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Current authorisations

The Board of Directors has two valid mandates.

Authorization granted by the AGM

The Annual General Meeting (the “AGM”) held on 30 May 2018 authorized the Board of Directors to decide to issue and/or to convey a maximum of 100,000,000 new shares and/or the company’s own shares either against payment or for free.

The Board of Directors may also decide on a free share issue to the company itself. The number of shares issued to the company shall be a maximum of 1/10 of all the company’s shares.

Further, the Board of Directors is authorized, within the limits of the above described authorization, to grant also special rights referred to in chapter 10, section 1 of the Companies Act.

The Board of Directors decides on the other terms and conditions related to the share issues and granting of the special rights. The authorization is valid for one year from the decision of the Annual General Meeting, i.e. until 30 May 2019.

The Board of Directors has not exercised this authorization during the financial period.

Authorization granted by the EGM

The Extraordinary General Meeting (the “EGM”) held 14 September 2017 authorized the Board of Directors to decide to issue and/or convey a maximum of 900,000,000 new shares and/or the company’s own shares either against payment or for free.

The Board of Directors may also decide on a free share issue to the company itself. The number of shares issued to the company shall be a maximum of 1/10 of all the company’s shares.

The Board of Directors is authorized, within the limits of the above described authorization, to grant also special rights referred to in chapter 10, section 1 of the Companies Act.

The authorization is valid no longer than five years from the decision of the EGM, i.e. until 14 September 2022. The authorization did not revoke the previous authorizations. The authorization granted by the Extraordinary General Meeting may also be used part of the company’s incentive schemes.

The Board of Directors has exercised this authorization during the financial period as follows:

The Board of Directors approved on 3 September 2018 the offer made on 2 September 2018 by Fitzroy Investments Limited (“Fitzroy) regarding an equity investment in the total amount of 5 million euros. Fitzroy subscribed for 52,555,040 new shares in the company with the total subscription price of 2.09 million euros at a price per share of about 0.04 euros. In addition, Fitzroy has subscribed for 72,444,960 freely transferable warrants entitling, but not obligating, their holder to subscribe for 72,444,960 new shares in the company with the total subscription price of 2.91 million euros at a price per share of about 0.04 euros prior 24 September 2019. The issuance of the shares and warrants was resolved by the Board of Directors of the company under the authorization granted by the Extraordinary General Meeting of the company on 14 September 2017. The company raised gross proceeds of 2.09 million euros and the subscribed shares represent approximately 29.99% ownership in the company.