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P.S. Krøyer, From the moor north of Skagen, 1885. The painting is manipulated and belongs to the Art Museums of Skagen.

The amendment will be made to § 7 of the Articles of Association of SKAGEN Global, unit classes A and B, by extending the reference period for calculating the performance fee from one to five years. As a result, the fund will have to recuperate any underperformance over a longer time period than previously before any variable management fee can be charged. This change is to the benefit of unit holders.

The amendment comes on the back of new guidelines from the European Securities and Markets Authority (ESMA) which come into force in the new year. The guidance recommends aligning the fee calculation period with a fund's recommended time horizon.

If you would like further information about the approval process, please send an email to legal@skagenfunds.com or call us on +47 51 80 37 09.

The change will come into force on 1 January 2022.

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Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund manager's skill, the fund's risk profile and management fees. The return may become negative as a result of negative price developments.

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