Correction regarding information in article published today in Børsen - Announcement no.3/2018

The daily newspaper Børsen today publishes an article with the headline "Billion Dollar company in trouble: In breach of financial agreement."

The article contains factual errors that the Santa Fe Group should clarify:
  

1. The article postulates that Santa Fe was unable to pay a (quoted) "scheduled repayment of the DKK 260m loan, which was concluded with HSBC and Danske Bank in 2016. "(quotation end). This is incorrect. Santa Fe Group has at no time defaulted payment obligations under the previous financing agreement with the two banks mentioned. All instalments on the loans referred to have been paid on time; in 2017 a total of EUR 8.9m was paid in instalments.
   
   
2. The article claims that Santa Fe Group was forced to divest in order to pay scheduled instalments. This is incorrect. In 2015 the Santa Fe Group announced, at the launch of the Group's new strategy, that the Group would divest its Records Management business to focus strategically on the businesses Moving Services and Relocation Services. The proceeds from these strategically motivated divestments were mainly used to reduce bank debt and finance technology investments.
   
   
3. The Santa Fe Group's CFO Christian Møller Laursen has according to the article commented that the Santa Fe Group has not paid instalments on bank debt on time. Christian Møller Laursen has not commented on lack of adherence to debt repayments. He has explained - as also stated in the Santa Fe Group Annual Report for 2017 – that the Santa Fe Group after the balance sheet date obtained a waiver for a temporary breach of a cash flow covenant in the mentioned loan agreement, due to a delayed payment from the sale of Records Management activities in China.

The article further states that Santa Fe in 2017 experienced a decline in "the key performance measure EBITDA after special items." EBITDA was EUR 18.6m against EUR 18.2m in 2016. For all other information regarding the Group's financial situation, liquidity and new financing agreement, please refer to the Santa Fe Group Annual Report, announced on March 1, 2018.

Yours sincerely,

Santa Fe Group A/S

For additional information, please contact:

Martin Thaysen, Group CEO, +44 20 3691 8300
Christian Moller Laursen, Group CFO, +44 20 8963 2514