TAX AFFAIRS

Investments made in our funds, which we have chosen to register as share-based investment companies, are generally taxed as follows:

• Private Free Funds: Taxation is regarded as share income, tax rate 27 to 42%, possibility of taxation of notional gain
• Pension funds: Taxation is subject to the Pension Return Taxation Act, tax rate 15%, taxation of notional gain
• Company funds: Taxation under the Danish Business Tax Act, tax rate 22%, taxation of notional gain
• Corporate funds: Taxation under the Danish Corporation Tax Act, tax rate 22%, taxation of notional gain

Please note that the responsibility and risk of any tax consequences for the investor when investing in our funds is the sole responsibility of the investor. We do not take any responsibility or risk for investor’s tax position.