SEB Report

8/7/2019 SEB Report

1/33

Annual Report

SEB Sicav 1

Status: December 31, 2009

R.C.S. Luxembourg B 35 166

8/7/2019 SEB Report

2/33

q=^~=o=~==W=

pb_=^=j~~=pK^K=

S~I=`==~=c=f~~I=iJNPQT=i=

m~=~W=ml=_=OM=RPI=iJNMOM=i=

m=HPRO=J=OSSUOJNX=c~=HPRO=J=OSSUOJRRR=

Kpb_K=

=

=

=

=

=

=

=

=

=

=

=

=

==

=

=

=

=

=

=

=

=

=

==

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

k=

q==~==~===~==~===c=======~=~=

~======~K=

8/7/2019 SEB Report

3/33

Table of Contents

=

=

=

== m~=

= =

l~~= O=

d~=f~= Q=

j~~=o== S=

o===_~==aW= =

pb_=p~=N=J=pb_=`=b=j~=c== V=

pb_=p~=N=J=pb_=b~=b==o~=c= NM=

p==fW= =

pb_=p~=N=J=pb_=`=b=j~=c== NN=

pb_=p~=N=J=pb_=b~=b==o~=c= NS=

`=p~==l~== ON=

`=p~==`~==k=^= OO=

`=p~==k=^== OP=

p~~=f~= OQ=

k===c~~=p~= OR=

f=^=o= OU=

k===br=p~=q~=a= PM=

=

=

==

=

=

=

=

=

=

=

=

=

==

=

=

=

=

=

=

=

=

=

=

=

=

=

1

8/7/2019 SEB Report

4/33

Organisation

=

=

=

=`~W= pb_=p~=N=

= S~I=`==~=c=f~~=

= iJNPQT=i=

= =

mW= p~~~=b~=_~=^_=EF=

= h~~=U=

= pJNMS=QM=p=

= =

j~~=`~W= pb_=^=j~~=pK^K=

= S~I=`==~=c=f~~=

= iJNPQT=i=

= =

_~==a=== `~~=

`~W= h=k=

= d~=e~==f~~=p~=

= pb_=t~=j~~=

= p==

= =

= j=

= o=h=

= e~==pb_=^=j~~=pK^K=

= i=

= =

= _~=i=

= d~=e~==i~=^~=

= pb_=t~=j~~=

= p=

= =

= d~=`~=

= e~==l~=

= `~== E=^=NRI=OMMVF=

= =

= j~=t=

= d~=e~==m=j~~=

= pb_=t~=j~~=

= p=

= E=^=NRI=OMMVF=

= =

2

8/7/2019 SEB Report

5/33

8/7/2019 SEB Report

6/33

General Information

=

=

=

=

pb_=p~=N=E~==`~F==~=i=J==~==~~=~=~~I=

==~=f===i=i~==r~==`=f=E=i~F==a=OMI=

OMMO=~== =i~==^=NMI=NVNR==~=~K=q=`~=~=~==k=TI=

NVVM= =~==~=~=~===~=E =~FK=q=~== ~==

===j~=Ì=o=p~==p==^~=E~=j~=`F==a=OMI=

NVVMK= q=~== ~=~= = ~== ~=~= =~==^=OUI=OMMSI==~=

===j~=`==p=OUI=OMMSK=q=`~==~~==pb_=^=j~~=pK^K=E=

j~~=`~F=~=~=~=`~=^~K=q=j~~=`~====`~=

NP===i~=~=~=~==g=NRI=NVUU===~===j~=Ì=~=~==

^=NSI=NVUUK=

q=j~~= `~=~= ~= =`~= ^~I= = = ~~I= ~= ~=

~= ~= = J= = = = = ~= = J= ~= = = = = p~~~=

b~=_~=pK^KI=~=~=~=~=~=p=^===~==i==j~=PMI=NVTP=

=~==~I=====~=S~I=`== ~=c=f~~I=iJNPQT=i=E=

^~=^==o~=~=q~=^FK=

f==~~==^~=Î===~==~=~~==~===~~==

=`~I===~~===k=^=s~===~=~====~===

=`~K==

f==~~==o~=~=q~=Î====~=I==~=~==~=

~====~~===p~====`~K=

q=~====`~===~===~~~=====~===~=

~==~==~=~~=I===~~===~=K=q=`~=~=

====~==~==~===`~===~=~=~===

==K=f===~==~=I==`~D======~==

==~=L====K=

=

^=I==pJc=~=~==p~=~W=

=

pb_=p~=N=J=pb_=`=b=j~=c= = irMMPTORSOSV=

pb_=p~=N=J=pb_=b~=b==o~=c= = irMMTMNPPUUU==

c=~=pJcI==j~~=`~=~=====~==~W=

=

`~~~=~=E`=~F= a=~=Ea=~F=

=

q= a= ~=~=~= ~=K= q= `= ~== ~~= I== = = ~= =~==

~==~=~=~==a=~I=======~===a=~K=Ì=

=`=~=~=====pJcK=

=

q=k=^=s~==~=~==~===~==I==~==~==~==

~==i=~==pI=~==~=======`~I==j~~=

`~I==`~=_~=~==m~=^K=

=

=

=

4

8/7/2019 SEB Report

7/33

=

=

=

=f=~I==k=^=s~==~I==~===~==~==q=t~=p=g~=

bK=cI=========Kpb_^j~~~KK=

=

c~~= = = = `~= ~= = ~~= ~= J~~K= q= I= ~== ~= = ~=

I= = ~= = ~= ~= ~= ~= = = `~= ~= ~~~= = =

p~=~======`~I==j~~=`~===`~=_~K=

=

=

5

8/7/2019 SEB Report

8/33

Management Reports

=

=

=

=a~=p~I=

t====~====~====~==I======

~=~~=~I== ==~= =~===~==pb_=p~=N===pJ

c==

=

pb_=p~=N=J=pb_=`=b=j~=c= pb_=p~=N=J=pb_=b~=b==o~=c=

=

q=~~====~==g~~=NI=OMMV==a=PNI=OMMVK=

=

t====~=====~===============K=

=

r=~===

=

q=~~===~~===~=OMMU=~===========

=J~=K=q=~==~=====~=======

= = = = = ~= = = ~~= = = K= c= = OMMV= =

= = ~= = = ~= = = ~= = = = ~= K= q=

~~= ~= =~=~= = ~~= = == ~~= ~= ~= ==

= ~= = K=j~= = == == I= ^~= = ~= = ~= ~= K=eI= =

==t=~=b~=bI==~=d~=_~=~=p~I=~=~===K=b===

rp^=~==b=========K=

=

a~==~\=

=

f~= =~= == K= q= ~= = = ~I= ~= = = I= ~= ~= = =

~=~==~=~I==~====I==~~=~K=eI==

~=~~=~~==== ==~I=~~==~= == ===

~= ~= ~K= j= I= ~= ~~= ~= ~= ~= = = = = = = ~=

==~=K=

=

c~~===~==

=f=====~~===~~===~=~=====~==~==

==~=OMMUK=^=====~==~=~==~=~=E==~=FI=~=

==~=~===~=~W=======~=

====~=====~~=~K=^==~~=~=~===~=

=~I==~=~==k~=~=^~~==~~=~==~~==~=OMMV=~=~=

===~K=

=

c~~=~=

=

f~I= = ~~=~=== = === = ~~= K= c= == = =

I= = ~~= I= = ~= ~== =~== = =~=

~===~====~~=~===~K=

=

=

=

6

8/7/2019 SEB Report

9/33

=

=

=

=l= = = ~I= ~~= ~= ~== == = K= p= = = = ~= ~= =

~=~=~= ===== ==~====~=~K=i==~I====~I=

~= ~= = I=~= ~= =~==~==~~K=p= == =~= =

~~I=~===~==~====~==~K=q=~=~=~====

~===~=====~=~=I==~=~=~=====

J=~==K=

=

^==~=~=~==~=I==~=~=~====K=t===

~= = =~==~= ==I==~==~~===

====~K=q==~===K=^==~===rp=~=~=

=====~I===b=~=g~~K==

q=~~====~=====~K=f====rp=~I==g~~==~=

=_==~K=l===~I==~=~~=====~=~=

~=~~=~===~I==~==^~~=~=~==k~=K=

=

b==

=

c=~=~======~======K=`=~=~=~=~=

~== =K=q=~=== ~=~=~= ~= = = = K=

^=~===NKMB==~=====~I=pb_==~======

QKMB= =OMNMK= f=~===~= ~= ~== = ~~== = = == ==

~==EJ~F=~=~===K=q=~==~========

~==~=b~=b=~== ~=~=i~=^~K=

=

^===~=~===~===~=~====I=~=====~=

= = = = = ~= K= q= = ~= ~= = ~= ~= ~= = = =

===K=^=~===~=~=~===~~====~==OMNMK=

=

f~==

=

q====~=~====~==~=~~========K=

`= ~I= KK= ~== = ~= I= = ~= ~= =~= ~= =

=~~I===~=~=~=K=m===~=~=~=~I= = ~= ~~= = = = ~= = ~= = = = = ~= = ~= ~=

~~===~====K=

=

a~==~==

=

f=~=I=~===~===~====I=~==~==

=~~=~==J~~==~====~~=K=^=~=I==

~=~=~==~=~==~====~==~=~=====~==OMNMK=

7

8/7/2019 SEB Report

10/33

=

=

=

=c~~=~==

=

^= = ~=~= = ~= ~I= ~= ~= = = ~~=~= ~= = = =

= = = = = ~= = ~= K= f= = = I= I= = = ~= =

=~==~=====~===K=e=====

~===~==~==~=== ~~=~===~=~==K=

m=~=~=~=~I=====~===~=K=

=

q==~=~=~~=~~=======K=q===~=

====~====~=~=~=~====K=q===

====~I=====K=a=======I==~~=~~I= ~== =~= = ~== ~~= I= =====~=

K=eI=~==~=====~~=K=f==~~==~==

=~~===~====~K=q~=====~=~==K==

=

=

=

=

iI=g~~=OMNM=

pb_=^=j~~=pK^K=

=

=

oK=h= = = = jK=j=

=

=

=

=

=

==

=

=

=

=

=

=

=

=

=

=

=

=

=

kW=m~=====~=~=~=~==~===K=

8

8/7/2019 SEB Report

11/33

Reports of the Board of Directors

=

=

=

=pb_=p~=N=J=pb_=`=b=j~=c===

q=pJc==~=~==~=~==TPKVBK==

=

j~====~=

=

q=D==~===~=~==~======j~===D==

~= = = ~= = == ~== K= d= ~=~= = = ~=

= = = ~= = ~= = ~= = = = ~= ~= = J= ~= ~= =

=K=

=

a===pJc==

=

q=pJc= = = ~==jp`f=b=j~=fK=b~= = =~I= =D===

=~=~=~=~=====~=I==~======`~I=f~=~=f~K=

q=====p=^~=~=j~~~=~=~I=~======j~=~I==

~=~K=

=

t=== = = = =h~= E~~= ~~I= = = ~== = =

= = ~= ~= FK=t= ~= ~= = ~= = = = q~~I= =~= ~~=

~~= ~= = = K= l= = = ~I== = = = = ~= = b=

E~~=~~====FK

q=p=~==~~==rp=~=~=~~=== =~==~===

====_~~=~I==`~==~==p=^~=~K=

=

c=~=

=

d=~==~=~=~~~=~====K=q===~=~==

=~~==~==~=~=~==K=cI==~=~=

= = = I= ~= == ~= =~== = = = = = =

==K=

=

==

=

=

=

=

=

=

=

=

=

=

=

=

==kW=m~=====~=~=~=~==~===K=

9

8/7/2019 SEB Report

12/33

Reports of the Board of Directors

=

=

=

=pb_=p~=N=J=pb_=b~=b==o~=c=

=

q=pJc==~=~==~=~==RRKSBK==

=

j~====~=

=

j=~==b~=b=~======~==j~I===~=~=~==

~=~==~===~==J~=~===K=t==~=~=

====~==~D=~=~=====I==~=~=

=~=~=K=q===~~===~=~=======~K=

=a===pJc==

=

q=pJc===k~=`bb==o~=f==~= =~=~=~===~=~==

~==~===~=~==~==j=p~D=b~=b==o~=~K==

q=pJc=~==~=~=~===I==~==I====

= ~= K=t= ~= = I== ~= = = = J~= = `~=

bI=~==~=~===~J~=~=~=~=~===_~=p~=~==

_~~K=q== ~=== ~= ===~=f~=~==~=

=sK=

j= = = ~= = = = = ~= ~~= = p= ~== = ~I==~= ~=

~====pJcD===pbhK=

=

c=~=

=

j===~= == =~~I==~~== I=== = == =

~= =~= =OMMVK=`== ~~= ~~I= =~==~=== OMNM=

==~=~=~K=

f===~J=~====~===~I=~====~=

=K=q= == == ==~= ~==~~K=cI= ===~===_~=p~=~==_~~I===~====~K==================kW=m~=====~=~=~=~==~===K=

10

8/7/2019 SEB Report

13/33

Schedule of Investments

As at December 31, 2009

SEB Sicav 1 - SEB Choice Emerging Markets Fund

Security denomination Total holdings Purchases Unit Market % of

as at during the price value in net

31/12/09 reporting USD assets

period

Transferable securities admitted

to an official stock exchange

Shares

Brazil

All America Latina Logistica 84,140 84,140 - BRL 16.300 786,761.20 0.39

B2W Companhia Global Do Varejo 17,928 17,928 - BRL 47.800 491,600.78 0.24Banco Bradesco ADR 93,803 66,300 56,497 USD 21.870 2,051,471.61 1.02

Banco Itau PN 65,351 78,053 12,702 BRL 38.690 1,450,453.44 0.72

BM&F Bovespa 146,556 176,100 29,544 BRL 12.250 1,029,893.97 0.51

Bradespar Pref 37,500 11,900 11,900 BRL 38.530 828,863.66 0.41

Brasil Foods 51,562 54,562 3,000 BRL 45.370 1,341,996.43 0.67

Brasileira Distribuicao Pao Acucar ADR 19,600 25,000 5,400 USD 75.120 1,472,352.00 0.73

Cia Energetica de Minas Gerais Pref 33,582 16,976 12,210 BRL 31.600 608,760.50 0.30

Companihia Siderurgica Nacional ADR 25,101 40,664 29,563 USD 31.930 801,474.93 0.40

EDP - Energias do Brasil 25,981 25,981 - BRL 33.550 500,035.93 0.25

Itau Unibanco Banco Multiplo ADR 153,310 159,810 17,900 USD 22.840 3,501,600.40 1.74

OGX Petroleo E GAS participacoes 140,000 140,000 - BRL 17.100 1,373,336.53 0.68

PDG Realty SA Empreendimentos 94,000 94,000 - BRL 17.350 935,578.34 0.46

Petroleo Brasileiro 64,100 43,900 4,500 BRL 41.650 1,531,531.24 0.76

Petroleo Brasileiro ADR 25,000 25,000 - USD 47.680 1,192,000.00 0.59

Petroleo Brasileiro Prefenrence ADR 108,733 68,900 56,079 USD 42.390 4,609,191.87 2.29Tele Norte Leste ADR 42,826 50,526 7,700 USD 21.420 917,332.92 0.46

Ultrapar Participacoes Pref 9,550 14,000 26,108 BRL 80.110 438,877.11 0.22

Usinas Siderurgicas de Minas Gerais PN 25,468 34,068 11,600 BRL 49.390 721,583.66 0.36

Vale do Rio Doce ADR 52,600 23,900 1,600 USD 29.030 1,526,978.00 0.76

VALE SA-SP PREF ADR 161,064 197,264 36,200 USD 24.820 3,997,608.48 1.99

Total Brazil 32,109,283.00 15.95

Cayman Island

Golden Eagle Retail Group 597,000 470,000 240,000 HKD 15.840 1,219,553.99 0.61

Tencent Holdings 53,800 53,800 - HKD 168.500 1,169,105.50 0.58

Total Cayman Island 2,388,659.49 1.19

ChinaBank of China 5,477,000 7,621,000 2,144,000 HKD 4.200 2,966,631.18 1.47

China Construction Bank H 5,344,000 6,140,000 2,213,000 HKD 6.670 4,596,886.79 2.28

China Life Insurance 570,000 618,000 337,000 HKD 38.350 2,819,108.23 1.40

China Merchant 428,000 428,000 - HKD 25.250 1,393,723.67 0.69

China Mobile 161,000 81,500 296,500 HKD 72.850 1,512,609.96 0.75

China Overseas Land & Investment 90,000 128,000 38,000 HKD 16.400 190,352.19 0.09

China Pacific Insurance 140,000 140,000 - HKD 30.900 557,902.15 0.28

China Shanshui Cement 1,740,000 2,094,000 354,000 HKD 5.660 1,270,097.92 0.63

China Unicom 1,344,000 1,394,000 574,000 HKD 10.280 1,781,820.32 0.89

CNOCC 2,531,500 1,683,000 532,000 HKD 12.200 3,982,990.66 1.98

Industrial & Commercial Bank of China H 1,763,000 2,350,000 3,307,000 HKD 6.440 1,464,231.36 0.73

Jiangsu Express class H 280,000 1,210,000 930,000 HKD 6.920 249,882.39 0.12

Petrochina H 814,000 1,090,000 276,000 HKD 9.320 978,389.63 0.49

Ping An Insurance H 279,000 200,000 173,500 HKD 68.000 2,446,722.08 1.22

Shanghai Industrial Holdings 14,000 144,000 130,000 HKD 39.650 71,588.41 0.04

Shanghai Lujiazui B 233,699 352,400 118,701 USD 1.929 450,805.37 0.22

Total China 26,733,742.31 13.28

Sales

during the

reporting

period

11

8/7/2019 SEB Report

14/33





period

Czech Republic

Komercni Banka 4,311 4,311 - CZK 3,929.000 920,342.15 0.46

Total Czech Republic 920,342.15 0.46

Egypt

Commercial International Bank 54,357 54,357 - EGP 54.680 541,910.22 0.27

Talaat Moustafa Group 311,631 333,380 21,749 EGP 6.890 391,474.28 0.19

Total Egypt 933,384.50 0.46

Hong Kong

Beijing Enterprises 178,000 188,000 134,000 HKD 56.250 1,291,261.06 0.64

China Coal Energy 794,000 1,164,000 498,000 HKD 14.240 1,458,149.37 0.72

China Mengniu Dairy 444,000 585,000 141,000 HKD 27.750 1,588,976.53 0.79

China Mobile ADR 9,000 11,500 2,500 USD 46.430 417,870.00 0.21

China Shenhua Energy 645,500 733,000 87,500 HKD 38.000 3,163,380.03 1.57

Franshion Properties China 3,984,420 3,532,420 802,000 HKD 2.740 1,407,949.89 0.70

Hidili Industry International Development 1,162,000 1,410,000 248,000 HKD 9.770 1,464,104.97 0.73

Parkson Retail Group 315,000 487,500 708,500 HKD 13.680 555,735.54 0.28

Total Hong Kong 11,347,427.39 5.64

Hungary

Magyar Telekom 311,080 489,047 177,967 HUF 732.000 1,208,983.67 0.60

MOL Hungarian Oil and Gas Nyrt 8,922 8,922 - HUF 17,000.000 805,282.76 0.40

OTP Bank 81,186 92,181 10,995 HUF 5,456.000 2,351,758.76 1.17

Total Hungary 4,366,025.19 2.17

India

Bharat Heavy Electricals 35,895 27,161 13,525 INR 2,403.300 1,853,797.07 0.92

Cairn India 136,031 146,020 9,989 INR 282.150 824,780.13 0.41

HDFC Bank 40,195 43,690 3,495 INR 1,703.000 1,470,980.54 0.73

Housing Development Finance 12,603 17,795 25,411 INR 2,675.800 724,682.59 0.36

ICICI Bank 71,583 67,223 17,529 INR 877.000 1,349,055.25 0.67

Infosys Technologies 39,318 46,076 12,777 INR 2,601.100 2,197,701.55 1.09Maruti Suzuki India 18,310 47,984 29,674 INR 1,564.950 615,756.57 0.31

Reliance Industries 103,258 97,555 20,201 INR 1,090.550 2,419,856.08 1.20

Reliance Infrastructure 35,914 43,525 7,611 INR 1,146.750 885,019.36 0.44

Tata Iron & Steel 93,575 111,471 17,896 INR 617.700 1,242,103.21 0.62

Tata Power Company Ltd 26,800 41,360 14,560 INR 1,381.450 795,591.64 0.40

Total India 14,379,323.99 7.15

Indonesia

Bank Mandiri 1,852,000 2,041,000 189,000 IDR 4,700.000 926,148.16 0.46

Indocement Tunggal Prakarsa 714,500 714,500 - IDR 13,700.000 1,041,512.36 0.52

London Sumatra Indonesia 506,500 506,500 - IDR 8,350.000 449,994.86 0.22

Telekomunikasi Indonesia 1,305,000 1,328,000 749,500 IDR 9,450.000 1,312,151.40 0.65

Total Indonesia 3,729,806.78 1.85

during the

reporting

period

Sales

12

8/7/2019 SEB Report

15/33





period

Israel

Bank Hapoalim 207,147 214,988 7,841 ILS 16.600 907,771.78 0.45

Bezeq Israel Telecom 199,006 246,438 180,658 ILS 9.578 503,188.77 0.25

Makhteshim-Agan Industries 86,862 95,260 37,125 ILS 18.100 415,048.01 0.21

Teva Pharmaceuticals ADR 65,003 48,400 14,500 USD 56.180 3,651,868.54 1.81

Total Israel 5,477,877.10 2.72

South Korea

Daegu Bank 74,980 81,680 6,700 KRW 17,200.000 1,107,556.57 0.55

Hana Financial Group 56,570 66,690 26,010 KRW 32,900.000 1,598,358.19 0.79

Hyundai Department Store 10,513 15,188 4,675 KRW 112,500.000 1,015,713.49 0.50

Hyundai Engineering & Constructing 32,781 35,935 3,154 KRW 70,900.000 1,995,999.68 0.99

Hyundai Motor 27,666 34,449 6,783 KRW 121,000.000 2,874,906.85 1.43

GS Engineering & Construction 17,467 23,859 6,392 KRW 108,500.000 1,627,571.56 0.81

MegaStudy 5,955 6,346 391 KRW 239,000.000 1,222,282.80 0.61

NHN 7,131 7,504 373 KRW 192,000.000 1,175,827.73 0.58

Posco 8,570 7,672 3,196 KRW 618,000.000 4,548,428.08 2.26

Samsung Electronics 10,967 8,807 4,160 KRW 799,000.000 7,525,349.22 3.75

Shinhan Financial 53,790 67,570 13,780 KRW 43,200.000 1,995,617.60 0.99

SK Energy 7,710 7,710 - KRW 117,500.000 778,008.39 0.39

SK Telecom 5,120 4,587 6,060 KRW 169,500.000 745,300.99 0.37

Total South Korea 28,210,921.15 14.02

Malaysia

CIMB Group Holding 594,200 779,800 539,700 MYR 12.840 2,228,250.19 1.11

Genting MYR 368,900 368,900 - MYR 7.340 790,807.89 0.39

IJM 444,400 656,900 212,500 MYR 4.480 581,457.99 0.29

Kuala Lumpur Kepong 340,700 417,500 208,900 MYR 16.500 1,641,807.96 0.82

Total Malaysia 5,242,324.03 2.61

Russia

Gazprom ADR (USD London) 216,314 138,100 72,300 USD 25.500 5,516,007.00 2.74

JSC MMC Norilsk Nickel ADR (London) 48,226 28,750 23,150 USD 14.350 692,043.10 0.34

Lukoil ADR 47,350 41,100 15,500 USD 57.300 2,713,155.00 1.35Mechel ADR 23,300 43,100 19,800 USD 18.820 438,506.00 0.22

Mobile Telesystems ADR 37,400 27,200 15,300 USD 48.890 1,828,486.00 0.91

Novatek OAO - GDR 7,150 9,300 2,150 USD 66.000 471,900.00 0.23

Rosneft Oil GDR 230,587 167,250 58,850 USD 8.600 1,983,048.20 0.99

Severstal GDR (London) 61,600 76,000 14,400 USD 9.500 585,200.00 0.29

Total Russia 14,228,345.30 7.07

South Africa

African Rainbow Minerals Ltd 50,092 50,092 - ZAR 173.770 1,182,071.92 0.59

Amalgamated Bank of South Africa 104,792 120,561 15,769 ZAR 128.500 1,828,655.87 0.91

Aveng 189,295 224,452 35,157 ZAR 39.900 1,025,682.07 0.51

Gold Fields (ZA) 120,381 175,124 54,743 ZAR 97.980 1,601,755.08 0.80

Impala Platinum 45,708 53,033 29,486 ZAR 202.990 1,259,991.43 0.63

JD Group 204,356 204,356 - ZAR 49.600 1,376,479.66 0.68

MTN Group 87,897 79,212 70,546 ZAR 117.900 1,407,306.15 0.70

Naspers 41,856 26,341 19,165 ZAR 300.000 1,705,217.20 0.85

period

Sales

during the

reporting

13

8/7/2019 SEB Report

16/33





period

Raubex Group 156,904 96,256 25,198 ZAR 23.990 511,169.57 0.25

Standard Bank Group 136,130 234,083 97,953 ZAR 102.000 1,885,622.47 0.94

Total South Africa 13,783,951.42 6.86

Taiwan

Acer 429,960 508,960 79,000 TWD 96.200 1,293,175.27 0.64

AU Optronics - ADR 45,300 45,300 - USD 11.990 543,147.00 0.27Cathay Financial Hldg 865,946 929,000 791,000 TWD 59.700 1,616,290.45 0.80

China Steel 1,003,509 1,261,509 258,000 TWD 33.000 1,035,355.45 0.51

China Steel GDR 12,700 19,100 6,400 USD 21.000 266,700.00 0.13

Chunghwa Telecom ADR (USD) 910 15,610 69,656 USD 18.570 16,898.70 0.01

Far Eastern Department Stores 17,150 684,650 667,500 TWD 36.700 19,678.15 0.01

Far Eastern Textile 231,000 231,000 - TWD 40.000 288,885.82 0.14

Hon Hai Precision - GDR 169,926 155,380 73,751 USD 9.600 1,631,289.60 0.81

Hon Hai Precision Industry 360,273 210,644 192,000 TWD 151.500 1,706,469.83 0.85

Taiwan Semiconductor 1,078,206 302,150 45,000 TWD 64.500 2,174,281.26 1.08

Taiwan Semiconductor ADR 38,529 167,451 215,700 USD 11.440 440,771.76 0.22

Uni - President Enterprises 729,448 729,448 - TWD 39.450 899,695.63 0.45

Total Taiwan 11,932,638.92 5.92

Thailand

Bangkok Bank (F) 539,600 703,800 164,200 THB 116.500 1,885,524.81 0.94

Kasikornbank (Non Voting Dep Receit) 1,000,700 1,062,800 269,800 THB 85.000 2,551,274.64 1.27

Land & Houses - NVDR 6,181,500 6,181,500 - THB 6.300 1,168,069.83 0.58

PTT Public Company 211,700 246,400 34,700 THB 246.000 1,562,033.53 0.78

Total Thailand 7,166,902.81 3.57

Turkey

Akenerji Electrik 42,318 42,318 - TRY 14.000 395,244.69 0.20

Tupras-Turkiye Petyrol Rafinerileri 50,442 45,664 20,857 TRY 29.750 1,001,133.85 0.50

Turkcell Iletisim Hizmetleri 167,466 226,134 58,668 TRY 10.600 1,184,255.44 0.59

Turkiye Garanti Bankasi 614,484 661,611 47,127 TRY 6.350 2,603,137.95 1.29

Turkiye Halk Bankasi 160,551 265,072 104,521 TRY 11.900 1,274,596.89 0.63

Turkiye Is Bankasi C 338,384 343,021 156,749 TRY 6.300 1,422,208.43 0.71

Total Turkey 7,880,577.25 3.92

United Kingdom

KGi Securities GDR 46,596 66,143 19,547 USD 11.881 553,588.43 0.28

Uralkali GDR 30,500 35,700 15,050 USD 21.000 640,500.00 0.32

Total United Kingdom 1,194,088.43 0.60

United States of America

Infosys Technologies ADR 11,900 7,800 1,600 USD 55.270 657,713.00 0.33

KB Financial Group 23,728 12,871 5,400 KRW 59,700.000 1,216,543.10 0.60

LG Philips LCD (KRW) 30,010 34,190 19,570 KRW 39,250.000 1,011,574.07 0.50

Vivo Participacoes 43,600 44,700 1,100 USD 31.000 1,351,600.00 0.67

Total United States of America 4,237,430.17 2.10

Total shares USD 196,263,051.38 97.54

Sales

during the

reporting

period

14

8/7/2019 SEB Report

17/33


Security denomination Maturity Total holdings Purchases Unit Market % of



period

USD 196,263,051.38 97.54

Other transferable securities

Warrants

GermanyDeutsche Bank Warrant Call 28/02/18 980,516 643,091 81,593 USD 2.82 2,765,055.12 1.37

Total Germany 2,765,055.12 1.37

Total warrants USD 2,765,055.12 1.37

Total other transferable securities USD 2,765,055.12 1.37

USD 199,028,106.50 98.91

1,984,199.38 0.99

1,984,199.38 0.99

Other assets

147,387.15 0.07

Receivables on foreign exchange 2,137,494.25 1.06

Receivables on sales of securities 240,155.50 0.12

Receivables on subscriptions 400,329.44 0.20

2,925,366.34 1.45

-308,347.19 -0.15

-2,134,726.66 -1.06

Payables on purchases of securities -264,871.12 -0.13

Payables on redemptions -21,994.34 -0.01

-2,729,939.31 -1.35

Total net assets as at December 31, 2009 USD 201,207,732.91 100.00

A list of changes in the assets held during the year under review, which are not listed in the schedule of investments, is available free of charge

from SEB Asset Management S.A.

The accompanying notes are an integral part of these financial statements.

during the

reporting

period

Cash at banks

Total cash at banks

Total transferable securities admitted


Cash at banks

Other liabilities

Payables on foreign exchange

Total other liabilities

Dividends receivable

Management fee, taxe d'abonnement

Total other assets

Total portfolio

Sales

15

8/7/2019 SEB Report

18/33

Schedule of Investments


SEB Sicav 1 - SEB Eastern Europe ex Russia Fund



31/12/09 reporting EUR assets

period

Transferable securities admitted


Shares

Austria

Erste Bank Der Oesterreich Sparkassen 180,861 257,361 316,571 EUR 26.060 4,713,237.66 3.92Immoeast 296,600 485,000 5,951,700 EUR 3.850 1,141,910.00 0.95

Raiffeisen International Bank-Holding 15,000 32,000 175,373 EUR 39.500 592,500.00 0.49

Warimpex Finanz- und Beteiligungs 150,000 150,000 - EUR 2.180 327,000.00 0.27

Vienna Insurance Group 51,500 97,500 46,000 EUR 36.000 1,854,000.00 1.54

Total Austria 8,628,647.66 7.17

Bulgaria

Bulgarian Real Estate Fund ETF 3,000,000 3,000,000 - BGN 0.370 567,548.77 0.47

Chimimport AD Pref 400,000 400,000 - BGN 2.700 552,209.61 0.46

First Investment Bank 539,918 536,088 235,000 BGN 2.280 629,423.36 0.52

Total Bulgaria 1,749,181.74 1.45

Croatia

Adris preferred 10,000 10,000 - HRK 259.000 354,975.55 0.30

Croatian Tel (Hrvatske) London GDR 60,500 26,000 15,000 USD 54.300 2,289,702.24 1.90

Podravka 7,500 7,500 - HRK 296.990 305,282.40 0.25

Total Croatia 2,949,960.19 2.45

Czech Republic

Central European Media Enterprises 20,357 - 40,000 USD 23.610 334,991.33 0.28

CEZ 284,000 207,000 172,000 CZK 864.000 9,292,781.72 7.73

Komercni Banka 24,000 15,000 11,000 CZK 3,929.000 3,571,140.39 2.97

New World Resources Local Shares 125,000 - 515,000 CZK 161.600 765,006.32 0.64

Telefonica O2 Czech Republic 249,200 139,000 117,800 CZK 418.000 3,944,917.93 3.28

Unipetrol 459,626 446,500 176,874 CZK 139.500 2,428,244.69 2.02

Total Czech Republic 20,337,082.38 16.92

Estonia

Jarvevana 321,119 - - EUR 0.350 112,391.65 0.09

Merko Ehitus 119,811 - 216,627 EUR 5.020 601,451.22 0.50

Nordecon Internatiol 380,000 900,000 520,000 EUR 1.580 600,400.00 0.50

Olympic Entertainment Group (EUR) 1,035,502 1,875,935 840,433 EUR 0.770 797,336.54 0.66

Silvano Fashion Group 1,481,814 - 256,270 EUR 0.780 1,155,814.92 0.96

Tallink Group 1 EUR 3,146,964 2,730,457 1,828,463 EUR 0.370 1,164,376.68 0.97

Tallinna Kaubamaja AS (EUR) 145,000 250,000 192,000 EUR 3.610 523,450.00 0.44

Total Estonia 4,955,221.01 4.12

HungaryEgis 6,000 - 7,600 HUF 18,810.000 417,638.43 0.35

Magyar Telekom ADR Lond 164,992 145,500 204,500 USD 19.432 2,234,611.13 1.86

MOL Hungarian Oil and Gas Nyrt 69,945 28,500 73,000 HUF 17,000.000 4,400,135.03 3.66

Sales

during the

reporting

period

16

8/7/2019 SEB Report

19/33





period

OTP Bank 177,696 55,000 85,000 HUF 5,456.000 3,587,669.44 2.98

Richter Gedeon GDR 9,332 12,400 10,800 USD 227.768 1,481,461.23 1.23

Total Hungary 12,121,515.26 10.08

Latvia

Grindeks 65,198 12,000 - LVL 3.800 349,271.54 0.29Latvian Shipping LASCO 500,000 500,000 - LVL 0.400 281,952.10 0.23

SAF Tehnika 296,364 - 5,000 LVL 0.480 200,545.08 0.17

Ventspils Nafta 206,957 - 72,154 LVL 0.940 274,254.21 0.23

Total Latvia 1,106,022.93 0.92

Lithuania

City Service 195,500 - 131,000 LTL 6.460 365,762.46 0.30

Lietuvos Dujos 388,178 388,178 - LTL 2.100 236,085.90 0.20

Panevezio Statybos Trestas 349,574 - - LTL 3.790 383,705.64 0.32

Rokiskio Suris 560,615 60,448 1,144,492 LTL 3.000 487,086.19 0.41

Rytu Skirstomieji Tinklai 1,194,684 1,194,684 - LTL 1.830 633,175.33 0.53

Santas 210,641 210,641 - LTL 9.530 581,374.07 0.48

Teo LT 659,981 2,397,922 7,750,045 LTL 1.830 349,785.96 0.29Vilkyskiu 500,036 - - LTL 2.400 347,562.06 0.29

Total Lithuania 3,384,537.61 2.82

Poland

Artic Paper 170,000 220,000 50,000 PLN 16.150 668,684.09 0.56

Asseco Poland 55,591 - 45,500 PLN 62.950 852,314.28 0.71

ATT Zaklady Azotowe Tarnowie-Moscicach 51,225 - - PLN 14.890 185,770.26 0.15

Bank Handlowy W Warszawie 24,600 24,600 - PLN 70.000 419,404.12 0.35

Bank Pekao 183,537 254,000 178,581 PLN 161.700 7,228,250.49 6.02

Bank Zachodni WBK 46,746 25,826 - PLN 190.000 2,163,204.62 1.80

Bioton 5,000,000 5,000,000 - PLN 0.230 280,089.86 0.23

BRE Bank 13,000 13,000 - PLN 260.000 823,220.63 0.68

CCC SA 33,000 33,000 - PLN 48.600 390,615.75 0.32Central Euro Distribution CP 32,000 32,000 - USD 28.410 633,643.54 0.53

Ciech 30,038 - 20,000 PLN 37.200 272,153.23 0.23

Cyfrowy Polsat S.A 265,643 165,643 - PLN 13.600 879,907.11 0.73

DOM Development 20,996 - 35,000 PLN 43.440 222,139.57 0.18

Duda Rights Issue 999,783 999,783 - PLN 0.000 24.35 0.00

Enea 260,000 260,000 - PLN 21.400 1,355,147.80 1.13

Farmacol 22,211 - 50,000 PLN 38.000 205,565.98 0.17

Getin Holding 293,698 - 245,000 PLN 8.860 633,773.76 0.53

Grupa Lotos 59,458 - 42,000 PLN 31.800 460,507.77 0.38

Hydrobudowa Polska SA 383,158 383,158 - PLN 3.490 325,688.83 0.27

ING Bank Slaski 6,000 - - PLN 780.000 1,139,843.95 0.95

JW Construction Holding 89,000 - 30,000 PLN 11.700 253,615.27 0.21

KGHM Polska Miedz (PL) 140,000 52,000 130,000 PLN 106.000 3,614,376.97 3.01

period

Sales

during the

reporting

17

8/7/2019 SEB Report

20/33





period

Kogeneracja 11,654 - - PLN 78.600 223,098.73 0.19

LC 616,390 - 510,000 PLN 1.560 234,196.13 0.19

Multimedia Polska 134,235 134,235 - PLN 7.000 228,856.55 0.19

PBG 19,300 24,300 5,000 PLN 203.200 955,169.74 0.79

Polimex Mostostal Siedlce 400,000 400,000 - PLN 3.970 386,767.56 0.32

Polnord 78,423 55,000 10,000 PLN 34.750 663,739.71 0.55

Polska Grupa Energetyczna 190,000 625,000 435,000 PLN 24.500 1,133,755.04 0.94Polska Grupa Farmaceutyczna 37,000 10,000 50,000 PLN 37.250 335,681.60 0.28

Polski Koncern Naftowny 368,666 778,500 900,000 PLN 33.950 3,048,403.21 2.54

Polskie Gornictwo Naftowe I 4,516,200 4,250,000 3,700,000 PLN 3.790 4,168,808.27 3.47

Powszechna Kasa Oszczednosci 856,402 791,280 377,500 PLN 38.000 7,926,123.14 6.60

Telekomunikacja Polska 1,319,000 2,523,000 2,325,000 PLN 15.870 5,098,251.64 4.24

Trakcja Polska 392,046 392,046 - PLN 4.160 397,218.89 0.33

TVN 186,870 135,000 150,000 PLN 14.290 650,386.26 0.54

Zaklady Azotowe Pulawy 39,378 35,500 21,632 PLN 78.000 748,079.58 0.62

ZPH Stalprodukt 5,403 2,403 - PLN 594.000 781,665.52 0.65

49,988,143.80 41.58

Romania

BRD-Groupe Societe Generale 236,450 236,450 - RON 13.050 728,793.57 0.61Impact 1,901,342 1,372,858 299,999 RON 0.693 310,981.62 0.26

SNP Petrom 8,713,500 - 9,180,400 RON 0.250 513,473.32 0.43

Transelectrica 80,000 - - RON 13.550 256,025.94 0.21

Transgaz SA Medias 10,563 6,757 - RON 156.650 390,816.04 0.33

Total Romania 2,200,090.49 1.84

Serbia

AIK Banka 33,524 23,835 4,000 RSD 2,472.000 863,378.35 0.72

Total Serbia 863,378.35 0.72

Slovakia

Asseco Slovakia 237,532 167,000 161,468 PLN 24.300 1,405,814.26 1.17

Total Slovakia 1,405,814.26 1.17

Slovenia

KRKA d.d. Nova Mesta 26,120 26,120 - EUR 63.960 1,670,635.20 1.39

Mercator Poslovni Sistem 3,100 3,100 - EUR 153.190 474,889.00 0.40

Nova Kreditna Banka Maribor 50,000 50,000 - EUR 11.410 570,500.00 0.47

Petrol 1,000 1,000 - EUR 318.280 318,280.00 0.26

Telekom Slovenjie 5,000 5,000 - EUR 135.000 675,000.00 0.56

Total Slovenia 3,709,304.20 3.08

during the

Total Poland

reporting

period

Sales

18

8/7/2019 SEB Report

21/33


Security denomination Maturity Total holdings Purchases Unit* Market % of



period

Total shares EUR 113,398,899.88 94.32

Investment funds

Romania

SIF 1 Banat Crisana Arad 2,446,000 1,530,000 1,370,000 RON 1.135 655,702.76 0.55

SIF 2 Moldova Bacau 2,632,900 1,380,000 1,010,000 RON 1.135 705,805.32 0.59SIF 3 Transilvania Brasov 3,976,100 1,900,000 2,873,900 RON 0.683 640,935.98 0.53

SIF 4 Muntenia Bucuresti 3,869,800 2,606,700 1,030,000 RON 0.708 646,650.57 0.54

SIF 5 Oltenia Craiova 2,335,200 1,315,000 1,170,000 RON 1.275 703,216.36 0.58

Total Romania 3,352,310.99 2.79

United Kingdom

Lewis Charles Romania Property 814,286 - - GBP 0.083 75,611.32 0.06

Lewis Charles Sofia Property 1,000,000 - - GBP 0.060 67,531.62 0.06

Total United Kingdom 143,142.94 0.12

Total investment funds EUR 3,495,453.93 2.91

EUR 116,894,353.81 97.23

Lithuania

18,00 % Snaige Convertible Bond 08/04/10 2,751 2,751 - EUR 100.000 275,100.00 0.23

Total Lithuania 275,100.00 0.23

EUR 275,100.00 0.23

EUR 117,169,453.81 97.46

2,503,139.73 2.09

2,503,139.73 2.09

Other assets

Dividends receivable 86,485.07 0.07

Receivables on sales of securities 606,100.47 0.50

53,826.42 0.04

746,411.96 0.61Total other assets

during the

Receivables on subscriptions

Total transferable securities admitted

Other transferable securities

Total other transferable securities

Total cash at banks

Cash at banks

Cash at banks

Total portfolio

Sales


reporting

period

19

8/7/2019 SEB Report

22/33


Security denomination Total holdings Purchases Unit* Market % of



period

-194,321.77 -0.16

Payables on redemptions -3,069.21 0.00

-197,390.98 -0.16

Total net assets as at December 31, 2009 EUR 120,221,614.52 100.00

* Bond prices expressed in percent.


from SEB Asset Management S.A.

Other liabilities

Total other liabilities

A list of changes in the assets held during the year under review, which are not listed in the schedule of investments, is available free of charge

Management fee, taxe d'abonnement

Sales

during the

reporting

period

20

8/7/2019 SEB Report

23/33

Combined Statement of Operations

SEB Sicav 1 - SEB Sicav 1 - SEB Sicav 1 -

SEB Choice Emerging SEB Eastern Europe Combined

Markets Fund ex Russia Fund

USD EUR USD

01/01/09 - 31/12/09 01/01/09 - 31/12/09 01/01/09 - 31/12/09

IncomeDividends on shares 2,616,369.94 3,313,172.47 7,369,944.14

Income from investment funds 0.00 88,092.70 126,391.00

Bank interest on cash accounts 29,538.38 86,901.55 154,220.38

Total income 2,645,908.32 3,488,166.72 7,650,555.52

ExpensesManagement fee (note 2) 2,145,997.38 1,598,564.80 4,439,538.23

Taxe d'abonnement (note 3) 69,946.38 47,004.90 137,386.66

Bank interest on cash accounts 18,637.63 5,696.05 26,810.04

Other expenses 115,242.64 1,683.33 117,657.79

Total expenses 2,349,824.03 1,652,949.08 4,721,392.72

Net income / loss for the year 296,084.29 1,835,217.64 2,929,162.80


21

8/7/2019 SEB Report

24/33

Combined Statement of Changes in Net Assets




USD EUR USD

01/01/09 - 31/12/09 01/01/09 - 31/12/09 01/01/09 - 31/12/09

Net assets at the beginning of the year 70,568,268.52 89,254,619.93 194,636,652.95

Net income / loss for the year 296,084.29 1,835,217.64 2,929,162.80

Net realised gain / loss on:

- sales of securities -3,464,016.83 -79,128,560.79 -116,993,719.42

- foreign exchange -407,419.44 -157,175.27 -632,926.66

- warrants 28,134.85 -907,805.78 -1,274,339.49

Total net realised gain / loss -3,843,301.42 -80,193,541.84 -118,900,985.57

Change in net unrealised appreciation /

depreciation on:

- securities 67,647,281.64 110,600,200.63 226,330,919.49

- warrants 1,429,687.20 1,728,024.78 3,908,970.75

Total change in net unrealised appreciation /

depreciation 69,076,968.84 112,328,225.41 230,239,890.24

Increase / decrease in net assets as a result of

operations 65,529,751.71 33,969,901.21 114,268,067.47

Proceeds on issue of "C" shares 108,283,278.92 49,365,876.67 179,110,970.47

Payment on redemptions of "C" shares -43,173,566.24 -52,368,783.29 -118,309,678.07

Foreign exchange difference 0.00 0.00 3,989,681.52

Total net assets as at December 31, 2009 201,207,732.91 120,221,614.52 373,695,694.34


22

8/7/2019 SEB Report

25/33


SEB Choice Emerging SEB Eastern Europe combined


USD EUR USD

Assets

Portfolio at cost 158,174,892.95 135,648,390.82 352,796,421.68

Unrealised appreciation / depreciation 40,853,213.55 -18,478,937.01 14,340,558.67

Portfolio at market value (note 1) 199,028,106.50 117,169,453.81 367,136,980.35

Receivable interest and / or dividends 147,387.15 86,485.07 271,471.60

Cash at banks 1,984,199.38 2,503,139.73 5,575,579.11

Other assets 2,777,979.19 659,926.89 3,724,809.30

Total assets 203,937,672.22 120,419,005.50 376,708,840.36

Liabilities

Other liabilities -2,729,939.31 -197,390.98 -3,013,146.02

Total liabilities -2,729,939.31 -197,390.98 -3,013,146.02

Total net assets as at December 31, 2009 201,207,732.91 120,221,614.52 373,695,694.34

"C" shares outstanding as at December 31, 2009 74,403,907.5760 48,429,741.0590 -

Net asset value per "C" shares as at December 31, 2009 2.7042 2.4823 -

Combined Statement of Net Assets



23

8/7/2019 SEB Report

26/33




USD EUR USD

Number of "C" shares outstanding

as at December 31, 2009 74,403,907.5760 48,429,741.0590 -

as at December 31, 2008 45,382,129.9060 55,933,350.6120 -

as at December 31, 2007 57,951,423.5440 75,140,243.4620 -

Total net assets

as at December 31, 2009 201,207,732.91 120,221,614.52 373,695,694.34

as at December 31, 2008 70,568,268.52 89,254,619.93 194,636,652.95

as at December 31, 2007 190,240,241.31 306,095,469.52 637,767,122.53

Net asset value per "C" share

as at December 31, 2009 2.7042 2.4823 -

as at December 31, 2008 1.5549 1.5957 -

as at December 31, 2007 3.2828 4.0736 -

Performance in %

as at December 31, 2009 73.9 55.6 -

as at December 31, 2008 -52.6 -60.8 -

as at December 31, 2007 40.9 -13.4 -

Dividend paid N/A N/A -

Total Expense Ratio *) (TER) in %

01/01/09 - 31/12/09 1.9 1.9 -

Portfolio Turnover Rate **) (PTR) in %

01/01/09 - 31/12/09 133 100 -

*) TER is calculated by the following formula: (Total expenses / average TNA) * 100

**) PTR is calculated by the following formula: ((Total 1 - Total 2) / average TNA) * 100

TNA = Total Net Assets

Total 1 = Total of securities transactions for the year under review (purchases + sales)

Total 2 = Total of subscribed and redeemed shares for the year under review (purchases + sales)


Statistical Information


24

8/7/2019 SEB Report

27/33

Notes to the Financial Statements

As at December 31, 2009=

=

=

=k=NK=p~=~=m=

=

q= ~~= ~= ~= = = ~~= = i= ~= ~= = r~= =

`=fK=

=

fW=

=

~F=q~~==~==~=I==~=~=====~I=~=~=

~==~=~~~=X=

=

F=q~~==~==~=I==~==~===~==~I===~=~==~=~=~=~=~=~=~====~====~===~==~=

=~=====~~=~=~===j~~=`~====~=~~=~=X=

=

F=q~~==~==~====~==~=~=~=~===~=

= = ~= ~~~= = = = ~= ~= = = ~~= = == ~= = =

I====~==~K=

=

F=f===~===~=====~=I====~==~==

=~====~FI=F=~=F=~====~===I===~==~=

I=~==~==~I===~=~===~=~=~====~===

`~I==~=~=~~==~==~K=

=

F=i=~=~=~=~==~=~==~=K==

=

F=r~=~~==~=~=~==~~=~=~=~=~=~=~==~K=r~=

~~==~==~~==~=~====~=~=~==~=~===~=

====~~===~I=~==~=~=~L===~==

~===~K=

=

F=c~~=I==~==~====~===~=~=~=~=~=~==

=~I=~=~===`~=_~==~~==~=~=I=~==

~=====~I==~=~=====~I=~====

= p~I= = ~= = ~J= = = = ~= ~= ~~=~I==~======~K=

=

F=r==~==r`fEqpF=~=~=~==~=~~~==~=~K==

=

o==~===~====~~==K=

=

p=mW=

=

q=m=j~~====~~=======~=~~=~=~= ===

= =~=== =pJcK=t= = = ~~=~=~= ~~= ==K=

^= = = p~= I= = = ~= ~== = ~= = = ~= s~~= a~= = ~~=

~~= =~= =~= `~= =~=pJc== =~= = ~==~== ~I===~=

====_~==a=====E~=====~=~===pJcFI==

=~=~==~===~=pJc===~I=====~=~=~=~=

~= = E~= ~=~~=F= ~=~== == =pJc=~= =~=L=

~===~=====pJc=======~===pJcK==

25

8/7/2019 SEB Report

28/33

=

=

=

=q=~===~=~=======~=~==~=~===pJc=~=~=

=====~=~K=

=

`=~~W=

=

^=~=~==~======pJc==~=====

pJc==~==~=~~~=~~=~=~K=

=

p~~=~=~=~~==~=pJc=======k=^=s~===~==

==~===E=~=FK=

=q~~=~==~===~==~==~====~==~=~=

~===~====~===pJcK=

=

^= ~= ~I= = = ~= = = ~= = ~= I= ~= ~~= = = ~= =

~=~==~==~~==~K=

=

q= ~~= ~= ==`~= ~= = ~~= == ~~= ~= = = = pJcI=

==~~I=~=~~==rp=~=~==~J=~=~K=

=

^=~=a=PNI=OMMV==~=~==~=W=

=

N=_dk= =Z= = MKTPPRVR=rpa=

N=_oi=== = Z= = MKRTPSRU=rpa=

N=`wh= =Z= = MKMRQPPS=rpa=

N=bdm= ==Z== = MKNUOPOQ=rpa=

N=bro= = Z== = NKQPQTRM=rpa=

N=d_m= =Z= = NKSNQURM=rpa=

N=eha= = Z== = MKNOUVSR=rpa=

N=eoh= =Z= = MKNVSSQN=rpa=

N=erc= = Z== = MKMMRPMV=rpa=

N=fao== = Z== = MKMMMNMS=rpa=

N=fip=== =Z= = MKOSPVVO=rpa=

N=fko= =Z= ==MKMONQUV=rpa=

N=hot= = Z= ==MKMMMURV=rpa=

N=iqi= =Z= = MKQNRROQ=rpa=

N=isi= =Z= = OKMOOSRQ=rpa=

N=jvo= = Z== ==MKOVOMRS=rpa=

N=mik= =Z= = MKPQVQQP=rpa=

N=olk= =Z= = MKPPUUSU=rpa=

N=opa= =Z= = MKMNQVQU=rpa=

N=qe_= = Z== = MKMOVVVQ=rpa=

N=qov= =Z== = MKSSTNPQ=rpa=

N=qta= = Z== = MKMPNOSR=rpa=

N=w^o= = Z== = MKNPRUMM=rpa=

=

fW=

=

a=~====J=~K=f====~=~~=~K=

=

k=OK=j~~=c=

=

f=~== =I= =j~~=`~==~= = ~=~=~~=~== NKTRB====

~===pJc=pb_=p~=N=J=pb_=`=b=j~=c=~=pb_=p~=N=J=pb_=b~=b==

o~=cK=^====~===~~=~====~==~=~===~~==~==

~=pJc=~~=~===~=K==

=

=

=

=

26

8/7/2019 SEB Report

29/33

=

=

=

=k=PK=q~=

=

q= `~= = = = = ~= i= ~= = = = ~~= ~== = ~K= q=

`~=I=I====?~=D~?I===~=~==~==MKMRB==~I=~==

==~===pJc=~====~=~~=~K=q=~==~~=~=~=~=~K=k=

~==~======~====i===~~====~=

D~K=

=

k=QK=`~====

=

a~==~=~=~===~=~~~I===~I=======`~K==

=

=

27

8/7/2019 SEB Report

30/33

====

Independent Auditors Report=

q==p~====

PricewaterhouseCoopers

Socit responsabilit limite

Rviseur d'Entreprises

400, Route dEsch

B.P. 1443

L-1014 LuxembourgTelephone +352 494848-1

Facsimile +352 494848-2900

www.pwc.com/lu

[email protected]

pb_=p~=N==|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||=

=

t=~=~==~~=~~=~==pb_=p~=N=~==~===pJcI===

==~===~=~=====~===~=~=~=a=PNI=OMMV=~=

==~==~=~===~==~===~===~==I=

~=~=~==~=~==~==~~====~~=~K=

=

_~==a===pf`^s====~~=~=

=

q= _~= = a= = = pf`^s= = = = = ~~= ~= ~= ~= = = ~~=

~= = ~~== i= ~= ~= ~= = ~= = = ~~= = =

~~=~K=q==W=I==~=~~=~==~=

==~~=~=~=~==~~=~=~=~===~~=~I===

=~== X= =~=~=~~=~=X=~=~=~=~= ~=~=

~~===~K=

=

^==

=l=====~====~~=~=~===~K=t===~=

= ~~== f~~=p~~==^=~= ~== =f==o=bK=

q= ~~= = ~= = = = ~= = ~= ~= ~= = = ~= = ~=

~~=~~===~~=~=~===~~=~K=

=

^=~=====~=~==~==~=~====~~=

~K= q= = == = = ^= I= = = ~= = = = =

~~=~===~~=~I====~==K=f=~===~I==

^==~==~====~~=~=~=~===~~=~=

====~==~=~=~~===~I========~=

=======~=K=^=~=~==~~==~~==~===~==~~==~=~=~===_~==a===pf`^sI=

~==~=~~==~=~===~~=~K==

=

t==~==~===~=~===~=~~===~=~===~=

K=

=

=

=

=

=

=

=

=

=R.C.S. Luxembourg B 65 477 - TVA LU17564447

28

8/7/2019 SEB Report

31/33

====

=

=

l=

=

f==I==~~=~==~==~=~====~~===pb_=p~=N=~==~=

==pJc=~==a=PNI=OMMVI=~======~=~=~====~===

~====~~==i=~=~=~==~===~~===

~~=~K==

=

l=~=

=

p~=~====~~==~========~~==~======~==~===~~===~~==~K=`I=

======~K=eI==~==~==~===~=

=====~~=~=~=~=~=K=

=

=

m~`=pK=KK= = = = = = = = ==========iI=j~=N7I=OMNM=

o==

o==

=

=

==

=

=

m=p==

=

===

=

29

8/7/2019 SEB Report

32/33

Notes to the EU Savings Tax Directive

=

=

=

=q=`===b~=r=~==g=PI=OMMP=~=`=a=OMMPLQULb`===~~==~=

======~=E=?p~=q~=a?F===j=p~===b~=

r=E?j=p~?F======~=~==~=j=p~==~==~=

= ===~= = ~= =~== = = = =~= ~= = = ~= =

j=p~K=^~I=_=~==d~=a==i=~==~~==~==~=

==~=~~===~===~K=q=i=~==g=ONI=OMMR===

p~=a==i=~=E=?p~=a=i~?FK=m~===p~=a=i~I==

g=NI=OMMR==g=PMI=OMMUI===~=~=====NRB=~==g=NI=OMMU==g=PMI=

OMNNI===~===OMB===PRB==g=OMNN=~K=^=V===p~=a=i~=

=~== = ~== === =~== =~= =~=~= =

=~==~~======p~=a=i~K==

a===~=pJc======p~=q~=a===~=NRB===~=pJ

cD=~=~====~=~====p~=a=i~K=m=~==p~==

=~==~===========~=QMB===~=pJcD=

~=~====~=~====p~=a=i~K=

=

q=~======~=~==~==~==~=~=K=h=~===~==

=g=PMI=OMMV=~=a=PNI=OMMVK=q=~~=~==~=pJc==~==~=W=

=

pb_=p~=N=J=pb_= =b=j~=cW== ==OKPTB=

pb_=p~=N=J=pb_=b~=b==o~=cW== ==OKVVB=

=

qI====j~=NI=OMNM==^=PMI=OMNN==pJc=pb_=p~=N=J=pb_=`=b=j~=c=~=

pb_=p~=N=J=pb_=b~=b==o~=c=~====p~=q~=aK=

=

=

=

0

8/7/2019 SEB Report

33/33

SEB Report

Documents

Transcript of SEB Report