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For Professionals Only*

* investing for their own account - according to MiFID definition

Nordea 1 –North American All Cap FundISIN LU0772958525 (BP-USD) / ISIN LU0772957808 (BI-USD)

September 2013

John Pandtle, CFA, Co-Portfolio ManagerEagle Asset Management, Inc.

For Professionals OnlyNordea multi-boutique approachInternal and external boutiques

For Professionals Only

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*Source: Eagle Asset Management, Inc. Date: 30.06.2013. Includes Eagle Boston Investment Management, Inc., a wholly owned subsidiary of Eagle Asset Management, Inc., and ClariVest Asset Management, LLC, an affiliate of Eagle Asset Management

**Source: Raymond James Financial Inc. Date: 30.06.2013.

• Eagle Asset Management Inc., (“Eagle”) has USD 27.8 billion in assets under management* with investment offices in Boston, Richmond, Stowe, San Diego and St. Petersburg (USA)

• Employs more than 180 people, including 65 investment professionals*

• Eagle is structured as a series of independent investment teams dedicated to proprietary fundamental research with a focus on consistent performance and alpha generation

• Stable, conservatively managed NYSE-listed parent company, Raymond James Financial Inc. (Bloomberg ticker: RJF US)

• Raymond James Financial Inc., has approximately 6,300 financial advisors serving 2.5 million accounts in 2,500 locations throughout the United States, Canada and overseas. Total client assets are approximately USD 405 billion**

Eagle Asset Management Inc. – the sub-managerFirm overview


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Eagle U.S. All Cap Equity Team

The Eagle U.S. All Cap Equity team, responsible for the management of the Nordea 1 – North American All Cap Fund, currently manages USD 3.3 billion in three primary investment disciplines:

Source: Eagle Asset Management, Inc. Date: 30.06.2013.

U.S. All Cap Equity

Large Cap Value

Equity Income

About 65% of U.S. All Cap Equity stocks are also held in other disciplines


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Investment TeamStructure

David Blount, CFA, CPACo-Portfolio Manager

Consumer Discretionary, Consumer Staples,

Telecommunications

Ed Cowart, CFACo-Portfolio Manager

Energy, Technology

John Pandtle, CFACo-Portfolio ManagerFinancials (non-REIT),

Materials, Utilities

Jeff Vancavage, CFA Co-Portfolio ManagerHealthCare, Industrials,

REITs

Chris KouffmanResearch Associate

James F. Short, CFA, CFP, CIMA

Client Portfolio Manager


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U.S. Economic Outlook

• Slow but positive growth continues – 2% growth remains the central tendency

• Housing and auto sales are very strong

• Employment and income growth remain weak

• The U.S. corporate sector remains a bright spot – Record earnings and cash flows, high and (we believe) sustainable margins, strong balance sheets

• The U.S. fiscal situation is improving rapidly. Revenue increases and spending cuts have reduced the deficit from 10% of GDP to just 4%

• Despite some scary headlines (i.e., Detroit), state and local finances in the U.S. are also improving

• Surging domestic energy production is benefiting the economy in many ways including a narrowing trade gap

• The Federal Reserve will likely begin to reduce its purchases of long-term securities by year end. The reduction will be focused on Treasury bond, not mortgages

• Short-term rates will be anchored near zero through at least 2015


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U.S. Equity Market Outlook

• Valuation of U.S. equities is about average on an absolute basis but still very attractive versus fixed income securities

• Earnings growth will slow, but remain positive through 2014

• A meaningful allocation shift from bonds to stocks remains a real possibility

• The "Wall of Worry" is intact: Fed "tapering", a new Fed chief, China, Syria, etc. Remember: "A bull market climbs a wall of worry"

• We still think the market is much more feared than loved – a characteristic of an ongoing bull market


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Investment PhilosophyVARG

Value and Reasonable Growth• The benefit of using VARG is that the value

(classic valuation oriented style) protects from paying too much for a company, while the reasonable growth hurdle (focus on growth catalysts) protects from falling into value traps and unlocks future stock value

• The quantitative factors that define a VARG stock differ by sector and market capitalization, but typically what is looked for is:

– Stocks with valuation measures below historical and sector averages

– Positive or improving growth rates for earnings and/or free cash flow

• Eagle avoids:

– “Deep Value”: cheap stocks with poor fundamentals

– “Momentum Investing”: non-sustainable growth


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Investment Process: The “VARG” Approach

Growth-driven Criteria

Eliminates approximately 500 stocks

U.S. All Cap EquityRussell 3000 Index

Value-driven Criteria

Eliminates approximately 2,000 stocks

Risk Management

Leaves approximately 300-500 stocks

Portfolio

Typically 30-50 stocks

Fundamental analysis


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Investment Process Overview

Valuation-driven Criteria

• Less than the Market:– P/E to growth rate– Price/Sales and Price/Book– Enterprise value/EBITDA

• Price to Free Cash Flow is less than industry peers• Public market value attractive relative to private market value

Growth-driven Criteria • Sound business with stabilizing or improving earnings outlook• Catalyst to “unlock” unrealized value (e.g. new product or

management change)• Disciplined capital-allocation model • Shareholder-oriented management

Risk Management • Philosophy: avoid “value traps” with a bias toward quality• Discipline:

– Thorough investment thesis with value targets– Focus on quality metrics– Daily meetings to monitor/review sectors/stocks– Weekly strategy/risk meetings

• Trim stocks when they become too large of a position

Portfolio • Market capitalization: greater than USD 250 million at time of purchase • Typical number of holdings: 30-50 • Typical position size: 2% to 3% at time of purchase• Maximum position size: 5%• Sector weightings: typically +/- 5% but can go +/- 10% relative to the benchmark


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Investment Process Eagle Buy Discipline

The BUY process is built upon both valuation and growth driven criteria. In the course of the research, the companies that display many of the following factors are sought after:Valuation - driven criteria (it is important to remember that individual industries demand different valuation approaches, so not all criteria are followed at the same time):• P/E to growth rate < market

• Price to normalized earnings < industry peers

• Price/Sales < market

• Price/Book < market

• Enterprise value/EBITDA < market

Growth - driven criteria:• Sound businesses that demonstrate a stabilizing or improving earnings growth outlook

(e.g. positive earnings revision relative to consensus)

• Presence of a catalyst to “unlock” unrealized value (e.g. new product or management change)

• Disciplined capital-allocation model

• Management with large ownership positions

• Perceived margin of safety in business models


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Investment Process: Stock ideasEagle Buy Discipline

Buy companies that fall in the VARG target area• Cardinal Financial boasts high-quality

management, franchise strength and superior asset quality

• SPX has leading technologies in attractive end markets w/ secular drivers, margin expansion opportunities, and a strong growth outlook

• Home Depot has the opportunity to leverage increasing sales per square foot as the housing market and economy recover

• EOG Resources is a high quality energy exploration and production company with exposure to all of the major North American unconventional (shale) plays


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Investment Process Eagle Sell Discipline

A position is sold or trimmed in the following instances:• Price appreciation to level where valuation case can no longer be made

• Trim position size above 5%

• Trim absolute industry weighting above 25%

• Significant shift in investor base to momentum-oriented managers

• New investment idea is relatively more attractive

• Fundamentals of company or industry deteriorate


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Investment Process: Stock exampleEagle Sell Discipline

Sell companies that move out of theVARG target area• Hudson Pacific Properties benefited from

strong stock performance that pushed valuation beyond our target

• The Blackstone Group bought Equity Office Properties at a significant premium at what was, at the time, the second-largest leveraged buyout in U.S. history

• Bank of America’s deteriorating fundamentals made it less attractive than other stocks in the industry that traded at similar valuations

• Freeport McMoRan expanded into oil and gas exploration via expensive acquisitions that changed the investment thesis and added new risks


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Portfolio Construction

Market Capitalization greater than USD 250 million at time of purchase

Typical Number of Holdings 30 to 50

Typical Position Size 2% to 3% at time of purchase

Maximum Position Size 5%

Sector Weightings typically +/- 5% but can go +/- 10% relative to the benchmark

Typical Cash Level < 5%

Anticipated Annual Turnover 35% to 40%

Small Cap Allocation: up to 15%Mid Cap Allocation: 20-30% Large Cap Allocation: 55-65%


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VARG has delivered on its promises: capture strong performance while protecting investor on the downside

Up/down market capture vs. Russell 3000 Index

Eagle U.S. All Cap Equity CompositeStrong in Up and Down Markets

Source: Callan Associates. Date: 31.12.2011. 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. If the base currency of the composite differs from the currency of the country where the investor resides the represented performance might vary due to currency fluctuations. The Eagle U.S. All Cap Equity Composite’s inception date is 01.10.1999.

The Nordea 1 – North American All Cap Fund is managed according to the same investment philosophy and investment process than the Eagle U.S. All Cap Equity Composite. However, there is no guarantee that using the same investment process will produce similar returns since the Nordea 1 sub-fund has specific limits and restrictions, and the result might differ from the composite used for illustration purposes.


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Data Source - © 2012 Morningstar, Inc. All Rights Reserved. Date: 30.04.2012. Based on monthly data expressed in USD. Period under consideration: 01.10.1999 - 30.04.2012. 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. If the base currency of the composite differs from the currency of the country where the investor resides the represented performance might vary due to currency fluctuations.Figures include accounts under Eagle's management from their respective inception dates, including accounts of clients no longer with the firm. No selective periods of presentation have been utilized. Data from all accounts have been continuous from their inception to the present or to the cessation of the client relationship with the firm. A complete list and description of firm composites and calculation of performance results is available upon request. The composite creation date for GIPS® purposes was October 1, 1999. Performance is based upon U.S. dollar returns.The Nordea 1 – North American All Cap Fund is managed according to the same investment philosophy and investment process than the Eagle U.S. All Cap Equity Composite. However, there is no guarantee that using the same investment process will produce similar returns since the Nordea 1 sub-fund has specific limits and restrictions, and the result might differ from the composite used for illustration purposes.

Eagle U.S. All Cap Equity Composite Performance


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Eagle U.S. All Cap Equity Composite

Year Eagle U.S. All Cap Equity Composite (gross of fees)* Russell 3000 Index S&P 500 Index

1999 2.28%* 16.22%* 14.88%*

2000 12.43% -7.46% -9.10%

2001 1.62% -11.46% -11.89%

2002 -13.15% -21.54% -22.10%

2003 25.62% 31.06% 28.68%

2004 20.71% 11.95% 10.88%

2005 7.15% 6.12% 4.91%

2006 13.89% 15.71% 15.79%

2007 5.59% 5.14% 5.49%

2008 -30.17% -37.31% -37.00%

2009 35.00% 28.34% 26.46%

2010 18.87% 16.93% 15.06%

2011 6.11% 1.03% 2.11%

2012 11.75%** 12.87%** 12.59%**Source: Eagle Asset Management, Inc. Date: 31.03.2012. 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. Initial and exit charges could affect the value of the performance. If the base currency of the composite differs from the currency of the country where the investor resides the represented performance might vary due to currency fluctuations. *Returns for Q4 1999. ** Returns for Q1 2012. Figures include accounts under Eagle's management from their respective inception dates, including accounts of clients no longer with the firm. No selective periods of presentation have been utilized. Data from all accounts have been continuous from their inception to the present or to the cessation of the client relationship with the firm. A complete list and description of firm composites and calculation of performance results is available upon request. The composite creation date for GIPS® purposes was October 1, 1999. Performance is based upon U.S. dollar returns.The Nordea 1 – North American All Cap Fund is managed according to the same investment philosophy and investment process than the Eagle U.S. All Cap Equity Composite. However, there is no guarantee that using the same investment process will produce similar returns since the Nordea 1 sub-fund has specific limits and restrictions, and the result might differ from the composite used for illustration purposes.


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Nordea 1 – North American All Cap Fund Monthly update as of 30.08.2013

• Fund performance• Top 10 holdings and sector breakdown • Market capitalisation breakdown• Fund information


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Nordea 1 – North American All Cap FundFund performance (BP-USD share class)

Cumulative Returns in % Fund Reference indexYTD 24.95% 16.49%1 month -2.46% -2.85%3 months 1.28% 1.06%6 months 13.05% 9.10%1 year 30.28% 19.59%Since inception 38.79% 28.15%

Source (unless otherwise stated): Nordea Investment Funds S.A. Period under consideration: 30.05.2012 - 30.08.2013. Performance calculated NAV to NAV (net of fees and Luxembourg taxes) gross income reinvested, in the base currency of the respective sub-fund, excluding initial and exit charges as per 30.08.2013. 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 is not ensured.

If the base currency of the respective sub-fund differs from the currency of the country where the investor resides the represented performance might vary due to currency fluctuations.


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Nordea 1 – North American All Cap FundTop ten positions and sector breakdown

Sector Breakdown in %Financials 18.82Information Technology 16.02Health Care 14.25Industrials 14.10Consumer Discretionary 13.02Energy 12.36Consumer Staples 5.81Telecommunication Services 2.49Materials 2.38Net Liquid Assets 0.75Total 100.00Source: Nordea Investment Funds S.A., Date: 30.08.2013

Top Ten in %Apple US0378331005 3.95Oceaneering International US6752321025 3.70JPMorgan Chase US46625H1005 3.61Anixter International US0352901054 3.58Citigroup US1729674242 3.39Mylan US6285301072 3.34Honeywell International US4385161066 3.19Applied Materials US0382221051 3.15Darling International US2372661015 3.00Union Pacific US9078181081 2.92Total 33.81Source: Nordea Investment Funds S.A., Date: 30.08.2013


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Nordea 1 – North American All Cap FundMarket capitalisation breakdown

Market Capitalisation in % (in mln. USD) Cash included Without cash[200] – [500] 1.82 1.83[1000] – [2000] 1.51 1.53[2000] – [3000] 6.57 6.62[3000] – [4000] 8.55 8.61[4000] – [5000] 5.45 5.49[5000] – [10000] 6.24 6.29[10000] – [20000] 20.46 20.62 > [20000] 48.64 49.01Net Liquid Assets 0.75Total 100.00 100.00Source: Nordea Investment Funds S.A., Date: 30.08.2013


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Nordea 1 – North American All Cap FundFund information

Sub-fund's name Nordea 1 - North American All Cap FundFund Manager Eagle Asset Management IncFund Domicile 562, rue de Neudorf, 2220 Luxembourg, LuxembourgShare class BPAnnual Man. Fee 1.500 %Security number (ISIN) LU0772958525Security number (WKN) A1J0G1Fund Size in millions 1028.51Currency USDReference index Russell 3000 - Net Return IndexNo. of holdings 38Launch date 30/05/2012Minimum investment (EUR) 50Source: Nordea Investment Funds S.A., Date: 30.08.2013


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Nordea 1 – North American All Cap FundPerformance Review – Year to Date (30.08.2013)

• The 2013 year to date performance of the Nordea 1 – North American All Cap Fund was very strong but not really an outlier from the strategy’s long-term record

• The outperformance versus the Russell 3000 Index could for the most part be attributed to stock selection within the technology and energy sectors

• Within technology, we did not own Apple during periods when the stock traded down significantly, unlike the benchmark. The stock currently trades at a premium to our purchase price. We also saw excellent relative performance from Marvell Technology and Applied Materials

• Within energy, one of our holdings, Lufkin International was purchased by GE at a premium. We also saw excellent returns from Oceaneering International, Halliburton and EOG Resources

Source (unless otherwise stated): Nordea Investment Funds S.A. Period under consideration: 31.12.2012 - 30.08.2013. Performance calculated NAV to NAV (net of fees and Luxembourg taxes) gross income reinvested, in the base currency of the respective sub-fund, excluding initial and exit charges as per 30.08.2013. 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 is not ensured.

If the base currency of the respective sub-fund differs from the currency of the country where the investor resides the represented performance might vary due to currency fluctuations.

Appendix


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Investment TeamPortfolio Management – Team Biographies

Ed Cowart, CFA, Co-Portfolio Manager• Joined Eagle in 1999• 41 years of experience as a portfolio manager and research director• A.B., Dartmouth College (1969)• Earned his CFA designation in 1977

David Blount, CFA, CPA, Co-Portfolio Manager• Joined Eagle in 1993• 29 years of investment experience as a co-portfolio manager and analyst• B.S. in finance, University of Florida (1983)• Earned his CFA designation in 1993; Certified Public Accountant

John Pandtle, CFA, Co-Portfolio Manager• Was at Eagle from 1999-2002; returned in 2009• 19 years of investment experience as a portfolio manager and analyst• B.B.A. in finance, University of Georgia (1993)• Earned his CFA designation in 1998

Jeff Vancavage, CFA, Co-Portfolio Manager• Joined Eagle in 2001• 14 years of investment-related experience• B.S. in aeronautical science, Embry-Riddle Aeronautical University (1990)• M.B.A., University of Florida (2001)• Earned his Chartered Financial Analyst designation in 2006


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Chris Kouffman, Research Associate• Joined Eagle in 2004• 10 years of investment experience• B.A. in economics, Georgetown University (2003)

James F. Short, CFA, CFP, CIMA®, Client Portfolio Manager• Joined Eagle in 2004• 22 years of investment experience including time as a chief investment officer and portfolio manager• B.A. in government, College of William and Mary (1990)• M.B.A. in economics and investment management, University of Georgia (1996)• Holds numerous certifications, including Chartered Financial Analyst (2002) • Certified Financial Planner (2000) and Certified Investment Management Analyst (2003)

Investment TeamTeam Biographies

Thank you!


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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.

Information for Investors in Singapore: The sub-funds which are mentioned in this document form part of the restricted schemes under the Sixth Schedule to the Securities and Futures Regulations. The Sub-Funds are not authorised or recognised by the Monetary Authority of Singapore (“MAS”). The offer or invitation mentioned, which is the subject of this document, does not relate to a collective investment scheme which is authorised under Section 286 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) or recognisedunder Section 287 of the SFA. The Fund is not authorised or recognised by MAS, nor allowed to be offered to the retail public. This document and any other document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA. Thus, it may not be circulated, distributed, offered, sold or be made subject to an invitation to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. This document contains information only intended for professional investors qualified under the SFO, the Companies Ordinance and is not intended for general publication. Information for Investors in Hong Kong: Warning: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. the Fund, and thus comprising its sub-funds, have not been authorised by the Securities & Futures Commission (“SFC”). Accordingly, the Shares adherent to the Fund and its sub-fund(s) in question may only be offered or sold in Hong Kong to persons who are i) “Professional Investors” as defined within the Securities & Futures Ordinance of Hong Kong or ii) in circumstances which are permitted under the 17th Schedule of the Companies Ordinance of Hong Kong and as defined under the Securities and Futures Ordinance of Hong Kong. This document contains information only intended for professional investors qualified under the SFO, the Companies Ordinance and is not intended for general publication. There is no assurance that profits will be achieved or that losses will not be incurred. An investment in the Company and the Sub-Funds is subject to investment risks, including the possible loss of the principal amount invested. 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. 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.

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 or any other person not covered by relevant applicable law. 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.

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