Grant of warrants to the Executive Board and Managers

Today the Board of directors decided to establish a warrant agreement for the Executive Board and 42 managers in the Group. The agreement is based on warrants issued pursuant to the Articles of Association, item 5, subsection 4, that empowers the Board of Directors to use this authority. The warrant plan was adopted by the Board of Directors at the General Meeting in 2016. 240,000 warrants will be issued, of which 30,000 are granted the Executive Board and the remaining warrants are granted the Managers.

The granting is motivated in a wish for linking the Managers closer to the Group.

The exercise price for each warrant is DKK 210.00 nominally DKK 2 shares plus 7.5 % p.a. as of 1 April 2019 and until exploitation happens. The exercise price is fixed based on the market conditions immediately before the Annual Report was released on the 27 March 2019.

The Warrants entitle the owner to subscribe shares in the Group from 1 April 2022 to 31 March 2025, provided that the acquisition exclusively takes place in the first 2 weeks of the period of time in which the Managers pursuant to the internal rules of the Group are allowed to trade the Group’s shares.

It is estimated that the Warrants will have a value of DKK 7.52 for each warrant with a total market value of approximately DKK 1,804,605.00. The markets value of the Warrants is calculated by application of the Black-Scholes formula and a historical volatility based on the share price of the Group during the latest 3 months, an interest rate of 0.00 % p.a., a share prices of DKK 196.00 (closing price yesterday 26 March 2019) and provided that the granted warrants will be utilised in April 2022. Any dividend distribution in the period of time is taking into account.

Alternatively, the Executive Board and the 42 executives can acquire the warrants at market price as determined above against cash payment. The acquisition offer is valid today, the 27 March 2019.

If the above participants resign from the subsidiary in the Group where he/she is engaged, the number of Warrants will be reduced relatively taking into account that the participant just has had a relation to the Group in some of the warrant plan’s maturity period. This, however, will not be valid in case the participants have acquired and paid the warrants.

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