Mols Linien A/S : Bilag 2 Tillæg til tilbudsdokument UK

Supplement to Offer Document

Offer Price increased

10 August 2015
File No.: 247834
Supplement to Offer Document dated 10 July 2015 in respect of the voluntary public offer to the Shareholders of
Mols-Linien A/S (the 'Supplement').
Definitions applied in this Supplement shall have the same meaning as set out in the Offer Document (other than definitions defined in this Supplement).

Summary of changes:

• Clauses 1.3 and 3.2: Revised Offer Price for Shares

Shareholders are offered DKK 40 in cash per Share in the Company.

• Clauses 1.6 and 3.3: Offer Period

The Offer Period is being extended by two weeks to expire on 24 August 2015 at 4:00 p.m. (CET).

• Clause 3.7: Conditions

Condition no. ii, see items 3.7, no longer applies. Reference is made to the Company's announcement No.
256 of 23 July 2015 regarding approval obtained from the Danish Competition and Consumer Authority.

• Clause 3.32: Withdrawal rights

Nykredit Bank, Finansiel Stabilitet and FS Finans have confirmed irrevocably that they will accept the Revised Offer Price for Shares. This does not affect the right of withdrawal of the other Shareholders as described in the Offer Document. Reference is made to the Offer Document.

1 | Polaris Private Equity Supplement to offer Document
On 10 July 2015, the Offeror, a wholly-owned Subsidiary of Polaris, submitted a voluntary public offer to the
Shareholders of the Company pursuant to the terms and conditions of the Offer Document.
As announced in company announcement of 7 August 2015, the Offeror has decided to increase the offered price for the Shares in the Company. As set out in this Supplement, the Shareholders are being offered a cash consideration of DKK 40 per Share in the Company (the 'Revised Offer' or the 'Revised Offer Price for Shares'), which is equal to an increase of DKK 6 per Share. This price corresponds to a market capitalisation of the Shares in the Company of DKK 566,666,800.
In the event that the Company pays dividends or makes other distributions to the Shareholders prior to settle- ment of the public offer as revised by this Supplement (the 'Offer'), the Offeror reserves the right to reduce the Revised Offer Price for Shares by the amount of such dividend or distribution per Share on a DKK-for-DKK basis.
The table below shows the premium that the Revised Offer Price for Shares represents compared to the price per Share at certain points in time believed to be relevant:

All share prices are in DKK per Share of a nominal value of DKK 20.
The prices are based on the daily closing prices of the Shares on the dates indicated as quoted on NASDAQ Copenhagen.
In connection with the Revised Offer, Nykredit Bank, Finansiel Stabilitet and FS Finans have confirmed irrevocably that they will accept the Revised Offer Price for Shares as offered in this Supplement. Through irrevocable powers of attorney to effect sales, Nykredit Bank, Finansiel Stabilitet and FS Finans have title to and/or have
a right of disposal of 6,549,722 Shares, corresponding to a total of 46.23% of the Shares in the Company.
The Offeror already holds 29.95% of the Shares, which the Offeror acquired from Clipper Group on 3 July 2015. Accordingly, the Offeror has the definitive support of 76.18% of the Shares and the voting rights in the Company.

2 | Polaris Private Equity Supplement to offer Document
This does not affect the right of withdrawal of the other Shareholders as described in the Offer Document. Reference is made to the Offer Document.
As a result of the above changes to the Offer Document, the Offer Period is being extended to expire on 24
August 2015. However, the Offer Period may be extended by publication of a Supplement in accordance with
Section 9(4) of the Danish Takeover Order and as set forth in the Offer Document.
Unless the Offer Period is extended, the Offeror will announce the preliminary result of the Offer through the Danish FSA, NASDAQ Copenhagen and through electronic media no later than eighteen (18) hours after expiry of the Offer Period, i.e. on 25 August 2015. The Offeror will announce the final result of the Offer on or before 28 August 2015, which is three (3) days after the completion of the Offer. See Section 21(3) of the Danish Takeover Order.
The Offeror expects that settlement will be effected on or prior to 28 August 2015.
All other terms and conditions of the Offer are unchanged. However, reference is made to the Company's announcement No. 256 of 23 July 2015 regarding approval obtained from the Danish Competition and Consumer Authority to the effect that condition no. ii as set out on page 11 of the Offer Document no longer applies.
Shareholders in the Company who have already submitted an acceptance form do not need to take any action. Shareholders who have not submitted an acceptance form and who wish to accept the Revised Offer should follow the instructions set out in section 3.4 of the Offer Document.
It is emphasised that the Offeror will, after expiry of the Offer Period, apply to NASDAQ Copenhagen to have the Company's shares delisted. Such application will be submitted regardless of whether the Offeror is in a position to effect compulsory redemption of the remaining Shareholders. In that connection, the Offeror emphasises that there will not be a liquid market for trading in the Company's shares when the Shares have been delisted from NASDAQ Copenhagen. Shareholders are invited to direct any questions regarding the consequences of delisting to:
Danske Bank A/S Holmens Kanal 2-12
DK-1092 Copenhagen K, Denmark
Attn.: Danske Bank Corporate Finance
Email: tenderoffer-mols-linien@danskebank.dk
This Supplement should be read in conjunction with the Offer Document and related documents. Such documents contain important information.
Copenhagen, 10 August 2015
Holding af 29. juni 2015 A/S

3 | Polaris Private Equity Supplement to offer Document

Important messages

No Person is authorised to give any information or to make any representation on behalf of the Offeror or its
Affiliates about the Offer which is not contained in this Supplement.
If given or made, such information or representation cannot be relied on as having been authorised by the
Offeror.
The making of this Offer shall not under any circumstances imply in any way that there has been no change in the affairs of the Offeror or Mols-Linien since the date of the Offer Document or this Supplement or that the information in the Offer Document or in this Supplement or the documents referred to herein is correct as of any time subsequent to the date of this document or of those documents.
The Offer is not being made, directly or indirectly, in, into or from Canada, Australia, Japan or South Africa or any other Restricted Jurisdiction, and the Offer does not apply and cannot be accepted from within Canada, Australia, Japan or South Africa or any other Restricted Jurisdiction.
This Supplement has been prepared in Danish and translated into English. In case of inconsistencies between the two versions, the Danish text shall prevail.
This Supplement may contain statements relating to future matters or events, including statements on future results, growth or other forecasts on developments and benefits in connection with the Offer. Such statements may generally, but not always, be identified by the use of words such as 'anticipates', 'assumes', 'expects', 'plans', 'will', 'intends', 'projects', 'estimates' or similar expressions. By their nature, forward-looking statements involve risks and uncertainty as they relate to events and depend on circumstances occurring in the future. There can be no assurance that actual results will not differ, possibly materially, from those expressed or implied by such forward-looking statements due to many factors, many of which are outside of the control of the Offeror or Mols-Linien, including the effect of changes in general economic conditions, the level of interest rates, fluctuation in the demand for Offeror's or Mols-Linien's products, competition, techno- logical developments, employee relations, regulation, exchange rates and the potential need for increased capital expenditures (including those resulting from increased demand, new business opportunities and development of new technologies).

4 | Polaris Private Equity Supplement to offer Document

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