4FINANCE ApS

The principal activities of the companyThe principal activity of the Company is providing credit facilities to private individuals and all related

business in context hereto.

Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters.

The gross profit for the year totals DKK 2.452.840 against DKK 956.125 last year. Profit or loss from ordinary activities after tax totals DKK 1.553.848 against DKK -971.112 last year. Management considers the net profit or loss for theas expected.

Uncertainties about recognition or measurementThe Company is involved in a VAT dispute with the Danish tax authorities (Skattestyrelsen) concerning the VAT treatment of services purchased from the group company 4f Sales Inc. in the period 2019–2021. The tax authorities have reassessed the Company’s VAT position and consider the services to constitute taxable intermediary and support services subject to reverse charge VAT in Denmark, rather than VAT exempt loan intermediation.

The Company has been granted a deferral of payment until the case has been resolved. However, there is some uncertainty regarding the recoverability of the amounts paid, as the use of these payments is dependent on the final outcome of the case. On the balance sheet date, the company has recognized a receivable of k.DKK 3.330, which is related to the above payments.

In addition, reference is made to note 3 regarding Contingencies, where the VAT case is discussed.

3.Contractual obligations and contingencies, etc.

Contingent liabilitiesThe Company is involved in a VAT dispute with the Danish tax authorities (Skattestyrelsen) concerning the VAT treatment of services purchased from the group company 4f Sales Inc. in the period 2019–2021. The tax authorities have reassessed the Company’s VAT position and consider the services to constitute taxable intermediary and support services subject to reverse charge VAT in Denmark, rather than VAT?exempt loan intermediation.…