Sparinvest Cumulus Value (the Fund) is a Denmark-based investment fund. The Fund is primarily engaged in making investments globally in the American, European, Japanese and other East Asian shares. As of March 19, 2012, the Fund invested in such sectors, as durable goods (24.23%), industry (20.64%), materials (12.34%) and finance (11.33%), among others. As of February 29, 2012, the Fund's investment portfolio included the equities of such companies, as A. P. Moeller-Maersk, David S. Smith Hlds. Plc, Millennium & Copthorne, Hochtief Ag and Hutchison Whampoa Ltd, among others. Sparinvest Cumulus Value is a division of Investeringsforeningen Sparinvest, a Denmark-based investment organization.