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International Excemption in Australia

Fondsmæglerselskabet Maj Invest A/S is registered as a foreign company (ARBN 615 341 574) under the Australian Corporations Act 2001 and is exempt from the requirement to hold an Australian Financial Services Licence under Australian Securities and Investments Commission Instrument 16-0802 as amended by ASIC Instrument 20-0933 issued under section 911A(2)(l) of the Corporations Act 2001. It is regulated by the Danish Financial Supervision Authority under Danish laws, which differ from Australian laws.