Asetek A/S

Investor Presentation • Mar 5, 2019

Q4 2018 and Capital Markets Update

5 March 2019 | Aalborg, Denmark

Sum-up and Q&A

Solid financial platform for long-term growth

Maintaining position in the data center market

Data center segment, John Hamill, COO and André Sloth Eriksen, CEO 1340-1400

Driven by the end-user experience

The renamed Gaming and Enthusiast business segment, John Hamill, COO 1300-1330

Building a gaming and enthusiast brand

Strategic development, André Sloth Eriksen, CEO 1230-1300

Lunch 1200-1230

Agenda

Financial development and outlook, Peter Madsen, CFO 1400-1430

Building a gaming and enthusiast brand

Strategic development André Sloth Eriksen, CEO

3 Q4 2018 and CMU

Introducing our new branding strategy

Building a gaming and enthusiast brand

Asetek's OEM customers' brands are promoted while the Asetek brand have become more anonymous

Currently Going forward

• We will put our brand forward without compromising our customers' brand
• Dual-branding and brand-behind-the-brand strategies available
• Introducing new and high-end products to live the brand and go back to our roots
• In-house PC-enthusiasts and branding experts hired
• Largest ever marketing department
• Establishing eSports Academy…

Q4 2018 and CMU

The adoption of our liquid cooling solutions Asetek liquid cooling units shipped Cumulative total number of units 1 million 3 million 6 million Q1 2007 Q2 2012 Q1 2016 Q4 2018

We deliver the best performance, quality and reliability

9

Market leadership generating revenue growth

Since the beginning, innovation has been a core tenet we live by

• Our innovations deliver the best performance so that GPUs and CPUs can work even harder in favorite games and applications

• This commitment to innovation has also brought performance advancements and increased density for data centers

Solving complex thermal challenges is our passion

For Asetek it's a matter of performance… We're focused on new ways to meet complex thermal challenges… researching new pump designs, new fluid types, new radiator technologies and topologies… and much more… Asetek is constantly inventing… to improve high-performance systems.

Solving complex thermal challenges is our passion… researching… thinking outside the box… because that's what it takes to change the game.

Drive preference for our technology

We're building on our undeniable market leadership in liquid cooling. We're focused on being recognized as THE standard in liquid cooling.

We're doubling down our effort on gamers and enthusiasts, engaging the community and implementing marketing initiatives to increase awareness of Asetek and our story.

Innovation is in our DNA. We're ramping up research efforts to bring meaningful innovations to market while maintaining focus on delivering the best performance, quality and reliability.

Two business segments

Revenue development

Maintain position and create a meaningful and profitable

Continue to dominate the gaming and enthusiast liquid cooling market

Strong platform for long-term growth

Company facts

31 OEM customers | 6 million units shipped | ~100 employees FY'18 revenue of USD 67m , profitable and strong balance sheet Publicly listed company on Oslo Børs

Driven by the end-user experience

The renamed Gaming and Enthusiast business segment John Hamill, COO

Our Gaming and Enthusiast business

OEM Gaming/ Performance PCs

Enthusiasts and do-it-yourself (DIY)

20% of sales

80% of sales

220,000 units shipped in 2018

880,000 units shipped in 2018

Our core customers

Multiple end-user benefits of liquid cooling

Increasingly immersive experiences Additional features

games eSports

Triple-A

Improved overclocking Handles high-end GPUs More customization opportunities Higher efficiency Aesthetics Less noise Less space Less weight on CPU and motherboard

Strong market fundamentals

Global video games and eSports revenue

USD billion

21

• Complete gaming PC systems sold to end-users by OEMs
• ‒ Many gaming PC OEMs still do not use liquid cooling due to low willingness to pay among mainstream end-users
• Annual volume growth of ~3%
• Trend towards more expensive systems
• More than 2/3 of unit sales are sold into the high-end segment
• Estimated market share of 10-15% in the high-end segment
• ‒ Remaining market relying mainly on traditional air cooling

High-end gaming PC system sales¹ 1,000 units, price USD > 1.8k

Untapped high-end Gaming and Enthusiast market potential

23 Q4 2018 and CMU 1) Source: John Peddie Reaserch, The High-End PC Gaming Hardware market 2018, Asetek

Enthusiasts driving revenue

18,287

Quarterly Gaming and Enthusiast revenue

Diversifying the revenue base

• Contributes approximately 85% of total Gaming and Enthusiast revenues
• +20 additional Gaming and Enthusiast customers

Top 5 Gaming and Enthusiast customers Top 5 Gaming and Enthusiast customers revenue split

• Continued focus on widening base of customers offering Asetek liquid cooling
• Reducing dependency on one single customer

Strategy and outlook

Continue to dominate the gaming and enthusiast liquid cooling market Enthusiasts and DIY Drive innovation 80% sales OEM Gaming/ Performance PCs 20% sales Visibility reduced by U.S.- China relations, Brexit and other markets. 2019 revenue growth to be tempered compared to recent years' strong growth. Q1 2019 revenue is expected to decline compared to Q1 2018 Increased R&D, product development and marketing Business segment is the main driver behind Group revenue expectation of 0-10% growth Goal Strategy Outlook Establish Asetek as a strong end-user brand Develop and introduce high-end branded products

Data center segment John Hamill, COO and André Sloth Eriksen, CEO

Q4 2018 and CMU

Built a position in the data center market since 2013

• Commercial launch in 2013
• Based on liquid being 4,000 times better at storing and transferring heat than air

• Offering immediate and measurable benefits for data centers

• Major liquid cooling installations at multiple HPC (High Performance Computing) sites in North America, Asia and Europe

• 13 of the world's most powerful and efficient supercomputers listed in the November 2018 Top500 and Green500
• 3 systems in the Top20

• Not satisfied with present position as scaling has proved challenging and environmental focus is not there yet

• Exponential growth in data

• Global focus on simultaneously increasing energy efficiency and reducing costs
• Global focus on reducing CO2 footprint
• Data centers today represent about 2-4% of global energy consumption
• Governmental standards on environmental issues for data centres is a potential trigger

Continous innovation to support adoption

• 21 InRack LAAC prototypes sampled to 14 customers
• Customer testing in planning phase or underway
• Commercial response still to early to tell

Data center revenue and OEM adoption

Quarterly data center revenue and OEM additions

Slow data center adoption of liquid cooling despite strong value proposition

Since launch in 2013 Going forward

• Established leading HPC market position
• Cooling some the world's most powerful supercomputers
• Wider market adoption, however, lagging expectations despite strong value proposition

• Energy savings is not yet a "big deal" for the data center industry

• Segment revenue guidance discontinued until data center more clearly develops into a meaningful business

• Segment investments to be reduced pending such a change
• Apparent need for public standards for data center energy efficiency and CO2 footprint
• Too early to predict timing of impact
• Targeted campaigns to influence politicians in the EU and Denmark and support building wider understanding of the significant circular economy benefits enabled by liquid cooling

Data center power usage represents a vast energy recycling and CO2 emissions reduction opportunity

20,000 TWh Global electricity demand

~3,000 TWh

Projected data center electricity demand in 2030*

70%

of data center energy consumption can be recycled using liquid cooling as well as provide a carbon footprint reduction equaling 70% of all data center power

20 %

reduction in power consumption, and thereby a 20% reduction in carbon footprint enabled by liquid cooling

Potential to heat 6 million EU households

Untapped energy potential in data centers European data centers consumption (TWh)

Provides potential to heat 6 million EU households Based on average household electricity usage

European data center power consumption in 2020E

Energy recovery using Asetek liquid cooling technology

6 million European homes*

Estimated Danish data center power consumption in 2029E

70%

70%

Energy recovery using Asetek liquid cooling technology

~300 thousand Danish homes

Equal to the combined households of Århus, Aalborg and Odense

Data center strategy and outlook

Maintain position and create a meaningful and profitable business over time Exploit established leadership within HPC Increase end-user adoption with existing OEMs Add new OEMs Explore potential opportunities to grow beyond the HPC segment Market adoption of liquid cooling remains slow with apparent need for public standards to trigger wider investments. Segment revenue and operating results are expected to fluctuate as partnerships with OEMs are developed. Target to reduce segment overhead (total operating expenses) towards USD 4m annualised. Influence the influencers Goal Strategy Outlook

Solid financial platform for long-term growth

Financial development and outlook Peter Madsen, CFO

36 Confidential

• Record full-year revenue of USD 67.3 million in 2018, 16% growth from 2017
• Gaming and Enthusiast (previously Desktop) annual revenue of USD 63.0 million, up 18% from 2017
• 2018 full-year adjusted EBITDA increased 38% to USD 9.4 million
• Q4'18 revenue was USD 16.5 million (USD 17.9 million) and adjusted EBITDA was USD 2.6 million (USD 2.0 million)

Group revenue

USD thousands

Financial priorities

Priorities		Value drivers
Continued profitable growth and solid financial platform	Gaming and Enthusiast leadership	• Rebranding to strengthen market position • Revenue growth • Diversification of revenue streams • Margin protection and optimization
	Maintaining data center market position	• Ensuring efficient data center operations • OEM and end-user adoption
	Cost base optimization	• Targeted IP and R&D investments • Manufacturing • Sales and marketing efficiency
	Cash flow improvement	• Cash conversion • Continued balance sheet optimization

Quarterly revenue development

1) Includes HQ costs

Margin development

Group gross margin Gaming and Enthusiast gross margin Data center gross margin

• Full year group gross margin increased to 38.9% (36.0%), reflecting higher average selling prices (ASPs) associated with a richer mix of Gaming and Enthusiast product shipments

Annual gross margin development Quarterly gross margin development

Group gross margin Gaming and Enthusiast gross margin Data center gross margin

• Q4'18 group gross margin increased to 42.1% (33.8%)
• ‒ driven by a richer product mix and higher average selling prices for Gaming and Enthusiast products and a stronger U.S. dollar
• ‒ Gaming and Enthusiast gross margin increased to 43.2% (35.2%)
• ‒ Data center gross margin increased to 27.0% (18.3%)

Currency exchange rates

• 2018: 5.4% decrease in the Chinese Yuan (CNY) vs. USD
• ‒ Contributed to improved cost prices in 2018
• ‒ Most of Gaming and Enthusiast COGS is denominated in CNY
• 2019: Future is unclear…

• 2018: 4.8% decrease in the Danish krone (DKK) vs the USD

• ‒ About 80% of overheads are denominated in DKK
• 2019: Seems stabilized for now

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18

Data center earnings development

Group EBITDA development

1,109 738 1,000 ^{493 760 772} 2,346 3,352 2,809 2,168 4,519 5,645 3,384 2,794 5,081 4,732 4,026 5,889 5,390 5,432 -1,308 -1,316 -1,275 -1,555 -1,488 -1,626 -1,343 -1,433 -952 -1,251 -1,002 -1,874 -1,800 -1,638 -1,571 -2,264 -2,286 -2,061 -1,387 -1,604 Data center

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18

Gaming and Enthusiast

Income statement

		2018			2017
USD thousands	Group	Gaming and Enthusiast	Data center	Group	Gaming and Enthusiast	Data center
Revenue	67 314	63 030	4 284	58,194	53,227	4,967
Gross margin	38.9%	39.5%	29.6%	36.0%	37.1%	24.2%
Gross profit	26,172	24,902	1,270	20,969	19,768	1,201
Total operating expenses	12,773	4,165	8,608	12,251	3,777	8,474
EBITDA adjusted	13,399	20,737	-7,338	8,718	15,991	-7,273
Depreciation	3,690	1,784	1,906	2,430	1,033	1,397
Share based compensation	919	293	626	1,161	349	812
EBIT	8,790	18,660	-9,870	5,127	14,609	-9,482
EBIT margin	13.1%	29.6%	N/A	8.8%	27.4%	N/A
HQ, Litigation expenses, net	2,052			1,833
HQ, Settlement received	0			-913
HQ, Share based compensation	357			436
HQ, Other	1,962			1,014
Headquarters costs	4,371			2,370
EBIT, total	4,419			2,757

Improved margins driven by higher ASPs and stronger USD

• Full-year revenue increased to USD 67.3 million (58.2 millon), reflected by growth in shipments of Enthusiast/DIY products
• Depreciation and amortization expense increased by USD 1.3 million in 2018 compared to 2017
• Share based compensation costs decreased to USD 1.3 million for 2018 (USD 1.6 million) driven largely by a lower share price share price

Cash generation and usage

Cash conversion

USD thousands	2018	2017
Property, plant and equipment	4,103	3,856
Development projects	2,414	2,754
Deferred tax assets	7,458	7,778
Other assets	309	794
Total non-current assets	14,284	15,182
Inventories	2,862	2,316
Receivables	15,625	13,280
Cash and cash equivalents	18,627	18,398
Total current assets	37,114	33,994
Total assets	51,398	49,176
Total equity	38,958	33,394
Total non-current liabilities	641	816
Total current liabilities	11,799	14,966
Total liabilities	12,440	15,782
Total liabilities and equity	51,398	49,176

• Inventory turns DIO 14 times in Q4'18 (Q4'17: 23)
• Trade receivables DSO 79 days in Q4'18 (Q4'17: 64)
• Trade payables DPO 67 days in Q4'18 (Q4'17: 77)
• Cash conversion in 39 days in Q4'18 (Q4'17: 4)

Balance sheet

Balance sheet composition USD thousands

60,000

• Strong cash position
• Low interest-bearing debt
• Lean balance sheet enabling growth and financial flexibility

FY 2019 financial outlook

Priorities	Outlook
	Revenue	• Group revenue growth of 0% to 10% for 2019 compared to 2018 • Macro-economic uncertainties temper Gaming and Enthusiast growth • Protracted data center market adoption of liquid cooling solutions
Continued	Margins	• Gaming and Enthusiast segment: Stable at current levels • Data center segment: To increase with scale
profitable growth and solid financial platform	Capital allocation	• R&D at USD 3-5 million • Capex at USD 2-3 million • Headcount constant around 100 • Modest growth in overheads at Group level
	Financial position/flexibility	• Maintain strong balance sheet and a healthy cash balance - long-term cash conversion cycle moving towards 'soft target' at 0 (zero) days
	Ambition for shareholder return	• Share price appreciation

Summary and outlook

Concluding remarks

• We are the market leader in liquid cooling and recognized as the industry standard
• We are evolving the brand to reflect our market leadership, drive innovation and deliver the best performance, quality and reliability
• By doubling down on Gamers/Enthusiasts, engaging the enthusiast community and implementing marketing initiatives we increase awareness of Asetek and our story
• We are at the forefront of data center cooling as cost, efficiency and environmental requirements converge
• Following strong 2018 financial development we currently expect a more tempered 2019

Appendix

Management

Founder and CEO André S. Eriksen

• Long-term entrepreneur and founder of Asetek
• Previously employed at Danfoss in their management trainee program
• Holds an engineering degree from Aalborg University
• Several MBA level executive management programs from Right, Stanford, MIT and Wharton

VP Global Sales and

Marketing

Dipak Rao

• 15 years+ experience leading global teams and managing global accounts in the high-tech industry
• Prior to joining Asetek, Dipak held senior sales and product marketing roles at AMD
• B.A. (Honors) in Marketing from De Montfort University, Leicester in the U.K

CFO Peter Dam Madsen

• Previous positions include International Controller (DK) and Chief Financial Officer (US) at Martin Professional, Inc.
• Also served as CFO of Dantax Radioindustri A/S listed on the Copenhagen Stock Exchange
• MBA from Fort Lauderdale Metropolitan University

• 15+ years of experience with Vestas and Grundfos he has an intimate background in sophisticated pumping and cooling systems designed for global

VP Global R&D Thomas Ditlev

• M.Sc.EE degree from Aalborg University as well as an EMBA in Business Psychology from Business

markets

Institute in Aalborg

COO John Hamill

• 30+ years of high tech industry sales, sales management and marketing experience
• Previously held position as VP of Global Sales at nVidia and AMD
• Has managed global sales teams
• BSc in Electronics and Electrical Engineering from the University of Glasgow in Scotland

VP Global Quality Magnus Hakanen

• 20+ years of experience from quality management positions within international organizations like VELUX, Grundfos, Vestas, Nilfisk and automotive companies
• M.Sc. in Mech. Engineering from the KTH Royal Institute of Technology in Stockholm, Sweden. In additional he also has a Six-Sigma Black Belt certification

VP Global Operations Csaba Vesei

• 14+ years with IBM in numerous leadership roles, where he managed fulfillment, logistics, manufacturing planning, procurement, and supply chain functions
• MBA from Buckinghamshire Chilterns University, as well as a BSc in Information Technology from the College of Dunaujvaros

Solveig Malvik

• Extensive international experience within branding, marketing, communication and business development in organizations such as Med24, First4Skills and Survitec
• Holds an M.A. in Modern Middle Eastern Studies, Public Policy and Governance from the American University of Beirut and a Cand.mag. in Political Science and Public Administration from the University of Bergen

55 Q4 2018 and CMU

Board of Directors

Director Jim McDonnell

• 36 year career of growth and accomplishment at Intermec Technologies, Hewlett-Packard and General Electric Co. where he held leadership roles
• in sales and marketing • Brings a wealth of strategic and hands-on experience in global sales, marketing, customer
• engagement, channel, and enterprise management • BS degree in Electrical Engineering from Villanova University

Director Jørgen Smidt

• 25 years of international operational and business management experience from the mobile telecoms industry.
• Analysis and implementation of investment and international marketing, market positioning and communication strategies.
• Mr. Smidt is currently a partner in Sunstone Technology Ventures Fund I, prior which his career includes 13 years with Nokia 6 years with Motorola
• Holds an engineering degree in computer science from the Engineering College of Copenhagen.

Chairman Chris Christopher

• 40+ years of leadership, manage-ment and tech industry experience
• Most recent Senior VP and GM at HP for an USD 18bn portfolio consisting of blades based client systems, workstations and desktop PCs
• BSEE and MSEE from Colorado State University and an Executive MBA from Insead School of Business

Director Maria Hjorth

• 20+ years of consulting and financial sector experience overing business development, M&A, investor relations and operational optimization
• Currently Deputy CEO of VP Securities
• MSc and BSc in Economics from University of Copenhagen and a MSc in Business Psychology from University of Westminster in London

Income statement

TM

USD thousands	Q4 2018	Q4 2017	2018	2017
	Unaudited	Unaudited
Revenue	16,505	17,924	67,314	58,194
Cost of sales	9,552	11,863	41,142	37,225
Gross profit	6,953	6,061	26,172	20,969
Research and development	980	1,231	4,764	4,220
Selling, general and administrative	4,789	3,961	16,989	14,905
Other expense (income)	0	84	0	-913
Total operating expenses	5,769	5,276	21,753	18,212
Operating income	1,184	785	4,419	2,757
Foreign exchange (loss) gain	-2 46	-248 15	342 109	-1,239 -19
Finance income (costs) Total financial income (expenses)	44	-233	451	-1,258
Income before tax	1,228	552	4,870	1,499
Income tax (expense) benefit	-361	3,021	-1,198	2,976
Income for the period	867	3,573	3,672	4,475
Other comprehensive income items that may be
reclassified to profit or loss in subsequent periods:
Foreign currency translation adjustments	184	36	-169	1,253
Total comprehensive income	1,051	3,609	3,503	5,728
Earnings per share (in USD):
Basic	0.03	0.14	0.14	0.18
Diluted	0.03	0.13	0.14	0.17

Balance sheet

USD thousands	31 Dec 2018	31 Dec 2017
ASSETS
Non -current assets
Intangible assets	2,414	2,754
Property and equipment	4,103	3,856
Deferred income tax assets	7,458	7,778
Other assets	309	794
Total non -current assets	14,284	15,182
Current assets
Inventory	2,862	2,316
Trade receivables and other	15,625	13,280
Cash and cash equivalents	18,627	18,398
Total current assets	37,114	33,994
Total assets	51,398	49,176
EQUITY AND LIABILITIES
Equity
Share capital	422	419
Retained earnings	37,704	31,976
Translation and other reserves	832	999
Total equity	38,958	33,394
Non -current liabilities
Long -term debt	641	816
Total non -current liabilities	641	816
Current liabilities
Short -term debt	980	1,051
Accrued liabilities	2,185	2,432
Accrued compensation & employee benefits	1,512	1,335
Trade payables	7,122	10,148
Total current liabilities	11,799	14,966
Total liabilities	12,440	15,782
Total equity and liabilities	51,398	49,176

Cash flow statement

TM

USD thousands	2018	2017
Cash flows from operating activities
Income for the period	3,672	4,475
Depreciation and amortization	3,690	2,430
Finance income	-205	-84
Finance costs	96	103
Income tax expense (benefit)	1,198	-2,976
Impairment of intangible assets	0	5
Cash receipt (payment) for income tax	-118	-43
Share based payments expense	1,276	1,597
Changes in trade receivables, inventories, other assets	-3,502	693
Changes in trade payables and accrued liabilities	-2,264	-112
Net cash provided by (used in) operating activities	3,843	6,088
Cash flows from investing activities
Additions to intangible assets	-1,745	-2,426
Purchase of property and equipment	-1,914	-1,872
Net cash used in investing activities	-3,659	-4,298
Cash flows from financing activities
Funds drawn (paid) against line of credit	- 6	295
Proceeds from issuance of share capital	782	686
Payment of dividends	0	-2,910
Principal payments on finance leases	-321	-162
Net cash provided by (used in) financing activities	455	-2,091
Effect of exchange rate changes on cash and cash equivalents	-410	1,089
Net changes in cash and cash equivalents	229	788
Cash and cash equivalents at beginning of period	18,398	17,610
Cash and cash equivalents at end of period	18,627	18,398
Supplemental disclosures - Property and equipment acquired under finance leases	134	868

Statement of equity

USD thousands	Share capital	Translation reserves	Other reserves	Retained earnings	Total
Equity at January 1, 2018	419	1,005	-6	31,976	33,394
Total comprehensive income - year ended December 31, 2018
Income for the period	0	0	0	3,672	3,672
Foreign currency translation adjustments	0	-169	0	0	-169
Total comprehensive income - year ended December 31, 2018	0	-169	0	3,672	3,503
Transactions with owners - year ended December 31, 2018
Shares issued	3	0	2	780	785
Share based payment expense	0	0	0	1,276	1,276
Transactions with owners - year ended December 31, 2018	3	0	2	2,056	2,061
Equity at December 31, 2018	422	836	-4	37,704	38,958

Equity at January 1, 2017	417	-248	-9	28,130	28,290
Total comprehensive income - year ended December 31, 2017
Income for the period	0	0	0	4,475	4,475
Foreign currency translation adjustments	0	1,253	0	0	1,253
Total comprehensive income - year ended December 31, 2017	0	1,253	0	4,475	5,728
Transactions with owners - year ended December 31, 2017
Shares issued	2	0	3	684	689
Share based payment expense	0	0	0	1,597	1,597
Dividends	0	0	0	-2,910	-2,910
Transactions with owners - year ended December 31, 2017	2	0	3	-629	-624
Equity at December 31, 2017	419	1,005	-6	31,976	33,394

For more than 20 years, thermal solutions from Asetek have been cooling processors around the globe…

Our AIO coolers can be found in the latest high-end gaming PCs and are sought-after by enthusiasts for their reliable operation, ease-of-use and pervasive cooling. They are also used in some of the fastest computers in the world to enable advances that drive our everyday lives.

Asetek will be an end-user centric brand

we continue to innovate and push the envelope of Hardcore gamers what's possible.

Gamers know they can count on us. We're gamers too, who love to squeeze every bit of performance from our systems. AIO coolers powered by Asetek enable GPU or CPU overclocking to ensure you get the most out of your high-end gaming PC.

Enthusiasts

We know that top-shelf performance is a must when building your own monster rig. That's why

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The Presentation may include certain statements, estimates and projections with respect to the business of the Company and its anticipated performance, the market and the competitors. However, no representations or warranties, expressed or implied, are made by the Company, its advisors or any of their respective group companies or such person's officers or employees as to the accuracy or completeness of the information contained herein and such statements or estimates, no reliance should be placed on any information, including projections, estimates, targets and opinions contained herein, and no liability whatsoever is accepted by the Company as to any errors, omissions or misstatements contained herein. The information contained herein is subject to change, completion, or amendment without notice and the Company does not assume any obligation to update or correct the information included in this Presentation. Neither the delivery of this presentation nor any further discussions by the Company or any if its advisors with any of the Recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since the date of the Presentation.

This presentation may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", "will", "should", "may", "continue" and similar expressions. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; profit; margin, return on capital, cost or dividend targets; economic outlook and industry trends; developments of the Company's markets; the impact of regulatory initiatives; and the strength of the Company's competitors. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company, are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third party sources. Although the Company believes that these assumptions were reasonable when made, the statements provided in this presentation are solely opinions and forecasts which are uncertain and subject to risks, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. A multitude of factors can cause actual results to differ significantly from any anticipated development expressed or implied in this document. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved and you are cautioned not to place any undue reliance on any forwardlooking statement. he distribution of this Presentation and the offering, subscription, purchase or sale of securities issued by the Company in certain jurisdictions is restricted by law. Persons into whose possession this Presentation may come are required by the Company to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses this Presentation and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction, and the Company shall not have any responsibility or liability for these obligations. In particular, neither this presentation nor any copy of it may be taken or transmitted or distributed, directly or indirectly, into Australia, Canada, Hong Kong, Japan, Switzerland, United Kingdom or the United States unless pursuant to available exemptions from registration requirements.

In relation to the United States and U.S. persons, this Presentation is strictly confidential and is being furnished solely in reliance on applicable exemptions from the registration requirements under the U.S. Securities Act of 1933, as amended. The shares of the Company have not and will not be registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of U.S. persons, unless an exemption from the registration requirements of the U.S. Securities Act is available. Accordingly, any offer or sale of shares in the Company will only be offered or sold (i) within the United States, or to or for the account or benefit of U.S. persons, only to qualified institutional buyers ("QIBs") in private placement transactions not involving a public offering and (ii) outside the United States in offshore transactions in accordance with Regulation S. Any purchaser of shares in the United States, or to or for the account of U.S. persons, will be deemed to have made certain representations and acknowledgements, including without limitation that the purchaser is a QIB. This Presentation and its contents are confidential and its distribution (which term shall include any form of communication) is restricted pursuant to section 21 (restrictions on financial promotion) of the Financial Services and Markets Act 2000 (as amended). In relation to the United Kingdom, this Presentation is only directed at, and may only be distributed to, persons who fall within the meaning of article 19 (investment professionals) and 49 (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (financial promotion) Order 2001 (as amended) or who are persons to whom the document may otherwise lawfully be distributed. This Presentation may only be distributed in circumstances which do not result in an offer to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995 (as amended).

The contents of this Presentation shall not be construed as legal, business or tax advice. Each reader of this Presentation should consult its own legal, business or tax advisor as to legal, business or tax advice. If you are in doubt about the contents of this Presentation, you should consult your stockbroker, bank manager, lawyer, accountant or other professional adviser.

This Presentation is subject to Danish law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of the Danish courts.

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