Tundra Fonder has decided to merge Tundra Sustainable Frontier Fund into Tundra Frontier Opportunities Fund through an absorption where as a result of the merger both funds will become one single fund. The decision to merge the two funds was made because the investment strategies for both funds were very similar post the introduction of sustainability screening in the investment process. Furthermore, the merged fund can be managed more efficiently. Similar to Tundra Sustainable Frontier Fund, Tundra Frontier Opportunities Fund is an actively managed equity fund focusing on frontier markets i.e. new emerging markets. Both funds apply a sustainability approach to fund management and as of November 6^th 2017 Tundra Frontier Opportunities Fund’s sustainability criteria will be identical to that of Tundra Sustainable Frontier Fund.

Tundra Sustainable Frontier Fund will cease to exist after the merger has taken place and unit holders choosing not to act, i.e. not exercising their right in accordance with chapter 8, paragraph 11 of The Swedish Mutual Funds Act to redeem their units prior to the merger will become unit holders of Tundra Frontier Opportunities Fund. The value of unit holders’ investments will not change as a result of the merger. Unit holders do not have to take any action to participate in the merger.

Subscription and redemption in Tundra Sustainable Frontier Fund will take place as normal up until 2.30pm CET November 3^rd 2017. After this, subscription and redemption will no longer be possible. The merger, which has been approved by the Swedish FSA, takes place on November 6^th 2017.

Tundra Frontier Opportunities Fund will change its name to Tundra Sustainable Frontier Fund. The change in name will be accompanied by some minor changes to the fund rules in conjunction with the merger.