Have never seen a split like this, not because there is anything wrong with the method, but it is difficult to assess whether the individual company is valued correctly. I had expected a due dillingce for every company that had priced them. As I understand it, we now have to live with the fact that they are valued the same, and the difference has then been made up with what they bring in cash, and the goodwill that has been built up in each company.

My best bet is that we will start slowly until analyzes are carried out on both Lac and Laac. After this, I believe the buyers will come rushing back, as it will then be calm, and now we only have to deal with calculation separately. Then we hopefully end up with a fair SP.

Best estimate, but not recommedation for buing.

We start with the following after the split and after Wednesday:

Laac: market value DKK 1.4 billion. course 9

Lac: market value 1.4 billion. course 9

End of 2023:

Laac comes with first positive cash flow, and you can start to see what it gives in terms of EBIT in the future. My guess is that expectations for 2024 will give an EBIT of USD 300,000, which should correspond to a market value of 3 billion. + associated value in Arena and Mi. The value must be a total of 3.5 billion during 2024. Now the question is when will the investors buy in? before accounting or at Q1, Q2, ? Don't know but the potential is for a SP on

between USD20 to 25 in 2024, and expect 13 to 15 here in 2023.

Lac must be expected to start as Laac, but here must be calculated on present value and future value when production starts. This really needs to be calculated and I don't have enough information to do that right now. It must be a question of goodwill, investments held, new capital injection from GM + Government loans and the progress of the project.

For example, SP at production stage 1. will be at least SP 45 years 2026

For example, SP at production stage 1+ 2 will be at least 100. 2028/29.

How will the timming be?,

Conclusion: I will not sell a share until we see the big analysis houses come up with their calculations and price targets.

Hope the patience is rewarded.