CF DANSKE FUND CAUTIOUS MANAGED D Riskmeter About the fund High Risk CF Danske Fund is a UK registered Investment Company with variable capital (ICVC), also known as an Open Ended Investment Company (OEIC) which is Low Risk authorised and regulated by the Financial The Riskmeter is a simplified presentation of Services Authority and is part of the Danske the sub-funds expected risk profile. Bank Group fund range. Basic information This Fund is aimed at customers with a low to medium tolerance of risk and a minimum NAV as of 28-02-2009(GBP) 0.85 investment time horizon of 5 years. The ISIN GB00B0Z6TY94 investment objective of this Fund is to Duration N/A provide investors with an excess return Web site www.danskefund.co.uk compared to other investments with similar Launch 10-04-2006 risk, whilst seeking to maintain capital over Total assets , mill. (GBP) 23.71 the longer term. Base currency GBP Domicile UK This Fund will comprise of a mixture of Initial charges up to 3.75 % income generating assets such as bonds, Fund company CF Danske Fund dividend paying equities and assets with a Annual management fee 1.50 % scope for capital growth. Depending on the Fund Managers investment decisions, strategic and tactical asset Portfolio manager allocation weightings may change over time. The Fund may invest up to 60% of its assets The investment decisions are made by in equities and equity related securities Danske Capitals solution team, which (equity funds) and may therefore experience consists of more than 15 experienced moderate levels of volatility and risk to managers and analysts. Jens Moos is capital. responsible for the portfolios asset allocation. He holds an MSc from the University of Copenhagen and has more than 8 years of experience with portfolio management. Jens also has teaching experience as an external Largest holdings as of 28-02-2009 lecturer at the University of Copenhagen. Issue Asset Class % Danske Invest Danish Mortgage Funds 14.96 % 4.25% UK Treasury 07/03/2011 Fixed Income 10.95 % Danske Invest High Dividend Funds 9.96 % Danske Invest Global High Income Funds 9.78 % 4.00% UK Treasury 07/09/2016 Fixed Income 8.80 % Artemis UK Special Situations Acc Funds 5.53 % Past performance 5.00% UK Treasury 07/09/2014 Fixed Income 5.23 % db x-trackers FTSE All-Share Funds 4.86 % RESOLUTION ASSET MANAGEMENT - CARTE Funds 4.31 % 5.00% UK Treasury 07/03/2012 Fixed Income 3.87 % other investments in 14 holding(s) 21.76 % This chart is based on the performance of an Performance Information as of 28-02-2009 investment to the value of 100 GBP (net of Year to date 1 mth 3 mth 6 mth 12 mth 36 mth 60 mth Start all charges as detailed in Basic Information ) Fund -4.89 -2.13 -1.22 -11.68 -13.30 - - -12.80 from launch 10-04-2006 until 28-02-2009. Past performance is not a guide to future performance. The value of an investment and any income from it may fall as well as rise, is not guaranteed and you may not get back what you originally invested. THIS FUND FACT SHEET IS A FINANCIAL PROMOTION AS DEFINED BY THE NEW CONDUCT OF BUSINESS SOURCEBOOK PUBLISHED BY THE FSA. CF DANSKE FUND CAUTIOUS MANAGED D Asset allocation information Fund report n0-60% Equities Annaul report 2008 many of the adopted initiatives, especially n40-100% Bonds in the US, uncertainty in respect to these Market expectations is much higher than what is The financial turmoil started in the autumn normally the case. 2007 and lasted all the way through 2008. The Western economies also entered into We think a range of risky assets offer good recession. As a consequence, nearly all value, equity being one of them. However, financial asset classes corrected downwards due to the elevated levels of uncertainty, - especially equities fell dramatically. our conviction as to a turnaround in the UK equities showed the less significant falls performance of risky assets is lower than among the major regions with a fall of 26%, usual. Bond yields are likely to fall further Strategic Europe and US fell 38-39% while Japan and in the coming months driven by a weaker Emerging Markets fell 43-46% (all returns economy and low inflation. nBonds 60.00% in local currency.). Interest rates fell during nEquities 40.00% 2008, leading to a return of 12.4% for Investment strategy medium-term Gilts. The investment strategy has been changed once during the fourth quarter. At the end Return of October we added a minor position of The sub-fund provided a return of -11.7% for equity, since our assessment was that the the year. There is no benchmark. commitment to action from politicians and The return is primarily attributable to the central banks alike will eventually do the job. negative contribution from equities, however During the fourth quarter we also invested partially offset by a positive impact from in Artimis and Cartesian, our two new active the active stock selection. The fixed income managers on UK equity. We strongly believe part of the portfolio contributed positively in active management and expect these sub- with Gilts generating the highest return, funds to add value going forward. Current - High Level and European investment grade and Danish mortgage bonds returning almost similar Equity is mainly allocated to UK and European nBonds 53.81% returns. equity, including a larger allocation to nEquities 41.25% defensive high dividend equity. As a strategic nCash 4.93% Expectations allocation we have invested in Emerging We expect policy measures to be successful Market equity. In fixed income the major in stabilising both the financial system and allocation is to Gilts. the real economy as 2009 progresses. However, due to the experimental nature of Current - Geographical nU.K. fixed income 38.33% nU.K. equities 21.07% nEuropean equities 16.85% nGlobal fixed income 15.48% nCash 4.93% nEmerging Markets equities 2.17% nNorth American equities 0.81% nJapanese equities 0.36% Past performance is not a guide to future performance. The value of an investment and any income from it may fall as well as rise, is not guaranteed and you may not get back what you originally invested. THIS FUND FACT SHEET IS A FINANCIAL PROMOTION AS DEFINED BY THE NEW CONDUCT OF BUSINESS SOURCEBOOK PUBLISHED BY THE FSA.