and B-shareholders to B-shares, while only the respective shareholders in each capital class have a right of proportional subscription to new shares when the increase contains exclusively A- or B-shares. Shares originating from a capital increase, shall – in respect of rights, redemption and transfer options, whether they are made out to a name or the holder, whether they are negotiable instruments or non-negotiable instruments, and their right of pre-emption in future capital increases – correspond entirely to the existing shareholding in the relevant capital class. Shares confer a right to dividend and other rights in the company from the time specified in the decision to increase capital or at a time determined by the Board of Directors. Dividends to A-shareholders are paid to the addresses listed in the register of owners. Dividends to B-shareholders are paid through VP Securities in accordance with their registration of the shares. Dividends that are already due and that have not been drawn within five years of the date on which they were due for payment, are assigned to the company’s reserves, and the issued coupons subsequently hold no value for the company. § 5. Lost ownership certificates, any temporary certificates, certificate of subscription rights, coupons and counterfoils can be declared null and void without judgement under the applicable rules pursuant to legislation at any time. § 6. In the event that a shareholder wishes to dispose of one or more A-shares, these must be offered to the Board of Directors on behalf of other A-shareholders at a price that may not be lower than the average of the share prices confirmed as purchase price for B-shares on the Copenhagen Stock Exchange for the three months preceding presentation of the offer. The offer must be accompanied by a certificate from a financial institution or stockbroker concerning the aforementioned average share price. If there has been no share listing for B-shares within the three preceding months, the A-shares to be disposed of shall be offered at a price that is no lower than the value of the B-shares as valued by a financial institution or stockbrokerage firm appointed by the Board of Directors at the relevant time. The Board of Directors shall immediately inform the parties entitled to a pre-emptive right of the content of the share offer, and those entitled to this pre-emptive right then have a deadline of 30 days in which to accept the offer. Within 30 days of accepting such an offer, the Board of Directors shall inform the relevant shareholder of whether there are other A-shareholders who want to acquire the relevant capital item. The purchase amount is received within one month from acceptance. If the other A-shareholders do not, or do not fully, utilise their right of pre-emption for the offered A-shares, the shareholder wishing to sell is entitled to sell what the other A-shareholders do not want to purchase to a third party under the same conditions and at a price that may not be lower than that offered to the other A-shareholders within a period of three months. After this deadline has expired, the rule on right of pre-emption must be observed once again. Transfer of shares by inheritance or transfer of shares during life to a spouse, descendant or to the subscriber’s private trust are not covered by this provision.
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