Inderes and HC Andersen Capital are strategic partners. Inderes owns 20% of HC Andersen Capital, and some employees and shareholders of HC Andersen Capital are shareholders in Inderes as well. The information presented in HC Andersen Capital´s reports and analyst comments are obtained from several different public sources that HC Andersen Capital considers to be reliable. HC Andersen Capital aims to use reliable and comprehensive information, but HC Andersen Capital does not guarantee the accuracy of the used and presented information. Any opinions, estimates and forecasts represent the views of the authors. HC Andersen Capital is not liable for the accuracy of the content and presented information. Furthermore HC Andersen Capital and their employees are not liable for the financial outcomes of investment decisions made based on the reports or any direct or indirect damage or loss caused by the use of the information. The information used in producing the reports and analyst comments may change quickly. HC Andersen Capital makes no commitment to announce any potential or real changes in the presented information and opinions.

The reports and analyst comments produced by HC Andersen Capital are intended for informational use only. Investors must bear in mind that past performance is not a guarantee of future results. When making investment decisions, investors must base their decisions on their own research and their estimates of the factors that influence the value of the investment and consider their objectives and financial position and use advisors as necessary. Investors are responsible for their investment decisions and their financial outcomes.

Reports and analyst comments produced by HC Andersen Capital may not be edited, copied or made available to others in their entirety, or in part, without HC Andersen Capital’s written consent. No part of the report or analyst comment, or the report or analyst comment as a whole, shall be transferred or shared in any form to the United States, Canada or Japan or to the citizens of the aforementioned countries. The legislation of other countries may also lay down restrictions pertaining to the distribution of the information contained in the report/analyst comment. Any individuals who may be subject to such restrictions must take said restrictions into account.

INVESTMENT CASE ONE-PAGER

In HC Andersen Capital’s content, it is stated that HC Andersen Capital receives payment from COMPANY for a Digital IR/Corporate Visibility subscription agreement. The authors, ANALYST NAME and ASSISTANT ANALYST NAME, have no ownership in COMPANY. This is not a recommendation to buy, not to buy, sell, or not to sell shares (opposite to Research Reports which includes a recommendation). HC Andersen Capital assumes no liability for correctness of the contents of the material. An investment case one-pager by HC Andersen Capital provides information about the company such as financial expectations, risk factors, market drivers, market growth, competitive landscape and valuation perspectives based on well-established valuation methodologies such as multiples, peer comparisons, and DCF models. Investors must make their own investment decisions. .

RESEARCH REPORTS

The information presented in HC Andersen Capital reports is obtained from several different public sources that HC Andersen Capital considers to be reliable. HC Andersen Capital aims to use reliable and comprehensive information, but HC Andersen Capital does not guarantee the accuracy of the presented information. Any opinions, estimates and forecasts represent the views of the authors. HC Andersen Capital is not responsible for the content or accuracy of the presented information. HC Andersen Capital and its employees are also not responsible for the financial outcomes of investment decisions made based on the reports or any direct or indirect damage caused by the use of the information. The information used in producing the reports may change quickly. HC Andersen Capital makes no commitment to announcing any potential changes to the presented information and opinions.

The reports produced by HC Andersen Capital are intended for informational use only. The reports should not be construed as offers or advice to buy, sell or subscribe investment products. Investors should also understand that past performance is not a guarantee of future results. When making investment decisions, customers must base their decisions on their own research and their estimates of the factors that influence the value of the investment and take into account their objectives and financial position and use advisors as necessary. Customers are responsible for their investment decisions and their financial outcomes.

Reports produced by HC Andersen Capital may not be edited, copied or made available to others in their entirety, or in part, without HC Andersen Capital’s written consent. No part of this report, or the report as a whole, shall be transferred or shared in any form to the United States, Canada or Japan or the citizens of the aforementioned countries. The legislation of other countries may also lay down restrictions pertaining to the distribution of the information contained in this report. Any individuals who may be subject to such restrictions must take said restrictions into account.

HC Andersen Capital issues target prices for the shares it has an extensive commissioned research agreement with. The recommendation methodology used by HC Andersen Capital is based on the share’s 12-month expected total shareholder return (including the share price and dividends) and takes into account HC Andersen Capital’s view of the risk associated with the expected returns. The recommendation policy consists of four tiers: Sell, Reduce, Accumulate and Buy. As a rule, HC Andersen Capital’s investment recommendations and target prices are reviewed at least 2–4 times per year in connection with the companies’ interim reports, but the recommendations and target prices may also be changed at other times depending on the market conditions. The issued recommendations and target prices do not guarantee that the share price will develop in line with the estimate. HC Andersen Capital primarily uses the following valuation methods in determining target prices and recommendations: Cash flow analysis (DCF), valuation multiples, peer group analysis and sum of parts analysis. The valuation methods and target price criteria used are always company-specific and they may vary significantly depending on the company and (or) industry. HC Andersen Capital’s recommendation policy is based on the following distribution relative to the 12-month risk-adjusted expected total shareholder return.

Buy - The 12-month risk-adjusted expected shareholder return of the share is very attractive

Accumulate - The 12-month risk-adjusted expected shareholder return of the share is attractive

Reduce - The 12-month risk-adjusted expected shareholder return of the share is weak

Sell - The 12-month risk-adjusted expected shareholder return of the share is very weak

The assessment of the 12-month risk-adjusted expected total shareholder return based on the above-mentioned definitions is company-specific and subjective. Consequently, similar 12-month expected total shareholder returns between different shares may result in different recommendations, and the recommendations and 12-month expected total shareholder returns between different shares should not be compared with each other. The counterpart of the expected total shareholder return is HC Andersen Capital’s view of the risk taken by the investor, which varies considerably between companies and scenarios. Thus, a high expected total shareholder return does not necessarily lead to positive performance when the risks are exceptionally high and, correspondingly, a low expected total shareholder return does not necessarily lead to a negative recommendation if HC Andersen Capital considers the risks to be moderate.

The analysts who produce HC Andersen Capital’s research may not own shares in the companies they cover. The remuneration of the analysts who produce the analysis is not directly or indirectly linked to the issued recommendation or views.

HC Andersen Capital or its partners whose customer relationships may have a financial impact on HC Andersen Capital may, in their business operations, seek assignments with various issuers with respect to services provided by HC Andersen Capital or its partners. Thus, HC Andersen Capital may be in a direct or indirect contractual relationship with an issuer that is the subject of research activities. HC Andersen Capital and its partners may provide different services to issuers.

HC Andersen Capital has made an agreement with the issuer and target of this report, which entails compiling a research report.

GENERAL

HC Andersen Capital’s corporate customers are identified by the “Corporate Customer” ID in the Inderes.dk service. HC Andersen Capital receives payment from companies for a Digital IR/Corporate Visibility/ Research agreement. HC Andersen Capital includes the following disclaimers on all events (investor presentations), investment cases, and posts on social media regarding clients:

Example for research, with date and author:

“HC Andersen Capital receives payment from COMPANY for a Digital IR/Corporate Visibility subscription agreement. /ANALYST (TIME) on (DATE-MONTH-YEAR).”

Example for events, with date and author:

“HC Andersen Capital receives payment from COMPANY for a Digital IR/Corporate Visibility subscription agreement./ANALYST (TIME) on (DATE-MONTH-YEAR).” The disclaimer makes it clear that there is payment between COMPANY and HC Andersen Capital. It is thus clear that HCA is a dependent party, who the given writer is, and a time of publication.

Example for analysis reports, with date and author:

All analysis reports are marked “COMPANY-SPONSORED MATERIAL”.

Disclaimer:

HC Andersen Capital receives payment from COMPANY for a Digital IR/Corporate Visibility subscription agreement. The authors do not own shares in COMPANY. This is not a piece of advice to buy, not to buy, sell, or not to sell shares. HC Andersen Capital assumes no responsibility for correctness of the contents of the material. Published (TIME) on (DATE-MONTH-YEAR) by ANALYST, HC Andersen Capital.