<SUBMISSION>
<ACCESSION-NUMBER>0001104659-04-002862
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20040127
<ITEMS>2
<ITEMS>7
<FILING-DATE>20040206
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>DANAHER CORP /DE/
<CIK>0000313616
<ASSIGNED-SIC>3823
<IRS-NUMBER>591995548
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-08089
<FILM-NUMBER>04572391
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2099 PENNSYLVANIA AVE N.W., 12TH FLOOR
<CITY>WASHINGTON
<STATE>DC
<ZIP>20006
<PHONE>2028280850
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2099 PENNSYLVANIA AVE. N.W., 12TH FLOOR
<CITY>WASHINGTON
<STATE>DC
<ZIP>20006
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>DMG INC
<DATE-CHANGED>19850221
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a04-1884_18k.htm
<DESCRIPTION>8-K
<TEXT>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES
AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington,
D.C.&#160; 20549</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM 8-K</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT PURSUANT TO
SECTION&nbsp;13 OR 15(d)<br>
OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event
reported): <b><font style="font-weight:bold;">January&nbsp;27, 2004</font></b></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">DANAHER CORPORATION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in
charter)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">001-08089</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">59-1995548</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other jurisdiction of<br>
  incorporation)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File Number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer Identification No.)</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2099 Pennsylvania Avenue, N.W.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20006-1813</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of Principal Executive Offices and
Zip Code)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(202) 828-0850</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s telephone Number, including
area code)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not applicable</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former name or former address, if changed
since last report)</font></p>

<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM&#160; 2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>ACQUISITION
OR DISPOSITION OF ASSETS</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Offer Agreement dated December&nbsp;11, 2003 by and
among Danaher Corporation (&#147;Danaher&#148;), DH Denmark Holding ApS (&#147;DH Denmark&#148;)
and Radiometer A/S (&#147;Radiometer&#148;), DH Denmark, an indirect, wholly-owned
subsidiary of Danaher, conducted an all cash tender offer to acquire all of the
outstanding shares of Radiometer at a price of DKK 460 per share.&#160; The tender offer price was determined
through arms-length negotiations between Danaher and Radiometer.&#160; In the tender offer, which expired at 8:00
PM Danish time on January&nbsp;21, 2004, approximately 95.4% of the share
capital of, and 97.9% of the voting interests in, Radiometer were validly
tendered and DH Denmark acquired these shares on January&nbsp;27, 2004.&#160; DH Denmark has submitted a mandatory tender
offer for the remaining, untendered shares of Radiometer as required under
Danish law, and to the extent any Radiometer shares remain outstanding
following such mandatory tender offer, Danaher expects to have DH Denmark
effect a compulsory redemption of the remaining shares. &#160;The Offer Agreement is attached as Exhibit
2.1 to this Report on Form 8-K.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The total consideration paid for the Radiometer shares acquired on
January&nbsp;27, 2004 is approximately DKK4,236,000,000 (approximately
US$715,000,000) in cash, and once all Radiometer shares are acquired the total
consideration paid is expected to be approximately DKK4,400,000,000
(approximately $745,000,000) in cash.&#160;
Danaher is funding the consideration paid for the Radiometer shares from
available cash and short-term investments.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Radiometer, headquartered in Copenhagen, Denmark, is a leading producer
of medical instruments and accessories for blood gas analysis.&#160; Danaher presently intends to use the
equipment and other physical property of Radiometer generally for the same
purposes as used by Radiometer.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM&#160; 7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>FINANCIAL&#160; STATEMENTS&#160;
AND&#160; EXHIBITS</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Exhibits:</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:1.0in;width:86.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offer Agreement dated December&nbsp;11, 2003 by and among Danaher
  Corporation, DH Denmark Holding ApS and Radiometer A/S*</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.62%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Irrevocable Undertaking dated December&nbsp;11, 2003 by and among
  Investeringsselskabet af 30.4.1992 A/S, Danaher Corporation, DH Denmark
  Holding ApS and Johan Schroder A/S</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>


<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&#160; Certain Annexes have been
omitted. Danaher agrees to furnish supplementally a copy of any omitted annex
to the Commission upon request.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURE</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:52.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DANAHER CORPORATION</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.92%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:52.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.92%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:52.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="33%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:33.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Patrick W. Allender</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.44%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="42%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:42.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patrick W. Allender</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="42%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:42.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President, Chief<br>
  Financial Officer and Secretary</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.92%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.22%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:42.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:&nbsp;&nbsp;&nbsp;&nbsp;February&nbsp;6, 2004</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:42.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="345" style="border:none;"></td>
  <td width="27" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="200" style="border:none;"></td>
  <td width="104" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT INDEX</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.22%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit No.</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="89%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:89.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.22%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="89%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:89.1%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offer Agreement dated December&nbsp;11, 2003 by and among Danaher
  Corporation, DH Denmark Holding ApS and Radiometer A/S*</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.22%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Irrevocable Undertaking dated December&nbsp;11, 2003 by and among Investeringsselskabet
  af 30.4.1992 A/S, Danaher Corporation, DH Denmark Holding ApS and Johan
  Schroder A/S</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


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<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>3
<FILENAME>a04-1884_1ex2d1.htm
<DESCRIPTION>EX-2.1
<TEXT>
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<head>



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<body link="blue" vlink="purple">

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
2.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OFFER AGREEMENT</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by and among</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Danaher Corporation,</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DH Denmark Holding ApS</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Radiometer A/S</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated as of December 11,
2003</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Table of
Contents</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#A1" title="Click to goto &#167; 1">&#167; 1 The Offer</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A11theoffer" title="Click to goto 1.1 The Offer">1.1 The Offer</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A12mandatorybidcompulsoryacquisitio" title="Click to goto 1.2 Mandatory Bid; Compulsory Acquisition">1.2 Mandatory
  Bid; Compulsory Acquisition</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#A2" title="Click to goto &#167; 2">&#167; 2 Representations (in Danish &#147;<i><font style="font-style:italic;">erkl&#156;ringer</font></i>&#148;) of the Company</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#A3" title="Click to goto &#167; 3">&#167; 3 Representations and Warranties of Parent and
  Buyer</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#A4" title="Click to goto &#167; 4">&#167; 4 Conduct of Business until the EGM Date</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#A5" title="Click to goto &#167; 5">&#167; 5 Employee Matters</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A51employeenotices" title="Click to goto 5.1 Employee Notices">5.1
  Employee Notices, etc.</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A52executivestockoptionagreements" title="Click to goto 5.2 Executive Stock Option Agreements">5.2 Executive
  Stock Option Agreements</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#A6" title="Click to goto &#167; 6">&#167; 6 Additional Agreements</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A61nosolicitation" title="Click to goto 6.1 No Solicitation">6.1 No
  Solicitation</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A62accesstoinformation" title="Click to goto 6.2 Access to Information">6.2
  Access to Information</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A63publicannouncements" title="Click to goto 6.3 Public Announcements">6.3
  Public Announcements</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A64efforts" title="Click to goto 6.4 Efforts">6.4 Efforts</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A65notificationofcertainmatters" title="Click to goto 6.5 Notification of Certain Matters">6.5 Notification of
  Certain Matters</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A66companygeneralmeetings" title="Click to goto 6.6 Company General Meetings">6.6 Company General
  Meetings</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A67availabilityoffunds" title="Click to goto 6.7 Availability of Funds">6.7
  Availability of Funds</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A68otherobligations" title="Click to goto 6.8 Other Obligations">6.8
  Other Obligations</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#A7" title="Click to goto &#167; 7">&#167; 7 Conditions to Completion</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#A8" title="Click to goto &#167; 8">&#167; 8 Termination</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A81termination" title="Click to goto 8.1 Termination">8.1 Termination</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A82effectoftermination" title="Click to goto 8.2 Effect of Termination">8.2
  Effect of Termination</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#A9" title="Click to goto &#167; 9">&#167; 9 Miscellaneous</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A91guarantee" title="Click to goto 9.1 Guarantee">9.1 Guarantee</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A92feesandexpenses" title="Click to goto 9.2 Fees and Expenses">9.2
  Fees and Expenses</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A93counterpartseffectiveness" title="Click to goto 9.3 Counterparts; Effectiveness">9.3 Counterparts; Effectiveness</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A94governinglaw" title="Click to goto 9.4 Governing Law">9.4 Governing
  Law</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A95notices" title="Click to goto 9.5 Notices">9.5 Notices</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A96assignment" title="Click to goto 9.6 Assignment">9.6 Assignment</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A97severability" title="Click to goto 9.7 Severability">9.7
  Severability</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A98entireagreementnothirdpartyben" title="Click to goto 9.8 Entire Agreement; No Third Party Beneficiaries">9.8
  Entire Agreement; No Third Party Beneficiaries</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A99amendmentwaiver" title="Click to goto 9.9 Amendment; Waiver">9.9
  Amendment; Waiver</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A910arbitration" title="Click to goto 9.10 Arbitration">9.10
  Arbitration</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#AnnexA" title="Click to goto ANNEX A">ANNEX A - Definitions</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ANNEX B - Irrevocable Undertaking</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ANNEX C - Offer Document</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#AnnexD" title="Click to goto ANNEX D">ANNEX D - Representations of the Company</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A11corporateorganization" title="Click to goto 1.1 Corporate Organization">1.1 Corporate Organization</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A12subsidiaries" title="Click to goto 1.2 Subsidiaries">1.2
  Subsidiaries</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A13capitalization" title="Click to goto 1.3 Capitalization">1.3 Capitalization</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A14authorityrelativetothisagreement" title="Click to goto 1.4 Authority Relative to this Agreement">1.4 Authority
  Relative to this Agreement</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A15consentsandapprovalsnoviolation" title="Click to goto 1.5 Consents and Approvals; No Violation">1.5 Consents
  and Approvals; No Violation</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A16financialstatementspublicfilings" title="Click to goto 1.6 Financial Statements; Public Filings">1.6 Financial
  Statements; Public Filings</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A17litigation" title="Click to goto 1.7 Litigation">1.7 Litigation</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.32%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A18compliancewithapplicablelaws" title="Click to goto 1.8 Compliance with Applicable Laws  ">1.8 Compliance
  with Applicable Laws</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.22%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A19intellectualproperty" title="Click to goto 1.9 Intellectual Property">1.9 Intellectual Property</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.22%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A110taxmatters" title="Click to goto 1.10 Tax Matters">1.10 Tax
  Matters</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.22%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A111transactionswithaffiliates" title="Click to goto 1.11 Transactions with Affiliates">1.11 Transactions
  with Affiliates</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.22%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A112information" title="Click to goto 1.12 Information">1.12
  Information</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
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  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.22%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#AnnexE" title="Click to goto ANNEX E">ANNEX E - Representations and Warranties of
  Parent and Buyer</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.22%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A11organizationqualificationauthori" title="Click to goto 1.1 Organization; Qualification; Authority.  ">1.1
  Organization; Qualification; Authority.</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.22%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A12noconflictrequiredfilingsandco" title="Click to goto 1.2 No Conflict; Required Filings and Consents.">1.2 No
  Conflict; Required Filings and Consents.</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.22%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#A13financing" title="Click to goto 1.3 Financing">1.3 Financing</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OFFER
AGREEMENT</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OFFER AGREEMENT (&#147;Agreement&#148;), dated as of December 11, 2003, by and
among Danaher Corporation, a Delaware corporation and with IRS Employer
Identification No. 59-1995548 (&#147;Parent&#148;), DH Denmark Holding ApS, a corporation
organized under the laws of the KoD and registered with the Danish Commerce and
Companies Agency under CVR-no. 27467946 and a wholly owned Subsidiary of Parent
(&#147;Buyer&#148;), and Radiometer A/S, a corporation organized under the laws of the
KoD and registered with the Danish Commerce and Companies Agency under CVR-no.
43415514 (the &#147;Company&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Recitals</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pursuant
to the terms and subject to the conditions of this Agreement, Parent shall
cause Buyer and the Buyer undertakes to commence a public offer to purchase all
of the outstanding class A shares, nominal value DKK 20 per share (the &#147;A
Shares&#148;), and class B shares, nominal value DKK 20 per share (the &#147;B Shares&#148;
and, together with the A Shares, the &#147;Shares&#148;) of the Company at a price of DKK
460 per Share in cash (the &#147;Offer Price&#148;); and</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Board of Directors of each of Parent, Buyer and Company has approved and
adopted this Agreement and the Board of Directors of Company has resolved to
(i) recommend that shareholders of the Company tender their Shares pursuant to
the Offer (as defined in Section 1.1) and (ii) irrevocably consent to Buyer&#146;s
acquisition, pursuant to the Offer, of A Shares as required under the Company
Articles of Association, an extract of the minutes relating to such resolution
having been furnished to Parent and Buyer simultaneously with the execution and
delivery of this Agreement; and</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As a
condition to and inducement to Buyer&#146;s willingness to enter into this
Agreement, simultaneously with the execution and delivery of this Agreement,
Investeringsselskabet af 30.4.1992 A/S (&#147;Investeringsselskabet&#148;), a company
incorporated under the laws of the KoD and registered with the Danish Commerce
and Companies Agency under CVR-no. 45177912, has executed and delivered to
Buyer an irrevocable undertaking (the &#147;Irrevocable Undertaking&#148;), in the form
attached as Annex B to this Agreement, pursuant to which, among other things,
Investeringsselskabet has irrevocably undertaken to tender all of the A Shares
and B Shares owned by it pursuant to the Offer; and</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Capitalized
terms used in this Agreement and not elsewhere defined shall have the
respective meanings set forth in Annex A hereto;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, in consideration of the foregoing and the
representations, warranties, covenants and agreements herein contained, and
intending to be legally bound hereby, Parent, Buyer and the Company hereby
agree as follows:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><a name="A1"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#167; 1</font></b></a><b><font style="font-weight:bold;"><br>
The Offer</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A11theoffer"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>The Offe</u>r</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the terms and conditions of this Agreement, Parent shall
cause Buyer and Buyer undertakes to commence immediately after the execution
and delivery of this Agreement, an offer in compliance with applicable KoD and
U.S. laws and regulations (the &#147;Offer&#148;) as set forth in the Offer Document, an
agreed form of which is attached hereto as Annex C.&#160; A draft of the Offer Document has been reviewed by the CSE and
contains the recommendation of the Board of Directors of the Company that
holders of A Shares and B Shares accept the Offer and tender their A Shares and
B Shares into the Offer and includes a summary of the fairness opinion rendered
by Carnegie.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A12mandatorybidcompulsoryacquisitio"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Mandatory Bid; Compulsory Acquisition</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As soon as practicable following completion of the Offer, Parent shall
cause Buyer and Buyer undertakes to commence a mandatory offer to any remaining
shareholders of the Company in compliance with the requirements under the KoD
Takeover Order (the &#147;Mandatory Bid&#148;).&#160;
The Board of Directors of the Company shall recommend, subject to the
provisions of Section 6.1(c), that holders of B Shares accept the Mandatory Bid
and tender their B Shares in the Mandatory Bid.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As soon as practicable following completion of the Mandatory Bid,
subject to the Buyer owning a number of A Shares and B Shares which in
aggregate represent more than 90% of the share capital and voting rights of the
Company (excluding any Company treasury stock), Buyer shall initiate and
complete the procedure for the compulsory acquisition of all remaining Shares
in accordance with either (a) the provisions of Article 20b under the KoD
Companies Act or (b) a resolution adopted by the requisite vote at a
shareholders&#146; meeting in the Company to amend the Company Articles of
Association to allow Buyer to redeem any remaining Shares in the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><a name="A2"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#167; 2</font></b></a><br>
<b><font style="font-weight:bold;">Representations
(in Danish <i><font style="font-style:italic;">&#147;erkl&#156;ringer&#148;</font></i>) of the Company</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company hereby represents (in Danish <i><font style="font-style:italic;">&#147;erkl&#156;rer&#148;</font></i>) to Parent and Buyer as provided in Annex D
hereto, subject as otherwise Disclosed with respect to Sections 1.5(b), 1.6(d),
1.7, 1.9, 1.10 and 1.11 of Annex D.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The representations set out in Annex D hereto shall terminate and be of
no further effect at the Closing Date.&#160;
The sole and exclusive remedy of Parent and Buyer in case of any breach
of the representations set out in Annex D hereto shall be the right for Parent
and Buyer to terminate this Agreement and withdraw the Offer, except that the
Company (but in no event any of the Company Representatives or any other
advisor, counsel or representative of the Company) may be liable in accordance
with Section 8.2 in case of a willful and material breach by the Company of any
of its representations set out in Annex D.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><a name="A3"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#167; 3</font></b></a><b><font style="font-weight:bold;"><br>
Representations and Warranties of Parent and Buyer</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Parent and Buyer
represent and warrant to the Company as provided in Annex E hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><a name="A4"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#167; 4</font></b></a><b><font style="font-weight:bold;"><br>
Conduct of Business until the EGM Date</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From the date of this Agreement until the EGM Date, and except as
required by Law, the Company shall, and shall cause each of its Subsidiaries
to, conduct its business in the ordinary course consistent with past practice
and shall use all reasonable efforts to preserve intact its material business
organization and relationships with third parties (including but not limited to
its relationships with customers, suppliers, employees and business partners)
and to keep available the services of their present officers and key employees.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From the date of this Agreement until the EGM Date, the Company shall
submit to the CSE all forms, reports and documents required to be submitted or
filed by it pursuant to KoD laws and regulations and the rules and regulations
of the CSE.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Without limiting the generality of the preceding paragraphs, and except
as required by Law, without the prior written consent of Parent, Company shall
not, and shall cause its Subsidiaries not to:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">adopt or propose any amendment to
the Company Articles of Association or other similar corporate organizational
documents;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">(i) declare, set aside or pay any
dividend or other distribution with respect to any of its shares, (ii) split,
combine or reclassify any of its shares, or (iii) issue any shares or authorize
the issuance of any other securities in respect of, in lieu of or in
substitution for shares;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">repurchase, redeem or otherwise
acquire any shares or other equity or equity equivalent securities or other
ownership interests in the Company or its Subsidiaries;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">issue, deliver, sell, pledge or
otherwise encumber or subject to any Lien any of its shares or any of its
securities convertible into, or any rights, warrants or options to acquire, any
such shares or convertible securities, other than pursuant to stock option
programs in effect on the date of this Agreement and previously disclosed to
Parent;</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(e)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">(i) merge or consolidate with any
other Person, or (ii) acquire an amount of assets of any other Person, or sell,
pledge or otherwise encumber or subject to any Lien assets, material to the
Company and its Subsidiaries taken as a whole, or (iii) make an investment
material to the Company and its Subsidiaries taken as a whole in any other
Person or otherwise engage in any similar extraordinary business transaction;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(f)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">sell, lease, license or otherwise
surrender, relinquish or dispose of any assets or property which are material
to the Company and its Subsidiaries taken as a whole, except pursuant to
existing contracts or commitments (the terms of which have been disclosed to
Parent);</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(g)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">incur any indebtedness or issue any
debt securities or assume, guarantee or endorse, or otherwise as an
accommodation become responsible for the obligations of any Person (other than
the Company and its Subsidiaries), except for indebtedness, debt securities and
guarantees incurred in the ordinary course of business consistent with past
practice;</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(h)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">enter into any transaction or
Contract with any officer, director or employee of any of the Company or any of
its Subsidiaries, or Investeringsselskabet, other than in the ordinary course
consistent with past practice or with respect to normal and customary terms of
such persons&#146; employment with such company; or</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">authorize, agree or commit to do any
of the foregoing.</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><a name="A5"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#167; 5</font></b></a><b><font style="font-weight:bold;"><br>
Employee Matters</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A51employeenotices"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Employee
Notices</u><u>, etc.</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Following the execution of this Agreement, the Company shall identify
requirements to and provide such notices or information to the employees of the
Company and its Subsidiaries as are required by applicable Laws and collective
bargaining agreements in connection with the transactions contemplated hereby.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A52executivestockoptionagreements"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Executive Stock Option Agreements</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the date of settlement of the Offer, and subject to Buyer
controlling following completion of the Offer more than 50% of the votes in the
Company, the Company shall request that the beneficiaries under the Company&#146;s
executive stock option program disclosed to Parent, exercise their options
within the minimum period afforded by, and on the other terms and conditions
of, such program.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><a name="A6"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#167; 6</font></b></a><b><font style="font-weight:bold;"><br>
Additional Agreements</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A61nosolicitation"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Solicitation</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">Company shall immediately cease and
cause to be terminated all existing discussions or negotiations with any
parties conducted heretofore with respect to any Acquisition Proposal.&#160; Company shall not, nor shall it permit any
of its Subsidiaries to, nor shall it authorize or permit any of its officers,
directors, employees, agents or advisors or other representatives (including,
without limitation, any investment banker, attorney or accountant retained by
it) to, directly or indirectly (i) solicit, initiate,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">facilitate or
encourage (including by way of furnishing information) any Acquisition
Proposal, or (ii) participate in any discussions or negotiations regarding an
Acquisition Proposal.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term &#147;Acquisition Proposal&#148; means any inquiry, proposal or offer
from any Person other than Parent or Buyer relating to any (1) tender or share
exchange offer involving A Shares and/or B Shares or other acquisition of A
Shares and/or B Shares, (2) merger, consolidation or other business combination
involving the Company or its Subsidiaries, (3) direct or indirect acquisition
or purchase of a business that constitutes a substantial part of the assets of
the Company and its Subsidiaries, taken as a whole, or a substantial amount of
the equity securities of the Company or any of its Subsidiaries, (4)
recapitalization or restructuring of the Company and its Subsidiaries, or (5)
other transaction similar to any of the foregoing with respect to the Company
or any of its Subsidiaries, in all respects other than the transactions
contemplated by this Agreement, except for any such transactions between the
Company and/or its Subsidiaries, only.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">Company shall notify Parent of any
Acquisition Proposal (including, without limitation, the material terms and
conditions thereof and the identity of the Person making it) as promptly as
practicable after its receipt thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">The Board of Directors of the
Company shall not (i) withdraw or modify in a manner adverse to Parent or
Buyer, or propose publicly to withdraw or modify in a manner adverse to Parent
or Buyer, the recommendation by the Board of Directors of Company of the Offer,
(ii) approve or recommend, or propose publicly to approve or recommend, any
Acquisition Proposal, or (iii) cause the Company to enter into any letter of
intent, agreement in principle, acquisition agreement or other similar
agreement (each, an &#147;Acquisition Agreement&#148;) related to any Acquisition
Proposal.&#160; Notwithstanding the foregoing
and subject to Section 8, the Board of Directors of the Company, to the extent
that it determines in good faith, after receiving the written advice of outside
counsel (a copy of which shall be furnished to Parent upon Parent&#146;s good faith
request), that its failure to do so is likely to result in a breach of its
fiduciary duties to the Company&#146;s shareholders under applicable Law, rules and
regulations, including, but not limited to the KoD Companies Act and the KoD
Takeover Order, may following receipt of a Superior Proposal (x) modify or withdraw
its recommendation of the Offer and express its opinion on the advantages and
disadvantages of the Superior Proposal, including recommending such Superior
Proposal and (y) if requested, provide equal access to the information made
available to Parent; <u>provided, however</u>, that no such modification or
withdrawal shall be made unless it is after the third Business Day following
Parent&#146;s receipt of written notice advising Parent that the Board of Directors
of the Company is prepared to express its opinion with respect to a Superior
Proposal, specifying the material terms and conditions of such Superior
Proposal and identifying the Person making such proposal.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of this Agreement, &#147;Superior Proposal&#148; means any offer
made pursuant to Section 9 of the KoD Takeover Order to acquire all of the
Shares, or a binding written offer to acquire all or substantially all of the
assets of the Company and of its Subsidiaries, in each case subject only to
conditions comparable to the Offer Conditions and access to and assessment of,
including by the financial sources providing financing</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in respect of such offer, information made available to Parent, on
terms that the Board of Directors of the Company determines in its good faith
judgment (after receiving the written advice of its financial advisors and
legal advisors, (such written advice to be furnished to Parent upon Parent&#146;s
good faith request) to be superior for the Company&#146;s shareholders when compared
as a whole with the Offer and, accordingly, that the Board of the Company
cannot reasonably maintain its recommendation of the Offer.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A62accesstoinformation"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Access to Information</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From the date of this Agreement until the EGM Date, the Company will,
and will cause its Subsidiaries, and each of their respective officers,
directors and employees (collectively, the &#147;Company Representatives&#148;) to, give
Parent and its respective officers, employees, counsel, advisors and
representatives (collectively, the &#147;Parent Representatives&#148;) reasonable access,
during normal business hours, to the assets, properties, offices and other
facilities and to the books and records of the Company and its Subsidiaries and
will cause the Company Representatives and the Company&#146;s Subsidiaries to
furnish Parent with such financial and operating data, access to customers and
suppliers and such other information with respect to the business and
operations of the Company and its Subsidiaries as Parent may from time to time
reasonably request.&#160; The Company shall
furnish promptly to Parent a copy of each report, schedule, registration
statement and other document filed by the Company or any of its Subsidiaries
during such period pursuant to the requirements of the Laws of the KoD or CSE
rules and regulations.&#160; Parent agrees
that any information furnished pursuant to this Section 6.2 will be subject to
the provisions of the Confidentiality Undertaking dated 10 September 2003
executed and delivered by the Parent (the &#147;Confidentiality Agreement&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A63publicannouncements"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Public Announcements</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as may be required under Section 6.1(c), from the date of this
Agreement and until the EGM Date, the parties hereto shall use their reasonable
efforts to (1) develop a joint communication plan with respect to this
Agreement and the transactions contemplated hereby, (2) ensure that all press
releases and other public statements with respect to this Agreement and/or any
of the transactions contemplated hereby shall be consistent with such joint
communication plan, and (3) consult promptly with each other prior to issuing
any press release or otherwise making any public statement with respect to the
Offer and the other transactions contemplated hereby, provide to the other
party for review a copy of any such press release or statement, and not issue any
such press release or make any such public statement prior to such consultation
and review, unless required by applicable Law or any listing agreement with or
rules and regulations of a securities exchange.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A64efforts"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.4</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Efforts</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">Subject to the terms and conditions
provided herein, each of the Company, Parent and Buyer shall, and the Company
shall cause each of its Subsidiaries to, cooperate and use all reasonable
efforts to make, or cause to be made, all filings necessary or proper under
applicable Laws, rules and regulations, and to take all other actions necessary
or</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">advisable
to consummate and make effective the transactions contemplated by this
Agreement, including but not limited to the distribution of the Offer Document
to the Company shareholders and any actions or filings related thereto, and
cooperation in obtaining approvals necessary from Governmental Entities to
continue fully existing operations.&#160; In
addition, if at any time prior to the Offer Expiration Date any event or
circumstance relating to either the Company or Parent or Buyer or any of their
respective Subsidiaries should be discovered by the&#160; directors and/or the executive officers (managers) of the Company
or Parent, as the case may be, which should be set forth in an amendment to the
Offer Document, the discovering party will promptly inform the other party of
such event or circumstance. If at any time after the Offer Expiration Date
until the EGM Date any further action is necessary or desirable to carry out
the purposes of this Agreement, including the execution of additional
instruments, the proper officers and directors of each party to this Agreement
shall take all such action to the extent reasonable and practicable.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(e)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">Each of the parties will use its
reasonable efforts to obtain as promptly as practicable all Consents of any
Governmental Entity or any other Person required in connection with, and
waivers of any violations that may be caused by, the consummation of the
transactions contemplated by the Offer and this Agreement so that Offer
Condition (c) may be satisfied, <u>provided, however</u>, that, notwithstanding
any other provision of this Agreement, (i) neither party shall be obligated to,
agree to divest, hold separate or otherwise restrict the use or operation of
any business or assets of Parent, Buyer or the Company, or any of their
respective affiliates and (ii) this Section 6.4 (b) shall not limit Parent&#146;s
discretion to determine the satisfaction of the Offer Conditions.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(f)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">The Company shall give Parent the
opportunity to participate at its own cost and expense in the defense of any
Litigation against the Company, any of its Subsidiaries and/or any of the
Company&#146;s directors relating to any of the transactions contemplated by this
Agreement.&#160; In the event that a claim is
asserted against any of the parties hereto or any of their respective
affiliates, relating to, based in whole or in part on events or conditions
occurring or existing in connection with, or arising out of, any of the
transactions contemplated by this Agreement, such party may request each of the
other parties hereto to fully cooperate with such party in the defense of any
such claim at the expense of the party against whom such claim is asserted.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A65notificationofcertainmatters"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.5</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notification of Certain Matters</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the respective directors and/or executive officers (managers)
becoming aware thereof, Parent and the Company shall promptly notify each other
of (a) any circumstance or the occurrence or non-occurrence of any fact or
event which would be reasonably likely (i) to cause any representation or
warranty contained in this Agreement or its Annexes to be untrue or inaccurate
in any material respect at any time from the date hereof to the Offer
Expiration Date, (ii) to cause any covenant, condition or agreement under this
Agreement or under the Offer not to be complied with or satisfied, or (iii) to
result in a Material Adverse Effect, (b) any failure of the Company, Parent or
Buyer, as the case may be, to comply with or satisfy any covenant, condition or
agreement to be complied with or satisfied by it hereunder or under the Offer;
and (c)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">any other material development relating to the business, prospects,
financial condition or results of operations of the Company or any of its
Subsidiaries; <u>provided, however</u>, that no such notification shall affect
the representations and warranties of any party, the conditions to the
obligations of any party hereunder, or the remedies of any party whether under
applicable Law or hereunder.&#160; Upon the
respective directors and/or executive officers (managers) becoming aware
thereof, each of the Company, Parent and Buyer shall give prompt notice to the
other parties hereof of any notice or other communication from any third party
alleging that the Consent of such third party is or may be required in
connection with the transactions contemplated by this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A66companygeneralmeetings"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.6</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Company
General Meetings</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>From the
date of this Agreement until the EGM Date, the Company shall not convene any
general meetings of Company shareholders except for (i) general meetings
required by Law or the Company Articles of Association and (ii) the general
meeting to be convened pursuant to Section 6.6 (b).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding
the notice period set forth in Section 7.3 of the Company Articles of
Association, the Company shall convene an extraordinary general meeting of
Company shareholders on or before the day falling seven (7) Business Days after
having received a written request from Buyer to that effect; provided that
Buyer owns, as the result of the Offer, at least ten (10) per cent of the share
capital of the Company. This extraordinary general meeting shall be held on the
date specified by Buyer in such request, it being understood and agreed that
Buyer&#146;s request shall comply with Section 7.1 of the Company Articles of
Association. This extraordinary general meeting shall be convened with the
agenda requested by Buyer to do such acts and adopt such resolutions as Buyer
may lawfully request.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A67availabilityoffunds"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.7</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Availability of
Funds</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Parent warrants to the Company
that Parent has possession of, or has available to it under existing lines of
credit, sufficient funds to consummate the transactions contemplated by this
Agreement, and will cause Buyer to have sufficient funds available to
consummate the Offer and the transactions contemplated hereby.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A68otherobligations"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.8</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Other Obligations</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the Closing Date, at Parent&#146;s prior
request the Company and any of its Subsidiaries shall have ceased to own and/or
operate any business in Cuba.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><a name="A7"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#167; 7</font></b></a><b><font style="font-weight:bold;"><br>
Conditions to Completion</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The obligation of Buyer to complete the Offer is subject to the
satisfaction or waiver of the Offer Conditions.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><a name="A8"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#167; 8</font></b></a><b><font style="font-weight:bold;"><br>
Termination</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A81termination"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Termination</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may be terminated (with any termination by Parent also
being an effective termination by Buyer):</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(g)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">By mutual written consent of Parent
and the Company;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(h)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">By either party, if Buyer withdraws
the Offer based on a failure of any of the Offer Conditions to be satisfied or
waived by the Offer Expiration Date; or</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">By the Company, if the Closing Date
has not occurred within three (3) Business Days of the Offer Expiration Date or
if Parent and/or Buyer materially breach their obligations to make payment to
settle the Offer.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A82effectoftermination"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Effect of Termination</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of termination of this Agreement as provided in Section
8.1, written notice thereof shall be given as promptly as possible to the other
party and this Agreement shall forthwith become void and have no effect,
without any liability or obligation on the part of Parent, Buyer or Company,
except to the extent that such termination results from the willful and
material breach by a party of any of its representations, warranties, covenants
or agreements set forth into this Agreement. The Confidentiality Agreement
shall survive any termination of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><a name="A9"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#167; 9</font></b></a><b><font style="font-weight:bold;"><br>
Miscellaneous</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A91guarantee"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.1</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Guarantee</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Parent hereby unconditionally and irrevocably guarantees to the
Company, as primary obligor (in Danish &#147;<i><font style="font-style:italic;">selvskyldnerkaution</font></i>&#148;), the due, full and
punctual performance of all Buyer&#146;s present and future obligations and
liabilities, representations, warranties, covenants and agreements under this
Agreement and the Annexes hereto in accordance with the terms thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A92feesandexpenses"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.2</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Fees
and Expenses</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise provided herein, all fees and expenses incurred in
connection with this Agreement and the transactions contemplated hereby shall
be borne by the party incurring such fees or expenses.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A93counterpartseffectiveness"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.3</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Counterparts; Effectiveness</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may be executed in three or more separate counterparts,
each of which shall be deemed to be an original but all of which shall
constitute one and the same agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A94governinglaw"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.4</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Governing Law</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement shall be governed by and construed in accordance with
the Laws of the KoD, without regard to the principles of conflicts of laws
thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A95notices"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.5</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notices</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All notices, requests and other communications under this Agreement
shall be in writing and shall be effective (a) if given by telecopy, when such
telecopy is transmitted to the telecopy number specified in this Section 9.5
and the appropriate telecopy confirmation is received or (b) if given by any
other means, when delivered at the address specified in this Section 9.5 (or at
such other address for a party as shall be specified by like notice):</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if
to Parent, to</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Danaher Corporation</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2099 Pennsylvania Avenue, N.W.</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C. 20006-1813</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S.A.</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecopy No.: +1 202-828-0860</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;
Daniel L. Comas, Vice President &#150; Corporate Development</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if
to Buyer, to</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DH Denmark Holding ApS</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o Danaher Corporation</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2099 Pennsylvania Avenue, N.W.</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C. 20006-1813</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S.A.</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecopy No.: +1 202-828-0860</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;
Daniel L. Comas, Vice President &#150; Corporate Development</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if
to Company, to</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Radiometer A/S</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#197;kandevej 21</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2700 Br&#248;nsh&#248;j</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Denmark</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecopy No.: +45 38272731</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; The
Board of Directors</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A96assignment"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.6</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Assignment</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pending settlement of the Offer, neither this Agreement nor any of the
rights, interests or obligations hereunder shall be assigned by either party
without the prior written consent of the other party. Following settlement of
the Offer, Parent and Buyer shall have the right to assign any or all of their
respective rights and obligations to any Subsidiary of Parent, provided that
Parent shall grant a comparable guarantee to that provided under Section 9.1
with respect to the performance of the obligations of any such Subsidiary.&#160; Any assignment not permitted under this
Section 9.6 shall be null and void.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A97severability"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.7</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Severability</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any term or provision of this Agreement which is invalid or
unenforceable in any jurisdiction shall, as to that jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable the remaining terms and provisions of this
Agreement in any other jurisdiction.&#160;
Upon a determination that any term or other provision is invalid or
unenforceable, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as
possible to the fullest extent permitted by applicable law to the end that the
transactions contemplated hereby are fulfilled to the extent possible.&#160; For the avoidance of doubt this Section 9.7
shall not apply to the terms and provisions of the Offer Document or the
Irrevocable Undertaking.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A98entireagreementnothirdpartyben"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.8</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Entire Agreement; No Third Party
Beneficiaries</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement and the Annexes hereto constitute the entire agreement,
and supersede all other prior agreements and understandings (other than the
Confidentiality Agreement), both written and oral, between the parties with
respect to the subject matter hereof and is not intended to and shall not
confer upon any Person other than the parties hereto any rights or remedies
hereunder.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A99amendmentwaiver"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.9</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Amendment;
Waiver</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may not be amended, except by an instrument in writing
signed by each party and no party may waive compliance with any of the
agreements or terms and conditions contained in this Agreement except by an
instrument in writing.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A910arbitration"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.10</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Arbitration</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any dispute, controversy or claim arising out of or in connection with
this Agreement or the breach or termination or invalidity thereof, shall be
submitted by any party to arbitration for final settlement pursuant to the
&#147;Rules of procedure of the Danish Institute of Arbitration (Copenhagen
Arbitration)&#148; (the &#147;Rules&#148;) by three arbitrators appointed in accordance with
the Rules.&#160; The location of each
arbitration proceeding shall be Copenhagen.&#160;
The arbitration proceedings shall be conducted in the English
language.&#160; The decision and award of the
arbitrators shall be final and binding and non-appealable,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and shall be enforceable in any court of competent jurisdiction.&#160; The fact that any arbitration proceeding is
requested or being conducted as well as the fact that any awards have been
rendered by the arbitration tribunal and the contents thereof shall be kept
strictly confidential by the parties and shall not be disclosed in whole or in
part to any other Person unless required by applicable Law, rules and
regulations, including stock exchange rules and regulations.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS HEREOF,
Parent, Company and Buyer have caused this Agreement to be duly executed as of
the day and year first above written.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Parent</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Buyer</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:3.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="17%" colspan="11" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:17.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Daniel L. Comas</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:28.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Philip Whitehead</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:12.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:5.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="44%" colspan="10" valign="top" style="padding:0in .7pt 0in .7pt;width:44.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel L. Comas</font></p>
  </td>
  <td width="6%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:6.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="21%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:21.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Philip Whitehead</font></p>
  </td>
  <td width="21%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:21.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:5.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="44%" colspan="10" valign="top" style="padding:0in .7pt 0in .7pt;width:44.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VP</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="31%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:31.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M.D.</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
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  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
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 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="18%" colspan="13" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:18.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Torben Sorensen</font></p>
  </td>
  <td width="28%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:28.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="44%" colspan="11" valign="top" style="padding:0in .7pt 0in .7pt;width:44.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;Torben Sorensen</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="44%" colspan="11" valign="top" style="padding:0in .7pt 0in .7pt;width:44.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice Chairman</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="18%" colspan="13" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:18.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Helle Bechgaard</font></p>
  </td>
  <td width="28%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:28.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:5.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="44%" colspan="10" valign="top" style="padding:0in .7pt 0in .7pt;width:44.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Helle Bechgaard</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="4%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="45%" colspan="13" valign="top" style="padding:0in .7pt 0in .7pt;width:45.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board Member</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="16%" colspan="11" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christian Hvidt</font></p>
  </td>
  <td width="29%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:29.96%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" colspan="8" valign="top" style="padding:0in .7pt 0in .7pt;width:5.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="44%" colspan="9" valign="top" style="padding:0in .7pt 0in .7pt;width:44.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="4%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:4.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="45%" colspan="12" valign="top" style="padding:0in .7pt 0in .7pt;width:45.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Christian Hvidt</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="18%" colspan="15" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:18.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Erik Hornnaess</font></p>
  </td>
  <td width="28%" valign="top" style="padding:0in .7pt 0in .7pt;width:28.26%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" colspan="9" valign="top" style="padding:0in .7pt 0in .7pt;width:6.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="44%" colspan="8" valign="top" style="padding:0in .7pt 0in .7pt;width:44.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Erik Hornnaess</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="4%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:4.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="45%" colspan="12" valign="top" style="padding:0in .7pt 0in .7pt;width:45.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board Member</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" colspan="10" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:13.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Jorgen Dahl</font></p>
  </td>
  <td width="36%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:36.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jorgen Dahl</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board Member</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" colspan="11" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Jette Nielsen</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jette Nielsen</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board Member</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" colspan="12" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&#160; Per
  Longreen</font></p>
  </td>
  <td width="35%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:35.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Per Longreen</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="17" valign="top" style="padding:0in .7pt 0in .7pt;width:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board Member</font></p>
  </td>
  <td width="36%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:36.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="24" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
  <td width="3" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="6" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="55" style="border:none;"></td>
  <td width="3" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="41" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="204" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="123" style="border:none;"></td>
  <td width="36" style="border:none;"></td>
  <td width="58" style="border:none;"></td>
  <td width="99" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="AnnexA"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ANNEX A</font></b></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DEFINITIONS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used in the Agreement and
in Annexes A, D and E, the following terms shall have the meanings ascribed to
them below:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Business Day</font></u> shall mean any day except a
Saturday, Sunday or other day which is a public holiday in the KoD or a day on
which the CSE is closed.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font style="color:windowtext;letter-spacing:0pt;text-decoration:none;text-shadow:none;"><u><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;">Carnegie</font></u></font><font style="color:windowtext;letter-spacing:0pt;text-decoration:none;text-shadow:none;"><font color="black"> means Carnegie Bank A/S, Investment Banking, financial advisors to the
Company.</font></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Closing Date</font></u> means the date on which the Buyer
announces through the CSE that the Offer will be completed.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company Articles of
Association</font></u>
shall mean the Articles of Association of the Company as in effect as of the
date of the Agreement.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company Permits</font></u> means with respect to the Company
and each of its Subsidiaries, all material permits, registrations, clearances,
licenses, exemptions and approvals required to conduct their business and
perform their Contracts as now conducted and performed.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contract</font></u> means any legally binding
contract, plan, undertaking, arrangement, understanding, agreement, agreement
in principle, instrument, license, lease, mortgage or other binding commitment,
whether written or oral.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Control</font></u> means the &#150; direct or
indirect &#150; possession of more than 50% of the ownership interest or the voting
rights in a Person or the right to appoint or remove the majority of the
members of the Board of Directors (save for such members who are elected or
appointed by the employees of such Person or by organizations of employees) or
the similar management level of a Person.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CSE</font></u> means the Copenhagen Stock
Exchange.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disclosed</font></u> means any and all matters, facts
and circumstances, including, but not limited to the legal, financial and other
aspects thereof, which have been made available in writing, orally or otherwise
by the Company, the Company Representatives or the advisors, counsels or other
representatives of the Company to the Parent or the Parent Representatives in
the data room located at Sundkrogsgade 5, DK-2100 K&#248;benhavn &#216;, during
management presentations, Q&amp;A-sessions, or in any other way.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EGM Date</font></u> means the date on which the
extraordinary general meeting of Company shareholders set forth in Section 6.6
(b) shall have been held.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-1</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Governmental Entity</font></u> shall mean the government and any
ministry, department or administrative body, agency or commission of any
jurisdiction.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intellectual Property</font></u> means all patents, patent
applications, trademark registrations and trademark applications, service mark
registrations and service mark applications, copyright registrations and
copyright registration applications and other intellectual property and
&#147;Company Intellectual Property&#148; shall mean any Intellectual Property owned or
used by the Company or any of its Subsidiaries.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Knowledge</font></u> means the knowledge of any of the
Company&#180;s directors, executive officers and presenting team.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">KoD</font></u> means the Kingdom of Denmark</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">KoD Companies Act</font></u> shall mean Consolidated Act no. 9
of 9 January 2002 on Companies as amended by Act no. 302 of 30 April 2003, Act
no. 303 of 30 April 2003 and Act no. 453 of 10 June 2003.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">KoD Financial Statement Act</font></u> shall mean in Danish &#147;Lov om visse
selskabers afl&#230;ggelse af &#229;rsregnskab m.v.&#148; and &#147;Lov om erhvervsdrivende
virksomheders afl&#230;ggelse af &#229;rsregnskab m.v.&#148; as amended from time to time.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">KoD Takeover Order</font></u> shall mean Executive Order No. 827
of 10 November 1999 under the KoD Securities Trading, etc. Consolidated Act.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law</font></u> means all mandatory laws,
orders, judgments, rules, codes, requirements, decrees, ordinances and
regulations of any Governmental Entity and all decisions of courts having the
effect of law in each such jurisdiction.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liens</font></u> shall mean liens,
encumbrances, easements, security interests, mortgages, pledges and charges.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Litigation</font></u> means any claim, suit,
action, arbitration, cause of action, complaint, criminal prosecution,
investigation, demand letter, or proceeding, whether at law or at equity,
before or by any court or arbitration tribunal or Governmental Entity.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Material Adverse Effect</font></u> shall mean any change, effect,
condition, event or circumstance that is individually or in the aggregate
materially adverse to the business, financial conditions or results of
operations of the Company and its Subsidiaries, taken as a whole; <u>provided,
however</u>, that &#147;Material Adverse Effect&#148; shall not include any change,
effect, condition, event or circumstance to the extent arising out of or
attributable to any decrease in the market price of the Company&#146;s ordinary
shares (but not any change, effect, condition, event or circumstance underlying
such decrease to the extent that it would otherwise constitute a Material
Adverse Effect).</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offer Conditions</font></u> shall mean the conditions precedent
described under Section 5 of the Offer Document.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offer Document</font></u> shall mean the offer document
attached hereto as Annex C.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offer Expiration Date</font></u> shall mean the expiration date of
the Offer, as it may be extended as provided in the Offer Document.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Person</font></u> shall mean any individual,
corporation, limited liability company, partnership, association, trust or
other legal entity.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subsidiary</font></u> shall mean any Person Controlled by
the party specified.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax or Taxes</font></u> means all taxes, charges,
fees, duties or other assessments imposed by any Governmental Entity and shall
include interest, penalties or additions attributable thereto or attributable
to any failure to comply with any requirement regarding Tax Returns.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Return</font></u>&#160;
means any return, declaration, report, claim for refund, or
information return or statement relating to Taxes.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following terms are defined in the Section of this Agreement
directly opposite such terms:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;width:90.0%;">
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Term</font></b></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:31.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Section</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.6%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Shares</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recitals</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recitals</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acquisition Agreement</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acquisition Proposal</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Buyer</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recitals</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B Shares</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recitals</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recitals</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company
  Representatives</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Confidentiality
  Agreement</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annex E, Section 1.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investeringsselskabet</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recitals</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Irrevocable Undertaking</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recitals</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mandatory Bid</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offer</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recitals</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offer Price</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recitals</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-3</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

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 <tr>
  <td width="60%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Parent</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recitals</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
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  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Parent
  Representatives</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
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  <td width="60%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recitals</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.72%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Superior Proposal</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-4</font></p>


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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="AnnexD"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ANNEX D</font></b></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REPRESENTATIONS (in
Danish <i><font style="font-style:italic;">&#147;erkl&#156;ringer&#148;</font></i>) OF
THE COMPANY</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company hereby represents (in Danish <i><font style="font-style:italic;">&#147;erkl&#156;rer&#148;</font></i>) to Parent and Buyer as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A11corporateorganization"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Corporate Organization</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company and each of its corporate Subsidiaries is a corporation
duly incorporated and validly existing under the laws of the jurisdiction of
its incorporation and has the corporate power and authority to own, operate and
lease all of its properties and assets and to carry on its business as it is
now being conducted, except where the failure to do so would not reasonably be
expected to have a Material Adverse Effect.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Save for that part of the minutes of the meetings that reflects
deliberations and resolutions relating to the contemplated sale of the Shares,
the Company has made available to Parent true and complete copies of the
minutes of all meetings of the shareholders and the Board of Directors of the
Company held since May 1, 2000, and such minutes in all material respects
reflect all proceedings of the shareholders and Board of Directors of the
Company at such meetings.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A12subsidiaries"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Subsidiaries</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is, directly or indirectly, the record and beneficial owner
of the shares of each of its corporate Subsidiaries, and such shares of each of
the corporate Subsidiaries have been validly issued, are to the extent legally
required fully paid and free and clear of all Liens.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A13capitalization"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.3</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Capitalization</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date hereof, the Company has issued 1,296,000 A Shares and 8,464,500
B Shares, of which 101,391 B Shares is Company treasury stock.&#160; Except as set forth above and except with
respect to stock options to acquire 85,000 B Shares granted to management,
there are no (a) authorized, issued or outstanding shares of the Company; (b)
securities of the Company convertible into or exchangeable for shares of the
Company; (c) warrants, calls, options or other rights to acquire from or
subscribe to the Company or any of its Subsidiaries, or any obligation of the
Company or any of its Subsidiaries to issue, any shares or securities
convertible into or exchangeable or exercisable for shares of the Company, or
(d) outstanding obligations of the Company to repurchase, redeem or otherwise
acquire any such securities or to issue, deliver or sell, or cause to be
issued, delivered or sold, any such securities.&#160; All of the Shares of the Company have been validly issued and are
fully paid.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D-1</font></p>


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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A14authorityrelativetothisagreement"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.4</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Authority Relative to this Agreement</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has all necessary corporate power and authority to enter
into this Agreement.&#160; The execution and
delivery of this Agreement by the Company has been duly and validly authorized
and approved by the Board of Directors of the Company and no other corporate
action on the part of the Company is necessary to authorize this
Agreement.&#160; This Agreement has been duly
and validly executed and delivered by the Company and, assuming the due and
valid authorization, execution and delivery of this Agreement by Parent and
Buyer, constitutes a valid and binding obligation of the Company enforceable
against the Company in accordance with its terms.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A15consentsandapprovalsnoviolation"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.5</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Consents and Approvals; No Violation</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(j)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">Except as contemplated in this
Agreement and except where the failure to make any registration or filing with
or notification to, or to obtain any permit, authorization, consent or approval
of any Governmental Entity (any of the foregoing a &#147;Consent&#148;) (i) would not
prevent or materially delay the consummation of the transactions contemplated
hereby or otherwise prevent the Company from performing in all material
respects its obligations under this Agreement or (ii) would not individually or
in the aggregate have a Material Adverse Effect, no Consent of any Governmental
Entity is necessary for the execution and delivery of this Agreement by the
Company.</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(k)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">Neither the execution, delivery or performance of this
Agreement by the Company nor the consummation by the Company of the
transactions contemplated hereby, will (i) violate or conflict with any
provision of the Company or Subsidiary articles of association, (ii) result in
a violation or breach of, or constitute a default or give rise to any right of
termination, cancellation, vesting, payment, acceleration, change of control right,
suspension or revocation under any of the provisions of any bond, security
interest, indenture, Contract or other instrument or obligation to which the
Company or any of its Subsidiaries is a party or by which any of them may be
bound, (iii) violate any Law, except in the case of clauses (ii) and (iii) for
violations, breaches, defaults, terminations, cancellations, vestings,
payments, accelerations,&#160; change of
control rights, suspensions or revocations which would not, individually or in
the aggregate, (x) have a Material Adverse Effect, (y) impair the ability of
the Company to perform in any material respects its obligations under this
Agreement, or (z) prevent or materially delay the consummation of the
transactions contemplated hereby.</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A16financialstatementspublicfilings"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.6</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Financial Statements; Public Filings</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(l)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">The consolidated financial statements of the Company
and its consolidated Subsidiaries for the three year period ended April 30,
2003 and the notes thereto (the &#147;Audited Financial Statements&#148;), comply in all
material respects and have been prepared in accordance with the KoD Financial
Statement Act and generally accepted Danish accounting standards applied on a
consistent basis, except as reflected in the Audited Financial Statements, and
present fairly (in Danish, &#147;<i><font style="font-style:italic;">giver et
retvisende</font></i></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D-2</font></p>


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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-style:italic;">billede</font></i><font color="black" style="color:windowtext;">&#148;) the consolidated financial
position, results of operations, assets and liabilities and cash flows of the
Company and its consolidated Subsidiaries at the dates and for the periods
stated therein.</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(m)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">The unaudited financial statement of the Company and
its consolidated Subsidiaries for the six months period ended October 31, 2003
as announced to the CSE (the &#147;Unaudited Financial Statement&#148;), has been
prepared in accordance with the accounting principles set forth in the
Company&#146;s annual report 2002/2003 applied on a consistent basis and present
fairly the consolidated financial position, results of operations, assets and
liabilities and cash flows of the Company and its consolidated Subsidiaries at
the date and for the period stated therein and satisfy the requirements of the
CSE.</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(n)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">Since January 1, 1999, the Company has submitted to
the CSE all forms, reports and documents required to be submitted or filed by
it pursuant to KoD laws and regulations and the rules and regulations of the
CSE all of which, as of their respective filing dates, complied in all material
respects with all applicable requirements of KoD law (the filings of Company
that have been filed since January 1, 1999 or on the date hereof are referred
to as the &#147;Company Pre-Agreement Submissions&#148;).&#160; None of the Company Pre-Agreement Submissions, as of the
respective dates on which they were submitted to the CSE, contained any untrue
statement of a material fact or omitted to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading.</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(o)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">There are no liabilities of the
Company or any of its Subsidiaries of any kind whatsoever, whether or not
accrued and whether or not contingent or absolute, that are material to the
Company and its Subsidiaries taken as a whole and required to be recorded or
disclosed under applicable Law, other than (a) liabilities disclosed, provided
for or reserved against, in the Company&#146;s Audited Financial Statements or
Unaudited Financial Statement, (b) liabilities incurred on behalf of the
Company in connection with this Agreement and the transactions contemplated
hereby, and (c) liabilities incurred since the date of the Audited Financial
Statements&#160; in the ordinary course of
business consistent with past practice which would not, individually or in the
aggregate, have a Material Adverse Effect.</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A17litigation"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.7</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Litigation</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no claims, actions, suits, proceedings or notified
investigations pending or, to the Knowledge of the Company, threatened, against
the Company or any of its Subsidiaries before any Governmental Entity, court or
arbitration tribunal which are likely to, individually or in the aggregate,
result in a Material Adverse Effect or could prevent or materially delay the
consummation of the Offer.&#160; Neither the
Company nor any of its Subsidiaries is subject to any outstanding order, writ,
injunction or decree which would have, individually or in the aggregate, a
Material Adverse Effect or could prevent or materially delay the consummation
of the Offer.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D-3</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A18compliancewithapplicablelaws"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.8</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Compliance with Applicable Laws</u>  </p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The business
operations of the Company and its Subsidiaries have been conducted in
compliance, in all respects material to the Company and its Subsidiaries taken
as a whole, with all applicable Laws and Company Permits.&#160; The Company and its Subsidiaries hold all
Company Permits material to the Company and its Subsidiaries taken as a
whole.&#160; No suspension or cancellation of
any of the Company Permits material to the company and its Subsidiaries taken
as a whole, which has been notified to the Company or any of its Subsidiaries,
is pending or, to the Knowledge of the Company, threatened. Neither the Company
nor any Subsidiary is in default, breach or violation of any Contract or
obligation to which the Company or any of its Subsidiaries is a party or by
which the Company or any of its Subsidiaries is bound and which default, breach
or violation is material to the Company and its Subsidiaries taken as a whole.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A19intellectualproperty"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.9</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Intellectual Property</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(p)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">The Company and its Subsidiaries own
or have valid right to use the Company Intellectual Property and the Company
Intellectual Property constitutes all the Intellectual Property reasonably
necessary or appropriate to conduct the business of the Company and its
Subsidiaries as presently conducted.</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(q)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">Except where not material to the
Company and its Subsidiaries taken as a whole, no claim with respect to the
Company Intellectual Property has been asserted or, to the Knowledge of the
Company, is threatened by any Person, nor does the Company have Knowledge of
any valid ground for any bona fide claims, (i) to the effect that the
manufacture, sale or use of any product, service or process as used (currently
or in the past) or offered for use or sale by the Company infringes on any
Intellectual Property of any Person, or (ii) challenging the ownership or validity
of any Company Intellectual Property.</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A110taxmatters"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.10</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Tax Matters</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(r)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">The Company and each of its Subsidiaries has (i) filed
(or there has been filed on its behalf) within the time and in the manner
prescribed by Law (taking into account any extensions of time permitted by
Law), all Tax Returns and all such Tax Returns are in all material respects
true, complete and correct, (ii)&nbsp;timely paid all Taxes that are required
to be paid, except with respect to matters contested in good faith and as to
which adequate reserves required under applicable Law have been provided, (iii)
not waived any statute of limitations with respect to Taxes.&#160; The Company has provided adequate accruals
in its Audited Financial Statements for the payment of all Taxes not yet due
and payable as at the respective balance date for such statements.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D-4</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(s)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">There are no outstanding requests,
agreements, consents or waivers to extend the statutory period of limitations
applicable to the assessment of any Taxes against the Company or any of its
Subsidiaries.&#160; None of the Company nor
any of its Subsidiaries is a party to any tax sharing, tax indemnity or similar
tax agreement or arrangement with any Person other than as required by Law.</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A111transactionswithaffiliates"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.11</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Transactions with Affiliates</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no outstanding amounts payable to or receivable from, or
advanced by the Company or any of its Subsidiaries to, and none of the Company
or any of its Subsidiaries is otherwise a creditor or debtor to any officer,
director, employee of any of the Company or any of its Subsidiaries, or
Investeringsselskabet, other than as part of the normal and customary terms of
such persons&#146; employment with such company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A112information"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.12</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Information</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information made available to Parent and Parent Representatives
concerning the Company and its Subsidiaries is, when taken as a whole,
materially accurate and not in any material respect misleading (including by
way of omission) as of the date hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D-5</font></p>


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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="AnnexE"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ANNEX E</font></b></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REPRESENTATIONS AND WARRANTIES OF PARENT AND BUYER</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Parent and Buyer represent and warrant to the Company as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A11organizationqualificationauthori"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Organization; Qualification; Authority.</u>
</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Parent is a
corporation duly organized, validly existing and in good standing under the
Laws of Delaware. Buyer is a corporation duly organized and validly existing
under the Laws of the KoD. Each of Parent and Buyer has all necessary corporate
power and authority to execute and deliver this Agreement and to consummate the
transactions contemplated hereby. The execution and delivery of this Agreement
by Parent and Buyer and the consummation by Parent and Buyer of the
transactions contemplated hereby have been duly and validly authorized and
approved by the Board of Directors of Parent and by the management of Buyer and
by Parent as sole shareholder of Buyer and no other corporate proceedings on
the part of Parent or Buyer are necessary to authorize or approve this
Agreement or to consummate the transactions contemplated hereby. This Agreement
has been duly executed and delivered by each of Parent and Buyer and, assuming
the due and valid authorization, execution and delivery by the Company,
constitutes a valid and binding obligation of each of Parent and Buyer
enforceable against each of them in accordance with its terms.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A12noconflictrequiredfilingsandco"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Conflict; Required Filings and
Consents.</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Assuming (i) the
filings required under domestic, foreign or supranational antitrust Laws are
made and the waiting periods thereunder have been terminated or have expired,
and (ii) the requirements of the Exchange Act and any applicable state
securities, &#147;blue sky&#148; or takeover Law are met, none of the execution and
delivery of this Agreement by Parent or Buyer, the consummation by Parent or
Buyer of the transactions contemplated hereby or compliance by Parent or Buyer
with any of the provisions hereof will (i) conflict with or violate the
organizational documents of Parent or Buyer, (ii) conflict with or violate in
any material respect any Law applicable to Parent or Buyer, or by which either
of them may be bound, or (iii) result in a violation or default pursuant to any
Contract or obligation to which Parent or Buyer is a party or by which Parent
or Buyer may be bound, which would impair the ability of Parent or Buyer to
perform its obligations under this Agreement or the Offer, or prevent or
materially delay the consummation of the Offer and the other transactions
contemplated by the Agreement.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None of the
execution and delivery of this Agreement by Parent and Buyer, the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-1</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">consummation by
Parent and Buyer of the Offer and the other transactions contemplated in the
Agreement or compliance by Parent and Buyer with any of the provisions hereof
will require any Consent of any Governmental Entity, except for (i) compliance
with any applicable requirements of the Exchange Act and any state securities,
&#147;blue sky&#148; or takeover Law, and (ii) compliance with the requirements of any
domestic, foreign or supranational antitrust Laws.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><a name="A13financing"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.3</font></a><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Financing</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Parent has possession of, or has available to it under existing lines
of credit, sufficient funds to consummate the transactions contemplated by this
Agreement, and will cause Buyer to have sufficient funds available to
consummate the Offer and the transactions contemplated hereby.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-2</font></p>


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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 2.2</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IRREVOCABLE UNDERTAKING</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To:&nbsp;&nbsp;&nbsp;Danaher
Corporation</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear
Sirs,</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
connection with your proposal to submit a voluntary public tender offer (the
&#147;Public Offer&#148;) in accordance with the Danish Securities Trading Act (in Danish
&#147;<i><font style="font-style:italic;">V&#230;rdipapirhandelsloven</font></i>&#148;) to
acquire the whole of the issued share capital of Radiometer A/S, CVR-No.
43415514 (&#147;Radiometer&#148;) on the terms and subject to the conditions set forth in
the attached voluntary purchase offer dated 11 December&nbsp;2003 (the &#147;Offer
Document&#148;), we hereby irrevocably undertake to you:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-indent:-28.35pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To tender, no later than on the last day of the
offer period as set forth in the Offer Document or any extension hereof, all
the shares owned by us in Radiometer, in total 3,270,276 shares divided into
1,296,000 A-shares and 1,974,276 B- Shares and any additional shares in
Radiometer we may acquire, directly or indirectly, (the &#147;Shares&#148;), to you under
the terms and subject to the conditions (including any subsequent improved
terms and conditions) of the Offer Document, provided however that the
provisions in the Offer Document pertaining to the automatic cancellation of
shareholders&#146; tenders do not apply to us. If you improve the terms and
conditions of the Offer Document to the benefit of other shareholders in
Radiometer such improved terms and conditions shall also apply to the Shares tendered
by us;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-indent:-28.35pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to permit you to publish and disclose in
connection with or following the announcement of the Public Offer that this
Undertaking has been undertaken by us;</p>

<p style="margin:0in 0in .0001pt 28.35pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-indent:-28.35pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that&#160; we
and our officers, directors and employees shall not directly or indirectly
through advisors or other intermediaries:</p>

<p style="margin:0in 0in .0001pt 28.35pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>actively solicit any other offers nor initiate
or actively facilitate any other approach from other interested parties in
relation to any purchase of shares in Radiometer or other transactions
intending to frustrate or impede the Public Offer (including, but not limited
to, the issuance of new shares),</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>enter into, or in any other way pursue any
discussions or negotiations with (including providing non-public information
to) any third party concerning a purchase of&#160;
shares in Radiometer or other transactions intending to frustrate or
impede the Public Offer;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-indent:-28.35pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>not to sell, pledge or otherwise dispose or
transfer the shares or any part thereof or any voting rights to the Shares or
any part thereof; and</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-indent:-28.35pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>not to vote the Shares at any shareholders&#146;
meeting of Radiometer in a manner detrimental to you in your pursuit of the
completion of the Public Offer.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Save
for the governing law and arbitration clause set out below, this Undertaking
and our obligations hereunder will automatically lapse (i) if the Public Offer
is not announced by you immediately after the execution and delivery of this
undertaking, or (ii) on the Public Offer being withdrawn by you.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
Undertaking shall be governed by Danish law. All disputes arising out of or in
connection with this Undertaking shall be finally settled by arbitration in
accordance </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


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</font></div>

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</font>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with
the Rules of Procedure of the Danish Institute of Arbitration (Copenhagen
Arbitration). The arbitration tribunal shall be composed of three arbitrators
appointed by the Institute. The place of arbitration shall be Copenhagen.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Copenhagen,
11 December&nbsp;2003</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investeringsselskabet
af 30.4.1992 A/S:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  S. Rasborg</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Johan Schroder</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="26%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:26.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="73%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:73.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="26%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:26.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="73%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:73.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreed,
by Danaher Corporation</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:17.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Daniel L. Comas</font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.1%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:&#160; Daniel L. Comas</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:&#160; VP</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreed,
by DH Denmark Holding ApS</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:17.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Philip Whitehead</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:&#160; Philip Whitehead</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:&#160; M.D.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
any shareholders&#146; meeting in Investeringsselsakabet af 30.4.1992 A/S, the undersigned,
Johan Schr&#248;der A/S, shall vote our shares to further completion of the Public Offer:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:11.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  [illegible]</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:16.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Johan Schroder</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="26%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:26.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="73%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:73.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="26%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:26.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="73%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:73.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>


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