Notice to unitholders of SEB Fund 1 - SEB North America Chance Risk Fund

We wish to inform unitholders of the SEB Fund 1 - SEB North America Chance/Risk Fund, that it will undergo material changes as of 21 May 2015.

Share class - C (USD) ISIN LU0030166176

The changes are described below:

• SEB US All Cap is the sub-fund's new name
• Fort Washington Investment Advisors, Inc. is the new Sub-Fund investment manager. The headquarters are in Cincinnati, Ohio, USA.
• The investment manager will focus mainly on investing in US companies.
• Fees paid by the investors remain unchanged.
• The new index is the Russell 3000 Net Return Index.

Unitholders are not required to take action. However, if unitholders do not wish to continue investing in the sub-fund in its new form, they may redeem their units after this notification is issued without being charged a redemption fee.

Updated product documentation for the sub-fund, will be available as of 21 May 2015 on www.sebgroup.lu and upon request at the registered office of the Management Company.