Conversion of A shares to B shares

A shares will be converted to B shares on a 1:1 basis. Therefore, the number of shares held and the right to dividends will remain unchanged. However, as each A share carries 10 votes and each B share carries 1 vote, a shareholder’s total number of votes will decrease after completion of a conversion. No compensation will be paid for any difference in the share price between the share classes.

A conversion request must be made in writing using the Conversion Form. Only shareholders registered by name will be able to request a conversion. Certain other conditions apply as further set out in the Conversion Form.

The completed and duly signed form must be submitted to your own securities account holding institution, i.e. the financial institution where you hold your A shares in ROCKWOOL (likely your bank). The securities account holding institution will then handle the conversion request on your behalf. In connection with the conversion, the A shares concerned will be transferred to a temporary ISIN code, which on completion of the conversion will be merged with the permanent ISIN code for the company's B shares.

If the registered shareholder is a legal entity, the Conversion Form must bear the original signature of the authorised signatory or the signature of a person authorised under a power of attorney given by the authorised signatory.

No. All Conversion Forms must be submitted via the securities account holding institution where you hold your shares in ROCKWOOL. The company will not respond to or process Conversion Forms sent directly to ROCKWOOL. Further, it is not possible to request conversion by other means than the Conversion Form. Any request raised by other means (including by telephone, e-mail or fax to the company) will not be considered.

The company presently does not charge fees or other costs from shareholders that wish to utilize the option to convert A shares to B shares. Such shareholders shall, however, bear any costs charged by the shareholder’s own financial institution and intermediaries (if relevant). The costs typically include fees paid to the securities account holding institution, where you have your A shares. The cost may vary depending on the financial institution.

The company will take steps to complete eligible conversions without undue delay after expiration of the 10-day conversion period. In practice, the company expects the conversion to be completed within 10 business days after expiry of the 10-day conversion period. The company will announce once the conversion has been completed.

A request for conversion via the Conversion Form is binding, and shareholders cannot revoke or cancel the requested conversion.

The tax consequences of a conversion may depend on a number of factors, including the tax status and residency of the individual shareholder. Shareholders are expected and requested to obtain tax advice as to their individual tax position. The company notes that according to a binding ruling obtained by the company, the Danish tax authorities has concluded that a conversion will be a taxable event for a shareholder that is subject to Danish capital gains taxation. The company notes that any tax consequences for shareholders resulting from converting A shares into B shares are the shareholders own individual responsibility and of no concern to ROCKWOOL.