Danske Invest Europa Stock

Danske Invest Europa (the Fund) is a Denmark-based investment fund. It is engaged in making specialty investments in the equities of primarily European companies. As of March 31, 2012, most of its investments were located in the United Kingdom (20.56%), Germany (19.04%), France (13.44%), the Netherlands (12.5%) and Switzerland (11.11%), as well as in other countries, and it invested in sectors, such as industry (16.17%), health (15.24%), finance (15.22%), non-cyclical consumer goods (13.52%) and energy (12.58%), among others. As of March 31, 2012, its investment portfolio included Royal Dutch Shell Plc (4.41%), Nestle (4.01%), British American Tobacco Plc (3.29%), GlaxoSmithKline Plc (3.29%) and Total S.A. (3.1%), among others. Danske Invest Europa is a division of Investeringsforeningen Danske Invest, a Denmark-based investment organization.