The Portfolio Manager shall be obliged to perform its obligations in accordance with the terms of the Portfolio Management Agreement and shall be obliged to use all reasonable endeavours, in the course of carrying out such obligations, to pursue an investment strategy that seeks (i) long and short equity investing in Norwegian, Swedish, Danish, and Finnish publicly listed companies (primarily under-analysed companies with a market capitalization below USD 3 billion); (ii) focus on deep fundamental company analysis, with a highly concentrated portfolio and a targeted annual average portfolio turnover less than 100% for the fund’s long positions. Additionally, the Portfolio’s net long exposure will over time be significantly higher than 0 and may at times increase up to a maximum of 130% enabled by the usage of leverage. However, through the Portfolio’s lifespan, the net exposure will be lower than 80% and the Portfolio’s gross exposure shall at any time be lower than 150%.