Review Of The Copenhagen Stock Exchange's Growth Market KVX

On 1 September 2000 the Exchange introduced the Copenhagen Stock Exchange's Growth Market, KVX. The growth market was established to focus more on a group of companies with a high growth potential on the Copenhagen Stock Exchange. With the establishment of the KVX Index the investors thus gained the possibility of comparing the price development in the group of listed Danish growth companies with other similar indices on foreign markets.

At the end of August each year the Exchange reviews the KVX Growth Market, and a company will only remain in the KVX Index provided that:

1. The company's average market capitalisation during the last 12 months has not been under DKK 300 million
2. The average daily turnover in the company's shares on the Copenhagen Stock Exchange over the last 12 months has exceeded DKK 500,000.

The annual review of the companies in the KVX Growth Market takes effect every 1 September. For companies that have been admitted to listing or transferred to the KVX Growth Market within the latest 12-month period, review will not take place before the succeeding period.

Companies that are placed in the KVX Growth Market must still fulfil the same disclosure requirements etc. which apply to all other listed companies.

Changes in the KVX Growth Market

Companies already listed may currently be transferred to the KVX Growth Market. EDB Gruppen meets the criteria for the KVX Growth Market, and the company will be transferred to the KVX Growth Market in connection with the review.

Columbus IT Partner will be transferred to the Exchange's main market, as the company has not met the criteria of quantity to remain in the KVX Growth Market.

The KVX Growth Market as from 1 September 2001

1. 2M Invest
2. Bavarian Nordic
3. Danionics
4. Danware
5. EDB Gruppen
6. Genmab
7. i-data international
8. Maconomy
9. NeuroSearch
10. Pharmexa
11. RTX Telecom
12. Simcorp
13. Thrane & Thrane

Changed guidelines for the KVX Growth Market

In continuation of the annual review of the KVX Index, the Copenhagen Stock Exchange has used the opportunity to review the guidelines on the inclusion of companies in the KVX Growth Market. The review has resulted in the following changes:

1. The KVX companies' affiliation to an industry has been expanded. This means that a KVX company must either operate within telecommunications, information technology, pharmaceuticals and biotechnology or must primarily invest within these or corresponding growth industries.
2. The criteria of an expected annual growth rate of at least 20 per cent has been taken out.

In connection with the review, the rules applicable to the Copenhagen Stock Exchange's Growth Market has been added instructions to the guidelines, which can be found in the Rules and Regulations of the Copenhagen Stock Exchange.