ROCKWOOL NEWSLETTER. Expansion into Turkey. Meet the Chairman. Production start in USA. Facade business boost SHAREHOLDER MAGAZINE / JUNE 2014

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1 ROCKWOOL INTERNATIONAL A/S Expansion into Turkey Meet the Chairman ROCKWOOL NEWSLETTER SHAREHOLDER MAGAZINE / JUNE 2014 Production start in USA Facade business boost

2 Editorial comment by CEO Eelco van Heel Spring is in the air First quarter of 2014 showed satisfactory performance improvement compared to same period last year on top as well as bottom line. We do recall 1st quarter 2013 to be a period when Europe was covered in ice and snow explaining part of the progress. But Europe is waking up economically and it finally starts feeling there is spring in the air! It seems that the European consumer slowly but gradually is regaining confidence in the economy. This consumer confidence is a major corner stone for further economic growth also in the construction industry. But the picture varies a lot. Good development in markets like the UK, Germany and Poland. Strong recovery in Southern Europe especially Spain. And hesitant development in Scandinavia, France and the Netherlands. The political situation in and around Ukraine continues to be worrisome. Escalation of the conflict can easily have a negative effect on the beginning recovery in Europe and put the continent in a difficult situation as far as security of energy supply is concerned. So far our business in Russia continues to develop well. However, the economy of this country will suffer longer term and affect the potential growth of our business in a negative way. The global bright spot these days from an economic point of view is North America. Our business is developing very nicely despite the fact that most of the continent faced severe winter weather during 1st quarter. The first wool has been produced on our new factory in Mississippi. This is good news as available capacity was gradually starting to hamper our growth possibilities in North America. We are looking forward to the official opening of our new facility in September this year. On May 22nd the Group announced that it will discontinue its green field factory project in Northern China. The legislative development in the area of use of non-combustible insulation materials has not lived up to our earlier assumptions and expectations. China remains an interesting insulation market and the Group therefore will pursue alternative strategies. The business in all of Asia develops well. Now that we are half way through the year we feel confident to be able to reach the financial targets as confirmed in the stock exchange release of May 22nd. Spring is in the air! This shareholder magazine is apart from our employees for investors, financial institutions and analysts. The shareholder magazine and the articles in same is not intended as marketing of mentioned products or services. Editor: Thorkild Diness Jensen (responsible) and Kif Frimodt. Photo: Magnus Klitten a.o. Design and production: Boje Mobeck as. ROCKWOOL, GRODAN, HECK and Rajasil are registrered trademarks of the ROCKWOOL Group. 2 ROCKWOOL International A/S Hovedgaden 584 DK-2640 Hedehusene Denmark CVR No Phone: Fax: info@rockwool.com The statements on the future in this shareholder magazine, including expected sales and earnings, are associated with risks and uncertainties and may be affected by factors influencing the activities of the Group, e.g. the global economic environment, including interest and exchange rate developments, the raw material situation, production and distribution-related issues, breach of contract or unexpected termination of contract, price reductions due to market-driven price reductions, market acceptance of new products, launches of competitive products and other unforeseen factors. In no event shall ROCKWOOL International A/S be liable for any direct, indirect or consequential damages or any other damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other action, arising out of or in connection with the use of information in this shareholder magazine.

3 Ready, Set, Go! The first packages of ROCKWOOL insulation have been shipped from the Group s new plant in Mississippi, USA. This summer ROCKWOOL North America is starting a new chapter in its 25 year history. After much anticipation and a year of construction, the production line in Marshall County, Mississippi, commenced operation in June. I am very proud today to see the factory up and running exactly as planned one year ago, says Trent Ogilvie, President of the ROCKWOOL Group s operation in North America. His team has worked tirelessly to have the equipment and staff training ready for the start of production. Experienced process operators from existing ROCKWOOL factories have supported their new American colleagues in the important initial phase. This is the time when machinery is being run-in, efficiency is gradually improved, with product and environmental quality being thoroughly documented and verified. In addition to production training, the team has participated in numerous leadership courses and 30 hours of OSHA (Occupational Safety and Health Administration) training; a crucial part of any production facility. When completed, the new Mississippi team will have achieved over 25,000 training hours. Doubling the capacity While the ROCKWOOL Group already has two factories in Canada, the new factory will increase the total capacity in North America by 50%, employing approximately 150 people. This investment will allow the company to reach the southern I am very proud today to see the factory up and running exactly as planned one year ago. Trent Ogilvie, President of ROCKWOOL North America US states and explore new market opportunities. The US offers one of the largest insulation markets in the world and, although currently dominated by glass fibre and plastic foam products, the potential for growth is significant. Trent Ogilvie comments: The new factory is an important milestone in our long term plan to grow market share in North America. The southern US represent a very large population cluster of approximately 100 million people and is an obvious gap in market coverage by our existing factories. Although the climate is warmer than Canada and the northern part of the US, the building codes still demand significant insulation levels that have been increased over the past few years. The south is also the fastest growing part of the US and is attracting many new industries, such as major European and Japanese car companies, which in turn drives the demand for building envelope insulation. Further the US Gulf Coast is a strong industrial market for refineries and petro-chemical plants that require large quantities of technical insulation. 3

4 Getting the best of two worlds The new chairman combines insights from finance and industry. To Bjørn Høi Jensen, our new Chairman of the board, the world of industry and building materials is certainly not new. He already has solid background experience, having joined the ROCKWOOL Group board in 2009 and has also served on the board of the VELUX Group façade window subsidiary. improvement within 3-5 years. In an organisation like the ROCKWOOL Group, we often have a longer and wider horizon. However there is still the clear perspective that even a long term project, for example R&D or expansion into new continents, should pay a decent return on investment within a defined period. Bjørn Høi Jensen s main career, though, has been in finance. Back in the 1980s, he was one of the pioneers in the fledgling Danish private equity world. Starting out at the Danish bank SDS, he spearheaded one of the first Danish buy-outs. In 1994, he moved on to found the Scandinavian capital fund EQT, together with three Swedish partners, with the Wallenberg family as one of the main investors. Initially he headed the Copenhagen office and later assumed responsibility for the German and North European enterprise. Then there is the financing difference. In the equity world we rely on bank loans to a large extent. The ROCKWOOL Group has been wise enough to operate with high financial solidity to counter the ups and downs of the cyclical building industry. We do not want to be at the mercy of banks in difficult times. Would it have been an advantage for you to have had CEO experience from a major group? Not necessarily. What do you see as the value of your finance and private equity experience for an industrial business like the ROCKWOOL Group? Aren t they two different worlds? They might have been separate worlds when we started out in the late 1980s, but the logics have moved closer to each other. In reality, what you do in the private equity world is to act as an owner representative within the company you have acquired. You have a tool box which you immediately activate. You ensure alignment of interest between owners and managers through, for instance, share option programmes, defining strategic goals, and enabling quick implementation of plans by rapid decision-making. My point is that, while these principles were radically new when I started in business, in more recent years many industrial companies have actually adopted them into their way of operating. So I have a great deal of experience to offer the Group, gained from my many years working with industrially-oriented equity funds. Where do you see the main differences? There is, of course, the time perspective. Within private equity, you create a pressure cooker with the objective of delivering clear One has to remember the role of the board. We are there to control and challenge top management, not to run the business. If you have been a CEO yourself, there is a risk that you enter into operational details you should stay clear off or that you get too close and too cosy with executive management. Then you lose the necessary professional distance. An equity world background definitely seems to be valued in Danish board rooms today. Bjørn Høi Jensen s successor as head of EQT Denmark, Ole Andersen, is currently board Chairman of the country s biggest financial institution Danske Bank, as well as the design icon B&O and the food ingredient company Chr. Hansen. Is our new Chairman also on the way to adopting further board positions in major companies? I am not planning to sit on numerous boards of other major industrial companies. For me, that is not feasible, if I am to deliver the quality needed and expected, especially of a Chairman. I have deliberately limited my board positions to a selected few areas which are close to my heart and mind: the ROCKWOOL Group within international business, the liberal think tank CEPOS within the political arena, ERHVERVSINVEST engaged in my old field of 4

5 private equity and, finally, the BEVICA foundation which is a benevolent fund supporting projects for disabled people. That will do for now. The founding family still has a major shareholding in the Group. What are your thoughts on that and how does it impact you as Chairman? It s an asset. Recent business studies have shown that, measured over a long period of time, family led businesses perform better than other companies. In my view this has to do with strong owner interest in the long term development of the business, backed by a clear structure for governance. the necessary changes when the digital big bang hit the world of photography. That s something we have to watch out for when establishing priorities. One of my key maxims is never to rest on our laurels, even in good times. The Group has fared the financial crisis well, but we should not be complacent. Are we in good shape to meet the winds of change? Or, even better, we may create the winds of change! We have a strong presence of very skilled people with many years of industry experience, but we also need to secure new talent to deliver innovative solutions. That balance has to be in place to assure our continued success. Of course, it also means there will be challenges as Chairman, but I would never have taken this position if I didn t believe that I would have the necessary freedom to operate effectively. Where do you see the major opportunities and challenges going forward? In so many industries, we are witnessing how rapid technological development can be at odds with traditional business models and completely wipe out established players. KODAK is a classic example of a giant which - despite all efforts could not deliver We really have a very strong platform, based on our leadership in stone wool technology, which can be leveraged further in new markets and applications. In my view we have broadened our leadership over the last few years. The recent moves into additional system solutions - where we bundle our stone wool products with complementary products - is an example of a valuable customer-oriented approach. Prudently following this path, I feel very confident that we can continue to excel. 5

6 Expansion into Turkey The Turkish construction market is moving full steam ahead, making the ROCKWOOL Group turn its eyes towards the country that connects the east to the west. 6

7 When you are living in a country that fluctuates between extremely hot summers and freezing winters, there are massive demands on the insulation of buildings. This makes the ROCK- WOOL Group and Turkey a perfect match even though insulation may not be the very first thing that comes to mind when thinking about Turkey. High energy taxes and government mandates are a positive influence on the demand for insulating materials in this country with a population of more than 70 million. There are several centres where growth is particularly strong, in particular around the metropolis of both Istanbul and Ankara, as well as the coastal tourist areas towards the south. The Turkish insulation market is today valued in excess of DKK 3 billion and growing strongly. Our products and system solutions suit this market perfectly, so we have to make a move right now in order to position ourselves in relation to our competitors, says Thomas Juul Jensen, Managing Director of the subsidiary company ROCKWOOL Turkey. East and West connection Being itself a part of the Balkan peninsular, Turkey shares close historical, cultural and commercial ties in the region whilst at the same time an almost equivalent relationship with those countries of the Middle East. The ROCKWOOL Group has been active in Turkey for several years, but has only recently boosted its business development Turkey has a buoyant construction market with continued growth forecast way above the normal trends seen in Europe today, attracting of course international attention. The insula- Products and system solutions ROCKWOOL Turkey offers a range of products and solutions for the customers in this region. The focus is first and foremost on exterior facade insulation and facings, but the product range also includes standard solutions for walls, ceilings and flat and pitched roofs, as well as technical insulation for industrial applications. 7

8 tion sector growth is also expected to outstrip construction market growth, and we should of course not just let that ship pass us by, Thomas Juul Jensen explains. Because of this, it was decided to establish a subsidiary company in Today that company is the focal point for all of the Group s activities, not just in Turkey but also in the south-eastern Balkans Romania, Bulgaria, Greece, Albania, Macedonia and Cyprus as well as the Middle East. The aim is to capitalise on the obvious synergies that exist between the countries in this part of the world in total the region has a population of more than 315 million. The road to market The company has been undergoing rapid development and today operates from sales offices in Bucharest, Sofia and Dubai with the head office in Istanbul. Notably in Turkey, the company is gaining market share in the important area of exterior facade insulation (ETICS) and is also experiencing growth in other product categories. In the longer term, we will need to decide if it s viable to establish production in Turkey. Today, manufacturing takes place at our factories in the EU, which is not optimal because of long distance transportation, Thomas Juul Jensen says and continues: In this part of the world, a lot of business is built on long term relationships. So investing in a production facility, would be an important signal to our customers that we re here to stay. Huge market for facade insulation It may come as a surprise but, today, Turkey is one of the biggest markets for exterior facade insulation (ETICS) in Europe. This is a business area in which the ROCKWOOL Group can offer a wide range of systems and solutions that will undoubtedly benefit potential Turkish customers. As such, the Turkish subsidiary company has already participated in several large projects, including an impressive exterior facade insulation project near the capital Ankara, which boasts some 1.2 million square metres of ROCK- WOOL insulation. For the future there are many high-rise projects where ROCKWOOL insulation is typically in a strong position to offer the optimal solution. If we look out across the entire region from the countries of the south-eastern Balkans across Turkey more than 100 million square metres of exterior facade insulation is installed every year. This corresponds to roughly half of the total market in Europe. Yet currently the market is dominated by plastic foam insulation, with stone wool having a mere1%-2% market share. 8

9 In this part of the world, a lot of business is built on long term relationships. So investing in a production facility, would be an important signal to our customers that we re here to stay. Thomas Juul Jensen, Managing Director ROCKWOOL Turkey Training and education Thomas Juul Jensen reports that there are already 8 local stone wool manufacturers in Turkey today, which means there s some solid awareness to build on. The market is, however, first and foremost dominated by foam insulation, which today accounts for 65%-70% of the market. We are currently focusing on positioning the ROCKWOOL brand in the market and generating awareness of stone wool s unique properties. We are, among other things, currently setting up a training and educational facility in Istanbul, where experts can increase their knowledge in the field. This will help build the ROCKWOOL brand and create credibility in the market, Thomas Juul Jensen concludes. 9

10 Facade business boost in Europe The ROCKWOOL Group is pleased to welcome the German facade company HECK Wall Systems into our family of companies. This acquisition creates an important platform for growth in Europe. It s busy times in Marktredwitz, Germany, where HECK Wall Systems is based, just a two hour drive from Munich and right in the heart of Europe. New colleagues from the ROCKWOOL Group and HECK Wall Systems are working closely together to shape a joint future as part of the same family. Spirits are high and so are the ambitions. This transaction is an exciting new chapter for the company and our customers. With the acquisition of HECK Wall Systems, we aim to take market share in Germany and significantly expand the business throughout Europe, says Volker Christmann, Managing Director in ROCKWOOL Germany, with overall responsibility for the new subsidiary. 100 years of expertise With its two strong brands Rajasil and HECK, HECK Wall Systems is one of the leading producers of renovation and refurbishment products and insulation systems in Germany. The company has been active in the market for more than 100 years. Some 60 years ago the company introduced the world s first external facade insulation system also known as ETICS (see text box). Today HECK Wall Systems has a workforce of about 200 employees. 10

11 At HECK Wall Systems the fully-automated production facilities produce mineral-based dry factory-mixed mortars, wet adhesive products and specialised construction materials for the durable refurbishment of precious historic buildings, as well as for new construction projects. The portfolio comprises products for the renovation of masonry, timber framing and natural stone constructions and facades, as well as render and coatings, including exterior insulation finishing systems. Building an international business With the acquisition of the Polish company FAST in 2010, the ROCKWOOL Group now has the necessary key technologies in render, mortar and paints to build an international facade system business. This development is in line with a clear market trend: the building industry is increasingly looking for total system solutions to optimise the construction process. The acquisition of HECK Wall Systems complements the Group s existing business in Europe extremely well. We have, in recent years, seen strong growth in the market for facade insulation which is indeed an area with a lot of potential for the ROCKWOOL Group, says Henrik Frank Nielsen, Division Managing Director Europe. The acquisition of HECK Wall Systems was finalised end 2013 and the integration with the existing ROCKWOOL organisation What is ETICS? Since the 1960s, ETICS (External Thermal Insulation Composite Systems) have become increasingly popular throughout Europe. Their main purpose is to reduce heat loss from buildings and save energy for the benefit of their inhabitants and the environment. They provide a layer of insulation, commonly expanded polystyrene (EPS) or mineral wool boards, covered by layers of thin rendering such as plaster, paint and stucco. Using ROCKWOOL insulation in an ETICS facade system, improves the thermal performance of the building as well as providing fire-retardant and acoustic benefits, without taking up valuable internal floor space. All these advantages combine with the external visual makeover to breathe new life into older buildings. is in place, including IT and business systems. The main task right now is to align products, branding, marketing and communications activities, without jeopardising current business. More facade systems to come The ROCKWOOL Group sees acquisitions as an important part of our growth strategy, alongside working actively to develop and promote new system solutions to meet customer demand. In 2013 and 2014 the facade systems REDAir and REDArt have been introduced to a number of European markets. The facade insulation market holds promising growth potential due to the pressing need for energy renovation of older buildings in Europe and elsewhere. Facade insulation is increasingly a favoured solution offering the double benefit of better energy efficiency and improved aesthetics, at an affordable cost. 11

12 The innovation of growing more with less Over the past forty years the ROCKWOOL Group has built a profitable and fast expanding business in the specialised niche of horticultural growing media solutions. This is a market which has no connection to the building industry, but is still based on stone wool. Society today is becoming aware of the limits to our current ways of producing food. The planet s resources are running out and we need to feed an ever expanding world population. Our quality of life is improving and, for the first time in our history, there are more people living in cities than in the countryside. We need to produce a great deal more, but do so using only half the land, water, nutrients and energy in areas where growing conditions are not optimal. Precision Growing for a sustainable future The GRODAN company strategy aims to make a serious contribution to sustainable horticulture. Hub Janssen, Managing Director GRODAN, explains: We believe that we can feed twice as many people in the world, with tasty, healthy and safe fresh produce but with half of the resources we use now. How? By offering solutions that enable Precision Growing. These challenges are what drive the GRODAN company, a specialised part of the ROCKWOOL Group. For more than forty years, it has been the global market leader in supplying innovative and sustainable stone wool growing media for professional horticulture. These solutions are employed in the cultivation of vegetables, flowers and other crops. The company is active in more than 60 countries worldwide and its head office is in Roermond, the Netherlands. The cultivation of one kilogram of field-grown tomatoes requires 100 litres of water. However, if the plants are cultivated according to Precision Growing principles on GRODAN stone wool, as little as four litres of water are needed for every kilo of tomatoes. 12

13 One cubic metre of basalt rock produces fifty cubic metres of stone wool sufficient to grow 350,000 kg of tomatoes, one million cucumbers or 175,000 peppers in a sustainable manner. After use, the stone wool created from the one cubic metre of basalt can be used as raw material to produce eight cubic metres of bricks. Recycling stone wool after use means both less new basalt and a saving in the amount of clay or sand, which would otherwise be required as raw material for brick manufacturing. Globally applied growing solutions Horticultural businesses all over the world make use of GRODAN solutions which are a perfect fit for closed cultivation systems. Through its high quality products and tools, the company offers incomparable added value and fully expects to maintain market leadership. In the North American market, for instance, legislation has played a key role in stimulating closed cultivation systems, to avoid pollution into lake and ground water. Furthermore the company sees new business opportunities arising in Asian markets, where both yield per square metre and food safety are very important issues. Precision Growing literally means growing more, using less, in a better way. The GRODAN company offers out of soil growing media giving professional horticulturalists the opportunity to work with closed cultivation systems which enable optimal use of precious resources. The GRODAN growing system includes stone wool plugs for seedlings, stone wool blocks for small plants and stone wool slabs for mature plants. After the growing season, the GRODAN company facilitates the collection and recycling of its products. Alongside its growing system, the GRODAN company offers tailor made advice and specialist tools to ensure maximum yield and quality for customers, at the same time reducing the use of resources like water, nutrients and land. Hub Janssen concludes: Not only does the grower s yield increase, but input costs are also reduced. In short, it s a winwin for growers, consumers and the planet. Our growing media technology is already being recognised as a perfect solution for sustainable cultivation in climates where high yields have been unachievable. We also expect our solutions to be increasingly used in the expanding market for closed greenhouse cultivation, explains Hub Janssen. For the future, the GRODAN company will continue to invest in bringing Precision Growing to the next level. Hub Janssen concludes: Innovation in food production affects the very survival of people on the planet. Our method of cultivating fresh produce is the way forward and we firmly believe that this will be the common practice globally within the near future. I see the outlook for vegetable production as nature and high-tech working hand in hand. We will get the best out of nature, with little to no negative impact on our planet s health, supported by high-tech developments. And the GRODAN company s innovative solutions are entirely in line with this direction. 13

14 Suspense over new energy agreement in Europe The political manoeuvrings over a new climate and energy agreement are in full motion. All signs point to a stricter protocol, which is welcomed by the ROCKWOOL Group. The table has been set for political suspense this autumn when the 28 member nations of the EU are going to negotiate a new climate and energy agreement for 2020 to This is an area that has usually entailed great disagreement between member nations. While Denmark is advocating increased requirements and binding targets for the climate and energy pact, countries like Poland are very concerned about how this will affect their economy and industry. The cause for these new political trends is first and foremost to be found in the conflict between Russia and Ukraine, which has suddenly brought energy security in Europe to the top of the agenda. Today, Europe is very much dependent on imported resources for instance Russian gas - with more than half of the EU s energy consumption being sustained from outside. That amount is expected to rise if no deliberate action is taken to pull in the other direction. The EU should get cracking The discussion about the new EU climate and energy agreement was jump-started at the beginning of the year when the European Commission led by the Danish Commissioner for Climate Action, Connie Hedegaard presented what was being called the world s strictest climate plan. It included, among other things, a proposal to reduce the emission of greenhouse gasses by 40% and increase the share of renewable energy by at least 27% towards Energy security in Europe The new climate and energy agreement is to build on the 2012 settlement that was secured after much deliberation under challenging conditions. At that time, heads of state and government finally agreed that the EU will reduce its emission of greenhouse gasses 20% by 2020, improve energy efficiency by 20% and promote the use of renewable energy sources so that they account for 20% of the EU s energy composition. Now, it s all about the period from 2020 to 2030 and, once again, the negotiations are expected to encounter rough seas. Lately, however, there has been a change in attitude among the sceptics, which may help to speed up the EU s energy ambitions, Claus Bugge Garn explains. As public affairs manager in the ROCKWOOL Group, he follows the developments closely. The Commission also stressed the need for increased energy efficiency in the EU, but would not lay down concrete targets, preferring to wait for an evaluation of the new plan, which is currently being compiled. This involves the 28 member nations submitting a status report of their plans and activities towards 2020 which will provide the basis for new energy targets. This is a stance that we support in the ROCKWOOL Group. We believe that thorough analysis will result in a better agreement than if they try to rush it through, Claus Bugge Garn says and continues: For our part, we d like to offer an unmistakable call for the EU to be ambitious and consider the long term when it comes to climate and energy. In the EU, we actually already have the technologies that can play a part in reducing our dependence on imported energy while, at the same time, helping the climate, the economy and job creation. Not least when it comes to improving the energy efficiency of buildings where insulation, quite naturally, plays a vital central role. So EU, it is just a matter of getting cracking and shaping up, Claus Bugge concludes. 14

15 Energy renovation offers tremendous scope for the EU As a homeowner, there is potentially a lot of money to be saved by insulating your house and reducing energy consumption. But these savings are not just about the individual homeowner. If the EU truly wants to ensure substantial improvement within the climate and energy arena, one important key lies in making energy and CO 2 reductions through the renovation of existing buildings. Claus Bugge Garn, public affairs manager in the ROCK- WOOL Group, explains: Buildings today are responsible for 40% of the total EU energy consumption and are, as such, one of the biggest energy drains and climate offenders we have. There are about 200 million buildings in the EU and the majority of them do not live up to modern construction standards. In comparison, less than 2 million buildings are constructed every year. While it is, of course, great that they are being built in accordance with new stricter energy requirements, that does not change the fact that the biggest potential energy savings are to be found in existing buildings. 15

16 Climate Commissioner came by The Danish Commissioner for Climate Action, Connie Hedegaard, had nice things to say about the ROCKWOOL Group when she visited the headquarters in Hedehusene earlier this year to discuss the EU s climate and energy policies with employees and management. The Climate Commissioner was given a tour of one of the office buildings, where the annual energy bill has been slashed by up to 85% following total renovation and this at a price about DKK 30 million less than the cost of demolishing the building and constructing a new one. During her visit, Connie Hedegaard stressed how encouraging it is for her to be presented with tangible examples of how we can all help to address the challenges of climate change. She also emphasised how important it is to present positive affordable solutions that people can implement themselves and that insulation is clearly one of the easiest and quickest paths to energy savings. Furthermore, the ROCKWOOL Group received encouragement to put even more pressure on politicians to rise to the climate challenges we are all facing. Would you like to save money and protect the environment? Each year ROCKWOOL International A/S spends a considerable amount on envelopes, paper and postage sending out the notice convening the general assembly. In fact we are using more than 18,000 envelopes for this purpose. Quite apart from the cost, so much paper is a burden on the environment. Should anyone still wish to receive the notice by letter, there is an option to state this on the shareholder portal. If this is your preference, it is important to register by ticking the box for written communication, as we from 2015 will only be using notification unless specifically requested otherwise. We want to do something about this by introducing registration for shareholders. Therefore we are asking our shareholders to register their address on the shareholder portal at so that from 2015 onwards they can receive the notice convening the general assembly by . We hope that many shareholders will support us in reducing our costs and paper consumption by subscribing to this online service. The carbon emission of this printed matter is evaluated according to ClimateCalc. XXX-XXX Printed matter CLIMATE NEUTRALIZED Cert. no. CC /DK