Changes to the Terma Board of Directors

April 6, 2022: Carsten Dilling, who has been part of the Terma Board of Directors the past five years, will be new Chairman of the Board effective May 25, 2022. Carsten Dilling will succeed Flemming Tomdrup, who has decided to step down after being a member of the Board for the past 14 years – the last eight years as chairman.

"It has been a pleasure to serve in the Terma Board of Directors, first as a member, vice chairman and the last eight years as chairman. I am proud of the work and the results we have achieved. We have experienced great growth in recent years, not least with the record result in 2020/21. The company has undergone a major and important transformation, where both the business and workstreams have been given a boost, and I am pleased to be able to hand over a Terma in top form. I would like to say a big thank you to the Board, the management and the employees of Terma for their efforts and good cooperation," says Flemming Tomdrup.

Chairman of the Board of Thomas B. Thriges Fond, owner of Terma A/S, Niels Jacobsen, thanks the departing chairman for his efforts:

"Flemming Tomdrup has made a remarkable contribution to Terma and the Foundation's Board since 2008, and I would like to thank him for his efforts and for his cooperation. At the same time, I wish him all the best with his other business activities."

Carsten Dilling takes over as new chairman

Carsten Dilling, who will be taking over the chairmanship, is an experienced business leader. In addition to his position in the board of Terma, Carsten Dilling is Chairman of SAS AB, NNIT A/S, MT Højgaard A/S and Icotera A/S.

"It is a great honor to take over from Flemming Tomdrup and I am very much looking forward to the task. Terma has undergone a major transformation in recent years and is today one of Denmark's most important high-tech companies, playing a crucial role in the Danish defence industry – and has a huge export to other big markets. Terma has great potential to grow even more both globally and in Denmark, and the company is equipped to take on and deliver larger solutions as total supplier," says Carsten Dilling.

Two new profiles join Terma's Board of Directors

Carsten Dilling will formally take over as Chairman at the Annual General Meeting on May 25, where the Board of Terma will also welcome two new members with strong competencies and experience:

Lars Gert Lose, former Permanent Secretary of State of the Ministry of Foreign Affairs and current Head of Global Public Affairs at Copenhagen Infrastructure Partners, joins as new board member. Lars Gert Lose brings great experience and important skills in the political arena, and from his time at the Danish Ministry of Foreign Affairs, he has extensive knowledge of the world and the markets in which Terma operates. This will be of particular benefit to Terma in connection with the growth in the United States, which is currently Terma's largest and most important market.

In addition, Klaus Holse will also join the Board of Directors. Klaus Holse is chairman and member of a number of boards in other technology companies, former CEO of SimCorp and Vice Chairman of the Confederation of Danish Industry. Klaus Holse thus brings several important competencies within technology, including extensive experience with software solutions for regulated markets to be integrated into other large systems.

Karen-Marie Katholm has unfortunately chosen to step down from Termas board to free herself for other business activities. Karen-Marie Katholm has been a member of the Board of Directors of Terma since 2018 and the Board thanks her for her efforts.

In connection with the changes, Carsten Dilling will also take over Flemming Tomdrup's seat on the board for Thomas B. Thrige Foundation.

The composition of the Board after the Annual General Meeting on May 25 will be as follows:

• Chairman: Carsten Dilling
• Vice Chairman: Jørgen Huno Rasmussen
• Members: Lars Gert Lose, Klaus Holse, Jens Thorsen Poulsen (employee representative), Gitte Holm (employee representative), Helle Cecilie Nielsen (employee representative).