should 

also have a five-to-ten year investment horizon. 

SWEDBANK ROBUR INTERNATIONAL EASTERN EUROPEAN EQUITY SUB FUND's 

policy is to invest mainly in securities of issuers domiciled, significantly investing or 

conducting significant operations in Albania, Armenia, Austria, Azerbaijan, Belarus, Bosnia- 

Herzegovina, Bulgaria, Croatia, The Czech Republic, Estonia, Georgia, Greece, Hungary, 

Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Macedonia, Moldavia, Montenegro, Poland, 

Romania, Russia, Serbia, Slovakia, Slovenia, Tajikistan, Turkey, Turkmenistan, the Ukraine 

and Uzbekistan. Direct investment in securities listed on markets in Russia or in States of 

the former Soviet Union shall only be done if the Board of Directors consider them as 

appropriate regulated market in the meaning of article 41 (1) of the Law. The Sub Fund may 

also invest in securities (such as ADRs and GDRs) giving exposure to the above securities. 

At least 75% of the Sub Fund's assets will be invested in equity or equity-related securities. 

The Sub Fund may hold liquid assets on an ancillary basis. Under normal market conditions, 

investment in liquid assets and debt instruments of any kind will not exceed 25% of the Sub 

Fund's net assets. The Sub Fund may use derivative techniques and instruments for efficient 

management and hedging purposes on an ancillary basis. However, investors should note 

that the use of derivative instruments entails certain risks that may have a negative impact 

on the performance of the Sub Fund. 




The Sub Fund mainly invests in the emerging markets of Eastern Europe. Whilst the longterm 

growth potential of East European emerging markets make this Sub Fund very 

attractive for investors looking for high investment returns, investors in the Sub Fund need to 

be comfortable with the additional political and economic risks associated with emerging 

market investments. The Sub Fund may, therefore, be suitable for investors who already 

have a globally diversified portfolio and now want to expand into riskier assets in order to 

potentially boost returns. Because emerging stock markets are very volatile, investors should 

also have a five-to-ten year investment horizon. 

SWEDBANK ROBUR INTERNATIONAL TOMORROW EQUITY SUB FUND's principle 




another regulated market which operates regularly and is recognised and open to the public, 

in Europe, North or South America, Asia, Australia, New Zealand or Africa and which are 

issued by companies that are deemed to adapt and contribute to the development of an 

GEDI:3006506v5 12

environmentally and socially sustainable economy. Investment focus is mainly on sectors 

and companies that, through their products or services, offer solutions for sustainable use of 

natural resources, for reduction of pollution or for improved social welfare. The Sub Fund 

can also invest in companies which, in their own business, develop innovative strategies, 

methods or technologies that increase their sustainability performance and represent best 

practice on the market. 







Sub Fund). 





SWEDBANK ROBUR INTERNATIONAL AFRICA EQUITY SUB FUND's policy is to invest 

mainly in equity and equity-related securities of issuers domiciled, investing or conducting 

operations in the African continent, including Madagascar and Mauritius. Direct investment in 

securities listed on markets in these countries shall only be done if the Board of Directors 

considers them as appropriate regulated market in the meaning of article 41 (1) of the Law. 

The Sub Fund may also invest in securities (such as ADRs and GDRs) in regulated markets 

in other countries giving exposure to the above mentioned securities. The Sub Fund may 

use derivative instruments such as futures and options, for investment purposes and may 

also invest in structured products which qualify as transferable securities within the meaning 

of articles 1 (26) and 41 (1) of the Law. The Sub Fund may hold liquid assets on an ancillary 

basis. The Sub Fund may use derivative techniques and instruments for efficient 

management and hedging purposes. However, investors should note that the use of 

derivative instruments entails certain risks that may have a negative impact on the 

performance of the Sub Fund. 







Sub Fund). 


The Sub Fund mainly invests in the emerging markets of the African continent, including 

Madagascar and Mauritius. Whilst the long-term growth potential of these emerging markets 

make this Sub Fund very attractive for investors looking for high investment returns, 

investors in the Sub Fund need to be comfortable with the additional political and economic 

risks associated with emerging market investments. The Sub Fund may, therefore, be 

suitable for investors who already have a globally diversified portfolio and now want to 

expand into riskier assets in order to potentially boost returns. Because emerging stock 

markets are very volatile, investors should also have a five-to-ten year investment horizon. 

GEDI:3006506v5 13

Investors should also consult the section "Risk Factors" for a detailed discussion of the risks 

associated with African – including Madagascar and Mauritius – securities. 

SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB FUND's aim is to provide a 

reasonable high income together with capital appreciation through a conservative investment 

policy trading and investing in international bonds, preference shares and convertible 


another regulated market, within the E.U. or the OECD countries. 





accept the possibility of capital losses. The value of the Sub Fund may decrease in the event 

of interest rate changes. The Sub Fund is intended for investors who can set aside the 

invested capital for at least three years. 

SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB FUND's 

aim is to provide a reasonable high income together with capital appreciation through a 

conservative investment policy trading and investing in Swedish Kronor and international 

bonds, preference shares or Swedish Kronor denominated and international long term and 

short term securities such as treasury bills, treasury notes, interest bearing bonded loans 

and convertible securities which are admitted to official listing on a stock exchange or which 

are traded on another regulated market within the E.U. or the OECD countries. Currency risk 

exposure shall mainly be to Swedish Kronor and the Sub Fund will therefore use currency 

hedging strategies within the limits prescribed herein below. 

The Sub Fund may hold ancillary liquid assets, however these liquid assets will never in 

themselves constitute an investment objective. 







Sub Fund). 






SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB FUND's aim is to 

provide a reasonable high income together with capital appreciation through a conservative 

investment policy trading and investing in Swedish Kronor and international bonds or other 

Swedish Kronor denominated and international short term securities such as treasury bills, 

treasury notes, interest bearing bonded loans and convertible securities which are admitted 

to official listing on a stock exchange or on another regulated market within the E.U. or the 

GEDI:3006506v5 14

OECD countries. Currency risk exposure shall mainly be to Swedish Kronor and the Sub 

Fund will therefore use currency hedging strategies within the limits prescribed herein below. 

The Sub Fund may hold ancillary liquid assets up to 49% of its total net assets. The average 

duration of the Sub Fund's portfolio shall not exceed 360 days. 







Sub Fund). 



accept the possibility of capital losses. The Sub Fund is intended for investors who can set 

aside the invested capital for at least a few months. 

SWEDBANK ROBUR INTERNATIONAL MIX SUB FUND's aim is to maximise income and 

capital appreciation through investment in equity securities, convertible securities, 

preference shares, international bonds and other short term and long term fixed income 

securities such as treasury bills and treasury notes which are admitted to official listing on a 

stock exchange or which are traded on another regulated market in Europe, North or South 

America, Asia, Australia, New Zealand or Africa. The Sub Fund may hold ancillary liquid 

assets, however these liquid assets will never in themselves constitute an investment 

objective. A minimum of 25% of the sub fund's net assets will at all times be invested in fixed 

income securities and a minimum of 25% of the sub fund's net assets will at all times be 

invested in equity securities. 






investors who can set aside the invested capital for at least three to five years. 

SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB FUND's aim is to provide a 

reasonable high income together with capital appreciation through a conservative 

investment policy trading and investing in Euro denominated bonds or other Euro 

denominated fixed income securities and short term securities which are admitted to official 

listing on a stock exchange or which are traded on another regulated market within the EU 

or the OECD countries. The Sub Fund may hold liquid assets on an ancillary basis, 

however these liquid assets will never in themselves constitute an investment objective. 






GEDI:3006506v5 15



SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB FUND's aim is to 


investment policy trading and investing in Swedish Kronor and international bonds, 

occasionally on a very limited basis in preference shares, in Swedish Kronor denominated 

and international long term and short term securities such as treasury bills, treasury notes 

and convertible securities which are admitted to official listing on a stock exchange or which 

are traded on another regulated market within the E.U. or the OECD countries. Currency risk 

exposure shall mainly be to Swedish Kronor and the Sub Fund will therefore use currency 

hedging strategies within the limits prescribed herein below. 


themselves constitute an investment objective. 







Sub Fund). 


This Sub Fund is intended for wealthy private and institutional investors. Investors must be 

able to accept the possibility of capital losses. The value of the Sub Fund may decrease in 

the event of interest rate changes. The Sub Fund is intended for investors who can set aside 

the invested capital for at least three years. 

SWEDBANK ROBUR INTERNATIONAL FRN SUB FUND's aim is to provide long term total 

returns across varying market conditions from an actively managed portfolio of different 

instruments, including transferable securities, bonds, sovereign and corporate debt 

securities, money market instruments, financial derivative instruments and certificates of 

deposits and deposits, all of which may be denominated in EUR or SEK. 

To achieve its investment objective, the Sub Fund will invest not less than 65 percent in 

eligible floating rate notes (FRN), such as covered bonds issued by mortgage institutions 

(but excluding asset-backed and mortgage-backed securities), bonds issued by senior 

banks, municipalities, county councils, states and well-known companies. The Sub Fund will 

also make deposits denominated in EUR or SEK and use derivative techniques and 

instruments, including OTC derivatives. 

The Sub Fund will seek to hedge back non-base currency exposure to the base currency to 

moderate currency exchange risks and currency fluctuations. More specifically, foreign 

exchange and currency derivatives, such as but not limited to currency swaps, fixed income 

swaps, forward currency exchange contracts, future contracts and currency options may be 

used for this purpose. 

Investment, efficient portfolio and hedging exposures to financial derivative instruments shall 

include, but not be limited to, the entry into futures, options, swaps (including credit and 

GEDI:3006506v5 16

credit-default and interest rate swaps), forward foreign currency contracts and OTC 

derivatives. 

Investors should note that the use of derivative instruments entails certain risks that may 

have a negative impact on the performance of the Sub Fund as further described under 

section "RISK FACTORS". 

On an ancillary basis, the Sub-Fund may hold liquid assets and invest up to 10 percent of its 

net assets in other transferable securities and money market instruments within the meaning 

of point 1) i) of heading 1.2 under section "INVESTMENT RESTRICTIONS". 

The time until the stated final maturity of each financial instrument shall not exceed four 

years. The weighted average life (WAL, as defined in ESMA’s (European Securities and 

Markets Authority) guidelines CESR/10-049) of the portfolio shall not exceed two and a half 

years. 







Sub Fund). 



accept the possibility of capital losses. The Sub Fund is intended for investors who can set 

aside the invested capital for at least one year. 

SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB FUND's 

aim is to provide a reasonable high income together with capital appreciation, under different 

market conditions, through a conservative investment policy trading and investing in 

Swedish Kronor and international bonds, preference shares or Swedish Kronor denominated 

and international long term and short term securities such as treasury bills, treasury notes, 

interest bearing bonded loans and convertible securities which are admitted to official listing 

on a stock exchange or which are traded on another regulated market within the E.U. or the 

OECD countries Currency risk exposure shall mainly be to Swedish Kronor and the Sub 

Fund will therefore use currency hedging strategies within the limits prescribed herein below. 

The Sub Fund may hold ancillary liquid assets up to 49% of its total net assets. The average 

duration of the Sub Fund's portfolio may vary between 0 and 1080 days; as a result thereof 

the Sub Fund will have a great flexibility with respect to duration, especially when interest 

rates rise, which fact constitutes a prerequisite for creating a reasonable high income 

whether the market interest rates rise or decrease. 







Sub Fund). 

GEDI:3006506v5 17



accept the possibility of capital losses. The value of the Sub Fund may, in the short term, 

decrease in the event of a rise in interest rates. The Sub Fund is intended for investors who 

can set aside the invested capital for at least one year. 

SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB FUND's aim is to 


investment policy trading and investing mainly in corporate bonds that are presenting a 

certain European Union focus. The Sub Fund may also invest in government or covered 

bonds as well as in other fixed income securities and equity related transferable securities, 

preference shares, international bonds or treasury bills, treasury notes, interest bearing 

bonded loans and convertible securities which are admitted to official listing on a stock 

exchange or which are traded on another regulated market within the E.U. or the OECD 

countries. This Sub Fund may also invest in mortgage bonds to improve the liquidity of the 

Sub Fund. 


themselves constitute an investment objective. The average duration of the Sub Fund's 

portfolio may vary between 0 and 10 years. The Sub Fund may for the purpose of efficient 

portfolio management and to hedge against market risks or to provide exposure towards 

certain markets without direct purchase in the underlying assets engaged in various 

derivative strategies subject to the restrictions and limits prescribed herein below. Such 

transactions in which the Sub Fund may engage include swaps, including interest rate 

swaps and credit default swaps, transactions in financial futures contracts and options 

thereon. The Sub Fund will seek to hedge its investments against currency fluctuations 

which are adverse to the Swedish Kronor as reference currency of the Sub Fund by utilizing 

forward currency exchange contracts, futures contracts and currency options. However, 

investors should note that the use of derivative instruments entails certain risks that may 

have a negative impact on the performance of the Sub Fund. 





"Global Exposure". The Sub Fund's Value-at-Risk is compared to the Markit iBoxx EUR 

Corporates 1-5 (hedged in SEK) index as reference portfolio. The expected maximum level 

of leverage for the Sub Fund, calculated in accordance with CSSF Circular 11/512, is 200 

percent. 





invested capital for at least three to five years. 

The above investment policies and objectives do not constitute a guarantee of 

performance. No guaranty can be given that the investment objectives of the relevant 

Sub Funds will be achieved. Prospective investors should consider their personal 

situation before investing in SWEDBANK ROBUR INTERNATIONAL, SICAV or any of 

its Sub Funds, respectively. 

GEDI:3006506v5 18

1. Investment Instruments 

INVESTMENT RESTRICTIONS 

1.1. The investments of each Sub Fund of the Company shall consist exclusively of: 

a) transferable securities and money market instruments admitted to or dealt in on a 

regulated market; 

b) transferable securities and money market instruments dealt in on another market 

in a member state as defined in the Law (a "Member State") which is regulated, 

operates regularly and is recognized and open to the public; 

c) transferable securities and money market instruments admitted to official listing 

on a stock exchange in a country in Europe (other than a Member State), Northand 

South America, Asia, Australia, New Zealand or Africa or dealt in on another 

market in one of these countries which is regulated, operates regularly and is 

recognized and open to the public; 

d) new issues of transferable securities and of money market instruments, provided 

that: 

- the terms of issue include an undertaking that applications will be made for 

admission to official listing on a stock exchange or to another regulated market 

which operates regularly and is recognized and open to the public in a country in 

Europe (including a Member State), North- and South America, Asia, Australia, 

New Zealand or Africa; 

- such admission is scheduled to be secured within a year of issue. 

e) units of UCITS authorized according to Directive 2009/65/EC and/or other 

collective investment undertakings within the meaning of Article 1 paragraph (2) , 

points a) and b) of the Directive 2009/65/EC should they be situated in a Member 

State or not, provided that: 

- such other collective investment undertakings are authorized under laws which 

provide that they are subject to supervision considered by the CSSF to be 

equivalent to that laid down in Community law, and that cooperation between 

authorities is sufficiently ensured, 

- the level of protection for unitholders in the other collective investment 

undertakings is equivalent to that provided for unitholders 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 Directive 2009/65/EC, 

- the business of the other collective investment undertakings is reported in halfyearly 

and annual reports to enable an assessment to be made of the assets and 

liabilities, income and operations over the reporting period, and 

GEDI:3006506v5 19

- no more than 10% of the UCITS' or the other collective investment undertakings' 

assets, whose acquisition is contemplated, can, according to their fund rules or 

instruments of incorporation, be invested in aggregate in units of other UCITS or 

other collective investment undertakings; 

f) deposits with credit institutions which are repayable on demand or have the right 

to be withdrawn, and maturing in no more than twelve 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 CSSF as equivalent to those laid 

down in Community law; 

g) financial derivative instruments, including equivalent cash-settled instruments, 

dealt in on a regulated market referred to in a), b) and c) hereinabove; and/or 

financial derivative instruments dealt in over-the-counter ("OTC derivatives"), 

provided that: 

- the underlying consists of instruments covered by this paragraph, financial 

indices, interest rates, foreign exchange rates or currencies, in which the 

Company may invest according to its investment objectives, 

- the counterparties to OTC derivative transactions are institutions subject to 

prudential supervision, and belonging to the categories approved by the CSSF, 

and 

- 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 Company's initiative; 

h) money market instruments other than those dealt in on a regulated market, if the 

issue or issuer of such instruments is itself regulated for the purpose of protecting 

investors and savings, and provided that they are: 

- issued or guaranteed by a central, regional or local authority or central bank of a 

Member State, the European Central Bank, the European Union or the European 

Investment Bank, a non-Member State or, in the 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 regulated 

markets referred to in a), b) or c) hereinabove, or 

- issued or guaranteed by an establishment subject to prudential supervision, in 

accordance with criteria defined by Community law, or by an establishment which 

is subject to and complies with prudential rules considered by the CSSF to be at 

least as stringent as those laid down by Community law; or 

- issued by other bodies belonging to the categories approved by the CSSF 

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 of this 

paragraph h), and provided that the issuer is a company whose capital and 

reserves amount to at least ten million Euros (EUR 10,000,000.-) and which 

GEDI:3006506v5 20

1.2. However, 

presents and publishes its annual accounts in accordance with 

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 securitization vehicles 

which benefit from a banking liquidity line. 

1) i) The Company may invest no more than 10% of each Sub Fund's assets in 

transferable securities and money market instruments other than those referred 

to in a), b), c), d) and h) hereinabove; 

ii) The Company may acquire movable and immovable property which is essential 

for the direct pursuit of its business; 

iii) The Company may not acquire either precious metals or certificates representing 

them. 

2) i) The Company will invest no more than 10% of the net assets of any Sub Fund in 

transferable securities or money market instruments issued by the same issuing 

body. The Company may invest no more than 20% of the assets of a Sub Fund 

in deposits made with the same body. The risk exposure to a counter-party of the 

Company in an OTC derivative transaction may not exceed 10% of the assets of 

the relevant Sub Fund when the counter-party is a credit institution referred to in 

f) hereinabove or 5% of the relevant Sub Fund's assets in other cases. 

ii) The total value of the transferable securities and money market instruments held 

by each Sub Fund in the issuing bodies in each of which the Sub Fund invests 

more than 5% of its net assets must not exceed 40% of the value of its net 

assets. 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 i), the Company may 

not, for each Sub Fund, combine 

- 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 

in excess of 20% of the Sub Fund's net assets. 

iii) The limit of 10% laid down in paragraph 2 i) 1 st sentence above may be 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 local 

authorities, or by a non Member State or by public international bodies of which 

one or more Member States are members. 

GEDI:3006506v5 21

iv) The limit of 10% referred to in paragraph 2) i) 1 st sentence may be raised to 

maximum 25% for certain debt securities if they are issued by a credit institution 

whose registered office is situated in a Member State and which is subject, by 

virtue of law to particular public supervision for the purpose of protecting the 

holders of such debt securities. In particular, the amounts resulting from the issue 

of such debt securities must be invested pursuant to the law in assets which 

sufficiently cover, during the whole period of validity of such debt securities, the 

liabilities arising there from and which are assigned to the preferential repayment 

of capital and accrued interest in the case of bankruptcy of the issuer. If a Sub 

Fund invests more than 5% of its net assets in such debt securities and issued by 

the same issuer, the total value of such investments may not exceed 80% of the 

value of the Sub Fund's net assets. 

v) The transferable securities and money market instruments referred to in 

paragraphs 2) iii) and 2) iv) above are not included in the calculation of the limit of 

40% laid down in paragraph 2) ii). 

The limits set out in paragraphs i), ii) iii) and iv) may not be aggregated and 

accordingly, investments in transferable securities or money market instruments 

issued by the same issuing body, in deposits or derivative instruments made with this 

body effected in accordance with sub-paragraphs i), ii) iii) and iv) above may not, in 

any event exceed a total of 35% of any Sub Fund's net assets. A Sub Fund may 

cumulatively invest up to 20% of its net assets in transferable securities and money 

market instruments within the same group. Companies which are included in the 

same group for the purposes of consolidated accounts, as defined in accordance with 

Directive 83/349/EEC or in accordance with recognised international accounting 

rules, are regarded as a single body for the purpose of calculating the limits within the 

same group. 

Notwithstanding the limits set out in 2) above, in accordance with article 44 of 

the Law, each Sub Fund is authorized to invest up to 20% of its net assets in 

shares and/or debt securities issued by the same body when such Sub Funds' 

investment policy is to replicate the composition of a certain equity or debt 

securities index which is recognized by the CSSF on the following basis: 

- its composition is sufficiently diversified, 

- the index represents an adequate benchmark for the market to which it 

refers, 

- it is published in an appropriate manner. 

The limit of 20% is raised to 35% when justified by exceptional market 

conditions in particular on regulated markets when certain transferable 

securities or money market instruments are highly dominant. The investment 

up to 35% shall only be permitted for one single issuer. 

Notwithstanding 2) above, in accordance with article 45 of the Law, the 

Company is authorized to invest up to 100% of the net assets of each Sub Fund 

in transferable securities and money market instruments issued or guaranteed 

by a Member State, its local authorities, a state accepted by the Luxembourg 

supervisory authority (being at the date of this Prospectus OECD member 

states, Singapore, Brazil, Russia, Indonesia and South Africa) or public 

international bodies of which one or more EU Member States are members on 

GEDI:3006506v5 22

the condition that the respective Sub Fund's net assets are diversified on a 

minimum of six separate issues, and each issue may not account for more than 

30% of the total net asset value of the Sub Fund. 

3) i) The Company may not acquire any shares carrying voting rights which would 

enable it to exercise significant influence over the management of an issuing 

body. 

ii) The Company may acquire no more than (a) 10% of the non-voting shares of the 

same issuer or (b) 10% of the debt securities of the same issuer, or (c) 10% of 

the money market instruments of any single issuer, or (d) 25% of the units of the 

same collective investment undertaking provided that such limits laid down in (b), 

(c) and (d) 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. 

iii) The limits laid down in i) and ii) above shall not apply to the following: 

- transferable securities and money market instruments issued or guaranteed 

by a Member State or its local authorities or by a non-Member State or issued 

by public international bodies of which one or more Member States are 

members, or 

- shares held by the Company in the capital of a company incorporated in a 

third country of the European Union which invests its assets mainly in the 

securities of issuing bodies having their registered office in that State, if, 

under the legislation of that State, such a holding represents the only way in 

which the Company can invest in the securities of issuing bodies of that State, 

provided that in its investment policy the company from the third country of 

the European Union complies with the limits laid down herein in 2, 3 i) and ii) 

and 4, or 

- shares held by the Company in the capital of subsidiary companies which, 

exclusively on its behalf carry on only the business of management, advice or 

marketing in the country where the subsidiary is located, in regard to the 

redemption of shares at the request of shareholders. 

4) i) The Company may acquire the units of UCITS and/or other UCI referred to in e) 

hereinabove, provided that no more than 20% of the net assets of each Sub 

Fund are invested in the units of a single UCITS or other UCI. 

For the purpose of the application of this investment limit, each compartment 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-àvis 

third parties is ensured; 

ii) Investments made in units of UCIs other than UCITS may not in aggregate 

exceed 30% of the net assets of each Sub Fund. 

When the Company has acquired units of UCITS and/or other UCIs, the assets of 

the respective UCITS or other UCIs do not have to be combined for the purposes 

of the limits laid down in 2 hereinabove. 

GEDI:3006506v5 23

iii) When the Company invests in the units of other UCITS and/or other UCIs that 

are managed, directly or by delegation, by the same management company or by 

any other company with which the management company is linked by common 

management or control, or by a substantial direct or indirect holding, that 

management company or other company may not charge subscription or 

redemption fees on account of the Company investment in the units of such other 

UCITS and/or UCIs. 

When a Sub Fund invests a substantial proportion of its net assets in other 

UCITS and/or other UCIs linked to the Company as indicated hereinabove, the 

maximum level of the management fees that may be charged both to the Sub 

Funds of the Company itself and to the other UCITS and/or other UCIs in which it 

invests may not exceed 6% of each Sub Fund's net assets. In its annual report 

the Company shall indicate the maximum proportion of management fees 

charged both to the Sub Funds of the Company itself and to the UCITS and/or 

other UCIs in which it invests. 

5) The Company may not borrow. 

However, the Company may acquire foreign currency by means of a back-to-back 

loan and may borrow the equivalent of: 

a) up to 10% of the net assets of each Sub Fund provided that the borrowing is on a 

temporary basis; 

b) up to 10% of the net assets of each Sub Fund provided that the borrowing is to 

make possible the acquisition of immovable property essential for the direct 

pursuit of its business; in this case, these borrowings and those referred to above 

may not in any case in total exceed 15% of the net assets of a Sub Fund of the 

Company. 

6) The Company may not grant loans to or act as guarantor for third parties. This shall 

not prevent the Company from acquiring transferable securities or money market 

instruments or other financial instruments referred to in e), g) and h) hereinabove 

which are not fully paid. 

7) The Company may not carry out uncovered sales of transferable securities, money 

market instruments or other financial instruments referred to in e), g) and h) 

hereinabove. 

8) i) The Company 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 the portfolio; it will employ a process for accurate and 

independent assessment of the value of OTC derivative instruments. The 

Company will communicate to the CSSF regularly and in accordance with the 

detailed rules the CSSF shall define, the types of derivative instruments, the 

underlying risks, the quantitative limits and the methods which are chosen in 

order to estimate the risks associated with transactions in derivative instruments. 

ii) The Company shall ensure that each Sub Fund's global exposure relating to 

derivative instruments does not exceed the total net value of its portfolio. The 

GEDI:3006506v5 24

exposure 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. A Sub Fund may invest, as part of its 

investment policy and within the limits laid down in 2 viii) above in financial 

derivative instruments provided that the exposure to the underlying assets does 

not exceed in aggregate the investment limits laid down in 2 above. 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 2 above. 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 

paragraph. 

iii) Global Exposure 

General 

As specified in the relevant "Investment Objective and Policy" sections of each 

Sub Fund, the Sub Funds apply either a relative Value-at-Risk (VaR) approach, 

an absolute VaR approach or the commitment approach to calculate their global 

exposure. 

VaR is a means of measuring the potential loss to a Sub Fund due to market 

risk and is expressed as the maximum potential loss at a 99% confidence level 

over a one day time horizon. 

Relative VaR 

The relative VaR approach indicates the ratio of the Sub Fund's absolute VaR 

and its benchmark's absolute VaR, and is a measure of the risk that the Sub 

Fund's returns deviate from its benchmark's returns. The ratio may not, 

according to law, be greater than two. 

Absolute VaR 

The absolute VaR approach calculates a Sub Fund's VaR as a percentage of 

the Net Asset Value of the Sub Fund and is measured against an absolute limit 

of 4,47% as defined by the CSSF. The percentage of the expected maximum 

level of leverage disclosed for each Sub Fund does not include the portfolio of 

the Sub Fund itself. 

9) The Company may hold ancillary liquid assets. 

10) i) The Company need not comply with the limits laid down hereinabove when 

exercising subscription rights attaching to transferable securities or money 

market instruments which form part of their assets. While ensuring observance of 

the principle of risk-spreading, the Company may derogate from restrictions 2 

and 4 for a period of six months following the date of the authorisation of any new 

Sub Fund. 

ii) If the limitations are exceeded for reasons beyond the control of the Company 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 interests of its shareholders. 

GEDI:3006506v5 25

iii) To the extent an issuer is a legal entity with multiple compartments where the 

assets of a 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 2 and 4. 

The Company may use techniques and instruments conducive to efficient portfolio 

management. To accomplish this each Sub Fund may undertake transactions relating to: 

� Options 

� Financial futures and related options, 

� Securities lending, 

� Repurchase agreements. 

The Company may buy and sell call and put options on equities, money market instruments, 

interest rates and stock market indices, providing that these are traded on a regulated 

market. The total of the premium paid for the acquisition of call and put options for hedging 

and other purposes may not exceed 15% of the net asset value of the Company. At the 

conclusion of contracts for the sale of call options, the Company must hold either the 

underlying securities, money market instruments, matching call options, or other instruments 

which provide sufficient coverage of the commitments resulting from the contracts in 

question. However, the Company may sell uncovered call options on securities or money 

market instruments, it does not own at the conclusion of the option contract, if the exercise 

price of the call option sold in this way does not exceed 25% of the net asset value of the 

Company. The Company must at all times be able to cover the positions taken on these 

sales. When a put option is sold, the Company must be covered for the full duration of the 

option contract by liquid resources sufficient to pay for the securities or money market 

instruments deliverable to it on exercise of the option by the counterparty. The total 

commitment arising on the sale of call and put options for which the Company has adequate 

coverage, may at no time exceed the net asset value of the Company. 

The Company may buy and sell financial futures and related options on equities, money 

market instruments, interest rates and stock market indices providing that these are traded 

on a regulated market. However, interest rate swaps on a mutual agreement basis may be 

entered into with first class financial institutions specialising in this type of transaction. 

The Company may, as a global hedge against unfavourable stock market movements, sell 

futures, sell call options or buy put options on stock market indices. The objective of these 

hedging operations assumes that a sufficient correlation exists between the composition of 

the index used and the Sub Fund's corresponding portfolio. 

The total commitment relating to futures and options contracts on stock market indices may 

not exceed the global valuation of securities hold by the Sub Fund in the market 

corresponding to each index. 

When the Company, as a global hedge against interest rate fluctuations sells interest rate 

futures, sells call options, buys put options on interest rates or enters into interest rate 

swaps, may the total commitment from these transactions not exceed the global valuation of 

the assets to be hedged in the currency corresponding to these contracts. 

GEDI:3006506v5 26

The Company may for a purpose, other than hedging, buy and sell futures contracts and 

options contracts on any type of financial instrument, providing that the total commitment 

arising on these purchase and sale transactions together with the total commitment arising 

on the sale of call and put options on transferable securities and money market instruments 

at no time exceeds the net asset value of the Company. Sales of call options on transferable 

securities and money market instruments for which the Sub Fund has sufficient coverage are 

not included in the calculation of the total commitment referred to above. 

In this context, the commitment arising on transactions which do not relate to options on 

transferable securities or money market instruments is defined as follows: 

� The commitment arising on futures is equal to the liquidation value of the net position 

of contracts relating to similar financial instruments (after netting between purchase 

and sale positions), without taking into account their respective maturities 

� The commitment relating to options bought and sold is equal to the sum of the 

exercise prices of those options representing the net sold position in respect of the 

same underlying asset, without taking into account their respective maturities. 

It should be remembered that the total of the premiums paid to acquire call and put options 

as described here, together with the total of the premiums paid to acquire call and put 

options on transferable securities or money market instruments as described above, may not 

exceed 15% of the net asset value of the Sub Fund. 

The Company may, for the purpose of efficient portfolio management, from time to time 

enter into repurchase agreements. Such transactions may only be entered into with first 

class financial institutions specialising in this type of securities. The Company's exposure to 

this type of agreements may at no time exceed 20% of the net asset value of the Company. 

The Company cannot sell securities which are the object of the contract, either before the 

right to repurchase these securities has been exercised by the counterparty, or the 

repurchase term has expired. The Company must at all times ensure that the level of 

purchased securities, subject to a repurchase obligation, is such that it is able, at all times, to 

meet its obligation to redeem its own shares. 

To protect assets against the fluctuation of currencies, the Company may enter into 

transactions the purpose of which is the sale of forward exchange contracts, sale of call 

options, or the purchase of put options in respect of currencies. The transaction referred to 

here may only be entered into via contracts which are dealt in on a regulated market. 

For the same purpose, the Company may also sell currencies forward or exchange 

currencies on a mutual agreement basis with first class financial institutions specialising in 

this type of transaction. 

The hedging objectives of the transactions referred to above presupposes the existence of a 

direct relationship between these transactions and the assets which are being hedged and 

implies that transactions in a given currency cannot exceed the total valuation of assets 

denominated in that currency nor may the duration of these transactions exceed the period 

for which the respective assets are held. 

In its financial reports, the Company must indicate for the types of transactions entered into, 

the total commitment arising on such transactions outstanding at the reference date of the 

financial reports in question. 

GEDI:3006506v5 27

The Company may for each Sub Fund lend securities to third parties (the securities lending 

transaction may not extend beyond a period of 30 days and may not exceed 50% of the 

global valuation of the total securities of a Sub Fund). The limitations pursuant to which 

securities lending transactions may not extend beyond a period of 30 days and may not 

exceed 50% of the global valuation of the total securities of a Sub Fund, do not apply where 

the Sub Fund has the right at any time to terminate the lending transaction and obtain the 

restitution of the securities lent. Such operations shall be made only in the CLEARSTREAM 

and EUROCLEAR systems. The loan must moreover be covered by a charge on securities 

or on time deposits. 

RISK FACTORS 

The investment objective and investment policy of each Sub Fund are described in the 

section "Investment Objective and Policy". 

Investment in Africa, including Madagascar and Mauritius 

Investing in Africa, including Madagascar and Mauritius, involves additional risk. The 

following are special considerations that should be considered when contemplating an 

investment in SWEDBANK ROBUR INTERNATIONAL AFRICA EQUITY SUB FUND (the 

Sub Fund): 

Economic, Social, Political and Religious Considerations 

A concentration of equity investments in a single region such as Africa, including 

Madagascar and Mauritius, means that an investment in the Sub Fund represents a high 

risk. The Sub Fund's assets will be invested in securities of smaller companies whose 

liquidity could affect pricing. The yield may therefore fluctuate more abruptly than in equity 

funds generally. 

The Sub Fund will invest in emerging market securities. Investors should appreciate that 

these securities may be more volatile than securities in more developed markets. As a result 

there may be a greater risk of price fluctuation and of the suspension of redemptions in such 

a fund, compared with funds investing in more mature markets. This volatility may stem from 

political and economic factors, and be exacerbated by trading liquidity, settlement, transfer 

of securities and currency factors. Some emerging market countries have relatively 

prosperous economies but may be sensitive to world commodity prices. Others are 

especially vulnerable to economic conditions in other countries. Although care is taken to 

understand and manage these risks, the Sub Fund, and ultimately its shareholders, will bear 

these risks. 

The economy of most African countries differs from that of other countries in such respects 

as structure, level of government involvement, level of development, growth rate level, 

control of capital flow and allocation of resources. Religious conflicts occur in the region on a 

regular basis. The Sub Fund, and ultimately its shareholders, will bear all these risks. 

GEDI:3006506v5 28

Legal Considerations 

Most laws and regulations governing corporations, securities and markets in Africa, including 

Madagascar and Mauritius, have been introduced relatively recently and are in the early 

stages of development. 

Local correspondent banks 

The Sub Fund may invest directly in securities listed on regulated markets in the African 

continent, including Madagascar and Mauritius. Investments in the region are currently 

subject to certain heightened risks with regard to the custody of securities. However, in 

recognition of such risks, the local correspondent banks of the Depositary Bank are following 

increased "due diligence" procedures. 

Foreign Exchange Control and Currency Conversion Risk 

Systems of foreign exchange administration in several countries in Africa, including 

Madagascar and Mauritius, imposes restrictions on the ability of enterprises in the region to 

retain and deal in foreign currency. Many of the underlying investments of the Sub Fund will 

be denominated in different currencies than that of the Sub Fund. This means currency 

movements in underlying investments may significantly affect the value of the Sub Fund 

portfolio. 

Tax Considerations 

As a result of investing in securities of companies in Africa, including Madagascar and 

Mauritius, the Sub Fund may be subject to withholding and other taxes imposed by 

authorities. Tax laws and regulations in the region are constantly changing, and they may be 

changed with retrospective effect. The interpretation and applicability of the tax law and 

regulations by tax authorities are not as consistent and transparent as those of more 

developed nations, and may vary from region to region. 

Currency Risk 

Currency fluctuations may adversely affect the value of a Sub Fund’s investments and the 

income thereon and, depending on an investor’s currency of reference, currency fluctuations 

may adversely affect the value of his/her investment in shares. A significant portion of a Sub 

Fund’s assets may be denominated in a currency other than the denomination currency of a 

Sub Fund or Class. There is the risk that the value of such assets and/or the value of any 

distributions from such assets may decrease if the underlying currency in which assets are 

traded falls relative to the denomination currency in which shares of the relevant Sub Fund 

are valued and priced. 

Sub Funds may hedge their foreign currency risk through foreign currency exchange 

contracts, forward contracts, currency options and other methods as further disclosed in the 

relevant investment objective and policy of each Sub Fund. To the extent that a Sub Fund 

does not hedge its foreign currency risk or such hedging is incomplete or unsuccessful, the 

value of that Sub Fund’s assets and income could be adversely affected by currency 

exchange rate movements. There may also be circumstances in which a hedging transaction 

may reduce currency gains that would otherwise arise in the valuation of the Sub Fund in 

circumstances where no such hedging transactions are undertaken. 

GEDI:3006506v5 29

Hedging Risk 

The Sub Funds may employ hedging techniques designed to protect against adverse 

movements in currency, interest rates or other risks as further disclosed in the relevant 

investment objective and policy of each Sub Fund. While such transactions may reduce 

certain risks, such transactions themselves may entail certain other risks. Thus, while a Sub 

Fund or Class may benefit from the use of these hedging mechanisms, unanticipated 

changes in interest rates, securities prices, currency exchange rates or other factors may 

result in poorer overall performance for the relevant Sub Fund or Class than if it had not 

entered into such hedging transactions. 

Use of Derivative instruments 

In case a Sub Fund may use derivatives, this may involve risks which are different from and 

possibly greater than the risks associated with investing directly in securities and traditional 

instruments. Derivatives are subject to liquidity risk, interest rate risk, market risk and default 

risk. They also involve the risk of improper valuation and the risk that the changes in the 

value of the derivative may not correlate perfectly with the underlying asset, rate or index. As 

a consequence, a Sub Fund, when investing in derivative transactions, may lose more than 

the principal amount invested, resulting in a further loss to the relevant Sub Fund. 

Risks linked to entering into forwards, swaps, OTC options or any other OTC 

derivatives 

OTC derivatives are not traded on exchanges but rather banks and dealers act as principals 

by entering into an agreement to pay and receive certain cash flow over a certain time 

period, as specified in the OTC derivative. Consequently, the Sub Fund is subject to the risk 

of the counterparty's inability or refusal to perform according to the terms of the OTC 

derivative. The OTC derivative market is generally unregulated by any governmental 

authority. The use of credit derivative such as credit default swaps can be subject to higher 

risk than direct investment in securities. The market for credit derivative may from time to 

time be less liquid than the markets for transferable securities. In relation to credit default 

swaps where the Sub Fund buys protection, the Sub Fund is subject to the risk of the 

counterparty of the credit default swaps defaulting. To mitigate the counterparty risk resulting 

from credit default swap transactions, the Sub Fund will only enter into credit default swaps 

with highly rated financial institutions specialized in this type of transaction and in 

accordance with the standard terms laid down by the ISDA. The Sub Fund may have credit 

exposure to one or more counterparties by virtue of its investment positions. To the extent 

that a counterpart defaults on its obligation and the Company is delayed or prevented from 

exercising its rights with respect to the investments in its portfolio, it may experience a 

decline in the value of its position, loose income and incur costs associated with asserting its 

rights. Such risks will increase where the Sub Fund uses only a limited number of 

counterparties. Participants to such markets are not protected against defaulting 

counterparts in their transactions because such contracts are not guaranteed by a 

clearinghouse. 

DISTRIBUTION POLICY 

The Annual General Meeting shall decide, on recommendation of the Board of Directors, 

what share of the Sub Fund's profits shall be distributed. 

GEDI:3006506v5 30

The annual dividend shall be decided by the Annual General Meeting whereas the semiannual 

dividends - interim dividends - shall be decided by the Board of Directors. The 

dividend will be paid in the denomination currency of the respective Sub Fund. 

At present, no distributions are contemplated from any of the Sub Funds and all income of 

the Sub Funds will be automatically reinvested. By way of derogation, an annual dividend 

may be declared in relation to Shares in Class JPY of SWEDBANK ROBUR 

INTERNATIONAL RUSSIAN EQUITY SUB FUND. 

No distribution may be made as a result of which the minimum capital of the company falls 

below the equivalent in Swedish Kronor of EUR 1.250.000. 

NET ASSET VALUE 

The Net Asset Value of each Sub Fund will be expressed in the denomination currency of 

the respective Sub Fund as per share figure, and shall be determined on any Valuation 

Date, by SWEDBANK AB (publ) Luxembourg Branch by dividing the value of the net assets 

of the Sub Fund, being the value of the assets of that Sub Fund less its liabilities, on the 

Valuation Date, by the number of shares then outstanding. 

Unless provided otherwise here below, the Net Asset Valuation takes place daily (each such 

day being referred to as the "Valuation Date"). 

However, when a Valuation Date falls on a day observed as a holiday on a stock exchange 

which is the principal market for a significant proportion of the Sub Funds' investment or is a 

market for a significant proportion of the Sub Fund's investment or is holiday elsewhere and 

impedes the calculation of the fair market value of the investments of the Sub Funds, such 

Valuation Date shall be the next succeeding business day in Luxembourg which is not such 

a holiday. 

To the same extent, when a Valuation Date falls on a day that is not a full bank business day 

in Luxembourg, the Net Asset Value per share will be determined on the next succeeding 

Valuation Date. 

The calculation of the Net Asset Value of the shares of any Sub Fund and the issue, 

redemption and conversion of the shares of any Sub Fund may be suspended in the 

following circumstances: 

* during any period (other than ordinary holidays or customary weekend closings) 

when any market or stock exchange is closed, which is the main market or stock 

exchange for a significant part of the Sub Fund's investments, for in which trading 

therein is restricted or suspended; 

* during any period when an emergency exists as a result of which it is impossible to 

dispose of investments which constitute a substantial portion of the assets of a Sub 

Fund; or it is impossible to transfer monies involved in the acquisition or disposition of 

investments at normal rates of exchange; or it is impossible for the Company fairly to 

determine the value of any assets in a Sub Fund; or 

GEDI:3006506v5 31

* during any breakdown in the means of communication normally employed in 

determining the price of any of the Sub Fund's investments or of current prices on 

any stock exchange; or 

* when for any reason the prices of any investment owned by the Sub Fund cannot be 

reasonable, promptly or accurately ascertained; or 

* during the period when remittance of monies which will or may be involved in the 

purchase or sale of any of the Sub Fund's investments cannot, in the opinion of the 

Board of Directors, be carried out at normal rates of exchange. 

The suspension of the calculation of the Net Asset Value and of the issue, redemption and 

conversion of the shares shall be published by the Company in such manner as the Board of 

Directors may deem appropriate to the persons likely to be affected thereby. 

The value of the assets of each Sub Fund is determined as follows: 

1. Securities and money market instruments admitted to official listing on a stock 

exchange or which are traded on another regulated market in Europe, North or South 

America, Asia, Australia, New Zealand or Africa are valued on the basis of the last 

known sales price. If the same security or money market instrument is quoted on 

different markets, the quotation of the main market for this security or money market 

instrument will be used. If there is no relevant quotation or if the quotations are not 

representative of the fair value, the evaluation will be done in good faith by the Board 

of Directors or its delegate with a view to establish the probable sales price for such 

securities or money market instruments; 

2. non-listed securities or money market instruments are valued on the basis of their 

probable sales price as determined in good faith by the Board of Directors and its 

delegate; 

3. liquid assets are valued at their nominal value plus accrued interest; 

4. units of UCIs are valued on the basis of their last available net asset value; 

5. futures and options are valued on the basis of the last known sales price on the 

relevant market; 

6. swaps are valued at their fair market value on the basis of the last available closing 

price of the underlying asset. 

If a day is not a bank business day in Luxembourg the Net Asset Value per share will be 

determined on the next succeeding bank business day in Luxembourg. 

Whenever a foreign exchange rate is needed in order to determine the net asset value of a 

Sub Fund, the applicable foreign exchange rate on the respective Valuation Date will be 

used. 

In addition, appropriate provisions will be made to account for the charges and fees charged 

to the Sub Funds as well as accrued income on investments. 

GEDI:3006506v5 32

In the event it is impossible or incorrect to carry out a valuation in accordance with the above 

rules owing to particular circumstances, such as hidden credit risk, the Board of Directors is 

entitled to use other generally recognised valuation principles, which can be examined by an 

auditor, in order to reach a proper valuation of each Sub Fund's total assets. 

ISSUE OF SHARES 

The initial subscribed and paid in capital, at the time of incorporation of the Company, was 

U.S. Dollars 1,300,000,- (one million three hundred thousand) divided into 130,000 (one 

hundred and thirty thousand) shares of no par value of the former ROBUR 

INTERNATIONAL NORDIC EQUITY SUB FUND. This Sub Fund has been merged with 

SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB FUND on 

September 15, 2003. 

Subscriptions will be settled in the denomination currency of the respective Sub Fund or 

Class. 

The SWEDBANK ROBUR INTERNATIONAL SWEDISH MEGA BOND SUB FUND is 

designated primarily to institutional or wealthy private clients. 

Class JPY in SWEDBANK ROBUR INTERNATIONAL RUSSIAN EQUITY SUB FUND is 

only available to one or more Japanese funds of funds (as defined in the rules of the 

Investment Trusts Association, Japan) approved by the Board of Directors. 

Sub Fund Cut-off times 

(Luxembourg time) 

Swedbank Robur International Global Bond Sub Fund 

Swedbank Robur International Euro Bond Sub Fund 

Swedbank Robur International Russian Equity Sub Fund 

Swedbank Robur International Global Equity Sub Fund 

Swedbank Robur International European Equity Sub Fund 4:00 p.m. 

Swedbank Robur International Tomorrow Equity Sub Fund 

Swedbank Robur International Eastern European Equity Sub 

Fund 

Swedbank Robur International Mix Sub Fund 

Swedbank Robur International Africa Equity Sub Fund 1:00 p.m. 

Swedbank Robur International Total Return Fixed Income Sub 

Fund 

Swedbank Robur International Swedish Liquidity Sub Fund 

Swedbank Robur International Swedish Bond Mega Sub Fund 

Swedbank Robur International FRN Sub Fund 

Swedbank Robur International Swedish Total Return Plus Sub 

Fund 

Swedbank Robur International Corporate Bond Sub Fund 

GEDI:3006506v5 33 

3:30 p.m. or 11:30 a.m. 

on any Valuation Date 

on which the Swedish 

fixed income market 

closes earlier than 

normal, which is usually 

the case on any 

Valuation Date 

preceding a Swedish 

legal holiday 

Subscriptions received until the relevant cut-off time on a Valuation Date by the Main 

Distributor and/or SWEDBANK AB (publ) Luxembourg Branch, will be dealt with on the basis 

of the relevant Net Asset Value established on that Valuation Date. Subscriptions received

after the relevant cut-off time on a Valuation Date or on any day which is not a Valuation 

Date will be dealt with on the basis of the Net Asset Value of the next Valuation Date. 

An issue commission of the Net Asset Value may be charged to the investors by the Main 

Distributor or Swedbank AB (publ) Luxembourg Branch upon subscribing for shares in the 

following Sub Funds: 

� Swedbank Robur International Russian Equity Sub Fund, 

� Swedbank Robur International Eastern European Equity Sub Fund, and 

� Swedbank Robur International Mix Sub Fund. 

GEDI:3006506v5 34 

A maximum of: 

From SEK 1 

1 to 19,999 4.5% 

From SEK 20,000 to 49,999 4.0% 

From SEK 50,000 to 499,999 3.0% 

From SEK 500,000 to 999,999 2.0% 

From SEK 1,000,000 to 1.5% 

An issue commission of maximum 1% of the Net Asset Value may be charged to the 

investors by the Main Distributor or SWEDBANK AB (publ) Luxembourg Branch upon 

subscribing for shares in Swedbank Robur International Swedish Bond Mega Sub Fund. 

No issue commission will be charged to the investors upon subscribing for shares in the 

following Sub Funds: 

� Swedbank Robur International Total Return Fixed Income Sub Fund, 

� Swedbank Robur International Africa Equity Sub Fund, 

� Swedbank Robur International Tomorrow Equity Sub Fund, 

� Swedbank Robur International Euro Bond Sub Fund, 

� Swedbank Robur International European Equity Sub Fund, 

� Swedbank Robur International Corporate Bond Sub Fund, 

� Swedbank Robur International Global Bond Sub Fund, 

� Swedbank Robur International Global Equity Sub Fund, 

� Swedbank Robur International Swedish Liquidity Sub Fund, 

� Swedbank Robur International FRN Sub Fund, and 

� Swedbank Robur International Swedish Total Return Plus Sub Fund. 

Subscriptions for shares may not be withdrawn by the investor after the relevant cut-off time 

without the consent of the Company except in exceptional circumstances, where the 

calculation of the net asset value has been suspended. 

All shares will be allotted immediately upon subscription and payment must be received by 

the Company within five business days from the relevant Valuation Date. 

1 Or the equivalent amount in the respective share class currencies.

REDEMPTION OF SHARES 

A shareholder has the right to request that the Company repurchases its shares at any time. 

Shares will be repurchased at the respective Net Asset Value of shares of each Sub Fund. 

A repurchase commission of maximum 1% may be charged by the Main Distributor or 

SWEDBANK AB (publ) Luxembourg Branch, upon the redemption of shares in the following 

Sub Funds: 

� Swedbank Robur International Russian Equity Sub Fund, 

� Swedbank Robur International Eastern European Equity Sub Fund, and 

� Swedbank Robur International Mix Sub Fund. 

Sub Fund Cut-off times 

(Luxembourg time) 

Swedbank Robur International Global Bond Sub Fund 

Swedbank Robur International Euro Bond Sub Fund 

Swedbank Robur International Russian Equity Sub Fund 

Swedbank Robur International Global Equity Sub Fund 

Swedbank Robur International European Equity Sub Fund 4:00 p.m. 

Swedbank Robur International Tomorrow Equity Sub Fund 

Swedbank Robur International Eastern European Equity 

Sub Fund 

Swedbank Robur International Mix Sub Fund 

Swedbank Robur International Africa Equity Sub Fund 1:00 p.m. 

Swedbank Robur International Total Return Fixed Income 

Sub-Fund 

Swedbank Robur International Swedish Liquidity Sub Fund 

Swedbank Robur International Swedish Bond Mega Sub 

Fund 

Swedbank Robur International FRN Sub Fund 

Swedbank Robur International Swedish Total Return Plus 

Sub Fund 

Swedbank Robur International Corporate Bond Sub Fund 

GEDI:3006506v5 35 

3:30 p.m. or 11:30 a.m. on 

any Valuation Date on 

which the Swedish fixed 

income market closes 

earlier than normal, which 

is usually the case on any 

Valuation Date preceding 

a Swedish legal holiday 

Shareholders wishing to have all or any of their shares repurchased at the redemption price 

ruling on a Valuation Date, should deliver to the registered office of the Company, or the 

office of the Depository Bank, until the relevant cut-off time, the certificate(s) (if any) 

representing the said shares together with an irrevocable written request for redemption in 

the prescribed form. 

Redemption requests received after the relevant cut-off time on a Valuation Date or on any 

day, which is not a Valuation Date will be dealt with on the basis of the Net Asset Value of 

the next Valuation Date. All requests will be dealt with in strict order in which they are 

received, and each redemption shall be effected at the Net Asset Value of the said shares 

determined on the Valuation Date of the date of receipt of the request. In all cases the 

decision of the Board of Directors shall be final.

Redemption orders for shares may not be withdrawn by the investor after the relevant cut-off 

time without the consent of the Company except in exceptional circumstances, where the 

calculation of the net asset value has been suspended. 

Redemption proceeds will be paid in the denomination currency of the respective Sub Fund. 

For the SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB FUND redemption 

proceeds may be paid out in SEK or in EURO. For the SWEDBANK ROBUR 

INTERNATIONAL RUSSIAN EQUITY SUB FUND redemption proceeds will be paid out in 

JPY to the shareholders of Class JPY shares and in EUR to the shareholders of Class EUR 

shares. For the SWEDBANK ROBUR INTERNATIONAL TOMORROW EQUITY SUB FUND, 

the SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB FUND, 

SWEDBANK ROBUR INTERNATIONAL AFRICA EQUITY SUB FUND and the SWEDBANK 

ROBUR INTERNATIONAL GLOBAL EQUITY SUB FUND redemption proceeds will be paid 

out in SEK to the shareholders of Class SEK shares and in EUR to the shareholders of 

Class EUR shares. Payment will be effected within four (4) days after the relevant Valuation 

Date and after receipt of the proper documentation. 

Investors should note that any repurchase of shares by the Company will take place at a 

price that may be more or less than the shareholder's original acquisition cost, depending 

upon the value of the assets of the Sub Fund at the time of redemption. 

The redemption of shares of any Sub Fund shall be suspended on any occasion when the 

calculation of the Net Asset Value thereof is suspended. 

CONVERSION AND SWITCHING BETWEEN SUB FUNDS 

Shares of any Sub Fund may be converted into shares of any other Sub Fund upon written 

instructions addressed to the Main Distributor or SWEDBANK AB (publ) Luxembourg 

Branch. No conversion commission will be charged. 

Requests for switches must be received by the administrator before the relevant cut-off time 

applicable to each Sub Fund on the relevant Valuation Date. 

Conversion of shares will only be made if the Net Asset Value of both Sub Funds is 

calculated on the same day. 

The Board of Directors will determine the number of shares into which an investor wishes to 

convert his existing units in accordance with the following formula: 

(B x C) 

A = --------------- * EX 

E 

A = The number of shares in the new Sub Fund to be issued 

B = The number of shares in the original Sub Fund 

C = The Net Asset Value per share in the original Sub Fund 

E = The Net Asset Value per share of the new Sub Fund 

GEDI:3006506v5 36

Ex: being the average exchange rate on the conversion day in question between the 

currency of the Sub Fund to be converted and the currency of the Sub Fund to be assigned. 

In the case no exchange rate is needed the formula will be multiplied by 1. 

MARKET TIMING POLICY 

Subscriptions, redemptions and conversions of shares are executed at an unknown Net 

Asset Value. The Company does not authorize any practices associated with market timing 

and the Company reserves the right to reject subscription and/or conversion orders coming 

from an investor whom the Company suspects to be engaging in such practices and to take, 

if need be, necessary measures for protecting the Company's other shareholders. 

TAXATION 

Under Luxembourg law, there are currently no Luxembourg income, withholding or capital 

gains taxes payable by the Company. The Company will, however, be subject to an annual 

tax of 0.05 per cent, calculated and payable quarterly, on the aggregate Net Asset Value of 

the outstanding shares of the Company at the end of each quarter. The value of the assets 

represented by shares or units held in other Luxembourg undertakings for collective 

investment shall be exempt from subscription tax provided that such units/shares have 

already been subject to subscription tax. Such tax rate is reduced to 0.01% in respect of the 

net assets attributable to such Classes or Sub Funds which are reserved for institutional 

investors. 

The repercussion of an investment in the Company on the individual tax bill of an investor 

depends on the fiscal regulations applicable to his particular case. Consulting a local tax 

adviser is therefore recommended. Shareholders are not subject to any Luxembourg capital 

gains, income, withholding, gift estate, inheritance or other tax with respect to shares owned 

by them except if they are domiciled or resided in or have a permanent establishment in or 

have been domiciled or have resided in Luxembourg. However, on June 3, 2003 the 

European Union adopted Council Directive 2003/48/EC (the "Tax Savings Directive"). The 

Tax Savings Directive has been implemented in the Grand Duchy of Luxembourg with effect 

on July 1, 2005 and from that date Member States of the European Union are required to 

provide to the tax authorities of other Member States details of payments of interest and 

other similar income made by a paying agent to an individual in another Member State, 

except that Austria and the Grand Duchy of Luxembourg will instead impose a withholding 

system for a transitional period unless during such period they elect otherwise. The Tax 

Savings Directive may potentially have an impact on the tax treatment of distribution and/or 

capital gains on redemptions made by some Sub Funds of the Company at the shareholder 

taxation level depending on the percentage of investment of the Sub Fund in debt claims. 

Prospective investors should inform themselves as to the taxes applicable to the acquisition, 

holding and disposition of shares of the Company and to disposition of shares of the 

Company and to distributions in respect thereof under the laws of the countries of their 

citizenship, residence or domicile. 

GEDI:3006506v5 37

INVESTMENT MANAGER 

The Directors of the Company are responsible for the overall investment policy, objectives 

and management of the Company. 

The Directors of the Company have appointed SWEDBANK ROBUR FONDER AB, a 

Swedish based entity under supervision of the Swedish Financial Supervisory Authority, 

Finansinspektionen, and duly licensed to manage UCITS, as Investment Manager 

responsible for overall coordination of investment policy and of the Company's activities. 

SWEDBANK ROBUR FONDER AB is a wholly owned subsidiary of SWEDBANK ROBUR 

AB, which is owned by SWEDBANK AB. Its main activity is the management and the 

promotion of mutual funds – via wholly-owned subsidiaries – for SWEDBANK AB. 

On December 31, 2011, its total paid in equity was SEK 1,250,000.- (Swedish Kronor one 

million two hundred fifty thousand), in addition to SEK 250,000.- in the statutory reserve 

(total SEK 1,500,000.- in restricted equity). The total equity was SEK 710,720,402.-. 

An Investment Management Agreement has been entered into, dated July 2, 2011, for an 

indefinite period of time with the Company. The Investment Management Agreement may be 

terminated by either party with a 3 months' notice. 

Under the terms of the Investment Management Agreement, the Investment Manager shall 

supply the Company with economic and financial information and recommendations 

regarding the Company's investments and be responsible for investment management and 

supervision of the Sub Funds on a day-to-day basis. 

In consideration for its services, the Investment Manager shall be paid a fee equivalent of 

maximum the following percentages per annum based on the average Net Asset Value of 

the Company's respective Sub Fund calculated and paid on a monthly basis: 

Name of Sub Fund Maximum 

annual fee 

Swedbank Robur International Global Equity Sub Fund 1.3% 

Swedbank Robur International Global High Dividend Sub Fund (as from August 28, 1.0% 

2012) 

Swedbank Robur International European Equity Sub Fund 1.3% 

Swedbank Robur International Russian Equity Sub Fund 1.9% 

Swedbank Robur International Eastern European Equity Sub Fund 1.3% 

Swedbank Robur International Tomorrow Equity Sub Fund 1.1% 

Swedbank Robur International Africa Equity Sub Fund 1.9% 

Swedbank Robur International Global Bond Sub Fund 1.3% 

Swedbank Robur International Total Return Fixed Income Sub Fund 1.2% 

Swedbank Robur International Swedish Liquidity Sub Fund 0.75% 

Swedbank Robur International Mix Sub Fund 1.3% 

Swedbank Robur International Euro Bond Sub Fund 1.3% 

Swedbank Robur International Swedish Bond Mega Sub Fund 0.75% 

Swedbank Robur International FRN Sub Fund 0.75% 

Swedbank Robur International Swedish Total Return Plus Sub Fund 0.75% 

Swedbank Robur International Corporate Bond Sub Fund 1.3% 

GEDI:3006506v5 38

DOMICILIARY AGENT 

DEPOSITORY BANK - PAYING AGENT - PLACEMENT AGENT 

ADMINISTRATOR 

REGISTRAR AND TRANSFER AGENT 

The most recent Service and Custodian Agreement entered into between the Company and 

SWEDBANK AB (publ) Luxembourg Branch, Luxembourg, Grand Duchy of Luxembourg, is 

dated September 1, 2005, as may be amended from time to time, and has been entered into 

for an indefinite period of time. 

The Agreement may be terminated by either party with a 3 months' notice. SWEDBANK AB 

(publ) Luxembourg Branch was established in Luxembourg on April 1, 2012 and is active in 

the fund services sector. 

Its registered office and main place of business is at 65, boulevard Grande-Duchesse 

Charlotte, L-1331 Luxembourg. 

Under the Service and Custodian Agreement, SWEDBANK AB (publ) Luxembourg Branch 

will provide the Company with such domiciliary, paying agency and securities custody 

services as may be required by the Company from time to time. The Company's assets will 

be on deposit with SWEDBANK AB (publ) Luxembourg Branch or on its order, acting as 

Depository Bank. The Depository will: 

a) ensure that the sale, issue, repurchase and cancellation of securities effected by the 

SICAV or on its behalf takes place in conformity with the Law or in conformity with the 

Articles; 

b) ensure that in those transactions concerning the assets of a SICAV consideration is 

transmitted to the Depository within the customary market period; 

c) ensure that the income produced by the SICAV is allocated in a manner that 

conforms to the Articles. 

As described in the chapter on the "Issue of Shares", SWEDBANK AB (publ) Luxembourg 

Branch will be entitled to receive applications from investors regarding the purchase, 

redemption or conversion of shares as Placement Agent. 

The Company has entered into an Administrative Agent and Registrar and Transfer Agent 

Agreement with SWEDBANK AB (publ) Luxembourg Branch, Luxembourg, Grand Duchy of 

Luxembourg, on September 1, 2005, as amended for an indefinite period of time. 

The Agreement may be terminated by either party with a (3) months' prior written notice. 

Under the Administrative Agent and Registrar and Transfer Agent Agreement, SWEDBANK 

AB (publ) Luxembourg Branch will keep the books of the Company and calculate the net 

asset value of the shares of the Company as well as provide the Company with such 

administrative services as may be required by the Company from time to time. It will also act 

GEDI:3006506v5 39

as registrar and transfer agent of the shares of the Company and shall be entitled to a fee in 

accordance with normal practice in Luxembourg. 

A global fee shall be paid to the Depositary Bank and the Administrator out of the assets of 

the Company at the following maximum rates: 

Name of Sub Fund Depositary and 

SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS 

SUB FUND 

Administrator Fee 

0.20 % 

SWEDBANK ROBUR INTERNATIONAL FRN SUB FUND 0.20 % 

SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB FUND 0.20 % 

SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB FUND 0.20 % 

SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB FUND 0.20 % 

SWEDBANK ROBUR INTERNATIONAL TOMORROW EQUITY SUB FUND 0.50 % 

SWEDBANK ROBUR INTERNATIONAL AFRICA EQUITY SUB FUND 0.50 % 

SWEDBANK ROBUR INTERNATIONAL EASTERN EUROPEAN EQUITY 

SUB FUND 

0.50 % 

SWEDBANK ROBUR INTERNATIONAL RUSSIAN EQUITY SUB FUND 0.50 % 

SWEDBANK ROBUR INTERNATIONAL MIX SUB FUND 0.60 % 

SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB FUND 0.50 % 

SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME 

SUB FUND 

0.20 % 

SWEDBANK ROBUR INTERNATIONAL GLOBAL EQUITY SUB FUND 0.50 % 

SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB FUND 0.20 % 

SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB FUND 0.20 % 

MAIN DISTRIBUTOR 

The Company has delegated distribution functions to SWEDBANK ROBUR FONDER AB, 

which will act as Main Distributor of the shares of the Company worldwide. SWEDBANK 

ROBUR FONDER AB will, as the Company's non-exclusive distributor worldwide, be entitled 

to enter into distribution agreements with sub-distributors regarding the distribution of the 

shares of the Company. 

The Main Distributor is inter alia responsible for assisting investors and/or financial 

intermediaries to make subscriptions for shares and for observing all applicable laws and 

regulatory requirements relating to the promotion, distribution, issue and redemption of 

shares in the relevant countries of distribution of shares. 

The Main Distributor and any sub-distributors appointed by it, shall ensure that the relevant 

Key Investor Information Documents are provided to applying investors in good time prior to 

any proposed subscription for Shares and prior to any request for conversion of Shares. 

GEDI:3006506v5 40

ESTONIA 

DISTRIBUTORS IN THE BALTIC COUNTRIES 

The Company has entered into a Distribution Agreement with SWEDBANK AS and 

SWEDBANK AB (publ) Luxembourg Branch on October 10, 2006, as may be amended from 

time to time, for an indefinite period of time. 

The Agreement may be terminated by either party with a 3 months' prior written notice. 

SWEDBANK AS will be in charge of the marketing and distribution of the shares of 

SWEDBANK ROBUR INTERNATIONAL, SICAV in Estonia. 

SWEDBANK AS is a limited liability company organised and existing under the laws of 

Estonia under company registration number 10060701, having its registered office at 8, 

Liivalaia, Tallinn 15040, Estonia. 

SWEDBANK AS is a wholly-owned subsidiary of SWEDBANK AB (publ) providing general 

banking and investment services to privates and companies. Its share capital was EUR 

203,227,555 as of December 31, 2005. 

LATVIA 

The Company has entered into a Distribution Agreement with AS SWEDBANK and 

SWEDBANK AB (publ) Luxembourg Branch on January 2, 2007, as may be amended from 



AS SWEDBANK will be in charge of the marketing and distribution of the shares of 

SWEDBANK ROBUR INTERNATIONAL, SICAV in Latvia. 

AS SWEDBANK is a limited liability company organised and existing under the laws of 

Latvia under company registration number 40003074764, having its registered office at 

Balasta dambis 1a, Riga LV-1048, Latvia. 

AS SWEDBANK is a wholly-owned subsidiary of SWEDBANK AB (publ) providing general 

banking and investment services to privates and companies. Its share capital was LVL 

116,043,114 as of December 31, 2005. 

LITHUANIA 

The Company has entered into a Distribution Agreement with "SWEDBANK", AB and 

SWEDBANK AB (publ) Luxembourg Branch on January 2, 2007, as may be amended from 



GEDI:3006506v5 41

"SWEDBANK", AB will be in charge of the marketing and distribution of the shares of 

SWEDBANK ROBUR INTERNATIONAL, SICAV in Lithuania. 

"SWEDBANK", AB is a limited liability company organised and existing under the laws of 

Lithuania under commercial register code 1120 29651, having its registered office at 

Konstitucijos pr. 20A, LT-03502 Vilnius, Lithuania. 

"SWEDBANK", AB is a wholly-owned subsidiary of SWEDBANK AB (publ) providing general 

banking and investment services to privates and companies. Its share capital was LTL 

569,712,000 as of December 31, 2005. 

GENERAL 

The distributors in the Baltic countries set out above shall ensure that the relevant Key 

Investor Information Documents are provided to applying investors in good time prior to any 

proposed subscription for Shares and prior to any request for conversion of Shares. 

MONEY LAUNDERING PREVENTION 

Pursuant to international rules and Luxembourg laws and regulations (comprising but not 

limited to the law of November 12, 2004 on the fight against money laundering and financing 

of terrorism as amended) as well as circulars of the supervisory authority, obligations have 

been imposed on all professionals of the financial sector to prevent the use of the 

undertakings for collective investment for money laundering and financing of terrorism 

purposes. As a result of such provisions, the registrar agent of a Luxembourg UCI must in 

principle ascertain the identity of the subscriber in accordance with Luxembourg laws and 

regulations. The Registrar and Transfer Agent may require subscribers to provide 

acceptable proof of identity and for subscribers who are legal entities, an extract from the 

registrar of companies or articles of incorporation or other official documentation. In any 

case, the Registrar and Transfer Agent may require, at any time, additional documentation to 

comply with applicable legal and regulatory requirements. 

In case of delay or failure by an applicant to provide the documents required, the application 

for subscription (or, if applicable, for redemption) will not be accepted. Neither the Company 

nor the Registrar and Transfer Agent have any liability for delays or failure to process deals 

as a result of the applicant 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. 

EXPENSES 

The Company shall bear the following expenses: 

* all fees to be paid to the Investment Manager, the Depository Bank and the 

Administrator and Registrar and Transfer Agent; 

GEDI:3006506v5 42

* all taxes which may be payable on the assets, income and expenses chargeable to 

the Company; 

* standard brokerage and bank charges incurred by the Company's business 

transactions; 

* all fees due to the Auditor and the Legal Advisors to the Company; 

* all expenses connected with publications and supply of information to shareholders, 

in particular, the cost of printing and distributing the annual and semi-annual reports, 

as well as the full prospectus and the relevant Key Investor Information Documents; 

* all expenses involved in registering and maintaining the Company registered with all 

governmental agencies and stock exchanges; 

* all expenses incurred in connection with its operation and its management. 

All recurring expenses will be charged first against current income, then should this not 

suffice, against realised capital gains, and, if need be, against assets. 

Any costs, which are not attributable to a specific Sub Fund, incurred by the Company will be 

charged to the Sub Funds in proportion to their average Net Asset Value. Each Sub Fund 

will be charged with all costs or expenses directly attributable to it. 

The different Sub Funds of the Company have a common generic denomination and one or 

several investment manager which determine their investment policy and its application to 

the different Sub Funds in question via a single Board of Directors of the Company. As 

between the shareholders each Sub Fund is treated as a separate entity, having its own 

funding, capital gains and losses, expenses etc. The Company shall be liable to debts 

towards its creditors on all its assets, regardless of the particular Sub Fund to which the 

debts may relate. 

NOTICES 

Notices to shareholders are available at the Company's registered office. They are also 

published in the Mémorial, if required by law, in the "Wort" and in one newspaper of general 

circulation. 

The Net Asset Value of each Sub Fund and the issue and redemption prices thereof will be 

available at all times at the Company's registered office and shall be published in the 

relevant Swedish newspapers. 

Audited annual reports containing, inter alia, the Company's and each of its Sub Funds' 

statement of condition, the number of outstanding shares and the number of shares issued 

and redeemed since the date of the preceding report, as well as semi-annual unaudited 

reports, will be made available at the registered office of the Company not later than four 

months, after the end of the financial year in the case of annual reports and, two months 

after the end of such period in the case of semi-annual reports. 

GEDI:3006506v5 43

All reports will be available at the Company's registered office. 

In the event of dissolution of the Company, liquidation shall be carried out by one or several 

liquidators (who may be physical persons or legal entities) named by the meeting of 

shareholders effecting such dissolution and which shall determine their powers and their 

compensation. 

The liquidators shall realize the Company's assets in the best interest of the shareholders 

and shall distribute the liquidation proceeds (after deduction of liquidation charges and 

expenses) to the shareholders in proportion to their share in the Company. Any amounts not 

claimed promptly by any shareholder will be deposited at the close of liquidation in escrow 

with the Caisse de Consignation. Amounts not claimed from escrow within the statute of 

limitations will be forfeited according to the provisions of Luxembourg law. 

A Sub Fund may be terminated by resolution of its shareholders if the Net Asset Value of a 

Sub Fund is below EUR 1.250.000 or its equivalent in any other currency or for any other 

reason such as proposed by the Board of Directors from time to time in the interest of the 

shareholders. In either such event, the assets of the Sub Fund shall be realized, the 

liabilities discharged and the net proceeds of realization distributed to shareholders in the 

proportion to their holding of shares in that Sub Fund. In such event, notice of the 

termination shall be given to the shareholders according to paragraph 1 of this chapter. The 

sums and assets payable in respect of shares whose holders failed to present themselves at 

the time of the closure of the liquidation, shall be paid to the "Caisse de Consignation" to be 

held for the benefit of the persons entitled thereto. 

A Sub Fund may be merged with one or more other Sub Funds by resolution of the 

shareholders of each concerned Sub Fund of the Company. In such event, notice of the 

merger shall be given to the shareholders according to paragraph 1 of this chapter. Each 

shareholder of the relevant Sub Fund shall be given the possibility, within a period of one 

month as of the date of the publication, to request either the repurchase of its shares, free of 

any charges, or the exchange of its shares, free of any charges, against shares of a Sub 

Fund not concerned by the merger. At the expiry of this one month's period, any shareholder 

which did not request the repurchase or the exchange of its shares shall be bound by the 

decision relating to the merger. 

DOCUMENTS 

The following documents may be consulted at the Company's registered office and the 

Depository Bank: 

a) the Company's Coordinated Articles; 

b) the Key Investor Information Documents; 

c) the Investment Management Agreement between the Company and SWEDBANK 

ROBUR FONDER AB, dated as of July 2, 2011; 

d) the Service and Custodian Agreement between the Company and SWEDBANK AB 

(publ) Luxembourg Branch; 

GEDI:3006506v5 44

e) the Administrative Agent and Registrar and Transfer Agent Agreement between the 

Company and SWEDBANK AB (publ) Luxembourg Branch; 

f) the Distribution Agreement between the Company, SWEDBANK AB (publ) 

Luxembourg Branch and SWEDBANK AS; 

g) the Distribution Agreement between the Company, SWEDBANK AB (publ) 

Luxembourg Branch and AS SWEDBANK; 

h) the Distribution Agreement between the Company, SWEDBANK AB (publ) 

Luxembourg Branch and "SWEDBANK", AB; 

i) the Main Distribution Agreement between the Company and SWEDBANK ROBUR 

FONDER AB, dated as of July 1, 2011; and 

j) the periodic financial reports. 

SHAREHOLDER RIGHTS 

The Company draws the shareholder's attention to the fact that any shareholder will only be 

able to fully exercise his shareholder rights directly against the Company if the shareholder 

is registered himself and in his own name in the shareholders' register of the Company. In 

cases where a shareholder invests in the Company through an intermediary investing into 

the Company in his own name but on behalf of the shareholder, it may not always be 

possible for the shareholder to exercise certain shareholder rights directly against the 

Company. Shareholders are advised to take advice on their rights. 

GEDI:3006506v5 45

PROSPECTUS SWEDBANK ROBUR INTERNATIONAL, SICAV

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