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Executive summary

• The Gungner Fund is a global multi-strategy fund
  of funds, typically with a bias towards
  long/short equity strategies. It also has the
  option to invest directly in shares and from time
  to time, adopt an options and futures overlay to
  enhance performance and to limit downside.
  Gungner provides a US Endowment Funds type of
  investment style where exposure to different
  asset classes, both traditional and alternative,
  gives diversification benefits and generates high
  risk adjusted returns.
• The main features are
• - Invest in a selected group of best in class
  managers.
• - Active asset allocation with a balanced risk/
  return profile.
• - More concentrated than most fund-of-funds.
• - Possibility to invest in underlying
  securities to enhance return.
• - Reduce downside with additional hedging
  techniques.
• - Diversification benefits allowing low portion
  of NAV allocation to low
• yielding bond investments over a cycle.

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Executive summary (contd)

• Gungner is further supported by
• A sound Investment Process
• - Fundamental research on managers and direct
  holdings.
• - Tactical asset allocation overlay.
• - Quantitative and qualitative screening and
  monitoring.
• - Portfolio construction process so as to
  optimize risk and return.
• Disciplined risk management and thorough due
  diligence.
• An experienced and professional Investment
  Committee and Fund Manager.

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Key Investment Objectives

• Annualised target return of 8-15 over a
  business cycle.
• Annualised volatility target of 6-12.

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Investment Philosophy

• Create and maintain a diversified portfolio of
  quality managers that provide safety of capital,
  acceptable liquidity and above average returns
  with high risk/ reward ratios. High Alpha
  generation and top risk management skills are
  prerequisites.
• Invest in a limited number of talented managers
  with a clear skill set.
• Dynamic portfolio to reflect macro/market views
  and adapt to opportunities.
• The Gungner Fund can invest directly (long and
  short) in securities with a high conviction rate
  and favourable risk/return characteristics, as a
  additional performance enhancing tool.
• Limit downside through options strategy and
  diversification.

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Competitive Advantage

• Long experience, the combined experience of the
  Investment Committee is 49 years.
• Access to closed funds due to unique network.
• New US-style endowment investment style.
• Excellent historical investment returns.

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Investment Process

• Manager selection is achieved through constant
  filtering of databases, contracted screening and
  database service providers and ideas from our
  network.
• We take into consideration qualitative and
  quantitative factors as well as investability,
  the experience/pedigree of manager, strategic fit
  and check references and past track records.
• We research their edge, i.e. investment
  philosophy, strategy and process.
• We conduct operational due diligence on
  manager-provided information as
• well as from third party providers.
• We interview fund managers in person at their
  office.
• The approval process includes a full report and
  exit strategy and approval by the Investment
  Committee of Gungner Fund.

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Investment Process contd

• Ongoing due diligence includes measuring actual
  risk/ return against expected risk/ return,
  changes in the underlying funds business, i.e.
  personnel, strategy, assets, number of clients
  etc.
• Our investment process is also dynamically
  incorporating changes in the market on a regular
  basis.
• Gungner can invest directly in core positions
  that provide great risk/ reward and additional
  alpha generation possibilities.
• Options and futures strategy analyse different
  historical market periods when markets have
  fallen heavily and estimate maximum drawdown.
  Target lower downside risk before market
  downturns.

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Portfolio Construction
theoretical portfolio
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Risk Management
Aggregated Portfolio
Diversification, Risk Adjustment Asset
Allocation
Market Portfolio
Fund Portfolio

• Qualitative risk analysis
• Quantitative risk analysis

• Portfolio Risk

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Portfolio AUM
The Gungner Fund will receive an initial seeding
capital of SEK 200.000.000 from EKF.
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Gungner Investment Committee

• Michael Löfman, Chairman
• 2004- Fat Tail Capital AG Founder, PM, Senior
  Analyst
• 1998-2004 SEB Asset Management Senior Analyst,
  Sector PM
• 1996-1998 Trygg Hansa Insurance Senior Analyst,
  Sector PM
• Tina Forssgren, Fund Manager
• 2003-2005 UBS Wealth Management Head of
  Discretionary Team
• 1998-2002 SEB Asset Management European PM
• 1996-1998 Trygg Hansa Insurance UK PM
• Peter Lindvall, Member
• 2005- EKF Kapitalforvaltning Head of Portfolio
  Management
• 2003-2005 Invik Kapitalforvaltning PM
• 1999-2003 Aragon Fondkommission Stockbroker
• 1995-1999 Nordiska Fondkommission Stockbroker

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Appendix
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Fund details

• Investment Advisor Mimer Management Ltd.,
  Cyprus
• Management Fee 1 per annum
• Performance Fee 10, high watermark
• Entrance Fee 5
• Subscriptions Monthly
• Redemptions/early redemptions 3, early
  redemption period 12 months
• Redemptions Quarterly
• Minimum investment SEK 100.000
• Manager SEB Fund Services S.A., Luxembourg
• Administrator SEB Fund Services S.A.,
  Luxembourg
• Custodians Skandinaviska Enskilda Banken S.A,
  Luxembourg
• Auditors PricewaterhouseCoopers S.à.r.l.,
  Luxembourg
• Solicitors KPMG, Cyprus

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Investment Management Team Biographies
Michael Löfman Michael is the founder of Fat Tail
Capital AG in Switzerland which is a management
company of absolute return products. It was
founded in October 2004 and manages the Pygar
Fund that he started in January 2005. For 2005
Pygar Fund had a strong start rising 47 and
received a nomination in the EuroHedge awards as
Best New Fund of the Year. For 2006 Pygar Fund
was nominated as one of the best funds in the
category Best European Equity Long Short Fund
of the Year, with a performance of 55. Michael
has spent his working career in the financial
industry in Sweden. He has held several positions
as an Equity Analyst at different brokers and has
worked many years in the buy side as a European
Sector Analyst. Michael has a Master of Science
in Business Administration and Economics from the
University of Uppsala. Tina Forssgren Tina has
worked in the Financial Services industry since
1986. Her last position was as Head of
Discretionary Portfolio Management at UBS Wealth
Management in London. Previously she has been a
European fund manager for SEB in London. Before
this she has worked as a European/UK fund manager
for Trygg-Hansa and ABB. She has also worked for
Hagstromer Qviberg as an international
economist. She graduated in Business Economics at
the University of Lund in 1986.
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Investment Management Team Biographies
Peter Lindvall Peter is, since 2005, Head of
Investment Management at EKF Enskild
Kapitalforvaltning AB. Before joining EKF he
worked as a portfolio manager for Invik
Kapitalforvaltning. He started his career as
stockbroker in 1994 and has worked for Aragon
Fondkommission and Nordiska Fondkommission. He
studied business economics at the University of
Uppsala and graduated in 1992. Dr. Mikael
Gredenhoff Mikael is the Risk Manager at Fat Tail
Capital AG. Before starting this position in
December 2004 he worked for a medium-sized Hedge
Fund in Switzerland as Risk Manager. He has also
worked as Risk Manager and Financial Analyst at
different companies in Sweden. Mikael has
published several articles on econometrics in
prestigious and internationally renowned
magazines. Mikael has a PhD in Econometrics from
the Stockholm School of Economics.
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Contact information

• For further information regarding the fund,
  please contact
• Tina Forssgren
• tina.forssgren_at_gungnerfund.com
• Phone [phone]
• Mobile [phone]
• Mimer Management Ltd

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Disclaimer
Neither the Management Company, SEB Fund Services
S.A. or the Placement and Distribution Agent, EKF
Enskild Kapitalförvaltning makes no
representation regarding the accuracy,
reliability or legality of the information
contained in this document. Past performance is
not a guarantee for future returns. The value of
investments may fall as well as rise. Any
decision to invest in should be based on a full
reading of the prospectus and the most recent
financial statements available. In case of any
discrepancy between this marketing sheet and the
prospectus in force, the prospectus shall
prevail. In addition the contents of this
document are not intended to constitute financial
advice and the readers thereof should consult
their legal and/or financial advisers before
concluding any transaction on the basis of the
information of the information contained
herein. This document does not constitute an
offer or solicitation for any services or
products in any jurisdiction in which
solicitation is not authorized. Any entity or
person should make its own assessment in light of
the laws and regulations applicable to it as to
whether it is authorized to access the
information and/or products to which this
document refers and otherwise refrain from doing
so. Neither the Management Company nor the
Placement and Distribution Agent shall not in any
event be liable for any damages arising out of or
in connection with the reliance on the
information contained in this document.