Investor Presentaiton

LO 5 Working age population Share of total population (%) 68% 67% 66% 65% 64% 63% 62% 61% 60% 1990 1991 1992 1993 Favorable demographics foster growth With largest generation aged between 25-35, the demographics are deemed to be favorable for the foreseeable future ● Operating in an attractive market With a unique position And a track record of delivering -Denmark 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 -Finland -Iceland Source: OECD, Statistics Iceland, Arion Research Norway 2013 2014 2015 OECD members 2016 2017 2018 2019 2020 2021 2022 -Sweden Population age distribution Number of inhabitants by age 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 0 6 6 12 15 18 21 24 27 30 33 36 σε 42 45 48 51 54 57 09 63 69 99 72 75 78 81 84 87 06 93 66 96 102 105 108

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