Presentación Nordea con Karsten Bierre: Funds Experience 2016

1. For Professionals Only*
* Investing for their own account – according to MiFID definition.
Nordea 1 – Flexible Fixed Income Fund
ISIN: LU0915365364 (BP-EUR)
October 2016

2. For Professionals Only
2
The starting point for the investment process
Risk Balancing
Our risk balancing principle Assets generating returns in bull markets are balanced by
assets generating returns in bear markets.
Construct a portfolio that balances the risk,
targeting an all-weather return.
Bear Markets
Return drivers which perform
during bear markets
• High Quality Gov. Bonds
Bull Markets
Return drivers which perform
during bull markets
• High Yield Spreads
• Emerging Market Debt Spreads

3. For Professionals Only
3
Risk balancing example – simple portfolio of credit & government bonds
Sources: Nordea Investment Management. Period under consideration: 01.01.2002 – 30.06.2016. The performance represented is historical; past performance is not a reliable
indicator of future results and investors may not recover the full amount invested. Data for calculation: High yield return is based on iTraxx European Cross Over, Government
Bond is based on German Bund Futures Index returns.
Investment Philosophy
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
High Yield Government Bond Total
Risk contributions
Portfolio
risk
Riskmitigation
(diversification)
Global
financial
crisis Euro
sovereign
debt crisis
US Downgrade
Source: Datastream. Period under consideration: 01.01.2007 - 15.09.2016.

4. For Professionals Only
4
Strengthening Risk Balancing Principles
Return drivers which typically
perform during bull markets
• High Yield Spreads
• Emerging Markets Spreads
Return drivers which typically perform
during bear markets
• High quality Govt.
Re-establishing the risk balance:
1) Flexible SAA
2) Active Currency Management
3) TAA risk reduction
Bear Markets Bull Markets
• 3 attempts to “re-establish” the risk balance
(increase the risk protection without compromising the returns)
Note: For illustrative purposes only. Source Nordea Investment Management.
Period under consideration: 01.06.2005 to 31.07.2016

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Selecting return drivers performing well in up or down markets
Return drivers which perform during bear markets
Return drivers which perform during bull markets
Investment Universe
USD
Emerging
Markets
Gov.
US & EU
Corp.
US & EU
High
Yield
Eurozone
Gov.
Europea
n
Covered
High
Quality
Gov.
Global
Inflation
Linked
G10
Currenci
es
High
Quality
Currencie
s
Local
Currency
Emerging
Markets
Gov.
Source: DataStream. Period under consideration: 30.06.2009 – 15.09.2016.

6. For Professionals Only
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Negative correlation to credit to facilitate risk balancing in the future
Note: For illustrative purposes only. Source Nordea Investment Management. Period
under consideration: 01.01.2008 to 31.07.2016
2) Active Currency Management
Nordea Multi Assets’ response:
Implement investment strategies that have positive
expected return and anti-beta characteristics:
• Open currency positions for protection
• Use of valuation metrics to assess if a currency is
over/under valued
• Qualitative filter
Sources: Datastream. Performance of JPY and USD relative to EUR during a crisis .
Period under consideration:: 01.01.2007 – 15.09.2016

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Bringing risk down in times of trouble
Note: for illustrative purposes only.
Tactical models are used to
Reduce the Risk:
 Strengthen the balance of risk by
adding risk-off strategies
 Based on systematic valuation and
tactical assessment
3) Tactical Asset Allocation (TAA)
Source: Thomson Reuters Datastream. 3 months rolling, daily data
annualized %. Period under consideration: 25.08.2013 – 25.08.2016.
TAA risk
reduction
TAA risk
reduction
Total portfolio duration:
Source Nordea Investment Management. Period under consideration:
31.05.2013 – 30.09.2016
Total portfolio credit exposure:
Source Nordea Investment Management. Credit exposure is measured as
total portfolio sensitivity to high yield spread movements. Period under
consideration: 31.05.2013 – 30.09.2016.

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8
Note: Illustrative example based on Flexible Fixed Income Fund (BP-EUR) data. Source: Nordea Investment Management. The performance represented is historical; past
performance is not a reliable indicator of future results and investors may not recover the full amount invested. The value of shares can greatly fluctuate as a result of
the sub-fund’s investment policy and is not ensured. Period under consideration: 03.05.2013 – 30.09.2016..
Historical contributions

9. For Professionals Only
9
Nordea 1 – Flexible Fixed Income Fund
There can be no warranty that investment objectives, targeted returns and results of an investment structure are achieved.
Objectives – Outcome:
• Build an optimal fixed income portfolio with a fairly low level of risk
(normal target volatility 2-5%)
• Produce approx. 2% returns in excess of cash rate per annum over a full
investment cycle
Nordea response to Low-Growth / Low-Yield Environment:
• Motivation – All-weather product:
• New risk-mitigating strategies in a low-yield environment
• Global asset allocation and unconstrained investment universe
• Risk balancing and true diversification
Capital preservation obtained via flexibility

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Performance
Nordea 1 – Flexible Fixed Income Fund (BP-EUR)
Source (unless otherw ise stated): Nordea Investment Funds S.A. Period under consideration (unless otherw ise
stated): 02.05.2013 - 30.09.2016. Performance calculated NAV to NAV (net of fees and Luxembourg taxes) gross
income and dividends reinvested, in the base currency of the respective sub-fund, excluding initial and exit charges
as per 30.09.2016. Initial and exit charges could affect the value of the performance.
The performance represented is historical; past performance is not a reliable indicator of future
results and investors may not recover the full amount invested. The value of shares can greatly
fluctuate as a result of the sub-fund’s investment policy and cannot be ensured.
If the base currency of the respective sub-fund differs from the currency of the country w here the investor resides
the represented performance might vary due to currency fluctuations.
Calendar Year Returns in % Fund
2014 5.65%
2015 1.32%
Cumulative Returns in % Fund
YTD 3.40%
1 month -0.19%
3 months 0.49%
6 months 1.12%
1 year 4.03%
3 years 11.10%
Since inception* 7.67%
*Launch date: 02.05.2016

11. Appendix

12. For Professionals Only
12
Investment Committee and Management Structure
Caroline Henneberg
Co-Portfolio Manager
TAA & Risk
Søren Lolle
Co-Portfolio Manager
SAA & Risk
Asbjørn Trolle Hansen
Head of Multi Assets
Karsten Bierre
Portfolio Manager
Head of Fixed Income Allocation
Multi Assets Team in short*
 Around 40 professionals
 Total AuM: More than EUR 80 Billion, managed across multiple strategies
Strategic Dynamic Beta
Multi Assets – Process & Products
Portfolio Construction
Duration TAA
Equity TAA
Credit TAA
Proprietary Return Drivers
Reversal
Factor Models
Currency Premia
Low Risk
Volatility
Lead Momentum
…
Multi Assets – Research structure:
Products & Services
FI Asset
Allocation
Stable Equities
Enhanced
Equity
Equity Income
Alternatives
(Hedge Funds)
SAA
Advice
Balanced
Sweden
Balanced
Finland
Balanced
Norway
Balanced
Denmark
Unconstrained
Balanced
ALM
Advice
*Please note that not all MA team members are involved in the management of the N1 – FFIF.
Assets managed according to the same philosophy and process of the fund are around EUR 2 bn. Data as of 30.06.2016.

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Source: Hedgeye. Date: 27.07.2016
Living in a low growth / low yield environment
Source: Datastream. Data as of: 18.08.2016 Source: Datastream. Data as of: 18.08.2016
Source: Datastream. Data as of: 18.08.2016

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Understanding asset class behaviour
We Consider Return Drivers
Example: European Corporate Bonds
Focus on returns from duration and credit risk rather than total return
• A return driver is interpreted as a risk
premium
• Risk is easier to identify when focusing
on risk premiums rather than asset classes
• Correlation analysis is more robust for
risk premiums than for asset classes
European Corporate
Bonds Total Return
Risk Free
Rate
German
Duration
Risk
Premium
Europe
IG Credit
Spreads
Focus on risk premiums rather than asset classes

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• Due to the low yield environment the risk is no longer in balance
Strengthening Risk Balancing Principles
Return drivers which typically
perform during bull markets
• High Yield Spreads
• Emerging Markets Spreads
Return drivers which typically perform
during bear markets
• High quality Govt.
Bear Markets Bull Markets
“Everyone has a plan ’till they get punched in the face.”
Mike Tyson

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Non-euro sovereign bond markets offers attractive return or risk characteristics
1) Flexible SAA: Finding return and diversification outside the euro area
Source: DataStream. Period under consideration: 01.01.2011 – 15.09.2016. Source: DataStream. Period under consideration: 30.06.2009 – 15.09.2016.
Source: Hedgeye. Date: 14.06.2015.

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The power of diversification and TAA
Distribution of Risk Budget
Overall portfolio risk is significantly reduced thanks to truly diversifying return drivers and TAA
Note: For illustrative purposes.
Source: Nordea Investment Management AB.
Exposure working in periods of recession (Defensive) Exposure working in periods of recovery (Aggressive)
Total risk and the individual return drivers’ contribution to risk
Diversification and TAA overlay can
reduce total portfolio risk from
7.7% to only 2.2%

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• All weather product – total return portfolio
• Low risk and capital preservation based on risk balancing principles
• Exploit opportunities across global fixed income asset classes
• Unconstrained – flexibility to reduce risk in times of trouble
• Core holding to build a fixed income portfolio
Key takeaways

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Positioning 30.09.2016
1) % of notional exposure is a breakdown designed to represent the fund’s ownership of both traditional fixed income securities and derivatives including, futures, credit default
swaps, options and swap contracts. Internal calculations taking derivatives and funds into account. Derivatives count with their notional exposure. Internal calculations and MSCI
Barra. These figures may differ from our standard monthly reports, as only physical positions are taken into consideration.
Sources: Nordea Investment Management. Date: 30.09.2016.
Nordea 1 – Flexible Fixed Income Fund
% Notional Exposures1
Portfolio Characteristics1
Duration 1.0 years
YTM 0.86%
Average rating AA-
AUM 2,834 m EUR

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Currency positioning 30.09.2016
Sources: Nordea Investment Management. Date: 30.09.2016.
Nordea 1 – Flexible Fixed Income Fund

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1)% of notional exposure is a breakdown designed to represent the fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures,
credit default swaps, options and swap contracts. Sources: Nordea Investment Management. Period under consideration: 31.05.2013 – 30.09.2016.
Historic Allocation
% Notional Exposures1
As of 30.09.2016

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Example: Duration model
Note: For illustrative purposes only.
Tactical Asset Allocation Models
Valuation is measured by yield curve steepness.
Model output is the probability that bonds will
outperform cash.
Yield curve
steepness
LONG
DURATION
LONG
DURATION
SHORT
DURATION
SHORT
DURATION
SHORT
DURATION
LONG
DURATION
Momentum
in macro
and risk
assets
Duration investment philosophy: Buy attractive
valuation given certain conditions (supportive
fundamental momentum and/or relative price changes).
Examples of models and parameter contributions:
Total portfolio duration:
Note: For illustrative purposes only.
Source Nordea Investment Management. Period under consideration:
31.05.2013 – 30.09.2016

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Example: Credit model
Tactical Asset Allocation Models
Note: For illustrative purposes only.
Credit spread
LONG
CREDIT
LONG
CREDIT
SHORT
CREDIT
SHORT
CREDIT
SHORT CREDIT
LONG CREDIT
Momentum in
expected defaults
Valuation is measured by credit spreads
adjusted for expected defaults.
Model output is the probability that credit bonds
will outperform government bonds.
Credit investment philosophy: Buy attractive
valuation given certain conditions (supportive
fundamental momentum and/or relative price changes).
Examples of models and parameter contributions:
Total portfolio credit exposure:
Note: For illustrative purposes only.
Source Nordea Investment Management. Credit exposure is measured as
total portfolio sensitivity to high yield spread movements. Period under
consideration: 31.05.2013 – 30.09.2016.

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Sources: Nordea Investment Management Multi Assets.
Actual performance is from the Nordea 1-Alpha 15 Fund, in which the duration and credit strategies have been used since inception (launched in July 2011).
The performance represented is historical; past performance is not a reliable indicator of future results.
Tactical Asset Allocation Overlay – Performance
100
105
110
115
120
125
130
135
140
145
150
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Duration model
Backtest
Actual performance
100
120
140
160
180
200
220
240
260
280
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Credit model
Backtest
Actual performance
Duration: Backtest 2002-Jun2011, Actual Jul2011-Aug2016
Hit ratio 67%
Ann. Return 2.79%
Return volatility 2.36%
Information Ratio 1.18
Duration: Actual performance Jul2011-Aug2016
Hit ratio 63%
Ann. Return 2.36%
Return volatility 2.39%
Information Ratio 0.99
Credit: Backtest 2002-Jun2011, Actual Jul2011-Aug2016
Hit ratio 68%
Ann. Return 6.72%
Return volatility 4.98%
Information Ratio 1.35
Credit: Actual performance Jul2011-Aug2016
Hit ratio 66%
Ann. Return 4.00%
Return volatility 4.50%
Information Ratio 0.89
Date: 31-08-2016

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FX Valuation model with a quality filter
Note: For illustrative purposes only.
Active Currency Management Model
Source Nordea Investment Management. Period under consideration: 01.01.2000 –
31.08.2016. The performance represented is historical; past performance is not a
reliable indicator of future results.
FX Valuation Model
Ann. Return 2.53%
Return volatility 7.27%
Information ratio 0.35
Correlation to S&P500 -33%

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Note: for illustrative purposes only.
Investment Process
Focus on Return Drivers
& Strategic Asset
Allocation Research
Optimization Implementation
Tactical Asset
Allocation &
Risk Monitoring
• Identification of
investable assets and
return factors
 Risk/return
characteristics
 Based on Strategic Asset
Allocation Research
• Selection of relevant
assets
 Based on factor risk
 Security selection
consistent with factor
• Focus on both Risk-on and
Risk-off strategies
 Risk-on assets work in
periods of recovery
 Risk-off assets work in
periods of recession
• Conviction setting based
on SAA research
 Sharpe ratios
• Efficient frontier
optimization
• Investment committee
meeting
 Signs off portfolio
composition
• Daily monitoring of
proprietary asset
allocation models
• Portfolio adjustments
based on output from
tactical asset allocation
models
 Duration
 Credit
 Currency
• Daily risk monitoring
• Implementation
 Cash bonds
 Synthetic replication
Step 1 Step 2 Step 3 Step 4
Monthly Monthly Monthly Daily

27. For Professionals Only
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Note: for illustrative purposes only.
Step 1: Strategic Asset Allocation & Research
SAA Research & Analysis Return Drivers & Risk Characteristics
Risk On DriversRisk Off Drivers
Identification of all investable assets and factors
Factor Risk Screening
Selection
of relevant
assets
Yield-to-Risk Mapping
Assets grouped according to main return driver
• Duration region
• Duration curve
• FX valuation
• HY credit spread
• IG credit spread
• EM spread
• Covered bond spread
• Eurozone govies spread

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Note: for illustrative purposes only.
Step 2: Optimization
The optimization is based on our proprietary optimization model
The Optimal portfolio is calculated based on our internal return
and risk expectations
Alpha strategies (asset allocation and paper selection) are not
included in the
optimization
Volat.
Return
4%



The expected return will
depend on the slope of the
efficient frontier and the
selected risk level. In this
example the risk is set to be
4% ex-ante volatility.
Determine the optimal SAA portfolio

29. For Professionals Only
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Security selection
Note: for illustrative purposes only.
Step 3: Implementation
Strategic Allocations
Eurozone
Government
Spread
Cash bonds,
duration
hedged
Outsourced
to
International
FI Team
Global High
Qual.Govies
and Inflation
Cash bonds
Internally
Selected
Cash
Cash bonds
(Europ. cov.
Bonds), duration
hedged
Outsourced
to Euro
Covered
Team
Investment
Grade
Spread
Synthetic
replication
(CDS)
Internally
selected
High Yield
Spread
Synthetic
replication
(CDS)
Internally
selected
Emerging
Markets
Spread
Synthetic
replication
(govies + CDS +
FX contr.), ETFs,
duration hedged
Internally
selected
Tactical Strategies
Credit
CDS contracts
Duration
US and German 10 year
bond futures
Currencies
FX forwards

30. For Professionals Only
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Used only to reduce the overall risk level of the portfolio
Note: for illustrative purposes only.
Step 4: Tactical Asset Allocation Overlay
Two main input parameters:
 The steepness of the
yield curve
 The momentum in macro
& risk-assets
Yield curve
steepness
LONG
DURATION
LONG
DURATION
SHORT
DURATION
SHORT
DURATION
SHORT
DURATION
LONG
DURATION
Momentum
in macro
and risk
assets
Two main input parameters:
 The credit spread
 The momentum in
expected defaults
Credit spread
LONG
CREDIT
LONG
CREDIT
SHORT
CREDIT
SHORT
CREDIT
SHORT
CREDIT
LONG
CREDIT
Momentum
in expected
defaults
FX valuation: Active
management through the use of
valuation metrics to assess if a
currency is over/under valued.
1. Duration 2. Credit 3. Currency

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Main Characteristics
Feature Nordea 1 – Flexible Fixed Income Fund
Instruments used
Cash bonds, CDS, forward contracts, NDFs, futures, ETFs and funds
(max. 10% in ETFs and funds)
Exposure Net Long (but can use short instruments)
Duration Net Long (but can use short instruments)
Benchmark Unconstrained

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Key fund data
Nordea 1 – Flexible Fixed Income Fund
Sub-fund's name Nordea 1 - Flexible Fixed Income Fund
Fund Manager Multi Assets Team
Fund Domicile 562, rue de Neudorf, 2220 Luxembourg, Luxembourg
Share class BP
Annual Man. Fee 0.800 %
Security number (ISIN) LU0915365364
Security number (WKN) A1T96A
Fund Size in millions 2834.43
Currency EUR
Reference index N/A
No. of holdings 247
Launch date 02/05/2013
Minimum investment (EUR) 0
Source: Nordea Investment Funds S.A., Date: 30.09.2016

33. For Professionals Only
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Note: For illustrative purposes only.
Conceptual Investment Approach
The Economic Cycle
Return drivers working
in periods of recession
Return drivers working
in periods of recovery
Total performance
Illustrative performance
Peak
Trough
Peak
Recession
Expansion
Actual
growth
Growth
trend
Time
Output (GDP)
Time
Return)
Capital preservation is achieved by focusing on truly diversifying return
drivers

34. For Professionals Only
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Source: © 2016 Morningstar, Inc. All Rights Reserved. European Open End Funds database. Peer group: Morningstar EAA OE Global Flexible Bond – EUR Hedged. Data as at:
13.10.2016. Period under consideration: 01.06.2013 - 30.09.2016. Performance in EUR. Please note that the Nordea 1 – Flexible Fixed Income Fund has no official benchmark. The
performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount invested. The value of
shares can greatly fluctuate as a result of the sub-fund’s investment policy and is not guaranteed
Attractive risk / return profile (since FFIF inception)
Return p.a.
2.73%
and
Volatility p.a.
2.84%
Sharpe ratio:
0.94
Nordea 1 – Flexible Fixed Income Fund
(BP-EUR)
Peer Group

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2015-16 was a tough period for many flexible fixed income funds
Source: © 2016 Morningstar, Inc. All Rights Reserved. European Open End Funds database. Peer group: Morningstar EAA OE Global Flexible Bond – EUR Hedged. Data as at:
13.10.2016. Period under consideration: 31.12.2014 - 30.09.2016. Performance in EUR. Please note that the Nordea 1 – Flexible Fixed Income Fund has no official benchmark. The
performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount invested. The value of
shares can greatly fluctuate as a result of the sub-fund’s investment policy and is not guaranteed

36. For Professionals Only
36
A stable bank among the largest European players
Source: Nordea. Date: 30.06.2016
 Nordea is the largest institution in the
Nordic region with 600 branch
locations serving 10 million personal
customers
 The three main business lines are
retail banking, wholesale banking and
wealth management
 S&P has a stable outlook for
Nordea’s AA-rating
 Continuous growth in operating
income over the last 5 years
Nordea
Ratings:
• Standard & Poor's
• Moody's
• Fitch
AA-
Aa3
AA-
Core Tier 1 capital 16.8%
Market Capitalisation EUR 30 bn
Total assets EUR 671 bn
AuM EUR 300 bn

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Stable partner with focus on delivering alpha and outcome
Source: Nordea Bank. Date: 30.06.2016. * Source: Morningstar Direct. Data (expressed in EUR billion, for funds, funds of funds and ETFs (excluding money market funds)) provided
by Morningstar on 15.04.2015 for 2012, 2013 and 2014, and on 12.04.2016 for 2015.
Active Manager:
 Alpha through our multi-boutique
approach combining our internal strengths
with exclusive external competences
 Outcome built on stability to meet clients‘
risk appetite and needs
Stable Partner:
 Stable relationship model and large
product breadth: reliability and trust
 One platform, many specialists: Alpha
and outcome solutions in one platform to
serve clients in all weathers.
Nordea Asset Management
AUM EUR 202 bn
Net sales in 2015 EUR 12.7 bn
Only European asset manager to consistently feature in the
annual list of top ten cross-border asset managers in terms
of European net flows as published by Morningstar*
Multi-boutique Approach
Internal Boutiques
External Boutiques
AUM
85%
15%
Global Distribution
 Captive Distribution
 Non-Captive Distribution
50%
50%
Team
out of which investment team
600
160
Flat Organisation structure and Global Presence:
Stockholm, Copenhagen, Oslo, Helsinki, Luxembourg,
Cologne, Frankfurt, Madrid, Vienna, Zurich, Paris, London,
Milan, New York, São Paulo, Singapore

38. For Professionals Only
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Combining internal strengths with exclusive external competences
to deliver alpha and outcome to our clients
Nordea multi-boutique approach
Internal Boutiques 
Covered Bond Team
Credit Team
Danish Fixed Income Team
European Small & Mid Cap Equities Team
Fundamental Equities Team
International Fixed Income Team
International Focus Equities Team
Multi Asset Team
Norwegian Equity Fund
Norwegian Fixed Income Team
Swedish Fixed Income Team
Stable Equities Team
External Boutiques 
Aegon USA Investment Management LLC
Capital Four Management A/S
Clarivest Asset Management LLC
DoubleLine Capital L.P.
Eagle Asset Management, Inc.
European Value Partners AG
Income Partners Asset Management (HK) Limited
Itaú USA Asset Management Inc
Libra Capital Management (HK), Ltd
MacKay Shields LLC
PGIM Limited
STANLIB Asset Management Limited
The London Company of Virginia LLC
T. Rowe Price International Ltd.

39. For Professionals Only
39
*Building on its Nordic expertise, Nordea also manages internally a full range of Nordic equity, bonds and currency strategies such as Norwegian Equity, Norwegian Bond, Swedish
Bond. Note that some of the strategies listed above are only available as a sub-fund vehicle within the Nordea 1, SICAV. The Nordea 1, SICAV consists of 72 sub-funds covering the
full asset spectrum out of which 50 products have more than EUR100mn AuM and 33 products have more than EUR 250mn AuM. Source: Nordea Investment Funds S.A.
Date: 30.06.2016
Selected Nordea solutions to meet your needs
Strategies
Unconstrained
CoreCredit
Flexible Fixed
Income
European High
Yield Bond
US Total Return
Bond
European
Covered
(Low Duration)
US High Yield
Bond
Unconstrained
Bond
Nordic Fixed
Income*
European Cross
Credit Bond
Stable Return
European
Corporate Bond
Multi Asset
US Corporate
Bond
Europe Global / Theme North America Emerging
European Value
North American
Value
Stable Emerging
Markets Equity
European Focus
Equity
Global Stable
Equity
North American
All Cap
Emerging
Stars Equity
Europ. Small &
Mid Cap Equity
Global
Dividend
North American
Small Cap
Latin American
Equity
Nordic Equity
(Small Cap)
Emerging
Consumer
Indian Equity
African Equity
Chinese Equity
Bond Equity
Heracles
Long/Short MI
Emerging
Emerging Market
Blend Bond
Emerging Market
Bond
Emerging Market
Corporate Bond
Renminbi High
Yield Bond
Nordic Ideas
Equity
Climate and
Environment
European
Financial Debt
Fund
Global Stars
Alpha 15

40. For Professionals Only
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The sub-funds mentioned are part of 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 Council Directive 2009/65/EC of 13 July 2009. This document is advertising material and does not disclose all
relevant information concerning the presented sub-funds. Any investment decision in the sub-funds should be made on the basis of the current prospectus and the Key Investor
Information Document, which are available, along with the current annual and semi-annual reports, electronically in English and in the local language of the market where the mentioned
SICAV is authorised for distribution, without 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. Investments in derivative and foreign exchange transactions may be subject to significant fluctuations which may affect
the value of an investment. Investments in Emerging Markets involve a higher element of risk. The value of shares can greatly fluctuate as a result of the sub-fund’s
investment policy and cannot be ensured. For further details of investment risks associated with these sub-funds, please refer to the relevant Key Investor Information
Document, available as described above. Nordea Investment Funds S.A. only publishes product-related information and does not make any investment recommendations. Published
by Nordea Investment Funds S.A., 562, rue de Neudorf, P.O. Box 782, L-2017 Luxembourg, which is authorized by the Commission de Surveillance du Secteur Financier in
Luxembourg. Further information can be obtained from your financial advisor. He/she can advise you independently of Nordea Investment Funds S.A. Additional information for
investors in Switzerland: The Swiss Representative and Paying Agent is 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 Agent in Germany is Société Générale S.A. Frankfurt Branch, Neue
Mainzer Straße 46-50, D-60311 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 Erste Bank der Österreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna. Additional information for investors
in the Netherlands: Nordea 1, SICAV is a Luxembourg Undertaking for Collective Investment in Transferable Securities (UCITS) registered in the Netherlands in the register kept by the
AFM, and as such is allowed to offer its shares in the Netherlands. The AFM register can be consulted via www.afm.nl/register. Additional information for investors in France: With
the authorisation of the AMF the shares of the sub-funds of Nordea 1, SICAV may be distributed in France. 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 Belgium: The
Representative Agent in Belgium is BNP Paribas Securities Services S.C.A., Brussels branch, 25 Rue de Loxum, Brussels, B-1000-Belgium. A hard copy of the above-mentioned fund
documentation is available upon demand free of charge. 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. The Depositary of the SICAV’s assets is, J.P. Morgan Bank Luxembourg S.A.. 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. A complete list of the authorised distributors is available in the CNMV’s webpage (www.cnmv.es). Additional information for
investors in Portugal: The Management Company of the SICAV, Nordea Investment Funds, S.A., and the Depositary of the SICAV’s assets, J.P. Morgan Bank Luxembourg S.A., are
validly formed and existing in accordance with the laws of Luxembourg and authorized by the Commission de Surveillance du Secteur Financier in Luxembourg. Our distributor in
Portugal is BEST - Banco Electrónico de Serviço Total, S.A., duly incorporated under the laws of Portugal and registered with the CMVM as a financial intermediary. 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, Banca Monte dei Paschi di Siena, Allfunds Bank S.A. Sucursal de Milan, Société Générale 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. The prospectus and KIID for the sub-funds have been published
with Consob. Additional information for investors in the United Kingdom: Approved by Nordea Bank AB, 5 Aldermanbury Square, London EC2V 7AZ, which is regulated by the
FCA in the United Kingdom. Additional information for investors in Sweden: The Paying Agent is Nordea Bank AB (publ), Smålandsgatan 17, Stockholm SE-105 71. The
Representative Agent is Nordea Funds Ltd, Swedish Branch, Mäster Samuelsgatan 20, Stockholm, SE-105 71. Additional information for investors in Denmark: The Information and
Paying Agent is Nordea Bank Danmark A/S, Strandgade 3, Christiansbro, DK-1401 Copenhagen K. A hard copy of the above-mentioned fund documentation is available here.
Additional information for investors in Norway: The Paying Agent is Nordea Bank Norge ASA, Essendrops gate 7, Postboks 1166 Sentrum, NO-0107 Oslo. The Representative
Agent is Nordea Fonds Ltd., Norwegian Branch, Essendrops gate 7, Postboks 1166 Sentrum, NO-0107 Oslo. Additional information for investors in Finland: The Paying Agent is
Nordea Bank Finland Plc, Satamaradankatu 5, FI-00020 NORDEA, Helsinki. The Representative Agent is Nordea Funds Ltd, Centralgatan/ Keskuskatu 3a, FI-00020 NORDEA,
Helsinki. Additional information for investors in Latvia: The Representative and Paying Agent is Nordea Bank AB 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 AB Estonia Branch, Liivalaia 45 10145 Tallinn. Additional information for
investors in Lithuania: The Representative and Paying Agent in Lithuania is Nordea Bank AB, Lithuania Branch, Didzioji str. 18/2, LT-01128 Vilnius. Shareholders must evaluate
possible investment risks and take this into consideration when making investment decisions. 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 (unless otherwise
stated): Nordea Investment Funds S.A. 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 and must not be passed to private investors. This document contains information only intended for professional investors and independent financial advisers and
is not intended for general publication. 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.