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Changes in SEB High Yield – SEB High Yield Fund

We wish to inform you that we plan to make changes in SEB High Yield – SEB High Yield Fund. These changes, described below, take effect 12 December 2017.

You are not required to take action due to these changes. However, if you disagree with the planned changes you may redeem your units free of charge until 11 December 2017.

a) Investment objective:
The sub fund's investment objective will be changed to generate long term growth while con-sidering specific sustainability criteria. Previously the sub fund aimed to generate total return.

b) Sustainability criteria:
The sub fund will follow specific sustainability criteria. In addition to SEB's basic sustainability principles described in section 3 "Investment Objective and Policy" of the part I of the pro-spectus, the sub fund will employ both negative and positive screening. The positive screen-ing aims to identify sustainable companies, where environmental, social and governance ("ESG") factors are evaluated before investments are made. The sub fund focuses on invest-ing in companies that enable it to maintain a high average ESG score in the portfolio and to avoid companies with the lowest ESG scores. Negative screening means the sub fund will not invest in companies that:

- produce or sell controversial weapons or which breach international conventions regarding weapons such as cluster bombs, landmines, chemical and biological weapons
- participate in the development of nuclear weapon programmes or produce nuclear weapons
- have verifiably breached international norms regarding labour legislation, anti-corruption, the environment or human rights
- have more than five percent of their turnover derived from the production of alcoholic bever-ages, tobacco, the production and/or active distribution of pornography, the production and/or sales of weapons or from commercial gambling
- are involved in coal, gas, and/or oil exploration and extraction

c) Name change: The sub fund's name will change to SEB Sustainable High Yield Fund to re-flect the above mentioned investment strategy.

d) Change of risk calculation method
The sub fund will change its risk calculation method from Value at Risk (VaR) to the commit-ment approach. We decided to make this change because we regard the commitment meth-od to be better suited to calculating the sub fund's global exposure.

Updated product documentation, including SEB High Yield's prospectus dated December 2017, will be available on www.sebgroup.lu and can also be requested from our registered


SEB Investment Management AB, Luxembourg branch