Pursuant to the authorization from the extraordinary general meeting held 16 January 2024, the board of directors have decided to issue convertible loan notes for a total of DKK 10,735,353.19 or multiples hereof plus accrued interest without pre-emption right for existing shareholders. The loan notes may, in aggregate, upon conversion into shares of the Company, convert into up to nominal DKK 1,875,000 corresponding to 37,500,000 shares of the Company.

By conversion of the loan notes there will be paid DKK 0.35 for each share of nominal DKK 0.05, equaling a subscription price of DKK 700.

In consequence of the decision to issue the convertible loans the board of directors has also adopted a resolution regarding the appurtenant capital increase of up to a total of DKK 1,875,000 corresponding to 37,500,000 new shares in the event of conversion. The Company's existing shareholders shall have no pre-emption right to shares issued in connection with such conversion.

The new shares issued based on conversion of the convertible loan notes shall be negotiable instruments, issued in the name of the holder and registered in the name of the holder in the Company's shareholder register. The new shares shall not have any restrictions as to their transferability and no shareholder shall be obliged to have the shares redeemed fully or partly. The shares shall be with the same rights as the existing shares in the Company. The new shares shall give rights to dividends and other rights in the Company from the time of registration of the capital increase with the Danish Business Authority.

The specific terms regarding the convertible loan note(s) and the appurtenant capital increase(s) have been adopted as set forth in the indenture attached as appendix 3.8 to the Company's articles of association, which are available on the Company's website.

The authorisation has been fully exercised.