Dear investors in SEB ImmoInvest,

over the past few days, we asked you to decide with us on the future of SEB ImmoInvest. This approach was transparent for everyone and met with great approval in most cases, as the reactions of the media and countless discussions with investors and distribution partners have shown. Our efforts revolved around the goal of reopening the Fund and treating all investor groups equally.
 
At this point, we would like to extend our sincere thanks for the encouragement we have received, for your support and for the commitment you have shown. It has become clear that many investors would have preferred to reopen and continue SEB ImmoInvest in the interests of all investors. The announcement of our plans to switch the Fund over to comply with the Anlegerschutz- und Funktionsverbesserungsgesetz (AnsFuG – Act to Increase Investor Protection and Improve the Functioning of the Capital Market) ahead of schedule was a viable step forward for open-ended real estate funds as an investment vehicle. But unfortunately, not all investors were convinced.
 
It is with great regret to inform you that the unit redemptions collected up to 7 May 2012 significantly exceeded the Fund’s available liquidity. As announced, we will therefore not be executing any orders in order to treat all investors equally. Discussions with investors and sales partners essentially revealed two groups of sellers – on the one hand, investors whose investment horizon has ended over the past two years and who now need their money, and on the other, highly unsettled investors. Many investors have been worn down by the steady stream of bad news about the economy and the financial industry, as well as the difficult waters that open-ended real estate funds have been navigating for over two years. To such an extent that they no longer want to have to deal with the arguments for the future development of their investment vehicle and are now insisting on being paid out.
 
This decision should now make it clear that despite all our efforts, the actual liquidity requirements could not have been met without compromising SEB ImmoInvest’s portfolio structure and quality for the long term in the case of the Fund’s continuation We will now focus all our efforts on achieving the best possible results for our investors in light of the new circumstances. This includes not only paying out investors’ money quickly, but also selling off the property portfolio in a strategic manner. True to our motto of moving quickly but carefully, about 20% of the Fund assets will be paid out to investors in June. After this, payments are expected to be made every six months, with their size being dependent on the properties sold. In consultation with the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin – Federal Financial Supervisory Authority), we have around five years to take these measures, starting with today’s announcement of the dissolution of the Fund.
 
We will do everything in our power to continue SEB ImmoInvest’s 23-year success story while it is being dissolved. The stable results of the past years will be our motivation. You can be assured that the SEB Asset Management team will try its very best to achieve the best possible outcome for its investors.
 
Kindest regards

 
Barbara A. Knoflach