NOTICE OF EARLY REDEMPTION

Copenhagen, 4 March 2021

To the bondholders in:

ISIN: DK0030398979 – Axzon A/S (now: Goodvalley A/S) EUR 135,000,000 Floating Rate Senior Secured Bonds due 2021

Goodvalley A/S (formerly: Axzon A/S) (the "Issuer") hereby gives notice to all bondholders of the EUR 135,000,000 Floating Rate Senior Secured Bonds due 2021 with ISIN DK0030398979 issued by the Issuer (the "Bonds"), of a voluntary early redemption of all the Bonds in accordance with Clause 10.2 (Voluntary early redemption - Call Option) of the bond terms dated 26 May 2017 for the Bonds (the "Redemption").

Unless otherwise defined in this notice, all words and expressions defined in the bond terms for the Bonds shall have the same meaning in this notice.

The Call Option Repayment Date for the Redemption will be 18 March 2021 and the Relevant Record Date for the Redemption will be 17 March 2021 at 18:00 CET.

The Bonds will be redeemed at the Nominal Amount plus accrued but unpaid interest from and including the preceding Interest Payment Date up to, and including, the Call Option Repayment Date. The redemption amount will be disbursed to each person who is registered on a securities account as a direct registered owner or a nominee with respect to a Bond at end of business on the Relevant Record Date in the Securities Depository maintained by VP Securities A/S.

This notice is irrevocable and is governed by Danish law. This notice is for information purposes only and is not to be construed as an offer to purchase or sell or a solicitation of an offer to purchase or sell with respect to any securities of the Issuer. Following the Redemption, the Bonds will be delisted from Nasdaq Copenhagen A/S.

For more information, please contact:

Jakob Brasted, Group CFO, email address: Jakob.Brasted@goodvalley.com

Attachment

• Goodvalley Early Redemption Notice - Bonds