TIME OF CALCULATION. As preparation for the completion of the merger the Management Company will calculate the net asset value of the Norwegian Fund. The date for the calculation (the "Calculation Date") is planned to be the day before the Effective Date, i.e. 5 December 2024. 12. 12.1 12.2 12.3 ADJUSTMENTS OF THE PORTFOLIO The merger will be carried out as a cash merger, meaning that the Management Company will ensure that the Norwegian Fund only owns cash prior to, or by the end of, the Calculation Date. This means that the Management Company, prior to the merger is effectuated, will ensure that the Norwegian Fund sells or redeems all of the fund's assets and only holds cash (deposits with a credit institution). These cash deposits will be transferred to the Fin n- ish Fund. The sale and redemption of the assets means that the Norwegian Fund will be out of the market from the redemp- tion/sale until the merger is effectuated. This means that the Norwegian Fund will not benefit from increased prices of assets or suffer from decreased prices of assets during this period. The Management Company expects that the period the Norwegian Fund will be out of the market prior to the merger will not exceed six business days, and the Management Company will strive to prepare the merger in a way that minimizes the period the Norwegian Fund will be out of the market. The Finnish Fund will on its part trade based on estimated cash inflow from the Norwegian Fund to ensure that the Finnish Fund as soon as possible after the merger is fully exposed to the market. It is expected that the Finn- ish Fund will have invested the assets from the merger in the market within two business days after the Effective Date. The Norwegian Fund will bear all transaction costs in relation to the realization of the Norwegian Fund's holdings prior to the Calculation Date (as described under section 12.1). The Finnish Fund will bear all transaction costs in relation to investments made by the Finnish Fund in connection with the merger. Transaction costs include, among other things, subscription and redemption fees, if applicable, as well as costs resulting from adjustment mechanisms in the NAV to protect remaining unit-holders in the underlying funds. An example of such a mechanism is swing pricing. When the funds cover the cost, the unit-holders will indirectly bear the transaction costs.
