CARNEGIE INVESTMENT FUND

Société d'investissement à Capital Variable UNAUDITED SEMI-ANNUAL REPORT 30 JUNE 2013 R.C.S. Luxembourg B 158 803 Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report and the latest semi-annual report if published after the annual report

TABLE OF CONTENTS GENERAL INFORMATION Management and Administration 3 Board of Directors 3 FINANCIAL STATEMENTS Statement of Net Assets 4 Net Asset Value per share 4 Statement of Operations and Changes in Net Assets 5 Statement of Changes in Number of Shares Outstanding 6 SECURITIES PORTFOLIO Carnegie Investment Fund - Short Term Fund 7 Carnegie Investment Fund - Nordic Equity Fund 8-9 NOTES TO THE FINANCIAL STATEMENTS 10-12 2

MANAGEMENT AND ADMINISTRATION REGISTERED OFFICE INVESTMENT MANAGER Centre Europe Banque Carnegie Luxembourg S.A. 5, Place de la Gare Centre Europe L-1616 Luxembourg 5, Place de la Gare L-1616 Luxembourg MANAGEMENT COMPANY CUSTODIAN Carnegie Fund Services S.A. J.P. Morgan Bank Luxembourg S.A. Centre Europe 6, Route de Trèves 5, Place de la Gare L-2633 Senningerberg L-1616 Luxembourg Grand-Duchy of Luxembourg LEGAL ADVISOR AUDITOR Bonn Schmitt Steichen PricewaterhouseCoopers S.à r.l. 22-24, Rives de Clausen 400, Route d'esch L-2165 Luxembourg L-1471 Luxembourg FUND ADMINISTRATOR, REGISTRAR AND TRANSFER AGENT Carnegie Fund Services S.A. Centre Europe 5, Place de la Gare L-1616 Luxembourg CHAIRMAN Bruno FREREJEAN Co-Managing Director Banque Carnegie Luxembourg S.A. DIRECTORS Bruno FREREJEAN Co-Managing Director Banque Carnegie Luxembourg S.A. BOARD OF DIRECTORS Jean-Marc DELMOTTE Managing Director Carnegie Fund Services S.A. Ann-Charlotte Byström EEK COO for Private Banking & Structured Finance Carnegie Investment Bank AB Stockholm, Sweden 3

STATEMENT OF NET ASSETS AS AT 30 JUNE 2013 COMBINED SHORT TERM FUND NORDIC EQUITY FUND (EUR) (SEK) (SEK) ASSETS Investments at market value (Note 2.1) 27,224,428.56 30,572,248.49 208,643,360.41 Cash at banks 446,175.84 513,977.41 3,406,480.47 Receivable on investments sold 147,168.93 4,674.33 1,288,469.60 Unrealised gain on forward foreign 4,623.03 40,621.68 0.00 Total Assets 27,822,396.37 31,131,521.91 213,338,310.48 LIABILITIES Bank overdrafts (82,748.13) 0.00 (727,091.24) Other Liabilities (178,642.37) (7,887.13) (1,561,807.68) Unrealised loss on forward foreign (49,878.63) (438,273.53) Subscription tax payable ("taxe d'abonnement") (3,095.08) (765.07) (26,430.78) Total Liabilities (314,364.21) (446,925.73) (2,315,329.70) NET ASSET VALUE 27,508,032.16 30,684,596.18 211,022,980.78 NET ASSET VALUE PER SHARE AS AT 30 JUNE 2013 SHORT TERM FUND (SEK) NORDIC EQUITY FUND (SEK) Net asset value per share 100.36 88.07 The accompanying notes form an integral part of this financial report 4

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 JUNE 2013 COMBINED (i) NORDIC EQUITY SHORT TERM FUND FUND (EUR) (SEK) (SEK) INCOME Dividends, net (Note 2.4) 380,945.56 0.00 3,347,292.46 Other income 3,368.58 5,000.00 24,599.05 Total Income 384,314.14 5,000.00 3,371,891.51 EXPENSES Investment management fee (Note 6) (153,011.60) (24,954.62) (1,319,527.73) Custody and administration fee (Note 8) (20,741.40) (6,313.50) (175,937.02) Taxe d abonnement (Note 4) (5,590.71) (1,212.52) (47,911.95) Bank and interest expenses (5,765.43) (264.29) (50,395.41) Total Expenses (185,109.15) (32,744.93) (1,593,772.11) Net investment income 199,205.00 (27,744.93) 1,778,119.40 Net realised gains/losses on investments (Note 2.2) 1,052,269.05 47,551.59 9,198,526.12 Net realised gains/losses on forward foreign exchange contracts 43,787.48 475,509.28 (90,757.44) Net realised gains/(losses) for the year 1,295,261.53 495,315.94 10,885,888.08 Change in net unrealised appreciation / (depreciation) on investments 824,289.03 9,292.82 7,233,570.07 Change in net unrealised appreciation / (depreciation) on forward foreign exchange contracts (50,250.91) (441,544.69) 0.00 Result of operations for the year 2,069,299.66 63,064.07 18,119,458.15 Subscriptions 10,365,619.83 17,500,000.00 73,580,628.32 Redemptions (5,429,636.86) (5,000,000.00) (42,709,133.16) Increase / (Decrease) in net assets 7,005,282.63 12,563,064.07 48,990,953.31 Net assets at the beginning of the year (i) 20,502,749.53 18,121,532.11 162,032,027.47 NET ASSETS AT THE END OF THE PERIOD 27,508,032.16 30,684,596.18 211,022,980.78 (i) Net assets at the beginning of the year were translated at the exchange rate ruling as at 30 June 2013. The same net assets when translated at SEK = EUR 0.11380707, the exchange rates ruling as at 31 December 2012 reflect a figure of EUR 20,977,114.79. The accompanying notes form an integral part of this financial report 5

STATEMENT OF CHANGES IN NUMBER OF SHARES OUTSTANDING FOR THE PERIOD ENDED 30 JUNE 2013 SHORT TERM FUND NORDIC EQUITY FUND Shares outstanding as at 1 January 2013 179,838.9999 2,049,827.0362 Shares issued 173,421.8611 848,025.0231 Shares redeemed (49,528.4892) (501,829.6185) Shares outstanding as at 30 June 2013 303,732.3718 2,396,022.4408 The accompanying notes form an integral part of this financial report 6

- SHORT TERM FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (SEK) ASSETS Transferable Securities Admitted To An Official Exchange Listing Treasury Bills Germany 485,000 German Treasury Bill 11/12/2013 4,261,640.62 13.89 482,000 German Treasury Bill 14/08/2013 4,235,237.60 13.80 487,000 German Treasury Bill 16/10/2013 4,279,043.22 13.95 12,775,921.44 41.64 Sweden 4,500,000 Swedish Treasury Bill 16/10/2013 4,487,715.00 14.63 4,350,000 Swedish Treasury Bill 17/07/2013 4,348,173.00 14.17 4,515,000 Swedish Treasury Bill 18/09/2013 4,505,924.85 14.68 4,460,000 Swedish Treasury Bill 21/08/2013 4,454,514.20 14.52 17,796,327.05 58.00 TOTAL TREASURY BILLS 30,572,248.49 99.64 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 30,572,248.49 99.64 INDUSTRY SECTOR ANALYSIS AS AT 30 JUNE 2013 SECTOR DESCRIPTION % OF NET ASSETS Treasury Bills 99.64 99.64 A statement of changes in the composition of the portfolio is available to Shareholders free of charge on request from the Fund's registered office The accompanying notes form an integral part of this financial report 7

- NORDIC EQUITY FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (SEK) ASSETS Transferable Securities Admitted To An Official Exchange Listing Shares Denmark 36,000 Christian Hansen Holding 8,354,581.19 3.96 14,400 Coloplast B 5,394,430.09 2.56 11,500 Novo Nordisk B 12,019,870.95 5.70 35,000 Pandora 7,941,093.03 3.76 42,000 SimCorp 8,510,081.00 4.03 16,200 Trygvesta 9,045,848.56 4.29 51,265,904.82 24.30 Finland 12,000 Kone B 6,416,121.36 3.04 20,000 Nokian Renkaat 5,507,566.24 2.61 18,000 Sampo 4,744,872.00 2.25 16,668,559.60 7.90 Norway 240,000 Opera Software 12,703,165.51 6.02 24,000 Schibsted 6,934,809.85 3.29 30,000 SeaDrill 8,142,542.67 3.86 24,000 TGS Nopec Geophysical Company 4,921,477.96 2.33 32,701,995.99 15.50 Sweden 27,000 Addtech B 6,075,000.00 2.88 20,000 Assa Abloy B 5,272,000.00 2.50 40,000 Atlas Copco A 6,464,000.00 3.06 33,000 Axis Communications 5,494,500.00 2.60 33,000 ABB 4,814,700.00 2.28 45,000 BioGaia B 10,215,000.00 4.84 48,000 Elekta B 4,915,200.00 2.33 180,000 Haldex 8,280,000.00 3.92 36,000 Hexagon B 6,462,000.00 3.06 15,000 Lagercrantz Group B 1,365,000.00 0.65 140,000 Nordea Bank 10,500,000.00 4.98 66,000 Swedbank A 10,002,300.00 4.74 36,000 SCA B 6,051,600.00 2.87 30,000 Transmode Holding 2,400,000.00 1.14 72,000 Volvo B 6,465,600.00 3.06 420,000 Vostok Nafta Investment SDB 13,230,000.00 6.27 108,006,900.00 51.18 TOTAL SHARES 208,643,360.41 98.88 The accompanying notes form an integral part of this financial report 8

BANQUE CARNEGIE FUND SICAV - NORDIC EQUITY FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (SEK) ASSETS TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 208,643,360.41 98.88 TOTAL SECURITIES PORTFOLIO 208,643,360.41 98.88 INDUSTRY SECTOR ANALYSIS AS AT 30 JUNE 2013 SECTOR DESCRIPTION % OF NET ASSETS Automobiles 3.06 Banking 9.72 Computer Software & Services 12.65 Commercial Vehicles & Trucks 6.98 Equity Investment Intruments 6.27 Financial Services 2.25 Energy 6.19 Engineering 8.38 Food, Drink & Tobacco 3.96 Health Care 9.73 Forestry 2.87 Insurance 4.29 Media 3.29 Miscellaneous Goods 5.11 Pharmaceuticals & Cosmetics 5.70 Retail 3.76 Technology Hardware & Equipment 3.53 Telecommunications 1.14 98.88 A statement of changes in the composition of the portfolio is available to Shareholders free of charge on request from the Fund's registered office The accompanying notes form an integral part of this financial report 9

NOTES TO THE FINANCIAL STATEMENTS 1 GENERAL CARNEGIE INVESTMENT FUND, the Company, was incorporated as a Société Anonyme qualifying as a Société d Investissement à Capital Variable with multiple Sub-Funds on 13 January 2011. The Company is an Undertaking for Collective Investment in Transferable Securities ( UCITS ) pursuant to Part I of the Luxembourg Law of 17 December 2010 on undertakings for collective investment and the Law of 10 August 1915 on commercial companies, as amended (the 1915 Law ). It is established for an undetermined duration from the date of incorporation. The Company presently contains two Sub-Funds: - Carnegie Investment Fund Short Term Fund Class 1A - Carnegie Investment Fund Nordic Equity Fund Class 1A 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These financial statements are established in accordance with the Luxembourg legal and regulatory requirements concerning undertakings for collective investment. 2.1 Valuation of investments (a) The value of any cash at hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, dividends and interests declared or due but not yet collected will be deemed to be the full value thereof, unless it is unlikely that such values are received in full, in which case the value thereof will be determined by deducting such amount the Directors consider appropriate to reflect the true value thereof. (b) Securities and money market instruments listed on a stock exchange or traded on any other regulated market will be valued at the last available price on such stock exchange or market. If a security is listed on several stock exchanges or markets, the last available price on the stock exchange or market, which constitutes the main market for such securities, will be determining. (c) Securities and money market instruments not listed on any stock exchange or traded on any regulated market will be valued at their last available market price. (d) Securities for which no price quotation is available or for which the price referred to in (b) and/or (c) is not representative of the fair market value, will be valued prudently, and in good faith on the basis of their reasonable foreseeable sales prices. (e) Contracts for differences are valued at fair value based on the last available price of the underlying security. (f) Investments in investment funds of the open ended type are taken at their latest net asset values reported by the administrator of the relevant investment fund. (g) Financial futures contracts (on securities, interest rates and indices) are valued at the exchange quoted settlement price. While the contracts are open, unrealised gains and losses are recorded on "mark-to market" basis at the valuation date. When a contract is closed, the Fund records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the price at which the contract was originally written. (h) Options contracts (on securities, currencies, interest rates and indices) are valued on the basis of the last available trade price. (i) Forward foreign exchange contracts are valued by reference to the forward rate prevailing at the valuation date. (j) Contracts for which no price quotation is available or for which the price referred to in (g) and/or (h) is not representative of the fair market value, will be valued prudently, and in good faith on the basis of their reasonable foreseeable sales prices. 10

NOTES TO THE FINANCIAL STATEMENTS 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.2 Realised gains and losses on investments Realised gains and losses on sales of investments have been determined on the average cost basis and include transaction costs. 2.3 Foreign currency translation The combined financial statements of the Company are maintained in EUR. The combined financial statements are the sum of the Sub-Funds financial statements equivalent in EUR translated, where applicable, at the rate of exchange ruling as at 30 June 2013. The market value of the investments and other assets and liabilities expressed in currencies other than the base currency of the Sub-Fund have been converted at the rates of exchange ruling as at 30 June 2013. The cost of investments in currencies other than the base currency of the Sub-Fund is converted at the rates of exchange prevailing at each Net Asset Value calculation date. The realised as unrealised gains and losses on foreign exchange are recognised in the Statement of Operations and Changes in Net Assets. Income and expenses expressed in currencies other than the reference currency are converted at exchange rates ruling at the transaction date. 2.4 Dividend and interest income Dividends are shown net of withholding tax deducted at source, and are recorded as income on the exdividend date. Interest income is accrued on a daily basis. 3 EXCHANGE RATES AS AT 30 JUNE 2013 1 USD = 0.76740081 EUR 1 NOK = 0.12628495 EUR 1 DKK = 0.13406803 EUR 1 SEK = 0.11380707 EUR 1 GBP = 1.16739240 EUR 4 TAXATION The Company is registered under the Luxembourg law as an investment company (Société d Investissement à Capital Variable SICAV ). Accordingly, no Luxembourg income or capital gains tax is, at present, payable. It is subject, however, to an annual taxe d abonnement calculated at the annual rate of 0.05% of the net asset value of the Company at the end of each quarter, excluding investments in other Luxembourg funds already subject to that tax. This tax is payable quarterly. 11

NOTES TO THE FINANCIAL STATEMENTS 5 FORWARD FOREIGN EXCHANGE CONTRACTS As at June 30, 2013 Carnegie Investment Fund Short Term Fund had entered into the following foreign contracts: Purchase Sale Maturity Unrealised Result (SEK) SEK 2,548,890.00 EUR 300,000.00 14AUG13-90,209.14 SEK 2,467,970.00 EUR 295,000.00 14AUG13-127,144.15 SEK 5,124,600.00 EUR 600,000.00 16OCT13-162,562.16 SEK 4,221,828.00 EUR 485,000.00 11DEC13-58,358.08 EUR 64,935.00 SEK 556,181.26 14AUG13 15,051.75 EUR 64,935.00 SEK 557,122.82 16OCT13 15,080.30 EUR 48,000.00 SEK 417,033.60 14AUG13 5,222.26 EUR 48,0000.00 SEK 417,705.60 16OCT13 5,267.37-397,651.85 6 MANAGEMENT FEES The Management Company is entitled to be paid a fee based on the net assets of each Sub-Fund as determined on each valuation date. The fee is accrued daily and payable monthly. The management fee rate applicable in % of the total net assets per year, is as follows: Carnegie Investment Fund - Short Term Fund - Class 1A 0.20 % Carnegie Investment Fund - Nordic Equity Fund Class 1A 1.50 % Administration, audit, legal and other expenses in the Fund are borne by the Management Company. 7 TRANSACTION COSTS For the period from 1 January 2013 to 30 June 2013, the Fund incurred transation costs which have been defined as the commission paid by the fund to the intermediary relating to purchases or sales of transferable securities, money market instruments, derivatives or other eligible assets as follows: Carnegie Investment Fund - Short Term Fund - Class 1A SEK 0.00 Carnegie Investment Fund - Nordic Equity Fund Class 1A SEK 1,678,664.01 8 CUSTODIAN In consideration for their services, the Custodian shall be paid custodian fees of 0.10% per annum of the Net Asset Value, calculated daily and paid on a monthly basis. 12