Ecotree International Aps

The Company's principal activities EcoTree is a nature-based solutions provider operating in Europe. The company offers verified carbon removals and initiatives to enhance biodiversity to responsible businesses wanting to make a positive impact on people and the planet. These actions are backed by sustainably managed forests, agroforestry and ecosystem restoration projects, including wetland, grassland and peatland. EcoTree offers high-quality carbon removal projects to help businesses that have embarked on a decarbonisation journey to contribute towards carbon neutrality or net zero goals. EcoTree International APS is the EcoTree Group entity in charge of developing the Group's international business. EcoTree International is currently operating on the European continent (Nordic countries, DACH zone and UK) Development in activities and the financial situation The Company's Income Statement of the financial year 1 January 2022 - 31 December 2022 shows a result of DKK -5.646.851 and the Balance Sheet at 31 December 2022 a balance sheet total of DKK 19.728.839 and an equity of DKK -15.450.060. Ecotree International ApS is in a start-up fase, why the loss for the year was expected. The parent company will continue to subsidize Ecotree International ApS over the coming 12 months. The parent company has raised €12M in July 2022 from Société Générale. An important part of this fundraising is intended to finance the development of the group's international activity carried by EcoTree International APS. Material changes in the Company's operations and financial matters As the entire Equity has been lost, we estimate that it will be re-established over the coming years. However, we rely heavily on the financial support from out parent company, in order for us to continue operations.

Development in activities and the financial situation The Company's Income Statement of the financial year 1 January 2022 - 31 December 2022 shows a result of DKK -5.646.851 and the Balance Sheet at 31 December 2022 a balance sheet total of DKK 19.728.839 and an equity of DKK -15.450.060. Ecotree International ApS is in a start-up fase, why the loss for the year was expected. The parent company will continue to subsidize Ecotree International ApS over the coming 12 months. The parent company has raised €12M in July 2022 from Société Générale. An important part of this fundraising is intended to finance the development of the group's international activity carried by EcoTree International APS.