ABOUT LANCELOT OUR FUNDS DISCRETIONARY MANAGEMENT FINANCIAL ADVICE NEWS PLUG ABOUT LANCELOT The chairman has the floor History Owner / Board Legal information Responsible investments Coworker For us at Lancelot, it is of utmost importance that you as a customer feel safe. Rest assured that you know that your capital is growing long-term and that you can sleep well at night without worrying about how the stock market will develop. We know that asset management is not just about performing well when the market rises, but even more about how to act when it declines. To recover from a decline of 50 percent, an increase of 100 percent is required. We see each customer as unique with individual requirements for their management. We therefore work closely with our customers and together with the customer develop a goal and risk level. When you as a customer are satisfied, we are satisfied. We invest our equity in our own funds and manage our customers' money in the same way as our own because we believe in full transparency and that we and our customers should have the same expectations and a common goal. In order to achieve good long-term value growth, we believe that it is of the utmost importance to avoid, or at least minimize, the effect of the declines that the stock market exhibits from time to time. We therefore actively manage our portfolios, as opposed to passive or indexed management. This means that we, among other things, reduce our equity exposure when our market view declines and increase our equity exposure when our market view is positive. This also means that we invest in concentrated portfolios consisting of approximately 10-20 companies. The composition of the portfolios is independent of the composition of the index and the selection of individual shares takes place through a thorough macro analysis together with a fundamental company analysis. The result is a smooth and less dramatic value development, which may be less than the market development during an individual year when the market rises sharply, but which is more than compensated for during the periods in which the market falls. In this way, a not insignificant added value is achieved in the administration over time. Thanks to our management philosophy, we have delivered safe and good management since we started in 1989. Peggy Bruzelius, Co-owner and Chairman of the Board of Lancelot Holding AB Lancelot Asset Management AB. Visiting address: Nybrokajen 7, Stockholm. Postal address: Box 161 72, 103 23 Stockholm, Tel: +46 (0) 8 440 53 80, Fax: +46 (0) 8 440 53 85 Production: Sphinxly Web Agency CMS: Easyweb Publishing Tools