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Registration in USA

Fondsmæglerselskabet Maj Invest A/S is registered with the United States Securities and Exchange Commission (the “SEC”) with respect to its activities in the United States.

Registration with the SEC as an investment adviser should not be construed to imply that the SEC has approved or endorsed any Maj Invest company’s qualifications or the services it offers or that any Maj Invest company or its personnel possess a particular level of skill, expertise, or training.