Nordea 1 – European Alpha FundISIN LU0326853404 (BP-EUR)

May 2011

Richard RobinsonInvestment Manager

2

Ashburton: the sub-manager 3

Investment process 7

Appendix - Fund features 17

3

• Established in 1982, Ashburton (Jersey) Limited, the investment manager, is centred in

Jersey, the largest of the Channel Islands and the highest ranked offshore center,

globally (IMF).

• In 1998, Ashburton became part of an internationally renowned financial services

organisation, the FirstRand Group (headquartered in Johannesburg). FirstRand Group

is rated: S&P BBB, Fitch: BBB and has assets under management of €131.3bn*.

• The Nordea 1 – European Alpha Fund (ISIN: LU0326853404) is sub-managed by the

Ashburton European Equity team which is managing the Ashburton European Equity

Fund (ISIN: GB0002279403), a product launched 12 years ago (06.01.1997).

• The Ashburton European Equity Fund holds a number of ratings:

Ashburton – the sub-manager

Ashburton, the sub-manager

Overall Morningstar Rating*** * Source: http://www.firstrand.co.za/. Date: 30.06.2010. ** An S&P Fund Management Rating represents an opinion only and should not be relied on when making an investment decision. Reproduction or distribution of S&P’s trade names or logos in any form is prohibited except with the prior written permission of S&P. Visit funds.standardandpoors.com for full terms and conditions. Copyright 2010 © Standard & Poor’s, a division of The McGraw-Hill Companies, Limited. *** Source - © 2011 Morningstar, Inc. All Rights Reserved, Date: 31.03.2011, Morningstar category “Europe Large Cap Blend Equity”.

**

4

Investment Team

Source: Ashburton (Jersey) Limited, Date: 30.09.2009

Richard Robinson – Head of Pan European Equities Team, Investment Manager• Richard Robinson joined Ashburton in 2000 and is Head of the Pan European Equities team.• Richard studied at the University of Wales College, Cardiff, before joining a Jersey private bank as a

security dealer.• Richard holds the MSI (Dip) and is a Member of the Securities Institute. He also holds the Investment

Managers Certificate.

Veronika Pechlaner – Investment Manager• Veronika Pechlaner joined Ashburton (Jersey) Limited as Investment Manager in early 2008.• She previously worked as Executive Director at Goldman Sachs in London where she focussed on

Pan European equity research in the media sector since 2001.• Veronika has been a CFA charterholder since 2005. She holds a Master degree in Finance and

International Management from the University of Innsbruck (Austria, E.U.) and participated in the 1999 exchange program at Tulane University (USA).

Alan Le Maistre - Assistant Investment Manager • Alan Le Maistre is an Assistant Investment Manager within the Pan European Equities team.

• Alan joined Ashburton in mid 2007 having graduated from Cardiff University.

• He holds the Investment Management Certificate (IMC) and is currently studying towards the Chartered Market Technician (CMT) qualification

Ashburton – the sub-manager

Ashburton European Equity Fund*Longstanding track record in European Equities

Data Source - © 2011 Morningstar, Inc. All Rights Reserved, Morningstar Category: Europe Large-Cap Blend Equity, Available for Sale Offshore, Oldest Share Class. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar Licensed Tools and Content implemented and powered by Interactive Data Managed Solutions. * Ashburton (Jersey) Limited distributes the Ashburton European Equity Fund. This sub-fund is not authorised for public distribution in Continental Europe. ** Morningstar Category average: Europe Large-Cap Blend Equity. The performance represented is historical; past performance is not necessarily a guide to the future and investors may not recover the full amount invested. The value of shares can fluctuate and is not guaranteed.

Offshore and International Funds

Equity Europe Large-Cap Blend** 01/04/2010 - 31/03/2011

%Chg Rank QTL %Chg Rank QTL %Chg Rank QTL %Chg Rank QTL

MSCI Europe Net Return Index 7.4 -1.7 -5.7 119.4

Ashburton European Equity PC€* 13.4 15 1 -0.15 71 2 9.4 11 1 236.33 2 1

Number of funds 287 211 166 45

1 Year Since Launch

06/01/1997 - 31/03/2011

3 Years

01/04/2008 - 31/03/2011

5 Years

01/04/2006 - 31/03/2011

1

1 Top quartile performance

11

5

Ashburton – the sub-manager

Nordea 1 – European Alpha FundFund performance

6

Sources: Nordea Investment Funds S.A., Datastream and Ashburton. * Ashburton (Jersey) Limited distributes the Ashburton European Equity Fund. This sub-fund is not authorised for public distribution in Continental Europe. Bloomberg: Ashburton European Equity Fund (Bloomberg ticker: ASHIEUR JY). Performance calculated NAV to NAV (net of fees and Luxembourg taxes) gross income reinvested, in EUR, excluding initial and exit charges as per 31.03.2011. The performance represented is historical; past performance is not necessarily a guide to the future and investors may not recover the full amount invested. The value of shares can fluctuate and is not guaranteed.

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2008 2009 2010 YTD (31.03.2011)

Nordea 1 – European Alpha Fund MSCI Europe – Net Return Index

7

Investment Process

Investment process overview“Unlike many of the fund’s competitors, the initial investment decision stems from identifying significant global macro- and/or industry trends which will persist for some time, or Gorilla Views, which form the bedrock of portfolio construction”

Gorilla View long-term view

Sector/Equity Cluster* medium-term view

Stock Selection short-term analysis

INTERNAL / EXTERNAL RESEARCH

PORTFOLIO CONSTRUCTION / RISK MANAGEMENT

Gorilla View 1

Stock A

Stock B

Stock C

Equity Cluster

1

Equity Cluster

2

Equity Cluster

3

Stock A

Stock B

Stock C

Stock A

Stock B

Stock C

Gorilla View 3

Stock A

Stock B

Stock C

Equity Cluster

1

Equity Cluster

2

Equity Cluster

3

Stock A

Stock B

Stock C

Stock A

Stock B

Stock C

Gorilla View 2

Stock A

Stock B

Stock C

Equity Cluster

1

Equity Cluster

2

Equity Cluster

3

Stock A

Stock B

Stock C

Stock A

Stock B

Stock C

* As “Equity cluster” we define a sub-sector or a group of companies exhibiting common features in their positioning with respect to a particular top-down Gorilla view (ie. Common export markets, type of technology, geographical and business exposure etc.).

Energy Demand

Shortage of supply

The world of ‘scramble’•Politically straightforward and expedient•Supply but at a cost•Oil price is elevated

Increase efficiency of usage

The world of ‘controlled response’

•Appropriate alternative fuels•Increasing efficiencies of energy usage

Growth of emerging

economiesIndia, China, South

America

• Leads to civil unrest (inflation)

• Energy installations in inappropriate areas

• More extreme engineering (Macondo)

Forming our ‘Gorilla View’

Investment Process

8

Forming our ‘Equity cluster’The world of ‘scramble’ The world of ‘controlled response’

• Oil Service Companies

• Dealing with lower quality fuel

• Liquid Natural Gas (LNG) facilitators

• Mining companies (Coal)

• Mining equipment companies

• Clean Coal Burners

• Shipping

• Engineering Companies

• Engine companies (more efficient gasoline/diesel)

• Alternative energy

• Engine manufacturers (hybrid)

• Engineering Companies

• Energy Efficient Infrastructure

• Bio-fuels (+ fertiliser companies)

• Profitable action against resource depletion and climate change.

• The engineered solution and becomes more compelling and profitable the higher energy prices move.

• Dealing with today’s problem is the priority.

• Long term ‘action’ to combat resource shortages and climate change are absent on a large scale.

• Governments inclined to choose short- term solutions, looking to indigenous solutions where possible.

• Motorists continue to use petroleum.

• Oil becomes harder to find and produce.

• Prices Rise, leading to civil unrest.

Investment Process

9

10

Investment Process

Investment process 3 stage, theme/sector driven

2) Equity Cluster Allocation• Identify the equity clusters which profit most from the

“Gorilla outlook” at a given point in time

• Analyse the position of these equity clusters in the value chain

• Specific Supply/demand fundamentals, identifying bottlenecks

• Inventory levels

3) Stock Selection• Top down screening model reduces investment universe

• Bottom up qualitative and quantitative valuation

• Flexible selection process favouring Growth or Value stocks dependent on current market conditions

1) Gorilla View (Identify Macro/Industry Drivers)

• Long term Supply / Demand analysis

• Potential Supply bottlenecks

• Industry Analysis

• Companies reporting/announcements

• Macro economic developments

Stock selection inside Sector/Equity Cluster based on relative valuation shorter-term analysis

Gorilla View

long-term view

Sector/Equity Cluster medium-term view

*Example Feb 2011

Gorilla View

: Death of Cheap Oil Supply*

Equity Cluster

: Oil Services

Equity Cluster 2.

Equity Cluster 3.

Stock

B

Stock

C

Stock

D

Stock

SEADRILL

11

• Between 60 and 80 stocks – to diversify away stock specific risks

• Investments between 1% and 2% of NAV – to minimise impact of losses

from one particular stock

• Average size of holding: 1.6%

• Combine Large Cap and Mid Cap stocks

• The benchmark, used as a reference point, does not dictate country, sector

or stock weightings used in the portfolio – the benchmark represents historical

success, not future success.

• Investment Universe: companies incorporated in any European country and also securities traded in other markets where the underlying companies derive a significant proportion of their earnings from the European region

Portfolio Construction

Investment process

12

Fund philosophy

“The fund’s unconstrained approach enables it to focus on global themes reflecting fundamental change while investing in a European

equity market context. Principally, the fund’s focus is to create alpha by translating these top-down “Gorilla Views” into “Equity clusters” which results in significant over- and underweights in the fund’s (sub)sector

allocation relative to the benchmark Index”

• ACTIVELY benefiting from GLOBAL CHANGE!

• Reflected in unique 3-step investment process

• Proven process allows dynamic positioning

1. Gorilla Views

2. Equity Clusters

3. Stock selection

Top-down roadmap driven by global macro & industry themes

Redefine the market into pockets according to exposure to gorilla views

Relative selection within cluster based on profiling & valuation

What differentiates us?Performance underpinned by differentiated investment philosophy

13

Short term

Long term

Mid term

• Oil Services

• Oil E&P

• Integrated

• Alternative Energy

Death of Cheap Oil

Supply

Austerity Busters

Recovering West

Billion Boomers

• Clean and Green

• Innovation

• Financials

• Others

• Consumer

• Logistics

• Consumer and Lifestyle

• Hard Commodities

• Infrastructure

• Deleveraging consumer

• Stable Demand

• Increased Tax Revenue

• Increased Gov. efficiency

Investment process

Global themes actively managed in EuropePerformance underpinned by differentiated Investment Process

Incubator

Diverging WestInternal Feedback + Analyst Feedback + Independent + General Research

* Cash Return On Capital Invested ** Moving Average Convergence / Divergence

Stock selection

Screening model (Valuation & Momentum)

Bottom up (CROCI*, P/NAV, DCF)

Technical (RSI, Volume, MACD**)

Relative valuation

Analyst Input

Meet management (where possible)

Inventories, sector indicators, etc.

Qualitative research

Nordea 1 – European Alpha FundThematic allocation as of 29.04.2011

14

Death Of Cheap Oil

30%

Weighting % Oil Services 20.34

Oil E&P 4.20

Integrated 5.53

Billion Boomers

24%

Hard / Soft commodities 8.75

Consumer and Lifestyle 4.44

Infrastructure 10.68

Recovering West Consumer 2.73

10% Logistics 6.86

Austerity Busters

3%

Deleveraging Consumer 1.57

Stable Demand 1.62

Increased Government Efficiency 0.00

Incubator Clean and Green 16.78

28% Innovation 1.60 Financials 9.50 Bottom-up 1.66

Source: Nordea Investment Funds S.A.. Date: 29.04.2011

Div

ergi

ng W

est

Gorilla Views (Themes) Equity clusters

Current positioning

Current positioning & outlook

Model portfolio: Sector allocation vs benchmark (29.04.2011)

Source: Data provided by Ashburton Jersey , Date: 29.04.2011

15

Positioning driven by top-down “gorilla themes” results in active allocation relative to benchmark

16

APPENDIX

17

• Top slicing: part of a position sold when an out performer becomes a too large

part of the portfolio

• Daily monitoring of stocks relative to their sector, index and benchmark. A

drawdown of over 15% in absolute terms or relative to the index will

normally lead to a sell (unless exceptional circumstances prevail), i.e. stop loss

methodology

• Minimum liquidity requirement: normally the fund manager will not take a

position that constitutes over 30% of the average 90 day daily volume (in

value terms)

• Use of options on the index permitted for the purpose of Portfolio Insurance

under specific circumstances

• Monthly meetings with the MD, Investment Director and Strategist to review all

aspects of the fund

Investment process

Risk Management policies

Nordea 1 – European Alpha FundTop ten holdings as of

Top Ten in %

Aker Solutions NO0010215684 2.89

Subsea 7 LU0075646355 2.77

Aggreko GB0001478998 2.70

SD Standard Drilling Plc CY0101550917 2.65

BG Group GB0008762899 2.16

Aixtron DE000A0WMPJ6 2.06

Gazprom ADR US3682872078 1.99

Electromagnetic Geoservices NO0010358484 1.88

Yara NO0010208051 1.81

Golar Lng BMG9456A1009 1.75

Total 22.66Source: Nordea Investment Funds S.A., Date: 29.04.2011

Fund features

29.04.2011

18

Nordea 1 – European Alpha FundSector and country breakdown as of

Sector Breakdown in %

Energy 31.83

Industrials 22.62

Materials 15.31

Financials 9.80

Consumer Discretionary 9.10

Information Technology 4.21

Consumer Staples 3.19

Health Care 1.60

Net Liquid Assets 2.34

Total 100.00Source: Nordea Investment Funds S.A., Date: 29.04.2011

Country Breakdown in %

(Top 10)

Germany 24.06

United Kingdom 19.26

Norway 19.21

Switzerland 6.67

Bermuda 5.10

France 4.96

Spain 4.21

Sweden 3.91

Luxembourg 3.49

Netherlands 2.18

Net Liquid Assets 2.34

Total 93.05Source: Nordea Investment Funds S.A., Date: 29.04.2011

Fund features

29.04.2011

19

Nordea 1 – European Alpha FundMarket capitalisation as of 29.04.2011

Fund features

Market Capitalisation in % (in mln. EUR)

Cash includedWithout

cash

Not classified 2.65 2.71

[100] – [200] 1.59 1.62

[200] – [500] 4.55 4.66

[500] – [1000] 8.01 8.20

[1000] – [2000] 9.11 9.33

[2000] – [3000] 6.75 6.91

[3000] – [4000] 4.44 4.54

[4000] – [5000] 7.33 7.50

[5000] – [10000] 9.02 9.23

[10000] – [20000] 12.69 12.99

> [20000] 31.53 32.29

Net Liquid Assets 2.34

Total 100.00 100.00Source: Nordea Investment Funds S.A., Date: 29.04.2011

20

Nordea 1 – European Alpha FundKey fund data as of 29.04.2011

Fund features

Subfunds name European Alpha Fund

Fund Manager Richard E. Robinson

Fund Domicile 562, rue de Neudorf, L-2220 Luxembourg

Share class BP

Annual Man. Fee 1.500 %

Security number (ISIN) LU0326853404

Security number (WKN) A0M5ME

Fund Size in millions 112.44

Currency EUR

Reference index MSCI Europe - Net Return Index

No. of holdings 71

Launch date 13/11/2007

Minimum investment (EUR) 50Source: Nordea Investment Funds S.A., Date: 29.04.2011

21

22

The Nordea 1 fund app:

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Download the Nordea 1 fund app to your Apple iPhone, iPad or iPod touch now and always stay up to date on the Nordea 1, SICAV range:

Features include daily price and performance data, latest Nordea news, fund of the month, portfolio manager videos, personalized watch lists, plus of course an intuitive fund palette that introduces you to the funds and their managers.

Nordea 1 fund app

To download the app search “Nordea 1” in your Apple App Store

or visit www.nordea.lu/APP for further information.

Contact Pan-Europe

Nordea Investment Funds S.A.562, rue de NeudorfP.O. Box 782L-2017 Luxembourgwww.nordea.lunordeafunds@nordea.luFreephone 00800 43 39 50 00

The sub-funds mentioned are part of the Nordea 1, SICAV, an open-ended Luxembourg-based investment company (Société d'Investissement à Capital Variable), validly formed and existing in accordance with the laws of Luxembourg and with European Community Directive 85/611/CEE of 20 December 1985. The custodian of the SICAV’s assets is Nordea Bank S.A., Luxembourg. Investments in the Nordea funds should be made on the basis of the current prospectus, which is available, along with the simplified prospectus, current annual and semi-annual reports, free of charge upon request from Nordea Investment Funds S.A., 562, rue de Neudorf, P.O. Box 782, L-2017 Luxembourg, from the local representatives or information agents, or from our distributors. A transaction involving a foreign exchange transaction may be subject to fluctuations of currency values which may affect the value of an investment. Investments in Emerging Markets involve a higher element of risk. Nordea Investment Funds S.A. only publishes product-related information and does not make any investment recommendations. Further information can be obtained from your financial advisor. He/she can advise you independently of Nordea Investment Funds S.A. Published by Nordea Investment Funds S.A., 562, rue de Neudorf, P.O. Box 782, L-2017 Luxembourg. Additional information for investors in Switzerland:The Swiss Financial Market Supervisory Authority (FINMA) has granted authorisation for Nordea 1, SICAV to be publically distributed within and from Switzerland. The documents listed above, as well as the Articles of Association, are available free of charge from the Swiss Representative and Paying Agent, Nordea Bank S.A. Luxemburg, Zweigniederlassung Zürich, Mainaustrasse 21-23, CH-8008 Zürich. Telephone (+41) 44 421 42 42, Fax (+41) 44 421 42 82. Additional information for investors in Germany: The Information and Paying Agent in Germany is Nordea Bank Finland Plc, Niederlassung Deutschland, Bockenheimer Landstrasse 33, D-60325 Frankfurt am Main. A hard copy of the above-mentioned fund documentation is also available from here. Additional information for investors in Austria: Sub-paying Agent and Representative in Austria is the Erste Bank der Österreichischen Sparkassen AG, Graben 21, A-1010 Vienna. Additional information for investors in France: With the authorisation of the Autorité des Marchés Financiers (AMF) as per 11 March 2003, 13 December 2005, 03 April 2007, 28 September 2007, 29 February 2008, 29 April 2008, 25 November 2008 and 09 June 2009, Nordea 1, SICAV may be distributed to investors in France, as published in the Bulletin des Annonces Légales Obligatoire dated 19 March 2003, 19 December 2005, 18 April 2007, 10 October 2007, 19 March 2008, 28 May 2008, 15 December 2008 and 26 June 2009. Centralising Correspondent in France is CACEIS Bank, located at 1-3, place Valhubert, 75013 Paris. Investors are advised to conduct thorough research before making any investment decision. Additional information for investors in Spain: Nordea 1, SICAV is duly registered in the CNMV official registry of foreign collective investment institutions (entry no. 340) as authorised to be marketed to the public in Spain. In Spain, any investment must be made through the authorised distributors and on the basis of the information contained in the mandatory documentation that must be received from the SICAV’s authorised distributor prior to any subscription, or that may be obtained from the CNMV registries. Additional information for investors in Italy:Fund documentation as listed above is also available in Italy from the distributors and on the website www.nordea.it. The updated list of distribution agents in Italy, grouped by homogenous category, is available from the distributors themselves, at State Street Bank S.p.A. branches (located in the main towns of each region), BNP Paribas Securities Services, Banca Sella Holding S.p.A, Allfunds Bank S.A., Societe Generale Securities Services Sp.A. and on the website www.nordea.it. Any requests for additional information should be sent to the distributors. Before investing, please read the prospectus carefully. We recommend that you read the most recent annual financial statement in order to be better informed about the fund's investment policy. For the risk profile of the mentioned sub-funds, please refer to the fund prospectus. Additional information for investors in the United Kingdom: Approved by Nordea Bank Finland Plc, London Branch, which is regulated by the FSA in the United Kingdom. Additional information for investors in Latvia: The Representative and Paying Agent is Nordea Bank Finland Plc Latvijas branch, K. Valdemara St. 62, Riga, LV-1013.Additional information for investors in Estonia: The Representative and Paying Agent in Estonia is Nordea Bank Finland Plc, Estonia Branch, Hobujaama 4, 15068 Tallinn. Additional information for investors in Lithuania: The Representative and Paying Agent in Lithuania is Nordea Bank Finland Plc, Lithuania Branch, Didzioji str. 18/2, LT-01128 Vilnius. Shareholders must evaluate possible investment risks and take this into consideration when making investment decisions. Additional information for investors in Brazil: Nordea 1, SICAV have not been, and will not be, registered with the CVM and may not be offered or sold in Brazil except in circumstances which do not constitute a public offering or distribution under Brazilian laws and regulations. Investors within Brazil should consult with their own counsel as to the applicability of these laws and regulations or any exemption there from. This material aims to provide information only and does not constitute and should not be construed as an offer to buy or sell or solicitation of an offer to buy or sell any security or financial instrument. Source: XXX. Performance calculated NAV to NAV (net of fees and Luxembourg taxes) gross income reinvested, in (EUR), excluding initial and exit charges as per (29.04.2011). The performance represented is historical; past performance is not necessarily a guide to the future and investors may not recover the full amount invested. The value of shares can fluctuate and is not guaranteed. Unless otherwise stated, all views expressed are those of Nordea Investment Funds S.A. This document may not be reproduced or circulated without prior permission. Reference to companies or other investments mentioned within this document should not be construed as a recommendation to the investor to buy or sell the same, but is included for the purpose of illustration.