Bulk Fiber Networks Denmark Aps

The Company's principal activities The company's principal activities are to own and develop optical fiber networks in Denmark as a part of the Bulk Groups fiber network in Europe and US. The groups focus is to enable data traffic to data centers in the Nordic, and especially data centers owned by Bulk. The fiber industry has traditionally been driven by carrier companies focused on the consumer market were as Bulk is focused on connecting hubs for data traffic such as data centers and large industrial operators. Development in the activities and the financial situation of the Company The income statement for the financial year of 1st of January to the 31st of December 2022, shows a result of DKK -8.408.068. The total balance at 31st of December was DKK 78 564 421 with an equity of DKK -11 265 669. During the company's first 3 years of business, it has invested and developed land-based fiber in Denmark as well as subsea fiber systems between Denmark and Norway (Havsil), and Denmark, US, Ireland and Norway (Havfrue). The company is still in an early phase of the natural life cycle, and revenues and profit are expected to increase the coming years. As of capacity, the company now utilizes ca 3% of its assets and can easily triple the capacity with small capital expenditures. The company is financed entirety by the Norwegian parent company. The financial statements are presented by the management under the assumption of continued operations. Management expects the lost share capital to be re-established through its own earnings the coming years. The company has received a statement of support from the company's owner and head of Bulk's fiber segment, stating that the necessary liquidity for the coming year has been secured. Material changes in the Company's operations and financial matters No events have occurred after the end of the financial year of material importance for the Company's financial position.

Development in the activities and the financial situation of the Company The income statement for the financial year of 1st of January to the 31st of December 2022, shows a result of DKK -8.408.068. The total balance at 31st of December was DKK 78 564 421 with an equity of DKK -11 265 669. During the company's first 3 years of business, it has invested and developed land-based fiber in Denmark as well as subsea fiber systems between Denmark and Norway (Havsil), and Denmark, US, Ireland and Norway (Havfrue). The company is still in an early phase of the natural life cycle, and revenues and profit are expected to increase the coming years. As of capacity, the company now utilizes ca 3% of its assets and can easily triple the capacity with small capital expenditures. The company is financed entirety by the Norwegian parent company. The financial statements are presented by the management under the assumption of continued operations. Management expects the lost share capital to be re-established through its own earnings the coming years. The company has received a statement of support from the company's owner and head of Bulk's fiber segment, stating that the necessary liquidity for the coming year has been secured. , The income statement for the financial year of 1st of January to the 31st of December 2022, shows a result of DKK -8.408.068. The total balance at 31st of December was DKK 78 564 421 with an equity of DKK -11 265 669. During the company's first 3 years of business, it has invested and developed land-based fiber in Denmark as well as subsea fiber systems between Denmark and Norway (Havsil), and Denmark, US, Ireland and Norway (Havfrue). The company is still in an early phase of the natural life cycle, and revenues and profit are expected to increase the coming years. As of capacity, the company now utilizes ca 3% of its assets and can easily triple the capacity with small capital expenditures. The company is financed entirety by the Norwegian parent company. The financial statements are presented by the management under the assumption of continued operations. Management expects the lost share capital to be re-established through its own earnings the coming years. The company has received a statement of support from the company's owner and head of Bulk's fiber segment, stating that the necessary liquidity for the coming year has been secured.