Boltens Gaard | Investment Memorandum

INVESTMENT MEMORANDUM STRICTLY CONFIDENTIAL | COLLIERS

Boltens Gaard Copenhagen ES TD 17 67

Investment Memorandum

BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

2

04

06 Key highlights

08

Introduction

Location

12

16

30

Destination Boltens Gaard

Property overview

Financials

32

34

36

Contents Transaction structure

Contacts

Disclaimer

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INTRODUCING BOLTENS GAARD

Mixed-use landmark property with a strong brand identity, situated in prime Copenhagen location.

BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

Colliers is pleased to introduce Boltens Gaard (the Property), a rare oppor tunity to acquire an remarkable mixed-use property complex in the very heart of Copenhagen. Comprising a total GLA of approximately 9,100 sq m, Boltens Gaard consists of ten interconnected buildings surrounding a charming pedestrian passageway and courtyard, with access from the bus tling roads of Gothersgade and Store Kongensgade in central Copenhagen. The Property enjoys an unrivalled location in the Copenhagen city centre, a mere 3-minute walk from Kongens Nytorv metro station and Strøget. Sur rounded by some of Copenhagen’s most visited sights and venues, footfall is extremely strong all year round, underpinning the absolutely prime location. Colliers has been retained as exclusive sell-side advisor by DK Resi Hold co II ApS (the Seller) on the proposed sale of the Property (the Proposed Transaction). The Transaction is to be structured as a share deal involving entities directly or indirectly owning the Property (the ‘Target Companies’). For an overview of the current ownership structure and the structure of the Proposed Transaction, please refer to p. 32, The Transaction. This investment memorandum (the IM) has been distributed to a limited number of prospective buyers together with a financial data package (the FDP). Interested parties will be offered the opportunity to conduct site visits together with a Colliers representative.

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10 buildings across three separate but adjoining title nos. BOLTENS GAARD

1700-1991

Originally constructed

9,111

GLA (sq m)

1,366

- F&B

1,888

- Leisure

2,851

- Residential

2,750

- Office

256

- Retail

32

Residential units

19.1

NOI (year 1), DKKm

98%

Occupancy rate

3.1 years

WAULT (commercial) 1

C

EPC rating

5

Note: (1) As of 1 April 2026.

Unmatched Copenhagen landmark with true destination appeal – a well-known asset with distinctive brand identity, Boltens Gaard has been a Copenhagen fixture for several centuries. The recent repositioning has truly revitalised the asset and today, Boltens Gaard stands out as vibrant Copenhagen hotspot.

BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

Investment highlights Stabilised performance and diverse in come profile – through meticulous asset management, operations across uses have greatly improved. This is reflected in the occupancy rate, which stands at +98%, and concentration risks have been eliminated with no tenant accounting for more than 14% of total NRI.

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Curated and complementary tenant mix – a key driver of Boltens Gaard’s success is the carefully selected tenant composition, where concepts reinforce and complement one another, minimising internal cannibal isation. Customers are offered a range of different options, contributing to an enjoy able and interesting visitor experience.

Prime city centre location with exception al footfall – located a mere 3-minute walk from Kongens Nytorv metro station and Strøget, and surrounded by some of Co penhagen’s most visited sights and ven ues, footfall in and around Boltens Gaard is very high, supporting sustained traffic for businesses in the complex.

High-visibility and de-risked cash-flow with reversionary potential – key tenants in cluding the top 5 tenants measured by NRI (approximately 40% of total NRI) have com mitted to leases on attractive terms, greatly reducing operational risks. Additional ERV upside is still to be unlocked, further im proving cash flow prospects.

Streamlined commercial lease contracts – with approximately 60% of leases signed in the last five years under the same own ership, the contractual framework is uni form and easily understood, making day to-day operations easier to manage and helping to limit any potential legal issues affecting tenant turnover.

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Location

BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

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LOCATION

Running between some of Copenhagen’s charming and picturesque historic streets in the very heart of the city, the Property lies next to the square of Kongens Nytorv in an area characterised by prominent landmarks and some of the city’s most visited shopping and tourist destinations, Copenhagen’s premier high street Strøget and the popular entertainment hotspot Nyhavn.

Overall, the location offers a truly special combination of modern living, shopping and leisure activities, trendy cafés and restaurants, prestigious office premises and historical culture in one of Copenhagen’s most central and attractive neighbourhoods.

The district around Kongens Nytorv, in conjunction with the exclusive up per end of Strøget, constitutes a lively and popular part of the Copenhagen city centre, offering high-end residences and business premises in historic buildings near the waterfront. The square of Kongens Nytorv itself features a string of iconic buildings, including 5-star Hotel d’Angleterre, upmarket department store Magasin and the Royal Danish Playhouse. Traditionally, the district is preferred by law firms, professional and business service con sultancies, financial institutions, art galleries, etc. Myriad students, tourists and locals flock to the area, with an abundance of cosy cafés, nightclubs, restaurants attracting a wide audience, contributing to a bustling city vibe. From the Property, it is short walk to the Copenhagen metro at Kongens Nytorv, where four metro lines converge and connect to the city’s other districts as well as to S-train and regional train links to destinations across Greater Copenhagen and Denmark. From Kongens Nytorv, there is a swift direct metro link to Copenhagen Airport (CPH) with a travel time of approx imately 15 minutes.

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Unrivalled city centre location

26, SANKT ANNÆ VESTER KVARTER, KØBENHAVN

STORE KONGENS GADE 35, SANKT ANNÆ VESTER KVARTER, KØBENHAVN

GOTHERSGADE

BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

25, SANKT ANNÆ VESTER KVARTER, KØBENHAVN

Kongens Nytorv

BREDGADE

KONGENS NYTORV METRO 250 m 3 min walk

KONGENS HAVE GARDENS 300 m 4 min walk

NYHAVN, CPH HOTSPOT 275 m 3 min walk

AMALIENBORG PALACE 600 m 7 min walk

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11

Destination Boltens Gaard

BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

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Exciting Copenhagen hotspot concept offering an array of leisure, dining and shopping options in the heart of the city. DESTINATION BOLTENS GAARD

Brasserie Sài Gòn, Bahn Mi Cph), Nordic style dining (Den Lille Fede) and cosy bars such as Den Jyske Ambassade and Ølhaven (‘the Beer Garden’), the latter specialising in craft beers. The retail component has a strong focus on beauty and wellness, with two nail salons and a full-service beauty salon, Statement Copenhagen. In addition, Boltens Gaard is home to OTHMAR, a shop run by Danish fashion jewellery designer Charlotte Othmar.

Running between the busy roads of Gothersgade and Store Kongens Gade in central Copenhagen, Boltens Gaard is packed with activities and services in one single destination, with restaurants and bars, fun activities and shops found along a cosy central pedestrian passageway and courtyard lined with charming historical buildings that create a truly special ambience. In recent years, Boltens Gaard has undergone comprehensive redevelop ment and has transformed into a contemporary and attractive Copenhagen destination. Today, Boltens Gaard offers a strong and sustainable mix of leisure, retail and F&B (Food & Beverage) leases, attracting visitors, residents and its own office tenants alike. This is made possible by the simply unri valled city centre location, a mere 3-minute walk from Kongens Nytorv met ro station and Strøget, together with some of Copenhagen’s most popular sights and venues securing strong footfall in the local area. One of the key customer magnets is the leisure component targeting groups of friends or families looking for a fun activity or night out. The lei sure mix includes the Property’s largest tenant (1,039 sq m lease), Camping (highly popular drop-in mini-golf and cocktail bar) along with On Air (full game show set up) and POOL (modern pool bar with a fine collection of wine, cocktails and snacks).

In its new setup, Boltens Gaard has truly revitalised its location and its brand identity, making it an ideal place to visit, live and work.

Another key component is the curated selection of eateries, bars and res taurants (F&B), ranging from authentic Vietnamese deli and cuisine (Mr Pho,

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BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

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BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

GOTHERSGADE

STORE KONGENSGADE F&B Leisure Residential

Office Retail

Property overview

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Well-diversified and stabilised income streams

Key facts

Breakdown of NRI by uses 1

9,111

Total GLA, sq m

8,946

Occupied GLA, sq m

165

Vacant GLA, sq m

F&B: 25% Leisure: 24% Residential: 24% Office: 22% Retail: 5%

98.2

Occupancy rate, %

3.1

WAULT, commercial leases 2 , years

52

Total no. of tenants

Breakdown of GLA by uses

8

- Hereof office tenants

5

- Hereof F&B tenants

3

- Hereof leisure tenants

F&B: 15% Leisure: 21% Residential: 31% Office: 30% Retail: 3%

4

- Hereof retail tenants

32

- Hereof residential tenants

Note: (1) NRI, Net Rental Income on a fully let basis.

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Note: (2) As of 1 April 2026.

Largest commercial tenants generally committed on long leases

TOP-5 TENANTS TENANT Camping Denmark ApS Ghost Ship Games ApS Pho Copenhagen ApS

GLA, SQ M

USES YEAR 1 NRI, DKK % OF TOTAL NRI

ULT, YRS. 1

1,039

Leisure Office

2,906,080 2,474,558 1,241,891 1,082,165 1,035,480

13.7% 11.7% 5.9% 5.1% 4.9%

6.4 0.6 8.9 4.5 6.0

957 391 401 448

F&B

Pool ApS BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS BREAKDOWN OF WAULT SEGMENT F&B Leisure Office

Leisure Leisure

On Air Game Shows Denmark ApS

Unexpired lease terms concentrated around Leisure and F&B

% OF COMMERCIAL YEAR 1 NRI

WAULT, YRS. 1

33% 31% 29%

3.3 5.8 0.6 0.4

Retail Total

7%

100%

3.1

Note: (1) As of 1 April 2026..

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19

BACK TO OVERVIEW

F&B accounts for 25% of total NRI

BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

Largely stabilised F&B lease situation with just a single vacant unit

Balanced concept mix with different cuisines help to enhance the overall attractiveness of Boltens Gaard

Unexpired lease terms contribute to the overall robustness of cashflows

Attractive NPI-linked indexation terms

F&B

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FOOD & BEVERAGE (F&B) TENANTS ADDRESS / FLOOR TENANT

GLA

NRI (YEAR 1)

INDEXATION OF RENT 2

ULT 3

(sq m)

(DKK p.a.)

(DKK per sq m)

Minimum Maximum Years

Gothersgade 8E, ground. Store Kongensgade 5C

Vacant 1

165

592,740 311,833 496,836 1,241,891 620,181 610,147 Incl.

3,592 5,030 4,358 3,176 5,963 4,237 1,077 5,751 3,353 Incl.

-

-

-

Store K ApS

62 67 47

2.50% 5.00% 2.50% 5.00% 2.50% 5.00%

1.2 1.2 1.2 8.9 1.3 0.6 3.0 3.0 3.0

Store Kongensgade 9, ground Store K ApS

Store Kongensgade 9, -1st Gothersgade 10B, ground Gothersgade 8L, ground. Gothersgade 8A, ground Store Kongensgade 13 Store Kongensgade 19C Store Kongensgade 15

Store K ApS

Pho Copenhagen ApS

391 104 144

-

4.00%

Ølhaven ApS

2.50% 5.00% 2.50% 3.00%

Stereo Bar Rekom

3.00% 4 3.00% 4 3.00% 4

Den Lille Fede Den Lille Fede Den Lille Fede

31

33,386

3.00% 4 3.00% 4 3.00% 4

88

506,098 895,338

267

Notes: (1) Expected ERV(NRI) for the vacant unit. (2) Indexation NPI linked unless stated otherwise. (3) As of 1 April 2026. (4) Fixed rent.

Composition of net rental income, F&B RENTAL INCOME, F&B TENANT SHARE Den Lille Fede 27% Pho Copenhagen ApS 23% Store K ApS 15% Ølhaven ApS 12% Vacant 1 11% Stereo Bar Rekom 11%

Note: (1) Expected ERV(NRI) for the vacant unit.

GOTHERSGADE

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STORE KONGENSGADE

BACK TO OVERVIEW

BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

Leisure accounts for 24% of total NRI

Fully let with attractive NPI-linked indexation terms

Three tenants on long non-terminability contracts with strong and complementary leisure concepts

The anchor tenant in Boltens Gaard, Camping Denmark (Camping Bar), has committed to a long lease with earliest possible move-out date in August 2032, providing long-term income protection.

Leisure

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LEISURE TENANTS ADDRESS / FLOOR

TENANT

GLA

NRI (YEAR 1)

INDEXATION OF RENT 1

ULT 2

(sq m)

(DKK p.a.)

(DKK per sq m)

Minimum Maximum Years

Gothersgade 8C, ground Gothersgade 8F, 2nd

Pool ApS

401 448

1,082,165 1,035,480

2,699 2,311

2.00% 4.00% 2.50% 6.00%

4.5 6.0

On Air Game Shows Denmark ApS Camping Denmark ApS

-

Gothersgade 8F, gr. -1st

1,039

2,906,080

2,797

-

6.4

Notes: (1) Indexation NPI linked unless stated otherwise. (2) As of 1 April 2026.

Camping Denmark ApS - a social entertainment venue combining indoor mini golf with a bar experience, where guests can play, drink, eat and hang out in a relaxed, fun atmosphere Pool ApS - A apartment-style bar concept centered around playing pool and socializing with a relaxed atmosphere On Air Game Shows Denmark ApS - An immersive TV-style quiz show experi ence where guests become contestants, competing in teams with buzzers, a live host, and fun challenges

Composition of net rental income, Leisure

RENTAL INCOME, LEISURE TENANT

SHARE

58% 22% 21%

Camping Denmark ApS

Pool ApS

On Air Game Shows Denmark ApS

GOTHERSGADE

STORE KONGENSGADE

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BACK TO OVERVIEW

Residential accounts for 24% of total NRI

2,851 sq m residential GLA across 32 units spanning from sizes between 36 to 254 sq m with an average unit size of 89 sq m

BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

NPI-linked or fixed rent rent adjustment for 28 of 32 units

Fully let with further ERV upside to be unlocked upon churn

All residential units save one have been comprehensively refurbished pursuant to ss 19.2 or 54 of the Danish Rent Act

Average tenure period of approximately 12.5 years, underpinning tenant satisfaction and very stable and low-risk cashflows

Residential

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BREAKDOWN OF RESIDENTIAL UNITS BY RENT DETERMINATION PRINCIPLE DANISH RENT ACT PRINCIPLE UNITS

AVR. RENT (YEAR 1)

(no.)

(DKK/sq m/ p.a.)

Section 19.2 Section 54 Section 19.1

Comprehensively refurbished

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1,806 2,642

Free market rent

1 1

Cost-regulated rent control

579

UNIT SIZES INTERVAL (sq m)

UNITS (no.)

35 - 60 61 - 90 91 - 110 111 - 130 131 - 245

8 9 8 5 2

TOTAL

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GOTHERSGADE

STORE KONGENSGADE

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BACK TO OVERVIEW

Office accounts for 22% of total NRI

BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

Fully let with fairly new lease contracts and attractive NPI linked indexation terms

The central location and proximity to efficient public transport and urban life make Boltens Gaard a desired office location

Unit sizes spanning from 63 to 957 sq m targeting small- and medium-sized enterprises

Quality offices in a contemporary as well as modern state and condition

Office

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OFFICE TENANTS ADDRESS / FLOOR

TENANT

GLA

NRI (YEAR 1)

INDEXATION OF RENT 1

ULT 2

(sq m)

(DKK p.a.)

(DKK per sq m)

Minimum Maximum Years

Gothersgade 10C, 1st Gothersgade 10A, 1st Gothersgade 8B, 3rd Gothersgade 8B, 2nd

EDL ApS

149 159 199 379 294 957 385

243,329 298,900 342,722 588,935 318,852 1,736,167 738,391 156,606 298,405

1,633 1,880 1,722 1,554 1,085 1,814 1,918 2,486 1,809

2.50%

-

1.2

SEAL Management ApS Improve Business ApS Elgaard Architecture A/S

2.50% 5.00%

0.3

2.50%

-

1.1

2.50% 5.00%

0.6 0.3 0.6 0.6 0.2 0.3 0.3

Gothersgade 8L, 1st - 2nd

Proper ApS

2.50% 1.50% 1.50% 2.50% 2.50% 2.50%

-

Gothersgade 8F, 3rd Gothersgade 8F, 4th

Ghost Ship Games ApS Ghost Ship Games ApS

3.00% 3.00%

Store Kongensgade 17A, 1st right Online Minds ApS

63 95 70

- - -

Gothersgade 8B, 1st

Akua Objects ApS Akua Objects ApS

Gothersgade 8B, 1st right

Incl.

Incl.

Notes: (1) Indexation NPI linked unless stated otherwise. (2) As of 1 April 2026.

Composition of net rental income, Office

RENTAL INCOME, OFFICE TENANT

SHARE

Ghost Ship Games ApS Elgaard Architecture A/S Improve Business ApS

52% 12%

7% 7% 6% 6% 5% 3%

Proper ApS

SEAL Management ApS

Akua Objects ApS

EDL ApS

Online Minds ApS

GOTHERSGADE

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STORE KONGENSGADE

BACK TO OVERVIEW

Retail accounts for 5% of total NRI

BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

Fully let with further ERV upside to be unlocked

All retail units facing Store Kongensgade, a prime inner-city location with strong footfall and low vacancy risk

Newly renovated facades with an inviting look

Long-term tenants with three of four leases with a tenure of 25+ years

Attractive NPI-linked indexation terms

Retail

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RETAIL TENANTS ADDRESS / FLOOR

TENANT

GLA

NRI (YEAR 1)

INDEXATION OF RENT 1

ULT 2

(sq m)

(DKK p.a.)

(DKK per sq m)

Minimum Maximum Years

Store Kongensgade 7A Store Kongensgade 17B Store Kongensgade 19A, st. Store Kongensgade 5A

Nail Thaomina I/S

61

343,512 157,273 385,257 264,388

5,631 3,346 4,939 3,777

2.50% 4.00%

0.6 0.6 0.3 0.3

Bella ApS

47 78 70

-

- - -

Statement Copenhagen ApS

3.00%

Charlotte Othmar

-

Notes: (1) Indexation NPI linked unless stated otherwise. (2) As of 1 April 2026.

Composition of net rental income, Retail

RENTAL INCOME, RETAIL TENANT Statement Copenhagen ApS

SHARE

33% 30% 23% 14%

Nail Thaomina I/S Charlotte Othmar

Bella ApS

GOTHERSGADE

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STORE KONGENSGADE

Financials

BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

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OPERATING BUDGET

YEAR 1

DKK total 5,308,449 5,023,725 5,014,547 4,722,309 1,150,431 358,282 4,135,453 460,149 26,173,346

DKK/sq m 1

Net rental income, F&B Net rental income, leisure Net rental income, residential Net rental income, office

3,886 2,661 1,759

1,717

Net rental income, retail

4,494

39

Other income 2 Service charges 3

454

51

Other service charges 4

Gross rental income, fully let

2,873

Notes: All amounts are quoted in DKK. Please refer to the FDP for detailed information. (1) Per sq m GLA. (2) Other income includes provisions, boilerman fee and administration fees from service charges and utilities accounts plus an indexation of 2.00% p.a. to reflect year 1. (3) Based on recovery rates from PwC’s FY25 financial review. Please refer to the FDP for detailed informa tion. (4) Parts of the Property are classified as preservation-worthy resulting in partial exemption from property taxes. However, the landlord is legally allowed to recover costs related to property taxes based on no property tax exemption, which this income reflects. Site and building taxes for the exempted parts of the buildings are estimated by the Seller in accordance with guidelines from EjendomDanmark at DKK 236,081 and DKK 449,352, respectively. (5) Site and building taxes based on 2026 tax notice. Other taxes include pest control, chimney sweeping, duct cleaning and pavement cleaning based on the Seller’s budget. Please make your own assumptions. (6) Waste disposal is based on 2026 figures for the residential part and 2025 figures for the commercial part. (7) Insurance costs estimated by Colliers at DKK 20 per sq m GLA. Please make your own assumptions. (8) Gross figures based on actual FY25 costs (PwC financial review) plus an indexation of 2.00% p.a. to reflect year 1. (9) Janitorial services costs estimated by Colliers at DKK 75 per sq m GLA. Please make your own assumptions. (10) Maintenance costs estimated by Colliers at DKK 175 per sq m GLA, accounting for both external main tenance and maintenance & repairs. Please make your own assumptions. (11) Property management estimated by Colliers at DKK 3,500 per residential unit and 1.50% of the fully let NRI for commercial usage. Please make your own assumptions.

-674,523 -821,605

-74

Site taxes 5

-90

Building taxes 5

-10,075

-1

Other taxes 5

-602,533 -184,650 -1,579,776 -248,141 -692,436 -145,510 -1,615,684 -525,295 -7,100,227

-66 -20 -173

Waste disposal 6

Insurance 7

Utilities 8

-27 -76 -16

Service subscriptions 8 Janitorial services 9 Other operating costs 8 Maintenance costs 10 Property management 11

-177 -58 -779

Operating costs

31

Net operating income, fully let

19,073,119

2,093

Transaction structure

BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

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DK Resi Holdco II ApS (Seller 1)

TRANSACTION STRUCTURE

The Seller PropCos The Property

100%

DK Resi Propco Gothersgade 5A, 8A and 10A ApS CVR no. 37370908

DK Resi Propco Gothersgade 5A, 8A and 10A GP ApS CVR no. 37371181

The proposed sale of the property known as Boltens Gaard, reg istered under title nos. 25, 26 and 35 Sankt Annæ Vester Kvarter, København, situated at Gothersgade/Store Kongensgade 8A-G, 8K-L, 10A-C/5A-C, 7A, 9-15 and 17, DK-1123/DK-1264 Copenhagen K (the Property) through a share deal involving entities directly or indirectly owning the Property (the Target Companies) is referred to as the ‘Proposed Transaction’. In the current ownership structure, the Property is owned by DK Resi Holdco II ApS (the Seller) via a limited partnership company, DK Resi Propco Gothersgade 5A m.fl. K/S (CVR no. 27203175), which is owned by a limited liability company, DK Resi Propco Gothersgade 5A, 8A and 10A ApS, CVR no. 37370908, which in turn owns a general partner company, DK Resi Propco Goth ersgade 5A, 8A and 10A GP ApS, CVR no. 37371181. Please refer to overview of ownership structure to the right. The outlined structure of the Proposed Transaction is tentative and subject to change. By structuring the Proposed Transaction as a share deal, a buyer of the Property avoids paying the registration duty of 0.6% other wise levied on the purchase price in a traditional asset deal.

100%

Target Companies

100%

DK Resi Propco Gothersgade 5A m.fl. K/S CVR no. 27203175

100%

Boltens Gaard, registered under title nos. 25, 26 and 35 Sankt Annæ Vester Kvarter, København, situated at Gothersgade/Store Kongensgade 8A-G, 8K-L, 10A-C/5A-C, 7A, 9-15 and 17, DK 1123/DK-1264 Copenhagen K

As of 31 December 2025, the tax book value of the Property is approximately DKK 220 million.

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Contacts

BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

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Kristian Axel Stokholm Senior Director and Co-Head of Capital Markets | Partner kristianaxel.nielsen@colliers.com +45 31 44 14 42

Andreas Brandt Director, Capital Markets

Thora Nielsen PA | Senior Project Coordinator, Capital Markets thora.nielsen@colliers.com +45 40 43 75 79

andreas.brandt@colliers.com +45 20 88 15 55

Support team

Ahmad Raad Senior Associate, Capital Markets

Julie Rose Malskær Graphic Designer, Design Team | Marketing & Communications julie.rose@colliers.com +45 61 13 97 75

Transaction advisory team ahmad.raad@colliers.com +45 20 44 69 17

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DISCLAIMER

investigations of the Transaction, including any estimates or projections. Neither the Seller nor Colliers may be held liable for any misrepresentations contained in or omitted from this Material. The contents of the Material will not be updated. The Seller and Colliers are under no obligation to correct any inaccuracies identified in the Material. Minor inconsistencies may occur in data tables due to rounding. Colliers is not accountable to any other parties than the Seller for maintain ing client confidentiality and providing advice in relation to the Transaction, the contents of the Material or any other transactions or arrangements referred to or contemplated in the process. The issue of the Material does not constitute investment advice by Colliers or establish a business rela tionship between Colliers and the Recipients. The issue does not include an offer or acceptance of any agreement. An offer for the Target Companies or the Property will only constitute a contractual obligation if set forth and accepted in a final transfer agreement signed by the Seller. By retaining and using the Material, the Recipients acknowledge that the terms and conditions under which the Material is provided are governed by Danish law and accept the contents of this disclaimer.

Colliers has been authorised by the Seller to issue this confidential sales material (‘the Material’) on the Property. The Material is intended for profes sional investors only, who are considered able to assess the risks associated with a transaction such as the Transaction. The Material is not approved for use by individuals or entities that are not the intended recipients, and un authorised use may cause substantial damage to the Seller, Colliers or third parties, including parties that have expressed an interest in the Transaction. Unauthorised recipients of the Material are required to maintain confidenti ality and are further requested to notify Colliers immediately and return or delete/destroy the Material inadvertently received. The information contained in the Material has been compiled to assist interested parties in making their own evaluation of the Transaction, but the Material does not purport to contain all the information that a prospec tive buyer may require. Interested parties are encouraged to conduct their own investigations and analyses of the data set forth in the Material. The contents of the Material have not been verified by the Seller, Colliers or any third party. No representation, warranty or undertaking – express or implied – is made or given by or on behalf of the Seller, Colliers or any third party in relation to the accuracy, completeness or fairness of the information contained in the Material or information made available in connection with any further

BOLTENS GAARD INVESTMENT MEMORANDUM | COLLIERS

All communications, enquiries and requests for information relating to this Material or the Transaction are to be addressed to Colliers.

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