BEST EXECUTION PRINCIPLES

Updated: October 28, 2025

This document provides a summary of the Best Execution Principles of Kvarn Investment Services Ltd (the “Company”). The purpose of the Company's Best Execution Principles is to ensure that client orders are transmitted and executed in the best possible manner for the client. The principles define the practices and procedures the Company employs to achieve the best possible outcome when processing client orders.

The Company aims to achieve the best possible outcome (i.e. the "best execution") in executing orders by focusing on total consideration. Total consideration consists of the price of the financial instrument and all direct and indirect costs incurred by the client, such as execution venue fees, as well as clearing and settlement costs.

The key execution factors include the probable execution price and costs (total consideration), speed, the likelihood of execution and settlement, and the size and nature of the order. Although the best possible outcome is primarily assessed based on total consideration, special circumstances, such as exceptional market liquidity conditions, may require the prioritization of other factors, such as speed.

The Company does not execute orders on its own account (i.e. do principal trading); instead, all client orders are transmitted for execution to carefully selected third parties, such as brokers or fund management companies. Orders relating to fund units are transmitted directly to the respective fund management company or manager.

In selecting brokers, the Company only uses entities that can be reasonably expected to be capable of executing orders to achieve the best total consideration for the client. The Company is not exclusively committed to using any specific broker and reserves the right to select the most suitable licensed party for executing the client's order at any given time.

Specific instructions provided by the client regarding an order always take precedence over the Company's general policies. It should be noted that specific client instructions may prevent the Company from following these principles to achieve the best possible outcome. In the event of disruptions, the Company may deviate from its standard principles but will still strive, through reasonable measures, to achieve the best attainable outcome for the client.

The Company regularly assesses, at least once a year, the effectiveness of its brokerage partners and the appropriateness of its internal processes to ensure the best possible results for clients. Clients will be informed of any material changes to the execution arrangements without delay by updating the information on the Company's website.