Dividend Policy

Decisions relating to dividend proposals take into account the Company’s future earnings, financial position, capital requirements and the macro environment. There can be no assurances that in any given year a dividend will be proposed or declared. Any future dividend payments from Lauritz.com Group A/S will originate from Lauritz.com A/S. The terms of bonds issued by Lauritz.com restrict Lauritz.com A/S’s ability to propose and declare dividends to Lauritz.com Group A/S. Under the terms of the bonds, Lauritz.com A/S may, among other things, not pay any dividends, provided however, that any Restricted Payment can be made, if such Restricted Payment is permitted by law and no event of default is continuing or would result from such Restricted Payment and to the extent the aggregated amount of all Restricted Payments in a financial year does not exceed 25 % of the Lauritz.com A/S group’s consolidated net profit according to the audited annual financial statements for the previous year.