Bistrup Gruppe, Hjørring, Halvorsmindevej 28

Sifma Underwriting Agreement

This agreement was last revised on November 13, 2020 to reflect the Securities and Exchange Commission`s amended definition of “accredited investor” (effective December 8, 2020) in Section 3.3(vi) and to anticipate electronic signatures in section 12.9. The previous revision, on 21 November 2019, provided for the use of SEC Rule 163B (applicable from 3 December 2019) in the context of the water audit and updated and corrected certain legal and regulatory references. The December 10, 2018 revision added a new section 12.4 to address the effects of U.S. special regimes. An agreement on the maintenance of an omnibus account in accordance with Regulation T, a regulation adopted by the Board of Governors of the Federal Reserve System, governs client cash accounts and the extension of loans by brokers to clients for the purchase and carrying of securities. This agreement was last revised on 21 November 2019 to update and correct certain legal and regulatory references. In the previous revision, on January 4, 2019, a new Section 8 was added to address the effects of U.S. special regimes. However, the Subscription Agreement is not covered if (1) (a) it is subject to the laws of the United States or a federal state and (b) it does not expressly exclude the applicability of Title II of the Dodd-Frank Act or the Federal Deposit Insurance Act (or a broader set of laws containing such laws); and (2) any party to the Agreement that is not the Covered Entity, (a) an individual established in the United States, (b) a company established or organized in accordance with the laws of the United States or a state of the United States, (c) a company headquartered in the United States, or (d) a U.S. branch or authority of a foreign banking organization.