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GEZE Scandinavia AB

I Corporate Communications

Press Release COPENHAGEN, JUNE 29

TH

2021

GEZE makes local organizational changes to support growth

As of 1 July, GEZE changes its organizational structure for the subsidiary GEZE Scandinavia covering the five Nordic countries and the three Baltic countries. The changes have no consequences for our customers in each individual country. All customer agreements are automatically transferred to the new subsidiaries and branch offices in each country and the contractual basis of agreements, guarantees, and contact persons remain the same.

GEZE Scandinavia has decided to change its organizational structure for several reasons.

GEZE has outgrown the current structure which was established in the 1990s. The same goes for internal systems. Today, each country in GEZE Scandinavia is very closely linked both in terms of corporate structure and corporate system, so a change in one country requires changes in all countries. This is inconvenient and inefficient.

In several of the markets the growth for GEZE has been considerably and independent branch offices are required.

Internally, this will contribute to more transparency and facilitate administration in relation to taxes, VAT, and legal requirements, which vary from country to country.

Benefits for our customers  We have a desire to become much more locally anchored through independent, local companies with locally adapted systems. This makes it easier to operate independently and agile in each country. It also makes us more adaptable to economic or legal changes in a country.

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GEZE Scandinavia AB

I Corporate Communications

PRESS RELEASE th

June 29 2021

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In addition, with the restructuring we will be able to better embrace our future growth in both the Nordic countries and the Baltic countries, as well as further develop our local services.

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Therefore, the restructuring will benefit our customers in the long run. For now, however, the only change for our customers is that they have to enter a new CVR number in their business system.

New organizational structure in GEZE Scandinavia  GEZE Scandinavia AB becomes a holding company for the Nordics and the Baltics  We establish three independent legal companies: o GEZE Sweden AB o GEZE Norway AS o GEZE Denmark ApS  We establish branch offices in the three Baltic countries: o GEZE Latvia o GEZE Lithuania o GEZE Estonia  GEZE Finland remains a legal branch office as is

GEZE Scandinavia has 70 employees and has more than doubled the turnover during the past 10 years.

Please contact the below if you have any questions regarding the organizational change in GEZE Scandinavia.

Morten Nielsen, Administrerende direktør, GEZE Scandinavia AB Hallvard Banken, Country Manager, GEZE Norge Kent Hvidtfeldt, Country Manager, GEZE Danmark Patrik Larsson, Country Manager, GEZE Finland, GEZE Estland, GEZE Letland, GEZE Litauen, Island

www.geze.com ‫ ן‬www.geze.se ‫ ן‬www.geze.no ‫ ן‬www.geze.dk

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