Audit committee

The Company's Audit Committee is appointed by the Board each year following the Annual General Meeting. The Audit Committee reviews internal and external information, works with the external Auditor on the audit plan and internal controls, and discusses with management the audit results. The Audit Committee reviews matters related to the Company's and the Group's accounting, financial reporting and internal control as well as financial risk exposure and risk management. It furthermore reviews the work of the Auditors. Based on their reviews the Audit Committee prepares proposals for resolutions, subject to final approval by the Board.

The Audit Committee meets at least biannually. The current members of the Audit Committee comprise Karen Tobiasen, Alexander af Jochnick, and Christian Salamon. Christian Salamon acts chairman of the committee. The CFO and the Vice President Group Risk and Compliance report to the Audit Committee and are together with the Company's auditors invited to all regular meetings.