LLC Unitholders: Unit Exchange Process

EXCHANGES ARE NOT PERMITTED UNTIL THE OFFER AND EXCHANGE OF NUSCALE POWER, LLC UNITS FOR NUSCALE POWER CORPORATION SHARES IS REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION

CERTAIN NUSCALE POWER, LLC EQUITY HOLDERS MAY BE SUBJECT TO A LOCK-UP AND SHOULD REFER TO THEIR RESPECTIVE LOCK-UP AGREEMENTS PRIOR TO SUBMITTING AN ELECTIVE EXCHANGE NOTICE FORM

NuScale Power, LLC (“NuScale LLC”) unitholders have the right to exchange their Class B units for Class A shares of NuScale Power Corporation (“NuScale Corp”), as detailed in the Sixth Amended and Restated Limited Liability Company Agreement of NuScale LLC and as described in the proxy statement/prospectus of Spring Valley Acquisition Corp.filed with the SEC on April 8, 2022: Filing 424B3. The following outlines the process that a NuScale LLC unitholder must follow to exchange NuScale LLC units to NuScale Corp shares.

Unit Exchange Process

  1. Elective exchanges will occur on only one date per fiscal quarter (a “Quarterly Exchange Date”) determined by NuScale LLC.
  2. No later than 45 days prior to a Quarterly Exchange Date, NuScale LLC will provide a form of Elective Exchange Notice and notify each unitholder of:
    1. The next Quarterly Exchange Date
    2. The Minimum Exchangeable Amount
    3. The Maximum Exchangeable Amount
  3. Each holder must notify NuScale LLC of a desired exchange at least 30 days prior to a Quarterly Exchange Date using the Elective Exchange Notice form linked below.
  4. Send the completed, signed form to ir@nuscalepower.com.

Rescission; Limits

  1. NuScale LLC has the right to cancel a Quarterly Exchange Date at any time, in its sole discretion. If NuScale LLC cancels an Exchange Date, no unitholder shall be permitted to exchange units at the cancelled Quarterly Exchange Date.
  2. NuScale LLC may limit the number of units that can be exchanged for shares pursuant to Section 3.1 (b) of the linked Policy Regarding Exchanges.
  3. A unitholder has the right to retract an Exchange Notice per the terms outlined in Section 3.2 of the Policy Regarding Exchanges.

Capitalized terms shall have the meanings given to them in the Policy Regarding Exchanges.

Form of Exchange

Policy Regarding Exchanges