Citywire Conference, Frankfurt 22 September 2009 Søren Høyer, Member of Investment Board

BankInvest Global Equities Citywire Conference, Frankfurt 22 September 2009 Søren Høyer, Member of Investment Board

BankInvest Global Equities - In summary Long Term Investment Approach Disciplined Stock Picking Proven Track-record by an Experienced Team 2

BankInvest the Business Founded in 1969, dedicated to Asset Management Owned by ~50 small/medium sized Danish banks 200 employees, AuM ~8.2 bn EUR AuM for Global Equities ~2.4 bn EUR or ~23% of total assets Creation of Global Equities products (mirror funds) * 42% in segregated mandates 3

BankInvest Global Equities - At the core of BankInvest s business Change of approach from regions to global sectors Benchmark: MSCI All Country World Index Inception date (Danish Domiciled Fund): December 1989 4

Ten Straight Years of Outperformance Moderate Risk Over The Last Six Years Last 6 years Information Ratio > 1 vs. ambition > 0.5 Returns are in DKK (gross of fees) and excess returns are arithmetic. 5

The Global Equities Team Average Industry Experience 13+ years 6

Clear Investment Philosophy We believe that efficient markets long term but not the short/medium term a disciplined focus on valuation creates excess return opportunities a search for continuity in high cash flow generation 7

and Investment Process - Risk monitoring - Position sizes - Frequent portfolio review Portfolio Management Investment Board - Investment Case (buy/sell): Fundamentals Valuation Down side risk - Investment Board Presentation Investment Cases Investment Board and Sector Specialist - Screening - Fundamental due diligence - Cash flow Valuation Stock Picking Sector specialist 8

An Investment case - Accenture The case for Accenture (bought in May 2009) A global leading IT Consulting and Outsourcing house Best positioned and focused among global peers Competition from Indian IT service handled successfully (has 90,000 employees in low-cost countries) Clients demand to lower their cost structures is structurally growing, not too dependant on economy Healthy growth opportunities as marked not penetrated Scope for Cash flow returns to increase; DCF-model upside of ~40%. 9

An Investment Case II - Accenture Industry analysis 10

Investment Objective and Strategy Investment objective: Excess returns of 3% p.a. over rolling 3-5 years Limited tracking error, aiming for information ratio > 0.5 To provide a style neutral stock picking portfolio Investment strategy: Exploit short/medium term inefficiencies in the market Focus on company fundamentals and cash flow based valuations Active positions only; 80-100 companies in the portfolio 11

Portfolio Characteristics August 2009 Data as of July, 2009 Sector Style Region Ratio is calculated for the mother portfolio, Basis, by adding the value of buying and selling (net of in- and outflow) divided by the sum of AuM primo and AuM end of year 12

Strong stock picking culture we know our holdings! Microsoft: Large and most promising product launches are just ahead over next 1-2 years we ll see Windows-7, Sharepoint2, Office2010, and Bing enforcing already strong cash flows. Topdanmark: Robust competitive situation intact has just re-initiated the buy back programme and managed to increase prices. Philip Morris Intl.: Continued topline growth driven by Branded cigarettes (Marlboro) to emerging markets. Margin lift through higher prices. Gazprom: Europe is short of gas, Russia is long gas; and Gazprom holds a monopoly for exporting gas out of Russia. Almost no earnings from gas sold domestically this will change by priceliberalisations during next 5 years. Goldman: Exited the Financial Crisis strong than ever and is now reaping the benefits from the reopened marked for re-financing and higher demand for investment products in general. H&M: Even during the European recession delivering strong topline growth and earnings supported by the strong format and strategy. 13

BankInvest Global Equities - In summary Long Term Investment Approach Disciplined Stock Picking Proven Track-record by an Experienced Team 14

Appendix 15

Support for actively managed Equity funds - Bernstein Research, May 2009 16

Performance Attribution Analysis: Global Equities - 2009; first 8 months Top / bottom 10 contributors Source: Wilshire data (Gross of fees in EUR) 17

Performance Attribution Analysis - History confirms value added through stock picking Source: Wilshire data (Gross of fees, DKK) 18 Almost all outperf comes from stock selection. Good! Our outperformance last 5 years

Key Risk Figures - Global Equities relative to MSCI All Countries Global Equities measured against it s benchmark MSCI All Countries World has characteristics which is: Cash Flow Returns on investments are generally higher than the benchmark. Financial gearing is lower than benchmark. Most multiples are lower than the benchmark. 19

Investment Board Global Equities David Dalgas Head of Equities Chairman of Investment Board Lead Fund Manager since 2004, in BankInvest since 2000. Previously working as a sector specialist (Consumer sectors and Telecom). Before joining BankInvest David worked as a portfolio manager with LD, a major Danish pension fund. Prior to this he worked as an equity research analyst at WestLB and as a fixed income analyst at Amagerbanken and the Danish Central Bank. Klaus Ingemann Nielsen Executive Member of Investment Board In Investment Board since 2004 and with BankInvest since 2000. Responsible for investments within Information Technology, Consumer Electronics, and Health Care. He has extensive experience within financial analysis and information technology from working with corporate finance at Carnegie Bank and at TDC s finance department. Kenneth Graversen Executive Member of Investment Board In Investment Board since 2008 and with BankInvest since 2004. Responsible for investments in Industrials and Materials. Furthermore, Kenneth is in charge of the European sub fund. He has six years of experience as an equity research analyst at Enskilda Securities. Before that, Kenneth worked seven years at Alfred Berg. 20 Søren Høyer Member of Investment Board Product Specialist at Global Equities and in Investment Board since 2007. Søren s role includes presentations to clients and partners explaining the investment process, the team, the companies in the portfolio, and the investment results. He was a Portfolio Manager at Danske Capital for five years before joining BankInvest in 2007. Previously he worked as an equity analyst and as an economist.

Client Services Germany Joachim H. Böttcher, MBA Sales Director BankInvest Germany Joachim H. Böttcher is responsible for Business Development at BISA S. A. Niederlassung Deutschland, the German sales branch of BankInvest. Besides this he is one of BankInvest's specialists in the area of Socially Responsible Investments. Prior to joining BankInvest in January 2008 he was with UBS Deutschland AG for more than seven years. Additional career steps include Accenture, AXA and Deutsche Bank. Email: JHB@bankinvest.com Phone: +49 89 20000 7161 Mobile: +49 173 5836 015 Dr. Stefan G. Stobbe Country Head BankInvest Germany Dr. Stefan G. Stobbe joined BankInvest in 2007 and is responsible for BankInvest s business activities in Austria, Switzerland and Germany. During more than 20 years of experience in the investment industry he worked in senior executive and institutional sales roles at amongst others JP Morgan Funds Hub and Credit Suisse Asset Management. Email: SGS@bankinvest.com Phone: +49 89 20000 7181 Mobile: +49 173 5836 015 Additionally the client service department, located in Luxembourg is available for client support: Henrietta Schröder Email: HES@bankinvest.com or Clientservice@bankinvest.com Phone: +352 24 83 88 1 or +352 24 83 88 32 21

Disclaimer Compliance The BankInvest Group is authorised by the Danish Financial Supervisory Authority (Finanstilsynet) which attends to financial regulation in Denmark. The Danish Financial Supervisory Authority is an institution under the responsibility of the Minister for Economic Affairs. Whilst BankInvest uses all reasonable efforts to ensure that the information on this presentation is accurate and up to date. No representations or warranties are given as to the reliability, accuracy and completeness of the information. Nothing contained on this presentation constitutes investment advice and it is important that you do not rely upon its content to make investment decisions. This presentation should not be regarded as constituting a distribution or an offer or solicitation to sell shares or units in any of the BankInvest funds in any jurisdiction in which such distribution, offer or solicitation would be contrary to local law or regulation. Past performance is not necessarily a guide to future performance. Emerging markets tend to be more volatile than more established stock markets and therefore have greater risk. As a result, exchange rate movements may cause the value of investments to decrease or increase. Anti-Money-laundering BankInvest believes that compliance with anti-money-laundering requirements on financial institutions is of the utmost importance. As a firm with clients around the world, we have been working closely with all our business partners to ensure that we comply with all anti-money-laundering efforts wherever we operate. 22