Listing of Bonds issued by Care Bidco AS in a NOK 700 million FRN senior secured bond issue with maturity in 2021

Transkript

1 PROSPECTUS CARE BIDCO AS (A private limited liability company organized under the laws of Norway) Listing of Bonds issued by Care Bidco AS in a NOK 7 million FRN senior secured bond issue with maturity in 221 ISIN: NO This prospectus (the Prospectus ) relates to, and has been prepared in connection with the listing (the Listing ) on Oslo Børs, a stock exchange operated by Oslo Børs ASA ( Oslo Børs ), of bonds (the Bonds ) which were issued by Care Bidco AS ("the "Company" or the "Issuer") on 24 March 217 in a NOK 7 million senior secured bond issue with maturity in March 221 (the Bond Issue ). The Bonds have a floating interest rate of 3 month NIBOR + 5.5%. The Bonds are expected to be listed and tradable on Oslo Børs on or about 21 September 217. The distribution of this Prospectus may in certain jurisdictions be restricted by law. Accordingly, this Prospectus may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. The Company and the Manager (as defined below) require persons in possession of this Prospectus to inform themselves about, and to observe, any such restrictions. This Prospectus and the Bonds shall be governed by and construed in accordance with Norwegian law. The courts of Norway, with Oslo City Court as legal venue, shall have exclusive jurisdiction to settle any dispute which may arise out of, or in connection with the Bonds or this Prospectus. THIS PROSPECTUS IS A LISTING PROSPECTUS FOR BONDS ALREADY ISSUED BY CARE BIDCO AS. NO SECURITIES ARE BEING OFFERED TO ANY PERSON IN ANY JURISDICTION ON THE BASIS OF THIS PROSPECTUS. Investing in the Company and the Bonds (including but not limited to the Bonds) involves material risks and uncertainties. See section 2 Risk Factors and section 4 Cautionary Note to Investors" regarding forwardlooking statements. *** Manager The date of this Prospectus is 19 September 217

2 IMPORTANT INFORMATION Please refer to section 12 Definitions and Glossary of Terms for definitions of terms used throughout this Prospectus, which also apply to the preceding pages. This Prospectus has been prepared in order to provide information about the Group and its business in relation to the Listing of the Bonds, and to comply with the Norwegian Securities Trading Act of June 29, 27 no. 75 (the Norwegian Securities Trading Act ) and related secondary legislation, including EC Commission Regulation (EC) no. 89/24 implementing Directive 23/71/EC (and amendments thereto, including the 21 PD Amending Directive) regarding information contained in prospectuses (the Prospectus Directive ). This Prospectus has been prepared solely in the English language. This Prospectus has been reviewed and approved by the Norwegian FSA in accordance with sections 7-7 and 7-8, cf. section 7-3 of the Norwegian Securities Trading Act. The Norwegian FSA has not controlled or approved the accuracy or completeness of the information given in this Prospectus. The approval given by the Norwegian FSA only relates to the Company's descriptions pursuant to a pre-defined check list of requirements. The Norwegian FSA has not made any form of control or approval relating to corporate matters described in or otherwise covered by this Prospectus. The Norwegian FSA approved this Prospectus at 19 September 217. The Company has furnished the information in this Prospectus. The Company has engaged ABG Sundal Collier ASA (the Manager ) as Manager in connection with the Bond Issue. Unless otherwise indicated, the information contained herein is current as of the date hereof and the information is subject to change, completion and amendment without notice. In accordance with Section 7-15 of the Norwegian Securities Trading Act, every significant new factor, material mistake or inaccuracy that is capable of affecting the assessment of the Bonds arising after the time of approval of this Prospectus and before the date of listing of the Bonds on Oslo Børs will be published and announced promptly as a supplement to this Prospectus. Neither the publication nor distribution of this Prospectus shall under any circumstances create any implication that there has been no change in the Group s affairs since the date hereof or that the information herein is correct as of any time since its date. The distribution of this Prospectus may in certain jurisdictions be restricted by law. Accordingly, this Prospectus may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. The Company and the Manager require persons in possession of this Prospectus to inform themselves about, and to observe, any such restrictions. An investment in the Bonds involves inherent risks. Potential investors should carefully consider the risk factors set out in section 2 Risk Factors in addition to the other information contained herein before making an investment decision. An investment in the Company or its securities is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of their entire investment. The contents of this Prospectus are not to be construed as legal, business or tax advice. Each prospective investor should consult with its own legal adviser, business adviser and tax adviser as to legal, business and tax advice. In the ordinary course of their respective businesses, the Manager and certain of their respective affiliates have engaged, and will continue to engage, in investment and commercial banking transactions with the Group. The Bonds are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable securities laws and regulations. Investors should be aware that they may be required to bear the financial risks of an investment in the Bonds for an indefinite period of time. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Without limiting the manner in which the Company may choose to make any public announcements, and subject to the Company s obligations under applicable law, announcements relating to the matters described in this Prospectus will be considered to have been made once they have been received by Oslo Børs and distributed through its information system. The distribution of this Prospectus and the offer and sale of the Bonds in certain jurisdictions may be restricted by law. The Company and the Manager require persons in possession of this Prospectus to inform themselves about, and to observe, any such restrictions. This Prospectus does not constitute an offer of, or an invitation to subscribe or purchase any securities in any jurisdiction. Furthermore, the restrictions and limitations listed and described herein are not exhaustive, and other restrictions and limitations in relation to the Prospectus that are not known or identified by the Company and the Manager at the date of this Prospectus may apply in various jurisdictions as they relate to the Prospectus. The Company has not registered the Bonds under the U.S. Securities Act or the securities laws of other jurisdictions other than the Kingdom of Norway and the company does not expect to do so in the future. The Bonds may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the Securities Act), except for pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities law, or pursuant to an effective registration statement.

3 TABLE OF CONTENTS 1. SUMMARY RISK FACTORS RESPONSIBILITY STATEMENT CAUTIONARY NOTE TO INVESTORS THE BONDS INFORMATION ABOUT THE COMPANY AND THE UNICARE GROUP PRINCIPAL MARKETS FINANCIAL INFORMATION THE COMPANY S BOARD AND MANAGEMENT SHARE CAPITAL AND MAJOR SHAREHOLDERS ADDITIONAL INFORMATION DEFINITIONS AND GLOSSARY OF TERMS APPENDICES Appendix 1 Bond Agreement Appendix 2 Care Bidco AS audited consolidated financial statements 216 Appendix 3 Unicare Holding AS audited financial statements 215 & 216 Appendix 4 Unicare Fram AS audited financial statements 215 & 216 Appendix 5 Unicare Friskvernklinikken AS audited financial statements 215 & 216 Appendix 6 Unicare Hokksund AS audited financial statements 215 & 216 Appendix 7 Unicare Jeløy AS audited financial statements 215 & 216 Appendix 8 Unicare Omsorg AS audited financial statements 215 & 216 Appendix 9 Unaudited Q1 financial report for the Group Appendix 1 Unaudited Q2 financial report for the Group 3

4 1. SUMMARY Summaries are made up of disclosure requirements known as Elements. These elements are numbered in Sections A E (A.1 E.7). This summary contains all the Elements required to be included in a summary for this type of securities and Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in the summary because of the type of securities and Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element is included in the summary with the mention of not applicable. Section A Introductions and warnings A.1 Introduction and warning This summary should be read as introduction to the prospectus. Any decision to invest in the securities should be based on consideration of the prospectus as a whole by the investor. Where a claim relating to the information contained in the prospectus is brought before a court, the plaintiff investor might, under the national legislation of the Member States, have to bear the costs of translating the prospectus before the legal proceedings are initiated. Civil liability attaches only to those persons who have tabled the summary including any translation thereof, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of the prospectus or it does not provide, when read together with the other parts of the prospectus, key information in order to aid investors when considering whether to invest in such securities. A.2. Use of the prospectus in resales by financial intermediari es Not applicable. The Prospectus will not be used in subsequent resales by financial intermediaries Section B Issuer and guarantors B.1 Legal and commercial name The legal and commercial name of the Company is Care Bidco AS. The Guarantors are as follows: all Material Group Companies (from time to time), and always including (i) Unicare Holding AS and (ii) the Company's wholly and directly owned Subsidiaries. The current Guarantors include: Unicare Holding AS Unicare Fram AS Unicare Friskvernklinikken AS Unicare Hokksund AS Unicare Jeløy AS Unicare Omsorg AS 4

5 B.2 Domicile, legal form, legislation and country of incorporatio n The Company is incorporated in Norway with registration number and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. The Guarantors are all incorporated in Norway and organised as private limited liability companies in accordance with the Norwegian Private Limited Companies Act, and with the following registration numbers: B.4b Known trends Unicare Holding AS Unicare Fram AS Unicare Friskvernklinikken AS Unicare Hokksund AS Unicare Jeløy AS Unicare Omsorg AS Private providers form an increasingly integral part of the total healthcare service offering a trend set to continue in the years ahead. Due to asymmetric demographic growth, significantly skewed towards a larger elderly population, and increased life expectancy on the back of medical and technological development, there is an increasing demand for Unicare's services, including nursing homes, home care services, rehabilitation, health clinics, and psychology and occupational health. There is political support towards free choice of provider, with rehabilitation services to become part of the program from 217. Oslo will need 1, new nursing home beds before 23 and 3,4 before 24. B.5 Group The Company and all its Subsidiaries from time to time constitute the Group and the Guarantors are directly controlled by the Company. The Company is a subsidiary of Care Holdco AS. Please refer to section 6 in this Prospectus for further description. B.9 Profit forecast estimate or Not applicable. The Company and the Guarantors have not made any profit forecasts or estimates. B.1 Qualification s in the audit report Not applicable. There are no qualifications in the audit reports. 5

6 B.12 Selected historical key financial information, material adverse changes in prospects and significant changes in the financial or trading position. Below follows a summary of the Group's statement of income and financial position. There have been no material adverse changes in the Group's financial or trading position since the date of the last published audited financial statements, being 31 December 216. There have been no material adverse changes in the prospects of the Company or Guarantors since the date of their last published audited financial statements, being 31 December 216. Please note that the Company was not part of the Group in 215 and that Unicare Holding AS was the current parent of the Group at that time. As such, the consolidated financial statements for Unicare Holding AS for 215 represent the Group's statement of income and statement of financial position for the year 215 Please refer to below and appendix 3 to 8 for historical key financial information on the Guarantors. The Group's statement of income: Care Bidco AS as parent of the Group Unicare Holding AS as parent of the Group Figures in NOK thousand OPERATING INCOME Sales revenue Other operating income Net operating income OPERATING EXPENSE Cost of goods sold Salaries Depreciation and amortization Writedowns Other operating expenses Total operating expenses Operating result FINANCIAL INCOME AND FINANCIAL EXPENSES Financial income Financial expenses Net financial items Pre-tax result Tax expense Net result

7 The Group's statement of financial position: Care BidCo AS as parent of the Group Unicare Holding AS as parent of the Group Figures in NOK thousand Assets FIXED ASSETS Intangible assets Goodwill Intangible asset Deferred tax assets 1 65 Total intangible assets Fixed assets Real property Movables, inventory, equipment Total fixed assets Financial fixed assets Investment in shares and units Pension Other receivables Total financial fixed assets Total fixed assets CURRENT ASSETS Receivables Accounts receivables Other receivables Total receivables Cash and cash equivalents Total current assets Total assets

8 Equity and liabilities EQUITY Paid in capital Share capital Share premium fund Total paid in capital Other equity LIABILITIES Provisions Pension liabilities Deferred tax Total provisions Other long term debt Debt to credit institutions Shareholder loan Total equity Other long term debt 629 Total other long term debt Current liabilities Accounts payable Debt credit institutions Tax payable Public duties payable Short term debt to shareholders Other current liabilities Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES

9 B.13 Recent events B.14 Group and dependence on other entities B.15 Principal activities B.16 Ownership and control B.17 Credit ratings B.18 The nature and scope of the guarantee Unicare Holding AS was acquired by G Square in May 216, resulting in a new company structure where Care Bidco AS is the owner of 1% of the shares, and Care Holdco AS is the ultimate parent. In January and February 217 the Company has repaid NOK 1.875m in bank debt, and the consolidated cash balance is NOK 1m as of 2 March 217. As a result of the acquisition by G Square, the consolidated equity was NOK 531m at the end of 216, corresponding to an equity ratio of ~5% post the bond issue. For information on the Group, please refer to Element B.5 and section 6 in this Prospectus. The Group is inter-related with regard to both financial and operational matters and the Group companies are as such dependent on each other. As all operations are carried out in, and all fixed assets and employees are held by, the Company's subsidiaries, the Company as a holding company is dependent on other entities in the Group. Unicare is a provider of healthcare services, with 36 locations/units in Norway and 1 units in Sweden, and around 2,8 employees. Its principal activities include nursing homes, home care services, rehabilitation, health clinics, and psychology and occupational health, providing related revenues in excess of NOK 1,3 million. The Group has a substantial portfolio of continuous and long term contracts with solid counterparties, including the public sector (regional health authorities (RHAs), the Norwegian Labour and Welfare Administration (NAV) and municipalities) and large corporates. The Company is indirectly controlled by the general partner of G Square Capital II L.P, which in turn controls the sole shareholder of the Company, Care Holdco AS. Not applicable. Neither the Company nor the Guarantors have ordered any credit ratings. The Guarantees are joint and several unconditional and irrevocable Norwegian law Guarantees from the Guarantors. Section C - Securities C.1 Type and class of security C.2 Currency of the securities issue C.5 Restrictions on the free transferabilit y of the securities Senior secured Bonds with ISIN NO NOK The Bonds are freely tradable. Bondholders may however be subject to purchase or transfer restrictions under local laws to which a Bondholder may be subject (due e.g. to its nationality, its residency, its registered address, its place(s) for doing business). Pursuant to the Bond Agreement, each Bondholder must ensure compliance with applicable local laws and regulations at its own cost and expense. 9

10 C.8 Rights attached to the Bonds C.9 Terms of the Bonds The Bonds constitute senior debt of the Company, secured on a first priority basis over certain of the assets of the Company and the Guarantors, and otherwise rank at least pari passu with the claims of its other creditors, except for obligations which are mandatorily preferred by law. Please see Element C.8 for rights attached to the Bonds Coupon rate: 3 month NIBOR + 5.5% per annum. First Interest Payment Date: 24 June 217 (3 months after the Settlement Date). Final Maturity Date: 24 March 221 (4 years after the Settlement Date). The Bonds shall be repaid in full on the Final Maturity Date at a price of 1.% of the Nominal Amount (par value). Yield: Investors wishing to invest in the Bonds after the issue date must pay the market price for the Bonds in the secondary market at the time of purchase. Depending on the development in the bond market in general and the development of Unicare, the price of the Bonds may have increased (above par) or decreased (below par). As the Bonds have a floating reference rate, it is the market's expectations of risk premium, i.e. margin that affects the price. If the price has increased, the yield for the purchaser in the secondary market, given that the reference rate does not change, will be lower than the interest rate of the Bonds and vice versa. At par and an assumption that the reference rate is.79% from the issue date to maturity date, the yield will be 6.29%. C.1 Derivative component C.11 Admission to trading Please see Element C.9 for the terms of the Bonds. The Bonds have a derivative component in the interest payment linked to the Norwegian Interbank Offered Rate (NIBOR). The Company has applied for listing of Bonds on Oslo Børs, and admission to trading is expected to be on or about 21 September 217 with ticker code "CARE1". 1

11 Section D Risks D.2 Key information on the key risks that are specific to the issuer D.3 Key information on the key risks that are specific to the securities Market risk Customer risk Risks related to competition Unsatisfactory economic management Political risks Lack of operating and financial history Insurance risk Equipment risk Growth risk Compliance with laws, regulations and industry standards Ability to retain and attract members of management and key personnel The group is exposed to liability by virtue of its operations Labour issues Health and safety risks potential claims and penalties Litigation Risk of antitrust and competition regulation Estimation risk Acquisition strategy Limited ownership period Leverage risk Leasing obligations Interest rate risk Taxation risks Liquidity risk and need for additional funding Credit risk Cash requirement to meet debt obligations and sustain operations Debt service and upstream capacity Restrictive covenants may lead to inability to finance operations, capital need and to pursue business opportunities Limited ability to incur additional indebtedness The bondholders may not be able to act if the financial condition of the Company materially deteriorates (incurrence covenants) The bonds are callable Defaults or insolvency o subsidiaries Security coverage Upon a change of control, the company's ability to redeem the bonds with cash may be limited Value of the security assets Restrictions on transfers, failure to perfect security and priority Difficulties in enforcing the security Volatility in the price of the bonds and illiquidity in the marked General risk regarding interest bearing securities Price volatility of publicly traded securities Risks related to the market Enforceability of civil liabilities 11

12 Section E Offer E.2b Reasons for the offer and use of proceeds The Initial Loan Amount (net of fees and legal cost of the Manager and the Bond Trustee and any other cost and expenses incurred in connection with the Bond Issue) shall exclusively be employed for (i) repayment of Existing Debt of approximately NOK 237,4,, and (ii) general corporate purposes, including acquisitions. The Company shall cover all expenses in connection with the Bond Issue such as preparation of the Bond Agreement, review and approval of the Prospectus from the FSA, listing of the Bonds on Oslo Børs and registration and administration of the loan in the VPS in the accordance with the agreement between the Company and the VPS. The fees payable for listing on Oslo Børs amount to approximately NOK 5, and the fees payable for review and approval from the FSA amount to NOK 76,. The total costs incurred by the Company in connection with the issuance and listing of the Bonds are expected to amount to approximately MNOK 11.16, of which services provided by the Manager amount to approximately MNOK 9.14, services provided by the Bond Trustee amount to approximately NOK 45,, services provided by Ernst & Young AS amount to approximately NOK 7, and services provided by Advokatfirmaet Schjødt AS amount to approximately NOK 75,. E.3 Terms and conditions of the offer E.4 Material interests E.7 Estimated expenses charged to the investor by the issuer or the offeror Not applicable. The Prospectus relates to the listing of already issued Bonds. The Manager or their affiliates have provided from time to time, and will provide in the future, investment and commercial banking services to the Company and its affiliates in the ordinary course of business, for which they may have received and may continue to receive customary fees and commissions. The Manager, their employees and any affiliate may currently own existing Shares and/or bonds in the Company. The Manager does not intend to disclose the extent of any such investments or transactions otherwise than in accordance with any legal or regulatory obligation to do so. The Manager received a commission in connection with the issue of the Bonds. Not applicable. The Company will not charge any expenses to the investors. 12

13 2. RISK FACTORS Prior to any decision to invest in the Company s securities, potential investors should carefully read and assess the following specific risks and the other information contained in this Prospectus. If these risks materialize, individually or together with other circumstances, they may substantially impair the business of the Group and have material adverse effects on the Group s business prospects, financial condition or results of operations and the price of the Company s securities may decline, causing investors to lose all or part of their invested capital. As the assets of the Company are held by various subsidiaries, the risks associated with the Group will also be relevant for the Company. The order in which the individual risks are presented below is not intended to provide an indication of the likelihood of their occurrence nor of the severity or significance of individual risks. An investment in the Company is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment. 2.1 Risks relating to the Group and the industry in which it operates Market risks The Group s business is exposed to economic cycles. Changes in economic conditions in the markets in which the Group operates can affect the demand for its products and services and there can be no guarantee that sufficient demand for the Group's products and services can be created or maintained Customer risk The Group is generally depending on single orders under frame agreements with key customers for the sale of its products and services. This creates an uncertainty with respect to future revenue. As majority of the Group's revenue derives from contracts which are subject to public tenders, future revenues of the Group is to a high degree dependent upon the Group's future ability to successfully tender contracts with key customers Risks related to competition The industry in which the Group operates is competitive. Although the Group considers itself well positioned in the Norwegian and Swedish markets, no assurance can be given with regard to future competition. Competitive pressures or other factors may result in significant price competition, particularly during industry downturns, which could materially adversely affect the Group's business, results of operations and financial condition Unsatisfactory economic management Any lack of satisfactory economic management of the Group's liquidity, profitability and cash flow may result in failure to meet payments on time and ultimately may result in bankruptcy Political risks As a large majority of Unicare's counterparties are public institutions, Unicare is exposed to political shifts and changes in the political climate could materially adversely affect the financial condition, results of operations and cash flows of the Group both in Norway and in Sweden (and other potential countries in which Unicare may invest going forward). As an example; while the current Municipal Council in Oslo has stated not to renew any of the nursing home contracts with commercial operators that expire under their governing period in 219, the opposition are likely to announce new tenders for commercial operations if they win the majority. The next parliamentary election in Norway is in 217 and the next municipal election in Norway is in 219, both during the period of the Bonds. The current national government of Norway is in favour of private provision of health care services, but this can change after the parliamentary election. There is a risk that contracted operations will be brought back into public management after expiry Lack of operating and financial history The Company is a recently formed entity and has limited operating history or financial history upon which prospective investors can evaluate its likely performance, increasing the uncertainty of an investment in the Company. Unicare s diverse entities have however been operating as one of Norway s largest providers of private healthcare since

14 2.1.7 Insurance risk The Group's insurance may not necessarily cover all potential liabilities of the Group, and there is a risk that the Group will suffer substantial losses which will not be covered by any insurance policy, for example if the Group were to be liable for wrongful treatment/diagnosis or other lawsuits. Any material risks in respect of which there is not sufficient insurance coverage may result in a material adverse effect on the business, financial condition, operating results and/or cash flows of the Group Equipment risk The Group s equipment may be damaged or in need for replacement, which could be costly and affect the Company's profitability, and which will not necessarily be covered by insurance Growth risk The Group may be required to make substantial capital expenditure for expansion of its operations in the future. Such capital expenditures could be covered by revenues, new equity or by obtaining new debt. If the Group s revenues are not sufficient to cover capital expenditures for future expansion plans, if the Company is unable to attract investors to increase the Group s equity, or if new debt arrangements are not accessible, or only on unattractive commercial terms, the Group will experience a limited ability to expand its business Compliance with laws, regulations and industry standards Governmental laws and regulations could affect operations, increase operating costs and restrict or make it more challenging for the Group to conduct its business and/or deliver its services. Given the nature of Unicare's business and counterparties, any breach (or alleged breach) of laws and regulations could materially adversely affect the Group's business, financial condition, results of operation and prospects Ability to retain and attract members of management and key personnel The Group's business depends on its ability to attract and retain skilled professionals with appropriate experience, technical expertise, training and certificates. The loss of key personnel may have an adverse impact on the Group's operating results and financial condition The group is exposed to liability by virtue of its operations The Group is exposed to liability for any incorrect medical treatment, insufficient security for both employees and end-customers on different treatment centers, lack of routines, injuries, death and other shortcomings in the performance provided by it, its suppliers and/or subcontractors Labour issues Labour unrest could prevent or hinder the Group's services from being carried out normally and, if not resolved in a timely and cost effective manner, could have a material adverse effect on its business, results of operations, cash flows and financial condition Health and safety risks potential claims and penalties Potential claims and penalties related to health and safety risks could have a material adverse effect on the Group's business, operations and financial conditions Litigation The Group may from time to time be involved in claims and litigation and the Company cannot predict the outcome or consequence of any claim or other litigation matter Risk of antitrust and competition regulation The market in which the Group operates is characterized by few and large players and applicable antitrust and competition regulations may prevent the Group from making future acquisitions and from consolidating with other companies operating within the same market. 14

15 Estimation risk The Group may fail to effectively estimate risks, costs or timing when bidding on contracts and to manage such contracts efficiently which could have a material adverse impact on the profitability of the Group Reputation risk The Group or any of the Group s subsidiaries may become subject to inspections and negative publicity relating to private operators in each of the Group s business segments which may have a material adverse effect on the Group s operations, results and financial conditions. Similarly, the Group s reputation may also be negatively affected if there is a quality breach in the operations in one of the Group s subsidiaries Acquisition strategy The Group may not be successful in implementing its acquisition strategy. Furthermore, when acquiring other existing business, the Group may not discover all potential liabilities within such business through its customary due diligence, in which case the Group may be responsible for liabilities related to actions/omissions which took place prior to the Group acquired such business Limited ownership period The Company has only owned its business for a limited period of time, and consequently does not have the same level of knowledge about its business and the risks related thereto as would an owner who had held the business for a longer period of time. 2.2 Financial risks Leverage risk The Company is highly leveraged following completion of the Bond Issue and will be required to dedicate a substantial portion of its free cash flow from operations to services interest and principal making it less able to fund, inter alia, its operations, capital expenditures, R&D and working capital requirements Leasing obligations The Group has entered into several long term real estate leasing contracts which represent a substantial off balance sheet liability Interest rate risk The Bonds will have a floating interest rate. An increase in the reference rate may have a material adverse effect on the Group s financial condition, results of operation and liquidity Taxation risks The Group is exposed to risk regarding the correct application of tax regulations as well as possible future changes in the tax legislation of, including potential different application of the tax rules by the authority compared to what the Company considers to be correct. An increase in the consolidated tax payable of the Group may materially adversely affect the Company's ability to pay all or part of the interest or principal on the Bonds Liquidity risk and need for additional funding Although the Company's access to liquidity is currently satisfactory, there is always a risk that this may change in the future. Failure to maintain liquidity could have an impact on the Company's financial performance through higher interest rates or possibly even forced liquidation. The Company cannot guarantee that it will be able to obtain the necessary financing required to meet maturing debt liabilities and fund current operations, and even if such financing is obtained, no assurance can be given that such financing will be on terms acceptable to the Company. A failure to obtain required financing in time to meet the Company's maturing debt liabilities will materially adversely affect the Company's business, operations and financial condition Credit risk 15

16 Set aside that part of the Company's income which is based on advance payment, there is always a risk that counterparties and customers will not have the financial ability to meet their obligations, and there can be no assurances that losses will not occur in the future and impact the Company's earnings and cash balance. 2.3 Risk factors relating to the Bonds Cash requirement to meet debt obligations and sustain operations If the Group does not have sufficient cash flows to pay its financial indebtedness and to fund its other liquidity needs the Company may become dependent on obtaining new financing. No assurance can be given that the Company will be able to obtain such financing on terms acceptable to the Company Debt service and upstream capacity Applicable law may limit the amounts that some of the members of the Group will be permitted to pay as dividends or distributions on their equity interests, and limitations on the ability to transfer cash among entities within the Group may mean that even though the entities in aggregate may have sufficient resources to meet their obligations, the Company may not be permitted to make the necessary transfers within the Group Restrictive covenants may lead to inability to finance operations, capital needs and to pursue business opportunities Restrictive covenants could have a material adverse effect on the Company's and the other members of the Group's ability to carry on its business and operations, may prevent the Group from taking actions that it believes would be in its best interest, and may make it difficult for the Group to execute its business strategy successfully and, in turn, the Company's ability to pay all or part of the interest or principal on the Bonds Ability to incur additional indebtedness Under certain circumstances the amount of additional financial indebtedness that could be incurred by the Group could be substantial and any debt that is incurred by the Company's subsidiaries could be structurally senior to the Bonds The bondholders may not be able to act if the financial condition of the Company materially deteriorates (incurrence covenants) Since the Company will only be required to satisfy certain financial ratios upon the occurrence of certain types of financial indebtedness there is a significant risk that the Bondholders will be unable to accelerate the maturity date of the Bonds, or take other actions against the Company to preserve their investments, even if the financial condition of the Company and the Group materially deteriorates The bonds are callable The optional redemption by the Company at a price equal to the par value of the Bonds plus an applicable call premium is likely to serve as a "cap" on the market value of the Bonds, as the market value of the Bonds generally will not rise substantially above the price at which they can be redeemed by the Company at any time. Furthermore, in the event of such redemption, the Bondholders will be prepaid pro rata according to the Norwegian Central Securities Depository (Nw. Verdipapirsentralen) internal routines Defaults or insolvency of subsidiaries Defaults by, or the insolvency of, certain subsidiaries of the Group could result in the obligation of other members of the Group to make payments under inter alia financial or performance guarantees in respect of such subsidiaries obligations, or cause cross-defaults on certain borrowings of the Group. There can be no assurance that the Group and its assets would be protected from any actions by the creditors of any subsidiary of the Group, whether under bankruptcy law, by contract or otherwise. 16

17 2.3.8 Security coverage Although the Bonds are secured, there can be no assurance that the security will be sufficient to cover the Company's payment obligations under the Bonds in case of a default. Furthermore, the Bond Agreement allows the Company to raise additional debt financing through tap issues that will be secured by the existing security (without any obligation to create additional guarantees or security), i.e. the Company may accrue more debt by way of issuing additional bonds under tap issues under the same security as for the Bonds. Hence the debt/secured assets ratio may increase significantly and the security may not be sufficient to cover the Company's payment obligations under the Bonds in case of a default Change of control the company's ability to redeem the bonds with cash may be limited Upon the occurrence of a Change of Control Event (as defined in the Bond Agreement), each individual Bondholder shall have a right of pre-payment of the Bonds plus all accrued and unpaid interest to the date of redemption together with a prepayment premium established in the Bond Agreement. However, it is possible that the Company will not have sufficient funds at the time of the Change of Control Event to make the required redemption of Bonds. The Company's failure to redeem tendered Bonds would constitute an event of default under the Bond Agreement Modification of the bonds or waivers or authorizations of breaches and substitution The Bond Agreement will contain provisions for calling meetings of Bondholders to consider matters affecting their interests generally. These provisions permit defined majorities to bind all Bondholders, including Bondholders who did not attend and vote at the relevant meeting and Bondholders who voted in a manner contrary to the majority. Nordic Trustee AS, as trustee on behalf of the Bondholders may, without the consent of the Bondholders, agree to certain modifications of the Bond Agreement and other Finance Documents (as defined in the Bond Agreement) which, in the opinion of the trustee, are proper to make. Such modifications which will be binding upon the Bondholders will and further described in the Bond Agreement Limitations on guarantees and security interests - financial assistance restrictions The Security may and guarantees provided under the Bonds will be subject to the mandatory provisions of applicable law which limit the legal capacity or ability to provide security, including, but not limited to the mandatory provisions of section 8-7 and 8-1 of the Norwegian Limited Companies Act (Nw. aksjeloven) which regulate unlawful financial assistance in connection with acquisition of shares in a company or its parent company and other prohibited loans, guarantees and liabilities as well as the provision of security. As a consequence of these legal restrictions, the security granted will only be valid to the extent the security falls within one or more of the exemptions of the provisions applicable of the Norwegian Limited Companies Act section 8-7 and the value of the guarantees and security for the Bonds may be significantly reduced. Guarantors incorporated in jurisdictions, other than Norway, may be subject to legal limitations and restrictions limiting such a guarantor's ability to provide upstream-and cross stream collateral and guarantees. At this point in time, no investigations have been made with regards to such potential restrictions in jurisdictions other than Norway. No assurance can be given that Guarantors incorporated in jurisdictions other than Norway may guarantee and/or secure the Bonds Value of the security assets If the value of the Security (or the underlying secured assets) is less than the value of the claims of the Bondholders together with the claims of the other secured creditors, those claims may not be satisfied in full and no assurance can be given with respect to the amount that could be received upon a sale of any Security Restrictions on transfers, failure to perfect security and priority The Security is subject to restrictions on the transferability and/or assignability of an asset that will apply mutatis mutandis with respect to the creation of a security interest over that asset. Furthermore, certain assets can only be properly perfected and its priority retained, through certain actions required to be undertaken by the secured party or the grantor of the security. Finally, the ranking of pledges could be determined by the date on which they were perfected. 17

18 Difficulties in enforcing the security The Security might be subject to defects, encumbrances, liens and other imperfections permitted under the Bonds which could adversely affect the value of the Security and the ability to enforce or realize the Security. Upon the occurrence of an event of default under the Bond Agreement, any enforcement proceedings could be subject to lengthy delays resulting in, inter alia, increased custodial costs, adverse tax consequences. The costs of enforcement in any foreign jurisdictions, particularly if proceedings are on-going simultaneously in different jurisdictions, can be high. Even if the Bondholders are successful in bringing an action in these jurisdictions, local laws may prevent or restrict the Bondholders from enforcing a judgment against the Group s assets or the assets of its officers Volatility in the price of the bonds and illiquidity in the market There is currently no trading market for the Bonds and no assurance can be given as to (i) the liquidity of any such market that may develop (ii) the Bondholders' ability to sell the Bonds or (iii) the price at which Bondholders would be able to sell the Bonds Legal limitation on the security agent's ability to act The Bondholders will be restricted from taking actions against the Company and/or Guarantors, other than through Nordic Trustee AS serving as their trustee/agent within specified legal capacities. The ability for the trustee to act on behalf of the Bondholders will differ among various jurisdictions and the concept of an agent/trustee may not be recognized in the jurisdiction in which the relevant Security Interests and/or claims need to be enforced Resale restrictions The Bonds are being offered and sold pursuant to an exemption from registration under United States and applicable state security laws. Therefore, the Bonds may be transferred or resold in the United States only in a transaction registered under or exempt from the registration requirements of the securities act and applicable state securities law, and the seller maybe required to bear the risk of the investment for an indefinite period of time. Furthermore, there cannot be any assurance that an active market will develop for the bonds, which could imply that an investor may not be able to sell its Bonds at all or sell the Bonds at an acceptable price General risk regarding interest bearing securities All investments in interest bearing securities, such as the Bonds has risks associated with it, such as risks related to the general volatility in the market for such securities, varying liquidity in a single bond issue as well as company specific risk factors Price volatility of publicly traded securities The price of a single bond will fluctuate in accordance with the interest rate and credit markets in general, the market view of the credit risk of that particular bond issue, and the liquidity of these bonds in the market. The interest rates can, and will, experience substantial fluctuations caused by a number of factors based on the development in the international economy, and are dependent on Unicare's operations Risks related to the market There can be no assurance that there will be a liquid market for the Bonds. Therefore, investors may not be able to sell their bonds easily or at prices that will provide them with a yield comparable to similar investments that have a developed secondary market. Illiquidity may have severely adverse effect on the market value of the Bonds Enforceability of Civil Liabilities The Company is a limited liability company organized under the laws of Norway and the directors and executives of the Company reside in Norway. As a result, it may not be possible for investors in other jurisdictions to effect service of process in other jurisdictions upon such persons or the Company or to enforce judgments on such persons or the Company in other jurisdictions. 18

19 3. RESPONSIBILITY STATEMENT The Company, with registered address Pilestredet 56, 167, Oslo, Norway is responsible for this Prospectus. The Company declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Prospectus is to the best of the Company's knowledge in accordance with the facts and contains no omissions likely to affect its import. Oslo, 19 September 217 Care Bidco AS 19

20 4. CAUTIONARY NOTE TO INVESTORS 4.1 Forward-looking statements This Prospectus includes forward-looking statements, including, without limitation, projections and expectations regarding the Group s future financial position, business strategy, plans and objectives. When used in this document, the words projects, forecasts, estimates, expects, anticipates, believes, plans, intends, may, might, will, would, can, could, should, seek to or, in each case, their negative, or other variations or similar expressions, as they relate to the Company, its subsidiaries or its management, are intended to identify forward-looking statements. Such statements are included in section 7 ("Principal Markets") of this Prospectus. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company and its subsidiaries, or, as the case may be, the industry, to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company s present and future business strategies and the environment in which the Company and its subsidiaries will operate. Factors that could cause the Group s actual results, performance or achievements to materially differ from those in the forward-looking statements include but are not limited to: the general and competitive nature of the markets in which the Group operates; global and regional economic conditions; government regulations; changes in political events; force majeure events; and exchange rate fluctuations. Prospective investors in the Bonds are cautioned that forward-looking statements are not guarantees of future performance and that the Group s actual financial position, operating results and liquidity, and the development of the industry in which it operates may differ materially from those made in or suggested by the forward-looking statements contained in this Prospectus. The Group cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based will occur. These forward looking statements are subject to risks, uncertainties and assumptions, including those discussed elsewhere in this Prospectus. The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to the Group or to persons acting on the Group s behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this Prospectus. 4.2 Manager's liability disclaimer The Manager make no representation or warranty, express or implied, as to the accuracy or completeness of the information in this Prospectus, and nothing contained in this Prospectus is, or shall be relied upon as, a promise or representation by the Manager. Neither the Company nor the Manager has authorised any other person to provide investors with any other information related to the Listing and neither the Company nor the Manager will assume any responsibility for any information other persons may provide. 2

21 5. THE BONDS 5.1 The terms and details of the Bonds Below is an overview of the key terms and details of the Bonds. The full bond agreement for the Bonds (the "Bond Agreement") is included in Appendix 1 to this Prospectus. ISIN NO Issuer Guarantors The Company All appointed Material Group Companies (from time to time), and always including the following Group Companies: (i) Unicare Holding AS; and (ii) the Company's wholly and directly owned Subsidiaries. The current Guarantors are: Unicare Holding AS Unicare Fram AS Unicare Friskvernklinikken AS Unicare Hokksund AS Unicare Jeløy AS Unicare Omsorg AS Security Type Bond Trustee Manager Currency Maximum Loan Amount Initial Loan Amount Purpose of the Bond Issue Reference rate Bond issue with floating rate The bondholders are represented by Nordic Trustee AS (formerly known as Nordic Trustee ASA), P.O. Box 147 Vika, N-116 Oslo, Norway. For further information on the Bond Trustee's rights and power to represent the Bondholders, please refer to Clause 16 in the Bond Agreement. ABG Sundal Collier ASA, Munkedamsveien 45 E, N-25 Oslo, Norway. NOK NOK 7,,. NOK 35,,. The Initial Loan Amount (net of fees and legal cost of the Manager and the Bond Trustee and any other cost and expenses incurred in connection with the Bond Issue) shall exclusively be employed for (i) repayment of Existing Debt of approximately NOK 237,4,, and (ii) general corporate purposes, including acquisitions. 3 month NIBOR. NIBOR means the interest rate which (a) is published on Oslo Børs NIBOR Page (or through another system or on another website replacing or (as the case may be) agreed, between Norske Finansielle Referanser (NoRe) (or any other Person which takes over the administration of NIBOR) and the NIBOR calculation agent), to replace the said system or website respectively) approximately 12. noon (on days on which the Norwegian money market has shorter opening hours (New Year's Eve and the Wednesday before Maundy Thursday), the data published by the banks at 1 a.m. shall be used), or, if such publication does not exist, (b) at that time corresponds to (i) the average of the quoted lending rates of Norwegian commercial banks on the interbank market in Oslo or, if only one or no such quotes are provided, (ii) the assessment of the Bond Trustee of the interest rate, which in the Bond Trustee's determination is equal to what is offered by Norwegian commercial banks, for the applicable period in the Oslo interbank market. If any such rate is below zero, NIBOR will be deemed to be zero. 21

22 Margin 5.5% Information on the historical and further development of the reference rate may be found at the NIBOR calculation agent's (Oslo Børs) website: ticker=nibor3m Coupon Rate Floating rate of 3 month NIBOR + 5.5% per annum. The interest rate with the 3 month NIBOR as of 1 September 217 is 6.29%. Yield Issue Date 24 March 217. Investors wishing to invest in the Bonds after the issue date must pay the market price for the Bonds in the secondary market at the time of purchase. Depending on the development in the bond market in general and the development of Unicare, the price of the Bonds may have increased (above par) or decreased (below par). As the Bonds have a floating reference rate, it is the market's expectations of risk premium, i.e. margin that affects the price. If the price has increased, the yield for the purchaser in the secondary market, given that the reference rate does not change, will be lower than the interest rate of the Bonds and vice versa. At par and an assumption that the reference rate is.79% from the Issue Date to Final Maturity Date, the yield will be 6.29%. Final Maturity Date Amortisation First Interest Payment Date Last Interest Payment Date Interest Payments Calculation of interest payments Interest Period Interest Payment Date Issue Price Nominal Amount: Status of the Bonds 24 March 221. The Bonds shall be repaid in full on the Final Maturity Date at a price of 1.% of the Nominal Amount (par value). 24 June 217. Final Maturity Date. Interest on the Bonds will commence to accrue on the Issue Date and shall fall due on each Interest Payment Date for the corresponding preceding Interest Period and, with respect to accrued interest on the principal amount then due and payable, on each Repayment Date, and on the Final Maturity Date. Day-count fraction for the coupon is actual/36, business day convention is "modified following" and Business Day as defined in section 12 herein. Please refer to section 9.1 of the Bond Agreement attached as Appendix 1 for details on calculation of interest payments. Subject to adjustment in accordance with the Business Day Convention, the period between 24 June, 24 September, 24 December and 24 March each year, provided however that an Interest Period shall not extend beyond the Final Maturity Date. The last day of each Interest Period, i.e. 24 June, 24 September, 24 December and 24 March the first Interest Payment Date being 24 June 217 and the last Interest Payment Date being the Maturity Date. 1% of par value. The Bonds have a nominal (par) value of NOK 5,. The Bonds constitute direct, general, unconditional, unsubordinated and secured obligations of the Issuer and will rank at least pari passu between themselves and all other senior creditors (except in respect of claims mandatorily preferred by 22

23 law). Call Options (American) The Company may redeem the Bonds (in whole or in part) at any time from and including: (i) (ii) (iii) (iv) the Issue Date to, but not including, the First Call Date at a price equal to the Make Whole Amount; the First Call Date to, but not including, the Interest Payment Date falling 42 months after the Settlement Date at a price equal to 12% of the Nominal Amount; the Interest Payment Date falling 42 months after the Issue Date to, but not including the Final Maturity Date at a price equal to 11% of the Nominal Amount; and if refinanced with a bond issue, the date falling 2 months prior to the Final Maturity Date to, but not including the Final Maturity Date at a price equal to 1% of the Nominal Amount. In addition, the Issuer shall pay accrued and unpaid interest on redeemed Bonds. Written notice must be given at least ten (1) Business Days prior to the proposed repayment date for the call (the Call Option Repayment Date ). For further information on Call Options, please refer to Clause 1.2 in the Bond Agreement. Make-Whole Amount Make-Whole Calculation Date Security Means an amount equal to the sum of: (i) the present value on the Call Option Repayment Date of 12% of the Nominal Amount as if such payment had taken place on the First Call Date; and (ii) the present value on the Call Option Repayment Date of the remaining Interest Payments (less any accrued and unpaid interest as of the Call Option Repayment Date) to and including the First Call Date, where the present value shall be calculated by using a discount rate of 5 basis points above the comparable Government Bond Rate (i.e. comparable to the remaining duration until the First Call Date using linear interpolation). Means the first Business Day after the day the Issuer has sent notice for exercising of the Call Option. All amounts outstanding to the Bond Trustee (on behalf of the Bondholders) under the Finance Documents, including but not limited to principal, interest, fees and expenses, is (subject to any mandatory limitations under applicable law) secured by the following security: (i) (ii) (iii) first priority charges over the Issuer s bank accounts (to be unblocked except upon the occurrence of an Event of Default which is continuing and following the Bond Trustee's written notice to the relevant account bank); first priority pledge over all shares issued in the Issuer and all of the Guarantors; to the extent legally and practically possible, joint and several unconditional and irrevocable Norwegian law guarantees (Nw. "selvskyldnerkausjon"), or the corresponding guarantee under other applicable law to the extent made by a Guarantor which is not a Norwegian legal entity, from each of the Guarantors, which shall constitute senior obligations of the Guarantors (the "Guarantees"); (iv) first priority floating charges in operational assets (Nw: Driftstilbehørspant) of each Guarantor incorporated in Norway and the Issuer; 23

24 (v) first priority floating charges in the account receivables (Nw: Factoringpant) of each Guarantor incorporated in Norway and the Issuer; and (vi) first priority pledge in any Intercompany Loans from the Issuer to the Guarantors (if any in existence). The Issuer shall for as long as any amount remain outstanding under the Bonds ensure that all shares issued by its directly owned Subsidiaries are pledged on first priority in favour of the of the Bond Trustee (on behalf of the Bondholders). For further information on the Guarantees and the Security and the most important agreement regarding the Guarantees and the Security, please refer to clause 2.5 in the Bond Agreement and, with respect to the Guarantees, to section 5.2 in this Prospectus. Financial Covenants Minimum Cash at all times to be no less than NOK 35,, (on a consolidated basis of the Group). The minimum Cash Financial Covenant to be tested at the last day of each quarter and be confirmed upon delivery of each compliance certificate with reference to that preceding quarter. General Undertakings (a) (b) (c) (d) (e) (f) Distributions: The Issuer shall not, and shall ensure that no other Group Company will, make any Distribution other than any Permitted Distribution. Mergers: The Issuer shall not, and shall ensure that no other Group Company shall, carry out any merger or other business combination or corporate reorganisation involving a consolidation of the assets and obligations of the Issuer or any other Group Company with any other companies or entities, if such transaction would have a Material Adverse Effect. De-mergers: The Issuer shall not, and shall make sure that no Material Group Companies shall, carry out any de-merger or other corporate reorganisation involving splitting the Issuer or any such Material Group Companies into two or more separate companies or entities, if such transaction would have a Material Adverse Effect. The Issuer shall notify the Trustee of any such transaction, providing relevant details thereof, as well as, if applicable, its reasons for believing that the proposed transaction would not have a Material Adverse Effect. Acquisitions: The Issuer shall not, and shall ensure that no other Group Company will, acquire any company, shares, securities, business or undertaking (or any interest in any of them), unless the transaction is carried out at arm's length terms and provided that it does not have a Material Adverse Effect. Disposals: The Issuer shall not, and shall procure that no other Group Company will, sell, transfer or otherwise dispose of all or substantially all of its assets (including shares or other securities in any person) or operations (other than to the Issuer or any of its wholly-owned Subsidiaries), unless such sale, transfer or disposal is carried out in the ordinary course of business or in accordance with the overall strategy of the Group and would not have a Material Adverse Effect. Financial Indebtedness: The Issuer shall not, and shall ensure that no other Group Company will, incur any new Financial Indebtedness or maintain any existing Financial Indebtedness, provided however that the Issuer and any other Group Company shall have a right to incur and maintain Financial Indebtedness that constitutes Permitted Financial 24

25 Indebtedness. (g) (h) (i) (j) (k) (l) (m) (n) Negative pledge: The Issuer shall not, and shall ensure that no other Group Company will, create or allow to subsist, retain, provide, prolong or renew any security over any of its/their assets (present or future) to secure any loan or other indebtedness, provided that the Group Companies have a right to create or allow to subsist, retain, provide, prolong and renew any Permitted Security. Financial support: No member of the Group shall directly or indirectly make or grant any loans, grant any credit or give any guarantee or indemnity to or for the benefit of any person or group or otherwise voluntary assume any financial liability, whether actual or contingent, in respect of any other person or group, not being a member of the Group, except for Permitted Financial Support; Continuation of business: The Issuer shall ensure that no material change is made to the general nature of the business carried on by the Group as of the Settlement Date (and for the avoidance of doubt, any extension of the business of the Group into businesses similar or complimentary to the business previously conducted, shall not constitute a material change for the purposes of this undertaking). Corporate status: The Issuer shall not change its type of organisation or jurisdiction of incorporation. Insurances: The Issuer shall, and shall ensure that all other Group Companies will, maintain insurances or captive arrangements on and in relation to its business and assets against those risks and to the extent as is usual for companies carrying on the same or substantially similar business. Arm's length transactions: The Issuer shall not, and the Issuer shall ensure that no member of the Group shall, engage in, directly or indirectly, any transaction with any party (other than between the Issuer and a Guarantor or between two or more Guarantors) except on arm's length terms. Compliance with laws: The Issuer shall, and shall ensure that all other Group Companies will, comply in all material respects with all laws and regulations it or they may be subject to from time to time to the extent that failure to comply with such laws and regulations would have a Material Adverse Effect. Nomination of Material Group Companies: The Issuer shall prior to release of funds from the Escrow Account and thereafter once every year (simultaneously with the delivery to the Bond Trustee of the yearly audited accounts of the Group) and upon acquisition of material assets by a Group Company nominate Material Group Companies. The Issuer (as applicable) shall, subject to the Security Principles, nominate as Material Group Companies (a) such Group Companies as are necessary to ensure that the Issuer and the Material Group Companies in aggregate account for at least 8% of the Group's EBITDA and total assets, and (b) any Group Company whose EBITDA or assets constitutes more than 1% of the Group's EBITDA or total assets on a consolidated basis based on the preceding four financial quarters. If the aggregate EBITDA of all the Material Group Companies as determined pursuant to the above criteria is less than 8% of the consolidated EBITDA or assets of the Group, the Group Company with the greatest EBITDA or assets which is not a Material Company shall, subject to the Security Principles, become a Material Company, and this process shall be repeated until such 8% threshold is attained. If a Group Company has been acquired since the 25

26 date at which the latest Financial Statements of the Group were prepared, the financial statements shall be deemed to be adjusted in order to take into account the acquisition of that Group Company. The Issuer shall ensure that each such Material Group Company no later than 6 days after its nomination provide Security in accordance with the Security Principles. The identity of the Material Group Companies nominated by the Issuer in accordance with this paragraph shall be listed in the compliance certificate to be provided to the Bond Trustee in accordance with the Information Undertakings. (o) (p) Subsidiary distribution: The Issuer shall not permit any of its Subsidiaries to create or permit to exist any contractual obligation (or encumbrance) restricting the right of any Subsidiary to pay dividends or make other distributions to its shareholders, other than permitting to subsist such contractual obligation which is not reasonably likely to prevent the Issuer from complying with its payment obligations under the Bond Agreement. Intellectual property: The Issuer shall (and shall ensure that all other Group Companies) (i) preserve and maintain the subsistence and validity of the Intellectual Property which are material in order for the Group to conduct its business; (ii) use reasonable endeavours to prevent infringement in any material respect of any Intellectual Property which is material for the Group to conduct its business, but it shall be free to deal with those assets in the ordinary course of its business (including, without limitation, allowing its Intellectual Property to lapse if no longer material to its business) until an Event of Default has occurred which is continuing and in which notice has been served by the Trustee. Permitted Distribution Means any Distribution by: (a) a Subsidiary of the Issuer, if such Distribution is made to another Group Company and, if made by a Group Company which is not wholly-owned, is made on a pro rata basis; and (b) by the Issuer to the Parent or its Affiliates for funding, payment or reimbursement of administration cost and services limited to NOK 1,, for any financial year, provided that no Event of Default is continuing or would result from such Distribution. Permitted Financial Indebtedness Means any Financial Indebtedness (or the refinancing of any Financial Indebtedness outstanding at the time of the refinancing): (a) under the Finance Documents; (b) (c) (d) (e) (f) incurred under Existing Debt (provided it shall be included as "Permitted Financial Indebtedness" only up until the first release of funds from the Escrow Account); incurred under finance or capital leases of equipment, computers or real property in the ordinary course of business; in the form of any Intercompany Loans; any loans between Group Companies (other than to the Issuer) that do not constitute Intercompany Loans; in the form of any Subordinated Capital; 26

27 (g) (h) (i) (j) (k) (l) (m) arising between Group Companies under any cash pooling arrangement of the Group; any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution in respect of an underlying liability in the ordinary course of business of a Group Company; incurred under any advance or deferred purchase agreement on normal commercial terms by any member of the Group from any of its trading partners in the ordinary course of its trading activities; incurred by the Issuer, if such Financial Indebtedness meets the Incurrence Test tested pro forma including such new Financial Indebtedness, and is incurred as a result of a Tap Issue; incurred as a result of any Group Company acquiring another entity (or operations) and which is due to such acquired entity holding indebtedness, provided that such indebtedness is either (i) repaid, or (ii) otherwise refinanced by the Issuer as set out in paragraph (j) above within ninety (9) days of completion of such acquisition or transfer; under any pension and tax liabilities incurred in the ordinary course of business; or incurred under paragraph (h) of the definition of "Permitted Financial Support". Permitted Financial Support Means any guarantee, loan or other financial support: (a) granted under the Finance Documents; (b) (c) (d) (e) (f) (g) (h) granted under Existing Debt (provided it shall be included as "Permitted Financial Support" only up until the first release of funds from the Escrow Account); granted in respect of any Tap Issue, provided that such guarantee is granted in favour of the Bond Trustee on the behalf of the Bondholders in accordance with the terms of the Bond Agreement; permitted under paragraphs (d), (e) and (g) of the definition of "Permitted Financial Indebtedness"; which constitutes a trade credit or guarantee issued in respect of a liability incurred by another Group Company in the ordinary course of business; for any rental obligations in respect of any real property leased by a Group Company in the ordinary course of business and on normal commercial terms; arising by operation of law and in the ordinary course of business and not as a result of any default or omission; or arising in the ordinary course of banking arrangements for the purposes of netting debt and credit balances between Group Companies. Permitted Security Means any security: (a) created under the Finance Documents; 27

28 (b) (c) (d) (e) (f) (g) created in respect of Existing Debt (provided it shall be included as "Permitted Security" only up until the first release of funds from the Escrow Account); created in respect of a Tap Issue, provided that such security is granted in favour of the Bond Trustee on behalf of the Bondholders in accordance with the terms of the Bond Agreement; arising by operation of law or in the ordinary course of trading and not as a result of any default or omission; arising in the ordinary course of banking arrangements for the purposes of netting debt and credit balances of Group Companies; in the form of rental deposits or other guarantees in respect of any lease agreement including in relation to real property entered into by a Group Company in the ordinary course of business and on normal commercial terms; or granted under Permitted Financial Indebtedness in accordance with paragraph (k) of the definition of "Permitted Financial Indebtedness" and that such security is discharged upon repayment or refinancing of such Financial Indebtedness with the Issuer as the new borrower. Tap Issue Incurrence Test The Issuer may, provided that the Incurrence Test is met, at one or more occasions issue additional Bonds under the Bond Issue (each such issue, a "Tap Issue"), until the outstanding loan amount equals the Maximum Loan Amount (less the Nominal Amount of any previously redeemed Bonds). The additional Bonds issued in a Tap Issue shall be subject to the terms and conditions of the Finance Documents. The Incurrence Test is met if the: (i) (ii) Leverage Ratio is not greater than 4.x; and Interest Cover Ratio is greater than 3.x. The calculation of (i) - (ii) above shall be made as per a testing date determined by the Issuer, falling no earlier than one month prior to the event relevant for the application of the Incurrence Test. The Net Interest Bearing Debt shall be measured on the relevant testing date so determined, but include any new Financial Indebtedness incurred under any Tap Issue in respect of which the Incurrence Test is applied (however, any cash balance resulting from the incurrence of such new Financial Indebtedness shall not reduce the Net Interest Bearing Debt). The figures for the EBITDA for the Relevant Period ending on the last day of the period covered by the most recent Financial Report shall be used for the Incurrence Test, but adjusted so that: (a) (b) entities, assets or operations acquired or disposed of by the Group during the Relevant Period, or after the end of the Relevant Period but before the relevant testing date, shall be included or excluded (as applicable), pro forma, for the entire Relevant Period; and any entity to be acquired with the proceeds from a Tap Issue shall be included, pro forma, for the entire Relevant Period. Information The Bond Agreement shall include relevant information undertakings (as customary in the Norwegian high-yield bond market). 28

29 Undertakings In addition to the customary undertaking to provide compliance certificates in connection with the publication of financial reports, the Issuer shall upon in all events which shall require application of the Incurrence Test submit to the Bond Trustee a compliance certificate which shall also contain calculations and figures in respect of the ratio of Net Interest Bearing Debt to EBITDA. The Issuer shall, without being requested to do so, prepare: (i) (ii) its audited unconsolidated and consolidated annual audited financial statements and make them available on its website in the English language (alternatively by arranging for publication at Stamdata) as soon as they become available, and not later than 12 days after the end of the financial year; and its unaudited consolidated quarterly financial statements and make them available on its website in the English language (alternatively by arranging for publication on Stamdata) as soon as they become available, and not later than 6 days after the end of the relevant quarter. in respect of both (i) and (ii) above, the financial statements shall specifically include, for the Relevant Period, EBITDA and Net Interest Bearing Debt (and otherwise as required under the Incurrence Test) in respect of the Group. Change of Control (Put Option) Upon a Change of Control Event occurring, each Bondholder shall have a right to require that the Issuer redeems the relevant Bondholder's Bonds (put option) at a price of 11% of par value (plus accrued and unpaid interest), such put option to be exercised within 6 days following the notice of a Change of Control Event. The settlement date of the put option(s) shall be on the 5th Business Day after the end of the 6 days period. For further details on put options, please refer to clause 1.3 in the Bond Agreement. Change of Control Event Change of Control Event means any Person or group of Persons acting in concert gaining Decisive Influence over the Issuer (other than the Sponsor or any fund managed by the Sponsor and/or any other party over whom any of them have Decisive Influence). "Decisive Influence" means a Person having, as a result of an agreement, understanding and/or other arrangement and/or through the direct and/or indirect ownership of shares and/or other ownership interests in another Person: (i) (ii) a majority of the voting rights in that other Person; or a right to elect or remove a majority of the members of the board of directors of that other Person. Clean-up Call Issuer's ownership of Bonds Governing law If Bonds representing more than 9% of the outstanding Bonds have been repurchased in relation to a Change of Control Event (Put Option), the Issuer may at its election repurchase all the remaining outstanding Bonds at a price of 11% of Nominal Amount (plus accrued interest) by notifying the remaining Bondholders of its intention to do so no later than 2 days after the settlement date for the Change of Control (Put Option). Such prepayment of Bonds pursuant to the Clean- Up Call may occur at the earliest on the 15 th day following the date of such notice in respect of the Clean-Up Call. The Issuer and the Group Companies each have the right to acquire, subscribe and own the Bonds. Such Bonds may at the Issuer s discretion be retained or sold. Norwegian for the Bond Agreement, Norwegian or local law as applicable for the 29

30 and jurisdiction Taxation Registration Paying Agent Market making Transfer restrictions Security Documents. The Issuer shall pay any stamp duty and other public fees accruing in connection with issuance of the Bonds or the Security Documents, but not in respect of trading of the Bonds in the secondary market (except to the extent required by applicable laws), and the Issuer shall deduct before payment to the Bondholders at source any applicable withholding tax payable pursuant to law, subject to standard gross up and gross up call provisions. The Bonds are registered electronically with the Norwegian Central Securities Depository ("VPS"), Fred. Olsens gate 1, 51 Oslo, Norway. Principal and interest accrued will be credited the Bondholders through VPS. Danske Bank. No market-maker agreement has been made for this Bond Issue. The Bonds are freely transferable and may be pledged, subject to the following: (i) Bondholders located in the United States will not be permitted to transfer the Bonds except (a) subject to an effective registration statement under the Securities Act, (b) to a person that the bondholder reasonably believes is a QIB within the meaning of Rule 144A that is purchasing for its own account, or the account of another QIB, to whom notice is given that the resale, pledge or other transfer may be made in reliance on Rule 144A, (c) outside the United States in accordance with Regulation S under the Securities Act in a transaction on the relevant exchange, and (d) pursuant to an exemption from registration under the Securities Act provided by Rule 144 thereunder (if available). (ii) Bondholders may be subject to purchase or transfer restrictions with regard to the Bonds, as applicable from time to time under local laws to which a bondholder may be subject (due e.g. to its nationality, its residency, its registered address, its place(s) for doing business). Each bondholder must ensure compliance with local laws and regulations applicable at own cost and expense. (iii) Notwithstanding the above, a bondholder which has purchased the Bonds in contradiction to mandatory restrictions applicable may nevertheless utilise its voting rights under the Bond Agreement. Limitation of claims Business Day Convention Bondholders' Meeting All claims under the Bond Agreement for payment, including interest and principal, will be subject to the legislation regarding time-bar provisions of Norway (Nw. foreldelsesloven), i.e. 3 years for interest payments and 1 years for principal. Means that if the last day of any Interest Period originally falls on a day that is not a Business Day, the Interest Period will be extended to include the first following Business Day unless that day falls in the next calendar month, in which case the Interest Period will be shortened to the first preceding Business Day (Modified Following). The Bondholders Meeting represents the supreme authority of the Bondholders community in all matters relating to the Bonds, and has the power to make all decisions altering the terms and conditions of the Bonds, including, but not limited to, any reduction of principal or interest and any conversion of the Bonds into other capital classes. The Bondholders' Meeting may not adopt resolutions which will give certain Bondholders an unreasonable advantage at the expense of other Bondholders. Subject to the power of the Bond Trustee to take certain action as set out in Clause 16.1 in the Bond Agreement (Power to represent the Bondholders), if a resolution by, 3

31 or an approval of, the Bondholders is required, such resolution may be passed at a Bondholders' Meeting. Resolutions passed at any Bondholders' Meeting will be binding upon all Bondholders. At least 5 per cent. of the Voting Bonds (as defined in the Bond Agreement) must be represented at a Bondholders' Meeting for a quorum to be present. Resolutions will be passed by simple majority of the Voting Bonds represented at the Bondholders' Meeting, however so that a majority of at least 2/3 of the Voting Bonds represented at the Bondholders' Meeting is required for approval of any waiver or amendment of any provisions of these Bond Terms, including a change of Issuer and change of Bond Trustee. For more details on the Bondholders' rights and representation pursuant to the Bonds, as well as information about the procedures for arranging a Bondholders' Meeting and voting rules, please see clause 15 of the Bond Agreement, attached hereto as Appendix The Guarantees The Guarantees are joint and several unconditional and irrevocable Norwegian law guarantees (Nw. selvskyldnerkausjon) made by each of the Guarantors to the benefit of the Bond Trustee as continuing security for the due and punctual payment, discharge and performance of the Secured Obligations (as defined in the Bond Agreement). The Guarantees are governed by a guarantee document dated 5 April 217 (the "Guarantee"). Pursuant to the Guarantee: (i) (ii) (iii) (iv) (v) (vi) each Guarantor, jointly and severally, irrevocably and unconditionally guarantee as independent primary obligors (Nw. selvskyldnerkausjonist) to the Bond Trustee (on behalf of the Bondholders) the payment, discharge and punctual performance of the Secured Obligations on the Bond Trustee's demand until the expiry of the Security Period (as defined in the Bond Agreement); each Guarantor irrevocably and unconditionally undertakes with the Bond Trustee (on behalf of the Bondholders) that it shall pay any amount owed by a Guarantor in connection with the Secured Obligations as if it was the principal obligor; each Guarantor irrevocably and unconditionally indemnifies the Bond Trustee (on behalf of the Bondholders) against any cost, loss or liability suffered by the Bond Trustee or the Bondholders if any of the Secured Obligations is or becomes unenforceable, invalid or illegal; each Guarantor undertakes not to do or cause or permit to be done anything, or omit to take any action, which will, or could be reasonably expected to adversely affect the rights of the Bond Trustee under the Guarantee, or cause an Event of Default to occur, or which is in any way inconsistent with or depreciates, jeopardises or otherwise prejudices the rights of the Bond Trustee under the Guarantee; each Guarantor shall promptly do all such acts or execute all such documents (including assignments, transfers, notices and instructions) as the Bond Trustee may reasonably specify (and in such form as the Bond Trustee may reasonably require in favour of the Bond Trustee or its nominee(s)) to fulfil the intention of the Guarantees; Upon and at any time following the occurrence of an Event of Default which is continuing the Guarantees are enforceable and the Bond Trustee may (at its discretion) enforce all or any part of the Guarantees created by the Guarantee in accordance with the applicable statutory procedures of enforcement. 5.3 Listing The Company has applied for listing of Bonds on Oslo Børs, and admission to trading is expected to be on or about 21 September 217 under ticker code "CARE1" and with ISIN NO Neither the Company nor any other members of the Group have securities listed on any EEA regulated market. 31

32 5.4 Expenses related to the issuance and listing of the Bonds The Company shall cover all expenses in connection with the Bond Issue such as preparation of the Bond Agreement, review and approval of the Prospectus from the FSA, listing of the Bonds on Oslo Børs and registration and administration of the loan in the VPS in the accordance with the agreement between the Company and the VPS. The fees payable for listing on Oslo Børs amount to approximately NOK 5, and the fees payable for review and approval from the FSA amount to NOK 76,. The total costs incurred by the Company in connection with the issuance and listing of the Bonds are expected to amount to approximately MNOK 11.16, of which services provided by the Manager amount to approximately MNOK 9.14, services provided by the Bond Trustee amount to approximately NOK 45,, services provided by Ernst & Young AS amount to approximately NOK 7, and services provided by Advokatfirmaet Schjødt AS amount to approximately NOK 75,. 5.5 Advisers ABG Sundal Collier ASA has acted as Manager in relation to the Bond Issue. Advokatfirmaet Schjødt AS is acting as legal adviser to the Company. 5.6 Interests of natural and legal persons involved in the Bond The Manager or their affiliates have provided from time to time, and will provide in the future, investment and commercial banking services to the Company and its affiliates in the ordinary course of business, for which they may have received and may continue to receive customary fees and commissions. The Manager, their employees and any affiliate may currently own existing Shares and/or bonds in the Company. The Manager does not intend to disclose the extent of any such investments or transactions otherwise than in accordance with any legal or regulatory obligation to do so. The Manager received a commission in connection with the issue of the Bonds. 32

33 6. INFORMATION ABOUT THE COMPANY AND THE UNICARE GROUP 6.1 The Company Care Bidco AS was incorporated on 5 January 216 and registered in the Norwegian Register of Business Enterprises on 12 January 216, with registration number The Company is incorporated in Norway and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. The Company has no securities listed on any regulated market. The Company's registered address and the Group's headquarters' address is Pilestredet 56, 167 Oslo, Norway. The Company's telephone number is and its web address is According to Section 3 of the Articles of Association of the Company, the purpose of the Company is trade with and investment in real estate, stocks and shares and other properties, and to engage in all such other business activities as are associated with the above objects. The Company is a holding company with no employees and the parent company of the Group. As all operations of the Group are carried out in, and all fixed assets and employees are held by, the Company's subsidiaries, the Company is dependent on other entities in the Group. For information concerning the Company's board, please see section 9.1. For details on the management of the Group, please see section Overview of Unicare The Group's principal activities are conducted through subsidiaries of the Company under the brand name Unicare. Unicare is a provider of health care services, with 36 locations/units in Norway and 1 units in Sweden, and around 2,8 employees. Its principal activities include nursing homes, home care services, rehabilitation, health clinics, and psychology and occupational health, providing related revenues in excess of NOK 1,3 million. The Group has a substantial portfolio of continuous and long term contracts with solid counterparties, including the public sector (regional health authorities (RHAs), the Norwegian Labour and Welfare Administration (NAV) and municipalities) and large corporates. 6.3 Description of the legal structure of the Group General The Group and the Unicare brand were acquired by G Square Capital in 216, who is the largest shareholder with approximately 67% ownership share. Unicare Holding AS and Care Bidco AS are controlled by Care Holdco AS, which in turn is controlled by G Square Capital II, L.P. G Square Healthcare Private Equity LLP is a Limited Liability Partnership incorporated in England and Wales (registered under No. OC385628), authorised and regulated by the Financial Conduct Authority, with registered offices at 28 Savile Row, London W1S 2EU, acting as Manager of G Square Capital II, L.P., an English Limited Partnership established in 216 ("Investor" or the Fund ). Please find below a chart describing the legal structure of the Group: 33

34 6.3.2 Unicare Holding AS Unicare Holding AS is the immediate subsidiary of the Company and a holding company managing the various divisions in which the Group operates. Care Bidco holds 1% of the shares in Unicare Holding AS which in turn holds 1% of the shares in each direct subsidiary, as illustrated by the Group chart above. Unicare Holding AS was incorporated on 8 September 21 and registered in the Norwegian Register of Business Enterprises on 27 September 21, with registration number and registered address at Pilestredet 56, 167 Oslo. The company is incorporated in Norway and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. Unicare Holding AS is a holding company with direct ownership of all the Group's Norwegian subsidiaries and indirect ownership of the Swedish entities through Unicare Sverige AS. According to Section 3 of the Articles of Association of Unicare Holding AS, the purpose of Unicare Holding AS is to provide preventive health services for companies and institutions, conducting consultative activities in the fields of health, safety and environment, and operations with related type of activity. Unicare Holding AS is also a Guarantor to the bond loan Other subsidiaries Unicare Fram AS (Guarantor) Unicare Fram AS was incorporated on 7 June 1996 and registered in the Norwegian Register of Business Enterprises on 28 June 1996, with registration number and registered address at Rykkinnveien 1, 1349 Rykkinn. The company is incorporated in Norway and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. The purpose of Unicare Fram AS, pursuant to 34

35 section 3 of the company's articles of association, is to offer health and rehabilitation services, and to carry out research and development work within the rehabilitation field. Unicare Hokksund AS (Guarantor) Unicare Hokksund AS was incorporated on 12 November 199 and registered in the Norwegian Register of Business Enterprises on 2 February 1995, with registration number and registered address at Loesmoveien 79, 33 Hokksund. The company is incorporated in Norway and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. The purpose of Unicare Hokksund AS, pursuant to section 3 of the company's articles of association, is to operate a rehabilitation centre and to perform ancillary activities thereto. Unicare Friskvernklinikken AS (Guarantor) Unicare Friskvernklinikken AS was incorporated on 5 January 1996 and registered in the Norwegian Register of Business Enterprises on 9 January 1996, with registration number and registered address at Knud Askers vei 2, 1383 Asker. The company is incorporated in Norway and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. The purpose of Unicare Friskvernklinikken AS, pursuant to section 3 of the company's articles of association, is to carry out preventative and health promoting work, provide rehabilitation to patients in need of treatment and to perform any ancillary activities thereto, including engagements in other companies Unicare Jeløy AS (Guarantor) Unicare Jeløy AS was incorporated on 2 June 21 and registered in the Norwegian Register of Business Enterprises on 3 June 21, with registration number and registered address at Bråtengata 94, 1517 Moss. The company is incorporated in Norway and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. The purpose of Unicare Jeløy AS, pursuant to section 3 of the company's articles of association, is to run a physical therapy and rehabilitation business and to perform any ancillary activities thereto, including engagements in other companies. Please note that the Guarantor Unicare Jeløy AS changed its name from Jeløy Kurbad AS after the date of issuance of the bonds Unicare Steffensrud AS Unicare Steffensrud AS was incorporated on 27 May 1982 and registered in the Norwegian Register of Business Enterprises on 19 February 1995, with registration number and registered address at Vestre Toten veg 153, 2846 Bøverbru. The company is incorporated in Norway and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. The purpose of Unicare Steffensrud AS is to provide medical and employment related rehabilitation. Unicare Psykolog AS Unicare Psykolog AS was incorporated on 26 November 23 and registered in the Norwegian Register of Business Enterprises on 1 January 24, with registration number and registered address at Pilestredet 56, 167 Oslo. The company is incorporated in Norway and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. The purpose of Unicare Psykolog AS is to sell psychology, physiotherapy and medical services to private and public undertakings, and to perform any ancillary activities thereto. Unicare Helse AS Unicare Helse AS was incorporated on 1 August 28 and registered in the Norwegian Register of Business Enterprises on 13 August 28, with registration number and registered address at Pilestredet 56, 167 Oslo. The company is incorporated in Norway and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. The purpose of Unicare Helse AS is to offer preventative health services to companies and institutions, run a consultation service within Health, Environment and Safety and to perform any ancillary activities thereto. Unicare Omsorg AS (Guarantor) Unicare Omsorg AS was incorporated on 12 March 22 and registered in the Norwegian Register of Business Enterprises on 18 March 22, with registration number and registered address at Pilestredet 56, 167 Oslo. The company is incorporated in Norway and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. The purpose of Unicare Omsorg AS, pursuant to section 3 of the company's articles of association, is to offer services within the geriatric and rehabilitation sector, and to perform any ancillary activities thereto. 35

36 Unicare Hjemmetjenester AS Unicare Hjemmetjenester AS was incorporated on 1 May 26 and registered in the Norwegian Register of Business Enterprises on 2 August 26, with registration number and registered address at Pilestredet 56, 167 Oslo. The company is incorporated in Norway and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. The purpose of Unicare Hjemmetjenester AS is to provide practical help and care both within and out of the home. Unicare BAB AS Unicare BAB AS was incorporated on 21 October 26 and registered in the Norwegian Register of Business Enterprises on 14 November 26, with registration number and registered address at Fyrstikkalléen 19, 661 Oslo. The company is incorporated in Norway and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. The purpose of Unicare BAB AS is to provide care services and to perform any ancillary activities thereto. Unicare Små Enheter AS Unicare Små Enheter AS was incorporated on 1 February 1994 and registered in the Norwegian Register of Business Enterprises on 2 February 1995, with registration number and registered address at Kristinelundveien 6, 268 Oslo. The company is incorporated in Norway and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. The purpose of Unicare Små Enheter AS is to work in child welfare services and substance abuse care, suggest developments within social pedagogic practice and treatment initiatives aimed at children and teenagers with complex issues, and to perform any ancillary activities thereto. Bakke, senter for mestring og rehabilitering AS Bakke, senter for mestring og rehabilitering AS was incorporated on 1 November 24 and registered in the Norwegian Register of Business Enterprises on 6 January 25, with registration number and registered address at Iddefjordsveien 885, 1765 Halden. The company is incorporated in Norway and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. The purpose of Bakke, senter for mestring og rehabilitering AS is operation of rehabilitation institutions and to perform any ancillary activities thereto, offering specialised rehabilitation on day visits or on overnight stay basis. Landaasen Rehabiliteringssenter AS Landaasen Rehabiliteringssenter AS was incorporated on 26 May 1993 and registered in the Norwegian Register of Business Enterprises on 12 March 1995, with a registration number and registered address at Landåsvegen 747, 2861 Landåsbygda. The company is incorporated in Norway and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. The purpose of Landaasen Rehabiliteringssenter AS is to run a rehabilitation business together with investments in an development of other companies, and to perform any ancillary activities thereto, offering specialized rehabilitation within the areas of tinnitus, heart disease, cancer, chronic muscle pain, spinal problems, leg amputation and rehabilitation once the prosthesis is fitted. Unicare Sverige AS Unicare Sverige AS was incorporated on 27 April 216 and registered in the Norwegian Register of Business Enterprises on 4 May 216, with registration number and registered address at Pilestredet 56, 167 Oslo. The company is incorporated in Norway and organised as a private limited liability company in accordance with the Norwegian Private Limited Companies Act. The purpose of Unicare Sverige AS is to carry out business focused on the development of and investment in health services and to perform any ancillary activities thereto. Unicare Sverige AS is the direct parent company of the Swedish branch of the Unicare Group. Unicare Sverige AB Unicare Sverige AB was formed and registered with the Swedish Companies Registration Office in Sweden on 14 December 216 with organization number The company operates in Sweden and is organized as a limited company under the Swedish Companies Act. The purpose of Unicare Sverige AB is to conduct activities that focus on healthcare and medical care, and to own shares within the healthcare and medical care sector. Unicare Sverige AB is a holding company and owns 1% of the shares in the following companies: Unicare Vård i Jönköpings län AB, organization number Unicare Vård i Kronoberg AB, organization number Unicare Vård i Västra Götaland AB, organization number Unicare Vård i Södermanland AB, organization number

37 Unicare Vård Gotland AB, organization number Unicare Vård i Värmland AB, organization number Unicare Vård i Dalarna AB, organization number Unicare Apladalen Vård AB, organization number The abovementioned companies are organized as limited companies under the Swedish Companies Act with the purpose to conduct activities that focus on healthcare and medical care. All subsidiaries of Unicare Sverige AB operate in Sweden and are private providers of health services through the operation of ten health clinics in the Southern and central part of Sweden. All ten health clinics have contracts with the government as part of the primary healthcare service following the "free choice of healthcare" initiative. The terms of the contracts with the Swedish government vary between the counties where the clinics are located. 6.4 Business overview Principal activities Unicare is a provider of care services, health clinics and in specialist health services. Unicare's principal activities include nursing homes, home care services, rehabilitation, health clinics, and psychology and occupational health, providing related revenues in excess of NOK 1,3 million. The Group is structured in five divisions: Rehabilitation, Psychology & Occupational Health, Nursing homes & Home care services, Homes and Care and International (as illustrated by the Group chart in above). The markets in which the Group operates are explained in chapter 7 below Revenue distribution Please find below a chart describing the distribution of the Group's revenues as per the end of Q2 217: Revenue distribution operating units YTD Q2 217 Nursing Homes Rehabilitation Nursing Homes 36 % Sweden Homes & Care OHS & Psychology 6 % OHS & Psychology Rehabilitation 23 % Homes & Care 14 % Sweden 21 % Rehabilitation Unicare is a supplier of rehabilitation, offering specialized rehabilitation, surveys and assessment services in hospitals and clinics in the South-East of Norway. Target groups include patients suffering from strokes, traumatic brain injuries, CFS/ME, obesity, amputations and neurological and neuromuscular diseases. Unicare focuses on rehabilitation treatments that enable patients to return to work faster, irrespective of diagnosis. Through the Company's subsidiaries within the Rehabilitation division, Unicare offers continuing agreements with South-East RHA and NAV for each clinic and each rehabilitation treatment. Current agreements include a 37

38 pre-determined number of hours for each treatment, and utilisation below 95% will trigger reimbursement to the RHA for unused capacity Psychology & Occupational Health Services Unicare is a provider within psychiatric consultations in Norway and a provider of occupational health services ("OHS") for employers. Through the Company's subsidiaries within the psychology segment of the Psychology & Occupational Health division, Unicare has a nationwide presence with a total of seven clinics spread across the country. Agreements include a contract with the South-East RHA and NAV. Within the occupational health segment Unicare assists in all parts of the systematic HSE work, offering services to a wide range of businesses, both public and private, with over 3 clients. Occupational health services are primarily offered in the Oslo region but include nationwide coverage with representatives in six cities Nursing homes & Home care services Unicare is a private operator of nursing homes in Norway, running 6 of the 15 commercially operated nursing homes in the city of Oslo through the Nursing homes & Home care services division. Through subsidiaries of the Company, Unicare holds contracts with Oslo municipality based on six year agreements with a two-year extension option Homes and Care Through the Company's subsidiaries, Unicare offers around the clock co-located homes, auxiliary housing and various other day and weekend assistance, in addition to child welfare. The Homes and Care division offers three main services for different segments: child welfare for children in need of psychiatric treatment, institutional care for individuals with disabilities and user controlled personal assistance. Unicare has qualified competence in institutional care for minors with special needs and in need of complex treatment. The services carried out through the Homes and Care division are largely regulated by The Norwegian Directorate for Children, Youth and Family Affairs (BUFdir). Unicare does not currently have a framework agreement with BUFdir but offers institutional care on a case by case basis. User controlled personal assistance is financed by the respective municipalities and individual tenders per user, and frame agreements are in place for auxiliary housing and respite care, where contract duration varies between 6 12 years International Unicare entered the Swedish market in 216 through the acquisition of Avonova Primärvård (now named Unicare Sweden). Unicare Sweden is a private provider of health services and operates ten health clinics in the Southern and central part of Sweden. Since the introduction of free choice of healthcare in 29/21, Unicare Sweden has grown to approximately 76,6 listed patients. All ten health clinics have contracts with the Swedish government as part of the primary healthcare service. The terms of the contracts with the government vary between counties. 6.5 Material contracts The Group has a substantial portfolio of continuous and long term contracts with solid counterparties, including the public sector (regional health authorities (RHAs), the Norwegian Labour and Welfare Administration (NAV) and municipalities) and large corporates, with the two largest agreements providing an estimated aggregate over 55% to 6% of the revenue for 217. All agreements are rewarded after separate tendering processes. 6.6 Litigation From time to time the Company and/or the Group may become engaged in litigation or regulatory proceedings incidental to their business. Neither the Company nor the Guarantors are, or have been, involved in any governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Company or the Guarantors are aware), as of the date of this Prospectus, and for the preceding 12 months, which may have, or have had in recent past, significant negative effects on the Company's, Guarantor's and/or the Group s financial position or profitability. 38

39 7. PRINCIPAL MARKETS 7.1 Introduction The Nordics as well as the rest of Europe face many of the same challenges, i.e. a growing elderly population both in absolute and relative terms. In general, a relatively large portion of healthcare expenditures are funded by the public sector and many responsibilities are placed with the local authorities or governments. The Nordic countries rank in the world top ten in terms of healthcare spending per capita. A wide and far reaching involvement of the Government both organisationally and financially are prevalent in all the Nordic countries. Hence, the political environment and agenda often dictate the private investment activity, which in turn can be both positive and negative for private providers. The healthcare system is primarily funded by public sources, comprising financing from central and local governments and from the National Insurance Scheme. Private providers form an increasingly integral part of the total healthcare service offering a trend set to continue in the years ahead. Due to asymmetric demographic growth, significantly skewed towards a larger elderly population, and increased life expectancy on the back of medical and technological development, there is an increasing demand for Unicare's services, including nursing homes, home care services, rehabilitation, health clinics, and psychology and occupational health. There is political support towards free choice of provider, with rehabilitation services to become part of the program from Rehabilitation Key facts The Rehabilitation market is based on treatment of medical conditions including, but not limited to, amputation, brain injury, cancer, cerebral palsy, musculoskeletal injuries, Parkinson's, stroke and more. The most widespread clients are those with work-related injuries, musculoskeletal injuries and endocrine disorders. Rehabilitation services help to restore movement and function to people disabled by disease or injury. Physicians and therapists create therapy plans that consider the unique needs, abilities and objectives of each patient. Services are provided either by inpatient care or outpatient care. Unicare provides rehabilitation services for about 5,686 users in Norway and the primary competitor in the private rehabilitation market is Stamina Group General Industry drivers Specialised rehabilitation in Norway is financed by the respective Regional Health Authority (RHA). NAV finances selected services that enable a quicker return to work (Nw. raskere tilbake ) for patients on sick leave. Commercial providers must be certified by the RHA to be applicable for NAV contracts or patients deriving through the "free patient choice" arrangement. Certified institutions may participate in tenders for NAV contracts and such contracts are usually continuing contracts Market trends There are three trending types of contracts that may generate revenue in the market for private institutions: (i) frame agreements with RHAs, (ii) contracts with NAV and (iii) to be a provider through the "free patient choice" arrangement. The RHAs award continuing frame agreements to selected rehabilitation institutions. 7.3 Psychology & Occupational Health Key facts Services within the Psychology & Occupational Health market include physical and physiological treatment, safety documentation, ergonomics, health training and education, psychosocial work, risk assessment and more, as well as assistance in all parts of the systematic HSE (health, safety and environment) work depending on the industry, needs and challenges. Unicare provides psychology and occupational health services for about 4,5 users in Norway and the primary competitors in the private psychology and occupational health market are Aleris, Synergi Helse and Stamina Group. 39

40 7.3.2 General Industry drivers The general industry drivers within the psychology and occupational health market comprise of medium and large enterprises, both public and private. Approximately 1.5 million of 2.5 million employees in Norway work in companies that are subject to HSE-service requirements under the Employment Protection Act of Typical clients are industrials corporations and companies with employees who work nightshifts or are exposed to substantial amounts of physical or physiological strain. The four largest supplies in Norway include Unicare, Aleris, Stamina and Synergi Helse. Occupational health services are fully financed by customers. Occupational health services are however tax free if they are characterised as preventive. Occupational health service companies working for clients that are in the "Inclusive Workplace Scheme" can be refunded by NAV if they manage to help employees back to work from long-term sick leave Market trends Larger clients will typically procure occupational health services through a tender process. Important considerations are price, service offering and competency. Contract length may vary, but is usually between three to five years including extension options. Some clients choose a running contract with annual renegotiations. 7.4 Homes and Care Key facts The Homes and Care market segment is regulated by the Norwegian Child Welfare Services Act (Nw. lov om barnevernstjenester), the primary authority being the BUFetat (the child welfare services division of the Norwegian Directorate for Children, Youth and Family Affairs) The other segments are regulated by the Health and Care Services Act (Nw. helse- og omsorgstjenesteloven), the primary authority being the municipalities. Unicare provides homes and care services for about 136 users in Norway and the primary competitors in the private homes and care market are Aleris, Norlandia, Team Olivia and Humana General Industry drivers There are five large private operators in Norway: Unicare, Norlandia, Team Olivia, Aleris and Humana, operating in a market almost entirely funded by the public sector Market trends Public spending on institutional care for children and youth has been growing steadily in the later years, with a compound annual growth rate of 3.8% from 211 to 215 (source: BUFetat figures). Commercial providers form an integrated part of the market with a significant market provision. 7.5 Nursing homes & Home care services Key facts Home care services are granted to persons who fail daily required tasks due to illness, disability, age or other reasons. Nursing care is granted to persons that are unable to seek medical care outside their home due to illness, disability, age or other reasons. Home services typically involves assistance with acquiring household goods, cooking meals, cleaning, laundry and other services the patient needs assistance to perform. Nursing care typically involves assistance with wound care, administering drugs and other medical tasks as well as personal hygiene, nutrition and therapy. Other services within the sector include typical home services as well as training in the activities of daily life and participation in leisure activities. Unicare provides nursing homes and home care services for about 1,113 users in Norway and the primary competitors in the private nursing homes and home care market are Aleris, Norlandia, Attendo and Humana. 1 NHO service "Statistikk og trender 216/217" (page 91) 4

41 7.5.2 General Industry drivers Home care is financed by the municipalities. Private providers can only operate in municipalities that have introduced the "free choice of provider" arrangement, which today constitutes ~34 municipalities. In these municipalities, users can choose freely between private and public providers Market trends With an asymmetric demographic growth, significantly skewed towards a larger elderly population and increased life expectancy on the back of medical and technological development, Oslo will need 1, new nursing home beds before 23 and 3,4 before The Swedish market Key facts Since the introduction of free choice of healthcare in 29/21 Sweden has allocated patients the right to choose between public and commercial providers of primary healthcare, generating a steady growth amongst commercial providers of health services and clinics in Sweden. Commercial healthcare clinics offer services such as primary care, child primary care, rehabilitation and maternity primary care. Unicare provides healthcare services for about 76,6 users in Sweden and the primary competitors in the Swedish private healthcare market are Capio and Praktikertjanst General Industry drivers With the government increasing choice for patients by allowing commercial providers to set up clinics in primary care and increasingly specialist care throughout Sweden there have been gains in productivity for commercial providers of healthcare Market trends With a steadily growing population and increased spending on primary care this is a growing market. Since the introduction of free choice of healthcare in 29/21, commercial providers have experienced a steady growth in listed patients. 2 NHO Service Effekten av konkurranse Kvalitet og kostnader ved sykehjem i Oslo in 216 (page 9) 41

42 8. FINANCIAL INFORMATION 8.1 Annual accounts The Company s audited annual consolidated financial statements as of 31 December 216 and the auditor's report for such financial statements is attached as Appendix 2. The financial statements for the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and the Norwegian Accounting Act. As the Company was previously an empty shelf company and has been in operation for less than two years, only the financial information from 216 is included. For audited financial statements and the auditor's reports for the years ended 31 December 215 and 216 for the Guarantors, please see Appendices 3 to 8. The financial statements for the Guarantors have been prepared in accordance with Norwegian Generally Accepted Accounting Principles (NGAAP). The Group's unaudited Q1 and Q2 financial reports for 217 are attached hereto as Appendices 9 and 1. Please find below a table detailing where the abovementioned annual accounts may be found. Financial reports Care Bidco AS/Group 3 Appendix 2 Income statement Page 9 Balance Sheet Page 11 Cash flow statement Page 13 Accounting policies and notes Page Unicare Holding AS Appendix 3 Appendix 3 Income statement Page 22 Page 5 Balance Sheet Page 23 Page 6 Cash flow statement Page 32 Page 8 Accounting policies and notes Page 25 Page 9 Unicare Fram AS Appendix 4 Appendix 4 Income statement Page 19 Page 5 Balance Sheet Page 2 Page 6 Cash flow statement N/A* N/A* Accounting policies and notes Page 22 Page 8 Unicare Friskvernklinikken AS Appendix 5 Appendix 5 Income statement Page 19 Page 5 Balance Sheet Page 2 Page 7 Cash flow statement N/A* N/A* Accounting policies and notes Page 22 Page 8 Unicare Hokksund AS Appendix 6 Appendix 6 Income statement Page 25 Page 7 3 The Group did not contain the Company in the 215 report 42

43 Balance Sheet Page 26 Page 8 Cash flow statement Page 36 Page 11 Accounting policies and notes Page 28 Page 12 Unicare Jeløy AS Appendix 7 Appendix 7 Income statement Page 17 Page 5 Balance Sheet Page 18 Page 7 Cash flow statement N/A* N/A* Accounting policies and notes Page 2 Page 9 Unicare Omsorg AS Appendix 8 Appendix 8 Income statement Page 24 Page 6 Balance Sheet Page 25 Page 7 Cash flow statement Page 35 Page 17 Accounting policies and notes Page 27 Page 9 * Cash flow statements are not required for certain smaller companies pursuant to section 3-2 of the Norwegian Accounting Act (Nw. regnskapsloven). The aforementioned financial statements have primarily been audited by Berge & Lundal Revisjonsselskap AS, Rosenkrantz gate 2, 16 Oslo, Norway, independent auditors, as stated in their independent auditor s reports included herein. Berge & Lundal Revisjonsselskap AS is a member of the Norwegian Institute of Public Auditors (Nw: Den Norske Revisorforening ). The financial statements for Unicare Jeløy AS (formerly Jeløy Kurbad AS) have been audited by Krogh Revisjon AS, Ekholtveien 114, 1526 Moss, Norway, independent auditors, as stated in their independent auditor s reports included herein. Krogh Revisjon AS is a member of the Norwegian Institute of Public Auditors (Nw: Den Norske Revisorforening ). The 215 financial statements for Unicare Fram AS (formerly Fram Helserehab AS) have been audited by BDO AS, Munkedamsveien 45A, 25 Oslo, Norway, independent auditors, as stated in their independent auditor s reports included herein. BDO AS is a member of the Norwegian Institute of Public Auditors (Nw: Den Norske Revisorforening ). The 215 financial statements for Unicare Hokksund AS (formerly Hokksund Rehabiliteringssenter AS) have been audited by Lundes Revisjonskontor I DA, Parkveien 57, 256 Oslo, Norway, independent auditors, as stated in their independent auditor s reports included herein. Lundes Revisjonskontor I DA is a member of the Norwegian Institute of Public Auditors (Nw: Den Norske Revisorforening ). 8.2 Lack of material adverse changes There have been no material adverse changes in the Group's financial or trading position since the date of the last published audited financial statements, being 31 December 216. There have been no material adverse changes in the prospects of the Company or Guarantors since the date of their last published audited financial statements, being 31 December Selected audited historical financial information The below selected historical financial information contains the Group's and each Guarantor's statement of income and statement of financial position for the years 215 and 216 and have been sourced from the audited financial statements mentioned under section 8.1. Please note that the Company was not part of the Group in 215 and that Unicare Holding AS was the current parent of the Group at that time. As such, the consolidated financial statements for Unicare Holding AS for 215 represent the Group's statement of income and statement of financial position for the year 215. Please see section 8.4 below for selected financial information for the Group pursuant to the unaudited Q1 and Q2 217 financial reports. 43

44 8.3.1 The Group The Group's statement of income: Care BidCo AS as parent of the Group Unicare Holding AS as parent of the Group Figures in NOK thousand OPERATING INCOME Sales revenue Other operating income Net operating income OPERATING EXPENSE Cost of goods sold Salaries Depreciation and amortization Write downs Other operating expenses Total operating expenses Operating result FINANCIAL INCOME AND FINANCIAL EXPENSES Financial income Financial expenses Net financial items Pre-tax result Tax expense Net result

45 The Group's statement of financial position: Care BidCo AS as parent of the Group Unicare Holding AS as parent of the Group Figures in NOK thousand Assets FIXED ASSETS Intangible assets Goodwill Intangible asset Deferred tax assets 1 65 Total intangible assets Fixed assets Real property Movables, inventory, equipment Total fixed assets Financial fixed assets Investment in shares and units Pension Other receivables Total financial fixed assets Total fixed assets CURRENT ASSETS Inventory Receivables Accounts receivables Other receivables Total receivables Cash and cash equivalents Total current assets Total assets Equity and liabilities EQUITY 45

46 Paid in capital Share capital Share premium fund Total paid in capital Other equity Total equity LIABILITIES Provisions Pension liabilities Deferred tax Total provisions Other long term debt Debt to credit institutions Shareholder loan Other long term debt 629 Total other long term debt Current liabilities Accounts payable Debt credit institutions Tax payable Public duties payable Short term debt to shareholders Other current liabilities Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES

47 8.3.2 Please find an overview of each Guarantor's statement of income and financial position for the years 215 and 216 below: Statement of income Unicare Holding AS Operating income and operating expenses Note Other operating income Operating Income Payroll expenses Write down on tangible and intangible assets Other operating expenses Operating expenses Operating profit Financial income and expenses Interest income from group entities Other interest income Other financial income 4, Interest expense to group entities Other Interest expenses Other financial expenses Net financial income and expenses Operating result before tax Tax on ordinary result Operating result after tax Annual net profit Brought forward To other equity Net brought forward

48 Financial position Unicare Holding AS Assets Note Fixed assets Intangible fixed assets Concessions, patents, licences, trademarks, and similar Deferred tax asset Total intangible assets Tangible fixed assets Equipment and other movables Total tangible fixed assets Financial fixed assets Investments in subsidiaries Other receivables Total financial fixed assets Total fixed assets Current assets Debtors Accounts receivables Other receivables Total debtors Cash and bank deposits Total current assets Total assets

49 Equity and liabilities Note Restricted equity Share capital Other paid-in equity Total restricted equity Retained earnings Other equity Total retained earnings Total equity Liabilities Other long-term liabilities Liabilities to financial institutions Total of other long term liabilities Current liabilities Trade creditors Tax payable Public duties payable Other short term liabilities Total short term liabilities Total liabilities Total equity and liabilities

50 Statement of income Unicare Fram AS Note Revenue Other operating income Raw materials and consumables used Payroll expenses Other operating expenses Interest income from group entities Other interest income Interest expense to group entities 6 8 Other Interest expenses Other financial expenses Tax on ordinary result Group contribution

51 Financial position Unicare Fram AS Note Deferred tax asset Buildings and land Equipment and other movables Inventories Accounts receivables Other receivables , Cash and bank deposits

52 Note Share capital Other paid-in equity Other equity Pension liabilities Deferred tax Trade creditors Tax payable Public duties payable Other short term liabilities

53 Statement of income Unicare Friskvernklinikken AS Operating income and operating expenses Note Revenue Operating Income Raw materials and consumables used Payroll expenses Depreciation and amortisation expense Other operating expenses Operating expenses Operating profit Financial income and expenses Interest income from group entities Other interest income Other Interest expenses Other financial expenses Net financial income and expenses Operating result before tax Tax on ordinary result Operating result after tax Annual net profit Brought forward Group contribution To other equity Net brought forward

54 Financial position Unicare Friskvernklinikken AS Assets Note Deferred tax asset Total intangible assets Tangible fixed assets Equipment and other movables Total tangible fixed assets Other receivables Total financial fixed assets Total fixed assets Debtors Accounts receivables 8, Other receivables Demand on payment of share capital Total debtors Cash and bank deposits Total current assets Total assets

55 Equity and liabilities Note Restricted equity Share capital 4, Other paid-in equity Total restricted equity Retained earnings Other equity Total retained earnings Total equity Current liabilities Certificate loans Trade creditors Public duties payable Other short term liabilities Total short term liabilities Total liabilities Total equity and liabilities

56 Statement of income Unicare Hokksund AS Operating income and operating expenses Note Revenue Other operating income Operating Income Raw materials and consumables used Changes in inv. of work in progress and finished goods Payroll expenses Depreciation and amortisation expense Other operating expenses Operating expenses Operating profit Financial income and expenses Other interest income Increase in market value of financial current assets Other Interest expenses Net financial income and expenses Operating result before tax Tax on ordinary result Operating result after tax Annual net profit Brought forward To other equity Loss brought forward Net brought forward

57 Financial position Unicare Hokksund AS Assets Note Fixed assets Deferred tax asset Total intangible assets Tangible fixed assets Equipment and other movables Total tangible fixed assets Financial fixed assets Other receivables Total financial fixed assets Total fixed assets Current assets Inventories Debtors Accounts receivables Other receivables Group receivables Total debtors Cash and bank deposits Total current assets Total assets

58 Equity and liabilities Note Equity Restricted equity Share capital Total restricted equity Retained earnings Other equity Total retained earnings Total equity Liabilities Provisions Pension liabilities Deferred tax Total provisions Current liabilities Trade creditors Tax payable Public duties payable Other short term liabilities Total short term liabilities Total liabilities Total equity and liabilities

59 Statement of income Unicare Omsorg AS Operating income and operating expenses Note Revenue Other operating income Operating Income Raw materials and consumables used Payroll expenses 1, Depreciation and amortisation expense Other operating expenses Operating expenses Operating profit Financial income and expenses Interest income from group entities Other interest income Other Interest expenses Other financial expenses Net financial income and expenses Operating result before tax Tax on ordinary result Operating result after tax Annual net profit Brought forward Group contribution From other equity Net brought forward

60 Financial position Unicare Omsorg AS Assets Note Fixed assets Deferred tax asset Total intangible assets Tangible fixed assets Machinery Equipment and other movables Total tangible fixed assets 3, Financial fixed assets Total financial fixed assets Total fixed assets Current assets Debtors Accounts receivables Other receivables Total debtors Cash and bank deposits Total current assets Total assets

61 Operating income and operating expenses Statement of income Unicare Jeløy AS Note Revenue Other operating income Operating income Raw materials and consumables used Payroll expenses Depreciation and amortisation expense Other operating expenses Operating expenses Operating profit Financial income and expenses Other interest income Other financial income Other interest expenses Other financial expenses Net financial income and expenses Operating result before tax Tax on ordinary result Operating result after tax Annual net profit Brought forward To other equity Net brought forward

62 Financial position Unicare Jeløy AS Assets Note Fixed assets intangible Fixed assets Deferred tax asset Total intangible assets Tangible fixed assets Buildings and land Equipment and other movables Total tangible fixed assets Financial fixed assets Loans to group companies Total financial fixed assets 5 9 Total fixed assets Current assets Inventories Debtors Accounts receivables Other receivables Total debtors Investments Cash and bank deposits Total current assets Total assets

63 Equity and liabilities Note Restricted equity Share capital Other paid-in equity Total restricted equity Retained earnings Other equity Total retained earnings Total equity Current liabilities Trade creditors Tax payable Public duties payable Other short term liabilities Total short term liabilities Total liabilities Total equity and liabilities

64 8.4 Selected unaudited financial information for the Group for Unicare Q1 reported figures profit & loss: NOK 1 Unicare Group Q1 217 Q1 216 Revenues Costs Cost of sales Salaries Other personnel expenses Other operating expenses Sum costs Depreciation EBIT Net financial items EBT EBITDA

65 8.4.2 Unicare Q2 reported figures profit & loss: NOK 1 Unicare Group Q2 217 YTD Q2 216 Revenues Costs Cost of sales Salaries Other personnel expenses Other operating expenses Sum costs Depreciation EBIT Net financial items EBT EBITDA Investments Historical investments Investments in 217 include the acquisition of the companies Steffensrud Rehabiliteringssenter AS (now named Unicare Steffensrud AS) for approximately MNOK 14.5*, Jeløy Kurbad AS (now named Unicare Jeløy AS) for approximately MNOK 3.4*, Bakke, senter for mestring og rehabilitering AS for approximately MNOK 6.1* and Landaasen Rehabiliteringssenter AS for approximately MNOK.1*, together resulting in the acquisition of four new rehabilitation centers: Steffensrud rehabilitiation center, Jeløy rehabilitation center, Bakke rehabilitation center and Landaasen rehabilitation center. As part of the transactions certain associated properties were acquired. Such properties have been disposed of on sale-andleaseback terms. *The above amounts are net amounts. The revenues from the sale of the properties acquired through the abovementioned acquisitions have been deducted from the acquisition price, i.e. the acquisition price less the property sale revenues. 65

66 8.5.2 Principal future investments Neither the Company nor any of the Guarantors have any principal investments that are in progress or any future principal investments on which its management bodies have already made firm commitments. 9. THE COMPANY S BOARD AND MANAGEMENT 9.1 Board of Directors Overview The Company's Board of Directors currently consists of the following persons: Name Laurent Gerard Ganem Tom Erik Tidemann-Andersen Renaud Vincent Dessertenne Johan Fredrik Ehlner Svärd Rolf Erik Myklebust Position Chairman Board Member Board Member Board Member/CEO Unicare Holding Board Member/CFO Unicare Holding The Company s business address serves as c/o address in relation to the Board of Directors of all Group companies Information on the members of the Board of Directors The Company Laurent Gerard Ganem, Chairman Laurent founded G Square in 27. He started his career at Baxter International in the US. In 1988, in association with a French public university he founded and managed OVI, a private company specialized in Life Science technology transfers, and consulting. In 1994, he joined Paris-based Apax Partners as Partner in charge of developing the Healthcare investment practice. He carried out numerous investments in Europe and in the US, ranging from early stage to growth and buy-outs, as well as exits (including IPOs on European and US stock markets). He was a member of the Investment Committee and the Operating Committee of Apax Partners. Laurent graduated as Medical Doctor from the University of Paris and holds an MBA from Columbia Business School (New York). He is a French citizen. Tom Erik Tidemann-Andersen, Director Unicare Founder 28 Present, Director Unicare , Director and Founder Achima Helse and Achima Care AB 21 28, Director and Founder Eterna Corporate , Director and Founder Venture Invest AS Tom Erik is a Norwegian citizen with an educational background within transport and logistics. Renaud Vincent Dessertenne, Director Prior to joining G Square, Renaud worked two years at Lazard Frères in Paris and London as part of the French Investment Banking Team, and two years at Deutsche Bank in Paris. At both institutions, he participated in French and cross-border M&A transactions and other advisory mandates for financial investors and large European corporations. Renaud holds a Finance degree from Ecole Supérieure des Sciences Economiques et Commerciales (ESSEC) and a Master s degree in Engineering from the Ecole Spéciale des Travaux Publics (ESTP). He is a French citizen. 66

67 Johan Fredrik Ehlner Svärd, Director Unicare Jan 17 - Present, COO Unicare Feb 16 Jan 17, Director Corporate HSE Posten Feb 9 Jan 16, Director Parcels B2B, Nordic region Bring Mar 8 Jan 9 Rolf Erik Myklebust, Director Unicare Holding AS April 17 - Present, Head of Finance Nettpartner Holding AS Sept 14 April 17, Head of Analysis and Business Development Broadnet Dec 12 May 14, Head of M&A and business development ISS Facility Services Oct 25 May 211, Project Manager ISS Facility Services June 211 Dec The Guarantor's board of directors Unicare Holding AS Tom Erik Tidemann-Andersen, Chairman Unicare Founder 28 Present, Director Unicare , Director and Founder Achima Helse and Achima Care AB 21 28, Director and Founder Eterna Corporate , Director and Founder Venture Invest AS Una Aas, Director Unicare Founder 28 Present, Manager Unicare BHT , COO for Norway Achima Helse AS 23-28, Sales Manager Medisinsk Vikarbyrå Johan Fredrik Ehlner Svärd, Director Unicare Jan 17 - Present, COO Unicare Feb 16 Jan 17, Director Corporate HSE Posten Feb 9 Jan 16, Director Parcels B2B, Nordic region Bring Mar 8 Jan 9 Janne Sonerud, Director Unicare Holding AS Aug 15 Present, Deputy Director Lovisenberg Diakonale Sykehus Aug 12 Aug 15, Departmental Manager Lovisenberg Diakonale Sykehus , Division Director for Nursing Akershus Universitetssykehus Unicare Fram AS Unicare Friskvernklinikken AS Name of board member Position Name of board member Position Tom Erik Tidemann-Andersen Chairman Tom Erik Tidemann-Andersen Chairman Johan Fredrik Ehlner Svärd Director Johan Fredrik Ehlner Svärd Director Unicare Hokksund AS Unicare Omsorg AS Name of board member Position Name of board member Position Tom Erik Tidemann-Andersen Chairman Tom Erik Tidemann-Andersen Chairman Johan Fredrik Ehlner Svärd Director Johan Fredrik Ehlner Svärd Director 67

68 Unicare Jeløy AS Name of board member Tom Erik Tidemann-Andersen Position Chairman 9.2 Management The table below sets forth the Group's current executive management: Name Johan Fredrik Ehlner Svärd Rolf Erik Myklebust Janne Sonerud Anders Olofsson Per-Anders Green Trine Berntsen May Granly Position CEO CFO Manager of Nursing Homes Manager of Sweden Manager of Occupational health & Psychology Manager of Rehabilitation Manager of Homes & Care The Company s business address serves as c/o address in relation to the management of the Group. The executive management consists of the following persons: Johan Fredrik Ehlner Svärd, CEO Unicare Jan 17 - Present, COO Unicare Feb 16 Jan 17, Director Corporate HSE Posten Feb 9 Jan 16, Director Parcels B2B, Nordic region Bring Mar 8 Jan 9. Rolf Erik Myklebust, CFO Unicare Holding AS April 17 - Present, Head of Finance Nettpartner Holding AS Sept 14 April 17, Head of Analysis and Business Development Broadnet Dec 12 May 14, Head of M&A and business development ISS Facility Services Oct 25 May 211, Project Manager ISS Facility Services June 211 Dec 212. Janne Sonerud, Manager of Nursing Homes Unicare Holding AS Aug 15 Present, Deputy Director Lovisenberg Diakonale Sykehus Aug 12 Aug 15, Departmental Manager Lovisenberg Diakonale Sykehus , Division Director for Nursing Akershus Universitetssykehus Anders Olofsson, Manager of Sweden Unicare Sverige AB Sept 16 Present, Director Avonova Kinnekullehalsen Vård AB May 13 Aug 16, Sales Consultant Uphill Per-Anders Green, Manager of Occupational health & Psychology Unicare Psychology 213 Present, Regional Manager Unicare , Clinic Manager Unicare Trine Berntsen, Manager of Rehabilitation Unicare Holding AS Jun 17 Present, Operation Director 4Service Oct 15 May 17, Managing Director Norway Aviator Norge Sept 12 Sept 15, Operation Director Compass Group Norge Sept 9 Aug 12, Managing Director Medirest Norge AS Jan 8 Aug 12, Managing Director Eurest Finland Aug 8 Aug 9. May Granly, Manager of Homes & Care Unicare Holding AS Jun 17 Present, Assistant Director of Nursing Homes Unicare Jan 17 Jun 17, Departmental Manager Akershus Universitetssykehus Oct 8 Dec

69 9.3 Conflict of Interest etc. There are no potential conflicts of interest between any duties to the Company or the Guarantors of the members of the administrative, management of supervisory bodies, and their private interests and/or other duties. 9.4 Corporate governance As neither the Company nor any other Group company is listed on any regulated market, the Group does not adhere to the Norwegian Corporate Governance Code. None of the companies in the Group have an audit committee. 1. SHARE CAPITAL AND MAJOR SHAREHOLDERS 1.1 Share capital The Company currently has a share capital of NOK 566, divided into 566, shares, each with a nominal value of NOK 1. The shares in the Company are equal in all respects and do not carry different voting rights. 1.2 Major shareholders The following table sets forth information on shareholders, as of the date of the Prospectus, who will have a shareholding in the Company which is notifiable under Norwegian securities law, i.e. above 5%. Company Name of shareholder Number of shares Percentage of shares Care Bidco AS Care Holdco AS 566, 1% The Company is wholly owned by Care Holdco AS, which is ultimately controlled by G Square Capital II, L.P G (GP) II LLP, the general partner of G Square Capital II L.P. There have not been taken any specific measures for preventing abuse of such control. G Square Healthcare Private Equity LLP is a Limited Liability Partnership incorporated in England and Wales (registered under No. OC385628), authorised and regulated by the Financial Conduct Authority, with registered offices at 28 Savile Row, London W1S 2EU, acting as Manager of G Square Capital II, L.P., an English Limited Partnership established in 216 ("Investor" or the Fund ). 1.3 Ownership of Guarantors Guarantor Share capital Number of shares Nominal value Sole shareholder Unicare Holding AS NOK 45, ,111,111 NOK.5 Care Bidco AS Unicare Fram AS NOK 25, 25 NOK 1, Unicare Holding AS Unicare Friskvernklinikken AS NOK 2,122, 2,122 NOK 1, Unicare Holding AS Unicare Hokksund AS NOK 3,5, 14, NOK 25 Unicare Holding AS Unicare Jeløy AS NOK 2,, 2, NOK 1 Unicare Holding AS Unicare Omsorg AS NOK 1,2, 1,2 NOK 1, Unicare Holding AS The shares in the Guarantors are equal in all respects and do not carry different voting rights. 69

70 11. ADDITIONAL INFORMATION 11.1 Documents on display For twelve months from the date of this Prospectus, the following documents (or copies thereof) may be physically inspected at the principal office of the Company at Pilestredet 56, 167, Oslo, Norway (telephone number ): The Company s and the Guarantors' Memorandum and Articles of Association The Company s audited 216 consolidated annual accounts, including the auditor s report The audited 216 and 215 annual accounts for the Guarantors, including the auditor s reports The unaudited Q1 and Q2 217 financial reports for the Group The Guarantee made by the Guarantors in favour of the Bond Trustee 11.2 Statement regarding sources This Prospectus contains information sourced from third parties, including without limitation, market data, industry forecasts and other information published by third parties. The Company confirms that when information in this Prospectus has been sourced from a third party it has been accurately reproduced and as far as the Company is aware and is able to ascertain from the information published by that third party, no facts have been omitted which would render the reproduced information inaccurate or misleading. Where information sourced from third parties has been presented, the source of such information has been identified. The following publications have been cited in this Prospectus: Publisher/ Author NHO Service Title Statistikk og Trender 216/17 Publishing date URL Date cited Payable/Free ervice.no/publikas joner/mappepubli kasjoner/nyheter/ 216/statistikk-ogtrender-21617/ Free Ny Analyse on behalf of NHO Service Effekten av konkurranse - Kvalitet og kostnader ved sykehjem i Oslo ervice.no/publikas joner/mappepubli kasjoner/dokume nter/kvalitet-ogkostnader-vedsykehjem-i-oslo/ Free 7

71 12. DEFINITIONS AND GLOSSARY OF TERMS 12.1 Definitions In the Prospectus, the following definitions have the meanings indicated below. Board or Board of Directors... The Board of Directors of the Company Bonds or Bond Issue... The bond loan issued by the Company in a NOK 7 million senior secured bond issue with maturity in March 221 Bond Agreement... The bond agreement for the Bonds, attached as Appendix 1 Bondholders' meeting... The supreme authority of the bondholders community in all matters relating to the Bonds Business Day... CET... Company... CSD... EBITDA... EEA... EU... EUR... Forward-looking statements... FSA... Group... Group Company... Guarantors... HSE... Listing... Any day on which both the relevant CSD settlement system is open, and the relevant Bond currency settlement system is open Central European Time Care Bidco AS, a private limited liability company duly incorporated under the laws of Norway, having its registered office at Pilestredet 56, 167 Oslo, Norway The central securities depository in which the Bonds are registered, being Verdipapirsentralen ASA Earnings Before Interest, Taxes, Depreciation and Amortization European Economic Area European Union Euro, the lawful currency currently shared by 16 of the European Union s member states Statements relating to, without limitation, projections and expectations regarding the Group s future financial position, business strategy, plans and objectives The Financial Supervisory Authority The Company and its consolidated subsidiaries Each company being part of the Group Unicare Holding AS, Unicare Fram AS, Unicare Friskvernklinikken AS, Unicare Hokksund AS, Unicare Jeløy AS and Unicare Omsorg AS Health, safety and environment Listing of the Bonds on Oslo Børs 71

72 Manager... Material Group Company... NOK... Norwegian Private Limited Companies Act... Norwegian Securities Trading Act... Oslo Børs... Prospectus... Prospectus Directive... RHA/Regional Health Authorities... Regulation S... Repayment Date... Relevant Member State... Stamdata... Subsidiary... UK... Unicare... U.S. Securities Act... VPS... ABG Sundal Collier (i) The Company, (ii) any directly and wholly owned Subsidiary of the Company and (iii) any other member of the Group which has subsequently been designated as a Material Group Company by the Company pursuant to Clause (Designation of Material Group Companies) of the Bond Agreement Norwegian kroner, the lawful currency of Norway Norwegian Act no. 44 of June 13, 1997 on public limited liability companies Norwegian Act no. 75 of June 29, 27 on securities trading The Oslo Stock Exchange This prospectus, dated as stated herein Directive 23/71/EC Helse Sør-Øst, Helse Vest, Helse Midt-Norge and Helse Nord Regulation S under the U.S. Securities Act Any date for payment of principal or any other amounts under the Bond Issue in accordance with Clause 1.1 of the Bond Agreement (Redemption of Bonds), any Call Option Repayment Date, the Default Repayment Date, the Put Option Repayment Date, the Tax Event Repayment Date, the Longstop Date or the Maturity Date (each as defined in the Bond Agreement) A Member State of the EEA other than Norway, which has implemented the Prospectus Directive A company over which the Company has Decisive Influence United Kingdom The Group The United States Securities Act of 1933, as amended VPS Holding ASA (the Norwegian Central Securities Depository) Biskop Gunnerus gate 14 A, P.O. box 4, N-51 Oslo, Norway 72

73 Registered Office Care Bidco AS Pilestredet Oslo, Norway Manager ABG Sundal Collier Vika Atrium Munkedamsveien Oslo, Norway Middelthunsgate 17, 368 Oslo Legal Advisor to the Company Advokatfirmaet Schjødt AS Ruseløkkveien 14 P.O. Box 2444 Solli N-21 Oslo, Norway 73

74 Appendix 1 Execttion version BOND TERMS Í'oR Care Bidco AS FRN Senior Secured Bonds 2l7l2Ù2l rsrn No

75 Contents Clause Page 1. ) a J ll t INTERPRETATION THE BONDS... ADMISSION TO LISTING... REGISTRATION OF THE BONDS CONDITIONS FOR DISBURSEMEN1... REPRESENTATIONS AND V/ARRANTIES PAYMENTS IN RESPECT OF THE BONDS INTEREST REDEMPTION AND REPURCHASE OF 8ONDS... PURCHASE AND TRANSFER OF BONDS... INFORMATION I.]NDERTAKINGS GENERAL AND FINANCIAL I-]NDERTAKINGS EVENTS OF DEFAULT AND ACCELERATION OF THE BONDS BONDHOLDERS' DECISIONS... THE BOND TRUSTEE... AMENDMENTS AND WAIVERS MISCELLANEOUS GOVERNING LAW AND JURISDICTION... a..j I 8 l SCHEDULE I COMPLIANCE CERTIFICATE SCHEDULE 2 RELEASE NOTICE _ ESCROW ACCOUNT SCHEDULE 3 SECURITY PRINCIPLES 2 (52)

76 BOI\D TERMS ISSUER: BOND TRUSTEE: DATED: Care Bidco AS, a company existing under the laws of Norway with registration number ; and Nordic Trustee ASA, a company existing under the laws of Norway with registration number March2l7 These Bond Terms shall remain in effect for so long as any Bonds remain outstanding. 1. INTERPRETATION 1.1 Defïnitions The following terms will have the following meanings: "Additional Bonds" means Bonds issued under a Tap Issue. "AfÏiliate" means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purpose of this definition, "control" when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing. "Annual Financial Statements" means the audited unconsolidated and consolidated annual financial statements of the Issuer for any financial year, prepared in accordance with GAAP, such financial statements to include a profit and loss account, balance sheet, cash flow statement and report of the board of directors. "Attachmenf'means each of the attachments to these Bond Terms. "Bond Terms" means these terms and conditions, including all Attachments hereto which shall form an integrated part of the Bond Terms, in each case as amended and/or supplemented from time to time. "Bond Trustee" means the company designated as such in the preamble to these Bond Terms, or any successor, acting for and on behalf of the Bondholders in accordance with these Bond Terms. "Bond Trustee Agreement" means the agreement entered into between the Issuer and the Bond Trustee relating among other things to the fees to be paid by the Issuer to the Bond Trustee for its obligations relating to the Bonds. "Bondholder" means a Person who is registered in the CSD as directly registered owner or nominee holder of a Bond, subject however to Clause 3.3 (Bondholders' rights). "Bondholders' Meeting" means a meeting of Bondholders as set out in Clause 15 (B ondholders' de c is ions). 3 (s2)

77 'obonds" means the debt instruments issued by the Issuer pursuant to these Bond Terms, including any Additional Bonds. "Business Day" means a day on which both the relevant CSD settlement system is open, and the relevant Bond currency settlement system is open. "Business Day Convention" means that if the last day of any Interest Period originally falls on a day that is not a Business Day, the Interest Period will be extended to include the first following Business Day unless that day falls in the next calendar month, in which case the Interest Period will be shortened to the first preceding Business Day (ModiJìed Following). "Call Option" has the meaning given to it in Clause 1.2 (Voluntary Redemption - Call Option). "Call Option Repayment l)ate" means the settlement date for the Call Option determined by the Issuer pursuant to Clause 1.2 (Voluntary early redemption - Call Option), or a date agreed upon between the Bond Trustee and the Issuer in connection with such redemption of Bonds. "Cash" means at any time (a) freely available and unrestricted cash in hand or at bank and (in the latter case) credited to an account in the name of a member of the Group, and (b) certificates of deposits of marketable debt securities of minimum investment grade rating held for cash management purposes. "Change of Control Event" means any Person or group of Persons acting in concert gaining Decisive lnfluence over the Issuer (other than the Sponsor or any fund managed by the Sponsor and/or any otherparty overwhom any ofthem have Decisive Influence). "Compliance Certificate" means a statement substantially in the form as set out in Attachment t hereto. *CSD" means the central securities depository in which the Bonds are registered, being Verdipapirsentralen ASA. "I)ecisive Influence" means a Person having, as a result of an agreement, understanding and/or other arrangement and/or through the direct and/or indirect ownership of shares and/or other ownership interests in another Person: (a) a majority of the voting rights in that other Person; or (b) a right to elect or remove a majority of the members of the board of directors of that other Person. "I)efault Notice" means a written notice to the Issuer as described in Clause 14.2 (Acceleration of the Bonds). "I)efault Repayment l)ate" means the settlement date set out by the Bond Trustee in a Default Notice requesting early redemption of the Bonds. 4 (s2)

78 "Distribution" means any (Ð payment of dividend on shares, (ii) repurchase of own shares, (iii) redemption of share capital or other restricted equity with repayment to shareholders, (iv) repayment of any Subordinated Capital, or (v) any other similar distribution or transfers of value to the direct and indirect shareholders of any Group Company or the Affrliates of such direct and indirect shareholders. *EBITDA" means the consolidated profit of the Group, from ordinary activities according to the latest Financial Report(s): (a) before deducting any amount of tax on profits, gains or income paid or payable by any member of the Group; (b) before deducting any Net Finance Charges; (c) excluding any items (positive or negative) of a one off, non-recurring, nonoperational, extraordinary, unusual or exceptional nature (including, without limitation, restructuring expenditures); (d) before taking into account any unrealised gains or losses on any derivative instrument (other than any derivative instruments which are accounted for on a hedge account basis); (e) after adding back the amount of any accounting effect of stock based compensation for employees; (Ð after adding back or deducting, as the case may be, the amount of any material loss or gain against book value arising on a disposal ofany asset (other than in the ordinary course of trading) and any loss or gain arising from an upward or downward revaluation of any asset; (g) after deducting the amount of any profit (or adding back the amount of any loss) of any member of the Group which is attributable to minorþ interests; (h) after adding back or deducting, as the case may be, the Group's share of the profits or losses of entities which are not part of the Group; (i) after adding back any losses to the extent covered by any insurance; and C) after adding back any amount attributable to the amortisation, depreciation or depletion of assets of members of the Group. oo[scrow Account" means an account in the name of the Issuer, with an acceptable bank located in Norway, pledged and blocked on first priority as security for the Issuer's obligations under the Finance Documents in favour of the Bond Trustee (on behalf of the Bondholders), where the bank operating the account has waived any set-off rights. 'obscrow Account Pledge" means the pledge over the Escrow Account, where the bank operating the account has waived any set-off rights. 5 (s2)

79 'oevent of Default" means any of the events or circumstances specified in Clause 14.1 (Events of Default). o'exchange" means: (a) the Oslo Stock Exchange (No: Oslo Børs); or (b) any regulated market as such term is understood in accordance with the Markets in Financial Instruments Directive (Directive 24/39lF;C) or the Markets in Financial Instruments Directive 2l4l65tÛU (MiFID II), as applicable. "Existing l)ebt" means: (a) the loan agreement between Unicare Holding AS as borrower and Danske Bank A/S as lender in the amount of approximately NOK 85,6,; and (b) the loan agreement between Care Bidco AS as borrower and the Sponsor as lender in the amount of approximately NOK I 5 1,8,. "Finance I)ocuments" means these Bond Terms, the Bond Trustee Agreement, any Transaction Security Document, and any other document designated by the Issuer and the Bond Trustee as a Finance Document. "Finance Charges" means, for the Relevant Period, the aggregate amount of the accrued interest, commission, fees (excluding arrangement fees in respect of the Initial Loan Amount under the Bond Issue), discounts, payment fees, premiums or charges and other finance payments in respect of Financial Indebtedness whether paid, payable or capitalised by any member of the Group (calculated on a consolidated basis), without taking into account any capitalised interest in respect of any Subordinated Capital, or any unrealised gains or losses on any derivative instruments other than any derivative instruments which are accounted for on a hedge accounting basis "Financial Indebtedness" means any indebtedness for or in respect of: (a) moneys borrowed and debt balances at banks or other financial institutions; (b) any amount raised by acceptance under any acceptance credit facility or dematerialized equivalent; (c) any amount raised pursuant to any note purchase facility or the issue ofbonds, notes, debentures, loan stock or any similar instrument, including the Bonds; (d) the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP as applicable on the Issue Date, be treated as a finance or capital lease (meaning that the lease is capiølized as an asset and booked as a coresponding liability in the balance sheet); (e) receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis provided that the requirements for de-recognition under GAAP are met); 6 (s2)

80 (Ð any derivative transaction entered into and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative transaction, that amount shall be taken into account); (g) any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution in respect of an underlying liability of a person which is not a Group Company which liability would fall within one of the other paragraphs of this definition; (h) any amount raised by the issue of redeemable shares which are redeemable (other than at the option of the Issuer) before the Maturþ Date or are otherwise classified as borrowings under GAAP; (Ð any amount of any liabilþ under an advance or deferred purchase agreement, if (a) the primary reason behind entering into the agreement is to raise finance or (b) the agreement is in respect of the supply of assets or services and payment is due more than 12 calendar days after the date of supply; ) any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing or otherwise being classified as a borrowing under GAAP; and (k) without double counting, the amount of any liability in respect of any guarantee for any of the items referred to in paragraphs (a) to (i) above. "Financial Reports" means the Annual Financial Statements and the Interim Accounts. "First Call Date" means the Interest Payment Date in IN{.atch22..'GAAP" means generally accepted accounting practices and principles in Norway including, if applicable, International Financial Reporting Standards (IFRS) and guidelines and interpretations issued by the International Accounting Standards Board (or any predecessor and successor thereof), in force from time to time. o'government Bond Rate" means the yield to maturity at the time of computation of direct obligations of the Norwegian Government with a constant maturity (as officially compiled and published in the most recent financial statistics that have become publicly available at least two (2) Business Days (but not more than five (5) Business Days) prior to the redemption date (or, if such financial statistics are not so published or available, any publicly available source of similar market data selected by the Issuer in good faith) most nearly equal to the period from the relevant redemption date to (but excluding) the First Call Date, provided, however that if the period from the relevant redemption date to (but excluding) the First Call Date is not equal to the constant maturity of the direct obligations of the Norwegian Government for which a weekly average yield is given, the Norwegian Government Bond Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of direct obligations of the Norwegian Government for which such yields are given, except that if the period from such redemption date to (but excluding) the First Call Date is less than one year, the weekly average yield on actually traded direct 7 (s2)

81 obligations of the Norwegian Government adjusted to a constant maturity of one year shall be used. "Group" means the Issuer and all its Subsidiaries from time to time "Group Company" means any Person which is a member of the Group "Guarantee" shall have the meaning ascribed to such term in Clause 2.5(aXiii). "Guarantors" means all appointed Material Group Companies (from time to time), and always including (i) Unicare Holding AS, a company incorporated in Norway with registration number and (ii) the Issuer's wholly and directly owned Subsidiaries (each a "Guarantor"). "Incurrence Test" shall have the meaning ascribed to such term in Clause 13.ll (Incurrence Test). "Initial Bond fssue" means the aggregate Nominal Amount of all Bonds issued on the Issue Date. "Initial Nominal Amount" means the nominal amount of each Bond as set out in Clause 2.1 (Amount, denomination and ISIN of the Bonds). "Insolvent" means that a Person: (a) (b) (c) is unable or admits inability to pay its debts as they fall due; suspends making payments on any of its debts generally; or is otherwise considered insolvent or bankrupt within the meaning of the relevant bankruptcy legislation of the jurisdiction which can be regarded as its center of main interest as such term is understood pursuant to Council Regulation (EC) no on insolvency proceedings (as amended). "Intellectual Property" means any patents, trademarks, service marks, designs, business names, copyrights, database rights, rights to source code, design rights, domain names, inventions, confidential information, knowhow and other intellectual property rights and interests, whether registered or unregistered and the benefit of all applications and rights to use such assets of each member of the Group. "Intercompany Loan" means any loan made by a Group Company to a Material Group Company (not including any Financial Indebtedness under any cash pooling arrangement of the Group) where (i) the term of the loan is over one year (the term being determined at the sole discretion of the Issuer) and (ii) the amount is in excess of NOK 2,, and which pursuant to the Bond Terms shall be fully subordinated to the Secured Obligations. o'interest Cover Ratio" means the ratio of EBITDA to Net Finance Charges calculated for the Relevant Period. I (52)

82 "Interest Payment I)ate" means the last day of each Interest Period, the first Interest Payment Date being 24 June 217 and the last Interest Payment Date being the Maturity Date. "Interest Period" means, subject to adjustment in accordance with the Business Day Convention, the period between 24 June,24 September,24 December and 24 March each year, provided however that an Interest Period shall not extend beyond the Maturity Date. "Interest Quotation I)ay" means, in relation to any period for which Interest Rate is to be determined, the day falling two (2) Business Days before the first day of the relevant Interest Period. oolnterest Rate" means the percentage rate per annum which is the aggregate of the Reference Rate for the relevant Interest Period plus the Margin. "Interim Accounts" means the unaudited consolidated quarterly financial statements of the Issuer for the quarterþ period ending on each 3l March,3 June, 3 September and 31 December in each year, prepared in accordance with GAAP. *ISIN' means International Securities Identification Number - the Bonds. the identification number of "Issue Date" means 24March217. "Issuer" means the company designated as such in the preamble to these Bond Terms. "Issuer's Bonds" means any Bonds which are owned by the Issuer or any Affiliate of the Issuer. "Leverage Ratio" means the ratio of Net Interest Bearing Debt to EBITDA calculated for the Relevant Period. "Listing Failure Event" means: (a) that the Bonds have not been admitted to listing on an Exchange within six (6) months following the Issue Date, or (b) in the case of a successful admission to listing, that a period of six (6) months has elapsed since the Bonds ceased to be admitted to listing on an Exchange. "Longstop Date" means the date that falls sixty (6) Business Days after the Issue Date. "Make-Whole Amounf'means an amount equal to the sum of: (a) the present value on the Call Option Repayment Date of 12 per cent. of the Nominal Amount as if such payment had taken place on the First Call Date; and (a) the present value on the Call Option Repayment Date of the remaining interest payments (less any accrued and unpaid interest as of the Call Option Repayment Date) to and including the First Call Date, 9 (s2\

83 where the present value shall be calculated by using a discount rate of 5 basis points above the comparable Govemment Bond Rate (i.e. comparable to the remaining duration until the First Call Date using linear interpolation), and where the interest rate applied for the remaining interest payments shall equal the Mid-Swap Rate plus the Margin (however so that the interest rate can never fall below the Margin). "Manager" means ABG Sundal Collier ASA, who act as manager for the Bond Issue. "Margin" means 5.5 per cent. "Material Adverse Effect" means a material adverse effect on: (a) the Issuer's or any Guarantor's ability to perform and comply with its obligations under any of the Finance Documents, or (b) the validity or enforceability of any of the Finance Documents. "Material Group Company" means (i) the Issuer, (ii) any directly and wholly owned Subsidiary of the Issuer and (iii) any other member of the Group which has subsequently been designated as a Material Group Company by the Issuer pursuant to Clause 13.1 (Designation of Material Group Companies). "Maturity l)ate" means 24March22l, adjusted according to the Business Day Convention. o'maximum Issue Amount" shall have the meaning ascribed to such term in Clause 2.1 (Amount, denomination, ISIN and tenor). "Mid-Swap Rate" means the linearly interpolated Reference Rate in the currency of the Bonds for the actual period on the day of computation of the Government Bond Rate, or, if such is not quoted, the mid-swap rate for the leading banks in the relevant interbank market, based on the last quoted Reference Rate or mid-swap rate in the currency of the Bonds for the actual period. o'net Finance Charges" means, for the Relevant Period, the Finance Charges according to the latest Financial Report(s), after deducting any interest payable for that Relevant Period to any member of the Group and any interest income relating to cash or cash equivalent investment (and excluding any payment-in-kind interest capitalised on Subordinated Capital). "Net Interest Bearing l)ebt" means the aggregate interest bearing Financial Indebtedness of the Group, and excluding: (a) SubordinatedCapital; (b) interest bearing debt borrowed from a wholly-owned Group Company to another wholly-owned Group Company; and (c) any Issuer's Bonds, less cash and cash equivalents (and for the avoidance of doubt funds held on the Escrow Account of the Group in accordance with IFRS). r (52)

84 "Nominal Amount" means the Initial Nominal Amount less the aggregate amount by which the Bonds (or each Bond, if applicable) have been partially redeemed pursuant to Clause l (Redemption and repurchase of Bonds). "Obligor" means the Issuer and any Guarantors. "Outstanding Bonds" means any Bonds issued in accordance with these Bond Terms to the extent not redeemed or otherwise discharged. "Overdue Amount" means any amount required to be paid by the Issuer under any of the Finance Documents but not made available to the Bondholders on the relevant Payment Date or otherwise not paid on its applicable due date. "Parent" means Care Holdco AS, a private limited liability company incorporated in Norway with registration number ). "Paying Agent" means the legal entity appointed by the Issuer to act as its paying agent with respect to the Bonds in the CSD. "Payment Date" means any Interest Payment Date or any Repayment Date. "Permitted Distribution" means any Distribution by: (a) (b) a Subsidiary of the Issuer, if such Distribution is made to another Group Company and, if made by a Group Company which is not wholly-owned, is made on a pro rata basis; and by the Issuer to the Parent or its Affiliates for funding, payment or reimbursement of administration cost and services limited to NOK 1,, for any financial year, provided that no Event of Default is continuing or would result from such Distribution. "Permitted Financial Indebtedness" means any Financial Indebtedness (or the refinancing of any Financial Indebtedness outstanding at the time of the refinancing): (a) under the Finance Documents; (b) incurred under Existing Debt (provided it shall be included as "Permitted Financial Indebtedness" only up until the fîrst release of funds from the Escrow Account); (c) incurred under finance or capital lease of equipment, computers or real property in the ordinary course of business; (d) in the form of any Intercompany Loans; (e) any loans between Group Companies (other than to the Issuer) that do not constitute Intercompany Loans; (Ð in the form of any Subordinated Capital; (g) arising between Group Companies under any cash pooling arrangement of the Group; ll (s2)

85 (h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution in respect of an underlying liability in the ordinary course of business of a Group Company; (D incurred under any advance or deferred purchase agreement on normal commercial terms by any member of the Group from any of its trading parhrers in the ordinary course of its trading activities; û) incurred by the Issuer, if such Financial Indebtedness meets the Incurrence Test tested pro forma including such new Financial Indebtedness, and is incurred as a result of a Tap Issue; (k) incurred as a result of any Group Company acquiring another entity (or operations) and which is due to such acquired entity holding indebtedness, provided that such indebtedness is either (i) repaid, or (ii) otherwise refinanced by the Issuer as set out in paragraph O above within ninety (9) days of completion of such acquisition or transfer; (l) under any pension and tax liabilities incurred in the ordinary course of business; or (m) incurred under paragraph (h) of the definition of "Permitted Financial Support". "Permitted Financial Support" means any guarantee, loan or other financial support: (a) granted under the Finance Documents; (b) granted under Existing Debt (provided it shall be included as "Permitted Financial Support" only up until the first release of funds from the Escrow Account); (c) granted in respect ofany Tap Issue, provided that such guarantee is granted in favour of the Bond Trustee on behalf of the Bondholders in accordance with the Bond Terms; (d) permitted under paragraphs (d), (e) and (g) of the definition of "Permitted Financial Indebtedness"; (e) which constitutes a trade credit or guarantee issued in respect of a liability incuned by another Group Company in the ordinary course of business; (Ð for any rental obligations in respect of any real property leased by a Group Company in the ordinary course of business and on normal commercial terms; (g) arising by operation oflaw and in the ordinary course ofbusiness and not as a result of any default or omission; or (h) arising in the ordinary course of banking arrangements for the purposes of netting debt and credit balances between Group Companies. t2 (s2)

86 "Permitted Securit r" means any security: (a) created under the Finance Documents; (b) created in respect of Existing Debt (provided it shall be included as "Permitted Security" only up until the first release of funds from the Escrow Account); (c) created in respect of a Tap Issue, provided that such security is granted in favour of the Bond Trustee on behalf of the Bondholders in accordance with the Bond Terms; (d) arising by operation oflaw or in the ordinary course oftrading and not as a result of any default or omission; (e) arising in the ordinary course of banking arrangements for the purposes of netting debt and credit balances of the Group Companies; (Ð in the form of rental deposits or other guarantees in respect of any lease agreement including in relation to real property entered into by a Group Company in the ordinary course of business and on normal commercial terms; or (g) granted under Permitted Financial Indebtedness in accordance with paragraph (k) of the definition of "Permitted Financial Indebtedness" and that such security is discharged upon repayment or refinancing of such Financial Indebtedness with the Issuer as the new borrower. "Person" means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organisation, government, or any agency or political subdivision thereof, or any other entity, whether or not having a separate legal personality. "Pre-I)isbursement Security" means the Security designated as such in Clause 2.5. "Pre-settlement SecuritSr" means the Security designated as such in Clause 2.5. "Put Option" shall have the meaning ascribed to such term in Clause 1.3 (Mandatory repurchase due to a Put Option Event). "Put Option Event" means a Change of Control Event. "Put Option Repayment I)ate" means the settlement date for the Put Option Event pursuant to Clause 1.3 (Mandatory repurchase due to a Put Option Event). ooreference Rate" shall mean NIBOR; (Norwegian Interbank Offered Rate) being the interest rate fixed for a period comparable to the relevant Interest Period on Oslo Børs' webpage at approximately (Oslo time) on the Interest Quotation Day or, on days on which Oslo Børs has shorter opening hours (New Year's Eve and the Wednesday before Maundy Thursday), the data published at approximately 1.15 a.m. (Oslo time) on the Interest Quotation Day shall be used. In the event that such page is not available, has been removed or changed such that the quoted interest rate no longer represents, in the opinion of the Bond Trustee, a correct expression of the relevant interest rate, an alternative page or t3 (s2)

87 other electronic source which in the opinion of the Bond Trustee and the Issuer gives the same interest rate shall be used. If this is not possible, the Bond Trustee shall calculate the relevant interest rate based on comparable quotes from major banks in Oslo. If any such rate is below zero, NIBOR will be deemed to be zero. "Relevant Jurisdiction" means the country in which the Bonds are issued, being Norway. "Relevant Period" means each period of twelve (12) consecutive calendar months. "Relevant Record l)ate" means the date on which a Bondholder's ownership of Bonds shall be recorded in the CSD as follows: (a) in relation to payments pursuant to these Bond Terms, the date designated as the Relevant Record Date in accordance with the rules of the CSD from time to time; (b) for the purpose of casting a vote in a Bondholders' Meeting, the date falling on the immediate preceding Business Day to the date of that Bondholders' Meeting being held, or another date as accepted by the Bond Trustee; and (c) for the purpose of casting a vote in a Written Resolution (Ð the date falling three (3) Business Days after the Summons have been published; of, (ið if the requisite majority in the opinion of the Bond Trustee has been reached prior to the date set out in paragraph (i) above, on the date falling on the immediate Business Day prior to the date on which the Bond Trustee declares that the Written Resolution has been passed with the requisite majority. "Repayment I)ate" means any date for payment of principal or any other amounts under the Bond Issue in accordance with Clause l.l (Redemption of Bonds), any Call Option Repayment Date, the Default Repayment Date, the Put Option Repayment Date, the Tax Event Repayment Date, the Longstop Date or the Maturþ Date. "secured Obligations" means all present and future obligations and liabilities of the Issuer under the Finance Documents. "secured Parties" means the Security Agent and the Bond Trustee on behalf of itself and the Bondholders. "securities Trading Act" means the Securities Trading Act of 27 no.75 of the Relevant Jurisdiction. "securit /" means a mortgage, charge, pledge, lien, security assignment or other security interest securing any obligation of any Person or any other agreement or afrangement having a similar effect. "security Principles" means such principles and agreed limitations in respect of the granting of Security as set out in Schedule 3 to these Bond Terms. t4 (s2)

88 "security Agent" means the Bond Trustee or any successor Securþ Agent, acting for and on behalf of the Secured Parties in accordance with any Security Agent Agreement or any other Finance Document. "security Agent Agreement" means any agreement whereby the Security Agent is appointed to act as such in the interest of the Bond Trustee (on behalf of itself and the Bondholders). 'osponsor" means Gsquare Healthcare Private Equity LLP. "subordinated Capital" means any loan granted or to be granted, with terms (including aggregate amount) and final structure acceptable to the Bond Trustee (acting in its sole discretion), inter alia to ensure that (a) such loan is fully subordinated to the Secured Obligations, (b) no interest shall accrue and be payable in excess of any interest payable under the Bonds and always be subject to payment in-kind (PIK), and (c) any repayment of principal, or payment of interest under any such loan, is subject to all present and future obligations and liabilities under the Secured Obligations having been discharged in full. "Subsidiary" means a company over which another company has Decisive Influence. oosummons" means the call for a Bondholders' Meeting or a Written Resolution as the case may be. "Tap Issue" shall have the meaning ascribed to such term in Clause 2.1 (Amount, denomination, ISIN and tenor). "Tap Issue Addendum" shall have the meaning ascribed to such term in Clause 2.1 (Amount, denomination, ISIN and tenor). "Tax Event Repayment l)ate" means the date set out in a notice from the Issuer to the Bondholders pursuant to Clause I.4 (Early redemption option due to a tax event). "Transaction Security" means the Securþ created or expressed to be created in favour of the Security Agent (on behalf of the Secured Parties) pursuant to the Transaction Securþ Documents. "Transaction Security l)ocuments" means, collectively, the Escrow Account Pledge and all of the documents which shall be executed or delivered pursuant to Clause 2.5 (Transaction Security) expressed to create any Security by the relevant grantor thereof in respect of the Issuer's obligations under any of the Finance Documents. "Voting Bonds" means the Outstanding Bonds less the Issuer's Bonds and a Voting Bond shall mean any single one of those Bonds. "Written Resolution" means a written (or electronic) solution for a decision making among the Bondholders, as set out in Clause 15.5 (Written Resolutions). 1.2 Construction In these Bond Terms, unless the context otherwise requires: l5 (s2)

89 (a) (b) (c) (d) (e) headings are for ease ofreference only; words denoting the singular number will include the plural and vice versa; references to Clauses are references to the Clauses of these Bond Terms; references to a time are references to Central European time unless otherwise stated; references to a provision of "law" is a reference to that provision as amended or reenacted, and to any regulations made by the appropriate authority pursuant to such law; (Ð references to a "regulation" includes any regulation, rule, official directive, request or guideline by any official body; (g) references to a "Person" means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, unincorporated organization, government, or any agency or political subdivision thereof or any other entþ, whether or not having a separate legal Personality; (h) references to Bonds being "redeemed" means that such Bonds are cancelled and discharged in the CSD in a corresponding amount, and that any amounts so redeemed may not be subsequently re-issued under these Bond Terms; (i) references to Bonds being "purchased" or 'orepurchased" by the Issuer means that such Bonds may be dealt with by the Issuer as set out in Clause (Issuer's purchase of Bonds); û) references to Persons "acting in concert" shall be interpreted pursuant to the relevant provisions of the Securities Trading Act; and (k) an Event of Default is "continuing" if it has not been remedied or waived t THE BOIU)S Amount, denomination and ISIN of the Bonds (a) The Issuer has resolved to issue a series of Bonds in in the maximum amount of NOK 7,, (the "Maximum Issue Amount"). The Bonds may be issued on different issue dates and the Initial Bond Issue will be in the amount of NOK 35,,. The Issuer may, provided that the conditions set out in Clause 6.3 (Tap Issues) are met, at one or more occasions issue Additional Bonds (each a "Tap Issue") until the Nominal Amount of all Additional Bonds equals in aggregate the Maximum lssue Amount less the Initial Bond Issue. Each Tap Issue will be subject to identical terms as the Bonds issued pursuant to the Initial Bond Issue in all respects as set out in these Bond Terms, except that Additional Bonds may be issued at a different price than for the Initial Bond Issue and which may be below or above the Nominal Amount. The Bond Trustee shall prepare an addendum to these Bond Terms evidencing the terms of each Tap Issue (a "Tap Issue Addendum"). (b) The Bonds are denominated in Norwegian Kroner (NOK), being the legal currency of Norway. t6 (s2)

90 (c) The Initial Nominal Amount of each Bond is NOK 5,. (d) The ISIN of the Bonds is NO All Bonds issued under the same ISIN will have identical terms and conditions as set out in these Bond Terms' Tenor ofthe Bonds The tenor of the Bonds is from and including the Issue Date to but excluding the Maturity Date. Use of proceeds (a) The Issuer will use the net proceeds from the Initial Bond Issue (net of fees and legal cost of the Manager and the Bond Trustee and any other cost and expenses incurred in connection with the Bond Issue) exclusively (i) for repayment of Existing Debt and (ii) general corporate purposes, including acquisitions. (b) The Issuer will use the net proceeds from the issuance of any Additional Bonds for general corporate purposes, including acquisitions Status ofthe Bonds The Bonds will constitute senior debt obligations of the Issuer. The Bonds will rank pari passu between themselves and will rank at least pari passu with all other obligations of the Issuer (save for such claims which are preferred by bankruptcy, insolvency, liquidation or other similar laws of general application). Transaction Security (a) As Security for the due and punctual fulfilment of the Secured Obligations, the Issuer shall procure that the following Transaction Security is granted in favour of the Security Agent (on behalf of the Bondholders), as further stated in Clause 6 (C ond it ion s for dis bur s ement): Pre-Settlement Securitv: (D first priority pledge over the Escrow Account; Pre-Disbursement Security: (Ð first priority charges over the Issuer's bank accounts (to be unblocked except upon the occurrence of an Event of Default which is continuing and following the Bond Trustee's written notice to the relevant account bank); (ii) (iið first priority pledge over all shares issued in the Issuer and all of the Guarantors; to the extent legally and practically possible, joint and several unconditional and irrevocable Norwegian law guarantees (No. "selvskyldnerkausjon"), or the corresponding guarantee under other applicable law to the extent made by a Guarantor which is not a Norwegian legal entity, from each of the Guarantors, which shall constitute senior obligations of the Guarantors (the "Guarantees"); t7 (s2)

91 (iv) first priority floating charges in operational assets (No: Driftstilbehørspant) of each Guarantor incorporated in Norway and the Issuer; (v) first priority floating charges in the account receivables (No: Factoringpant) of each Guarantor incorporated in Norway and the Issuer; and (vi) first priority pledge in any Intercompany Loans from the Issuer to the Guarantors (if any in existence). (b) The Transaction Security shall be entered into on such terms and conditions as the Bond Trustee in its discretion deems appropriate in order to create the intended benefit for the Secured Parties under the relevant document and always be subject to and limited to mandatory provisions of applicable law which limit the legal capacity or ability to provide Security, including but not limited to, the provisions of section 8-7 and 8-1 of the Norwegian Limited Liabilþ Companies Act and the Norwegian Public Limited Liabilþ Companies Act, both of 1997 (as amended) and (to the extent relevant) any similar restrictions in other jurisdictions in which a Guarantor is incorporated from time to time. (c) The Issuer shall for as long as any amount remain outstanding under the Bonds ensure that all shares issued by its directly owned Subsidiaries are pledged on first priority in favour of the of the Bond Trustee (on behalf of the Bondholders). (d) The Bond Trustee shall pursuant to these Bond Terms (upon the Issuer's request) release any Guarantee or Security provided by a Guarantor that ceases to be a Material Group Company unless an Event of Default has occurred and is continuing THE BONDHOLDERS Bond Terms binding on all Bondholders (a) Upon registration of the Bonds in the CSD, the Bondholders shall be bound by the terms and conditions of these Bond Terms and any other Finance Document without any further action or formality being required to be taken or satisfied. (b) The Bond Trustee is always acting with binding effect on behalf of all the Bondholders. 3.2 Limitation of rights of action (a) No Bondholder is entitled to take any enforcement action, instigate any insolvency procedures, or take other action against the Issuer or any other party in relation to any of the liabilities of the Issuer or any other party under or in connection with the Finance Documents, other than through the Bond Trustee and in accordance with these Bond Terms, provided, however, that the Bondholders shall not be restricted from exercising any of their individual rights derived from these Bond Terms, including the right to exercise the Put Option. (b) Each Bondholder shall immediately upon request by the Bond Trustee provide the Bond Trustee with any such documents, including a written power of attorney (in form and substance satisfactory to the Bond Trustee), as the Bond Trustee deems necessary for the purpose of exercising its rights and/or carrying out its duties under the Finance 18 (52)

92 Documents. The Bond Trustee is under no obligation to represent a Bondholder which does not comply with such request. 3.3 Bondholders' rights (a) If a benefîcial owner of a Bond not being registered as a Bondholder wishes to exercise any rights under the Finance Documents, it must obtain proof of ownership of the Bonds, acceptable to the Bond Trustee. (b) A Bondholder (whether registered as such or proven to the Bond Trustee's satisfaction to be the beneficial owner of the Bond as set out in paragraph (a) above) may issue one or more powers of attorney to third parties to represent it in relation to some or all of the Bonds held or beneficially owned by such Bondholder. The Bond Trustee shall only have to examine the face of a power of attorney or similar evidence of authorisation that has been provided to it pursuant to this Clause 3.3 (Bondholders' rights) and may assume that it is in full force and effect, unless otherwise is apparent from its face or the Bond Trustee has actual knowledge to the contrary ADMISSION TO LISTING The Issuer shall procure that the Bonds are listed on the Oslo Stock Exchange (No. Oslo Børs) within six (6) months of the Issue Date and remain listed on an Exchange until the Bonds have been redeemed in full. REGISTRATION OF THE BOI\DS Registration in the CSD The Bonds shall be registered in dematerialised form in the CSD according to the relevant securities registration legislation and the requirements of the CSD. Obligation to ensure correct registration The Issuer will at all times ensure that the registration of the Bonds in the CSD is correct and shall immediately upon any amendment or variation of these Bond Terms give notice to the CSD of any such amendment or variation. Country of issuanee The Bonds have not been issued under any other country's legislation than that of the Relevant Jurisdiction. Save for the registration of the Bonds in the CSD, the Issuer is under no obligation to register, or cause the registration of, the Bonds in any other registry or under any other legislation than that of the Relevant Jurisdiction. CONDITIONS FOR DISBURSEMENT Conditions precedent for disbursement to the Issuer (a) Payment of the net proceeds from the issuance of the Bonds (net of legal costs of the Manager and the Bond Trustee and any other costs and expenses incurred in connection with the Bond Issue) into the Escrow Account shall be conditional on the Bond Trustee having received no later than two (2) Business Days prior to the Issue Date each of the following documents, in form and substance satisfactory to the Bond Trustee: te (52)

93 (Ð (id (iid these Bond Terms duly executed by all parties thereto; the Bond Trustee Agreement duly signed by all parties thereto; the Escrow Account Pledge duly executed by all parties thereto and perfected in accordance with applicable law; (iv) certified copies of all corporate resolutions (including authorisations) of the lssuer required for the Issuer to issue the Bonds and execute the Finance Documents to which it is a ParlY; (v) copies of the Issuer's articles of association and of a full extract from the relevant company register in respect of the Issuer evidencing that the Issuer is validly existing (No. "firmaattest og vedtekter"); (vi) copies of any necessary governmental approval, consent or waiver (as the case may be) required at such time to issue the Bonds; (vii) any statements or legal opinions required by the Bond Trustee in relation to the relevant Finance Documents; (viii) confirmation that the applicable prospectus requirements (ref the EU prospectus directive (23171 EC)) concerning the issuance of the Bonds have been fulfilled; (ix) confirmation that the Bonds are registered in the CSD; (x) copies of any written documentation used in marketing the Bonds or made public by the Issuer or any Manager in connection with the issuance of the Bonds; and (xi) copies of the Issuer's latest Financial Reports. (b) The net proceeds from the issuance of the Bonds (net of legal costs of the Manager and the Bond Trustee and any other costs and expenses incurred in connection with the Bond Issue) will not be released from the Escrow Account and disbursed to the lssuer unless the Bond Trustee has received or is satisfied that it will receive in due time (as determined by the Bond Trustee) prior to such disbursement to the Issuer each of the following documents, in form and substance satisfactory to the Bond Trustee: (Ð a duly executed release notice from the Issuer; (ii) a statement of subordination in favour of the Bond Trustee of any and all claims which is required to be subordinated under items (vi) and (ix) below; (iii) copies of the Guarantors' articles of association and of a full extract from the relevant company register in respect of each Guarantor and the Parent evidencing that each of the Guarantor and the Parent is validly existing applicable in the relevant jurisdiction; 2 (s2)

94 (iv) copies ofnecessary corporate resolutions (including authorisations) from each of the Guarantors and the Parent to execute the relevant Finance Documents to which it is a party; (v) confirmation that no Event of Default has occurred and is continuing or will result from the release from the Escrow Account; (vi) copies of agreements for any existing Intercompany Loans (and any Intercompany Loans to be established upon disbursement) with the Issuer duly executed by all parties thereto, and evidence that any Intercompany Loans granted (or to be granted) to the Issuer are fully subordinated to the Bonds; (vii) a certificate from the Issuer confirming that no indebtedness, security or guarantees (that will not constitute Permitted Security, Permitted Financial Indebtedness or Permitted Financial Support) exist within the Group following the repayment of the Existing Debt; (viii) all relevant Transaction Security Documents relating to the Pre-Disbursement Security being executed and perfected; (ix) copies of the template for the agreements for Subordinated Capital, and the declaration of subordination in respect of any subordinated capital; (x) written evidence that the Existing Debt will be repaid in full prior to or in relation with the first release of funds from the Escrow Account; (xi) any legal opinion required by the Bond Trustee (including in respect of corporate matters relating to the Issuer and the legality, validþ and enforceability of these Bond Terms and the Finance Documents) in respect of any jurisdiction by which a Security Document or any other Finance Document is governed; and (xii) any other Finance Documents duly signed by all parties thereto' (c) The Bond Trustee, acting in its reasonable discretion, may waive the deadline or the requirements for documentation set out in this Clause 6.1 (Conditions precedent for disbursement to the Issuer), or decide in its discretion that delivery of certain documents as set out in this Clause 6.1 (Conditions precedent for disbursement to the Issuer) shall be made subject to an agreed closing procedure between the Bond Trustee and the Issuer Distribution Disbursement of the proceeds from the issuance of the Bonds is conditional on the Bond Trustee's confîrmation to the Paying Agent that the conditions in Clause 6.1 (Conditions precedent for disbursement to the Issuer) have been either satisfied in the Bond Trustee's discretion or waived by the Bond Trustee pursuant to paragraph 6.1(c) above. Tap Issues The lssuer may issue Additional Bonds if: 2r (s2)

95 (a) the Bond Trustee has executed a Tap Issue Addendum; (b) the representations and warranties contained in Clause 7 (Representations and Warranties) of these Bond Terms are true and correct in all material respects and repeated by the Issuer as at the date of issuance of such Additional Bonds; (c) the Issuer meets the Incurrence Test; and (d) the aggregate Nominal Amount of Bonds, including Additional Bonds issued under a Tap Issue does not Exceed the Maximum Issue Amount. 7 REPRESENTATIONS A (D WARRANTIES The Issuer makes the representations and warranties set out in this Clause 7 (Representations and warranties), in respect of itself and in respect of each Obligor to the Bond Trustee (on behalf of the Bondholders) at the following times and with reference to the facts and circumstances then existing: (a) on the date of these Bond Terms; (b) at the Issue Date; (c) on each date of disbursement of proceeds from the Escrow Account; and (d) at the date of issuance of any Additional Bonds Status It is a limited liability company, duly incorporated and validly existing and registered under the laws of its jurisdiction of incorporation, and has the power to own its assets and carry on its business as it is being conducted. Power and authority It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of these Bond Terms and any other Finance Document to which it is a party and the transactions contemplated by those Finance Documents. Valid, binding and enforceable obligations These Bond Terms and each other Finance Document to which it is a party constitutes (or will constitute, when executed by the respective parties thereto) its legal, valid and binding obligations, enforceable in accordance with their respective terms, and (save as provided for therein) no further registration, filing, payment of tax or fees or other formalities are necessary or desirable to render the said documents enforceable against it' Non-conflict with other obligations The ehtry into and performance by it of this Bond Terms and any other Finance Document to which it is a party and the transactions contemplated thereby do not and will not conflict with: (a) any law orregulation orjudicial orofficial order; 22 (s2)

96 (b) its constitutional documents; or (c) any agreement or instrument which is binding upon it or any of its assets. 7.5 Authorizations and consents All authorisations, consents, approvals, resolutions, licenses, exemptions, filings' notarizations or registrations required: (a) to enable it to enter into, exercise its rights and comply with its obligations under these Bond Terms or any other Finance Document to which it is a party; and (b) to carry on its business as presently conducted and as contemplated by these Bond Terms, have been obtained or effected and are in full force and effect tt Litigation No litigation, arbitration or administrative proceedings or investigations of or before any court, arbitral body or agency which is likely to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened against it or any of its Subsidiaries. Financial Reports Its most recent Annual Financial Statements and Interim Accounts fairly and accurately represent the assets and liabilities and financial condition as at their respective dates, and have been prepared in accordance with GAAP, consistently applied. No Material Adverse Effect Since the date of its most recent Annual Financial Statements, there has been no change in its business, assets or financial condition that is likely to have a Material Adverse Effect. No misleading information Any factual information provided by it to the subscribers or the Bond Trustee for the purposes of this Bond Issue was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated. No withholdings The Issuer is not required to make any deduction or withholding from any payment which it may become obliged to make to the Bond Trustee or the Bondholders under these Bond Terms. Pari passu ranking Its payment obligations under these Bond Terms or any other Finance Document to which it is a party rank at least pari passø as set out in Clause (s2)

97 No Event of Default No Event of Default exists or is likely to result from the issuance of the Bonds or the entry into, the performance of, or any transaction contemplated by, these Bond Terms or the other Finance Documents. Transaction Security No Security over any of the present assets of any Group Company in conflict the Bond Terms will upon release from the Escrow Account exist.. PAYMENTS IN RESPECT OF THE BOI\DS Covenant to pay (a) The Issuer will unconditionally make available to or to the order of the Bond Trustee and/or the Paying Agent all amounts due on each Payment Date pursuant to the terms of these Bond Terms at such times and to such accounts as specified by the Bond Trustee and/or the Paying Agent in advance of each Payment Date or when other payments are due and payable pursuant to these Bond Terms. (b) All payments to the Bondholders in relation to the Bonds shall be made to each Bondholder registered as such in the CSD at the Relevant Record Date, by, if no specific order is made by the Bond Trustee, crediting the relevant amount to the bank account nominated by such Bondholder in connection with its securities account in the CSD. (c) Payment constituting good discharge of the Issuer's payment obligations to the Bondholders under these Bond Terms will be deemed to have been made to each Bondholder once the amount has been credited to the bank holding the bank account nominated by the Bondholder in connection with its securities account in the CSD. If the paying bank and the receiving bank are the same, payment shall be deemed to have been made once the amount has been credited to the bank account nominated by the Bondholder in question. (d) If a Payment Date or a date for other payments to the Bondholders pursuant to the Finance Documents falls on a day on which either of the relevant CSD settlement system or the relevant cuffency settlement system for the Bonds are not open, the payment shall be made on the first following possible day on which both of the said systems are open, unless any provision to the contrary have been set out for such payment in the relevant Finance Document. 8.2 Default interest (a) Default interest will accrue on any Overdue Amount from and including the Payment Date on which it was first due to and excluding the date on which the payment is made at the Interest Rate plus an additional three (3) per cent. per annum. (b) Default interest accrued on any Overdue Amount pursuant to this Clause 8.2 (Default interest) will be added to the Overdue Amount on each Interest Payment Date until the Overdue Amount and default interest accrued thereon have been repaid in full. 24 (52)

98 (c) Upon the occuffence of a Listing Failure Event, any principal amount outstanding under these Bonds Terms shall be considered an Overdue Amount in accordance with paragraph (a) above for as long as such Listing Failure Event is continuing. 8.3 Partial payments (a) If the Paying Agent or the Bond Trustee receives a payment that is insufficient to discharge all amounts then due and payable under the Finance Documents (a "Partial Payment"), such Partial Payment shall, in respect of the lssuer's debt under the Finance Documents be considered made for discharge of the debt of the lssuer in the following order of priorþ: (Ð firstly, towards any outstanding fees, liabilities and expenses of the Bond Trustee (and any Security Agent); (ið secondly, towards accrued interest due but unpaid; and (iið thirdly, towards any principal amount due but unpaid. (b) Notwithstanding paragraph (a) above, any Partial Payment which is distributed to the Bondholders shall, subject to paragraph (c) below, be applied pro rata pursuant to the procedures of the CSD towards payment of any accrued interest due but unpaid and of any principal amount due but unpaid. (c) A Bondholders' Meeting can only resolve that any overdue payment of any instalment will be reduced if there is a pro rata reduction of the principal that has not fallen due, however, the meeting may resolve that accrued interest (whether overdue or not) shall be reduced without a coresponding reduction of principal. 8.4 Taxation (a) The Issuer is responsible for withholding any withholding tax imposed by applicable law on any payments to be made by it in relation to the Finance Documents. (b) The Issuer shall, if any tax is withheld in respect of the Bonds under the Finance Documents: (i) gross up the amount of the payment due from the it up to such amount which is necessary to ensure that the Bondholders or the Bond Trustee, as the case may be, receive a net amount which is (after making the required withholding) equal to the payment which would have been received if no withholding had been required; and (id at the request of the Bond Trustee, deliver to the Bond Trustee evidence that the required tax deduction or withholding has been made. (c) Any public fees levied on the trade of Bonds in the secondary market shall be paid by the Bondholders, unless otherwise provided by law or regulation, and the Issuer shall not be responsible for reimbursing any such fees. 25 (s2)

99 8.5 Currency (a) All amounts payable under the Finance Documents shall be payable in the denomination of the Bonds set out in Clause 2.1 (Amount, denomination and ISIN of the Bonds). If, however, the denomination differs from the currency of the bank account connected to the Bondholder's account in the CSD, any cash settlement may be exchanged and credited to this bank account. (b) Any specific payment instructions, including foreign exchange bank account details, to be connected to the Bondholder's account in the CSD must be provided by the relevant Bondholder to the Paying Agent (either directly or through its account manager in the CSD) within five (5) Business Days prior to a Payment Date. Depending on any cunency exchange settlement agreements between each Bondholder's bank and the Paying Agent, and opening hours of the receiving bank, cash settlement may be delayed, and payment shall be deemed to have been made once the cash settlement has taken place, provided, however, that no default interest or other penaþ shall accrue for the account ofthe Issuer for such delay Set-off and counterclaims The Issuer may not apply or perform any counterclaims or set-off against any payment obligations pursuant to these Bond Terms or any other Finance Document. INTEREST Calculation of interest (a) Each Outstanding Bond will accrue interest at the Interest Rate on the Nominal Amount for each Interest Period, commencing on and including the first date of the Interest Period, and ending on but excluding the last date of the Interest Period. (b) Interest will accrue on the Nominal Amount of any Additional Bond for each Interest Period starting with the Interest Period commencing on the Interest Payment Date immediately prior to the issuance of the Additional Bonds (or, if the date of the issuance is not an Interest Payment Date and there is no Interest Payment Date prior to such date of issuance, starting with the Interest Period commencing on the Issue Date). (c) Interest shall be calculated on the basis of the actual number of days in the Interest Period in respect of which payment is being made divided by 36 (actuau36-days basis). The Interest Rate will be reset at each Interest Quotation Day by the Bond Trustee, who will notiff the Issuer and the Paying Agent and, if the Bonds are listed, the Exchange, of the new lnterest Rate and the actual number of calendar days for the next Interest Period. (d) Any interpolation of the interest rate will be quoted with the number of decimals corresponding to the quoted number of decimals of the Reference Rate. 9.2 Payment of Interest Interest shall fall due on each Interest Payment Date for the corresponding preceding Interest Period and, with respect to accrued interest on the principal amount then due and payable, on each Repayment Date. 26 (52)

100 REDEMPTION AI\D REPT'RCHASE OF BOI\DS Redemption of Bonds The Outstanding Bonds will mature in full on the Maturity Date and shall be redeemed by the Issuer on the Maturity Date at a price equal to 1 per cent. of the Nominal Amount. Voluntary early redemption - Call Option (a) The Issuer may redeem all or parts of the Outstanding Bonds (the "Call Option") on any Business Day from and including: (D the Issue Date to, but not including, the First Call Date at a price equal to the Make-Whole Amount for each redeemed Bond; (ið the First Call Date to, but not including, the Interest Payment Date in September 22 ata price equal to 12 per cent. of the Nominal Amount for each redeemed Bond; (iið the lnterest Payment Date falling in September 22, but not including, the Maturþ Date at a price equal to 11 per cent. of the Nominal Amount for each redeemed Bond; and (iv) if refinanced with a bond issue, the date falling 2 months prior to the Maturþ Date to, but not including the Maturþ Date at a price equal to 1 per cent. of the Nominal Amount for each redeemed Bond. In addition to such amounts payable under (i) - and unpaid interest on redeemed Bonds. (iv) above, the Issuer shall pay accrued (b) Any redemption of Bonds pursuant to Clause 1.2 (a) above shall be determined based upon the redemption prices applicable on the Call Option Repayment Date' (c) The Call Option may be exercised by the Issuer by written notice to the Bond Trustee and the Bondholders at least ten (1), but not more than twenty (2), Business Days prior to the proposed Call Option Repayment Date. Such notice sent by the Issuer is irrevocable and shall speciff the Call Option Repayment Date. Unless the Make- Whole Amount is set out in the written notice where the Issuer exercises the Call Option, the Issuer shall publish the Make-Whole Amount to the Bondholders as soon as possible and at the latest within three (3) Business Days from the date of the notice. (d) Any Call Option exercised in part will be used for pro rata payment to the Bondholders in accordance with the applicable regulations of the CSD. 1.3 Mandatory repurchase due to a Put Option Event (a) Upon the occuffence of a Put Option Event, each Bondholder will have the right (the "Put Option") to require that the Issuer purchases all or some of the Bonds held by that Bondholder at a price equal to 11 per cent. of the Nominal Amount (plus accrued and unpaid interest). (b) The Put Option must be exercised within sixty (6) calendar days after the Issuer has given notice to the Bond Trustee and the Bondholders that a Put Option Event has 27 (s2)

101 occurred pursuant to Clause 12.3 (Put Option Event). Once notified, the Bondholders right to exercise the Put Option will not fall away due to subsequent events related to the Issuer. (c) Each Bondholder may exercise its Put Option by written notice to its account manager for the CSD, who will notiff the Paying Agent of the exercise of the Put Option. The Put Option Repayment Date will be the fifth (5th) Business Day after the end of the 6 calendar days exercise period referred to in paragraph (b) above. (d) If Bonds representing more than 9 per cent. of the Outstanding Bonds have been repurchased pursuant to this Clause 1.3 (Mandatory repurchase due to a Put Option Event), the Issuer is entitled to repurchase all the remaining Outstanding Bonds at the price stated in paragraph (a) above by notiffing the remaining Bondholders of its intention to do so no later than twenty (2) calendar days after the Put Option Repayment Date. Such prepayment may occur at the earliest on the fifteenth (15û) calendar day following the date of such notice tt.2 Early redemption option due to a tax event If the Issuer is or will be required to gross up any withheld tax imposed by law from any payment in respect of the Bonds under the Finance Documents pursuant to Clause 8.4 (Ta,ration) as a result of a change in applicable law implemented after the date of these Bond Terms, the Issuer will have the right to redeem all, but not only some, of the Outstanding Bonds at a price equal to 1 per cent. of the Nominal Amount. The Issuer shall give written notice of such redemption to the Bond Trustee and the Bondholders at least twenty (2) Business Days prior to the Tax Event Repayment Date, provided that no such notice shall be given earlier than sixty (6) days prior to the earliest date on which the Issuer would be obliged to withhold such tax were a payment in respect of the Bonds then due. Mandatory early redemption at the Longstop Date In the event that the conditions precedent set out in Clause 6.I (Conditions precedent for disbursement to the Issuer) for release of funds from the Escrow Account have not been fulfilled within the Longstop Date, the Issuer shall no later than five (5) Business Days thereafter (with the Longstop Date being the Record Date) redeem the Bonds at a price of 11. per cent. of the Nominal Amount plus accrued interest, by inter alia applying the funds deposited on the Escrow Account for such redemption. PI'RCHASE AITD TRANSFER OF BONDS Issuer's purchase of Bonds The Issuer and the Group Companies may purchase and hold Bonds and such Bonds may be retained or sold in the Issuer's sole discretion, (including with respect to Bonds purchased pursuant to Clause 1.3 (Mandatory repurchase due to a Put Option Event). Restrictions (a) Certain purchase or selling restrictions may apply to Bondholders under applicable local laws and regulations from time to time. Neither the Issuer nor the Bond Trustee shall be responsible to ensure compliance with such laws and regulations and each Bondholder is responsible for ensuring compliance with the relevant laws and regulations at its own cost and expense. 28 (s2)

102 (b) A Bondholder who has purchased Bonds in breach of applicable restrictions may, notwithstanding such breach, benefit from the rights attached to the Bonds pursuant to these Bond Terms (including, but not limited to, voting rights), provided that the Issuer shall not incur any additional liability by complying with its obligations to such Bondholder. 12. t2.l IIIF'ORMATION UNDERTAKINGS Financial Reports (a) The Issuer shall prepare Annual Financial Statements in the English language and make them available on its website (alternatively on another relevant information platform) as soon as they become available, and not later than 12 days after the end of the financial year. (b) The Issuer shall prepare Interim Accounts in the English language and make them available on its website (alternatively on another relevant information platform) as soon as they become available, and not later than sixty (6) days after the end of the relevant interim period Requirements as to Financial Reports (a) The Issuer shall supply to the Bond Trustee, in connection with the publication of its Financial Reports pursuant to Clause l2.l (Financial Reports), however only once for each relevant reporting period, a Compliance Certificate with a copy of the Financial Report attached thereto. The Compliance Certificate shall be duly signed by the chief executive officer or the chief financial officer of the Issuer, certifuing i.a. that the Financial Statements are fairly representing its financial condition as at the date of those financial statements. (b) The Financial Reports shall specifically include, for the Relevant Period, EBITDA and Net Interest Bearing Debt (and otherwise as required under the Incurrence Test) in respect of the Group. (c) The Issuer shall procure that the Financial Reports delivered pursuant to Clause 12.1 (Financial Reports) are prepared using GAAP consistently applied Put Option Event The Issuer shall inform the Bond Trustee in writing as soon as possible after becoming aware that a Put Option Event has occurred. Information : Miscellaneous The Issuer shall: (a) promptly inform the Bond Trustee in writing of any Event of Default or any event or circumstance which the Issuer understands or could reasonably be expected to understand may lead to an Event of Default and the steps, if any, being taken to remedy it); (b) at the request of the Bond Trustee, report the balance of the Issuer's Bonds (to the best of its knowledge, having made due and appropriate enquiries); 29 (s2)

103 (c) send the Bond Trustee copies of any statutory notifications of the Issuer, including but not limited to in connection with mergers, de-mergers and reduction of the Issuer's share capital or equity; (d) if the Bonds are listed on an Exchange, send a copy to the Bond Trustee of its notices to the Exchange; (e) if the Issuer and/or the Bonds are rated, inform the Bond Trustee of its and/or the rating ofthe Bonds, and any changes to such rating; (Ð inform the Bond Trustee of changes in the registration of the Bonds in the CSD; and (g) within a reasonable time, provide such information about the Issuer's and the Group's business, assets and financial condition as the Bond Trustee may reasonably request Information undertaking regarding Incurrence Test The Issuer shall upon any event requiring the application ofthe Incurrence Test prepare (in reasonable detail) computations evidencing compliance with Clause (Incunence Test) as at such date. GENERAL AI{D FINANCIAL TINDERTAKINGS The Issuer undertakes to (and shall, where applicable, procure that the other Group Companies will) comply with the undertakings set forth in this Clause 13 (General and /ìnancial Undertakings). Compliancewith laws The Issuer shall, and shall procure that each other Group Company will, comply in all material respects with all laws and regulations to which it may be subject from time to time, if failure so to comply would have a Material Adverse Effect. Continuation of business and Corporate Status The Issuer shall procure that no material change is made to the general nature of the business carried on by the Group at the Issue Date (and for the avoidance ofdoubt, any extension of the business of the Group into businesses similar or complimentary to the business previously conducted, shall not constitute a material change for the purposes of this undertaking). The Issuer shall not change its type oforganisation orjurisdiction ofincorporation. Distributions The Issuer shall not, and shall procure that no other Group Company will, make any Distribution other than any Permitted Distribution. Mergers The Issuer shall not, and shall ensure that no other Group Company shall, carry out any merger or other business combination or corporate reorganisation involving a consolidation of the assets and obligations of the Issuer or any other Group Company with any other companies or entities, if such transaction would have a Material Adverse Effect. 3 (s2)

104 I)e-mergers The Issuer shall not, and shall make sure that no Material Group Companies will, carry out any de-merger or other co porate reorganisation involving splitting the Issuer or any of the Material Group Companies into two or more separate companies or entities, if such transaction would have a Material Adverse Effect. The Issuer shall notifu the Trustee of any such transaction, providing relevant details thereof, as well as, if applicable, its reasons for believing that the proposed transaction would not have a Material Adverse Effect. Financial Indebtedness (a) Except as permitted under paragraph (b) below, the Issuer shall not, and shall procure that no other Group Company will, incur any additional Financial Indebtedness or maintain or prolong any existing Financial Indebtedness. (b) Paragraph (a) above shall not prohibit the Issuer and any Group Company to incur, maintain or prolong any Permitted Financial Indebtedness Negative pledge (a) Except as permitted under paragraph (b) below, the Issuer shall not, and shall procure that no other Group Company will, create or allow to subsist, retain, provide, prolong or renew any Security over any ofits/their assets (whether present or future) to secure any loan or other indebtedness. (b) Paragraph (a) above does not apply to any Permitted Security Financial support (a) Except as permitted under paragraph (b) below, no member of the Group shall directly or indirectly make or gtant any loans, grant any credit or give any guarantee or indemnity to or for the benefit of any person or group or otherwise voluntary assume any financial liability, whether actual or contingent, in respect of any other person or group, not being a member of the Group. (b) Paragraph (a) above does not apply to any Permitted Financial support Disposals (a) The Issuer shall not, and shall procure that no other Group Company will, sell, transfer or otherwise dispose of all or substantially all of its assets (including shares or other securities in any person) or operations (other than to the Issuer or any of its whollyowned Subsidiaries), unless such sale, transfer or disposal is carried out in the ordinary course of business or in accordance with the overall strategy of the Group and would not have a Material Adverse Effect. (b) The Bond Trustee shall be authorised to release existing Transaction Security of any resigning Obligor in connection with any disposal permitted under paragraph (a) above, and (to the extent applicable) re-establish similar Transaction Security pursuant to these Bond Terms subject to such procedures and closing mechanisms as the Bond Trustee shall determine in its discretion. 3l (52)

105 13.1 Designation of Material Group Companies (a) The Issuer shall nominate, subject to the Security Principles, as Material Group Companies such Group Companies as are necessary to ensure that the Issuer and the Material Group Companies in aggregate account for at least 8 per cent. of the Group's EBITDA and total assets; and (b) The Issuer shall ensure, subject to the Security Principles, that a Group Company whose assets or EBITDA constitutes more than 1 per cent. of the Group's assets or EBITDA on a consolidated basis (in respect of EBITDA based on the preceding four financial quarters) shall be nominated as a Material Group Company, (c) If the aggregate EBITDA of all the Material Group Companies as determined pursuant to paragraph (a) above is less than 8 per cent. of the consolidated EBITDA or assets of the Group, the Group Company with the greatest EBITDA or assets which is not a Material Company shall, subject to the Security Principles, become a Material Company, and this process shall be repeated until such 8 per cent. threshold is att ined. If a Group Company has been acquired since the date at which the latest Financial Statements of the Group were prepared, the financial statements shall be deemed to be adjusted in order to take into account the acquisition of that Group Company. (d) The Issuer shall prior to release of funds from the Escrow Account and thereafter once every year (simultaneously with the delivery to the Bond Trustee of the yearly audited accounts of the Group) and upon acquisition of material assets by a Group Company nominate Material Group Companies in accordance with paragraph (a), (b) and (c) above. (e) The Issuer shall ensure that each Material Group Company no later than sixty (6) days after its nomination provide Transaction Security in accordance with the Security Principles. (Ð The identity of the Material Group Companies nominated by the Issuer in accordance with this Clause 13.1 shall be listed in the compliance certificate to be provided to the Bond Trustee in accordance with Clause 12 (Information undertakings) Incurrence Test (a) The lncurrence Test is met if the: (i) Leverage Ratio is not greater than 4.x; and (ið Interest Cover Ratio is greater tlìan 3.x. (b) The calculation of the ratios in (i) and (ii) above shall be made as per a testing date determined by the Issuer, falling no earlier than one (l) month prior to the event relevant for the application of the lncurrence Test. The Net Interest Bearing Debt shall be measured on the relevant testing date so determined, but include any new Financial Indebtedness incurred under any Tap Issue in respect ofwhich the Incurrence Test is applied (however, any cash balance resulting from the incurrence of such new Financial Indebtedness shall not reduce the Net Interest Bearing Debt). 32 (52)

106 (c) The figures for the EBITDA for the Relevant Period ending on the last day of the period covered by the most recent Financial Report shall be used for the Incurrence Test, but adjusted so that: (i) entities, assets or operations acquired or disposed of by the Group during the Relevant Period, or after the end of the Relevant Period but before the relevant testing date, shall be included or excluded (as applicable), pro forma, for the entire Relevant Period; and (ið any entity to be acquired with the proceeds from a Tap Issue shall be included, pro forma, for the entire Relevant Period t3.14 Acquisitions The Issuer shall not, and shall ensure that no other Group Company will, acquire any company, shares, securities, business or undertaking (or any interest in any of them), unless the transaction is carried out at arm's length terms and provided that it does not have a Material Adverse Effect. Arm's length transactions The Issuer shall not, and the Issuer shall ensure that no member of the Group shall, engage in, directly or indirectly, any transaction with any party (other than between the Issuer and a Guarantor or between two or more Guarantors) except on arm's length terms. Insurance The Issuer shall, and shall ensure that all other Group Companies will, maintain insurances or captive arrangements on and in relation to its business and assets against those risks and to the extent as is usual for companies carrying on the s rme or substantially similar business Subsidiary distribution The Issuer shall not permit any of its Subsidiaries to create or permit to exist any contractual obligation (or encumbrance) restricting the right of any Subsidiary to pay dividends or make other distributions to its shareholders, other than permitting to subsist such contractual obligation which is not reasonably likely to prevent the Issuer from complying with its payment obligations under the Bond Terms Intellectualproperty (a) The Issuer shall, and shall ensure that all other Group Companies: (Ð preserve and maintain the subsistence and validþ of the Intellectual Property which are material in order for the Group to conduct its business; (ið use reasonable endeavours to prevent infringement in any material respect of any Intellectual Property which is material for the Group to conduct its business, however, it shall be free to deal with those assets in the ordinary course of its business (including, without limitation, allowing its Intellectual Property to lapse if no longer 33 (s2)

107 13.17 Financialcovenants material to its business) until an Event of Default has occurred which is continuing and for which notice has been served by the Trustee. The Issuer shall ensure that the Group's Cash (on a consolidated basis) at all times is no less than NOK 35,,. The above minimum Cash financial covenant shall be tested at the last day of each quarter and be confirmed upon delivery of each compliance certificate with reference to that preceding quarter. 14. t4.l EVENTS OF DEF'AULT AND ACCELERATION OF THE BONDS Events of Default Each of the events or circumstances set out in this Clause 14.1 shall constitute an Event of Default: (a) Non-payment The lssuer fails to pay any amount payable by it under the Finance Documents when such amount is due for payment, unless: (Ð its failure to pay is caused by administrative or technical error in payment systems or the csd and payment is made within five (5) Business Days following the original due date; or (ið in the discretion of the Bond Trustee, the Issuer has substantiated that it is likely that such payment will be made in full within five (5) Business Days following the original due date. (b) Breach of other obligations The lssuer does not comply with any provision of the Finance Documents other than set out under paragraph (a) (Non-pøyment) above, unless such failure is capable of being remedied and is remedied within twenty (2) Business Days after the earlier of the Issuer's actual knowledge thereof, or notice thereof is given to the Issuer by the Bond Trustee. (c) Misrepresentation Any representation, warranty or st tement (including statements in Compliance Certifîcates) made under or in connection with any Finance Documents is or proves to have been incorrect, inaccurate or misleading in any material respect when made or deemed to have been made, unless the circumstances giving rise to the misrepresentation are capable of remedy and are remedied within twenty (2) Business Days of the earlier of the Bond Trustee giving notice to the Issuer or the Issuer becoming aware of such misrepresentation. 34 (s2)

108 (d) Cross default If for the Issuer and any Material Group Company: (Ð any Financial Indebtedness is not paid when due nor within any applicable grace period; or (ið any Financial Indebtedness is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described); (iið any commitment for any Financial Indebtedness is cancelled or suspended by a creditor as a result of an event of default (however described); or (iv) any creditor becomes entitled to declare any Financial Indebtedness due and payable prior to its specified maturþ as a result of an event of default (however described), provided however that the aggregate amount of such Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (i) to (iv) above exceeds a total of NOK 1,, (or the equivalent thereof in any other currency). (e) Insolvency and insolvency proceedings The Issuer or any Material Group Company is: (Ð Insolvent; or (ii) is object ofany corporate action or any legal proceedings is taken in relation to (A) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) other than a solvent liquidation or reorganization; or (B) (c) (D) (E) a composition, compromise, assignment or affangement with any creditor which may materially impair its abilþ to perform its obligations under these Bond Terms; or the appointment of a liquidator (other than in respect of a solvent liquidation), receiver, administrative receiver, administrator, compulsory manager or other similar officer of any of its assets; or enforcement of any Security over any of its or their assets having an aggregate value exceeding the threshold amount set out in paragraph 14.2 (d) (Cross default) above; or for (A) - (D) above, any analogous procedure or step is taken in any jurisdiction in respect of any such company, 3s (s2)

109 however this shall not apply to any petition which is frivolous or vexatious and is discharged, stayed or dismissed within twenty (2) Business Days of commencement. A Creditor's process Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of the Issuer and any Material Group Company having an aggregate value exceeding the threshold amount set out in paragraph 14.1 (d) (Cross default) above and is not discharged within twenty (2) Business Days. (g) Unlatufulness It is or becomes unlawful for the Issuer to perform or comply with any of its obligations under the Finance Documents to the extent this may materially impair: (Ð the ability of the Issuer to perform its obligations under these Bond Terms; or (ii) the ability of the Bond Trustee or the Security Agent to exercise any material right or power vested to it under the Finance Documents Acceleration of the Bonds If an Event of Default has occurred and is continuing, the Bond Trustee may, in its discretion in order to protect the interests of the Bondholders, or upon instruction received from the Bondholders pursuant to Clause 14.3 (Bondholders' instructions) below, by serving a Default Notice: (a) declare that the Outstanding Bonds, together with accrued interest and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable on demand at which time they shall become immediately due and payable on demand by the Bond Trustee; (b) declare that the Outstanding Bonds, together with accrued interest and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, at which time they shall become immediately due and payable; andlor (c) exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents or take such further measures as are necessary to recover the amounts outstanding under the Finance Documents Bondholders' instructíons The Bond Trustee shall serve a Default Notice pursuant to Clause I4.2 (Acceleration of the Bonds) if: (a) the Bond Trustee receives a demand in writing from Bondholders representing a simple majorþ of the Voting Bonds, that an Event of Default shall be declared, and a Bondholders'Meeting has not made a resolution to the contrary; or (b) the Bondholders'Meeting, by a simple majority decision, has approved the declaration of an Event of Default. 36 (52)

110 14.4 Calculation of claim The claim derived from the Outstanding Bonds due for payment as a result of the serving of a Default Notice will be calculated at the prices set out in Clause 1.2 (Voluntary early redemption - Call Option) as applicable at the following dates (and regardless of the Default Repayment Date set out in the Default Notice): (i) for any Event of Default arising out of a breach of Clause l4.l (Events of DeÍault) paragraph (a) (Non-payment), the claim will be calculated at the price applicable at the date when such Event of Default occurred; and (ii) for any other Event of Default, the claim will be calculated at the price applicable at the date when the Default Notice was served by the Bond Trustee BOIIDHOLDERS' DECISIONS Authority of the Bondholders' Meeting (a) A Bondholders' Meeting may, on behalf of the Bondholders, resolve to alter any of these Bond Terms, including, but not limited to, any reduction of principal or interest and any conversion ofthe Bonds into other capital classes. (b) The Bondholders' Meeting may not adopt resolutions which will give certain Bondholders an unreasonable advantage atthe expense ofother Bondholders. (c) Subject to the power of the Bond Trustee to take certain action as set out in Clause 16.1 (Power to represent the Bondholders), if a resolution by, or an approval of, the Bondholders is required, such resolution may be passed at a Bondholders' Meeting. Resolutions passed at any Bondholders' Meeting will be binding upon all Bondholders. (d) At least 5 per cent. of the Voting Bonds must be represented at a Bondholders' Meeting for a quorum to be present. (e) Resolutions will be passed by simple majorþ of the Voting Bonds represented at the Bondholders'Meeting, unless otherwise set out in paragraph (f) below. (Ð Save for any amendments or waivers which can be made without resolution pursuant to Clause 77.1 (Procedure for amendments and waivers) paragraph (a), section (i) and (ii), a majority of at least 213 of the Voting Bonds represented at the Bondholders' Meeting is required for approval of any waiver or amendment of any provisions of these Bond Terms, including a change of Issuer and change of Bond Trustee Procedure for arranging a Bondholders' Meeting (a) A Bondholders' Meeting shall be convened by the Bond Trustee upon the request in writing of: (Ð (ið (iid the Issuer; Bondholders representing at least 1/1 of the Voting Bonds; the Exchange, if the Bonds are listed and the Exchange is entitled to do so pursuant to the general rules and regulations of the Exchange; or 37 (s2)

111 (iv) the Bond Trustee. The request shall clearly state the matters to be discussed and resolved. (b) If the Bond Trustee has not convened a Bondholders' Meeting within ten (1) Business Days after having received a valid request for calling a Bondholders' Meeting pursuant to paragraph (a) above, then the re-questing party may itself call the Bondholders' Meeting. (c) Summons to a Bondholders' Meeting must be sent no later than ten (1) Business Days prior to the proposed date of the Bondholders' Meeting. The Summons shall be sent to all Bondholders registered in the CSD at the time the Summons is sent from the CSD. If the Bonds are listed, the Issuer shall ensure that the Summons is published in accordance with the applicable regulations of the Exchange. The Summons shall also be published on the website of the Bond Trustee (alternatively by press release or other relevant information platform). (d) Any Summons for a Bondholders' Meeting must clearly state the agenda for the Bondholders' Meeting and the matters to be resolved. The Bond Trustee may include additional agenda items to those requested by the person calling for the Bondholders' Meeting in the Summons. If the Summons contains proposed amendments to these Bond Terms, a description of the proposed amendments must be set out in the Summons. (e) Items which have not been included in the Summons may not be put to a vote at the Bondholders' Meeting. (Ð By written notice to the Issuer, the Bond Trustee may prohibit the Issuer from acquiring or dispose of Bonds during the period from the date of the Summons until the date of the Bondholders' Meeting, unless the acquisition of Bonds is made by the Issuer pursuant to Clause l (Redemption and Repurchase of Bonds). (g) A Bondholders'Meeting may be held on premises selected by the Bond Trustee, or if paragraph (b) above applies, by the person convening the Bondholders' Meeting (however to be held in the capital of the Relevant Jurisdiction). The Bondholders' Meeting will be opened and, unless otherwise decided by the Bondholders'Meeting, chaired by the Bond Trustee. If the Bond Trustee is not present, the Bondholders' Meeting will be opened by a Bondholder and be chaired by a representative elected by the Bondholders' Meeting. (h) Each Bondholder, the Bond Trustee and, if the Bonds are listed, representatives of the Exchange, or any person or persons acting under a power ofafforney for a Bondholder, shall have the right to attend the Bondholders' Meeting (each a oorepresentative"). The chair of the Bondholders'Meeting may grant access to the meeting to other persons not being Representatives, unless the Bondholders'Meeting decides otherwise. In addition, each Representative has the right to be accompanied by an advisor. In case of dispute or doubt with regard to whether a person is a Representative or entitled to vote, the chair of the Bondholders' Meeting will decide who may attend the Bondholders' Meeting and exercise voting rights. 38 (52)

112 (Ð Representatives of the Issuer have the right to attend the Bondholders' Meeting. The Bondholders' Meeting may resolve to exclude the Issuer's representatives and/or any person holding only Issuer's Bonds (or any representative of such person) from participating in the meeting at certain times, however, the Issuer's representative and any such other person shall have the right to be present during the voting. CI) Minutes of the Bondholders' Meeting must be recorded by, or by someone acting at the instruction of, the chair of the Bondholders' Meeting. The minutes must state the number of Voting Bonds represented at the Bondholders' Meeting, the resolutions passed at the meeting, and the results of the vote on the matters to be decided at the Bondholders' Meeting. The minutes shall be signed by the chair of the Bondholders' Meeting and at least one other person. The minutes will be deposited with the Bond Trustee who shall make available a copy to the Bondholders and the Issuer upon request. (k) The Bond Trustee will ensure that the Issuer, the Bondholders and the Exchange are notified of resolutions passed at the Bondholders' Meeting and that the resolutions are published on the website of the Bond Trustee (or other relevant electronically platform or press release). (l) The Issuer shall bear the costs and expenses incurred in connection with convening a Bondholders' Meeting regardless of who has convened the Bondholders' Meeting, including any reasonable costs and fees incurred by the Bond Trustee Voting rules (a) Each Bondholder (or person acting for a Bondholder under a power of attorney) may cast one vote for each Voting Bond owned on the Relevant Record Date, ref. Clause 3.3 (Bondholders' rights). The chair of the Bondholders' Meeting may, in its sole discretion, decide on accepted evidence of ownership of Voting Bonds. (b) Issuer's Bonds shall not carry any voting rights. The chair of the Bondholders' Meeting shall determine any question concerning whether any Bonds will be considered Issuer's Bonds. (c) For the purposes of this Clause 15 (Bondholders' decisions), a Bondholder that has a Bond registered in the name of a nominee will, in accordance with Clause 3.3 (Bondholders' rights), be deemed to be the owner of the Bond rather than the nominee. No vote may be cast by any nominee if the Bondholder has presented relevant evidence to the Bond Trustee pursuant to Clause 3.3 (Bondholders' rights) stating that it is the owner of the Bonds voted for. If the Bondholder has voted directly for any of its nominee registered Bonds, the Bondholder's votes shall take precedence over votes submitted by the nominee for the same Bonds. (d) Any of the Issuer, the Bond Trustee and any Bondholder has the right to demand a vote by ballot. In case of parity of votes, the chair of the Bondholders' Meeting will have the deciding vote. 3e (s2)

113 15.4 Repeated Bondholders' Meeting (a) Even if the necessary quorum set out in paragraph (d) of Clause 75.1 (Authority of the Bondholders' Meeting) is not achieved, the Bondholders' Meeting shall be held and voting completed for the purpose of recording the voting results in the minutes of the Bondholders' Meeting. The Bond Trustee or the person who convened the initial Bondholders' Meeting may, within ten (1) Business Days of that Bondholders' Meeting, convene a repeated meeting with the same agenda as the first meeting. (b) The provisions and procedures regarding Bondholders' Meetings as set out in Clause 15.1 (Authority of the Bondholders' Meeting), Clause 75.2 (Procedure þr arranging a Bondholders' Meeting) and Clause 15.3 (Voting rules) shall apply mutatis mutandis to a repeated Bondholders' Meeting, with the exception that the quorum requirements set out in paragraph (d) of Clause l5.l (Authority of the Bondholders' Meeting) shall not apply to a repeated Bondholders' Meeting. A Summons for a repeated Bondholders' Meeting shall also contain the voting results obtained in the initial Bondholders' Meeting. (c) A repeated Bondholders' Meeting may only be convened once for each original Bondholders' Meeting. A repeated Bondholders' Meeting may be convened pursuant to the procedures of a Written Resolution in accordance with Clause 15.5 (Ilritten Resolutions), even if the initial meeting was held pursuant to the procedures of a Bondholders' Meeting in accordance with Clause 15.2 (Procedure for arranging a Bondholders' Meeting) and vice versa Written Resolutions (a) Subject to these Bond Terms, anything which may be resolved by the Bondholders in a Bondholders' Meeting pursuant to Clause 15.1 (Authority of the Bondholders' Meeting) may also be resolved by way of a Written Resolution. A Written Resolution passed with the relevant majorþ is as valid as if it had been passed by the Bondholders in a Bondholders' Meeting, and any reference in any Finance Document to a Bondholders' Meeting shall be construed accordingly. (b) The person requesting a Bondholders' Meeting may instead request that the relevant matters are to be resolved by Written Resolution only, unless the Bond Trustee decides otherwise. (c) The Summons for the Written Resolution shall be sent to the Bondholders registered in the CSD at the time the Summons is sent from the CSD and published at the Bond Trustee's web site, or other relevant electronic platform or via press release. (d) The provisions set out in Clause l5.l (Authority of the Bondholders' Meeting), 15.2 (Procedure for arranging a Bondholders' Meeting), Clause 15.3 (Voting Rules) and Clause 15.4 (Repeated Bondholders' Meeting) shall apply mutatis mutandis to a Written Resolution, except that: (i) the provisions set out in paragraphs (g), (h) and (i) of Clause 15.2 (Procedure for arranging Bondholders' Meetings); or 4 (52)

114 (ið provisions which are otherwise in conflict with the requirements of this Clause 5.5 (Written Resolution), shall not apply to a Written Procedure. (e) The Summons for a Written Resolution shall include: (i) instructions as to how to vote to each separate item in the Summons (including instructions as to how voting can be done electronically if relevant); and (id the time limit within which the Bond Trustee must have received all votes necessary in order for the rwritten Resolution to be passed with the requisite majority (the "Voting Period"), such Voting Period to be at least three (3) Business Days but not more than fifteen (15) Business Days from the date of the Summons, provided however that the Voting Period for a Written Resolution summoned pursuant to Clause 15.4 (Repeated Bondholders' Meeting) shall be at least ten (1) Business Days but not more than fifteen (15) Business Days from the date of the Summons. (Ð Only Bondholders of Voting Bonds registered with the CSD on the Relevant Record Date, or the beneficial owner thereof having presented relevant evidence to the Bond Trustee pursuant to Clause 3.3 (Bondholders'rights), will be counted in the Written Resolution. (g) A Written Resolution is passed when the requisite majority set out in paragraph (e) or paragraph (f) of Clause l5.l (. uthority of Bondholders' Meeting) has been achieved, based on the total number of Voting Bonds, even if the Voting Period has not yet expired. A Written Resolution may also not be passed if the sufficient numbers of negative votes are received prior to the expiry of the Voting Period. (h) The effective date of a Written Resolution passed prior to the expiry of the Voting Period is the date when the resolution is approved by the last Bondholder that results in the necessary voting majority being achieved. (i) If no resolution is passed prior to the expiry of the Voting Period, the number of votes shall be calculated at the close of business on the last day of the Voting Period, and a decision will be made based on the quorum and majority requirements set out in paragraphs (d) to (Ð of Clause 15.l (Authority of Bondholders' Meeting) THE BOITD TRUSTEE Power to represent the Bondholders (a) By virtue of being registered as a Bondholder (directly or indirectly) with the CSD, the Bondholders are bound by these Bond Terms and any other Finance Document, without any further action required to be taken or formalities to be complied with. The Bond Trustee has power and authority to act on behalf of, and/or represent, the Bondholders in all matters, including but not limited to taking any legal or other action, including enforcement of these Bond Terms, and the commencement of bankruptcy or other insolvency proceedings against the Issuer, or others. 4t (s2)

115 (b) The Issuer shall promptly upon request provide the Bond Trustee with any such documents, information and other assistance (in form and substance satisfactory to the Bond Trustee), that the Bond Trustee deems necessary for the purpose of exercising its and the Bondholders' rights and/or carrying out its duties under the Finance Documents The duties and authority of the Bond Trustee (a) The Bond Trustee shall represent the Bondholders in accordance with the Finance Documents, including, inter alia, by following up on the delivery of any Compliance Certificates and such other documents which the Issuer is obliged to disclose or deliver to the Bond Trustee pursuant to the Finance Documents and, when relevant, in relation to accelerating and enforcing the Bonds on behalf of the Bondholders. (b) The Bond Trustee is not obligated to assess or monitor the financial condition of the Issuer or any other Obligor unless to the extent expressly set out in these Bond Terms, or to take any steps to ascertain whether any Event of Default has occurred. Until it has actual knowledge to the contrary, the Bond Trustee is entitled to assume that no Event of Default has occurred. The Bond Trustee is not responsible for the valid execution or enforceability of the Finance Documents, or for any discrepancy between the indicative terms and conditions described in any marketing material presented to the Bondholders prior to issuance of the Bonds and the provisions of these Bond Terms. (c) The Bond Trustee is entitled to take such steps that it, in its sole discretion, considers necessary or advisable to protect the rights of the Bondholders in all matters pursuant to the terms of the Finance Documents. The Bond Trustee may submit any instructions received by it from the Bondholders to a Bondholders' Meeting before the Bond Trustee takes any action pursuant to the instruction. (d) The Bond Trustee is entitled to engage external experts when carrying out its duties under the Finance Documents. (e) The Bond Trustee shall hold all amounts recovered on behalf of the Bondholders on separated accounts. (Ð The Bond Trustee will ensure that resolutions passed at the Bondholders' Meeting are properly implemented, provided, however, that the Bond Trustee may refuse to implement resolutions that may be in conflict with these Bond Terms, any other Finance Document, or any applicable law. (g) Notwithstanding any other provision of the Finance Documents to the contrary, the Bond Trustee is not obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation. (h) If the cost, loss or liabilþ which the Bond Trustee may incur (including reasonable fees payable to the Bond Trustee itself) in: (D complying with instructions of the Bondholders; or (id taking any action at its own initiative, 42 (s2)

116 will not, in the reasonable opinion of the Bond Trustee, be covered by the Issuer or the relevant Bondholders pursuant to paragraphs (e) and (g) of Clause 16.4 (Liability and indemnity), the Bond Trustee may refrain from acting in accordance with such instructions, or refrain from taking such action, until it has received such funding or indemnities (or adequate security has been provided therefore) as it may reasonably require. (Ð The Bond Trustee shall give a notice to the Bondholders before it ceases to perform its obligations under the Finance Documents by reason of the non-payment by the Issuer of any fee or indemnity due to the Bond Trustee under the Finance Documents. ú) The Bond Trustee may instruct the CSD to split the Bonds to a lower nominal amount in order to facilitate partial redemptions, restructuring of the Bonds or other situations Equality and conflicts of interest (a) The Bond Trustee shall not make decisions which will give certain Bondholders an unreasonable advantage at the expense of other Bondholders. The Bond Trustee shall, when acting pursuant to the Finance Documents, act with regard only to the interests of the Bondholders and shall not be required to have regard to the interests or to act upon or comply with any direction or request of any other person, other than as explicitly stated in the Finance Documents. (b) The Bond Trustee may act as agent, trustee, representative and/or security agent for several bond issues relating to the Issuer notwithstanding potential conflicts of interest. The Bond Trustee is entitled to delegate its duties to other professional parties Expenses, liability and indemnity (a) The Bond Trustee will not be liable to the Bondholders for damage or loss caused by any action taken or omitted by it under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct. The Bond Trustee shall not be responsible for any indirect or consequential loss. Irrespective of the foregoing, the Bond Trustee shall have no liability to the Bondholders for damage caused by the Bond Trustee acting in accordance with instructions given by the Bondholders in accordance with these Bond Terms. (b) Any liability for the Bond Trustee for damage or loss is limited to the amount of the Outstanding Bonds. The Bond Trustee is not liable for the content of information provided to the Bondholders by or on behalfofthe Issuer or any other person. (c) The Bond Trustee shall not be considered to have acted negligently if it has: (Ð acted in accordance with advice from or opinions of reputable external experts; or (ið acted with reasonable care in a situation when the Bond Trustee considers that it is detrimental to the interests of the Bondholders to delay any action. (d) The Issuer is liable for, and will indemniff the Bond Trustee fully in respect of all losses, expenses and liabilities incurred by the Bond Trustee as a result of negligence 43 (s2)

117 by the Issuer (including its directors, management, officers, employees and agents) in connection with the performance of the Bond Trustee's obligations under the Finance Documents, including losses incurred by the Bond Trustee as a result of the Bond Trustee's actions based on misrepresentations made by the Issuer in connection with the issuance of the Bonds, the entering into or performance under the Finance Documents, and for as long as any amounts are outstanding under or pursuant to the Finance Documents. (e) The Issuer shall cover all costs and expenses incurred by the Bond Trustee in connection with it fulfilling its obligations under the Finance Documents. The Bond Trustee is entitled to fees for its work and to be indemnified for costs, losses and liabilities on the terms set out in the Finance Documents. The Bond Trustee's obligations under the Finance Documents are conditioned upon the due payment of such fees and indemnifications. The fees of the Bond Trustee will be further set out in the Bond Trustee Agreement. (Ð The Issuer shall on demand by the Bond Trustee pay all costs incurred for external experts engaged after the occurrence of an Event of Default, or for the purpose of investigating or considering (i) an event or circumstance which the Bond Trustee reasonably believes is or may lead to an Event of Default or (ii) a matter relating to the Issuer or any of the Finance Documents which the Bond Trustee reasonably believes may constitute or lead to a breach of any of the Finance Documents or otherwise be detrimental to the interests of the Bondholders under the Finance Documents. (g) Fees, costs and expenses payable to the Bond Trustee which are not reimbursed in any other way due to an Event of Default, the Issuer being Insolvent or similar circumstances pertaining to the Obligors, may be covered by making an equal reduction in the proceeds to the Bondholders hereunder of any costs and expenses incurred by the Bond Trustee or the Security Agent in connection therewith. The Bond Trustee may withhold funds from any escrow account (or similar anangement) or from other funds received from the Issuer or any other person, irrespective of such funds being subject to Transaction Security, and to set-off and cover any such costs and expenses from those funds. (h) As a condition to effecting any instruction from the Bondholders (including, but not limited to, instructions set out in Clause I4.3 (Bondholders' instructions) or Clause 15.2 (Procedure for aranging a Bondholders' Meeting)), the Bond Trustee may require satisfactory Security, guarantees and/or indemnities for any possible liability and anticipated costs and expenses from those Bondholders who have given that instruction and/or who voted in favour of the decision to instruct the Bond Trustee. 16.s Replacement of the Bond Trustee (a) The Bond Trustee may be replaced according to the procedures set out in Clause 15 (Bondholders' Decision), and the Bondholders may resolve to replace the Bond Trustee without the Issuer's approval. (b) The Bond Trustee may resign by giving notice to the Issuer and the Bondholders, in which case a successor Bond Trustee shall be elected pursuant to this Clause 16.5 (Replacement of the Bond Trustee), initiated by the retiring Bond Trustee. 44 (s2)

118 (c) If the Bond Trustee is Insolvent, or otherwise is permanently unable to fulfil its obligations under these Bond Terms, the Bond Trustee shall be deemed to have resigned and a successor Bond Trustee shall be appointed in accordance with this Clause 16.5 (Replacement of the Bond Trustee).The Issuer may appoint a temporary Bond Trustee until a new Bond Trustee is elected in accordance with paragraph (a) above. (d) The change of Bond Trustee's shall only take effect upon execution of all necessary actions to effectively substitute the retiring Bond Trustee, and the retiring Bond Trustee undertakes to co-operate in all reasonable manners without delay to such effect. The retiring Bond Trustee shall be discharged from any further obligation in respect of the Finance Documents from the change takes effect, but shall remain liable under the Finance Documents in respect of any action which it took or failed to take whilst acting as Bond Trustee. The retiring Bond Trustee remains entitled to any benefits under the Finance Documents before the change has taken place. (e) Upon change of Bond Trustee the Issuer shall co-operate in all reasonable manners without delay to replace the retiring Bond Trustee with the successor Bond Trustee and release the retiring Bond Trustee from any future obligations under the Finance Documents and any other documents Security Agent (a) The Bond Trustee is appointed to act as Security Agent for the Bonds, unless any other person is appointed. The main functions of the Security Agent may include holding Transaction Security on behalf of the Secured Parties and monitoring compliance by the Issuer and other relevant parties of their respective obligations under the Transaction Security Documents with respect to the Transaction Security on the basis of information made available to it pursuant to the Finance Documents. (b) The Bond Trustee shall, when acting as Security Agent for the Bonds, at all times maintain and keep all certificates and other documents received by it, that are bearers of right relating to the Transaction Security in safe custody on behalf of the Bondholders. The Bond Trustee shall not be responsible for or required to insure against any loss incurred in connection with such safe custody. (c) Before the appointment of a Security Agent other than the Bond Trustee, the Issuer shall be given the opportunity to state its views on the proposed Security Agent, but the final decision as to appointment shall lie exclusively with the Bond Trustee. (d) The functions, rights and obligations of the Security Agent may be determined by a Security Agent Agreement to be entered into between the Bond Trustee and the Security Agent, which the Bond Trustee shall have the right to require each Obligor and any other party to a Finance Document to sign as a party, or, at the discretion of the Bond Trustee, to acknowledge. The Bond Trustee shall at all times retain the right to instruct the Security Agent in all matters, whether or not a separate Security Agent Agreement has been entered into. 4s (s2)

119 (e) The provisions set out in Clause 16.4 (Expenses, liability and indemnifl) shall apply mutatis mutandis to any expenses and liabilities of the Security Agent in connection with the Finance Documents. t7. t7.t AMENDMENTS AÌ\ID WAIVERS Procedure for amendments and waivers (a) The Issuer and the Bond Trustee (acting on behalf of the Bondholders) may agree to amend the Finance Documents or waive a past default or anticipated failure to comply with any provision in a Finance Document, provided that: (i) such amendment or waiver is not detrimental to the rights and benefits of the Bondholders in any material respect, or is made solely for the purpose of rectiffing obvious effors and mistakes; or (ið such amendment or waiver is required by applicable law, a court ruling or a decision by a relevant authority; or (iii) such amendment or waiver has been duly approved by the Bondholders in accordance with Clause 15 (Bondholders' Decisions). (b) Any changes to these Bond Terms necessary or appropriate in connection with the appointment of a Security Agent other than the Bond Trustee shall be documented in an amendment to these Bond Terms, signed by the Bond Trustee (in its discretion). If so desired by the Bond Trustee, any or all of the Transaction Security Documents shall be amended, assigned or re-issued, so that the Security Agent is the holder of the relevant Securþ (on behalf of the Bondholders). The costs incurred in connection with such amendment, assignment or re-issue shall be for the account of the Issuer Authority with respect to documentation If the Bondholders have resolved the substance of an amendment to any Finance Document, without resolving on the specific or final form of such amendment, the Bond Trustee shall be considered authorised to draft, approve and/or finalise (as applicable) any required documentation or any outstanding matters in such documentation without any further approvals or involvement from the Bondholders being required Notification of amendments or waivers The Bond Trustee shall as soon as possible notiff the Bondholders of any amendments or waivers made in accordance with this Clause l7 (Amendments and waivers), setting out the date from which the amendment or waiver will be effective, unless such notice obviously is unnecessary. The Issuer shall ensure that any amendment to these Bond Terms is duly registered with the CSD MISCELLANEOUS Limitation of claims All claims under the Finance Documents for payment, including interest and principal, will be subject to the legislation regarding time-bar provisions of the Relevant Jurisdiction. 46 (s2)

120 18.2 Access to information (a) These Bond Terms will be made available to the public and copies may be obtained from the Bond Trustee or the Issuer. The Bond Trustee will not have any obligation to distribute any other information to the Bondholders or any other person, and the Bondholders have no right to obtain information from the Bond Trustee, other than as explicitly stated in these Bond Terms or pursuant to statutory provisions of law. (b) In order to carry out its functions and obligations under these Bond Terms, the Bond Trustee will have access to the relevant information regarding ownership of the Bonds, as recorded and regulated with the CSD. (c) The information referred to in paragraph (b) above may only be used for the purposes of carrying out their duties and exercising their rights in accordance with the Finance Documents and shall not disclose such information to any Bondholder or third party unless necessary for such purposes Notices, contact information Written notices to the Bondholders made by the Bond Trustee will be sent to the Bondholders via the CSD with a copy to the Issuer and the Exchange (if the Bonds are listed). Any such no-tice or communication will be deemed to be given or made via the CSD, when sent from the CSD. (a) The Issuer's written notifications to the Bondholders will be sent to the Bondholders via the Bond Trustee or through the CSD with a copy to the Bond Trustee and the Exchange (ifthe Bonds are listed). (b) Unless otherwise specifically provided, all notices or other communications under or in connection with these Bond Terms between the Bond Trustee and the Issuer will be given or made in writing, by letter, or fax. Any such notice or communication will be deemed to be given or made as follows: (Ð if by letter, when delivered at the address of the relevantparty; (id if by , when received; and (iið if by fax, when received. (c) The Issuer and the Bond Trustee shall each ensure that the other party is kept informed of changes in postal address, address, telephone and fax numbers and contact persons. (d) When determining deadlines set out in these Bond Terms, the following will apply (unless otherwise stated): (i) if the deadline is set out in days, the first day of the relevant period will not be included and the last day of the relevant period will be included; (ið if the deadline is set out in weeks, months or years, the deadline will end on the day in the last week or the last month which, according to its name or number 47 (s2)

121 corresponds to the first day the deadline is in force. Ifsuch day is not a part ofan actual month, the deadline will be the last day of such month; and (iii) if a deadline ends on a day which is not a Business Day, the deadline is postponed to the next Business Day Defeasance (a) Subjectto paragraph (b) below and provided that: (i) An amount sufficient for the payment of principal and interest on the Outstanding Bonds to the Maturity Date (including, to the extent applicable, any premium payable upon exercise of the Call Option), and always subject to paragraph (c) below (the "Defeasance Amount") is credited by the Issuer to an account in a financial institution acceptable to the Bond Trustee (the "I)efeasance Account"); (ið the Defeasance Account is irrevocably pledged and blocked in favour of the Bond Trustee on such terms as the Bond Trustee shall request (the "Defeasance Pledge"); and (iið the Bond Trustee has received such legal opinions and statements reasonably required by it, including (but not necessarily limited to) with respect to the validþ and enforceability of the Defeasance Pledge, then; (i) the Issuer will be relieved from its obligations under Clause 12.2 (Requirements as to Financial Reports) paragraph (a), Clause 12.3 (Put Option Event), Clause 12.4 (Inþrmation: miscellaneozs) and Clause 13 (General and Jìnanc ial undertakings); (ii) any Transaction Security shall be released and the Defeasance Pledge shall be considered replacement of the Transaction Security; and (iið any Obligor shall be released from any Guarantee or other obligation applicable to it under any Finance Document. (b) The Bond Trustee shall be authorised to apply any amount credited to the Defeasance Account towards any amount payable by the Issuer under any Finance Document on the due date for the relevant payment until all obligations of the Issuer and all amounts outstanding under the Finance Documents are repaid and discharged in full. (c) The Bond Trustee may, if the Defeasance Amount cannot be finally and conclusively determined, decide the amount to be deposited to the Defeasance Account in its discretion, applying such buffer amount as it deems required. A defeasance established according to this Clause 18.4 may not be reversed. 48 (s2)

122 GOVERNING LAW AND JURISDICTION Governing law These Bond Terms are governed by the laws of the Relevant Jurisdiction, without regard to its conflict of law provisions. Main jurisdiction The Bond Trustee and the Issuer agree for the benefit of the Bond Trustee and the Bondholders that the City Court of the capital of the Relevant Jurisdiction shall have jurisdiction with respect to any dispute arising out of or in connection with these Bond Terms. The Issuer agrees for the benefit of the Bond Trustee and the Bondholders that any legal action or proceedings arising out of or in connection with these Bond Terms against the Issuer or any of its assets may be brought in such court. Alternative jurisdiction Clause 19 (Governíng Iøw and jurisdiction) is for the exclusive benefit of the Bond Trustee and the Bondholders and the Bond Trustee have the right: (a) to commence proceedings against the Issuer or any other Obligor or its/their respective assets in any court in any jurisdiction; and (b) to commence such proceedings, including enforcement proceedings, in any competent jurisdiction concurrently These Bond Terms have been executed in two originals, of which the Issuer and the Bond Trustee shall retain one each. SIGNATT]RES: As Bond Trustee and Security Agent: AS Nordic Trustee ASA sv'loh Tt r eþt4p u By: ø/ú 'T ç,r'ov-ìt ' lqw7 Position: 6Y Ê,rt / 4 aa". r,, Position 4e (s2)

123 SCHEDULE l COMPLIANCE CERTTFICATE Nordic TrusteeASA P.O. Box 147 Vika N-116 Oslo Norway Fax: l mail@trustee.no [date] Care Bidco AS FRN Senior Secured Bonds NOK 7,, We refer to the Bond Terms for the above captioned Bonds made between Nordic Trustee ASA as Bond Trustee on behalf of the Bondholders and the undersigned as Issuer. Pursuant to Clause [3a] of the Bond Terms a Compliance Certificate shall be issued in connection with each delivery of Financial Statements to the Bond Trustee. This letter constitutes the Compliance Certificate for the period [o]. Capitalised terms used herein will have the same meaning as in the Bond Terms. With reference to Clause 12.2 (Requirements as to Financial Reports) we hereby certifr that all information delivered under cover of this Compliance Certificate is true and accurate and there has been no material adverse change to the financial condition of the Issuer since the date of the last accounts or the last Compliance Certificate submitted to you. Copies of our latest consolidated [Financial Statements] / [Interim Accounts] are enclosed. With reference to Clause 13.1 (Designation of Material Group Companies) we hereby nominate the following Material Group Companies: tl We confirm that, to the best of our knowledge, no Event of Default has occurred or is likely to occur Yours faithfully, CARE BIDCO AS Name of authorised person Enclosure: Financial Statements; [and any other written documentation] 5 (52)

124 SCHEDULE 2 RELEASE NOTICE - ESCRO}V ACCOT]NT [date] Nordic Trustee ASA P.O. Box 147 Vika N-116 Oslo Norway Fax: mail@trustee.no Care Bidco AS FRN Senior Secured Bonds NOK 7,' We refer to the Bond Terms for the above captioned Bonds made between Nordic Trustee ASA as Bond Trustee on behalf of the Bondholders and the undersigned as Issuer. Capitalised terms used herein will have the same meaning as in the Bond Terms. We hereby give you notice that we on [date] wish to draw an amount of [currency and amount] from the Escrow Account applied pursuant to the purpose set out in the Bond Terms, and request you to instruct the bank to release the above mentioned amount. EscrowAccount no. Currency Amount NOK We hereby represent and warrant that (i) no Event of Default has occurred and is continuing or is likely to occur as a result of the release from the Escrow Account, and (ii) we repeat the representations and warranties set out in the Bond Terms as being still true and accurate in all material respects at the date hereof. Yours faithfully, CARE BIDCO AS Name of authorized person Enclosure: [copy of any written documentation evidencing the use of funds] sl (52)

125 SCHEDULE 3 SECI]RITY PRINCIPLES (a) Security will be given by a Group Company to the extent such company is or becomes a Material Group Company, over such types of assets or asset classes provided as securþ under the Pre-Disbursement Security paragraphs (iii) - (vii). (b) General statutory and customary limitations (e.g. financial assistance, corporate benefit and retention of title claims) may limit the ability of a Material Group Company to provide security or require that such securþ is limited by an amount or otherwise. (c) Material Group Companies will not be required to give guarantees or enter into security documents if it would conflict with the fiduciary duties of their directors or contravene any legal prohibition or result in a material risk of personal or criminal liability on the part of any officer provided that the relevant Material Group Company must use reasonable endeavours to overcome any such obstacle. (d) Any assets subject to pre-existing third pafi anangements which are permitted by the Finance Documents or any other contractual restrictions on assignments or absence of necessary regulations, registrations or similar, and which prevent those assets from being charged, will be excluded from any relevant securþ document but the Material Group Companies must use reasonable endeavours to obtain consent to charging any such assets if the relevant asset is material. (e) Security documents shall operate to create security rather than to impose any new commercial obligations or restrictions on use of the assets in the relevant Material Group Company's ordinary course of business prior to an event of default (i.e. blocking, transfer of title or similar) and shall, accordingly, not contain additional or duplicate representations or undertakings to those contained in the Finance Documents unless required for the creation, perfection, effectiveness or preservation of the security. (Ð Guarantees and security will not be required from or over the assets of any company partly owned (directly or indirectly) by the Issuer or of joint venture or similar arrangement in which the Issuer, directly or indirectly, holds a minority interest. (g) The Bond Trustee shall only be able to exercise any powers of attorney (including, but not limited to, in respect of voting rights appertaining to any shares) granted under any security document or have the right to receive any dividends if an Event of Default has occurred and is continuing and the Bond Trustee has given notice of its intention to exercise such powers of attorney, voting rights or dividend rights (as applicable), upon which such rights may no longer be exercised by the relevant pledgor. s2 (52)

126 Appendix 2 Arsregnskap Konsernregnskap Care BidCo AS 216!FRS 1 av 31

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134 Konsernregnskap Care BidCo AS Resultatregnskap MORSElSKflP KONSERN NOTE DRIFTSINNTEKTER OG DRIFTSKOSTNADER Salgsmntekt Annen driftsinntekt Sum driftsinntekter Varekostnad 6 Lsnnskostnad 9,11 Avsknvning pi vange driftsmidier og immatertelle eiendeler 9 PJedskrivnng av vange driftsmidier og immaterielle eiendeler Annen drlftskostnad Sum drifckostnader S S Oriftsresuitat FINANSINNTEKTER OG FINANSKOSTNAOER Renter fra selskap i samme konsern Annen renteintekt Annen fmansinntekt Mottatt konsernbidrag Renter til selskap i samme konsern Annen rentekostnad Annen fmanskostnad Netto finansresultat Arsresultatfdrskattekostnad Skattekostnad ARSRESULTAT OVERFR1NGER Ouerfort til annen egenkapital Sum overferinger 2av31

135 Totalresultatoppstilling MORSELSKAP Andre inntekter og kostnader KON5ERN 21S ISO 925 ARSRESULTAT ,21 Alfluanelle gevinster og (tapl pa ytelsesplaner -4 5S 97 Sum andre inntekter og kostnader TOTALRESULTAT son 125 Totalresultatet fotdeler seg som felger: Kontroiierende eiermteresse ikke-kontrollerende leiermteresse. Sum Oil 125 Totalresultat per aksje a 566 aksjer (NOK) Viderefflrt virksomhet 216 8, Ssmtlige aks er eies av morselskapet Care HoldCo AS. 3 av 31

136 Konsernregnskap Care BIdCo AS Balanse pr 31. desember 216 MORSELS KAP KONSERN NOTE EIENDEIER Anleggsmidler Immaterielle siendeler 11 Immateneile eiendeler 262 6S <17 11 Konsesjoner, patenter, lisenseragvaremerker Goodwill S Utsatt skattefordel Sum immaterially eiendeler B Varige driftsmidler 9 inventar.kontormastoner bller og llgnende Sum varige driftsmidler Finansielte anleggsmidler ,4 Investerlng I dsttersslskap Pensjonsmidler Andre (ordringer S Sum finansielte airieggsmkmer O Sum anleggsmidler Omtepsmkiler Fordringer 13 Kundefordringer A Andre fordringer Sum fordringer Bankkinskudd, kontanter og lignende Sun omtepsmidter SUM EIENDELER M av31

137 Konsemregnskap Care BidCo AS Balanse pr 31. desember 216 MORSELSKAP KONSERN 2X5 216 NOTE EGENKAPITAL OG GJELD Egenkapital Innskutt egenkapital Aksjekapital Annen innskutt egenkapital Sum innskutt egenkapital Annen opptjent egenkapital Sum opptjent egenkapital Sum egenkapital Gjeld Avsetning for forpliktelser 18 Pensjonsforpliktelser Utsatt skatt Sum avsetninger tor forpliktelser Annen langsiktig gjeld 17 Gjeld til kredittinstitusjoner vrig langsiktig gjeld Sum annen langsiktig gjeld Kortsiktig gjeld Leverandrgield Beta I bar skatt Skyldige offentlige avgifter ,2 Annen kortsiktig gjeld Sum kortsiktig gjeld Sum gjeld SUM EGENKAPITAL OG GJELD Oslo, Styret i Care BidCo AS i >{ Rolf Erik lust tdurent Gerard Ganem Tom ErikTidemann-Andersen Daglig leder / Styremedlem Styrets leder Styremedlem Renaud Vincent Dessertenne Styremedlem Johan FredrikSvard Styremedlem 5 av 31

138 MORSHLSKAP Arsregnskap Care BidCo AS Kontantstromoppstilllng KONSSRN KONTANTSTRMIV16ft FRA OPERASiONELLE AKTIVITETER: O Arsresultat fr skattekostnad Periodens betalte skatt Ordinffire avskrivninggr Nedskriuinger a o Endring i varer Endrlng i kundefordringer Endring i everandbrgjeld Endring i andre omlbpsmldlef og andre gjeldsposter Reduserte pensjonskostnader (estimatawik) tfrs Pensjonsforpiiktelser til virkelig verdl mot AEK (IFRS) Netto kontantstremmer fra oparasjonolte akth/ltetar S7 824 O KONTANTSTRMMER FRA JNVESTERINfiSAKTlVITSTER: innbetalinger ved salg av varige drlftsmrdler Utbetalmger ved kjep av varige driftsmidler O Utbetalmger ved kjep av finansi«lle anlsggsmidler & Netto kontanuiram fra investeringsaktiviteter KONTANTSTRMMER FRA FINANSIERINGSAIOIVrrFTER: innbetaimg av egenkapitai Netto kontanutr(n fra flnansleringsaktivlteter Effekt av valutakursendring pi banklnnskudd, kontanter o.l Netto endring' bankinnskudd, kontanter og ligftgnde BeiioWnmg av bankinnskudd, kontanter og I'gnende ved konserndannelse Behotdning av bankinnskudd, kontanter og lignende pr $ 6av31

139 Arsregnskap Care BidCo AS Egenkapitaloppstiliing Konsern Egenkapital etter NGAAP 216 Egenkapital ved konserndannelse 5SS 216 Arets endnng i egenkapital: Kontantinnskudd Stiftelseskostnader Korreksjoner av tidligere Srs feii aatterselskap Arsts resuttat Egenkapital (NGAAP) Omarbeidelse til 1FRS Egenkapnal etter NGAAP PSvirkning som falge av omarbeidelse til 1FRS; Balansefsrt tidligere ars pslpte pensjonsforpliktelser til virkelig vefdi Reverserte avskrivningef av goodwill Egenkapital (IFRS) av 31

140 Note 1 Regnskapsprinsipper Care BidCo AS er et aksjeselskap registrert i Norge. Selskapets hovedkontor er lokalisert i Oslo. Konsernet Care BidCo AS eier og driver Unicare som er et av Norges sterste private helseforetak. Unicare leverer tjenester innen bedriftshelse, psykislc helse, hjemmetjerester, brjkerstyrt personlig assists nse (BPA), fysikalsk niedisin og rehabilitering. De tilbyr boliger for personer meet sammensatte behouog for unge dekket avbarnevernsloven, og de drifter seks sykehjem i Oslo. Unicare drifter agss Ii vsrdcentraler i Svenge. De fiesta tjenestene leveres p3 oppdrag fra stat, kommtiner, fylker og bedrifter. Grunnlag for utarbeldelse avirsregnskapet Konsemregnskapet til Care BidCo AS eravlagt r samsvar med interrasjonale regnskapsstandarder (IFRS) som er vedtatt av EU og obligatoriske for regnskapssr pabegynt 1. januar 216 eller senere, samt norske opplysnlngskrav som fclger av regnskapsloven per Konsemregnskapet legger til grunn prmsippene i et historisk kost-regnskap. Konsemregnskapet er utarbeldet etter ensartede regnskapsprinsipper for like transaksjoner og hendeiser under eilers like forhold. Endringer I regnskapsprinsipper og noteopptysninger ingen nye relevante standarder i ar: Care BidCo AS hartidligere aldri presentert et konsernregnskap etter IFRS, ogfolgelig er det ingen endringer 1 IFRS-regnskapspnnsipperfra tidligere ar a ta hensyn til. Som sammenligmngstall benyttes konsernet Unicare Holding AS's regnskap for 2Q1S med mmdre noe anneter speslfisert i note. Deter viktig 5 merke sag at resultatet for 215 viser tail f.o.m. i.januar 215t.o.ni. 31. desember215. Resultatet i 216 viser tall f.o.m. 1. mai 216 t.o.m. 31 desember 216. konsernet er dannet 1. mai 216. Funksjonell valuta og presentasjonsvaluta Funksjon el! valuta funksjonell valuta fastsettes for hvert selskap 1 konsernet, basert pa valutaen mnenfor det primsre flkonomiske miljbet der hvert enkelt selskap i konsernet driver sin virksomhet. Transaksjoner i utenlandsk valuta omregnes til funksjonell valuta basert pa dagskurs pi transaksjonstidspunktet. Ved slutten av hverrapportermgsperiode omregnes monet«re poster i utenlandsk valuta til sluttkurs, ikkemonetsere poster males til historisk kost omregnet pa transaksjonstidspunktet og ikke-moneteere poster i utenlandsk valuta som miles til virkelig verdi omregnes til valutakursenesom gjaldt pi tidspunktet for beregmngav virkelig verdi. Valutakurserdnnger resultatfpres lopende i regnskapsperioden. Presentasjonsvaluta Konsernets presentasjonsvaluta er NQK. Dette er ogsi morselskapets funksjonelle valuta. Selskap med annen funksjonell valuta, omregnes til balansedagens kurs for balanseposter, inkludert goodwill, og til transaksjonskurs for resultatposter. Som en tilnierming til transaksjonskurs er msnedlige gjennomsnittskurser benyttet. Eventuelle omregningsdifferanser feres mot andre inntekter og kostnader. Ved tapav kontroll, betydelig innflytelse eller felles kontroll biir akkumulerte omregningsdifferanser knyttet til investeringsom er henfart til kontrollerende elennteresser resultatfert. Ved delvis avhendelse av datterselskaper (ikke tap av kontroll) henfores den forholdsmessige andelen av akkumuierte omregningsdifferanser til rkke-kontrollerende eierinteresser. 8 av 31

141 Konsolideringsprinsipper Konsernregnskapet omfatter regnskapet til morseiskapet og dets datterselskaper per Et forelsk vurderes a vare kontroilert av konsemetnar konsgrnet ereksponertforeller ttar rettigheter til variabel avkastringfra sitt engasjement i vedkommende foretak, og bar mulighet til a psvirke denne avkastningen gjennom sin makt overforetaket. Konsernet kontrollererderforet foretak som det er Investert i, dersom og bare dersom, konsernet: har makt over foretaket er eksponert for eller har rettigheter til variabel avkastning fra sltt engasjement i foretaket har mulighet til & bruke sm makt over foretaket, til 5 psvirke sm avkastnrng. Alle datterselskap i konsernet er erd 1 % og saledes har ikke styret sett det nodvendig a foreta en utredning om rutinerfor konsolidering av datterselskap med minontetserere. OvertakelsesmetOden benyttes ved regnskapsferlng avvirksomhetssammenslutmnger, se note Note 4 - Oppkjep og avsnitt cm virksomhetssammenslutmnger i denne note. Datterselskaper. konsolideres fra og med det tldspunktet konsernet oppnsr kontroll og utelates fra konsolidenng nsr kontroll oppherer. Konserninterne transaksjonerog konsernmeliomvaerende, samtgevinster ogtap som eroppstatt ved transaksjoner mellom selskapene, er eiiminert. Det fmnes ikke mlnoritetserere av selskapene som inngsr t konsernet. Bruk av estlmater og vurdering sv regnskapsprinsipper ved utarbeidelsen av drsregnskapet Estimater og forutsetninger ledelsen har brukt estimater og forutsetninger som har pavirket eiendeler, gjeld, mntekter, kostnader ogopplysmngom potensielle forpliktelser. Dette gjelder saerligavskrivninger ps varige driftsmidler, vurdering av goodwill, vurderinger i tilknytning til oppkjapog pensjonsforpliktelser. Fremtidige hendelser kan medfare at estimatene endrer seg. Estimater og de underliggende forutsetnmgene vurderes lepende, og er basert pi beste skjann og histonsk erfarrng. Endrmger i regnskapsmesstge estimater regnskapsfores i den perioden endrmgene oppstar. Hvis endnngene ogsa gjelder fremtidige perioder fordeles effekten over mneveerende og fremtidige penoder. Prinslpper for inntektsf^ring Inntekt regnskapsferes n5r det er sannsyniig at transaksjoner vil gererere fremtidige okonomiske fordeler som vil tilflyte selskapet og belbpets starrelse kan estimeres palitelig. Salgsinntekter er presentert fratrukket merverdiavgift og rabatter. Inntekter fra salg av varer resultatfares njr levering har funnet sted og det vesentligste av risiko og avkastning er overfart. Renteinntekter inntektsferes basert pa effektiv rente-metode etter hvert som de opptjenes. Utbytte Inntektsfares nar aksjon$renes rettighet til i motta utbytte erfastsatt av generalforsamlingen. Unekostnader Linekostnader resultatfares nir lanekostnaden oppstsr. Lanekostnader balanseferes I den grad disseer direkte relatert til kjep/tilvirkmgav etanleggsmiddel. Balansefaring av ISnekostnadene gjares fremtil det tldspunkt anleggsmiddelet er klart for brjk. Om kostpnsen overstiger anleggsmiddelets virkelig verdi birr det foretatt en nedskrivnlng. Inntektsskatt inmektsskatt bestsrav periodeskatt ogendring i utsatt skatt. Forpliktelser ogelerdeler ved Jtsatt skatt er beregnetpa alieforskjeller mellom regnskapsmessig og skattemessig verdi pa eiendeler og gjeld med unntak av: farstegangsmnregning av goodwil, farstegangsmnregning av en eiendel eller forphktelse i en transaksjon som ikke er en virksomhetssammenslutning, og som pj transaksjonstidspunktet verken pavirker regnskapsmessig overskudd eller skattepliktlg inntekt (skattemessig underskudd) midlertidigeforskjeller relatert til investermger i datterselskaper, tilknyttede selskaper eller felleskontrollert virksomhet nar konsernet kontrollerer nar de midlertidige forskjellene vil bli reversert og det ikke er antatt a skje i overskueligfremtid. 9 av 31

142 En eiendel ved utsatt skatt er regnskapsfbrt nar (Jet er sannsynligat selskapet vil tia tilstrekkelige skattemessige overskudd i senere perioder til a nyttiggjcire skattefordeien. Selskapene regnskapsforer tidlrgere ikks regnskapsfen eiendel ved utsatt skatt l den grad det liar blitt sannsynlig at selskapet kan benytte seg av den utsatte skattefordelen. Ukeledes vil selskapet redusere eiendel ved utsatt skatt i den grad selskapet ikke lengeranserdet som sannsynlig at det kan nyttiggjfflre seg av den utsatte skattefordelen. Forpliktelser og eiendeler ved utsatt skatt er malt basert pa forventet fremtidig skattesats til de selskapene i konsernet hvor det har oppstltt midlertidige forskjeller. Forpllktelser og eiendeler ved utsatt skatt fares opp til nomlnell verdi oger klasslfisert som anleggsmiddel (langsiktigfarpliktelse) balansen. Periodeskatt og eiendeler eller forpllktelser ved utsatt skatt er regnskapsfert direkte mot egenkapitalen i den grad skattepostene reiaterer seg til egenkapitaltransaksjoner. Varige driftsmidler Vange driftsmidler msles til anskaffelseskost, fratrukket akkumulerte av- og nedskrivnmger. Nar eiendeler selges eller avhendes, blir balansefsrt verdi fraregnet og eventuelt tap eller gevinst resultatfares. Anskaffelseskost for varige driftsmidler er kjapspnsen, mkludert avgifter/skatter og kostnader direkte knyttet til 5 sette anleggsmiddelet i stand for bruk. Utgifter psiopt etter at driftsmidlet er tatt l bruk, slik som epende vedlikehold, resultatfares, mens flvrlge utglfter som forventes S gi fremtidige akonomiske fordeler blir balansefgrt. Avskrivmnger beregnet ved bruk av Imesr metode over fslgende brukstid: Inventar 3 ar IT-utstyr 3 ar Personkjsretay S Sr Avskrivningspenode og -metode vurderes Srlig. Utrangeringsverdl estimeres ved hver arsavslutning og endringer i eslimat pi utrangeringsverdi er regnskapsfort som en estimatendrmg. Anlegg under utfflrelse er klassifisert som anleggsmldler og er oppfert til kost inntil tilvirking eller utvikling er ferdigstilt. Anlegg under utfarelse blir ikke avskrevet for anleggsmiddelet blir tatt i bruk. leasing Konsernet sam leietaker Finansielle leieavtoler Leieavtaler hvor konsernet overtar den vesentlige del av risiko og avkastning som er forbundet med elerskap aveiendeten er finansielle lereavtaler. Ved leiepenodens begynnelse innregnes finansielle leieavtaler til et belflp tilsvarende det laveste av virkelig verdi og minsteleiens njverdi Ved beregning av leieavtalens njverdi benyttesden implisitte rentekostnaden i leiekontrakten dersom det ermulig a beregne denne, i motsatt fall benyttes selskapets marginals lanerente. Direkte utgifter knyttet til etablering av leiekontrakten er inkludert i eiendelens kostpns. Samme avsknvningstid benyttes som for selskapets ovrige avsknvbare eiendeler Dersom det ikke foreligger en rlmellg sikkerhet for at selskapet vil overta eierskapet ved utlopet av leieperioden, avskriveseiendelen over den korteste av penodenefor leieavtalens lepetid og for eiendelens Bkonomiske levetid. Operosjoneite leieavtaler Leieavtaler hvor det vesemligste av risiko og avkastning som er forbundet med eierskap av eiendelen ikke er overfart klassifiseres som operasjonelle leieavtaler. Leiebetalmger klassifiseres som dnftskostnad og resultatfares lineeert over kontraktspenoden. 1 av 31

143 Immatanelle eiendeler Immatenelle eiendeler ervervet separat bsiansefares til kost. Kostnaden ved immaterielle eiendeler ervervet ved opokjsp balanseferes til virkelig verdi i Jpningsbalansen i konsernet. Balansefarte iinmaterielle eiendeler regnskapsfores til kost redusert for eventuelle av-og nedskrivnmg. Internt genererte immatenelle eiendeler, med unntak av balanseforte utviklingskostnader, balansefares ikke, men kostnadsferes lapenda. konomisk levetid er enten bestemt eller ubestemt. Immaterielle eiendeler med bestemt levetid avskrives over okonomisk levetid og testes for nedskrivnmg ved indikasjoner pa dette. Avsknvningsmetode og-penode vurderes mmst arlig. Endnnger t avsknvningsmetode og eller - penode behardles som estimatendring. immaterielle eiendeler med ubestemt levetid testes for nedsknvning mmst arlig, enter individuelt eller som en del av en kontantstromgenererende enhet. Immatenelle eiendeler med ubestemt levetid avskrives ikke. Levetiden vurderes arlig med hensyn til om antakelsen om ubestemt levetid kan forsvares. Hvis ikke behandles endnngen til bestemt levetid prospektivt. Virksomhetssammenslutninger og goodwill Virksomhetssammenslutnmger regnskapsfares i henhold til overtakelsesmetoden. Transaksjonsutgifter resultatfares etter hvert som de palbper Vederlaget ved kjap av virksomhet miles til virkelig verdi pa oppkjopstidspunktet og bestar av kontanter. Ved kjap aven virksomhet vurderes alle overtatte eiendeler og forpliktelser for klassifiseringog tilordring i samsvar med kontraktsbetingelser, konomrske omstendigheter og relevante forhold ps oppkjapstidspunktet. Overtatte eiendeler og gjeld balansefores til virkelig verdi i Jpningsbalansen i konsernet (med mindredet fremkommer av IFRS 3 at andre maleregler skal benyttes). Merverdiallokenrgen ved virksomhetssammenslutringen endres dersom det fremkommer ny mformasjon om virkelig verdi gjeldende per dato for overtakelse av kontroll. Allokeringen kan endres innti 12 msneder etter oppkjbpstidspunktet (dersom merverdiallokeringen som ble gjennomfrt p5 oppkjapstidspunktet var forelapig). Ikke-kontrollerende eierinteresser beregnes til de ikke-kontrollerende eierinteressenes andei av identifiserbare eiendeler og gjeld eller til virkelig verdi. Valg av metode gjores for hver enkelt virksomhetssammenslutnlng. Ved trinrvise oppkjop males tidligere eierandeler til virkelig verdi pa oppkjapstidspunktet. Verdiendrmger pa tidligere ererandeler resultatfares. Goodwill beregnes som summen av vederlaget og regnskapsfort verdi av ikke-kontrollerende eierinteresse og virkelig verdi av tidligere eide eierandeler, medfradragfor nettoverdien av identifiserbare eiendeler og forpliktelser beregnet pa overtakelsestidspunktet. Goodwill avskrives ikke, men testes mmst arlig for verdifali. I forbindeise med en nedsknvningsvurdermg allokeres goodwill til tilhorende kontantstromgenererende enheter eller grupper av kontantstremgenerererde enheter. Dersom virkelig verdi av netto eiendeler l vlrksomhetssammenslutningen overstiger vederlaget (negativ goodwill) inntektsfares differansen umiddelbart pi oppkjapstidspunktet. Offentlige tilskudd Offentlige tilskudd regnskapsfares nar det foreligger rimelig sikkerhet for at selskapet vil oppfylle vilksrene knyttet til tilskuddene, og tilskuddene vil bli mottatt. Regnskapsformg av driftstilskudd innregnes pi en systematisk m te over tilskuddsperioden. Tilskudd fares til fradrag i den kostnad som tilskuddet er ment a dekke. Investenngstilskudd balansefares og innregnes pa en systematisk mite over eiendelens brukstid. investerlngstilskudd innregnes enten ved at tilskuddet fores som utsatt mntekt. eller ved at tilskuddet trekkes fra ved fastsettelse av eiendelens balansefarte verdi. Kontanter og kontantekvivalenter Kontanter inkluderer kontanter i kasse og bankbeholdning. Kontantekvivalenter er kortsiktig likvide investerlnger som omglende kan konverteres til kontanter med et kjent belp. og med maksimal lepetid pi 3 mlneder. Midler som oppnnnelig er bundet i mer enn 3 mlneder inngsr ikke i kontanter og kontantekvivalenter. 1 kontantstromoppstillmgen er kassakredittfratnjkket beholdningen av kontanter og kontantekvivalenter. Egenkapltal Gjeld og egenkapital Fmansielle nstrumenter er klassifisert som gjeld eller egenkapital i overensstemmelse med den underliggende skonomiske reaiiteten. 11 av 31

144 Renter, utbytte, gevinst og tap relatert til et finansielt instrument klassifisert som gjeld, vil bli presentert som kostnad eller inntekt. Utdelinger til innehavere av finansielle instrumenter som er klassifisert som egenkaprtal vil bli regnskapsfort direkte mot egenkapitalen. <onvertible obligasjoneroglignende instrumenter, som inneholder Bide et gjelds- og egenkapitalelement, er delt i to komponenter ved utstedelsen, og disss er regnskapsfort separat som henholdsvis gjeld ogegenkapital. Annen egenkapitsl Omregningsdifferanser Omregningsdifferanser oppstar i forbindelse med valutaforskjeller ved konsolidering av utenlandske enheter. Valutaforskjeller pi pengeposter (gjeld eller fordrmg) som i realiteten er en del avet selskaps nettoinvestering i en utenlandskenhet inng^r ogsa som omregningsdifferanser. Ved avhendelse av utenlandsk enhet reverseresog resultatfares akkumulert omregnlngsdifferanse knyttet til enheten i samme periode som gevinsten eller tapet ved avhendelsen er regnskapsfort. Ansatteytelser Ytelsesbaserte pensjonsordninger Ytelsesbaserte pensjonsordninger, vurderes til naverdien avde fremtidige pensjonsytelser som regnskapsmessiganses opptjent pi balansedagen. Pensjonsmidler uurderes til virkelig uerdi. Periodens pensjonsopptjening (service costl og netto rentekostnad (-inntekt) resultatfares lapende, og presenteres under regnskapslmjen personalkostnader. Netto rentekostnad beregnes ved A anvendedlskonteringsrentenfor forpliktelsen pa begynnelsen av perioden pa netto forpliktelsen. Netto rentekostnad bestir derfor av rente pa forpliktelsen og avkastning pa midlene. Endringer i netto pensjonsforpliktelse som ffllge av premiebetalinger og utbetaling av pensjon hensyncas. Forskjellen mellom faktisk avkastning pi pensjonsmidlene og den resultatfbrte innregnes fortlpende mot OCI. Pensjonskostnadene pivirker linjen personalkostnader i resultatregnskapet. Aktuanelle gevinster og tap, inklusiv verdiendringer, bade midler og forpliktelser, fares over andre inntekter og kostnader (OCI). Aktuanelle gevinster og tap, blir ikke reklassifisert over resultatet. Gevinster og tap pi avkortmng eller oppgjar av enytelsesbasert pensjonsordning innregnes i resultatet pi dettidspunkt avkortmngen eller oppgjaret inntreffer. En avkortning inntreffer nir konsernet vedtar en vesentlig reduksjon av antail ansatte som omfattes av en ordning eller endrer vilkirene for en ytelsesbasert pensjonsordning slik at en vesentlig del av navserende ansattes fremtidige opptjenmg ikke lenger kvalifiserer til ytelser eller bare kvalifiserer til reduserte ytelser. Introduksjon aven nyytelsesplan eller en forbedring av niverendeytelsesplan medfrer endringer i pensjonsforpliktelsen. Dette blir kostnadsfart line^rt over perioden frem til effekten av endnngen er opptjent- Innfarmg av nye ordninger eller endnnger i eksisterende ordninger som skjer med tilbakevirkende kraft slik at de ansatte umiddelbart har opptjent en fripohse (eller endrmg i fnpolise) resultatfares umiddelbart. Gevinst eller tap knyttet til innskrenkmnger eller avslutmng av pensjonsplaner resultatfares nar dette skjer. Innskuddsbasert pensjonsordning I tillegg tilytelsesordningen beskrevet ovenfor. har konsernets avrige selskaper ytet innskudd til lokale pensjonsplaner. Innskuddene er gitt til pensjonsplanenfor heitidsansatte og deltidsansatte over 2 %. Pensjonspremien kostnadsfores nar den pilaper. Avsetninger En avsetning regnskapsfores nir konsernet har en forpliktelse (rettslig eller selvpilagt) som en falge av en tidligere hendelse, det er sannsynhg (mer sannsynligenn ikke) at det vil skje et okonomisk oppgjer som felgeav denne forpliktelsen og belepets storrelse kan miles piliteiig. Hvs effekten er betydelig. beregnes avsetningen ved i neddiskontereforventede fremtidige kontantstrgmmer med en diskonteringsrentefar skatt som refiektsrer markedets prissettmg av tidsverdien avpenger og, hvis relevant, nsikoer spesifikt knyttet til forpliktelsen. En avsetning for garanti innregnes nar de underliggende produkter eller tjenester selges. Avsetningen er basert pi histonsk informasjon om garantier og en vekting av muiige utfall mot deres sannsynhghet for i inntreffe. Restrukturermgsavsetninger innregnes nir konsernet har godkjent en detalien og formell restruktureringsplan, og restruktureringen enten har startet eller har blitt offentliggjort. 12 av 31

145 Avsetnmgfortapsbringende kontrakter innregnes n5r konsernets forventecfe inntekter fra en kontraw er lavere enn uunngselige kqstnsder som psispte for i imfn forpliktelsene elter kontrakten. Hendelser etter balamedagen Ny rnformssjon etter balansedagen om selskapets fmansielle stilling pi baiarsedagen er hensyntatt i irsregnskapet. Hendelser etter balansedagen som ikke piuirker setskapets fmansielle stilling pa balansedagen, men somvil pavirke selskapets fmansielle stilling i fremtiden er opplyst om dersom dette er vesentlig. 13 av 31

146 Note 2 Estimatusikkerhet Ved utarbeidelsen av arsregnskapet har selskspets leoelse benyttet esttmater basert pa beste skjann og forutsetninger som er vurflert i v^re realistiske. Det vil kunne oopsta situasjoner eller endnnger i marbedsforhold som kan medfare endrede estimater, og dermed p^virke selskapets eiendeler, gjeld, egenkapital og resultat. Selskapetsmest vesentlige regnskapsestimater er knyttet til fslgende poster: - Avskrivninger pi vange driftsmidler. Nedskrwning/reversering av goodwill og andre immaterielle eiendeler. - Virkelig verdl av eiendeler og forpliktelser ved oppkjep. Netto pensjonsforpliktelser Immaterielle eiendeler Selskapets Dalanseferte goodvjin vurderes arlig for nedsknvmng. Selskapets balansefarte goodwill er delt opp i goodwill knyttet til arbeidsstyrke eg vng goodwill. Virksomheten er i stor grad auhengig sv kontrakter med Oslo kommune om drift av sykehjem og Helse Sar- 5t om drift av Here behandlingsinstitusjoner. Verdlen av kontraktsportefcljen og kunderelasjoner vurderes for nedskrivning ved tegn pi verdifall. Kostprisallokering Konsemet Care BidCo AS mti fordele kostpns for ervervede virksomheter ps ervervede eiendeler og overtatt gjeld basert ps anslatt virkelig verdi. Care BidCo AS har engasjert uavhengige verdivurdermgseksperter til a bista med a fastsette virkelig verdi av ervervede eiendeler og overtatt gjeld. Verdivurderingene forjtsetter at ledelsen gjor betydelige vurderingor ved valg av metode, estimater og forutsetninger. Vesentlige oppkjbpte immaterielle eiendeler som Care BidCo har innregnet, omfatter i hovedsak kontraktbasert kundebase (drift av offentlige sykehjem) og kunderelasjoner. ikke-identifiserbare immaterielle eiendeler er allokert til goodwill. Forutsetninger som leggestil grunn forvurderingav immaterielle eiendeler, omfatter, men erikke begrensetti! anslatt gjennomsmttlig levetid pa kundeforholdet basert pi kundeavgang, gjenvsrende kontraktsperioder, oggjenanskaffelseskost. Forutsetninger som leggestil grunn for verdifastsettelse av eiendeler, omfatter, men er ikke begrenset til gjenanskaffelseskost for vange driftsmidler. Ledelsens beregninger av virkelig verdi er basert pi forutsetninger som antas 5 vare nmelige, men som har en iboendeusikkerhet og som felge avdette kan de faktiske resultateneawlke fra beregningene. 14 av 31

147 Note 3 Oversikt over datterselskaper Falgende datterselskaper er mkludert i det konsohderte regnskapet: Firma UnicareHoldingAS Unicare Halse AS Unicare Psykolog AS Unicare Omsorg AS Unicare Friskvernklimkken AS Umcare Hjemmetjenester AS Unicare Bab AS UnicareSmS EnheterAS Unicare Fram AS Unicare Hokksund AS Unicare Sverige AS unicare Sverige AB Unicare Vard i Varmland AB Unicare Vard i Dalarna AB Unicare V rd Gotland AB Unicare Vlrd i Sbdermanland AB Umcare VSrd i VSstra Gotaland AB Unicare Vird Kronoberg AB Unicare Vard i Jonkjopings Ian AB Unicare Apladalen V2rd AB Ansk.-tldspunkt Foretnlngskontor Stemme-andsl Eierandel 216 Oslo 1 % 1 % 216 Oslo 1 % 1% 216 Oslo 1 % 1% 216 Oslo 1 % 1% 216 Asker 1% 1% 216 Oslo 1 % 1% 216 Oslo 1% 1% 216 Oslo 1% 1% 216 Oslo 1% 1% 216 Hokksund 1% 1% 216 Oslo 1% 1% 216 Vsstra Gotatand 1% 1% 216 Varmland 1% 1 K 216 Dalarna 1% 1% 216 Gotland 1% 1% 216 Sodermantand % 216 Gotatand 1% 1% 216 Kronoberg 1% 1% 216 Jbnkjoping 1 % 1 % 216 Apladalen 1 % 1% Firma unicare Holding Unicare Helse AS Unicare Psykolog AS Unicare Omsorg AS Unicare Friskvernklimkken AS Unicare Hjemmetjenester AS Unicare Bab AS Unicare Sma Enheter AS Unicare Fram AS Unicare Hokksund AS Unicare Sverige AS Unicare Sverige AB Unicare V5rd i Varmland AB Unicare V5rd i Dalarna AB Unicare Vard Gotland AB Unicare Vard i Sbdermanland AB Unicare VSrd i VSstra Gotaland AB Unicare Vard Kronoberg AB Unicare VSrd r Jbnkjbplngs Ian AB Umcare Apladalen vsrd AB Egenkapital Iffllge siste irsregnskap Arsresultat i falge sists Srsregnsk. arsregnskap S av 31

148 Omsetnlng foretell pi land: Morselskap Konsem 215 Per geografrsk marked: Norge 86% 1% - Sverige 14 % % Sum 1% 1 % 16 av 31

149 Note 4Oppkjp OopkiBD av virksomhet: Unicare Hokksund AS Den 3. jum 215 kjepte Unicare Holding AS 1% svaksjene i Unicare Hokksund AS. Dette ble finarsiert med I3n. Aksjeverdien er basert pi siste observerte transaksjoner ps overtagelsestidspunktet. Unicare Hokksund AS eret aksjeseiskap med hovedkontor i Hokksund, Norge. Selskapet driver en spesialinstitusjon som tilbyr rehabiiitermg. ledelsen tror at kjopet medfsrer en ytterligereforbedret posisjonering Innenfor bransjen ogvil positivt pivirke fremtidrg inntjening utover verdiene av de enkelte eiendeler, samt synergier med eksisterende virksomhet. Eierandel er lik stemmerett. Regnskapet til Umcare Hokksund AS er konsolidert fra og med oppkjopstidspunktet. Unicare Sverige AS Den 14. juli 216 kjepte Unicare Holding AS 1% avaksjene i Unicare Sverige AS. Dette ble finansiert med lin. Aksjeverdien er basert pa siste observerte transaksjoner pa overtagelsestidspunktet. Unicare Sverige AS er et aksjeseiskap, selskapet driver ti vsrdcentraler som tilbyr blant annet allmenn- og spesialistlegetjeneste, jordmortjeneste og rehabilitering. Helsesentrene erplassert i sarlige og sentrale Sverige.Vjr iangsiktige stritegi er a bli en nordisk totalieverandor av helsetjenester, ogoppkjapet av Unicare Sverige AS er en del avdenne satsmngen. unicares primeervsrdsvirksomhet i Sverige vil bli et kjerneomrlde som skal videreutvikles og bygges videre pi. Eierandel er lik stemmerett. Regnskapet til Unicare Sverige AS er konsolidert fra og med oppkjepstidspunktet. 17 av 31

150 Note 5 Transaksjoner med naerstaende parter Det hargjennom I ret forekommet salgstransaksjoner intemt menom seiskapene som inngar l konsemet. Disse transaksjonane er elimrnerti konsernregnskapet. Detertattopp et I3n fra G Square Capital II LP i lepet av a ret. S Square Capital II LP eraksjeeier i Care HoldCo AS, som er Care BidCo AS sitt morselskap. Lanet er naermere omtall i note 19. Utenom dette har det ikke forekommet transaksjoner med neerstiende. 18 av 31

151 Note 6 Itfnnskostnader og kostnader ved ytelser til ansatte og ytelser til ledende ansatte Lgnnskostned Morselskap Konsern Lnn Folketrvgdavgift Q Pensjonskostnsder (se note Andre ytelser Sum AntsU Srsverk sysselsatt I regnskapsiret Det er ikke gitt Ian, eller stilt sikkerhet til forde for ansatte eller medlemmer sv styret. Konsernledelse Navn Funksjon Lonniutgtfter216 Styrehonorar Pensjonsutgifter AGA Tom Tidemann Even Knstoffersen Johan Sward St/relsder Okonomldlrektisr Direkter Jnicare Sum Det er ikke InngJtt honusavtaler knyttetopptil utvikling svaksjeverdl i konsernet. Det er etablertet aksjeprogram huorkonserniedeisen blirgitt mullgbet til i kjtspe aksfer i konsernet. Ope til 2 K av aksjene i Care BidCo AS Inngjr i aksjeprogrammet. Det er ikke tlldelt opsjoner pr Revisor Godtgjsrelse til revisor fordeler seg slik, ekskl. mva.: Morselskap Konsern 21S 5 LOvpilagt revision Annen blstand av 31

152 Note 7 Skattekostnad Konsemets norske og svenske del rapporterer sine rsregnsmp ette' h«nholdsvis NGAAP og SGAAP Skattekosinaden er beregnet med utgangspunkt i resultstene etter disse regnskapsstandsrdene og lokale skarteregler. Konse'n«t teverer derfor ikk«rf-1269b v«d skatterappartering. Oette konsernregnsfcapet etter IFRS er ricke utarbeidet for skattenessige rapponeringstormil. Endnngene som er gjort i konsernregnskapet ved omarbeldelse th IFRS har ikke medf^rt skanemessige konsekvenser. I not en Iremkommer konsernets teeile skattekostnad etter nasjonale regnskapsstandarder slik den er rapporterl Morse): kap 21$ 216 A rets skattekostnad fremkommer silk: S Konsern Betalbarskatt 7S S37 16 Ldnnsskatt Sverige Endnng i utsatt skatt Effekt mottatt konsembidrag isl Skattekostnad S7 Morselskap 215 Konsem 216 Betalbar skatt i irets skattekoitnad I Notge S Ordinert results! fr skatt (NGAAP) Resultat fer eierperiode 1. januar - 3. aprll Permanente forskjeller Crunnlag for irets skattekostnad Endrhig i mldlertidlge forskjeller Grunnlag for betalbar skatt i resultatet Mottatt/avgltt konsernbidrag Anvendelse av fremforbart underskudd Skattepliktig Inntekt Morselskap Betalbar skatt i Irett skattekostnad i Sverige Ordmsrt resultat for skatt (SGAAP) Resultat for eierperiode 1. januar - 3. apm Skattemessig overskudd Permanente forskjeller 1S S Grunnlag for irets skattekostnad Konsem Grunnlag for betalbar skatt i resultatet Mottatt/avgitt konsembidrag Anvendelse av fremforbart underskudd Skattepliktig Inntekt 6 67 $76 Morselskap 21S 216 Betafear skatt ordinsrt resultat S Betalbar skatt pi ordinsrt resultat Betalbar skan Svenge Betalbar lennsskatt sverige Beta It torskuddsskatt Sverige S 82S Betalbar skatt pi ordmaert resultat Konsern Morselskap Betalbar skatt i balansen Arets betalbare skattekostnad Skatt (A mottatt/avgitt konsembidrag Andre endringer Betalbar skatt 1 balansen 7 S3716 Konsem 2 av 31

153 Grunnlag for utsatt skatt Vange driftsmlder Undersfeudd til fremfflnng Sum Ikke Oalsrsefart utsatt skattefordel Netto utsatt fordel/forpi. 1 balansen Konsern Grunnlag for utsatt skattefordel Goodwill og andre immaterielle eiendeler Vange driftsmidler Ubeskattede reserver Sverige Ford ringer Geuinst- og tapskonto Forpliktelser Underskudd til fremfgnng Sum S S Netto Note 8 Resuitat per aksje Ordmaert resuitat per aksje er beregnet som arets resuitat som tilfaller aksjeeierre 216 Arets resuitat som tilfaller morselskapets aksjonaerer Arets resuitat fra viderefflrt virksomliet Arets resuitat til ordinasre aksjonaerer 9 62 OSS Antall aksjer 566OOD Resuitat per aksje 16,96 Samtlige aksjer eies av Care HoldCo AS. 21 av 31

154 Note 9 Varige driftsmidler Konsemets varige driftsmidler bestir hovedsakelig av Inventar og aktiverte oppussmgskostnader, it-utstvr, og biler. Atctiverte oppussingsl<ostnader som Ikke ksrt medbrtnges ved flytting avskrives over kontrsktfestet leiepenode for de respektive tokalene. Dec svrige av inventar, kontormaskiner og biler avskrives linest over 3-5 sr. For immaterlelle eiendeler, se note 11 immateriglle eienoeler. Konsern Inventar, kontormaskiner, biler og Hgnanda SUM Ariskaffelseskost S Tilgang Avgang Anskeffelseskost 31, Akkumulerta avskrivninger 1.1. Avsknvnlnger far konserndannelse Avskrlvnlnger etter konserndarmelse Nedsknvning Akk. avskrlvnlnger oMgrt vardl pr, Note 1 Leieavtater Konsernet sonr leletaker - ooerasloneila lelaavtaler Konsernet har inngitt flare forskjelllge operasjonelle leieavtslerav biler, kontorer ogdriftslokaler. De fleste av leieavtalene for lokaler har en leptide 5-2 kr. Operasjonelle leasingavtaler am biler har en lopetld pi 3-4 Sr. Leiekostnad bestod avfelgende: Ordinsere leiebetalinger HE Betinget ved er lag Mottatt vedertagfra fremleie Sum S S 626 Leiekostnader er fordelt som fglgen Selskap Unicare Holding AS Unicare Omsorg AS Unicare HjemmetjenesterAS Unicare Friskvemklinikken AS Unicare Helse AS Unicare Psykolog AS Unicare Bab AS Unicare Sma Enheter AS Unicare Fram AS Unicare Hokksund AS Unicare Sverige AS m/datterselskap^ Care Bid Co AS Sum Lokaler BUer Inventar og gvrig * SBO Z S Totabum leiekostnader av31

155 Note 11 ImmaterieMe eiendeler Konsern Arbeldsstyrke Konsesjoner, patenter, lisenier Kundtfalasjoner (goodwill) Kontnkter eg varemerker Goodwill SUM Anskaffelseskost Tilgang Avgang Anskaffelseskost & Akkumulerte avskrlvnlnger Avskrivmnger for konserndanneise Avskrwmnger etter konserndanneise Arets Necfskrlvnlng Akk. avskrlvnlnger Bokfart vafdt pr. 31,12, Z konomlsk levetld Sir Testes for 5 ar 3-5 it Testes for Avskrlvnlngsplan Linear verdifail Uneser Lineasr verdifall Goodwill bllr Ikke avskrevet. Imidlertld Blirdet foretstt test for nedskrivnlng hvert ar. Baiansefort goodwill i konsern regnskapet haroppstatt som felgeavat Unlcare Koldlrg AS med datterselskaperble kjbptsvcare BldCo AS i mai 216. innregningav goodwill skjedde ikke mer enn 8 msneder fer balinsedageri og som felge av dette er Ikke goodwill testet for verdifall p3 balansedagen. Get er goodwill knyttet til arbeldsstyrken som er skill ut fra flvrig goodwill. I likhet med evrig goodwill si testes dette for nedskrivnmg hvert ar, men oppstod som flge av kjepet 8 mlnsder far balansedagen ogfblgelig har heller ikke goodwill knyttet til arbeidsstyrken v»rt testet for verdifall. I fremtiden vil konsernet teste goodwill for verdifall minst in gang i 4iet eller ved tegn pi verdifall. vrige immaterielle eiendeler ayskrives Eineert over bestemt utnyttbar levetid etter avsknvningsplanen og i henhold til IAS av 31

156 Note 12 Finansielle instrumenter Konsernet benytter hovedsakehg banklln som fmansielt instrument. FormSlet med detts er a skaffe kaoital til mvesteringer som er nadvendig for konsernets vlrksomhet. I tlllegg har konsernet finansielle instrumenter som kundefordringer, leverandergjeld o.l. som er direkte knyttet til virksomhetens daglige drift. Konsernet benytter ikke finansielle derivater eller andre sikringer. Risikostyring ligger under ansvar hosstyret og konsamledelsen. Risikostyring foretas av Unicare Holding AS, som fungerer som et administrasjonsseiskap for driftsselskapene i konsernet. De viktigste finansielle risiki som konsernet er irtsatt for er knyttet til renterisiko og likviditetsrisiko. Konsernets ledelse liar en iapende vurdermg avdisse risiki og fastsetter retningslinjer for livordan disse ska I hsndteres. Kredittrisiko vurderes 5 vere svart lav. da store deler av konsernets omsetning er mot Helse Sr-st og andre statlige helseforetsk. Markedsrisiko - Renterisiko Konsernet ereksponert for renterisiko gjennom sme banklsn. Oeler avden rentebcerende gjelden har flytende rente som innebffirerat konsernet er pivirket av endringer i rentenivset. Likviditetsrisiko Likviditetsrisiko er risikoen for at konsernet ikke vil vsere i stand til a betjene sine forpliktelser etterhvert som de forfaller. Konsernets strategi for a hsndtere likviditetsrisiko er a ha tilstrekkelig med likvider til enhver tidfor a kunne innfri sine finansielle forpliktelser vedforfall. For a sikre seg mot likviditetsrisiko i bvert konsernselskap enkeltvis sa er det opprettet et cashpool-system mellom selskapene i konsernet. For flvng har konsernet etablerte rutiner knyttet til 5 opprettholdeet forsvarliglikviditetsnivs jt i fra arten ogomfanget avvirksomheten. Kapitaistruktur og egenkapitsl Hovecfformalet for konsernets styring av kapitalstrukturen er a sikre at konsernet opprettholder en god kredittrating og Oermetj nmelige lanebetingelser hos langivere, som star i et rimelig forhold til den virksomhet som drives. Konsernet flger opp sin kapitaistruktur ved a se pa gjeldsgrad, som er definert som netto rentebcerende gjrld divider! pi egenkapltal pluss nettp rentebasrende gjeld. Konsernet streber etter k alltid ha en gjeldsgrad som erforsvarhg ut i fra arten ogomfanget avvirksomheten. Note 13 Kundefordringer Konsernet gjer i svssrt liten grad tapsavsetninger pa kundefordringer da storsteparten avomsetningen kommer fra staten ved HS og kommuner. Staten ansessom en svffirt sikker debitor. Pr hadde selskapet folgende kundefordringer. Tabellen under viser fordelingen mellom forfalte og ikke forfalte kundefordringer: Ikke forfalte Forfalte Sum Fordrlnger Eliminerte interne fordringer Sum ( ) Av de forfalte kundefordringene estimeres 9 % av massen som svasrt sikre kundefordringer mot Stat og kommune mens evrig masse vurderes a vasre rimelig sikre fordringer. Det er ikke gjort tapsavsetninger og det er ingen uenighet med noen debltorer rundt fordrlngenes belap eller eksistens. Det er ingen kjente problemer med betaiingsvilje eiler -evne has kundene. Kundefordringer er ikke rentebaerende og har generell kredittid pa 14-3 dager. Konsernet bar ikke soigt noen kundefordringer i lopet av Jret. 24 av 31

157 Note 14 Andre kortsiktige fordringer Forskudasbetalte kostnader Andre kortsiktige fordringer Sum andre kortsiktige fordringer Under forskuddsbetalte kostnader inngar hovedsafceligforskuddsbetalingav husleie. Note 15 Kontanter og kontantekvivalenter Konsern Kontanter i bank og kasse Kortsiktige bankplssseringer Kontanter og kontantekvivalenter 1 balansen For oppstillingen av kontantstrbinmer bestar kontanter og kontantekvivalenter av falgende per 31. desember: Kontanter i bank og kasse Kortsiktige Bankplassennger Kontanter og kontantekvivalenter ikke viderefsrt virksomhet Kassakreditt Kontanter og kontantekvivalenter Note 16 Aksjekapita!, aksjonaarinformasjon og utbytte Ordmarg aksjer, palydende NOK1 566 Totalt antall ordinzere aksjer Endringer i aksjekapital og overkurs: Mor Ordinaire aksjer StiftelseS. januar 216 Stiftelseskostnader Kapitalnedsettelse 4. mai 216 Kapitalforhpyglse (kontant) 4. mai 216 Kapitalforhayelse [tingsinnskudd) 1. mai 216 Emisjanskostnader Avgitt konsernbidrag Arets resuhat NGAAP Fgringer mot AEK. omarbeidelse IFRS Antall aksjer Aksjekapital Overkurs Annen EK C Utgangen av iret Sum egenkapital Konsernets egenkapital fremkommer i egenkapitaloppstillmgen. Alle aksjene i selskapet har hk stemmerett og lik rett pi utbytte. Beregning av resultat per aksje er vist i note 9. Samtlige aksjer eies av Care HoldCo AS. Utbytte Selskapet har ikke vedtatt elier betalt ut utbytte. Egne aksjer Konsernet eier ingen egne aksjer. 25 av 31

158 Note 17 Langsiktig rentebasrende gjeld Sikret Ba lansefbrt uerdi Selskap Avtfrag/Foriall Ssnklln, Oanske Bank Unicare Holding AS NOK IS til forfsfl den 31. mars Deretter NOK 2 5 hvert kvartal. BanklJn, Oanske Bank Unicare Holding AS NOK 1875 hver 3. maned fom. 16. januar BanklSn, Danske Bank Unicare Holding AS NOK 125 hver3. mined fom September 215. BarklSn, Danske Bank Unicare Holding AS NOK 125 fiver 3. maned fom desember2l6. Diverse billan Unicare Bab,- Helsa- og Mjnedlige avdrag Hjemmetjsnester AS Sum sikret langilktlg gjeld Uslkret flivrig usikret langsiktig gjeld Sum usikret langsiktig ilsss Total langsiktig gjeld 1. 5rs avdrag langs>ktig gjeld B Sum langsiktig gjeld ekskl. fgrste irs avdrag Se note 12 for en besknvelse av renterisiko. Bankl n Banklin er sikret med enkeite av aksjene i konsernseiskapene samt en andel av konsernets kundefordrlnger og driftsmidier. BanklSnene harl all hovedsak hver 3. maned. Banklln er balansefflrttil amortisert kostved bruksv effektiv rentemetocte. Morse Iskap Bokfgrt gjeld som er sitoetved panto.1.: Pantelan Kassekredit OSS Sum Konsern Morselskap 215 Bokfert verdi av elendeler stilt som 216 sikkerhet for boktart gjeld 216 Konsern 215 Kundefordrlnger Varige driftsmidier Totatt av 31

159 Note 18 Pensioner og andre langsiktige ansatteytelser Ytelsesaension Selskapet er pliktig til a ha tjenestepensjonsordning etter lov om obligatorisk tjenestepensjon. Selskapets pensjonsordninger tilfredsstlller kravene i denne loven. Konsernet dar vtelsepensjon til ansatte i Morge. Ordningene er basert pa forventet sluttlenn som gir rnefllemmene i ordningere garantert mva pa utbetalingene ut levetiden, og er forsikret gjenrom KLP. Niviet pi utbetalingene 5tyres av artall ari selskapet og lonn som arbeidsakt'cv. Delerav utbetalingen dekkes au Folketrygden som beregnes ut fra Folketrygdens grunnbelap (G) som arlig godkjennes av Slortmget. Pensionsregulenng etter utbetalingfastsettes Srlig av kompenasjonsutvalget, og skal minimum tilsvare rnflasjansjjstering. Per er det 244 aktive og 42 pensjonister i ytelsesordningen. Estimatendringeri 216 skyldes endrede forutsetninger ide aktuarmessige beregningene for (orpliktelsef knyttet til vtelsespensjonsardningene. Arets virkning av estimatawik vises under Andre inntekter og kostnader (OCI). Den aktuarmessige beregningen er basert p4 risikotabeller. Risikotabellen for dad, K213 er basert pa beste estimat for populasjonen i Norge. Nedenfor vises utdrag fra de benyttede tabeller.tabellen viser forventet levealder og sannsynlighet for hhv. uforhet og ded rnnen ett Jr for ulike aldersgrupper. Forventet levealder Dadssannynlighet Ufflresannsynlighet Alder Mann Kvinne Mann Kvinne Mann Kvinne 2 83,3 86,7,2 55,1 %,1%,1% 4 83,7 86,9,6%,4 %,2 %,3 % 6 84,7 87,7,45 %,3 % 1,9 54 2,9 % 8 89,4 91,4 4,46 3,8 % Arets pensjonskostnad er beregnet som folger: 216 NSverdi av Srets pensjonsopptjening Rentekostnad ps pensjonsforpliktelse 3 831S4 Forventet avkastning pa pensjonsm idler Administrasjonskostnader Resultatfflrt aktuarielt tap (gevinst] (NGAAP) Arbeidsgiveravgift Netto pensjonskostnader p4 ytelsesplaner innskudd til innskuddsplaner i Norge Innskudd til innskuddsplaner i Utlandet Arets totals pensjonskostnad Kostnad til ytelsesplaner og innskudd til innskuddsplaner 1. mai 31. desember Pensjonsforpliktelser og pensjonsmidler: 216 Sum Endrtng brutto pensjonsforpliktelse: Brutto pensjonsforpliktelse Tilgang og avgang O Naverdi av arets opptjenmg Rentekostnad pa pensjonsforpliktelsen Aktuanell (gevinster)/tap Utbetaling pensjon/fnpoliser Brutto pensjonsforpliktelse Endnnger brutto pensjonsmidler Vlrkelig verdi pensjonsmidler 1.1 Forventet avkastning av 31

160 Aktua'teH (tap) gevinst penslonsmidlene Adminisuasionstost Premielnnbetalingar Utbetallng av pensloner/friooliser Vlrkellg verdl ptnsjonsmidlar Arb.avglft forpllktelse Natto balansefgrt pensjonsforpliktelie Endrlnger 1 Forpliktelsen: Wetto pensjonsforpllktelse 1.1 ResultatfBrt pensjonskostnad Effekt estlmatendringer Premlebetalinger (Inkl. adm kostnader og arb.avgifi) Netto balanaefgrt pensjonsforpllktehe Bslansefert p«ns)onsforpllktalse ] Ved beregnlng av pensjonskostnad og netto pensjonsforpllktelse eren rekke forutsetmnger lagt til grunn. Dlskonterlngsrantan er fastsatt basert pi observertestatsobligsjonsrenteri Norge med tillegg for lapetld Pensjonsforpliktalsans gjennomsnntirge lepetid er beregnet til 15 ar. LjnnsBknlng, psnsjonsregulerlng og G-regulenng er basert pa historiske observasjoner for selskapet, Og basert pi en forventet lengsiktig mfiasjon ps 2,5 %. Da vlktlgste aktuarmesstge forutsetnlngene sum er lagt til grunn: konomiske fanitsetnmger: Diskonterings rente i % 2/6 2*7 kning I grunnbetep (G) i % 2AS 23 Lonnsvekst r % 2J 23 Pensjonsregulenng i % Forventet avkastning 94 1,48 3,6 33 AGA-sat5% 14, Pensjonsmidlene er plassert fond. Senutintet i beregmngen av pensjonsforpliktsben v*d endrlng I forutsetningene: De ytdsesbaserte pensjonsordningene i tonsernet ligger hovedsakelig hos fondsbaserte Hvselskap. Premier blir utstedt i samsvar med opptjente pensjonsrettigheter. Kor>sern«t har jevn aldersfordelmg pi ansatte som (aller inn under ytelsesordniger. SSIedes forventes del moderate psvirkninger pa pensjonsforplifctelsen dersom endrlnger i akonomiske ellec demografiske forutsetninger skulle endre seg. Endnnger 1 aktuarmessiee fonjlsetninger Kan fi utslag med oppul NOK1 millioner pi selskapetsegenkaptlal. RUBoivurdering G)ennom ytelsesbaserte ordningerer konsemet pivrket av en rgkke ris>koer som Mge av uslkterhet I forutsetninger og fremtidig otvikling. Oe mest sentrale risikcene er beskrevet her: Forventet levetid konsernet fiar pjtatt seg en foroliktelse til a utbetale pension for de ansatte livet ut. s&ledas vil en Sknlng 1 forventet leveaider blant medlemsmassen medf»re en ekt forpiiktelse for selskapet. konsernet anvender dsdlighetstabeller (K 213) som anbefalt av finanstilsynet 1 Norge, og har vurdert dedltghetstebellene til & representere beste estlmat av forventet levetld for medlemsmassen. 28 av 31

161 Avkastningsrislko Konsernet birr pavirket ved en reduksjon i faktisk avkastning pa pensjonsmidlene, som vil tnedfare akt forpliktelse for selskapet, da svkastning pa midlene ikke e' tilstrekkel'g for a irnfriforpliktelsen. Inflosjon- og lennsvekstrisiko Konsernets pensjonsforliktelse har risiko knyttet til bade inflasjon og lennsutviklmg, selv om lannsutvikling er nasrt knyttet til inflasjonen. HByere inflasjon og lannsutvikling enn hva som er lagt til grunn i pensjonsberegningene, medfarer kt forpliktelse for konsernet. Selskapet har mgen "asset-liability matching"-stategi avordningene slik de fo'ligger per innskuddsolan Gruppens selskaper i Norge ogsverige har innskuddsplaner i samsuar med lokale lover. Innskudclsplanen omfatter heltidsansatte og deltidsansatte over 2 %. Oe ansstte kan selv pavirke forvaltmngen av midlene gjennom avtalene med Danica, DMB, KLP og Nordea. Innskuddet i ordnmgen kostnadsfsres njr det paloper. Per var det 1126 medtemmer i ordnmgen. Note 19 Kortsiktige rentebeerende Ian Forfallstidspunkt Msd sikkerhet Uten sikkerhet 25. apnl Sum Per 31. desember216 bestar rentebaerende kortsiktige Ian ogandre laneforhold av lin fra G Square Capital II LP, som er aksjonser i konsernets morselskap. LSnet forfaller i forbindelse med opptak av et obligasjonslan med lenger lapetid Konsernet er ikke avhengig av a giere opp lanet kontant ved forfall. Oppnnnelig ISneopptak er NOK Note 2 Leverandrgjeld og annen kortsiktig gjeld Leverandorgjeld Skyldig offentlige avgifter, skattetrekk og lignende flvng kortsiktig gjeld SUM Leverandorgjeld er ikke rentebaerende og normal betalingsfrist er 7-3 dacer. vrig kortsiktig gjeld bestar hovedsakeiig av skyldige fenepenger og palapte kostnader. 29 av 31

162 Note 21 Forklaring overgang til IPRS Dene er selskapets ferste konsernregnskap som er avlagt I henhold til tfrs. Regnslopsprlnsippens som er beskrevet i note 1 er blltt anvandt i utarbaldelsen av selskapets konsernregnskap for 216. Som sammenlignbarg tall for 215 er konsernregnskspet til Unicars Holding AS etter NSAAP benyttat. UtgSends bslanse pr for konsemregnskapet til Care HoidCo AS «r benyttet som utgangspunktfor omarbeidelsen fra Norske regnskapsprinsipper (NGAAP) til ifrs. Care HoidCo AS erdette konsemets mor. I forbrndelse med omarbeidelsen til utgiende balanse etter IFRS itar konsemst foretatt noenjustertnger av regnskapstaii i forhold til det som er btitt rappoften tidligere i konsernetsdrsregnsfcap som var utarbeidet I henhold til NGAAP for morselskapet Care HoidCo AS. EffeHen avovergangen fra NGMP til IFRS pk konsernets finansiene stilling og konsemets resultat er forklart nsrmere i denne noten. Effekt som flge av at morselaapet Care HoidCo AS er utelatt er ikke belyst i egen kolonre, men fremkommer som ovrlge endringer fra kolonnen "NGAAP (Care HoidCo AS)" til kolonnen "IFRS" Avstemmii^ av overgangseffekter NOK Note NGAAP (Care HoidCo Effekt overgang til AS) IFRS IFRS Eiendeler Vange driftsmidler Immaterielle eiendeler S S8 Finansielle investeringer Sum anleggsmidler SOS 5 6S Kontanter Kundefordringer Andre kortsiktige fordringer Sum omlepsmidler Sum eiendeler Egenkapital og gjetd Aksjekapital innskutt annen egenkapital Annen egenkapital Sum egenkapital Rentebsrende langsiktig gjek) PensjonsforpiiMeise f orpiiktelse ved utsatt skatt langsiktige avsetninger Rentebsrende kortsiktig lin leverandergjeld Cetalbar skatl og offentlige avgifter Annen kortsiktiggjeld Sum gjeld <l ( ) COO S {SSS8466) 521S S S S SO Sum egenkapital og gjeld AvUemming resultat for 216 NOK Driftstnncekter Varekostnader lennskostnader eruttofortjeneste Avskrtvninger Nedskrivninger Andre dnftskostnader Note EKekt overgang til 216 NGAAP IFRS 216 ifrs ( ) ( ) $ av 31

163 Drifts resuttat Finansinntekter Frnanskostnader Ordkiccrt resultat fer skatt Skattekostnad Ordlnsrt resultat etter skatt Arets resultat ( ) SO B ( M) SO SOS ( ) ( ) Hvorav: Kontrollerende eierinteresser Arets resultat 1,% ( ) Overgang Ira NGAAP til IFRS har ikke mecjfflrt vesentlige endrlngerl kontantstrsmoppstillmgan. Fortjeneste pr. aksje Ordinaert 16,69 Forklaring av&temming egenkapltal A) OoodwHI (IFRS 3 Business Combinations) Konsernet harvalgt h implementere IFRS 3 for alls oppkjap fra og mefl 1. mai 216 ved anvendelse av overgangsregelen I IFRS 1. Som flge av dette er det i henhold til IFRS ikke lenger tillatt a avsknve goodwill fra og med 1. mal 216 (MNOK 45,8), men I rtedet sm goodwill arlig testes for nedskrivning. Dette er en differanse i forhold til NGAAP hvor goodwill er vurdert som en eiendel med en begrerset tevetid og avskrevet over forventet akonamisk levetid. 3 B) Ytelsespensjon (IAS 19 Employee Benefits) I henhold til IAS 19 si vises virkelig verdi avnetto pensjonsforplil<telseri balansen. Ved omarbeidelsen her eienkaprtalen vsrtjustertfortldllgere Irs endnnger I netto pensjonsforpliktelse l tihegger arets endring kostnadsfart mot forpliktelsen I balansen. Den delen av Srets endnng som skyldes aktuarmessige esttmatawik vises under totalresuiwioppstillingenog mngir i totalresultatet. 31 av 31

164 Appendix 3 o Arsregnskap Unicare Holding AS 215

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168 Konsernregnskap Unicare Holding AS Resultatregnskap MORSELSKAP 214 KONSERN 215 NOTE DRIFTSINNTEKTER OG DR1FTSKOSTNADER Saigsinntekt Annan drtusinntekt Sum driftsinntekter Varekostnad Lennskostnad Avskrivning p varige drlftsmidler og immaterlelle eiendeter Nedskrivning av varige drlftsmidter og immaterietle eiendeler Annen driftskostnad Sum driftskostnader Drlftsresultat FINANSINNTEKTER OG FINANSKOSTNADER % Renter fra seiskap i samme konsem Annen renteintekt Annen finansinntekt Mottatt konsembidrag Renter (il seiskap i samme konsem Annen rentekostnad Annen finanskostnad Netto finansresultat Arsresultat tm skattekostnad Skattekostnad ARSRESULTAT OVERFRINQER Overiart tii annen egenkapital Sum overfaringer

169 Konsernregnskap Unicare Holding AS Baianse pr 31. desember 215 MORSELSKAP KONSERN NOTE ElENDELER Anleggsmidler Immateriellc elendeler Konsesjoner, patenter, Itsenser og varemertor Goodwill B36 12 Utsatt skattefordel Sum Immaterielte elendeler Varlge driftsmldler ,13 Inventar.kontormaskiner biler og lignende Sum varlge driftsmldler Finansielle anleggsmidler Investering i datterselskap ,9 Pensjortsmidlsr Andre fordringer Sum finansielle anleggsmidler Sum anleggsmidler Omlepsmidler M Fordringer Kundefordrtnger Andre fordringer Konsemkonto Sum fordringer _ Q ^ Bankinnskudd, kantsnter og tigrtende Sum omlopsmidler SUM ElENDELER

170 Konsernregnskap Unicare Holding AS BaSanse pr 31. desember 215 MORSELSKAP KONSERN NOTE EGENKAPITAL OG GJELD Egenkapital Innskutt egenkapital ,8 Aksjekapltal Annen innskutt egenkapital Sum innskutt egenkapital Arnen opptjent egenkapital Sum opptjent egenkapital Sum egenkapital Gjeld Avsetnlng for forpliktelser 9 Pensjonsforpliktelser 12 Utsattskatt Sum avsetninger for forpliktelser Annen langsiktig gjeld ,13 Gjeld til kredittinstifusjoner 1 vrig langsiktig gjeld 42 5 Sum annen langsiktig gjeld Kortslktlg gjeld Leverandargjeld 12 Bslalbar skatt Skyldige offentlige avgifter 11 Konsernkonto 11 Annen kortsiktig gjeld Sum kortsiktig gjeld Sum gjeld SUM EGENKAPITAL OG GJELD Oslo, I styret for Unicare Holding AS 1 t.y Tom Tidemann Styrvleder / daglig leder Eapen ;en Una Aas Slyremedlem Ole Martin Laurltsen Styremedlom

171 MORSELSKAP Arsregnskap Unicare Holding AS Kontantstromoppstilling KONSERN KONTANTSTRMMER FRA OPERASJONELLE AKTWITETER: Arsresultat fer skatt^ostnad Perlodens belatts skatt t Ordinsre svskrivninger Nedskrivlnger Pensjonskostnad uten kontanteffew Effekt av valutakursendringer Tap/gevinst ved salg av anleggsmkbef Poster klasslfisert som investerings- efte finansieringsakt Endrlng I varer Endring i kundefordringer Endrlng ( ieverandargietd Endringer i konsemmellomvasrender Endring I andre omiapsmidter og andre gjeldsposter " Netto kontantstremmer fra operasjonetle aktiviteter KONTANTSTRMMER FRA INVESTERINGSAKTiVUETER: Utbetallnger ved kjep av varige driftsmidler Utbetallnger ved kjep av immaterielle eiendeler 7 Innbetalinger ved salg av finanstefle anleggsmidier * Utbetalinger ved kjep av finansiehe anteggsmidter JJZ Netto tontantstrem fra inveatermgsaktivlteter S KONTANTSTRMMER FRA FINANSIERtNGSAKTIVtTETER: Kontantstram fra endringer i langsiktig gjekj Utbetallnger ved nedbetallng av langsiktig gjejd Innbetalinger ved opptak av ny kortshdig gjeld Utbetallnger ved nedbetallng av kortsikftg gjtid Netto endring i kassekreditt Innbetaling av egenkapital Tilbakebetaling av egenkapital Utbetalinger av utbytte InnbetsJlnger av at^onaeakirag Innbetaling av tonsendxdrag Ulbetaling av konsembidrag Endring av minoritetsinteresser Netto kontafttstrom fra ftnansleringsaktivftetef 34 TOO Effekt av valuttdoimndring pi banklnnskudd, {wntantar o.i Netto endrlng I banklnnskudd, kontanter og Bgnende BehoUning av banklnnskudd, kontanter og Bgnende pr 1.1. Beholdning av banklnnskudd, kontanter og Hgnende pr Beholdning av banklnnskudd 1.1. for konsernet awiker fra beholdning en grunnet at to dattereetekap til er konsolidert 1215.

172 Arsregnskap Unicare Holding AS Noter til regnskapet 215 Note 1 Regnskapsprinsipper Arsregnskapet er satt opp i samsvar med regnskapsloven av 1998 og god regnskapsskikk for sm& foretak i Norge. Konsolideringsprinsipper Konsernregnskapet omfatter Unicare Holding AS mad datterselskaper hvor Unicare Holding AS har bestemmende innflytelse som flge av juridisk eiier faktisk kontrotl. Konsernregnskapet er utarbeidet etter ensartede regnskapsprinsipper for like transaksjoner i afle selskaper som inng&r i konsernregnskapet. Alle vesentlige transaksjoner og mellomvaerende mellom selskaper i konsernet er eliminert. Hovedregel for vurdering og klassifisering av eiendeler og gjeid Eiendeler bestemt til varig eie eller bruk er klassifisert som anleggsmidler. Andre eiendeler er klassifisert som omiopsmidier. Fordringer som skai tilbakebetales Innen et &r er klassifisert som omlspsmidler. Ved klassifisering av kortsiktig og langsiktig gjeld er tilsvarende kriterier lagt til grunn. Omtepsmidler er vurdert til laveste av anskaffelseskost og virkelig verdi. Anleggsmidler vurderes til anskaffelseskost, men nedskrives til gjenvinnbart belp dersom dette er lavere enn bokfort verdi, og verdffallet forventes ikke & vsere forbig^ende. Anleggsmidler med begrenset akonomisk ievetid avskrives planmessig. Annen langsiktig gjeld og kortsiktig gjeld er vurdert til p&lydende betap. Aksjer og andeler i tilknyttet selskap og datterselskap Investeringer i datterselskaper vurderes etter kostmetoden. Investeringene blir nedskrevet til virkelig verdi dersom verdifailet ikke er forbig&ende og det mk anses nadvendig etter god regnskapsskikk. Mottatt utbytte og konsernbidrag fra datterselskapene er inntektsfart som annen finansinntekt. Varer Varer er vurdert til iaveste av anskaffelseskost netto salgsverdi. Inntekter Inntekt regnskapsfores n&r den er opptjent, alts nir krav p& vederlaget oppster. Dette skjer n r tjenestene ytes, i takt med at arbeidet utfares. Inntektene regnsk^jslares med verdien av vederlaget pi transaksjonstidspunktet. Fordringer Kundefordringer og andre fordringer er oppfert til pctlydende etter fradrag for avsetning til forventet tap. Avsetning tii tap gjares p& grunnlag av en individuell vurdering av de enkeite fordrlngene. Bankinnskudd, kontanfer og lignende Bankinnskudd, kontanter ol. inkluderer kontanter, bankinnskudd og andre betalingsmidier med forfallsdato som er kortere enn tre tn&neder fra anskaffelse. Pensjoner Innbetalt pensjonspremie 1 den innskuddsbaserte pensjonsordningen kostnadsfares fortlapende og kiassifiseres sammen med ionnskostnader. Kostnader Kostnader regnskapsferes som hovedregel i samme periode som tilherende inntekt. I de tilfeller det ikke er en War sammenheng mellom utgifter og inntekter fastsettes fordeiingen etter skjennsmessige kriterier. vrige unntak fra sammenstlllingsprinsippet er angitt der det er aktuelt.

173 Skatter Skattekostnaden sammenstilles med regnskapsmessig resultat fr skatt. Skatt knyttet til egenkapitaltransaksjoner er fart mot egenkapitalen. Skattekostnaden best&r av betalbar skatt (skatt ps Srets direkte skattepliktige inntekt) og endring i netto utsatt skatt. Kontantstrom Kontantstremoppstilllngen er utarbeidet etter den indirekte metode.

174 Note 2 Saigsinntekter per geografisk omrade Morselskap Per geografisk marked: 215 Konsem 214 Norge 1% 1% Sum 1% 1% Note 3 Lonnskostnad, antali ansatte, godtgjerelser, Ian ti! ansatte mm Lsnnskostnad Morselskap Lann Folketrygdavgift Pensjonskostnader (se note 1) Andre yteiser Sum Konsem Antali drsverk syssetsatt i regnskaps&ret Yteiser til ledende personer, morselskap og konsem Lann Annen godtgjerelss Daglig leder/styrets leder Unlcare Holding AS Daglig leder Styret Styrets leder Daglig leder/styremedlem Daglig leder Styret Daglig leder Styret Daglig leder Styret Daglig leder Styret Daglig leder Styret Unicare Omsorg AS Unlcare Omsorg AS Unicare Helse AS Unicare Helse AS Friskvemkllnlkken AS Friskvernkltnikken AS Unicare Psykolog AS Unicare Psykolog AS Unicare Hjemmetjenester AS Unlcare Hjemmetjenester AS Unicare Bab AS Unicare Bab AS Unicare Sm& Enheter AS Unicare SmS Enheter AS Det er ikke gitt Ian, eller stilt sikkerhet til fordel for ansatte eller medlemmer av styret. Revisor Godtgjerelse til revisor fordeier seg slik, ekskl. mva.: Morselskap Lovp&lagt revision Annen bistand Konsem

175 Note 4 Varige driftsmidler Konsern Anskaffelseskost 1.1. Tilgang Av 9 an 9 Anskaffelseskost Konsesjoner, patenter, Hsenser og varemerker Goodwill inventar, kontormasklner, biler og tignende SUM AkkumulerteavskrivningerOI.Oi Arets avskrivninger Nedskrivning Akk. avskrivninger Bokfgrt verdi pr konomisk tevetld Avskrivningsptan 3-5 &r Lineser 5 kr 3-5ar Lineser Lineser Morselskap Konsern Anskaffelseskost 1.1. Tilgang Av 9 an g Anskaffelseskost Patenter og rettiqheter IT-systemer og inventar SUM Akkumulerte avskrivninger 1.1 Arets avskrivninger Arets Nedskrivning Akk. avskrivninger Bokfgrt verdi pr , konomisk ievetid Avskrivningsplan &r Lineser

176 Note 5 Datterselskap, tilknyttet selskap m.v. Flrma Unicare Heise AS Unicare Psykolog AS Unicare Omsorg AS Friskvernklinikken AS Unicare Hjemmetjenester AS Unicare Bab AS Unicare Sm& Enheter AS Fram Helserebab AS Ansk.- Konsolidert tidspunkt (ja/nei) 212 ja 212 ja 212 ja 212 ja 213 ja 215 ]a 215 ]a* 215 nei Stemmeandel 1% 1% 1% 1% 1% 1% 1% 1% Foretningskontor Oslo Oslo Oslo Asker Oslo Oslo Oslo Bserum Eierandel 1% 1% 1% 1% 1% 1% 1% 1% "Unicare Sm& Enheter AS sitt resultat er konsiidert inn Ira overtakelse Rrma Unicare Helse AS Unicare Psykolog AS Unicare Omsorg AS Friskvernklinikken AS Unicare Hjemmetjenester AS Unicare Bab AS Unicare Sm& Enheter AS Fram Helserehab AS Egenkapitai i fslge siste arsregnskap Arsresultat i folge siste arsregnskap Note 6 Fordringer med forfall senere enn ett kr Pensjonmidler Andre fordringer Sum Note 7 Aksjekapital og aksjonserinformasjon Aksjekapitaien i selskapet pr bestir av felgende aksjeklasser: Pdlydende Antall verdi mm Ordinsere aksjer ,5 Sum ^ Bokfsrt verdi Eierstruktur Aksjonserene i selskapet pr var: Toti Holding AS Una A AS Ic Care AS TotaH antall aksjer (styreleder/daglig ieder) (styrelmedlem) (styremedlem) Eier- og Antail aksjer stemmeandel % % % %

177 Note 8 Egenkapital Morselskap Annen Aksje- innskutt Annen Sum Innskutt egenkapital kapital egenkapital egenkapital egenkapital Egenkapital Arets endrino i egenkapital: Kapitalforhoyeise Kapitalnedsettelse Andre endringer Arets resuitat Egenkapital Konsem Egenkapital 1.1 Arets endrino i egenkapital: Korreksjoner fort mot egenkapital i datterselsl- Arets resuitat Egenkapital Note 9 Pensjonskostnader, -midler og -forplikteiser Morseiskapet og datterselskapene er pliktige til k ha tjenestepensjonsordning og har opprettet tjenestepensjonsordning etter iov om obligatorisk tjenestepens]on har pensjonsordning som tilfredsstilier kravene i denne ioven. Innbetait pensjonspremie i den innskuddsbaserte pensjonsordningen kostnadsfores fortlopende og klassifiseres sammen med tennskostnader. Selskapet har en innskuddsordning som omfatter samtiige ansatte med unntak av sykepieieme. Sykepteieme er dekket ved avtaiefestet pensjonsordning (ytelsesbasert ordning) gjennom Kommunai Landspensjonskasse (KLP). Pr var det 159 medlemmer i ordningen. Selskapets ytelsesbaserte AFP-ordning er en flerforetakspensjonsordning, og finansieres gjennom premier som fastsettes om en present av iann. Ordningen blir regnskapsmessig behandiet som en innskuddsbasert pensjonsordning hvor premiebetatinger kostnadsfores lepende, og ingen avsetninger foretas i regnskapet. Avstemming av pensjonsordningen finansiert status mot betep i balansen: KLP-ordningen Beregnet pensjonsforpliktelse Pensjonsmidler tii markedsverdi Ikke resuttatfort virkning av estimatawik Arbeidsgiveravgitt Estimert pensjonsforpliktelse Egenkapitaitilskudd KLP Netto pensjonsforpliktelse (midler) Midler Forplikteiser Midler Forplikteiser Sum pensjonsforplikteiser (midler)

178 konomiske forutsetninger Diskonteringsrente Ljannsvekst G-reguIering Pensjonsreguiering Forventet avkastning ,5 2,3 2,5 2,75 2,25 2,5 1,48 1,73 3,3 3,2 Note 1 Annen langsiktig gjeid Morselskap Gjetd som forfaller mer enn fem etter regnskapsirets slutt: Gjeid til kredittinstitusjoner Gjeld tit aksionserer Sum annen langsiktig gjeid 215 Konsern Note 11 Unicare Helse AS Unicare Psykoiog AS Unicare Omsorg AS Unicare Hjemmetjenester AS Unicare Sma Enheter AS Unicare Friskvernkiinikken AS Unicare Bab AS Sum Mellomvserende med selskap i samme konsern m.v. Annen Andre fordringer kortsiktig gjetd Kbnsemet har en konsernkontoordning hvor det er Unicare Holding AS om er kontoinnehaver. Per har selskapet fatgende mellomvaerende knyttet til konsernkonto: Fordring: Unicare Hjemmetjenester AS Sum Gjeld: Unicare Heise AS Friskvernkiinikken AS Unicare Bab AS Unicare Psykoiog AS Unicare Omsorg AS Sum I konsemregnskapet er alle meilomvserende eliminert.

179 Note 12 Stcattekostnad Morselskap Arets skattekostnad fremkommer slik: 215 Konsern Betalbar skatt Endring i utsatt skatt Effekt mottatt konsembidrag Skattekostnad Morselskap Betalbar skatt i arets skattekostnad Ordinsert resultat fer skatt Permanente forskjeller Grunnlag for arets skattekostnad Endring i midlertidige forskjeller Grunnlag for betalbar skatt i resultatet Mottatt/avgitt konsembidrag Konsern Anvendelse av fremforbart underskudd Skatteptiktig Inntekt Morselskap Betalbar skatt ordlneert resultat Betalbar skatt pa ordlnasrt resultat For lite/mye avsatt skatt tidligere fir Andre endringer Betalbar skatt pa ordinaart resultat" Konsern 214 Morselskap Betalbar skatt i balansen Arets betaibare skattekostnad - Skatt p mottatt/avgitt konsembidrag - Andre endringer Betalbar skatt i balansen Konsern 214

180 Morselskap Grunniag for utsatt skatt Varige driftsmider Underskudd tit fremfring Sum Ikke balansefrt utsatt skattefordel Netto utsatt forde{/forpl. i balansen Konsern Grunniag for utsatt skattefordel Goodwill og andre immaterlelle eiendeler Varige drlftsmidler Varer Fordringer Gevinst- og tapskonto Forpliktelser Underskudd til fremfgring Sum Utsatt skattefordel i konsernet Note 13 Pantstillelser og garantier m.v. Morselskap Bokfgrt gjeld som er sikret ved pant o.l.: 215 Konsern Pantel&n Kassekredit Sum Morselskap Bokfrt verdi av eiendeler stilt som 215 sikkerhet for bokfgrt gjeld Kundefordringer Varige driftsmidler Totalt Konsern All gjeld forfaller innen 5 &r. Morselskapet har stiilet aksjene I datterselskapene som sikkerhet for sin gjeld til Danske Bank. Bokfart verdi er kr Unicare Holding AS har stiilet husteie garanti p4 totalt kroner , Det er som sikkerhet for leieavtaiene til Unicare BAB AS blitt stillt konserngaranti tilsvarende 3 mnd leie for Seterhayveien 27D, og konserngaranti tilsvarende 1 Srs leie for leieavtaiene i Umneveien 2B, Trasopp Terrasse 17 og Fyrstikkbakken. Note 14 Bankinnskudd Bankinnskudd, kontanter o.l. omfatter bundne skattetrekksmidler med kr

181 Arsregnskap 216 Unicare Holding AS Org.nr

182 Unicare Holding AS Noter til arsregnskapet 216 ARSBERETMNG 216 UNICARE HOLDING AS Arfen av virksomheten og hvor virksomheten drives Unicare Holding AS fungerer som morselskap for selskapene Unicare Helse AS, Unicare Omsorg AS, Unicare Psykolog AS. Unicare Hjemmetjenester AS. Unicare Friskvernklinikken AS. Unicare BAB AS og Unicare SmS Enhcter AS, Unicare Frain AS, Unicare Hokksund AS og Unicare Sverige AS. Virksomheten i Unicare Holding AS er a forvalte de investeringene som de har foretatt i de nevnte datterselskap. samt a koordinere virksomheten og levere stottefunksjoner til selskapene i konsernet. Alle konsemselskapene driver tjenesteytende virksomhet innen helse og det vises til datterselskapenes arsberetning for ytterligere informasjon knyttet til dette. Selskapets hovedkontor er i Oslo. Resultalet av virksomheten og dens stilling Selskapet har i 216 viderefakturert deler av sine kostnader til datterselskapene. Styret metier at arsregnskapet gir et rettvisende bilde av selskapets okonomiske og tlnansielle stilling, og anser selskapets likviditetssituasjon som tilfredsstillende. Kontantstrem Forskjellen mellom kontantstrom og resultat skyldes i hovedsak avskrivinger og store investeringer i nye datterselskaper. Fortsatt drift Forutsetningen om fortsatt drift er lagt til grunn ved utarbeidelsen av arsregnskapet. Styret bekrefter at denne forutsetningen anses S vasre til stede. Finansiell risiko Selskapet har langsiktig gjeld i Danske Bank sikter pa a refinansiere disse lanene varen 217 Fremtidig utvikling Selskapet vil aktivt soke etter investeringer i helse og omsorgssektoren i og utenfor Norge. Markedsrisiko Styret mener at pa kort sikt er det liten markedsrisiko. Pa noe lengere sikt er det noe risiko knyttet til det politiske styret i Oslo og Norge, men at det pa lang sikt vil vsere et voksende marked for private helse og omsorgtjenester. Arbeidsmiljo og likestilling Styret bestar av to menn og to kvinner og selskapet hadde 15 ansatte ved utgangen av regnskapssret. Sykefravajret gjennom Sret har vtert 6.6% og arbeidsmiljoet anses som godt, Det har ikke vsert meldt om skader eller ulykker relatert til arbeidsplassen. Selskapet har innarbeidet en policy som tar sikte ps at det ikke skal forekomme forskjellsbehandlig grunnet kjonn, rase eller religion. Ytre milje Virksomhetens bransje og natur medforer liten grad av forurensning eller utslipp som kan vaere til skade for det ytre mi^o. ro r.skning og utvikling Del drives ingen forskning og utvikling i Unicare Holding AS 3slo. 13. mars 217 't orn E n-andersen Johan Sward leder Styremedlem lyivi Una Aas t ann6 Sonerud 5 Styremedlem S ty rem edlcm

183

184

185 Res u Itatreg ns ka p Unicare Holding AS Driftsinntekter og driftskostnader Note Annen driftsinntekt Sum driftsinntekter Lonnskostnad Avskrivninger 3 Nedskrivning av driftsmidier og immaterielle eiendeler 3 Annen driftskostnad Sum driftskostnader i Driftsresuitat Finansinntekter og finanskostnader Renteinntekt fra foretak i samme konsern Annen renteinntekt Annen finansinntekt Rentekostnad til foretak i samme konsern Annen rentekostnad Annen finanskostnad Resuitat av flnansposter Ordinsrt resuitat for skattekostnad Skattekostnad pa ordinsert resuitat Ordinasrt resuitat Arsresultat Overfe ringer Avsatt til annen egenkapital Sum ovcrferinger Unicare Holding AS Side3

186 Balanse Unicare Holding AS Eiendeler Note Anleggsmidler Immaterielle eiendeler Konsesjoner. patenter o.i. Utsatt skattefordel Sum immateriehe eiendeler Varige driftsmidler Driftslesore, inventar o.a. utstyr Sum varige driftsmidler Finansielle anleggsmidler investeringer i datterselskap Andre langsiktige fordringer Sum finansielle anleggsmidler Sum anleggsmidler Omlepsmidler Fordringer Kundefordringer Andre kortsiktige fordringer Konsernkonto Sum fordringer g Bankinnskudd, kontanter o.l Sum omlopsmidler Sum eiendeler Unicare Holding AS Side 4

187 ia.stm Unicare Holding AS Egenkapital og gjeld Innskutt egenkapital Aksjekapital Annen innskutt egenkapital Sum innskutt egenkapital Opptjent egenkapital Annen egenkapital Sum opptjent egenkapital Note Sum egenkapital Gjeld Annen langsiktig gjeld Gjeld til kredittinstitusjoner Sum annen langsiktig gjeld Kortsiktig gjeld Leverandergjeld Betalbar skatt Skyldig offentlige avgifter Skyldig konsernbidrag Konsernkonto Annen kortsiktig gjeld Sum kortsiktig gjeld I Sum gjeld Sum egenkapital og gjeld / / Oslo, Styret i Unicare Holding AS i * / Tom Erik Tidemann-Andersen styreleder AA 4 Una Aas styremedlem Johan Fredrik Ehlner Svard styremedlem/daglig leder ' yl -.x i-i, I \ Janne Sonerud ^ j styremedlem.jt J Unicare Holding AS Side 5

188 Unicare Holding AS Noter til arsregnskapet 216 Regnskapsprinsipper Arsregnskapet er satt opp i samsvar med regnskapslovens bastemmelser og god regnskapsskikk. Hovedregel for vurdering og klassifisering av eiendeler og gjeld Eiendeler bestemt til varig eie eher bruk er kiassifisert som anleggsmidler. Andre eiendeler er klassiflserl som omlepsmidler. Fordringer som skal tilbakebetales innen et ar er kiassifisert som omlopsmidler. Ved klassifisering av kortsiktig og langsiktig gjeld er tilsvarende kriterier lagt til grunn. Omlopsmidler Omlopsmidler vurderes til laveste av anskaffelseskost og virkelig verdi. Anleggsmidler Anleggsmidler vurderes til anskaffelseskost. men nedskrives til gjenvinnbart belop dersom dette er lavere enn bokfrt verdi, og verdifailet forventes ikke & va;re forbigaende. Anleggsmidler med begrenset okonomisk levetid avskrives planmessig. Aksjer og andeler i tilknyttet seiskap og dattersciskap Investeringer i datterselskaper vurderes etter kostmetoden. Investeringene blir nedskrevet til virkelig verdi dersom verdifailet ikke er forbig&ende og det ma anses nodvendig etter god regnskapsskikk. Mottatt utbytte og konsembidrag fra datterselskapene er inntektsfort som annen finansinntekt. Fordringer Kundefordringer og andre fordringer oppferes til palydende etier fradrag for avsetning til forventet tap. Avsetning til tap gjores ps grunnlag av en individueli vurdering av de enkelte fordringene. Gjeld Annen langsiktig gjeld og kortsiktig geld er vurdert til psiydende beiop. Varige driftsmidler Varige driftsmidler avskrives over forventet okonomisk levetid. Avskrivningene er som hovedregel fordelt lineiert over amatt okonomisk levetid. Immaterielie eiendeler Immaterielle eiendeler som er kjopt enkeltvis, er balansefort til anskaffelseskost. Immaterielie eiendeler overtatt ved kjop av virksomhet, er balansefart til anskaffelseskost nflr kriteriene for balanseforing er oppfylt. Immaterielie eiendeler med begrenset okonomisk levetid avskrives planmessig. Immaterielie eiendeler nedskrives til gjenvinnbart bejop dersom de forventede okonomiske fordelene ikke dekker balansefrt verdi og eventuelle gjenstaende lilvirkningsutgifter. lantekter Inntekt regnskapsfores nar den er opptjent, altsl nsr kiav pa vederlag oppstsr. Dette skjer nsr ijenesien yies, i takt med at arbeidet utfores. Inntektene regnskapsfores med verdien av vederlaget pa transaksjonstidspunktet,

189 Unicare Holding AS Noter til arsregnskapet 216 Skatt Skattekostnaden i resultatregnskapet omfatter bade periodens betalbare skatt og utsatt skatt. Utsatt skatt er beregnet med 24 % pa grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige og skattemessige verdier. samt ligningsmessig underskudd til fremforing ved utgangen av regnskapsaret. Skatteekende og skattereduserende midlertidige forskjeller som reverserer eller kan reversere i samme periode er utlignet og nettofrt. Utsatt skatt pa merverdier i forbindeise med oppkjop av datterseiskap blir ikke utlignet. Note J Lennskostnadcr, antall ansatte, godtgjarelser, ian til ansatte m.m. Lonnskostnadcr Lonninger Arbeidsgiveravgift Pensjonskostnader Andre ytelser Sum i Gjennomsnittiig antall arsverk: 15 Ytelser til ledende personer Lonn Pensjonsutgifter Annen godtgjerelse Daglig leder og styreleder er samme person. Daglig leder Stj'ie Pensjonsforplikteiser Selskapei er pliktig til a ha tjenestepensjonsordning etter lov om obligatorisk tjenestepensjon. Selskapets pensjonsordninger tilfredsstiller kravene i denne lov. Revisor Kostnadsfort revisjonshonorar for 216 utgjor kr 54 eks. mva. I tillegg kommer honorar for andre tjenester med kr eks. mva. Note 2 Bankinnskudd Bankinnskudd, kontanter o.l omfatter bundne skattetrekksmidler med kr per Uniearc Holding AS

190 Unicare Holding AS Noter til arsregnskapet 216 Note 3 Driftsmidler Patenter og IT-systemer Inventar Sum driftsmidler Kostpris 1.1 Tiigang rettigheter Avgang Kostpris Akk. avskr. 1.1 Arets avskrivninger Arels nedskrivninger Akk. avskr Akk. Nedskr Bokfort verdi Avskrivningssats 5 fir Linaere 3-5 &r Line re 3-5 dr Lineasre Note 4 Investerlng i clatterselskap Selskapet har felgende datterselskaper: Dattersclskap Sted Eierandel % Stemmerett % Arsresultat Balansefert EK Unicare HelseAS Oslo Unicare BAB AS Oslo Unicare Fram AS Rykkinn Unicare Sma Enheter AS Unicare Omsorg AS Unicare Psykolog AS Unicare Friskvernklinikken AS Unicare Hjemmetjenster AS Unicare Sverige AS Unicare Hokksund AS Oslo Oslo! Oslo Asker Oslo Oslo Hokksund 1 1 NA NA Selskapet liar i 215 kjept selskapet HNS Eiendoin AS, Selskapet ble solgt i 215, resoppgjer p&kr er mottatt i i-i

191 Unicare Holding AS Noter til arsregnskapet 216 Note 5 Egenkapital Aksjekapita! Annen innskutt Annen egenkapital Sum egenkapital Egenkapital Arets resultat Avgitt konsernbidrag Egenkapital Note 6 Aksjonaerer Aksjekapitalen i Unicare Holding AS pr bestir av felgende aksjeklasser: Ordina;re aksjer Sum An tall Palydende.5 Bokfort Eierstruktur De storste aksjonserene i % pr var: Care BidCo AS Totalt antall aksjer Ordiniere Eierandel 1, 1,

192 Unicare Holding AS Noter til arsregnskapet 216 Note 7 Skatt Arets skattekostnad Resultatfert skatt pa ordimert resultat: Betalbar skatt Endring i utsatt skattefordei Skattekostnad ordinmrt resultat Skattepliktig inntekt: OrdincErt resultat for skatt Permanente forskjeiler Endring i midlertidige forskjeiler Mottatt konsernbidrag Avgitt konsernbidrag Skattepliktig inntekt II Betalbar skatt i balansen: Betalbar skatt pa arets resultat Betalbar skatt pa avgitt konsernbidrag Betalbar skatt pi mottatt konsernbidrag Sum betalbar skatt i balansen -i Skatteeffekten av midlertidige forskjeiler og underskudd til fremfering som bar gilt opphav til utsatt skatt og utsatte skattefordeler. spesifisert pa typer av midlertidige forskjeiler: Varige driftsmidler Sum Endring Utsatt skattefordei (24 % / 25 %)

193 Unicare Holding AS Noter til arsregnskapet 216 Note 8 Mcilomvsrende Gjeld: Avgitt konsembidrag Unicare Friskvemklinikken AS Avgitt konsembidrag Unicare Bab AS Avgitt konsembidrag Unicare Hjemmetjenester AS Avgitt konsembidrag Unicare Sverige AS Avgitt konsembidrag Care BidCo AS Sum Leverandorgjeid: Uniare Helse AS Fordring: Mottatt konsembidrag Unicare Psykolog AS MottPtt konsembidrag Unicare Helse AS Mottatt konsembidrag Unicare Omsorg AS Mottatt konsembidrag Unicare SmS Enheter AS Mottatt konsembidrag Unicare Fram AS Mottatt konsembidrag Unicare Friskvemklinikken AS Mottatt konsembidrag Unicare Mokksund AS Mellomvasrende Kvadraten 19 VSrd i Sverige AB * Mellomva;rende Unicare Sverige AS* Mellomvffirende Unicare Hokksund AS Sum * Langsiktige fordringer Kundefordringer: 216 Unicare BAB AS - 45 Unicare Helse AS 17 1 Care ManCo AS 62 73,86 Unicare VSrd i Vastra Gotland AB 96 Sum

194 Unicare Holding AS Noter til arsregnskapet 216 Note 9 Konsernkonto Seiskapet er med i en konsernkonto ordning hvor det er Unicare Holding AS som er konto innehaver. Pr bar seiskapet folgende inellornvsrende knyttet til konsernkonto: Tilgode pa: Unicare Hjemmetjenester AS Unicare Sverige AS Unicare BAB AS Sum Skyldig til: _932 Unicare Helse AS: Unicare Friskvernklinikken AS Unicare Omsorg AS Unicare BAB AS Unicare Hjemmetjenester AS Unicare Sma Enheter AS Unicare Fram AS Unicare Hokksund AS Unicare Psykolog AS Sum Seiskapet bar renteinntekter fra selskap i samme konsem pa kr og renlekostnad pa kr knyttet tii meliomvserendene konsernkonto ordning i 216. Note 1 Langsiktig gjeld Gjeld som forfailer mer enn fern &r etter regnskapsarets siutt: Garantiforpliktelser, pantstillelser og lignende sikret ved pant: Gjeld til kredittinstitusjoner Sum Seiskapet har stillel husleiegaranti pa totalt Eiendeler stilt soin sikkerhet (balansefort verdi) Aksjer i datlerselskaper

195 Unicare Holding AS Noter til arsregnskapet 216 Kontantstxemoppstilling Kontantstrammer fra operasjonelle aktiviteter Resultat fer skattekostnad Periodens betalte skatt Ordinsere avskrivnigner Nedskrivninger anleggsmidier Endring i kundefordringer Endring i leverandergjeld Forskj. Kostnadsfort pensjon og inn-/utbet. i pensjonsordn. Endring i konsernmellomvserender Endring i andre tidsavgrensningsposter Netto kontantstrem fra operasjonelle aktiviteter I I Kontatnstremmer fra investeringsaktiviteter Utbetalinger ved kjap av varige driftsmidler Utbetalinger ved kjop av flnansielle anleggsmidier Netto kontantstrem fra investeringsaktiviteter Kontantstemmer fra finansieringsaktiviteter Kontanstrem fra endringer i iangsiktig gjeid Utbetaling av konsernbidrag Mottatt konsernbidrag Netto kontantstrem fra finansieringsaktiviteter Netto endringer i kontanter og kontantekvivalenter Beh. av kont. og kontantekvivalenter ved per. begynnelse Beh. av kont. og kontantekvivalenter ved per. Slutt

196 Appendix 4 Arsregnskap 215 FRAM HELSEREHAB AS Org.nr

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200 Fram Helserehab AS RESULTATREGNSKAP Note DRIFTSINNTEKTER Salgsinntekt Annen driftsinntekt SUM DRIFTSINNTEKTER DRIFTSKOSTNADER Varekostnad Lonnskostnad Avskrivning pa driftsmidler Annen driftskostnad 2,13 1,7 2, SUM DRIFTSKOSTNADER DRIFTSRESULTAT FINANSINNTEKTER OG FINANSKOSTNADER Renteinntekt fra foretak i samme konsern Annen renteinntekt Annen rentekostnad Annen finanskostnad I 591 RESULTAT AV FINANSPOSTER ORDIN^ERT RESULTAT FR SKATTEKOSTNAD Skattekostnad pa ordinaert resultat ORDIN^RT RESULTAT ARSRESULTAT OVERFRINGER Overfart annen egenkapital SUM OVERFRINGER 8, Organisasjonsnummer

201 Fram Helserehab AS BALANSE EIENDELER ANLEGGSMIDLER Note IMMATERIELLE EIENDELER Utsatt skattefordel SUM IMMATERIELLE EIENDELER VARIGE DRIFTSMIDLER DriftslSre 5 inventar o.a. utstyr SUM VARIGE DRIFTSMIDLER ,5, FINANSIELLE ANLEGGSMIDLER Lan til foretak i samme konsern 1 Andre fordringer SUM FINANSIELLE ANLEGSMIDLER SUM ANLEGGSMIDLER OMLPSMIDLER VARER Lager av varer og annen beholdning 1, SUM VARER FORDRINGER Kundefordringer Andre kortsiktige fordringer SUM FORDRINGER 1, BANKINNSKUDD, KONTANTER O.L. Bankinnskudd, kontanter o.l. SUM BANKINNSKUDD, KONTANTER O.L SUM OMLPSMIDLER SUM EIENDELER Organisasjonsnummer

202 Fram Helserehab AS EGENKAPITAL OG GJELD Note EGENKAPIT AL INNSKUTT EGENKAPITAL Aksjekapitai Annen innskutt egenkapital SUM INNSKUTT EGENKAPITAL OPPTJENT EGENKAPITAL Annen egenkapital SUM OPPTJENT EGENKAPITAL SUM EGENKAPITAL GJELD AVSETNING FOR FORPLIKTELSER Pensjonsforpliktelser 1J3 85 Utsatt skatt SUM AVSETNING FOR FORPLIKTELSER ANNEN LANGSIKTIG GJELD Gjeld til kredittinstitusjoner SUM ANNEN LANGSIKTIG GJELD KORTSIKTIG GJELD Leverandorgjeld Betalbar skatt 4 Skyldig offentlige avgifter Annen kortsiktig gjeld SUM KORTSIKTIG GJELD SUM GJELD SUM EGENKAPITAL OG GJELD Rykkinn, Styret i Fram Helserehab AS I T om'^nkjj^errtann^ styreleder V'lde Marie Wangen daglig leder Organisasjonsnummer

203 FRAM HELSEREHAB AS NOTER TIL ARSREGNSKAPET 215 Note 1 Regnskapsprinsipper og virkning av prinsippendringer Arsregnskapet er satt opp i samsvar med regnskapsloven og god regnskapsskikk for sma foretak. Da selskapet er en del av et konsera som benytter hovedreglene i regnskapsloven, er alle vurderingsprinsipper ensartet for konsernet. Felgende regnskapsprinsipper er anvendt: * Varige driftsmidler avskrives linearrt over forventet konomisk levetid. * Kundefordringer og varelager er vurdert til laveste av anskaffelseskost og virkelig verdi. * Leieavtaler er ikke balansefert. * Mottatt konsernbidrag er registrert som direkte mot egenkapitalen. * Inntektene inntektsfsres i takt med opptjening etter kontrakt og belegg. Pensjoner Selskapets pensjonsansvar i forhold til den ordineere tjenestepensjonsordningen er dekket gjennom Kommunal Pensjonskasse (KLP) for sykepleiere og DNB for ovrige ansatte. Selskapets ansatte gis rett til defmerte fremtidige pensjonsytelser. Pensjonsytelsene er i hovedsak avhengig av antall opptjeningsar og lnnsniva ved oppnadd pensjonalder. Pensjonsforpliktelse knyttet til fremtidige AFP-pensjoner er balansefrt basert pa beregninger foretatt av aktuar etter gjeldende aktuarstandard. Denne ordningen er ikke forsikret og det er heller ikke pa annen mate samlet opp fond til dekning av fremtidige AFP-pensjoner. Dette gjelder ytelser i form av avtalefestet pensjon til aldersgruppen fra 62 til 66 ar. AFP far 65 ar dekkes pa as-you-go basis gjennom en utligningsordning der alle arbeidsgivere innenfor den enkelte arbeidsgiverorganisasjon betaler samme tilskudd i present av pensjonsgrunnlaget. AFP etter 65 ar er dekket med samme tilskudd i present av pensjonsgrunnlaget for alle arbeidsgivere uavhengig av arbeidsgiverorganisasjon, og inngar i den netto palopte pensjonspremie som omtalt innledningsvis. Skatt Skattekostnaden i resultatregnskapet omfatter periodens betalbare skatt som blir utlignet og forfaller til betaling i neste regnskapsar i tillegg til endring i utsatt skatt / skattefordel. Utsatt skatt / skattefordel er beregnet etter gjeldende skattesats ved utgangen av regnskapsaret. Beregningen er foretatt pa grunnlag av skattereduserende og skatteekende midlertidige forskjeller som eksisterer mellom regnskapsmessige og skattemessige verdier.

204 FRAM HELSEREHAB AS Note 2 Ansatte, godtgjerelser m.v. Lonnskostnader bestar av flgende poster: Lnninger (inkl. feriepenger og styrehonorarer) Folketrygdavgift Pensjonskostnader Andre lonnskostnader Sum lnnskostnader Gjennomsnittlig antall irsverk Det foreligger ikke avtaler om godtgjrelser utover ordinser lann til ledende personer. Selskapet har etablert Obligatorisk Tjenestepensjon i samsvar med lovens krav. Godtgjerelser Daglig leder Lnn Annen godtgjrelse Styret Revisor Revisjonshonorar for 215 utgjer kr tillegg kommer andre tjenester med kr Honoraret er inkl. mva. Note 3 Antall aksjer, aksjeeiere m.v. Selskapets aksjekapital, kr 25.,-, er fordeit pa 25 aksjer, hver palydende kr 1.,-. Selskapets aksjonserer er: Unicare Holding AS Unicare Holding AS eies av fglgende; Ic Care AS Toti Holding AS v/tom Erik Tidemann-Andersen Una A AS 5% Eierandel 1 % Verv 3% 1% Styreleder 2% Selskapets aksjer ble med virkning fra overdratt fra SAM Holding AS til Unicare Holding AS.

205 FRAM HELSEREHAB AS Note 4 Skattekostnad Spesifikasjon av midlertidige forskjeller: Utsatt skatt/utsatt skattefordel: Netto grunnlag Underskudd til fremfisring Sum netto grunnlag Utsatt skatt/utsatt skattefordel 25 % og 27 % Regnskapsmessig resultat for skatt Permanente forskjeller Underskudd til fremfisring Endring midlertidige forskjeller Endring Beregningsgrunnlag for betalbar skatt Spesifikasjon av skattekostnad: Betalbar skatt, 27 % Endring utsatt skattefordel/utsatt skatt Skattekostnad Note 5 Gjeld Gjeld som forfaller mer enn 5 &r etter regnskapsarets slutt Fordringer som forfaller senere enn 1 ar etter regnskaps&ret slutt Den del av gjeiden som forfaller mer enn fem ar etter regnskapsarets slutt Gjeld til kredittinstitusjoner Gjeld sikret ved pant Gjeld til kredittinstitusjoner 66 8 Balansefort verdi av eiendeler stilt som sikkerhet Kundefordringer Varelager Sum Note 6 Bundne midler I posten bankinnskudd og kontanter inngar bundne skattetrekksmidler med kr

206 FRAM HELSEREHAB AS Note 7 Anskaffelseskost 1.1 Arets tilgang Arets avgang Anskaffelseskost 31,12 Varige driftsmidler Driftslesere, inventar mv Pakost leide iokaler Sum Akkumuierte avskrivninger pr 1.1 Akkumulerte avskrivninger pr Balansefiart verdi pr Arets avskrivninger Avskrivningssats 2% 11 % NoteS Egenkapital Egenkapital pr Arets resultat Aksjekapital Annen innskutt EK Aimen EK Sum Egenkapital pr Note 9 Konsernbidrag Det er for 215 hverken avgitt eller mottatt konsernbidrag. Note 1 Mellomvaerende med selskap i samme konsern Langsiktige fordringer, Sam Holding AS Note 11 Salgsinntekter Salgsinntekter fordeler seg pk flgende poster: Tilskudd Helse Sr-st RHF Tilskudd Helse Ssr-Ost RHF "Raskere tilbake" NAY tiltak "arbeidsrettet rehabilitering" Egenandeler pasienter vrige inntekter Sum salgsinntekter Note 12 Leie overnattingsrigg - fmansielle anieggsmidler Fram Helserehab AS leier en midlertidig overnattingsrigg i forbindelse med at huseier foretar ombygging av lokalene. I den forbindelse er det betalt forskuddsleie pa kr for tre ar. Forskuddet kostnadsfres over leieperioden og utgjr for 215 kr Balansefort forskuddsleie pr er pa kr

207 FRAM HELSEREHAB AS Note 13 Pensjonskostnader, pensjosmidler og pensjonsforpliktelser Selskapets pensjonsmidler er aktuarmessig beregnetpr Pensjonskostnaden inng&r i resultatregnskapet under lnn og andre personalkostnader. Ved beregningen er det lagt til grunn flgende forutsetninger: Diskonteringsrente Lnnsregulering G-regulering Forventet avkastning KLP DnB 2,7 % 2,5 % 2,25 % 3,3% 2,7 % 2,5 % 2,25 3,3 % Brutto p&lopt pensjonsforpliktelse Pensjonsmidler (til markedsverdi) Ikke resultatfrt virkning av estimatavvik Netto pensjonsforpliktelse (midler) Netto balansefort pensjonsforpliktelse Arets pensjonskostnad fremkommer slik: Innbetalt til KLP Ansattes trekk Endring pensjonsforpliktelse Sum ( ) ( ) KLP DnB ( ) ( ) ( ) ( ) KLP DnB Sum ( )

208 Posteringsdokumentasjon Klient Fodsels-Zorgnr Fram Hefserehab AS Konto Debet Kredit T1 Endring avsetning opptjente liggedgn APT D Egenandeler interim , Endrfng avsetning opptjente liggedgn APT D Egenandeler , T2 PSlBpt Strom se APT T.9 og T Stram 1918, PSiapt strom se APT T.9 og T Annen pdlapt kostnad 19 18, T3 Endring skyldig lann for 215 iht oppstilling Carim 59 Periodisering Iznn Endring skyldig inn for 215 iht oppstilling Carim 2935 PSlopte lennskostnader , , T4 Endring aktuarbergning KLP, se APT S.11 og S Reguierlng - kip Endring aktuarbergning KLP, se APT S.11 og S Pensjonsforpliktelse 85, 85, TS Innberettet for mye i grunnlag pensjoner, ikke tru^ 277 Skyldig arbeidsgiveravglft Innberettet for mye i grunnlag pensjoner, ikke trul- 54 Arbeidsgiveravgift , , T6 Iht avtale ved salg av Fram ble adm.honorar for Fordring sam holding as Iht avtale ved salg av Fram ble adm.honorar for Adm.honorar sam holding as 8, 8. T7 Iht mail fra Stile reduksjon i tilskudd vedr 215 sc 3212 Basistilskudd helse serast Iht mail fra Stile reduksjon i tilskudd vedr 215 $< 293 Helse scrost , T8 Til gode sykepenger215-seapt S.31.1 kr Pilopte lonnskostnader Tilgode sykepenger 215 -se APT S.31.1 kr Periodisering sykepengerefusjon , T9 Julegaver ansatte, bilag nr se ogsi APT' 591 Gave til ansatte. ikke fradr. Julegaver ansatte, bilag nr se ogsd APT' 599 Andre personalkostnader , ,75 no Overfflres mellomregning Sam Holding AS Overfares mellomregning Sam Holding AS 1563 Fordring sam holding as 1562 Fordringer Schjedt oppgjar 45, 45, D1 Betalbar skatt Betalbar skatt 83 Betalbar skatt 25 Betalbar skawikte utlign , , D2 Utsatt skatt Utsatt skatt 832 Endrig utsatt skatt 17 Utsatt skattefordel , ,32 Maestro Arsoppgjer Fram Helserehab AS Side 1

209 Konto Debet Kredit D3 Utsatt skatt 17 Utsatt skattefordel 11 49,15 Utsatt skatt 212 Utsatt skatt 11 49,15 D5 Overfort til annen egenkapital 896 Overfort fra egenkapital ,28 Overfort til annen egenkapital 25 Annan egenkapital Vi bekrefter herved at ovennevnte posteringer er utfort p& bakgrunn av instruks fra oss. Gjovik, Hiide Marie Wangen Maestro Arsoppgjar Fram Helserehab AS Side 2

210 Arsregnskap 216 Unicare Fram AS Org.nr

211 ARSBERETNING 216 Unicarc Fram AS Arten av virksomheten og hvor virksomheten drives Unicare Fram AS er et selskap som leverer spesialisthelsetjencstcr innenfor rchabilitcring av pcrsoner som har kroniskc sykdommer, har {yennomgatl operasjoncr ellcr har halt skader av ulike slag. Sclskapet er sertifisert i henhold til ISO Virksomheten foregir p3 Rykkinn i Bacrum kommune. Sclskapets utvikling, resultat og fortsatt drift Styret mener at arsregnskapet gir et rettviscnde bilde av selskapcts ttkonomiskc og finansielle stilling, og anser likviditetssituasjoncn som tillredsstillende. Styret bekrefter at forutsetning om fortsatt drift er til stede og lagt til grunn ved utarbeidelse av regnskapet. Det er ikke innlnklt forhold etter regnskapsarets utgang som er av betydning ved bedemmelse av selskapets stilling. Arbeidsmilje og likestilling Styret bcstar av 1 mann og selskapet hadde 53 ansatte ved utgangen av regnskapssret, herav 87% kvinner. Sykefravseret i perioden var 8,8 % Arbeidsmiljoet anscs som godt. Det har ikke blitt rapportert skader eller ulykker relatert til arbeidsplassen. Selskapet har innarbeidet en policy som tar sikte pa at det ikke skal forekomme forskjellsbehandling grunnet kjonn, etnisitet eller religion. Ylre milja Virksomhetcns bransje og natur medforer liten grad av forurensning ellcr utslipp som kan vaere til skade for det ytre miljo. Oslo, 13. mars 217 idtn E. Tidemann-Andcrsen Styret^kdcr Hilde VVangen Daglig leder

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214 RESLXTATREGNSKAP DRIFISIN.NTEKTER Salgsinntekt Annen driffsmntekt SUM DRIFTSEVNTEKTER Note ^ DWFTSKOSTNADER Varekostnad I^nnskostnad Avskrivning pd driftsmidte Annen driftskostnad SUM DRIFTSKOSTNADER D758 DRIFTSRESULTAT FINANSINNTEKTER OG FINANSKOSTNADER Renteiantekt fra foretak I samme konsem Annen renteinntekt Rentekos&iad til foretak i samme konsem 6 8 Annen rmtekostnad Annen finanskostnad RESULTAT AV BINANSPOSTER ORDIN/ERT RESULTAT FOR SKATTEKOSTNAD Skattekostnad pi ordiwert resultat ORDBNMERT RESULTAT ARSRESULTAT OVERFRINGER Avsait konsembidrag Over&rtannenegeokapUal SUM OVERFRHS GER wm ^-rr---r.-argzmbtonthqmmerm -7

215 BALANSE Note EIENBELER ANLEGGSMIDLER EV1MATERIELLE EIENDELER Utsatt skattefordei SUM 1MMATERIELLE EIENDELER VARIGE DMPTSMTOLER Tomter, bygnlnger b.a. fast eiendom" 3 DriftslSfe ) inventar o.a. utstyr 3 SUM VAJRIGE DRIFTSMIDLER FINANSIELLE ANLEGGSMIDLER Andre fordringer SUM FENANSIELLE ANLEGSMIDLER SUM ANLEGGSMIDLER OMLPSMIBLER VARER Lager av varer ogannen beholdning SUM VARER FORDRINGER Kundefordringer Andr6 kbrtsiktige fordringer Konsecnkoato SUM FORDRINGER M BANKINNSKUDD, KONTANTER OX. Bankhmskudd, kontanta- o.l. SUM BANKINNSKUDD, KONTANTER OX. <2 i SUM GMLPSMIDLER SUM EIENDELER i O'rgahlaaaJ^nartuniffigrSTB 547 3'9i

216 Unicare Fram AS EGENKAPITAL OG GJELD Note EGENKAPITAL INNSKUTT EGENKAPITAL Aksjekapital Annen innskutt egenkapital SUM INNSKUTT EGENKAPITAL OPPTJENT EGENKAPITAL Annen egenkapital SUM OPPTJENT EGENKAPITAL SUM EGENKAPITAL GJELD AVSETNTNG FOR FORPLIKTELSER Pensjonsforpliktelser Utsatt skatt SUM AVSETNING FOR FORPLIKTELSER II ANNEN LANGSIKTIG GJELD KORTSIKTIG GJELD Leverandorgjeld Betalbar skatt Skyldig offentlige avgifter Gjeld konsemselskap Annen kortsiktig gjeld SUM KORTSIKTIG GJELD SUM G JE1 LD SUM EGENKAPITAL OG GJELD Oslo, Styret i Unicare Fram AS Tofo Erik I idemarihtsnderseii styreleder Hiide Marie Wangen daglig leder Organlsaajononummer

217 Regnskapsprrasipper Arsregnskapet er satt opp t samsvar medregnskapsloven ognrs 8 - God regnskapsskikk for sras foretak. Driftsinntekter Inntektsfaring ved salg av varer skjer pueveringstidspurtkfct. Tjehester inniektsftres-efter hvert som de leveres. Skatt Skattekpstnaden i resultatregnskapet omfatter Mde peripdens betalbare skatt og endring i utsatt skatt Utsatt skatt er beregnei med 24% pi grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige pg'skattemessige verdier, samt ligningsmessig underskudd til fretnferihg ved utgangen av regnskapsaret. Skatteekende og skatteredusefende midlertidige-forskjellersom teverserer eller kan reverseres i samme periode er uuignet og nettoferi. Kjassifisering og vurdering av anieggsmidler Anleggsmidler omfatter eiendeler bestemt til varig eie og bruk. Anieggsmidler er vurdert.til anskaffeiseskost. Varige driftsmidler balansefres og avskrives over driftsmidlets ekonomiske leyetid. Avskrivningsperioden for fast eiendom anskaffet etter 29 er dekomponert i en del som gjelder r^bygget og en del som gjelder faste teknlske installasjoner. Varige driftsmidler nedskrives til gjenviitnbart belsp ved verdifall som forventes ikke a v$re forbigsende. Gjenvinnbart beiop er det hayeste av netto salgsverdi og verdi i bruk, Verdi i bruk er nsverdi av fremtidige kontantstramsner knyttet til eiendelcn. Ncdskrivmgen reverseres nlr gnmniaget {or nedskrivingen ikke Ifenger er til stede. Klassifisering og vurdering av omlapsmidicr Omlepsmidler og kortsiktig gjeid omfatter ndrmalt poster som forfaller til betaling innen ett ar etter balansedagen, samt poster som knytter seg til varekretsbpet. Omlepsmidler vurderes tij laveste verdi av anskaffeiseskost og virkelig verdi. Varer Varer er vurdert til det laveste av anskaffeiseskost og netto salgsverdi. Ford ringer tap. Avsetnmg til tap gjares p&. grunnlag av en individuell vurdering av de enkette fordringene. Pensjonsforpliktelser Pensjonsfoipiiktelser fmansiert over driften er beregnet og balans'efert under avsetning for fbrpliktelser. Pensjonsordninger finansiert via sikrede ordninger er balansefart. Dette.er en endring fra tidligere prinsipp'. Se note 9, Pensjonspremien anses i disse tilfeller som pensjonskostnad og klassifiseres sammen med lnnskostnader.

218 Note 1 Lennskostnader, antall ansatte, godtgjarelser, lln til ansatte m.m. Lonnskostnader Lniiiinger Arbeidsgiveravgift PensjonskoStnader Andre yteiser Sum Gjennomsnittlig antall drsverk: 45 Yteiser til ledende peraoncr Daglig leder Sty re Lemn Annet Persjonsutgifter Ledende ansatte har'ikke avtale om bonus elier aksjebasert avlerthing. Deter ikkeytet I n elier stilt garantier tit daglig teder, styreleder eller ancjre n»rstaende pattar. Pensjonsfiprpliktalser Selskapet er pliktig til S ha tjenestepensjonsordning etter lov om obligatorisk tjenestepensjon. Seiskapets peftsjonsordningertilfredsstiller kravens i denne lov. Revlsor KostnackfactTevisjondiorHDrar for 216 utgjer kr 5 eksldusiv mva. I tillegg laxnmer honorarfor andre tjenester med kr eksklusiv mva.. Note 2 Baakinnskudd Bankinnskudd, kontanter o. I omfatter bundne skattetrekksmidler med kr I pr Skyldig skattetrekk p$r31,12. akrl

219 Note3 Driftsmidler Kostpris 1,1 Tilgang. Avgang Kostpris AkkUmulerte avskrivninger 1.1 Arete avskrivninger Akkiimulerte avskriyninger Bokfart Verdi Kontormaskiner inventar, mm. Bygningsmessige Sum installasjoner i Note 4 Aksjonasrer Aksjekapitalen i Unicare Fram AS pr bcstar av felgende aksjekiasser: OrdinjEre aksjer Sum Antall Palydende 1, Bokfert '25 25 Eierstruktvr Unicare Holding AS Tolalf antall aksjer Ordinsere Eierandel 25 1, 25 1, NoteS Mellomvscrende Gjeld; Unicare Holding AS Skylding konsernbidrag Unicare Holding AS Sum Leverandargjeld: Unicare Helse AS Sam

220 Noted KonsernmcIlomvEerende - konsemkonto *Mellomv$rende Unicare Holding AS Renter melloraverende Un Scare Holding AS (inntekl) 6 34! *Sfclskapet er msd i konserakontoordningen hvor det er Unicare Holding som er konto innehaver. Note? Pantstilielser Det er stillet sikkerhet for.konsernets engasjementer 3 Danske Bank med kr 1 i kundefordringer og.med kr 1 i driftstjlbehar. Balansefent verdi av pantesikfede eiendeler: Kundefordringer Varige. driftssnidler Sum NoteS Egenkapital Aksjekapital Annen lanskuft Annen Sura egenkapital egenkapital egenkapil al Pr. 31, Aretsresultat Konsembidrag avgitt : Pr mm

221 Note 9 Pensjoner Selskapet har en innskuddsordning som omfetter samtlige ansatte med unntakav sytepleierne. Sykepfeierne er dekket ved avtajefestet pensjonsordning (ytelsesbasertordning) gjennora Korfimunal Landspensjonska'sse (KLP). Pr var det 25 medlemmer i ordningen. Selskapels ytelsesbaserte AFP-ordntng er en flerforetakspensjonsordning, og finansieres gjennom premier som fastsettes som en present av Isnn. Ojdningen blir regnskapsmessig.behandiet som en innskuddsbasert pensjonsordning hvor pretniebetalinger kostnadsfi - es lepende, og ingen avsetninger foretas i regnskapet. Avstemming av pensjonsordningens fiflansiert status mot belep r balansen: KLP-ordningen Beregnet pensjonsfoqjliktelse Pensjonsmidler til markedsverdi ikke resultatfert virkning av estimatavvrk Arbeidsgiveravgift Esttmertpensjonsforpiiklelse Esenkapitaltilskudd KLP Netto pensjonsforpliktelser (midler) kanomiske forulsatninger Diskonteringsrente Lannsvekst G-Eegulering PensjonsregulerSng Forventet avkastning 2,6 2,5 2,25 1,48 3,6 Selskapet haddeen pensjonsforplikteise pr p5 kr Denne var ikke bok&rt.

222 Note 1 Skatt Arets skattekostnad Resultatfort skatt pi ordinasrt.resuitat: Betalbar skatt Endring i utsatt skatt Skattekostnad ordinaert resultat SkatteplifOig inntekt: Ordinart resultat far skatt Permanence forskjeller Endring i midlertidige forskjeller Avgitt konsembidrag Skattepliktig inntekt Betalbar skatt i balansen: Betalbar skatt p& irets resultat Betalbar skatt pa avgitt konsembidrag Sum betalbar skatt i balansen V I Skatteeffekten av midlertidige forskjeller og underskudd til frerafering soiri har gitt opphav tif utsatt skatt og utsafte skattefordeler, spesifisert p typer av midlertidige forskjeller: Varige driftsmidler Varebeholdning Fordringer Pensjonspremie/- forpiiktelse Sam Endring Utsatt skattefordel / skatt (24 % / 25 %)

223 Posteringsdokumentasjon Alio posteringer KlierK Fadsels-Zofg nr Unicare Fram AS Nr Dato T»k«t Belep Debet Kredlt TMIaggaposteringor T1 T2 TO T F erner observasjonskontl Fjerner observasjonskonll Fell aks ekapilal Fjernef 9xxx konli , Annen kostnad 9999 Observasionskonlo 2 Aksjekapital 9999 Observasjonskonto 99 Feilbilag 779 Annen koslnad 779 Annen kostnad 99 Feilbilag Disponed nger D Belslbar skalt Betalbar skatt 2 D3 D , Ulsatt skatt Utsalt skatt Overfetl (ra annen egenkapllal , , , Utsatt skatt 17 Ulsatt skatiefordei 25 Annen egenkapilal 25 Betalbar skatt, Ikke uiiigi 832 Endng utsalt skalt 212 Ulsatt skalt 897 Overfart Ira annen egenv Konsembldcag K ,216 Konsernbidrag III Unicare Holding AS , Avsall konsernbidrag 292 Konsernbidrag K Konsernbldrag til Unicare Holding AS , 25 Belalbar skatt, ikke ulllgi 292 Konsernbidiag Vi bekrefler herved al ovennevnle poslennger er ulfbrt pfl bakgrunn av mslruks Ira oss. Oslo Hllde Marie Wangen NA AiC Maestro Aisoppgjar Unicare Fram AS Side 1

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252 Resultatregnskap Unicare Friskvernklinikken AS Operating income and operating expenses Note Revenue Operating Income Raw materials and consumables used Payroll expenses Depreciation and amortisation expense Other operating expenses Operating expenses Operating profit Financial income and expenses Interest income from group entities Other interest income Other Interest expenses Other financial expenses Net financial income and expenses Operating result before tax Tax on ordinary result Operating result after tax Annual net profit Brought forward Group contribution To other equity Net brought forward Unicare Friskvernklinikken AS Page 1

253 Balanse Unicare Friskvernklinikken AS Assets Note Deferred tax asset Total intangible assets Tangible fixed assets Equipment and other movables Total tangible fixed assets Other receivables Total financial fixed assets Total fixed assets Debtors Accounts receivables 8, Other receivables Demand on payment of sharecapital Total debtors Cash and bank deposits Total current assets Total assets Unicare Friskvernklinikken AS Page 2

254 Balanse Unicare Friskvernklinikken AS Equity and liabilities Note Restricted equity Share capital 4, Other paid-in equity Total restricted equity Retained earnings Other equity Total retained earnings Total equity Current liabilities Certificate loans Trade creditors Public duties payable Other short term liabilities Total short term liabilities Total liabilities Total equity and liabilities Oslo, The board of Unicare Friskvernklinikken AS Tom Erik Tidemann-Andersen chairman of the board Una Aas member of the board Julie Vister Nordbø general Manager Unicare Friskvernklinikken AS Page 3

255 Resultatregnskap Unicare Friskvernklinikken AS Operating income and operating expenses Note Revenue Operating Income Raw materials and consumables used Payroll expenses Depreciation and amortisation expense Other operating expenses Operating expenses Operating profit Financial income and expenses Interest income from group entities Other interest income Other Interest expenses Net financial income and expenses Operating result before tax Tax on ordinary result Operating result after tax Annual net profit Brought forward To other equity Net brought forward Unicare Friskvernklinikken AS Page 1

256 Balanse Unicare Friskvernklinikken AS Assets Note Deferred tax asset Total intangible assets Tangible fixed assets Equipment and other movables Total tangible fixed assets Other receivables Total financial fixed assets Total fixed assets Debtors Accounts receivables Other receivables Demand on payment of sharecapital Total debtors Cash and bank deposits 2, Total current assets Total assets Unicare Friskvernklinikken AS Page 1

257 Balanse Unicare Friskvernklinikken AS Equity and liabilities Note Restricted equity Share capital 4, Additional paid-in capital Total restricted equity Retained earnings Other equity Total retained earnings Total equity Current liabilities Trade creditors Public duties payable Other short term liabilities Total short term liabilities Total liabilities Total equity and liabilities Oslo, The board of Unicare Friskvernklinikken AS Una Aas member of the board Tom Erik Tidemann-Andersen chairman of the board Børge Bøyum general Manager Unicare Friskvernklinikken AS Page 2

258 Appendix 6 Arsregnskap 215 Hokksund Rehabiliteringssenter AS Styrets arsberetning Resultatregnskap Balanse Kontantstrm Noter til regnskapet Org.nr.:

259 Styrets og administrasionens Arsberetning Hokksund Rehabiliteringssenter AS. Drift. Hokksund Rehabiliteringssenter AS (HRS)er en spesialistinstitusjon for rehabilitering og drives etter Lov om spesialisthelsetjenesten. HRS har driftsavtale med Heise Sr-st RHF. I tillegg drifter HRS kommersielle enheter: SALTO treningssenter, Klinisk Fysiologisk Klinikk (KF-labr.), Linas kjkken- cafe og kjkken / varesalg ved resepsjonen, utleievirksomhet av fagtjenester og fasiliteter. Virksomheten drives i leide lokaler, pa Loesmoen, Hokksund i vre Eiker kommune. Arbeidsmilj. Styret anser arbeidsmiljet og den generelle trivsel ved arbeidsplassen som bra. HRS er en Inkluderende Arbeidslivs-bedrift. HRS har 3 Verneombud og AMU-utvalg med faste mter. AKAN er en del av AMU med hovedoppgave a forebygge og bidra med hjelp til ansatte med rus- og/eller avhengighetsproblematikk. Forum for tillitsvalgte og ledelsen mtes ved behov, minimum 4 ggr/ar. Sykefravaer Selskapet frer oversikt over totalt sykefravaer blant selskapets ansatte. Totalt sykefravaeret pa 4,76 %, som er en liten oppgang fra fjoraret (3,64 % i 214). Sykefravaeret skyldes fysisk sykdom og plager, for eksempel armbrudd, operasjoner, kneskader etc. Ansatte har adgang til a bruke institusjonens treningssenter, herunder ogsa a kunne delta i organiserte grupper. Ansatte far veiledning om egentrening, tilbud om fysiologisk kondisjonstest som motivasjon for egen trening etc. Vi gjennomfrer en rekke tiltak for fremme trivsel, samarbeid og helse for vare ansatte. Det er i 215 ikke iverksatt nye spesielle tiltak i denne forbindelse men viderefrt eksisterende tiltak. Ansatte har ikke vaert utsatt for ulykker eller skader i forbindelse med utfrelsen av sitt arbeid i 215. Totalt antall stillinger: 7 arsverk, eksklusiv vikarer/ekstrahjelp. Antall heltid/deltid : 34 personer heltid og 7 personer deltid Antall personer : 83 kvinner og 21 menn Ytre milj. Selskapets miljprofil nsker a ivareta det ytre milj pa best mulige mate. Selskapet driver ikke virksomhet som forurenser det ytre miljet Eierforhold. Selskapet er heleid av Kurbad Forvaltning AS, 33 Hokksund.

260 Likestilling. Fordeling i % kvinner/ menn er ca. 8/2 Fordelt i % forhold til innehav av ledende stillinger kvinner/menn er ca. 6/ 4. Selskapets styre er fordelt kvinner/menn 5/3. Det praktiseres full likestilling mellom kjnnene. Sserskilte likestillingstiltak er ikke planlagt. Diskriminering og trakassering Det er ikke iverksatt eller planlagt spesielle tiltak pa dette omradet. konomi. Hovedavtale med Helse Sr-st (HS) 215 var forste ar med ny ramme- og ytelsesavtale med Helse Sr-st. Dette innebar innarbeidelse av nye pasientgrupper. Nye regler i forhold til pasientrettigheter frte til en forsering av oppussing av pasientrom i 1. og 3. etg. Arsregnskap Arsresultatet viser et overskudd pa kr ,-. Arsregnskapet er utarbeidet under forutsetningen om fortsatt drift og styret bekrefter at forutsetningen om fortsatt drift er til stede. Det fremlagte regnskap gir et rettvisende bilde av selskapets drift og av situasjonen pr Andre forhold. Styret kjenner ikke til noen forhold av viktighet for a bedmme selskapets stilling og resultat som ikke fremgar av regnskapet og balansen med noter. Det er heller ikke etter regnskapsarets utgang inntradt forhold som etter styrets syn har betydning ved bedmmelse av regnskapet. Fremtidsutsikter - Finansieli risiko Forslag til anvendelse av overskudd. I 215 hadde selskapet et overskudd etter skattekostnad pa kr ,- som foreslas disponert slik: Til annen egenkapital kr ,- Med den utviklingen vi er inne i, ligger etter styrets oppfatning forholdene godt til rette for videre drift og utvikling.

261 Hokksund 28. april 216 r\cl J cn-cta. t)ennis Astrand arb.styreleder Trine Lise Haagensen styremedlem Anja Lena Jordahl styremedlem i-fe O IA^\ styrema^l^n styremedlem styremedlem L \ & In, i 'e nkjller Richard Astra styremedlem styremedlem Pal Stenbro daglig leder

262 IDA Til generalforsamlingen i Hokksund Rehabiliteringssenter AS REVISORS BERETNING FOR 215 Uttalelse om i,rsregrrkapet Vi har revidert flrsregnskapet for Hokksund Rehabiliteringssenter AS som viser et overskudd pe kx Arsregnskapet bestar av balanse per 31. desember 215, resultatregnskap og kontantstrpmoppstilling for regnskapsflret avsluttet per denne datoen, og en beskrivelse av vesentlige anvendte regnskapsprinsipper og andre noteopplysninger. Styrets og daglig leders ansvar for irsregnskapet Styret og daglig leder er ansvarlig for i utarbeide irsregnskapet og for at det gir et rettvisende bilde i samsvar med regnskapslovens regler og god regnskapsskikk i Norge, og for slik intern kontroll som styret og daglig leder finner ngdvendig for fl muliggi6re utarbeidelsen av et f,rsregnskap som ikke inneholder vesentlig feilinformasjon, verken som fglge av misligheter eller feil. Revisors oppgaver og plikter Vir oppgave er fl gi uttrykk for en mening om dette irsreguskapet pt bakgrunn av ver revisjon. Vi har gjennomfprt revisjonen i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder International Standards on Auditing. Revisjonsstandardene krever at vi etterlever etiske krav og planlegger og gjennomf6rer revisjonen for 6 oppnfl betryggende sikkerhet for at flrsregnskapet ikke inneholder vesentlig feilinformasjon. En revisjon innebarer utfgrelse av handlinger for fl innhente revisjonsbevis for belgpene og opplysningene i irsregnskapet. De valgte handlingene avhenger av revisors skjdnn, herunder vurderingen av risikoene for at flrsregnskapet inneholder vesentlig feilinformasjon, enten det skyldes misligheter eller feil. Ved en slik risikovurdering tar revisor hensyn til den interne kontrollen som er relevant for selskapets utarbeidelse av et firsregnskap som gir et rettvisende bilde. Formilet er fl utforme revisjonshandlinger som er hensiktsmessige etter omstendighetene, men ikke for 6 gi utrykk for en mening om effektiviteten av selskapets interne kontroll. En revisjon omfatter ogs6 en vurdering av om de anvendte regnskapsprinsippene er hensiktsmessige og om regnskapsestimatene utarbeidet av ledelsen er rimelige, samt en vurdering av den samlede presentasjonen av flrsregnskapet. Etter vflr oppfatning er innhentet revisjonsbevis tilsrekkelig og hensiktsmessig som grunnlag for vflr konklusjon. Konklusjon Etter v6r mening er flrsregnskapet avgitt i samsvar med lov og forskrifter og gir et rettvisende bilde av den finansielle stillingen til Hokksund Rehabiliteringssenter AS per 31. desember 215 og av resultatet og kontantstrommen for regnskapsflret som ble avsluttet per denne datoen i samsvar med regnskapslovens regler og gd regnskapsskikk i Norge. Weqgelandsveien 7, 167 Oslo Telefon: l Revisomr.: 916lffi992 Hjemmeside: Bank&onto: 96t E-post post@lrda.no

263 Uttalelse om owige forhold Konklusjon om flrsberetningen Basert pi vir revisjon av flrsregnskapet som beslcrevet ovenfor, mener vi at opplysningene i flrsberetningen om irsregnskapet og forutsetningen om fortsatt drift og forslaget til anvendelse av overskuddet er konsistente med flrsregnskapet og er i samsvar med lov og forskrifter. Konklusjon om registrering og dokumentasjon Basert pfl vf,r revisjon av flrsregnskapet som beskrevet ovenfor, og kontrollhandlinger vi har funnet npdvendig i henhold til internasjonal standard for attestasjonsoppdrag (ISAE) 3 <Auestasjonsoppdrag som ikke er revisjon eller forenklet revisorkontoll av historisk finansiell informasjon>>, mener vi at ledelsen har oppfylt sin plikt til fl sprge for ordentlig og oversiktlig registrering og dokumentasjon av selskapets regnskapsopplysninger i samsvar med lov og god bokfpringsskikk i Norge. Oslo, den 28. apil216 Lundes Revisjonskontor I DA th^l",ree Bente Hole Registrert revisor Side 2 av 2

264 Resultatregnskap Hokksund Rehabiliteringssenter AS Driftsinntekter og driftskostnader Note Salgsinntekt Annen driftsinntekt Sum driftsinntekter Varekostnad Lnnskostnad Avskrivning av driftsmidler og immaterielle eiendeler Annen driftskostnad Sum driftskostnader 5,7 4 5, Driftsresultat Finansinntekter og finanskostnader Annen renteinntekt Verdikning markedsbaserte omlpsmidler Annen rentekostnad Resultat av fmansposter Ordinaert resultat fr skattekostnad Skattekostnad pa ordinaert resultat Arsresultat Overfringer Avsatt konsernbidrag Avsatttil annen egenkapital Sum overfringer Hokksund Rehabiliteringssenter AS Side 3

265 Balanse Hokksund Rehabiliteringssenter AS Eiendeler Note Anleggsmidler Varige driftsmidler Driftslsre / inventaro.a. utstyr Sum varige driftsmidler Finansielle anleggsmidler Andre langsiktige fordringer Sum finansielle anleggsmidler Sum anleggsmidler Omlpsmidler Lager av varer og annen beholdning Fordringer Kundefordringer Andre kortsiktige fordringer Sum fordringer Bankinnskudd, kontanter o.l Sum omlpsmidler Sum eiendeler Hokksund Rehabiliteringssenter AS Side 4

266 Balanse Hokksund Rehabiliteringssenter AS Egenkapital og gjeld Innskutt egenkapital Aksjekapital Sum innskutt egenkapital Note , Opptjent egenkapital Annen egenkapital Sum opptjent egenkapital Sum egenkapital Gjeld Avsetning for forpliktelser Pensjonsforpllktelser Utsatt skatt Andre avsetninger for forpliktelser Sum avsetning for forpliktelser Kortsiktig gjeld Leverandrgjeld Betalbar skatt Skyldig offentlige avgifter Annen kortsiktig gjeld Sum kortsiktig gjeld Sum gjeld Sum egenkapital og gjeld Hokksund Rehabiliteringssenter AS Side 5

267 f) ObU. Sven Eric Dennis Astrand styreleder Balanse Hokksund Rehabiliteringssenter AS Hokksund, Styret i Hokksund Rehabiliteringssenter AS / Paul Richard Astrand styremedlem A 14 Steinar Knutsen styremedlem vr&oa a-lisa Jordahl tvremealem Ai nja-lena Jordahl styremedlepi Trine Lise Haagensei styremedlem Trine Maehlum styremedlem Hcgll tx r\ IAO IngVldf^llsabeth Kjller Pal Gulbrand Stenbro styremedlefn daglig leder Hokksund Rehabiliteringssenter AS Side6

268 Indirekte kontantstrom Hokksund Rehabiliteringssenter AS Note Kontantstrmmer fra operasjonelle aktiviteter Resultat fr skattekostnad + Ordinaire avskrivninger +/- Endring i varelager +/- Endring i kundefordringer +/- Endring i leverandrgjeld +/- Endring i andre tidsavgrensningsposter = Netto kontantstrm fra operasjonelle aktiviteter Kontantstrmmer fra investeringsaktiviteter - Utbetalinger ved kjp av varige driftsmidler = Netto kontantstrm fra investeringsaktiviteter Netto endring i kontanter og kontantekvivalenter Beh. av kont. og kontantekvivalenter ved per. begynnelse Beh. av kont, og kontantekvivalenter ved per. slutt Hokksund Rehabiliteringssenter AS Side?

269 Hokksund Rehabiliteringssenter AS Noter til arsregnskapet Note 1 Regnskapsprinsipper Arsregnskapet er satt opp i samsvar med regnskapslovens bestemmelser og god regnskapsskikk for sma foretak. Driftsinntekter og kostnader lnntektsfring skjer etter opptjeningsprinsippet som normalt vil vasre leveringstidspunktet for varer og tjenester. Kostnader medtas etter sammenstillingsprinsippet, dvs. at kostnader medtas i samme periode som tilhrende inntekter inntektsfores. Hovedregel for vurdering og klassifisering av eiendeler og gjeld Eiendeler bestemt til varig eie eller bruk er klassifisert som anleggsmidler. Andre eiendeler er klassifisert som omlpsmidler. Fordringer som skal tilbakebetales innen et ar er uansett klassifisert som omlpsmidler. Ved klassifisering av kortsiktig og langsiktig gjeld er analoge kriterier lagt til grunn. Anleggsmidler vurderes til anskaffelseskost, men nedskrives til virkelig verdi nar verdifallet forventes ikke a vaere forbigaende. Anleggsmidler med begrenset konomisk levetid avskrives planmessig. Langsiktig gjeld balansefres til nominelt mottatt belp pa etableringstidspunktet. Omlpsmidler vurderes til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld balansefres til nominelt mottatt belp pa etableringstidspunktet. Varige drlftsmidler Varige driftsmidler balansefres og avskrives dersom de har en levetid pa 3 ar eller mer, og bar en kostpris over kr 15. Nyanskaffelser avskrives linesrt etter antatt levetid. Varer Varer er vurdert til det laveste av gjennomsnittlig anskaffelseskost og netto salgsverdi. Fordringer Kundefordringer og andre fordringer oppfres til palydende etter fradrag for avsetning til forventet tap. Avsetning til tap gjres pa grunnlag av en individuell vurdering av de enkelte fordringene. Pensjoner Ved regnskapsfring av pensjon er lineaer opptjeningsprofil og forventet sluttlnn som opptjeningsgrunnlag lagt til grunn. Estimatavvik og planendringer amortiseres over forventet gjenveerende opptjeningstid i den grad de overstiger 1% av den strste av pensjonsforpliktelsene og pensjonsmidlene (korridor). Arbeidsgiveravgift er inkludert i tallene. Tilskudd Tilskudd resultatfres nar det ersannsynlig at betingelsene for tilskuddet er ellervil bli oppfylt. Selskapet mottar offentlige tilskudd til drift basert pa rammeavtale med Helse Sr-st SHF. Det kan knytte segtilbakebetalingsforpliktelsertil tilskudd. Skatt Skattekostnaden i resultatregnskapet omfatter bade periodens betalbare skatt og endring i utsatt skatt. Utsatt skatt er beregnet med 25% pa grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige og skattemessige verdier, samt ligningsmessig underskudd til fremfring ved utgangen av regnskapsaret. Skattekende og skattereduserende midlertidige forskjeller som Hokksund Rehabiliteringssenter AS Side 8

270 Hokksund Rehabiliteringssenter AS Noter til arsregnskapet reverserer eller kan reversere i samme periode er utlignet og nettofrt. Note 2 Aksjonaerer Aksjekapitalen i Hokksund Rehabiliteringssenter AS pr bestar av: Antall Palydende Bokfrt Ordinsere aksjer 14 25, 3 5 Sum Eierstruktur De strste aksjonasrene i % pr var: Kurbad Forvaltning As Totalt antall aksjer Ordinaere Eierandel 14 1, 14 1, Note 3 Egenkapital Aksjekapital Overkurs Annen EK Sum Egenkapital per Arsresultat Egenkapital per Note 4 Anleggsmidler Anskaffelseskost pr Tilgang kjpte anleggsmidler - Avgang i a ret = Anskaffelseskost Akkumulerte avskrivninger = Bokfrt verdi Arets ordinaere avskrivninger Driftslsre, inventar ol Sum konomisk levetid 3-1 ar Hokksund Rehabiliteringssenter AS Side 9

271 Hokksund Rehabiliteringssenter AS Noter til arsregnskapet Note 5 Lonnskostnader, antall ansatte, godtgjorelser, Ian til ansatte m.m. Lnnskostnader Lnninger Arbeidsgiveravgift Pensjonskostnader Andre ytelser Sum Gjennomsnittlig antall arsverk: 7 Ytelser til ledende personer Daglig leder -Lnn -Pensjonsutgifter -Annen godtgjrelse Styret Godtgjrelse til revisor: Godtgjrelse til revisor, ekskl. MVA: Lovpalagt revisjon Andre tjenester Hokksund Rehabiliteringssenter AS Side 1

272 Hokksund Rehabiliteringssenter AS Noter til arsregnskapet Note 6 Skatt Arets skattekostnad Resultatfrt skatt pa ordina?rt resultat: Betalbar skatt Endring i utsatt skatt Skattekostnad ordincert resultat Skattepliktig inntekt: Ordinaert resultat fr skatt Permanente forskjeller Endring i midlertidige forskjeller Anvendelse av fremfrbart underskudd Skattepliktig inntekt Betalbar skatt i balansen: Betalbar skatt pa arets resultat Sum betalbar skatt i balansen Beregning av effektiv skattesats: Resultat fr skatt Beregnet skatt av resultat fr skatt Skatteeffekt av permanente forskjeller Effekt av endring av skattesats Sum Effektiv skattesats ,9 % ,9 % Skatteeffekten av midlertidige forskjeller og underskudd til fremfring som har gitt opphav til utsatt skatt og utsatte skattefordeler, spesifisert pa typer av midlertidige forskjeller: Varige driftsmidler Pensjonspremie/- forpliktelse Sum Endring Akkumulert fremfrbart underskudd Grunnlag for beregning av utsatt skatt Utsatt skatt (25 % / 27 %) Effekt av endring av skattesats Hokksund Rehabiliteringssenter AS Side 11

273 Hokksund Rehabiliteringssenter AS Noter til arsregnskapet NOTE 7 - PENSJON Selskapet har kollektive pensjonsavtaler og avtalefestet pensjonsordning (AFP) som omfatter ansatte. Avtalene gir rett til definerte fremtidige ytelser. Disse er i hovedsak avhengig av antall opptjeningsar, lnnsniva ved oppnadd pensjonsalder og strrelsen pa ytelsene fra folketrygden. De kollektive pensjonsavtalene er finansiert ved fondsoppbygging organisert i forsikringsselskap. Selskapet har 2 slike avtaler med KLP. Selskapets pensjonsplaner mter lovens krav til OTP. Arets balansefrte over-/underfinansiering bygger pa aktuarberegning fra KLP og bruk av korridormetoden. konomiske forutsetninger - Pension: Diskonteringsrente Arlig lnnsvekst Arlig G-regulering/ Inflasjon Arlig regulering av pensjoner Avkastning pa pensjonsmidler Aga sats Amortiseringstid Korridorstrrelse ,7% 2,3% 2,5% 2,75% 2,25% 2,5% 1,48% 1,73% 3,3% 3,2% 14,1% 14,1% ,% 1,% KLP - Sykepleierordningen Pensjonskostnad -Ord. Pension Arets pensjonsopptjening til naverdi. Service Cost Rentekostnad av pensjonsforpliktelsen Forventet avkastning pa pensjonsmidl. Administrasjonskostnader/Rentegaranti, inkl AGA Aga netto pensjonskostnad inkl. adm.kost Resultatfrt/amortisering av aktuarielt tap/ (gevinst) uten AGA Resultatfrt planendring ink! AGA Netto arets pensjonskostnad Herav resultatfrt AGA av aktuarielt tap (gevinst) Pensionsforpliktelse - Ord. Pension Brutto pensjonsforpliktelser (DBO) Pensjonsmidler til markedsverdi Netto pensjonsforpliktelse (underfinansiert) Arbeidsgiveravgift Netto forpliktelse inkl. aga Ikke resultatfrt aktuarielt tap (gevinst) Ikke resultatfrt aktuarielt (gevinst) tap aga Ikke resultatfrt planendringer Hokksund Rehabiliteringssenter AS Side 12

274 Hokksund Rehabiliteringssenter AS Noter til arsregnskapet Balansefrt pensjonsforpliktelse (forpl +; overfin-) Inkl AGA Inkudert AGA i balansefrt forpliktelse med: Avstemmine: Balansefrt nto forpliktelse/(midler) UB i fjor Resultatfrt pensjonskostnad inkl. aga og adm.kost Aga innbetalt premie/tilskudd Innbetalt premie/tilskudd inkl. adm Balansefrt nto forpliktelse/(midler) UB i ar Demoerafiske data: Antall yrkesaktive Antall oppsatte Antall pensjonister Gjennomsnittlig lnn/pensjons grl Gj sn alder - yrkesaktive Gj.snittlig tjenestetid, aktive Forventetgjenstaende tjenestetid, aktive , ,5 8,13 8,33 12,84 12,55 KLP - Fellesordningen Pensjonskostnad -Ord. Pension Arets pensjonsopptjeningtil nlverdi. Service Cost Rentekostnad av pensjonsforpliktelsen Forventet avkastning pa pensjonsmidl. Administrasjonskostnader/Rentegaranti, inkl AGA Aga netto pensjonskostnad inkl. adm.kost Resultatfrt/amortisering av aktuarielt tap/ (gevinst) uten AGA Resultatfrt planendring inkl AGA Netto arets pensjonskostnad Herav resultatfrt AGA ov aktuarielt tap (gevinst) Pensjonsforpliktelse - Ord. Pension Brutto pensjonsforpliktelser (DBO) Pensjonsmidler til markedsverdi Netto pensjonsforpliktelse (underfinansiert) Arbeidsgiveravgift Netto forpliktelse inkl. aga Ikke resultatfrt aktuarielt tap (gevinst) Ikke resultatfrt aktuarielt (gevinst) tap aga Ikke resultatfrt planendringer Hokksund Rehabiliteringssenter AS Side 13

275 Hokksund Rehabiliteringssenter AS Noter til arsregnskapet Balansefrt pensjonsforpliktelse (forpl+-; overfin-) inkl AGA Inkudert AGA i balonsefrt forpliktelse med: Avstemming: Balansefrt nto forpliktelse/fmidler) UB i fjor Resultatfrt pensjonskostnad inkl. aga og adm.kost Aga innbetalt premie/tilskudd Innbetalt premie/tilskudd inkl. adm Balansefrt nto forpllktelse/{midler) UB i ar Demoerafiske data: Antall yrkesaktive Antall oppsatte Antall pensjonister Gjennomsnittlig lnn/pensjons grl Gj sn alder - yrkesaktive Gj.snlttlig tjenestetid, aktive Forventetgjenstaende tjenestetid, aktive ,5 1, ,2, 8,56, Hokksund Rehabiliteringssenter AS Side 14

276 Hokksund Rehabiliteringssenter AS Noter til arsregnskapet NOTE 7-PENSJON Selskapet har kollektive pensjonsavtaler og avtalefestet pensjonsordning (AFP) som omfatter ansatte. Avtalene gir rett til definerte fremtidige ytelser. Disse er i hovedsak avhengig av antall opptjeningsar, lnnsniva ved oppnadd pensjonsalder og strrelsen pa ytelsene fra folketrygden. De kollektive pensjonsavtalene er finansiert ved fondsoppbygging organisert i forsikringsselskap. Selskapet har 2 slike avtaler med KLP. Selskapets pensjonsplaner mter lovens krav til OTP. Arets balansefrte over-/underfinansiering bygger pa aktuarberegning fra KLP og bruk av korridormetoden. konomiske forutsetninger - Pension: Diskonteringsrente Arlig lnnsvekst Arlig G-regulering/ Inflasjon Arlig regulering av pensjoner Avkastning pa pensjonsmidler Aga sats Amortiseringstid Korridorstrrelse ,7% 2,3% 2,5% 2,75% 2,25% 2,5% 1,48% 1,73% 3,3% 3,2% 14,1% 14,1% ,% 1,% KLP - Sykepleierordningen Pensjonskostnad -Ord. Pension Arets pensjonsopptjening til naverdi, Service Cost Rentekostnad av pensjonsforpliktelsen Forventet avkastning pa pensjonsmidl. Administrasjonskostnader/Rentegaranti, inkl AGA Aga netto pensjonskostnad inkl. adm.kost Resultatfrt/amortisering av aktuarielt tap/ (gevinst) uten AGA Resultatfrt planendring inkl AGA Netto arets pensjonskostnad Herav resultatfrt AGA av aktuarielt tap (gevinst) Pensjonsforpliktelse - Ord. Pension Brutto pensjonsforpliktelser (DBO) Pensjonsmidlertil markedsverdi Netto pensjonsforpliktelse (underfinansiert) Arbeidsgiveravgift Netto forpliktelse inkl. aga Ikke resultatfrt aktuarielt tap (gevinst) Ikke resultatfrt aktuarielt (gevinst) tap aga Ikke resultatfrt planendringer Hokksund Rehabiliteringssenter AS Side IS

277 Arsregnskap 216 Unicare Hokksund AS Org. nr

278 ARSBERETNING 216 Unicare Hokksund AS Arten av virksomheten og hvor virksomheten drives Unicare Hokksund AS er en spesiaiistinstilusjon for rehabilileiing og drives etter Lov om spesialisthelsetjenesten. Unicare Hokksund AS har driftsavtale med Heise Sor-st RHF. ] tiilegg drifter Unicare Hokksund AS kommersielle enheter: SALTO treningssenter. Klinisk Fysiologisk Kiinikk (KF-Iabr.), Linas kjokken- cafe og kjokken. saint varesaig ved resepsjonen. Virksomheten drives i leide lokaler, pa Loesmoen. Hokksund i vre Eiker kommune. Selskapets utvikling, resultat og fortsatt drift Den vesentligste delen av selskapets driftsinntekter er faste og kontraktsmessige bundet over lengre perioder. For a oppna lennsom drift er selskapet derfor avhengig av a fere lopende kontroli og styring med driftskostnadene. I tiilegg til sunn okonomisk drift er det ogsa en forutsetning a ha forsvarlig kvalitet i driften. Det arbeides derfor kontinuerlig med kvaiitetsutvikling. herunder a siki-e god dokumentasjon. Omsetningsokningen i 216 skyides i siorst grad prisjusteringen som er kontraktsfeste i avtalen med HS. Styret mener at arsregnskapet gir et rettvisende bilde av selskapets okonomiske og Finansielie stilling, og anser Hkviditetssituasjonen som tilfredsstillende Styret bekrefter at forutsetning om fortsatt drift er til stede og lagt til grunn ved utarbeidelse av regnskapet. Det er ikke inntradt forhold etter regnskapsarets utgang som er av betydning ved bedmmelse av selskapets stilling. Markedsrisiko Selskapet har langsiktige kontrakter med HS. Det forventes ingen nye anbud i 217. Foretakets utsikter Det ligger etter styrets oppfattelse godt til rette for videre drift og utvikling. Kontraktene er langsiktige og selskapet har et godt renomme hos kunder og i lokahniljo. Selskapet vil fra 217 ta steire del i konsemets innkjopsordninger og det forventes at dette vil gi okte akonoiniske resultater. Finansieil risiko Selskapet har ingen langsiktig gjeld og inng&r i en konsernstruktur vedrorende likviditet. Det vil si at morselskapet er juridisk eier av aile kontantene til selskapet og Unicare Hokksund AS har saledes en fordring pa mor Kontantstrem Liten finansieil aktivitel gjor at kontantstrommen folger driftsresuitatet. Unicare Hokksund AS har en positiv kontantstram som felge av positive resultater og innbetalinger fra kunder kommer noen dager for lonn utbetales. Arbeidsmiljo og likestilling Styret bestar av I mann og selskapet hadde 113 ansatte ved ulgangen av regnskapsaret. herav 84% kvinner. Sykefravseret i perioden var 4,15 % Arbeidsmiljeet anses som godt. Det har ikke blitt rapportert skader eller ulykker reiatert til arbeidsplassen. Selskapet har innarbeidet en policy som tar sikte pa at det ikke skal forekomme forskjelisbehandling grunnet kjonn. etnisitet eiler religion. Ytre milje Virksomhetens bransje og natur medferer liten grad av forurensning eller utslipp som kan va;re til Unicare Hokksund AS

279 skade for det ytre miljo. Medisiner og annct spesialaviall sarnies inn. sorteres og destrueres pa forskriftsmcssig mate. Forskning og iit\ikling Unicare Hokksund driver sysiematisk uivikling og vurderinger av metoder innenfor rehabiliteringsfagene. Var sjefslege er leder i en gruppe oppnevnl av Virke Rehab for a bedre kunnskap- og kunnskapstranslasjonen mellom rehabiliteringsinstitusjonene. Dei dreier seg om siandardisering av undersokelser og screeningsprosedyrer for bedre a kunne sammenligne effeklen av forskjellige tiltak. Frtmtidig utaikling For 217 vil selskapet ha fokus pa a sikre god drift. Oslp. 13. mars 217 TWn F. TifTernrrmj-Andersen Styrets leder 'aic Pal Stenbro Daglig leder r^jyc Unicara Hokksund AS

280

281

282 Res u Itatreg nskap Unicare Hokksund AS Driftsinntekter og driftskostnader Note Salgsinntekt Annen driftsinntekt Sum driftsinntekter Varekostnad End. faeh. varer u.tilv. og ferdigvarer Lannskostnad Avskrivning av driftsmidler og immaterielle eiendeler Annen driftskostnad Sum driftskostnader Driftsresultat Finansinntekter og fmanskostnader Annen renieinntekt Verdiokning markedsbaserte omlepsmidler Annen rentekostnad Resultat av finansposter Ordinasrt resultat fer skattekostnad Skattekostnad pa ordinasrt resultat Ordinaert resultat Arsresultat Overforinger Avsatt til annen egenkapital Overfort til udekket tap Sum overforinger Unicare Hokksund AS Side 4

283 Balanse Unicare Hokksund AS Eiendeler Note Anleggsmidler Utsatt skattefordel Sum immaterielle eiendeler Varige driftsmidlcr Drifislosore, inventaro.a. utstyr Sum varige driftsmidler Finansielte anleggsmidler Andre langsiktige fordringer Sum finansieile anleggsmidler Sum anleggsmidler Omlepsmidler Lager av varer og annen beholdning II Fordringer Kundefordringer Andre kortsiktige fordringer Konsernkonto Sum fordringer Bankinnskudd, kontanter o.l Sum omlepsmidler Sum eiendeler Unicare Hokksund AS Side 6

284 Balanse Unicare Hokksund AS Egenkapitai og gjeid Note Egenkapitai Innskutt egenkapitai Aksjekapital Sum innskutt egenkapitai Opptjent egenkapitai Annen egenkapitai Sum opptjent egenkapitai Sum egenkapitai Gjeld Avsetning for forpliktelser Pensjonsforpliktelser Utsatt skatt Sum avsetning for forpliktelser I Kortsiktig gjeld Leverandorgjeld Betalbar skait Skyldig offentlige avgifter Annen kortsiktig gjeld Sum kortsiktig gjeld Sum gjeld Sum egenkapitai og gjeld Oslo Styret i Unicare Hokksund AS, Tom EriRTiiigmaan-Ande] styreleder 1Cc[^> l^\lvo Pal Gulbrand Stenbro daglig leder Unicare Hokksund AS Side 6

285 Unicare Hokksund AS Noter til arsregnskapet 216 Regnskapsprinsipper Arsregnskapet er satt opp i samsvar med regnskapslovens bestemmelser og god regnskapsskikk. Driftsinntekter og kostnader Inntektsforing ved salg av varer skjer pa leveringstidspunktet. Tjenester inntektsfres i takt med utfrelsen. Kostnader medtas etter sammenstillingsprinsippet, dvs. at kostnader medtas i samme periods som tilhflrende inntekter inntektsfores. Klassifiserirg og vurdering av balanseposter Omlcpsmidler og kortsiktig gjeld omfatter poster som forfailer til betaling innen ett hr etter balansedagen, samt poster som knytter seg til varekretslepet. vrige poster er klassifisert som anleggsmiddel/langsiktig gjeld. Omlpsmidler vurderes til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld balansefores til nominelt belp pa etableringstidspunktet. Anleggsmidler vurderes til anskaffelseskost, men nedskrives tii virkelig verdi ved verdifall som ikke forventes a veere forbiglende. Anleggsmidler med begrenset akonomisk levetid avskrives planmessig. Langsiktig gjeld ba!ansefres til nominelt belflp pa etableringstidspunktet. Fordr/nger Kundefordringer og andre fordringer er oppfrt 1 balansen til psiydende etter fradrag for avsetning tii forventet tap. Avsetning til tap gjares pa grunnlag av individuelle vurderinger av de enkeite fordringene. I tiliegg gjares det for vrige kundefordringer en uspesifisert avsetning for a dekke antatt tap. Varige driftsmidler Varige driftsmidler balansefres og avskrives over driftsmidlets forventede flkonomiske levetid. Direkte vedlikehold av driftsmidler kostnadsfres lapende under driftskostnader, mens pikostninger eller forbedringertillegges driftsmidlets kostpris og avskriver i takt med driftsmidlet. Dersom gjenvinnbart belp av driftsmiddelet er lavere enn balansefrt verdi foretas nedskrivning til gjenvinnbart belop. Gjenvinnbart belflp er det hpyeste av netto salgsverdi og verdi i bruk. Verdi i bruk er naverdien av de fremtidige kontantstrmmene som eiendeien vil generere. Varer Varer er vurdert til laveste av gjennomsnittlig anskaffelseskost og netto salgsverdi. Pensjoner Innbetalt pensjonspremie i den innskuddsbaserte pensjonsordningen kostnadsfres fortlflpende og klassifiseres sammen med lennskostnader. Shatter Skattekostnaden i resultatregnskapet omfatter bade periodens betalbare skatt og utsatt skatt. Utsatt skatt er beregnet med 24 % pa grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige og skattemessige verdier, samt ligningsmessig underskudd til fremfpring ved utgangen av regnskapsaret.

286 TJnicare Hokksund AS Noter til arsregnskapet 216 Skattetfkende og skattereduserende midiertidige forskjeller som reverserer eller kan reversere i samme periods er utlignet og nettofort. Utsatt skatt pa merverdier i forbindelse med oppkjpp av datterselskap blir ikke utlignet. Kontantstrmoppsti!!ing Kontantstrmoppstiliingen er utarbeidet etter den indirekte metode. Kontanter og kontantekvivalenter omfatter kontanter, bankinnskudd og andre kortsiktige, likvide plasseringer. Unicara Hokksund AS

287 Unicarc Hokksund AS Noter til arsregnskapet 216 Note 1 Lonnskostnader, antall ansatte, godtgjdreiser, Ian til ansatte m.m. Lannskostnader Lannlnger Arbeidsgiveravgifl Pensjonskostnader Andre ytelser Sum J_ Gjennomsnittlig antall arsverk: 67 Ytelser til ledende personer Lcnn Pensjonsutgifter Annen godtgjerelse Daglig leder Styret Ledende ansatte bar ikke avtale om bonus eller aksjebasert avlonning, Det er ikke ytet Ifln eller stilt garantier til daglig leder, styreleder eller andre nserstaende patter Revisor Kostnadsfoit revisjonshonovar for 216 utgjor kr 6. I tillegg kommer honorar foi" andre tjenester med kr 4 2. Belapene er eks. mva. Note 2 Bankinnskudd Bankinnskudd, kontanter o.l omfatter bundne skattetrekksmidler med kr Skyldig skattetrekk per er kr Uttf&re Hokksund AS itimtim

288 Unicare Hokksund AS Notcr til Srsregnskapet 216 Note 3 Varigc driftsmidler Kostpris 1.1 Tiigang Avgang Kostpris3I.12. Akk, avskrivningerol.ol. Arets avskrivning Akk.avskrivninger Bokfcrt verdi Inventar/ utstyr Pakostning leide lokaler Sum Okonomisk levelid Avskrivningsplan 3-5 &r 2 ar lineffir lineasr Note 4 Egenkapital Aksjekapita} Annen egenkapital Egenkapital Arets resultat Avgitt konsernbidrag Andre endringer Egenkapital Sum UnttarttHOktound AS :^i^: i-mt

289 Unicave Hokksund AS Noter tit Arsreguskapet 216 Note 5 Aksjonserer Aksjekapitalen i Unicare Hokksund AS pr bestar av: Ordinaere aksjer Sum Antall Palydende Bokfert 25, Eierstruktur De strsteaksjonajrene i %pr. 3J. 12 van Unicare Holding AS Totalt antall aksjer Ordinaere Eierandel 1. 1, Note 6 MeHomvasrende Gjeld: Skyldlg konsernbidrag Unicare Holding AS Unicare Holding AS Sum Note 7 Konsernmeilomvaerende - Konsernkonto *Mel[omv$i-ende Unicare Holding AS Renter meiiomv^rende Unicare Holding AS *Selskapet er med i konsernkonioordningen hvor det er Unicare Holding AS som er kontoinnehaver.

290 Unicare Hokksund AS Noter til arsregnskapet 216 Note 8 Fordringer gjeld / pantstillelser og garantier Det er stillet sikkerhet for konsernets engasjementer i Danske Bank med kr 1 i kundefordringer og med kr 1 i driftstiibeher. Av tangsiktige fordringer forfalier kr senere enn 13r Balansefrt verdi av pantesikrede eiendeler: Kundefordringer Varige driftsmidler Sum Unicare HeBtsuiniv-'

291 Unicare Hokksund AS Noter til arsregnskapet 216 Note 9 Skatt Arets skattekostnad Resultatfart skatt pa ordinsert resultat: Betalbar skatt Endring i utsait skatt Skattekostnad ordinaert resultat Skattepliktig inntekt: Ordinsrt resultat for skatt Permanente forskjeller Endring i midlertidige forskjeller Avgitt konsernbidrag Skattepliktig inntekt Betalbar skatt i balansen: Betalbar skatt pa arets resultat Betalbar skatt pa avgitt konsernbidrag Sum betalbar skatt i baiansen Beregning av effektiv skattesats: Resultat far skatt Beregnet skatt av resultat fer skatt Skatteeffekt av permanente forskjeller Effekt av endring av skattesats Sum Effektiv skattesats I ,8 % % Skatteeffekten av midlertidige forskjeller og underskudd til fremforing som har gitt opphav tij utsatt skatt og utsatte skaltefordeler. spesifisert p& typer av midlertidige forskjeller: Varige driftsm idler Pensjonspremie/- forpliktelse Sum Endring Utsatt skattefordel / skatt (24 % / 25 %) Effekt av endring av skattesats

292 Unicare Hokksund AS Noter til arsregnskapet 216 Note 1 Pensjoner Seiskapet har en innskuddsordning som omfattersamtlige ansatte med unntak av sykepleierne. Sykepieieme er dekket ved avtalefestet pensjonsordning (ytelsesbasert ordning) gjennom Kommimal Landspensjonskasse (KLP). Pr var det 81 medlemmer i ordningen. Selskapets ytelsesbaserte AFP-ordning er en flerforetakspensjonsordning, og finansieres gjennom premier som fastsettes som en present av Idnn. Ordningen blir regnskapsmessig behandlet som en innskuddsbasert pensjonsordning hvor premiebetalinger kostnadsfsres lpende, og ingen avsetninger foretas i regnskapet. Avstemming av pensjonsordningens finansiert status mot belep i balansen: KLP-ordningen Beregnet pensjonsforpliktelse Pensjonsmidler til markedsverdi Ikke resultatfflrt virkning av estimatavvik Arbeidsgiveravgift Estimert pensjonsforpliktelse Netto pensjonsforpliktelser (midler) Sum pensjonsforpliktelser (midler) EgenkaphaltHskudd KLP konomiske forutsetninger Diskonterings rente Lannsvekst G-regulering Pensjonsregulering Forventet avkastning 2,6 2,5 2,25 1,48 3,6 Note 11 Varer Lager av ravarer og innkjepte halvfabrikater Lager av varer under tilvirkning Lager av egentlivirkede ferdigvarer Lager av innkjopte handelsvarer Sura Lager vurdert til kostpris Lager vurdert til virkelig verdi Ukuransnedskrivning Unfcare Hokksund AS

293 Unicare Hokksund AS Noter til Srsregnskapet 216 Kontantstram Kontantstrammer fra operasjonelle akiiviteter Resultat far skattekostnad Ordinzere avskrivninger Endring i varelager Nedskrivninger anleggsmidler Endring i kimdefordringer Endring i leverandorgjeld Forskj. Kostnadsfeil pensjon og inn-/utbet. i pensjonsordn, Endring i andre tidsavgrensningsposter Netto kontantstrem fra operasjonelle aktiviteter I Kontantstrammer fra investeringsaktiviteter Utbetalinger ved kjop av varige driftsmidler Netto kontantstrom fra investeringsaktiviteter Kontantstrammer fra finansieringsaktiviieter Netto endringer i kontanter og kontantekvivalenter Beh. av kont. og kontantekvivalenter ved per. begynnelse Beh. av kont. og kontantekvivalenter ved per. Slutt I i

294 Appendix 7 Bronnoysundregistrene Arsregnskap regnskapsaret 215 for Arsberetning for driftsaretzois delay Kurbad as Britengt 94, 1517 Moss Virksomhetens art. Jeley Kurbad as driver hele sin virksomhet i Moss, er ISO 91 sertifisert bedrift (DNV) og arbeider kontinuerlig med forbedrmger av virksomheten. Jeley Kurbad har avtale om levering av rehabiliteringstjenester for Helse SOT st RHF Ny lupcnde avtale ble signert testen 214 med virkniag fra og med 215. Virksomheten tilbyr allsidig fysikalsk medisinsk rehabilitering til flare bruker- og pasientgrupper. Rehabiliteringstllbudet er pi noen omrider blitt endret og tilpasset den nye avtalen, og er primiral utarbeidet for falgende pasienl grupper: Pasienter med Kronisk muskel- og blbldelssmerla/ fibromyalgi. rygglidelser. Dag, dagn og kariegglng. Pasienter som har eller har hatt kreft og som er i behov av rehabiiitehng- Dagn Pasienter med revmatiske sykdommer. Dag og dogn Pasienter som har vsert rammel av hjerneslag, Degn Pasienter med nevrotogiske sykdommer (for eksempel nevropati, post-polio, MS etc. Dag og dagn, Pasienter med andre iidelser i behov av rehabilitering. Rettvisende oversikt over utvikling og stilling Etter styrets oppfatning gir det fremlagte regnskap en rettvisende oversikt over regnskapets stilling pr og del ekonomiske resultatet av virksomheten i 215. Selskapets egenkapital er kr ,- Arets resultat i 215 er kr ,- i overskudd. Fortsatt drift Forutsetnlngen om fortsatt drift er lagt til grunn ved utarbeidelsen av regnskapet. Styret kan Ikke se at det er knyttet noen finansiell risiko som er av betydning for d bedamme foretakf ts eiendeler, gjeld, finanslell stilling og resultat Arbeidsmiljo/sykefravaer Arbeidsmiljeet anses som godt Virksomheten arbeider kontinuerlig med forbedring av arbeidsmlljeet. Jeloy Kurbad har avtale om inkluderende arbeldsliv IA". Totalt sykefravaer i 215 var6,9%. Sykefravaer mmdre enn 3 msnedervars 1% Det ble Ikke rapportert skader 1 lopet av dret. Likestiliing Det er 95 ansatte, 72 kvlnner og 23 menn som utgjar 61 Srsverk t gjennomsnitt Styr«t h«vd*r at ingon forhold er I otrid med likeatllllngslaven. Ytre miljo Virksomheten medfarer verken forurenslng eller utslipp som kan skade det ytre miljo Avfallshandterlngen er ivaretatt pi en forsvarlig mite, man har sortering av blologisk avfall og annet avfall. Kontrakt er ogss mngstt vedrorende hsndtering av medisinsk risikoavfall. iss den , JlpJ* SA/ / Daniel Joensefv Styreleder " 4 Gelr DhqeJ Styremedlem (Tr 1 ^ Eva Joen^en Styremedtem kl 13:24 Brnnysundregistrene Side 8 av 1

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297 Bronnoysundregistrene ARSREGNSKAPET FOR REGNSKAPSARET GENERELL INFORMASJON Enheten Organisasjonsnummer: Organisasjonsform: Foretaksnavn: Forretningsadresse: Aksjeselskap UNICARE JELY AS Bratengata MOSS Regnskapsar Arsregnskapets periode: Konsern Morselskap i konsern: Nei Regnskapsregler Regler for sma foretak benyttet: Benyttet ved utarbeidelsen av arsregnskapet til selskapet: Ja Regnskapslovens alminnelige regler Arsregnskapet fastsatt av kompetent organ Bekreftet av representant for selskapet: Date for fastsettelse av arsregnskapet: Daniel Joensen Grunnlag for avgivelse Ar 215: Arsregnskapet er elektronisk innlevert Ar 214: Tall er hentet fra elektronisk innlevert arsregnskap fra 215 Del er ikke krav til at arsregnskapet m. v. som sendes til Regnskapsregisteret er undertegnet. Kontrollen pa at dette er utfort ligger hos revisor/enhetem overste organ. Sikkerheten ivaretas ved at innsender har rolle/rettigherfor innsending av arsregnskapet via Altinn, og ved at det bekreftes at arsregnskapet er fastsatt av kompetent organ. Bronnoysundregistrene, Brenneysundregistrene Postadresse: 891 Brannoysund Telefoner: Opplysnlngstelefonen Telefaks E-post: finnapost@biteg no Intemett: www brreg no Organisasjonsnummer:

298 Bronnoysundregistrene Arsregnskap regnskapsaret 215 for Resultatregnskap Belap i: NOK Note RESULTATREGNSKAP Inntekter Salgsinntekt Annen driftsinntekt Sum inntekter Kostnader Varekostnad Lonnskostnad Avskrivning av driftsmidler og immaterielle eiendeler Annen driftskostnad Sum kostnader Driftsresultat Finansinntekter og flnanskostnader Annen renteinntekt Annen finansinntekt Verdiokning markedsbaserte omlopsmidler Sum finansinntekter Annen rentekostnad Annen finanskostnad Sum flnanskostnader Netto finans Ordinaert resultat for skattekostnad Skattekostnad pa ordinaert resultat Ordinaert resultat etter skattekostnad Ars resultat Arsresultat etter minoritetsinteresser Total resultat kl 13:24 Brannoysundregistrene Side 1 av 1

299 Bronnoysundregistrene Arsregnskap regnskapsaret 215 for Resultatregnskap Belep i: NOK Note Overferinger og disponeringer Avsatt til annen egenkapital Sum overferinger og disponeringer kl 13:24 Brnnysundregistrene Side 2 av 1

300 Bronnoysundregistrene Arsregnskap regnskapsaret 215 for Balanse Belap i: NOK Note BALANSE - EIENDELER Anleggsmidler Immaterielle eiendeler Utsatt skattefordel 7 Sum immaterielle eiendeler Varige driftsmidler Tomter, bygninger o.a. fast eiendom Maskiner og anlegg 2 Driftslesore, inventar o.a. utstyr Sum varige driftsmidler Finansielle aaleggsmidler Lan til foretak i samme konsem Sum finansielle anleggsmidler Sum anleggsmidler Omlepsmidler Varer Sum varer Ford ringer Kundefordringer Andre kortsiktige fordringer Sum fordringer Investeringer Markedsbaserte aksjer Sum investeringer Bankinnskudd, kontanter og lignende Bankinnskudd, kontanter o.l Sum bankinnskudd, kontanter og lignende Sum omlepsmidler kl 13:24 Brnnysundregistrene Side 3 av 1

301 Bronnoysundregistrene Arsregnskap regnskapsaret 215 for Balanse Belflp i: NOK Note SUM EIENDELER BALANSE - EGENKAPITAL OG GJELD Egenkapital Innskutt egenkapital Aksjekapital Annen innskutt egenkapital Sum innskutt egenkapital Opptjent egenkapital Annen egenkapital Sum opptjent egenkapital Sum egenkapital Sum langsiktig gjeld Kortsiktig gjeld Leverandergjeld Betalbar skatt Skyldig offentlige avgifter Annen kortsiktig gjeld Sum kortsiktig gjeld Sum gjeld SUM EGENKAPITAL OG GJELD I kl 13:24 Brannoysundregistrene Side 4 av 1

302 Bronnoysundregistrene Arsregnskap regnskapsaret 215 for Jeiey Kurbad AS Noter til Srsregnskapet 215 Regnskapsprinsipper og virkning av prinsippendringer Arsregnskapet er satt opp i samsvar med regnskapsloven. Det er utarbeidet etter norske regnskapsstanderer. De unntaktsregler som gjelder for sma foretak er anvendt der annet ikke er angitt saerskllt. Salgsinntekter inntekter ved salg av varer og tjenester vurderes til virkelig verdi av vederlaget, netto etter fradrag for merverdiavgift, rturer, rabatter og andre avslag. Inntektsfering av salget skjer ps leveringstidpunktet. Tjenester inntektsfores etter hvert som de utferes. Hovedregel for vurdering og klasslfisering av eiendeler og gjeld Eiendeler bestemt til varig eie eller bruk er klassifisert som anleggsmidler. Andre eiendeler er kiassifisert som omlapsmidler. Fordringer som ska! tilbakebetales Innen ett dr er uansett klassifisert som omlopsmidler. Ved klasslfisering av kortsiktig og langsiktlg gjeld eranaloge krlterier lagt til grunn. Anleggsmidler vurderes til anskaffelseskost, men nedskrives til virkelig verdi ndr verdifallet forventes ikke S vsere forbigsende. Anleggsmidler med begrenset ekonomlsk levetld avskrives planmessig. Langsiktig gjeld balansefores til nominelt mottatt belep p& etableringstidspunktet. Langsiktlg gjeld oppskrives ikke til virkelig verdi som falge av rentendring. Omlpsmidler vurders til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld balanseferes til nominelt mottatt belep ps etableringstidspunktet. Kortsiktig gjeld oppskrives til virkelig verdi som folge av renteendrlng. Varige driftsmidler Varige driftsmidler avskrives over forventet akonomisk levetld. Avskrivningene er som hovedregel fordelt lineaert over antatt akonomisk levetld. Varer Varer er vurdert til det laveste av gjennomsnittllg anskaffelseskost og netto salgsverdl. For rdvarer og varer i arbeid beregnes netto salgsverdi til salgsverdien av ferdig tilvirkede varer redusert for igjenvserende tilvlrkningskostnader og salgskostnader Fordringer Kundefordringer og andre fordringer oppfares til p^lydende etter fradrag for avsetnlng til forventet tap. Avsetning til tap gjeres p gmnnlag av en indlviduell vurdering av de enkelte fordringene. Skatt Skattekostnaden i resultatregnskapet omfatter bade periodens betalbare skatt og endring i utsatt skatt. Utsatt skatt er beregnet med 25% p grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmesslge og skattemessige verdier, samt lignlngsmessig underskudd til fremfering ved utgangen av regnskapsaret. Skatteakende og skattereduserende midlertidige forskjeller som reverser eller kan reversere i samme periode er utlignet og nettofert kl 13:24 Bronnoysundregistrene Side 5 av 1

303 Bronnoysundregistrene Arsregnskap regnskapsaret 215 for Jeley Kurbad AS Noter til drsregnskapet 215 Note 1 Ansatte, godtgjerelser, Ian til ansatte m.v. Lonnskostnader bestir av falgende poster; Lonninger Arb.g.avgift Pensjonskostnader Andre personalkostnader Sum lannskostnader Gjennomsnittlig antall ansatte 7 67 Godtgjerelser: Lnn Styrehonorar Andre godtgje reiser Daglig leder Pensjonsforpliktelser Selskapet er pliktig til S ha tjenestepensjonsordning etter lov om obligatorisk tjenestepensjon. Selskapets pensjonsordnlnger tilfredsstlller kravene i denne lov. Revisor Honorar til selskapets revisor er kostnadsfart med kr 4.. I tlllegg kommer betaling for avrige tjenester med kr. 16. Note 2 Varige driftsmidler Anskaffelseskost 1.1. Tllgang Avgang AnskafTelsesKost Akkumulerte avskrlvninger Balansefart verdl pr Arets avskrivninger Bygninger Maskiner DrfftslesDre Sum eg tomter og anlegg og Inventar Prosentsats for avskrivninger 2% 2-33% 2-33% Note 3 Bundne bankinnskudd I posten Inngar bundne bankinnskudd med kr , kl 13;24 Brnnysundregistrene Side 6 av 1

304 Bronnoysundregistrene Arsregnskap regnskapsaret 215 for Jelsy Kurbad AS Noter til Srsregnskapet 215 Note 4 Antall aksjer, aksjeeiere m.v. Selskapets aksjonaerer er; Brdthen Eiendom AS Antall aksjer 2 2 Eierandel 1% 1% Note 5 Egenkapital Aksjekapital Inskutt Annen Sum egenkapital Egenkapital Egenkapital Pr 31, Arets resultat Pr 31, Note 6 Ukn og sikkerhetsstillelser til naerstiende parter Samlede ikke regnskapsfarte garantiforpliktelser utgjar kr I 215. Dette er garanti relatert til kasjonsforpliktelser for morselskapet. Jeloy Kurbad AS har ytet et l^n til morselskapet ps kr 5.9., Note 7 Skattekostnad Arets skattekostnad bestir av: Betaibar skatt Endring utsatt skatt Netto skattekostnad Utsatt skatt; Driftsmidler Varelager Ford ringer Netto grunnlag Endring Utsatt skatt / - skattefordel 25% Utsatt skattefordel er Ikke oppfart i selskapets balanse Resultat fr skatt Permanente forskjeller Endring midlertidige forskjeller Grunnlag for betaibar skatt Betaibar skatt skattepllktlg resultat ,8.217 kl 13:24 Bronnoysundregistrene Side 7 av 1

305 Arsberetning for driftsaret 216 Jely Kurbad as Bratengt 94, 1517 Moss Virksomhetens art. Jeloy Kurbad as driver hele sin vlrksomhet i Moss, er ISO 91 sertifisert bedrift (DNV) og arbeider kontinuerlig med forbedringer av virksomheten Jeloy Kurbad har avtale om levering av rehabiliteringstjenester for Helse Sor st RHF. Ny lopende avtale ble signert hasten 214 med virkning fra og med 215. Virksomheten tilbyr allsidig fysikalsk medisinsk rehabilitering til flere bruker- og pasientgrupper Rehabiliteringstilbudet er p^ noen omrader blitt endret og tilpasset den nye avtalen, og er primaert utarbeidet for folgende pasient grupper; Pasienter med kronisk muskel- og blatdelssmerte/fibromyalgi, rygglidelser. Dag, dogn og karlegging. Pasienter som har eller har hatl kreft og som er i behov av rehabilitering Dogn Pasienter med revmatiske sykdommer. Dag og dogn Pasienter som har vasrt rammet av hjerneslag. Dogn Pasienter med nevrologiske sykdommer (for eksempel nevropali. post-polio, MS etc. Dag og dogn Pasienter med andre lidelser i behov av rehabilitering. Rettvisende oversikt over utvikling og stilling Etter styrets oppfatning gir det fremlagte regnskap en rettvisende oversikt over regnskapets stilling pr og det okonomiske resultatet av virksomheten i 216 Selskapets egenkapital er kr ,- Arets resultat i 216 er kr ,- i overskudd Fortsatt drift Forutsetningen om fortsatt drift er lagt til grunn ved utarbeidelsen av regnskapet. Styret kan ikke se at det er knyttet noen finansiell risiko som er av betydning for a bedomme foretakets eiendeler, gjeld, finansiell stilling og resultat. Arbeidsmiljo/sykefravaer Arbeidsmiljoet anses som godt Virksomheten arbeider kontinuerlig med forbedring av arbeidsmiljoet Jeloy Kurbad har avtale om inkluderende arbeidsliv "IA". Totalt sykefravser i 216 var 7,5%. Sykefravasr mindre enn 3 m^neder var 5,1 % Det ble ikke rapportert skader i lopet av ^ret. Likestlliing Det er 14 ansatte, 8 kvinner og 24 menn som utgjor 62 ^rsverk i gjennomsnitt. Styret hevder at ingen forhold er i strid med likestillingsloven Ytre miljo Virksomheten medforer verken forurensmg eller utslipp som kan skade det ytre miljo, Avfallsh^ndteringen er ivaretatt pa en forsvarlig mate, man har sortering av biologisk avfall og annet avfall Kontrakt er ogsa inngatt vedrorende handtering av medisinsk risikoavfall. Moss den S Daniel Joensen Styreleddr iuu ^ I -V Geir Dege^ Styremedlem Eva Joensen Styremedlem

306 ORDIN/ER GENERALFORSAMLING i Jeloy Kurbad AS for regnskapsaret 216 ble avholdt pa selskapets kontor i Moss. Tilstede var: Etter fullmakt fra Bratenhus AS. som er morselskapet til Jeloy Kurbad AS, motte Daniel Joensen, som dermed representerte samtlige aksjer i selskapet. Dessuten motte Eva Joensen og Geir Dege. Til behandiing forela: I.Valg av moteleder Daniel Joensen ble valgt til a lede motet. 1. Godkjennelse av innkailingen Det fremkom ikke bemerkninger til innkallelsen, og denne ble saledes godkjent. 2. Valg av representant til a undertegne protokollen sammen med motelederen Eva Joensen ble valgt til a underskrive protokollen sammen med motelederen. 3. Godkjennelse av styrets forslag til arsregnskap og arsberetning. Styrets forslag til selskapets arsregnskap og arsberetning med revisors beretning ble gjennomgatt. Arsregnskapet og arsberetningen ble enstemmig godkjent. Det ble vedtatt a anvende arets resultat i overensstemmelse med styrets forslag. 4. Godkjennelse av honorar til selskapets revisor Det ble vedtatt a dekke revisors honorar etter regning. (/f >t_;/ AVU\ Daniel Joensen Moss, Eva Joensen v<r c ^

307 /J* ^KROGH REVISJON Til generalforsamlingen i Jelay Kurbad AS Uavhengig revisors beretning Uttalelse om revisjonen av arsregnskapet Konklusjon Vi har revidert Jeley Kurbad AS' Srsregnskap som viser et overskudd pa kr Arsregnskapet bestir av balanse per 31. desember 216, resultatregnskap for regnskapsaret avsluttet per denne datoen og noter til arsregnskapet, herunder et sammendrag av viktige regnskapsprinsipper. Etter vir mening er det medfolgende Arsregnskapet avgitt i samsvar med lov og forskrifter og gir et rettvisende bilde av selskapets finansielle stilling per 31. desember 216, og av dets resultater for regnskapsaret avsluttet per denne datoen i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Grunnlag for konklusjonen Vi har gjennomfort revisjonen i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder de intemasjonale revisjonsstandardene International Standards on Auditing (ISA-ene). Vare oppgaver og plikter i henhold til disse standardene er beskrevet i Revisors oppgaver og plikter ved revisjon av Arsregnskapet. Vi er uavhengige av selskapet slik det kreves i lov og forskrift, og har overholdt vare ovrige etiske forpliktelser i samsvar med disse kravene. Etter var oppfatning er innhentet revisjonsbevis tilstrekkelig og hensiktsmessig som grunnlag for var konklusjon. Qvrig informasjon Ledelsen er ansvarlig for ovrig informasjon. vrig informasjon bestir av arsberetningen, men inkluderer ikke arsregnskapet og revisjonsberetningen. Var uttalelse om revisjonen av arsregnskapet dekker ikke ovrig informasjon, og vi attesterer ikke den vrige informasjonen. 1 forbindelse med revisjonen av arsregnskapet er det v&r oppgave a lese ovrig informasjon med det form&l a vurdere hvorvidt det foreligger vesentlig inkonsistens mellom ovrig informasjon og Arsregnskapet, kunnskap vi har opparbeidet oss under revisjonen, eller hvorvidt den tilsynclatendc inneholder vesentlig feilinformasjon. Dersom vi konkluderer med at den ovrige informasjonen inneholder vesentlig feilinformasjon er vi pslagt a rapportere det. Vi har ingenting a rapportere i sa henseende. Styrets og dag tig leders ansvarfor arsregnskapet Styret og daglig leder (ledelsen) er ansvarlig for A utarbeide arsregnskapet i samsvar med lov og forskrifter, herunder for at det gir et rettvisende bilde i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Ledelsen er ogss ansvarlig for slik intern kontroll som den finner nedvendig for A kunne utarbeide et Arsregnskap som ikke inneholder vesentlig feilinformasjon, verken som folge av misligheter eller feil. Krogh Revisjon AS, Ekholtveien Moss T: , org.no.; MVA, VAs-w.kroghrevisjon.no Statsautorisert revisor, medlem av Den norske Revisorforening og autorisert regnskapsforerselskap

308 /s ^TKROGH REVISJON Ved utarbeidelsen av arsregnskapet ma ledelsen ta standpunkt til selskapets evne til forlsatt drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningcn om forlsatt drift skal legges til grunn for arsregnskapet sa lenge det ikke er sannsvnlig at virksomheten vil bli awiklet. Revisors oppgaver og plikter ved revisjonen av arsregnskapet Vart msl med revisjonen er & oppnk betr>'ggcndc sikkerhet for at arsregnskapet som helhet ikke inneholder vesentlig feilinformasjon, verken som folge av misligheter eiler utilsiktede feil, og & avgi en revisjonsberetning som inneholder vir konklusjon Betryggende sikkerhet er en hoy grad av sikkerhet, men ingen garanti for at en revisjon utfort i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-cnc, alltid vil avdekke vesentlig feilinformasjon som eksisterer. Feilinformasjon kan oppsta som folge av misligheter eller utilsiktede feil. Feilinformasjon blir vurdert som vesentlig dersom den enkeltvis eller samlet med rimelighet kan forventes a pavirke okonomiske beslutninger som brukeme foretar basert p arsregnskapet. Som del av en revisjon i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene. utover vi profesjonelt skjonn og utviser profesjonell skepsis gjennom hele revisjonen. I tillegg: identifiserer og anslar vi risikoen for vesentlig feilinformasjon i regnskapet, enten det skyldes misligheter eller utilsiktede feil. Vi utformer og gjennomferer revisjonshandlinger for k handtere slike risikoer, og innhenter revisjonsbevis som er tilstrekkelig og hensiktsmessig som grunnlag for vsr konklusjon. Risikoen for at vesentlig feilinformasjon som folge av misligheter ikke blir avdekket, er hoyere enn for feilinformasjon som skyldes utilsiktede feil, siden misligheter kan innebaere samarbeid, forfalskning, bevisste utelatelser, uriktige fremstillinger eller overstyring av intern kontroll. opparbeider vi oss en forstaelse av den interne kontroll som er relevant for revisjonen. for a utforme revisjonshandlinger som er hensiktsmessige etter omstendighetene, men ikke for a gi uttrykk for en mening om effektiviteten av selskapets interne kontroll. evaluerer vi om de anvendte regnskapsprinsippene er hensiktsmessige og om regnskapsestimatene og tilhorende noteopplysninger utarbeidet av ledelsen er rimelige. konkluderer vi pa hensiktsmessigheten av ledelsens bruk av fortsatt drift-forutsetningen ved avleggelsen av regnskapet, basert ps innhentede revisjonsbevis, og hvorvidt det foreligger vesentlig usikkerhet knyttet til hendelser eller forhold som kan skape tvil av betydning om selskapets evne til fortsatt drift. Dersom vi konkluderer med at det eksisterer vesentlig usikkerhet, kreves det at vi i revisjonsberetningen henleder oppmerksomheten pa tilleggsopplysningene i regnskapet, eller, dersom slike tilleggsopplysninger ikke er tilstrekkelige, at vi modifiserer var konklusjon om Srsregnskapet og Srsberetningen. VIre konklusjoner cr basert ps revisjonsbevis innhentet inntil datoen for revisjonsberetningen. Etterfolgende hendelser eller forhold kan imidlertid medfore at selskapet ikke fortsetter driften. evaluerer vi den samlede presentasjonen, strukturen og innholdet, inkludert tilleggsopplysningene, og hvorvidt Arsregnskapet representerer de underliggende transaksjonene og hendelsene ps en mate som gir et rettvisende bilde. Vi kommuniserer med styret blant annet om det planlagte omfanget av revisjonen og til hvilken tid revisjonsarbeidet skal utfores. Vi utveksler ogsa informasjon om forhold av betydning som vi har avdekket i lopet av revisjonen, herunder om eventuelle svakheter av betydning i den interne kontrollen.

309 ^KROGH I REVISJON Uttalelse om vrige lovmessige krav Konklusjon om arsberetningen Basert pa var revisjon av ^rsregnskapet som beskrevet ovenfor, mener vi at opplysningene i Arsberetningen om irsregnskapet og fomtsetningen om fortsatt drift er konsistente med ^rsregnskapet og i samsvar med lov og forskrifter. Konklusjon om registrering og dokumentasjon Basert pi var revisjon av arsregnskapet som beskrevet ovenfor, og kontrollhandlinger vi bar funnet nodvendig i benhold til internasjonaj standard for attestasjonsoppdrag (ISAE) 3 «Attestasjonsoppdrag som ikke er revisjon eller forenklet revisorkontroll av historisk finansiell informasjon», mener vi at ledelsen bar oppfylt sin plikt til a sorge for ordentlig og oversiktlig registrering og dokumentasjon av selskapets regnskapsopplysninger i samsvar med lov og god bokforingsskikk i Norge. Rygge, 1. mars 217 Krogh J^evisfym AS Nils-Kristian Krogb Statsautorisert revisor

310 Resultatregnskap Jeloy Kurbad AS Driftsinntekter og driftskostnader Note Salgsinntekt Annen driftsinnlekt Sum driftsinntekter Varekostnad Lnnskostnad Avskrivning av driftsmidler og immatenelle eiendeler Annen dnftskostnad Sum driftskostnader Driftsresultat Finansinntekter og finanskostnader Annen rentemntekt Annen fmansinntekt Annen renlekostnad Annen finanskoslnad Resultat av finansposter Ordinasrt resultat for skattekostnad Skattekostnad pa ordinaert resultat Ordinaert resultat Arsresultat Overforinger Avsatt til annen egenkapital Sum overforinger Jeley Kurbad AS Side 1

311 Balanse Jely Kurbad AS Eiendeler Note Anleggsmidler Immaterielle eiendeler Ulsatl skattefordel Sum immaterielle eiendeler Varige driftsmidler Tomler, bygninger o.a. fast eiendom DriftslSre : inventaro.a. utstyr Sum varige driftsmidler Finansielle anleggsmidler Lan til foretak i samme konsern Sum finansielle anleggsmidler Sum anleggsmidler Omlopsmidler Lager av varer og annen beholdning Fordringer Kundefordringer Andre kortsiktige fordringer Sum fordringer Investeringer Bankinnskudd, kontanter o.l Sum omlopsmidler Sum eiendeler Jeloy Kurbad AS Side 1

312 Balanse Jely Kurbad AS Egenkapital og gjeld Innskutt egenkapital Note Aksjekapital Annen innskutt egenkapital Sum innskutt egenkapital Opptjent egenkapital Annen egenkapital Sum opptjent egenkapital Sum egenkapital Kortsiktig gjeld Leverandorgjeld Betalbar skatt Skyldig offentlige avgifter Annen kortsiktig gjeld Sum kortsiktig gjeld Sum gjeld Sum egenkapital og gjeld Moss, Styret i Jeloy Kurbad AS i. \ Daniel Joensen styrets leder/daglig leder h J V- Eva Joensen Geir Dege styremedlem styremedlem Jelsy Kurbad AS Side 2

313 Jeloy Kurbad AS Noter til arsregnskapet 216 Regnskapsprinsipper og virkning av prinsippendringer Arsregnskapet er satt opp i samsvar med regnskapsloven. Det er utarbeidel elter norske regnskapsstanderer. De unntaktsregler som gjelder for sma foretak er anvendt der annet ikke er angitt saerskilt. Salgsinntekter Inntekter ved salg av varer og tjenester vurderes til virkelig verdi av vederlaget, netto etter fradrag for merverdiavgift, rturer, rabatter og andre avslag. Inntektsforing av salget skjer pa levehngstidpunktet, Tjenester inntektsfores etter hvert som de utfores. Hovedregel for vurdering og klassifisering av eiendeler og gjeld Eiendeler bestemt til varig ele eller bruk er klassifisert som anleggsmidler. Andre eiendeler er klassifisert som omlepsmidler Fordnnger som skal tilbakebetales innen ett ^r er uansett klassifisert som omlopsmidler. Ved klassifisering av kortsiktig og iangsiktig gjeld er analoge kriterier lagt til grunn. Anleggsmidler vurderes til anskaffelseskost. men nedskrives til virkelig verdi nar verdifallet forventes ikke a veere forbig^ende Anleggsmidler med begrenset okonomisk levetid avskrives planmessig. Langsiktig gjeld balansefores til nominelt mottatt belop pa etablenngstidspunktet Langsiktig gjeld oppskrives Ikke til virkelig verdi som folge av rentendnng. Omlopsmidler vurders til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld balansefores til nominelt mottatt belop pa etablenngstidspunktet Kortsiktig gjeld oppskrives til virkelig verdi som folge av renteendring. Varige driftsmidler Varige driftsmidler avskrives over forventet okonomisk levetid. Avskrivningene er som hovedregel fordelt lineasrt over antatt okonomisk levetid. Varer Varer er vurderl til det laveste av gjennomsnitthg anskaffelseskost og netto salgsverdi. For r^varer og varer i arbeid beregnes netto salgsverdi til salgsverdien av ferdig tilvirkede varer redusert for iqjenvserende tilvirkningskostnader og salgskostnader Fordringer Kundefordhnger og andre fordringer oppfares til palydende etter fradrag for avsetnmg til forventet lap. Avsetning til tap gjores pa grunnlag av en individuell vurdering av de enkelte fordnngene. Skatt Skattekostnaden i resultatregnskapel omfatter bade periodens betalbare skatt og endnng i utsatt skatt. Utsatt skatt er beregnet med 24% pa grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige og skatteinessige verdier, samt ligningsmessig underskudd til fremforing ved utgangen av regnskapsaret. Skatteokende og skattereduserende midlertidige forskjeller som reverser eller kan reversere i samme penode er utlignet og nettofort.

314 Jeley Kurbad AS Noter til arsregnskapet 216 Note 1 Ansatte, godtgjerelser, Ian til ansatte m.v. Lcnnskostnader bestar av folgende poster: Lonnmger Styrehonorar Arb.g avgift Pensjonskostnader Andre personalkostnader Sum lonnskostnader Gjennomsnittlig antall ansatte Godtgjaretser: Lonn Styrehonorar Andre godtgjrelser Daglig leder Pensjonsforpliktelser Selskapet er pliktig til a ha tjenestepensjonsordning etter lov om obligatonsk tjenestepensjon. Selskapets pensjonsordninger tilfredsstiller kravene I denne lov. Revisor Honorar til selskapets revisor er kostnadsfort med kr I tillegg kommer betaling for vrige tjenester med kr. 9. Note 2 Varige driftsmidler Bygninger Maskiner Driftslosore Sum og tomter og anlegg og inventar Anskaffelseskost 1.1. Tilgang Avgang Anskaffelseskost o o Akkumulerte avsknvninger Balansefort verdi pr Arets avskrivninger Prosentsats for avskrivninger 2 % 2-33% 2-33% Note 3 Bundne bankinnskudd I posten inngar bundne bankinnskudd med kr

315 Jeloy Kurbad AS Noter til arsregnskapet 216 Note 4 Antall aksjer, aksjeeiere m.v. Selskapets aksjon$rer er: Antall aksjer Elerandel Bratenhus AS 2 1% 2 1 % Note 5 Egenkapital Aksjekapital Inskutt Annen Sum Pr Utbytte Arets resultat 2 Pr egenkapital Egenkapital Egenkapital Note 6 Lan og sikkerhetsstillelser Samlede ikke regnskapsforte garantiforpliktelser utgjar kr i 215. Dette er garanti relatert til kausjonsforpliktelser for morselskapet. Selskapet har en kassekreditt pa kr. 2..,- Her er det stillet pant for 5...-i driftstilbefw og en factoringavtale pa kr 5..,- Note 7 Skattekostnad Arets skattekostnad bestar av: Betalbar skatt Endring utsatt skatt Netto skattekostnad Utsatt skatt; Driftsmidler Varelager Fordringer Netto grunnlag Endring Utsatt skatt / - skattefordel 24% Utsatt skattefordel er ikke oppfort i selskapets balanse Resultat for skatt Permanente forskjeller Endring midlertidige forskjeller Grunnlag for betalbar skatt Betalbar skatt skattepliktig resultat

316 Appendix 8 Arsregnskap 215 Unicare Omsorg AS Org.nr

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321 Resultatregnskap Unicare Omsorg AS Driftsinntekter og driftskostnader Note Salgsinntekt Sum driftsinntekter Varekostnad Lnnskostnad Avskrivning av driftsmidler Annen driftskostnad Sum driftskostnader Driftsresultat 1, Finansinntekter og finanskostnader Renteinntekt fra foretak i samme konsem Annen renteinntekt Annen fmansinntekt Annen rentekostnad Annen finanskostnad Resultat av finansposter Ordinsrt resultat fsr skattekostnad Skattekostnad pi ordimert resultat Ordinsert resultat Arsresultat Overferinger Avsatt konsernbidrag Avsatt til annen egenkapltal Overfrt fra annen egenkapital Sum overferinger Unicare Omsorg AS Side 2

322 Balanse Unicare Omsorg AS Eiendeler Anleggsmkller Utsatt skattefordel Sum immaterielle eiendeler Varige driftsmidier Maskiner og anlegg Driftstesore, inventar o.a. utstyr Sum varige driftsmidier Note , Finansielle anleggsmidler Pensjonsmidler Sum finansielle anleggsmidler Sum anleggsmidler Omlopsmidler Ford ringer Kundefordringer Andre kortsiktige fordringer Konsemkonto Sum fordringer , Bankinnskudd, kontanter o.i Sum omlepsmidler Sum eiendeler Unicare Omsorg AS SideS

323 Balanse Unicare Omsorg AS Egenkapital og gjeld Innskutt egenkapital Aksjekapital Annen innskutt egenkapital Sum innskutt egenkapital Opptjent egenkapital Annen egenkapital Sum opptjent egenkapital Note Sum egenkapital Gjeld Pensjonsforpliktelser Sum avsetning for forpliktelser Kortsiktig gjeld Leverandrgjeld Skyldig offentlige avgifter Annen kortsiktig gjeld Sum kortsiktig gjeld Sum gjeld 7 Sum^genkapital og gjeld 'J "om Erik Tidemann-Andersen styreleder Oslo, Styret i Unicare Omsorg AS // Una Aas styremedlem i nne Sonerud daglig leder T Unicare Omsorg AS Side 4

324 Unicare Omsorg AS Noter til arsregnskapet 215 Regnskapsprinsipper Arsregnskapet er satt opp i samsvar med regnskapslovens bestemmelser og god regnskapsskikk. Salgsinntekter Inntektsfring ved salg av varer skjer pa leveringstidspunktet. Tjenester inntektsfres i takt med utfrelsen. Andelen av salgsinntekter som knytter seg til fremtidige serviceyteiser balansefres som uopptjent inntekt ved salget, og inntektsfores deretter i takt med levering av ytelser. Klassifisering og vurdering av balanseposter Omlpsmidler og kortsiktig gjeld omfatter poster som forfaller til betaling innen ett ar etter balansedagen, samt poster som knytter seg til varekretslepet. vrige poster er klassifisert som anleggsmiddel/langsiktig gjeld. Omlopsmidler vurderes til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld balansefares til nominelt belop pa etableringstidspunktet. Anleggsmidler vurderes til anskaffelseskost, men nedskrives til virkelig verdi ved verdifall som ikke forventes & vasre forbigaende. Anleggsmidler med begrenset konomisk levetid avskrives planmessig. Langsiktig gjeld balansefres til nominelt belop pa etableringstidspunktet. Fordringer Kundefordringer og andre fordringer er oppfrt i balansen til palydende etter fradrag for avsetning til forventet tap. Avsetning til tap gjres pa grunnlag av individuelle vurderinger av de enkelte fordringene. I tidegg gjores det for vrige kundefordringer en uspesifisert avsetning for k dekke antatt tap. Varige driftsmidler Varige driftsmidler balansefores og avskrives over driftsmidlets forventede konomiske levetid. Direkte vedlikehold av driftsmidler kostnadsfores lopende under driftskostnader, mens pakostninger eller forbedringer tillegges driftsmidlets kostpris og avskriver i takt med driftsmidlet. Dersom gjenvinnbart belop av driftsmiddelet er lavere enn balansefort verdi foretas nedskrivning til gjenvinnbart belop. Gjenvinnbart belop er det hayeste av netto salgsverdi og verdi i bruk. Verdi i bruk er naverdien av de fremtidige kontantstrommene som eiendelen vil generere. Pemjoner Innbetalt pensjonspremie i den innskuddsbaserte pensjonsordningen kostnadsfores fortlopende og klassifiseres sammen med lonnskostnader.

325 Unicare Omsorg AS Noter til arsregnskapet 215 Shatter Skattekostnaden i resultatregnskapet omfatter bade periodens betalbare skatt og utsatt skatt. Utsatt skatt er beregnet med 25 % pa grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige og skattemessige verdier, samt ligningsmessig underskudd til fremfering ved utgangen av regnskapsaret. Skatteokende og skattereduserende midlertidige forskjeller som reverserer eller kan reversere i samme periode er utlignet og nettofrt. Utsatt skatt p& merverdier i forbindelse med oppkjp av datterselskap blir ikke utlignet. Kontantstremoppstilling Kontantstrmoppstillingen er utarbeidet etter den indirekte metode. Kontanter og kontantekvivalenter omfatter kontanter, bankinnskudd og andre kortsiktige, likvider plasseringer. Note 1 Lennskostnader, antall ansatte, godtgjarelser, lan til ansatte m.m. Lannskostnader Lonninger Arbeidsgiveravgift Pensjonskostnader Andre ytelser Sum Gjennomsnittlig antall arsverk: 587,5 Daglig Ytelser til ledende personer leder S re Lnn Annet Pensjonsutgifter Ledende ansatte har ikke avtale om bonus eller aksjebasert avlenning. Det er ikke ytet I&n eller stilt garantier til daglig leder, styreleder eller andre nasrstaende parter Pensjonsforpliktelser Selskapet er pliktig til a ha tjenestepensjonsordning etter lov om obligatorisk tjenestepensjon. Selskapets pensjonsordninger tilfredsstiller kravene i denne lov. Revisor Kostnadsfrt revisjonshonorar for 215 utgjer kr 12 eksklusiv mva. I tiliegg kommer honorar for andre tjenester med kr 98 9 eksklusiv mva..

326 Unicare Omsorg AS Noter til arsregnskapet 215 Note 2 Bankinnskudd Bankinnskudd, kontanter o.i omfatter bundne skattetrekksmidier med kr Skyldig skattetrekk per er kr Note 3 Varige driftsmidler Kostpris 1.1 Tilgang Avgang Drifts losare, kodtormaskiner Kostpris Akk. avskrivninger Arets avskrivning Akk.avskrivninger Bokfort verdi konomisk levetid Avskrivingsplan 3-5 r Linaer Note 4 Egenkapital Aksjekapital Annen innskutt Annen Sum egenkapital egenkapital egenkapital Egenkapital Korreksjon av tidligere ars feil Avgitt konsembidrag Arets resultat Egenkapital Itftitaiie OmmAS

327 Unicare Omsorg AS Noter til arsregnskapet 215 Note 5 Aksjonaerer Aksjekapitalen i Unicare Omsorg AS pr bestar av felgende aksjeklasser: Ordinasre aksjer Sum An tali Palydende 1, Bokflert Eierstruktur Ordinaere Eierandel Unicare Holding AS 1 2 1, Totalt antali aksjer 12 1, Alle aksjene har lik stemmerett. Jtosorg

328 Unicare Omsorg AS Noter til arsregnskapet 215 Note 6 Skatt Arets skattekostnad Resultatfrt skatt pa ordineert resultat: Betalbar skatt Endring i utsatt skatt Skattekostnad ordinaert resultat Skattepliktig inntekt: Ordinaert resultat fr skatt Permanente forskjeller Endring i midlertidige forskjeller Avgitt konsembidrag Anvendelse av fremforbart underskudd Skattepliktig inntekt Betalbar skatt i balansen: Betalbar skatt pa arets resultat Betalbar skatt p& avgitt konsembidrag Sum betalbar skatt i balansen Beregning av effektiv skattesats: Resultat fr skatt Beregnet skatt av resultat fr skatt Effekt av endring av skattesats Skatteeffekt av permanente forskjeller Skatteeffekt av konsembidrag Anvendt underskudd Sum Effektiv skattesats ,5 % ,9 % Skatteeffekten av midlertidige forskjeller og underskudd til fremfaring som har gitt opphav til utsatt skatt og utsatte skattefordeler, spesifisert pa typer av midlertidige forskjeller: Varige driftsmidler Pensjonspremie/- forpliktelse Sum Endring Utsatt skattefordel (25 % / 27 %) Effekt av endring av skattesats

329 Unicare Omsorg AS Noter til arsregnskapet 215 Note 7 Mellomvaerende Gjeld: Unicare Holding AS -8 Konsembidrag Unicare Holding AS Sum Leverandrgjeld Unicare Helse AS Sum Note 8 Konsernmellomvaerende - Konsernkonto *Mellomvasrende Unicare Holding AS Renter mellomvsrende Unicare Holding AS *Selskapet er med i konsemkontoordningen hvor det er Unicare Holding AS som er kontoinnehaver. Note 9 Konsern intern transaksjon Selskapet har i 214 solgt drift vedrerende hjemmesykepleie til Unicare Hjemmetjenester AS. Dette har gift en finansinntekt pa kr 6 95 i 214. ticaj

330 Unicare Omsorg AS Noter til arsregnskapet 215 Note 1 Pensjoner Selskapet bar en Innskuddsordning som omfatter samtlige ansatte med unntak av sykepleieme. Sykepleieme er dekket ved avtalefestet pensjonsordning (ytelsesbasert ordning) gjennom Kommunal Landspensjonskasse (KLP). Pr var det 143 medlemmer i ordningen. Selskapets ytelsesbaserte AFP-ordning er en flerforetakspensjonsordning, og fmansieres gjennom premier som fastsettes som en present av lnn. Ordningen blir regnskapsmessig behandlet som en innskuddsbasert pensjonsordning hvor premiebetalinger kostnadsfores lepende, og ingen avsetninger foretas i regnskapet. Avstemming av pensjonsordningens finansiert status mot belep i balansen: KLP-ordningen Beregnet pensjonsforpliktelse Pensjonsmidler til markedsverdi Ikke resultatfort virkning av estimatavvik Arbeidsgiveravgift Estimert pensjonsforpliktelse Egenkapitaltilskudd KLP Netto pensjonsforpliktelser (midler) Forpliktelse Midler Forpliktelse Midler Okortomiske forutsetninger Diskonteringsrente Lonnsvekst G-regulering Pensj onsregulering Forventet avkastning 2,5 2,5 2,25 1,48 3,3 2,3 2,75 2,5 1,73 3,2

331 Unicare Omsorg AS Noter til arsregnskapet 215 Note 11 Pantstillelser Det er stillet sikkerhet for konsemets engasjementer i Danske Bank med kr 1 i kundefordringer og med kr 1 i driftstilbehr. Balansefrt verdi av pantesikrede eiendeler: Kundefordringer Varige driftsmidler Sum I SE

332 Unicare Omsorg AS Noter til arsregnskapet 215 Kontantstrem Kontantstremmer fra operasjonelle aktiviteter Resultat fear skattekostnad Ordincere avskrivninger Nedskrivninger anleggsmidler Endring i kundefordringer Endring i leverandorgjeld Forskj. Kostnadsfisrt pensjon og inn-zutbet i pensjonsordn. Endring i andre tidsavgrensningsposter Netto kontantstram fra operasjonelle aktiviteter Kontatnstremmer fra investeringsaktiviteter Utbetalinger ved kjp av varige driftsmidler Netto kontantstram fra investeringsaktiviteter Kontantstommer fra fmansieringsaktiviteter Netto endringer i kontanter og kontantekvivalenter Beh. av kont. og kontantekvivalenter ved per. begynnelse Beh. av kont. og kontantekvivalenter ved per. Slutt

333 Posteringsdokumentasjon Alle posteringer Klient Fdsels-/org.nr Unicare Omsorg AS Nr Dato Tekst Belop Debet Kredit Disponeringer D Betalbar skatt , Betalbar skatt, ikke utlign D Utsatt skatt , 17 Utsatt skattefordel 832 Endring utsatt skatt D OverfBrt fra annen egenkapital ,28 25 Annen egenkapital/kapiti 8961 Overfaringer fra annen e Konsernbidrag K Konsernbidrag til Unicare Holding , 8935 Avsatt konsernbidrag 2276 Avgitt konsernbidrag Uni< K3.2 ' , 25 Betalbar skatt, ikke utligr 2276 Avgitt konsernbidrag Unh Vi bekrefter herved at ovennevnte posteringer er utfert ps bakgrunn av instruks fra oss. Oslo, 15JD2,216 Tom Erik Tidemann-Andersen Maestro Arsoppgjer Unicare Omsorg AS Side 1

334 Arsregnskap 216 Unicarc Omsorg AS Org.nr

335 ARSBERETNING 216 UNICARE OMSORG AS Arten av virksomheten og hvor virksomheten drives Unicare Omsorg AS er en prival akter innen drift av pieie -og omsorgstjenester i Norge. Hovedkontoret er i Oslo. Unicare Omsorg AS driver St. Hanshaugen omsorgssenter. Ammerudlunden sykehjem. Manglerudhjemmet Sykehjem, Smestadhjemmet, Hovseterhjemmet og Fagerborghjemmet. Resultatet av virksomheten og dens stilling Den vesentiigste delen av selskapets driflsinntekter er faste og kontraktsmessige bundet over lengre perioder. For a oppna lonnsom drift er selskapet derfor avhengig av a fore lopende kontroil og styring med driftskostnadene. Videre er selskapet avhengig av a forienge de eksisterende kontrakter og/eller vinne nye kontrakter for a sikre driften. Denne type kontrakter inngas med offentlige myndigheter og er underlagt et regeiverk med offentlig utiysning av anbud. Det er ogsa andre aktorer i inarkedet og konkurransesituasjonen kan pavirke fremtidig lonnsomhet. I tiitegg til sunn ekonomisk drift er det ogsa en forutsetning a ha forsvariig kvalitet i driften. Det arbeides derfor kontinuerlig med kvalhetsulvikling. herunder a sikre god dokumentasjon. Omsetningsokningen i 216 skyldes i sterst grad at Unicare at Fagerborghjemmet var en del av Unicare Omsorg gjennom hele 216. Styret mener at arsregnskapet gir et rettvisende bilde av selskapets okonomiske og finansielle stilling, og anser likviditetssuuasjon som tilfredsstiliende. Fortsatt drift Forutsetningen om fortsatt drift cr lagt til grunn ved utarbeideisen av arsregnskapet. Styret bekrefter at man anser at denne forutsetningen er til stede. Markedsrisiko Selskapet har kontrakter med Oslo Kommune pa 2-6 ar. Vi forventer ingen nye anbud pa sykehjemsdrift i Oslo i 217 Finansieli risiko Selskapet har ingen langsiktig gjeld og god likviditet. Kontantstrem Kontantstrommen har gjennom 216 vsert positiv. Arbeidsmilje og likestiiling Styret bestar av 1 mann og 1 kvinne og selskapet hadde 588 ansatte ved utgangen av regnskapsaret. Sykefravasret i perioden var 7.4 % og fravseret folges opp systematisk og adekvate tiltak vurderes og iverksettes rutinemessig. Arbeidsmiljoet anses som godt og det har ikke blitt rapportert skader eller ulykker reiatert til arbeidsplassen. Andelen kvinner i selskapet er 79% Selskapet har innarbeidet en policy som tar sikte pa at det ikke skai forekomme forskjellsbehandlig grunnet kjonn, rase eller religion. Den faktiske situasjonen oppfattes som tilfredsstiliende, og ledelsen har stadig fokus ps at stik diskriminering ikke skal forekomme. Det arbeides primeert forebyggende. men andre tiltak vil kunne iverksettes ved behov. Ytre miljo Virksomhetens bransje og natur medferer liten grad av forurensning elier utslipp som kan vaere til skade for det ytre miljo. Medisiner og annet spesialavfall samles inn. sorteres og destrueres pa forskriftsmessig m&te. Fremtidig utvikling

336 Selskapet ser etter muligheter for ytterligere ekspansjon. gjerne utvide virksomheten i andre deler av landet For 217 vil selskapet ha fokus pa a sikre god drift. Styret opplever at selskapet har et godt utgangspunkt for videre vekst og utvikling innenfor omsorgssektoren i Norge. 'slo, 13. mars 217 m IE. Tidemai :ts 11 rsen UM (Mr) Una Aas Styremedlem arivie Sonerud ^aglig leder

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338

339 Res u Itatreg ns ka p Unicare Omsorg AS Driftsinntekter og driftskostnader Note Salgsinntekt Annen driftsinntekt Sum driftsinntekter Varekostnad Lennskostnad Avskrivning av driftsmidler Annen driftskostnad Sum driftskostnader 1, ! I Driftsrcsultat Finansinntekter og finanskostnader Renteinntekt fra foretak i samme konsern Annen renteinntekt Annen rentekostnad Annen finanskostnad Resultat av finansposter Ordinaert resultat for skatlekosinad Skattekostnad pa ordinasrt resultat Ordinaert resultat Arsresultat Overferinger Avsatt konsernbidrag Overfort fra annen egenkapital Sum overferinger Unicare Omsorg AS Side 4

340 Balanse Unicare Omsorg AS Eiendeler Note Anleggsmidler Utsatt skattefordel Sum immaterielle eiendeler Varige driftsmidler Maskiner og anlegg Driftslesere, inventaro.a. utstyr Sum varige driftsmidler Finansielle anleggsmidler Pensjonsmidler Sum finansielie anleggsmidler ] i , Sum anleggsmidler Omlopsmidler Ford ringer Kundefordringer Andre kortsiktige fordringer Konsernkonto Sum fordringer Bankinnskudd, kontanter o.i. 2 U Sum omlepsmidler Sum eiendeler Unicare Omsorg AS SldeS

341 Balanse Unicare Omsorg AS Egenkapital og gjeld Innskutt egenkapital Aksjekapital Annen innskutt egenkapital Sum innskutt egenkapital Note i 2 I Opptjent egenkapital Annen egenkapital Sum opptjent egenkapital Sum egenkapital Gjeld Pensjonsforpliktelser Sum avsetning for forpliktelser Kortsiktig gjeld Leverandorgjeld Skyldig offentlige avgifter Annen kortsiktig gjeld Sum kortsiktig gjeld Sum gjeld Surfl egenkapital og gjeld / Oslo Styret i Unicare Omsorg AS om Tlk-TttkrrRa ann-andersen styreleder LM Una Aas styremedlem L - Janne Sonerud daglig leder Unicare Omsorg AS Side 6

342 Unicare Omsorg AS Noter til arsregnskapet 216 Regnskapsprinsipper Arsregnskapet er salt opp i samsvar med regnskapslovens bestemmelser og god regnskapsskikk. Salgshmtekter Inntektsforing ved salg av varer skjer pa leveringslidspunktet. Tjenesier innlektsfores i takt med utforelsen. Andelen av salgsinntekter som knytter seg til fremtidige serviceytelser balansefores som uopptjent inntekt ved salget, og inntektsfores deretter i takt med levering av ytelser. Klassifisering og vwdering av balanseposier Omlopsmidler og kortsiktig gjeld omfatter poster som forfaller til betaling innen ett ar etter balansedagen. samt poster som knytter seg til varekretslopet. Gvrige poster er klassifisert som anleggsmiddel/iangsiktig gjeld. Omlopsmidler vurderes til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld balansefores til nominelt belop pi etabieringstidspunktet. Anleggsmidler vurderes til anskaffelseskost. men nedskrives til virkelig verdi ved verdifall som ikke forventes a v ere forbig&ende. Anleggsmidler med begrenset okonomisk levetid avskrives planmessig. Langsiktig gjeld balansefores til nominelt belap pa etabieringstidspunktet. Fordringer Kundefordringer og andre fordringer er oppfort i balansen til palydende etter fradrag for avsetning til forventet tap. Avsetning til tap gjores pa grunnlag av individnelle vurderinger av de enkelte fordringene. I tillegg gjres det for ovrige kundefordringer en uspesifisert avsetning for a dekke antatt tap. Varige drftsmidler Varige driftsmidler balansefores og avskrives over driftsmidlets forventede okonomiske levetid. Direkte vcdtikehold av driftsmidler kostnadsfores lopende under driftskostnader, mens pakostninger eller forbedringer tillegges driftsmidlets kostpris og avskriver i takt med driftsmidlet. Dersom gjenvinnbart belop av driftsmiddelet er lavere enn balansefort verdi foretas nedskrivning til gjenvinnbart belap. Gjenvinnbart belop er det hoyeste av netto salgsverdi og verdi i bruk. Verdi i bruk er naverdien av de fremtidige kontantstrommene som eiendeien vil generere. Pensjoner Innbe'alt pensjonspremie i den innskuddsbaserte pensjonsordningen kostnadsfores fortlepende og klassifiseres sammen med lonnskostnader. lunhare Omsorg AS

343 Unicare Omsorg AS Noter til arsregnskapet 216 Skatter Skattekostnaden i resultatregnskapet omfatter bade periodens betalbare skatt og utsatt skatt. Utsatt skatt er beregnet med 24 % p& grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige og skattemessige verdier. samt ligningsmessig underskudd til Fremforing ved utgangen av regnskapssret. Skatteekende og skattereduserende midlertidige forskjeller som reverserer eller kan reversere i samme periode er utlignet og nettofort. Utsatt skatt p3 merverdier i forbindelse med oppkjop av danerselskap blir ikke utlignet. Kontanlstremoppslilling Kontantstromoppstillingen er utarbeidet etter den indirekte metode. Kontanter og kontantekvivalenter omfatter kontanter, bankinnskudd ogandre kortsiktige. likvide plasseringer. Note 1 Lannskostnader, antall ansatte, godtgjorelser, ISn til ansatte m.m. Lennskostnader Lanninger Arbeidsgiveravgift Pensjonskostnader Andre ytelser _ Sum Gjennomsnittlig antall arsverk: 495 Ytelser til ledende personer Lenn Annet Pensjonsutgifter Daglig leder Ledende ansatte bar ikke avtale om bonus eller aksjebasert avlonning. Det er ikke ytet ISn eller stilt garantier til daglig leder. styreleder eller andre nxrstsende parter Pensjonsforpliktelscr Selskapet er pliktig til a ha tjenestepensjonsoidiiing etter lov om obligatorisk tjenestepensjon. Selskapets pensjonsordningertilfredsstiller kravene i denne lov. Revisor Kostnadsfart revisjonshonorar for 216 utgjor kr 145 OOOeksklusiv mva. I tillegg kommer honorar for andre tjenester med kr 41 eksklusiv mva.. # M. a. EH

344 Unicare Omsorg AS Noter til arsregnskapet 216 Note 2 Bankinnskudd Bankinnskudd, kontanter o.l omfatter bundne skatlelrekksmidler nied kr Skyldig skattetrekk per 3 J.12. er kr Note 3 Varige driftsmidler Drifts lesere, kontormaskiner Kostpris Tilgang Avgang Kostpris Akk. avskrivninger Arets avskrivning Akk.avskrivninger Bokfert verdi konomisk levetid Avskrivingsplan 3-5 ar Linter Note 4 Egenkapital Aksjekapitai Annen innskutt egenkapital Annen egenkapital Sum egenkapital Egenkapital Avgitt konsembidrag Arets resultat Egenkajpital

345 Unicare Omsorg AS Noter til arsregnskapet 216 Note 5 Aksjonaerer Aksjekapitalen i Unicare Omsorg AS pr bestar av folgende aksjeklasser: Ordineere aksjer Antall 1 2 PSiydende ], Bokfart I 2 Sum Eierstruktur Unicare Holding AS Totalt antall aksjer Ordinaere Eicrandel , Aile aksjene har lik stemmerett. lunicare Omgorg-AS

346 Unicare Omsorg AS Noter til arsregnskapet 216 Note 6 Skatt Arets skattekostnad Resultatfort skatt pa ordinzert resultat: Betalbar skatt Endring i utsatt skattefordel Skattekostnad ordinsert resultat Skatt^piiktig inntekt: OrdincEit resultat for skatt Permanente forskjelier Endring i midlertidige forskjelier Avgitt konsernbidrag Skattepliktig inntekt Betalbar skatt i balansen: Betalbar skatt pa arets resultat Betalbar skatt pa avgitt konsernbidrag Sum betalbar skatt i balansen i Beregning av effektiv skattesats: Resultat far skatt Beregnet skatt av resultat for skatt Skatteeffekt av permanente forskjelier Effekt av endring av skattesats Sum Effektiv skattesats ,4 % II % Skatteeffekten av midlertidige forskjelier og underskudd til fremfering som har gitt opphav til utsatt skatt og utsatte skattefordeler. spesifisert pa typer av midiertidige forskjelier: Endring Varige driftsmidler Pensjonspremie/- forpliktelse Sum Utsatt skattefordel (24 % / 25 %) Effekt av endring av skattesats [Unicare Oasorg AS

347 Unicare Omsorg AS Noter til arsregnskapet 216 Note 7 Meliomvaerende GjeJd: Konsembidrag Unicare Holding AS Sum Leverandorgjeid Unicare Helse AS Sum Kundefordringer Unicare Hjemmetjenester AS Sum Note 8 Konsernmellomvaerende - Konsernkonto Meliomvaerende Unicare Holding AS Renter mellomvferende Unicare Holding AS *Selskapet er med i konsernkontoordningen Irvor det er Unicare Holding AS som er kontoinnehaver.

348 Unicare Omsorg AS Noter til arsregnskapet 216 Note 9 Pensjoner Selskapet bar en innskuddsordning som omfatler samtlige ansatte med unntak av sykepleieme. Sykepleieme er dekket ved avtaiefestet pensjonsordning (ytelsesbasert ordning) gjennom Kommunal Landspensjonskasse (KLP). Pr var det 143 medlemmer i ordningen. Selskapets ytelsesbaserte AFP-ordning er en flerforetakspensjonsordning, og finansieres gjennom premier som fastsettes som en present av ionn. Ordningen blir regnskapsmessig beliandlet som en innskuddsbasert pensjonsordning hvor premiebetaiinger koslnadsfores iopende. og ingen avsetninger foreias i regnskapet. Avstemming av pensjonsordningens finansierl status mot belop i baiansen: KLP-ordningen ForpUklelse Midler ForpUklelse Midler Beregnet pensjonsforpiikteise Pensjonsmidler til markedsverdi Ikke resultatfert virkning av estimatawik Arbeidsgiveravgift Estimert pensjonsforpiikteise Egenkapitaltilskudd KLP Netto pcnsjonsforpliktelser (midler) Okonomiske foniisetninger Diskonteringsrente Lonnsvekst G-regulering Pensjonsregulering Forventet avkastning 2,6 2, ,5 2, , ,6 3.3

349 Unicare Omsorg AS Noter til arsregnskapet 216 Note 1 Pantstiilelser Del er stillet sikkerhet for konsernets engasjementer i Danske Bank med kr 1 i kundefoidringer og med kr 1 i di'iftstilbehor. Balansefort verdi av pantesikrede eiendeler: Kundefordringer Varige driftsmidler Sum jmi

350 Unicare Omsorg AS Noter til arsregnskapet 216 Kontantstrem Kontantstrommer fra operasjonclie aktiviteter Resultat for skattekostnad Ordinasre avskrivnigner Medskrivninger anleggsmidler Endring i kundefordringer Endring i ieverandorgjeld Forskj. Kostnadsfert pensjon og inn-zutbet. i pensjonsordn. Endring i andre tidsavgrensningsposter Netto kontantstrem fra operasjonelle aktiviteter [ Kontatnstremmer fra investeringsaktiviteter Utbetalinger ved kjep av varige drifismidler Netto kontantstrem fra investeringsaktiviteter Kontantstommer fra finansieringsaktiviteter Netto endringer i kontanter og kontantekvivalcnter Beh. av kont. og kontantekvivalcnter ved per. begynnelse Beh. av kont. og kontantekvivalcnter ved per. Skill lualca re Omsorg AS

351 Posteringsdokumentasjomi Alle posteringer Kllent Fdsels-/org.nr Unicare Omsorg AS Nr Dato Tekst Belep Debet Kredlt Dlsponeringer D Betalbar skatt D Utsatt skatt D Overfort fra annen egenkapital , , Betalbar skatt, ikke utlign 17 Utsatt skattefordel 832 Endring utsatt skatt 25 Annen egenkapital/kapit/ 8961 OverfBringer fra annen e Konsembidrag K Konsembidrag til Unicare Holding AS , Avsatt konsembidrag 2276 Avgitt konsembidrag Uni' K Konsernbidrag til Unicare Holding AS , 25 Betalbar skatt, ikke utligr 2276 Avgitt konsembidrag Unii Vi bekrefter herved at ovennevnte posteringer er utfort ps bakgrunn av instruks fra oss Oslo, 13,3.217 Y- Tom Erik Tidemann-Andersen Maestro Arsoppgjsr Unicare Omsorg AS Side 1

352 Appendix 9 t unicare Unicare Group Financial report Q1 217

353 First quarter 217 Headlines Q1 217 Revenues of NOK 317 million, up NOK 7 million from Q Proforma revenues including acquired companies in 217 increase revenues to NOK 351 million EBITDA of NOK 4,7 million, up NOK 4, from Q1 216 Total free cash of NOK 39 million positively affected by the issue of the bond (NOK 35 million). Net debt NOK 297 million Acquisition of two rehabilitation units closed in March 217 Issue of bond completed the 24th of March 217. Listing of the bond is expected to take place Q3 217 Unicare continues its revenue growth in Q1 217 through organic growth and acquisitions. In March 217 Unicare Holding AS acquired two rehabilitation companies, Jeløya Kurbad AS and Steffensrud Rehabiliteringssenter AS. The two units are included from the 1st of January in the consolidated pro forma figures. Issue of the bond was successfully completed on the 24th of March. NOK 35 million was raised in the bond issue. Listing of the FRN Senior Secured Bonds 217/221 is planned to take place in Q The Swedish business has seen positive development in Q1 217 compared to Q The development is expected to continue in 217. Politicians in the County of Gotland (Sweden) have voted in favor of Unicare taking over the County (Landsting) operations of the Primary Health care center in Klintehamn. The unit will be operated as a branch of the existing Unicare operation in Visby, with a start date on the 1st of September 217. Followed by the rapid growth in the rehabilitation segment, a director for the new rehabilitation division was employed in Q1 (commencing the 1st of June 217). Furtermore, a new CFO was in place from the 18th of April 217.

354 Financials Profit & loss Table: Proforma figures and reported figures for Unicare Group Q1 217 Q1 217 Proforma figures* Reported figures Q1 217 NOK 1 Unicare Group NOK 1 Unicare Group Q Q Q Q Revenues Revenues Costs Costs Cost of sales Cost of sales Salaries Salaries Other Personnel Expenses Other Personnel Expenses Other Operating expenses Other Operating expenses Depreciation Depreciation Sum costs Sum costs EBIT EBIT Net financial items Net financial items EBT EBT EBITDA EBITDA *Includes the acquired companies Jeløya and Steffensrud from the 1st of January The improvement in Q1 217 compared to Q1 216 is mainly driven by increased turnover and decreased operating costs in the Swedish operation. Net debt Table: Development in Cash and net debt NOK million 216 Q1 217 Change Cash and cash equivalents 12,4 39, 287,6 Interest bearing debt 239,3 687, 447,7 Net Debt 136,9 297, 16,1 Followed by the Bond Issue in March 217, Unicare has in April repaid loans to financial institutions. The repayment was made in April and Interest-bearing debt on the 1st of June is reduced by approximately NOK 32 million. Contact persons: Johan Sward (CEO), Johan.Sward@unicare.no Rolf Erik Myklebust (CFO), rolf.erik.myklebust@unicare.no

355 Appendix 1 Unicare Group Financial report Q2 217