Definitions and Reconciliations

Adjusted EBITDA: EBITDA adjusted for non-recurring expenses or income to better reflect the underlying performance of the business.

Adjusted EBITDA Margin: Adjusted EBITDA as a percentage of revenue.

Capital expenditures (Capex): Investments in property, plant and equipment assets and intangible assets capitalized during a reporting period.

EBITDA: Operating result (EBIT) plus depreciation, amortization and impairment charges (if any).

EBITDA Margin: EBITDA as a percentage of revenue.

Equity ratio: Equity at the end of the period divided by Total assets at the end of the period.

Free Cash Flow (FCF): Net cash flows from operating activities less cash paid for acquisition of intangible assets less cash paid for acquisition of property, plant and equipment assets.

Gross Margin: Gross profit as a percentage of revenue.

Headcount: Number of people employed by PolyPeptide at the time indicated (i.e. excluding contractors).

Net Cash: Cash and cash equivalents less interest-bearing loans and borrowings less lease liabilities less other financial liabilities.

Net operating assets: The sum of Non-current assets plus Current assets less Cash and cash equivalents less Current liabilities.

Operating result (EBIT): Earnings before total financial result and income tax charge.

Proposed cash distribution per share: Proposed cash distribution divided by total number of outstanding shares as at 31 December

Return on net operating assets (RONOA): Last twelve months Operating result in percent of average Net operating assets.