BEST EXECUTION PRINCIPLES

Created: 14.7.2025

This document contains a summary of Kvarn Capital Ltd’s (“Kvarn”) Best Execution Principles. The purpose of Kvarn's Best Execution Principles is to ensure that client orders are executed in the best possible way for them. The principles define the operational methods and procedures through which Kvarn achieves the best possible outcome in processing client orders, taking particular account of price, costs, speed, and execution accuracy.

Kvarn strives to achieve the best possible result for the client (best execution) in the execution of orders, focusing on the most favorable price, low costs, and the rapid and precise processing of the order. To achieve this, Kvarn adheres to meticulously drafted operating principles, according to which client orders are executed fairly and efficiently. Specific instructions given by the client take precedence over Kvarn's operating principles and guide the execution of an individual order.

Key assessment factors include the price and costs of the order, the speed of execution, the likelihood of the order's execution, and the impact of the order's size and market conditions. The best possible result is primarily assessed based on the total consideration, but in special situations, such as when liquidity is impaired, other factors may also be decisive. For example, in markets with low liquidity, rapid execution of an order may be more important than seeking the best price, in which case the total consideration alone is not the determining factor.

Kvarn requests the client's prior consent for the Best Execution Principles and for the execution of orders outside a trading venue if it is deemed to be in the client's best interest. Kvarn may execute trades on different trading platforms and marketplaces.

In selecting trading venues, Kvarn only uses parties that can reasonably be believed to be capable of executing orders to achieve the best total consideration for the client. Additionally, Kvarn may split an order into several parts and execute it on different trading venues or at different times to ensure the best outcome. In disruption situations, Kvarn may deviate from its usual principles but will still strive for the best achievable outcome for the client.

Kvarn regularly assesses the efficiency of trading venues and its internal processes to ensure the best possible results for clients. An internal report is prepared from these assessments, documenting observations and recommended improvement measures. Clients are informed without delay of any material changes to order execution arrangements so they can be aware of Kvarn's operating methods and potential updates to order execution.

Kvarn uses trading platforms without separate discounts or benefits and adheres strictly to its duty to demonstrate compliance. If necessary, Kvarn is prepared to demonstrate its adherence to the best execution principles and to document the execution of orders in accordance with these principles at the request of the client or authorities. In this way, Kvarn aims to meet the requirements of its operating principles and transparency, offering clients the best possible service securely and reliably.