Exchange Traded Fund

Special Mutual Fund HEX25 Index Share Fund

HEX25 Index Share

Enjoy Trading Finland

Fund prospectus

HEX25 Index Share Fund INVESTMENT POLICY The Special Mutual Fund HEX25 Index Share Fund invests in the shares included in the HEX25 Index, and those derivatives which underlying instruments are included in the index. The purpose of the Fund is to provide a return to the unitholders that follows the return of the HEX25 Index.

The lot size (100 shares) is intended to replicate the Index in euros. E.g. when the index is 1500, the value of the traded lot is € 1500, and the value of one unit is € 15. The HEX25 Index Share Fund can be bought and sold as any other share, providing a diversification of risk into 25 shares in one trade.

As opposed to traditional equity funds the Fund will not take positions based on views on the future performance of individual shares or market sectors. The composition of the portfolio follows the changes made to the HEX25 Index. Hence the market risk of the fund is the same as the market risk of the index.

The fund has derivatives: The HEX25 Index is a derivatives market index, complementing the fund with among other things standardized call and put options. Hence the unitholder of HEX25 Index Share Fund may in an efficient manner hedge the position against a bear market with a bought put option.

The shares of the HEX25 Index Share Fund are listed at the Helsinki Stock Exchange. Shares may be acquired either by purchasing them directly from the exchange or making a subscription at the Fund Management Company.

Extra gain through stock lending: HEX25 Index Share Fund aims constantly to lend the shares it owns in order to gain extra profit to the unitholders.

HEX25* INDEX - KNOW YOUR INVESTMENT The HEX25 Index (formerly the FOX Index) consists of the 25 by market value most traded shares at the Helsinki Stock Exchange. The HEX25 Index is free-float based, consisting of the 25 most traded shares listed at the Helsinki Exchanges, capped at 10%. HEX25 Index Shares in turn, tries to replicate the exact equity basket of the HEX25 Index. The HEX25 Index constituents are updated twice a year, with a calibration of the equity weights quarterly. The composition of the HEX25 Index is available each day at the home page of the Helsinki Stock Exchange, www.hex.fi, and the shares included in the subscription unit are available at the home page of the HEX25 Index Share, www.hex25.fi. BENEFITS TO THE INVESTOR Costs: The management fee (including custodial fees) of the HEX25 Index Share Fund is 0.25 - 0.17% p.a. depending of the size of the fund. The HEX25 Index Share Fund is a very cost-efficient way of investing in Finnish stocks, especially giving the long term investor considerable gain.

Neutrality: The HEX25 Index Share Fund is produced by the Helsinki Stock Exchange in co-operation with Seligson & Co Fund Management. The custodian of the Fund is Handelsbanken AB, Finnish Branch. All members of the Helsinki Stock Exchange may choose to act as authorized participants. BUYING AND SELLING FUND UNITS Index shares can be bought at the Helsinki Stock Exchange through brokers in round lots as well as odd lots. SUBSCRIPTION AND REDEMPTION OF FUND UNITS Subscriptions and redemptions are executed with a subscription unit, which consists of a basket of shares and a cash portion, that is defined on a daily basis by Seligson & Co Fund Management. The investor may each Finnish banking day, through an authorized participant, subscribe the Fund units at the Fund Management Company. At the time of the subscription the Fund acquires the appropriate shares of the Index from the subscriber, and the subscriber obtains Fund units in accordance with the Subscription Unit (or multiples). One Subscription Unit is 25,000 Fund units.

Cost matters: 800 700 600

The investor may redeem Fund units by delivering at least 25,000 units (or a multiple of that) through an authorized participant to the Fund Management Company, in return of which the Fund Management Company delivers to the investor the basket of shares and the cash portion that is defined by the Subscription Unit (or a multiple of that). The subscription and redemption fee is € 1000. Brokers who have signed an agreement with the Fund Management Company may act as authorized participants.

10% p.a. Return Costs p.a. -0.25% Costs p.a. -2% Costs p.a. -3%

500 400 300 200

20 20

20 18

20 16

20 14

20 12

20 10

20 08

20 06

20 04

20 02

20 00

100

During a 20-year investment period with a 10 per cent return p.a. and a 2 per cent yearly management fee the return difference is 207%. With respect to purchases and sales of the Index Share, brokers charge fees accordingly One trade - 25 shares: The HEX25 Index Share Fund which invests according to the HEX25 Index, is listed for public trading at the Helsinki Stock Exchange. (10% p.a. 20v=573% vs 8% p.a. 20v=366%).

The Fund Management Company allows cash redemptions that are less than the Subscription Unit. The fee for such redemptions is 250 euros, not exceeding 3% of the value of the redemption. Authorized participants (02/2004):Handelsbanken AB, Finnish branch. Aktia Savings Bank plc/Aktia Securities, Mandatum Securities, Evli Pankki Oyj. RISK Due to the structure of the HEX25 Index the investments are diversified to 25 stocks. The fund suits all types of investors, whether they want to achieve the market return of the Finnish market or invest in an efficiently diversified portfolio at minimal cost. The fund is intended as a long term investment.

HEX25 Index Share Fund NET ASSET VALUE

THE FUND MANAGEMENT COMPANY

In public trading The NAV of the Fund unit, during public trading, is defined by the performance of the shares included in the HEX25 Index as well as the supply and demand of the Fund unit. Price arbitrage ensures that the Fund unit NAV follows the index' performance. Further, market making has been arranged for the Fund unit. In the Fund Management Company The Fund Management Company calculates the NAV each Finnish banking day, which is made publicly available at the Fund Management Company, the Fund's home page www.hex25.fi, and the market information pages maintained by the Helsinki Stock Exchange.

The mutual fund is managed by Seligson & Co Fund Management Company Plc, domiciled in Finland. The Company is founded 12.6.1997 and the equity capital of the Company is € 1,681,879.26 (FIM 10,000,000). The Company has used the option, stated in the 6.2§ of the Mutual Fund Act, not to raise the equity capital of the Company. Other funds and special mutual funds managed by Seligson & Co Fund Management Company Plc: Phalanx, Phoebus, Phoenix, APS Far East, Prosperity Russia, HEX25 Index, Europe 50 Index, TOPIX Core 30TM Index, Global Top 25 Brands, Global Top 25 Pharmaceuticals, Euro Bond Index, Euro Corporate Bond Index, Money Market Fund, Stock-, Flexibleand Stableportfolio.

The inception date of the Fund is 11 February 2002.

The Managing Director of the Company is Martin Paasi

FEES The management fee of the Fund is 0.25-0.17% p.a. depending on the size of the Fund. The fee is calculated and deducted from the Funds assets on a daily basis.

Board of Directors Jarkko Niemi (Chairman) Anders Oldenburg Jari Saine (representative chosen by unitholders)

The commission for purchasing and selling Fund units through the Helsinki Stock Exchange is determined according to individual brokers' price lists.

Auditors Sixten Nyman, APA, Pertti Pirhonen, APA Auditing company KPMG Wideri Oy (reserve): Solveig Törnroos-Huhtamäki, APA, Birgitta Immerthal, APA (reserve) , Lasse Holopainen, APA (representative chosen by unitholders), Sune Almqvist, APA (reserve, representative chosen by unitholders).

For subscriptions and redemptions made at the Fund Management Company a € 1000 fee is charged. DIVIDENDS The Fund has dividend units only. The objective of the Fund is to provide return so that the Fund performance corresponds to the performance of the HEX25 Index. The distributable amount per Fund unit is the value of the Fund unit less one hundredth (1/100) of the HEX25 Index. The purpose of this method of calculation is to tie the NAV of the Fund unit to a hundredth of the HEX25 Index. The General Meeting of the Fund Management Company determines the date of the distribution of the Fund's dividends. TAXATION OF MUTUAL FUNDS IN FINLAND Mutual funds are tax-exempt. As opposed to private investors, mutual funds do not pay taxes on realized profits. TAXATION The tax consequences will vary with the law and practice of an investor’s country of citizenship, residence, domicile or incorporation and with his personal circumstances. Prospective investors should ascertain them with local taxation practice.

Seligson & Co Fund Management Company Plc Mannerheimintie 4 • 00100 HELSINKI • Finland phone +358 9 6817 8200 • fax +358 9 6817 8222 e-mail: [email protected] internet: www.seligson.fi Portfolio Manager: Sami Vartiainen phone +358 9 6817 8235 Customer service: phone +358 9 6817 8200 e-mail: [email protected]

WWW.HEX25.FI “Cost is the most important determinant of portfolio performance”. William Jahnke, “The Asset Allocation Hoax,” Journal of Financial Planning (February 1997)

*The owner of trademarks HEX and HEX25 and the HEX logo is Helsinki Securities and Derivatives Exchange, Clearing House Ltd or its parent company HEX Plc (herein referred together as "HEX").HEX has granted Seligson & Co Fund Management Plc a licence to use the above mentioned trademarks and logo in relation to the fund issuing HEX25 Index Shares (herein referred to as the "Fund"). HEX is entitled to cease the calculation of HEX25-index or alter the same in any way. HEX does not warrant, either explicitly or implicitly, the performance of the HEX25-index or its ability to track the development of the stock market or the profitability of the investments in the Fund. HEX shall, under no circumstances, be liable for the availability of the HEX25-index or errors or omissions in the calculation of the HEX25 Index. HEX is not involved in the management of the Fund. The material relating to the Fund is solely drafted by Seligson & Co Fund Management Plc. HEX shall, under no circumstances, be liable for any deficiencies or errors in the material or internet-pages of the Fund. Seligson & Co Fund Management Plc does not warrant, either explicitly or implicitly, the results which may be generated by use of the HEX25 Index or with respect to the value of the HEX25 Index at any given time. The HEX25 index is composed and calculated by HEX Plc. Seligson & Co Fund Management Plc and the index provider shall, under no circumstances, be liable for errors in the HEX25 Index. Nor shall Seligson & Co Fund Management Plc or the Index provider be obligated to notify or publish any errors in the HEX25 Index. The HEX25 Index Share Fund has not been and will not be registered under the United States Securities Act of 1933 (Securities Act of 1933) and they will not be offered in the United States or to United States persons or for the account of such persons. Consequently, this Prospectus does not constitute an offer to buy Fund Units to any person residing in the United States nor it constitute a Prospectus within the meaning of the Securites Act of 1933.

SPECIAL MUTUAL FUND HEX 25 -FUND RULES An unofficial translation of the Finnish rules accepted by the Council of State 01.02.2002 1 § The Fund The name of the Fund is Special Mutual Fund HEX25* -Index Share Fund (hereafter "the Fund"). The Fund is a special mutual Fund, the rules of which have been approved by the Council of State in accordance with the Finnish Mutual Funds Act. The Fund is classified as a special mutual Fund because it aims to track the HEX25- index (hereafter "the Index") as closely as possible. The structure of the index permits the Fund to invest more than 10% of its assets in the securities of one issuer. The index structure also allows investments in single issuers in excess of 5% of the Fund's assets to total more than two fifths of the Fund's assets. 2 § The Management CompanyThe Fund is administered by Seligson & Co Rahastoyhtiö Oyj, hereafter the Management Company. The Management Company has its registered main office in Helsinki and operates in the mutual fund activity sector as defined in the Act on Mutual Funds. The Management Company may use external services in managing the Fund. The costs of such services are included in the costs specified in §10. The task of managing the Fund will be made subject to bidding on a regular 3 year basis open to all managing companies that are members of the Finnish Mutual Fund Association at the time of the start of the bidding. The first bidding will be carried through by 31.12.2004. The result of the bidding will be decided upon by looking for the most complete bid placing among other emphasis on the particular readiness of the winning management company to manage the Fund. The task of managing the Fund may be handed over to another management company on the basis of the bidding result provided that it is in the interest of the unitholders and furthermore the Financial Supervision Authority grants permission. 3 § The Custodian The Fund's assets will be in custody of the Finnish branch of Svenska Handelsbanken AB, hereafter the Custodian. The Custodian has its registered main office in Helsinki and operates primarily in the investment service sector. 4 § Objective of the Fund's Investment Activity The objective of the Fund's investments is to track the index and by doing so offer in a simple and cost-efficient manner the possibility to invest in a diversified portfolio consisting of stocks that represents the most traded stocks at Helsinki Stock and Derivative Exchange, Clearing Company, hereafter the Helsinki Stock Exchange. 5 § Investment Activity of the Fund The Fund's assets will be invested in the following manner: 1) In securities subject to public trade at Helsinki Stock Exchange and included in the Index for the time being. The Fund seeks to weight its total investments in a way that its value would equal the development of the Index as closely as possible. The Fund may also invest in other securities subject to public trade provided that it is justified considering the Fund's objective for its investments. Should the structure of the Index change the Fund will change its holding(s) accordingly as soon as practical taking the best interest of the unitholders into account. 2) Derivatives: The Fund may increase the efficiency of the management of assets taking its objectives into account by investing in stock options, stock futures agreements and share index options the underlying security of which is a share included in the index or some other security mentioned in 1). The above derivatives may be traded at the following marketplaces: Helsinki Stock Exchange, Eurex, OM Stockholm AB. The total premiums of purchased options and the collateral of other open derivatives positions may not exceed 10 % of the Fund's net assets. The total collateral requirement of the derivatives may not exceed 20% of the value of the Fund. The risk of the derivatives position will be followed daily, as measured by the collateral requirement of the derivatives position and the delta of the position. The delta of the total position shall be 1. Deviations from the delta are permitted instances where deviations from the Index are permitted. 3) Lending contracts: The Fund may increase the efficiency of the management of assets taking its objectives into account by engaging in stock lending. Lending agreements can be undertaken only against sufficient collateral. The Fund can engage in stock lending up to a maximum of 25% of its assets. This restriction does not apply to lending contracts, which can be terminated and the securities of which can be reclaimed instantly upon demand. Borrowing of securities is allowed only to close an open securities lending position. The Fund can conclude lending agreements that will be cleared at the Finnish Central Securities Depositary Ltd. or at the Helsinki Stock Exchange Options division and of which the conditions are accepted by a competent authority or that an options corporation has standardised. If the settlement takes place elsewhere must the adversary be a securities intermediary as defined in the Securities Markets Act and the conditions for the settlement must be common and generally known. 4) Cash funds: The Fund has the cash funds to cover the operation of the Fund and the cash accumulated from revenues which have not been distributed to the unitholders. 6 § Fund Units The Fund is divided in units. The units are equal in size and the rights that they carry. Subscription and redemption take place in a manner specified in 9 § against the minimum quantity of units or their multiples (Subscription Unit). The unit will be applied for pubic trade at Helsinki Stock Exchange. When accepted the Fund units may be traded at Helsinki Stock Exchange in an equal manner to share, at quantity not necessarily equally divisible with quantity of Subscription Units. The Fund issues merely yield units. 7 § Value of Fund unit The value of the Fund unit is the net value of the Fund divided by Fund units. The Net Asset Value (NAV) of the Fund is calculated so that from the Fund's assets are deducted the Fund's liabilities. The Fund's liabilities include expenses that result from its operation including fees specified in 10 §. The securities and the derivatives belonging to the Fund are valued according to official closing prices at Helsinki Stock Exchange. Lending agreements are valued by the official closing price of their underlying security. If a security has not traded during the day in question, its market value is equal to the last previous trade. If no bids or offers are available, or the Management Company assesses that they differ substantially from actual execution prices, may the Management Company value the securities using objective criteria. The value of the Fund unit is calculated and published each trading day. The information is available at the Management Company, on the Fund's homepage and at the Helsinki Stock exchange. The Fund aims that the value of the unit is a one to a hundred in relation to the Index. It is possible that the Fund may not track the development of the Index in which case the value of the unit differs from the objective. The following factors may for instance cause a deviation: - The reduction of the Fund's assets caused by redemption. - The Fund's portfolio not being identical with the Index caused by for instance the rounding of the quantity of shares or that assets have been invested in a manner mentioned in 5 § in a way that the portfolio deviates from the Index. - The re-weighting of the portfolio is timed differently from that of the Index. - The Fund has cash Funds to cover the operation or the Fund has accumulated revenue from dividend or executed lending contracts. - The revenues and expenses of the Fund are not identical with those of the share basket representing the Index. - The revenue of the Fund does not suffice to cover the expenses of the Fund in which case the expenses must be covered by realising Fund assets. 8 § Yield Distribution The Fund aims to distribute a yield in a way that the net value of the Fund corresponds to the development of the Index. The distributable amount on each unit is the value of the unit deducted by a value which is the result of the Index value at the relevant time divided by hundred. The aim is to attach the Fund unit to one to a hundred of the Index. The time and amount of the yield distribution is decided by the Management Company's General Meeting. The Management Company's General meeting may also decide on extra yield distribution provided it is consistent with the Fund's investment objective. The yield registration date is set by allowing a necessary time for clearance of deals after the General Meeting that decided the yield. The yield is paid on the fifth banking day following the registration date. The yield is paid in accordance with the Central Securities Depository's rules. The right to yield by unitholder is stated in 12 §. 9 § Subscription and Redemption of Fund Units The subscription and redemption of Fund units are executed against the Subscription Unit or it's multiple. A Subscription Unit is 25.000 Fund units. The board of the Management Company may change the Subscription Unit to a multiple of 25.000 provided that the change is motivated by some reason related to the development of the market value. At subscription the subscriber obtains from the Fund a quantity of Fund units corresponding to Subscription Unit or the multiple and the Fund from the subscriber a portfolio and the cash payment (Portfolio) which correspond to the Index and the Fund's assets. The content of the Portfolio is constructed to correspond by its value the value of the given Fund units. At redemption the redeemer obtains from the Fund a Portfolio corresponding the Subscription Unit or its multiple and the Fund from the redeemer a number of Fund units corresponding the Subscription Unit or its multiple. The possibility to cash redemption by the redeemer is dealt with below in a separate paragraph. The Management Company confirms the content of the Portfolio at the time of the valuation of the Fund unit. The Portfolio contains shares that are part of the index of a pre-determined quantity, whereas the value of individual shares may vary. A confirmed portfolio stands until 3 p.m.* the next day. The Portfolio is formed in the following manner: - securities: relative number of securities forming part of the Index rounded to the nearest round lot. - cash: the difference between the value of the shares in the Portfolio and the value of the Fund units forming the Subscription Unit. The management company charges a fee on subscriptions

and redemptions not exceeding 1.000 euros despite the number of multiples. Fund units may be subscribed and redeemed at the management company on Finnish trading days. Procedure at subscription of Fund units: At subscription the subscriber subscribes the Fund units that equal the Subscription Unit and its price and the Fund purchases the shares forming the Portfolio from the subscriber. Subscription takes place by delivering the subscription order to the stockbroker accepting such subscriptions. A binding order must be made by 3 p.m. If the order is delivered after 3 p.m., the subscription lapses. The subscriber is responsible to see to it that the shares in the Portfolio are on his book-entry account and the cash is paid to the stockbroker by the given time. The subscription is pre-conditioned by the event that the stockbroker has performed the deal on the shares in the Portfolio at public trade by 4 p.m. The deals are cleared the following clearance day. On the following trading day the Management Company delivers a number of Fund units to the subscriber that equal the subscribed Subscription Unit or its multiple. In case of some disturbance in the clearance of the deal on the shares in the Portfolio or the cash forming part of the Portfolio is undelivered, the Management Company issues the Fund units with a restriction on transfer. The restriction on transfer is in force until the Portfolio is entirely at the Funds disposal. The subscriber stands for the expenses caused by entering the restriction on transfer. Bilateral performances take place the following day from the subscription and coincided the receivables of the parties are netted. The information on stockbrokers accepting subscriptions can be found at the Management Company, in the Fund Prospectus and on the Fund's Internet page www.hex25.fi. Subscription orders can only be cancelled on the Management Company's approval. Procedure at redemption of Fund units: At redemption of Fund units the Fund redeems the Fund units that equal the Subscription Unit at the price of the Subscription Unit and the redeemer buys from the Fund the shares forming the portfolio. Bilateral performances take place on the following trading day from the redemption and coincided the receivables of the parties are netted. The deal is executed in public trade. Redemption takes place by delivering a binding redemption order to the stock broker that accepts such redemptions. Redemption orders must come before 3 p.m. Where redemption orders get delivered after 3 p.m. the redemption lapses. The redeemer is responsible to see to it that the Fund units forming the Subscription Unit are on the redeemer's book-entry account by the given time. The redeemer's book-entry account is charged with a restriction on transfer in favour of the Fund. Redemptions are pre-conditioned by the event that the trader has performed the deal on the shares in the Portfolio at public trade by 4 p.m. The deal is cleared the following day. On the following trading day of the redemption the Management Company delivers to the redeemer the Portfolio in full that equals the redeemed Subscription Unit. Before it does so it must be satisfied that the Fund units that equal the Portfolio are transferred to the Fund. Where shares needed for the redemption are not temporarily available by reason that the Fund has invested assets to securities outside the Index in accordance with 5 §, the Fund must instantly acquire the securities in the Portfolio. Where the redemption order was delivered by 3 p.m. the redeemer gets the Portfolio that equals the subscription unit on the day of the redemption order being delivered. Redemption orders can only be withdrawn on the Management Company's approval. The Management Company may turn down redemption orders when it is justified. The information on stockbrokers accepting redemptions can be found at the Management Company, in the Fund Prospectus and on the Fund's Internet page www.hex25.fi. Cash redemptions: The Management Company permits cash redemptions below the Subscription Unit. The redemption takes place by delivering a binding written redemption order to the Management Company by 3 p.m. The redeemer is responsible to see to it that the Fund units are on the redeemers book-entry account by the given time. The redeemer's account is charged with a restriction on transfer as a result. The redemption price is the price of the Fund unit calculated according to 7 § on the trading day that follows the redemption order, deducted by the redemption fee authorised by the Management Company. Where the Fund units are not at the Fund's disposal on the day that follows the redemption order the redemption does not take effect. The redeemer stands for the expenses caused to the Fund or the Management Company for such an aborted redemption. Where the cash funds to meet the redemption involves selling the Fund's securities, the sale must take place without unnecessary delay and at least by two weeks from the redemption order being presented. In the above situation the redemption is performed at the price that stood the day the securities were sold. The Funds obtained are made good to the client without unnecessary delay. The redemption fee on cash redemptions is 250 euros, however a maximum 3 % of the value of the redemption. A redemption order can only be cancelled on the Management Company's approval. 10 § Fees to Management Company and Custodian The maximum management fee payable to the Management Company related to the size of the Fund is 0.25 % of the Fund's Net Asset Value annually. The compensation to the management company includes the fee payable to the custodian. The management fee is calculated daily, and paid monthly during the following month. The amount of fees paid is published by the Management Company in the annual report, semi-annual report and quarterly report mentioned in 13 §. Trading fees paid out are declared in respect to traders individually. 11 § Accounting Period of the Fund and the Management Company The accounting period of the Fund and the Management Company is a calendar year. 12 § Book Entry System The Fund's units belong to the book entry system. The right to the yield paid out of the Fund shall, after the registration date, belong only to a person: 1) who is entered in the Fund unitholder Register as a unitholder on a certain record date 2) whose right to performance is, on the record date, registered in the book-entry account of the Fund unitholder registered in the Fund unitholder register 3) in whose book-entry account the Fund unit is registered in the name of a nominee, and the custodian of whose Fund units is, on the record date, entered in the Fund unitholder register as custodian of the Fund units in accordance with section 28 of the Act on the Book-Entry System. 13 § Publication of Annual Report, Semi-Annual Report, Quarterly Report, the Prospectus and the Simplified Prospectus The Management Company prepares an Annual, a Semi-Annual and a Quarterly Report of the Fund. These are available at the Management Company and on the Fund's homepage, the Annual Report no later than 3 months after the end of the accounting period and the SemiAnnual and the Quarterly Report within 2 months of the end of the accounting period. The Management Company publishes a Fund Prospectus along with a simplified version of the Prospectus. The prospectuses are available at the management company and on the Fund's homepage. The prospectuses will also be sent to current and prospective unitholders upon request. The Annual Report of the management company is available at the management company. 14 § Annual General Meeting of Unit holders The Annual General Meeting of unitholders shall be held annually at a date determined by the Management Company no later than the end of April. The Board of Directors of the Management Company summons the unit holders to the meeting. The summon is published in at least one national news paper published in Helsinki no later than two weeks before the meeting. Extraordinary Meetings of Unit holders will be held, if the Board of Directors of the Management Company finds it necessary or if the accountant or Fund unitholders, who together hold at least 5% of all issued Fund units so request in writing, to deal with such matter or matters as they have specified. The following matters must at least be dealt with in the Annual General Meeting of unitholders: 1. Election of a Chairman for the meeting 2. Listing of the votes present 3. Election of two controllers of the protocol of the meeting and two persons to count the votes. 4. Affirmation of the legality and decisionmaking authority of the meeting. 5. Presentation of the annual accounts and annual report of the Fund and the management company, as presented at the AGM of the Management Company. 6. Election of auditors and their deputies in accordance with the articles of association of the Management Company 7. Other possible subjects. To participate in the meeting, unitholders should notify the Management Company no later than the date mentioned in the invitation to the meeting, however at the earliest five days before the meeting. Each unit in the Fund entitles to one (1) vote in a meeting of unitholders. 15 § Changes to the rules The Board of Directors of the Management Company shall take decisions regarding changes to these rules. Changes to the rules will take effect 1 month from their approval by the Council of State and communication to unitholders, unless the Council of State stipulates otherwise. Communication of changes to unitholders takes place in accordance with 16 §. Changes are deemed to have been communicated to unitholders within 7 days from the date the letter containing the information was sent and on the day the newspaper and stock exchange announcement containing this information was published. As changes take effect they are binding on all unitholders. Approved changes to these rules are available at the Management Company and at the Custodian. 16 § Announcements to unit holders Communication as to other information than mentioned in 14 § are brought to the attention of the unitholders by a letter to the registered address or by publishing the announcement in one of the national newspapers published in Helsinki or as a stock exchange announcement or with the unitholder's approval by e-mail. * The word banking day shall throughout the rules of this Fund signify a banking day in Finland