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FINANCIAL AND CERTIFIED ADVISER SELLING AGENT

Nasdaq First North Growth Market is a registered SME growth market, in accordance with the Directive on Markets in Financial Instruments (EU 2014/65) as implemented in the national legislation of Denmark, Finland and Sweden, operated by an exchange within the Nasdaq group. Issuers on Nasdaq First North Growth Market are not subject to all the same rules as issuers on a regulated main market, as defined in EU legislation (as implemented in national law). Instead, they are subject to a less extensive set of rules and regulations adjusted to small growth companies. The risk in investing in an issuer on Nasdaq First North Growth Market may therefore be higher than investing in an issuer on the main market. All issuers with shares admitted to trading on Nasdaq First North Growth Market have a Certified Adviser who monitors that the rules are followed. The respective Nasdaq exchange approves the application for admission to trading. V H 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 MapsPeople A/S (the “Company” or “MapsPeople”) is a Danish public limited liability company incorporated under 9 10 the laws of the Kingdom of Denmark with company registration number CVR84059528. 10 11 11 12 12 13 Initial Public Offering of 12,500,000 Offer Shares 13 Offer price: DKK 6.80 per Offer Share 14 14 15 15 16 16 17 This Prospectus (the “Prospectus”) has been prepared in connection with an application for admission to trading of the 17 18 Company’s existing shares (the “Existing Shares”) and an initial public offering (the “Offering”) of 12,500,000 new shares 18 (“Offer Shares”) of nominal DKK 0.02 each. The gross proceeds from the Offering will be DKK 85 million. The Existing Shares 19 and Offer Shares are jointly referred to as (the “Shares”) in the Company. As of the date of this Prospectus (the “Prospectus 19 20 Date”), but prior to the Offering, the registered share capital of the Company is nominal DKK 839,516 and consists of 20 21 41,975,800 Existing Shares of nominal DKK 0.02 each, all of which are fully paid. The Company has one share class. 21 22 22 23 If 12,500,000 Offer Shares are not subscribed during the subscription period, the Offering will not be completed. The Offering 23 is not guaranteed, but prior to publication of this Prospectus, the Company has obtained subscription undertakings for a 24 total of DKK 50 million from pre-subscribers (the “Pre-subscribers”). Pre-subscribers will be allocated the full amount of 24 25 subscribed shares in connection with the allocation of Offer Shares. 25 26 26 27 The offer price (the “Offer Price”) is DKK 6.80 per nominal DKK 0.02 Offer Share. The Offer Price is fixed. The offer period 27 28 (the “Offer Period”) is expected to begin on May 7, 2021 and end on May 25, 2021. The Offer Shares will be delivered 28 electronically against payment under temporary ISIN code DK0061549136 to investors’ accounts with VP Securities A/S (“VP 29 Securities”). The temporary ISIN will not be applied to trading on Nasdaq First North Premier Growth Market Denmark. The 29 30 temporary ISIN will only be registered in VP for the purpose of subscribing for new shares. The temporary ISIN code will be 30 31 replaced by the permanent ISIN code DK0061549052. It is expected that delivery against cash payment of the Offer Shares 31 32 will take place on or around May 31, 2021 (the “Closing Date”). 32 33 33 34 Prior to the Offering, the Shares have not been publicly traded. The Company has applied for admission to trading for all 34 Shares on Nasdaq First North Premier Growth Market Denmark (“First North”) under the ticker MAPS. First day of trading is 35 expected to be on June 2, 2021. The Offer Shares will have the same rights as the Existing Shares and will rank pari passu in 35 36 every respect. 36 37 37 38 Investing in the Offer Shares involves significant risks. Potential investors are advised to seek independent advice on legal, 38 39 financial, accounting and tax matters that apply to the individual investor before deciding to invest in the Offering. Reference 39 is made to section 5 “Risk factors” for a review of the primary risk factors that could have an impact on potential investors’ 40 investment in the Offering. Potential investors should carefully consider putting disproportionate emphasis on the 40 41 Company’s expectations for future growth opportunities, earnings and financial position. 41 42 42 43 The distribution of this Prospectus is only intended to be for the use by investors in Denmark. The distribution of this 43 44 Prospectus is, in certain jurisdictions, restricted by law, and this Prospectus may not be used for the purpose of, or in 44 connection with, any offer or solicitation to anyone in any jurisdiction in which such offer or solicitation is not authorized or 45 to any person to whom it is unlawful to make such offer or solicitation. This Prospectus does not constitute an offer of or an 45 46 invitation to subscribe for Offer Shares in any jurisdiction in which such offer or invitation would be unlawful. Persons into 46 47 whose possession this Prospectus comes shall inform themselves of and observe all such restrictions. The Company does 47 48 not accept any legal responsibility for any violation by any person, of any such restrictions. 48 49 49 50 50 51 51 52 Certified Adviser 52 53 53 54 54 55 55 56 56 57 This prospectus is dated 7 May 2021 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 2 CONTENTS

1 Executive Summary 5 2 Liability statement 11 3 Important information about the Prospectus 12 4 Key information about the Company 14 5 Risk Factors 21 6 Industry overview 27 7 Company overview 33 8 Platform overview 49 9 Sales and growth strategy 60 10 Expectations for the future 65 11 Corporate governance 71 12 Current share capital and ownership structure 86 13 Selected financial information 91 14 Comments on selected financial information 95 15 Capitalization, indebtedness, and working capital 96 16 Legal consideration and supplementary information 97 17 Information concerning the Offer Shares 101 18 Terms and conditions of the Offering 103 19 Glossary 108 20 Subscription form 111 21 Articles of association 113 22 Addresses 130 Documents incorporated by reference

Documents incorporated by reference

V H 1 The documents listed below are incorporated by reference and should be read as part of the Prospectus. 1 2 References have been made on the following pages: 2 3 3 4 4 1) 5 Articles of Association Page 113 5 6 6 2) 7 Annual Report 2020 Page 91 7 8 1) The Articles of Association presented in the Prospectus does not contain appendices. The Articles of Association 8 9 appendix contains the full description of the warrant-program. 9 10 10 11 2) The 2020 Annual Report only includes Profit and loss statement, Balance sheet, and Cash flow statement 11 12 12 13 13 14 The documents incorporated by reference are available in electronic form on the Company’s website: 14 15 www.investors.mapspeople.com 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46

Prospectus – MapsPeople A/S | 4 Executive summary

1. Executive summary

V H 1 SECTION 1 – INTRODUCTION AND WARNINGS 1 2 2 3 3 4 INTRODUCTION 4 5 5 6 1.1 Introduction and This summary should be read as an introduction to the EU Growth Prospectus 6 warnings (“Prospectus”). Any decision to invest in the Offer Shares should be based on consideration 7 of the Prospectus as a whole by the investor. The investor can lose all or part of the invested 7 8 capital. Where a claim relating to the information contained in the Prospectus is brought 8 9 before a court, the plaintiff investor may, under national law, have to bear the costs of 9 translating the Prospectus before the legal proceedings are initiated. 10 Civil liability is only applicable for the persons who submitted the summary, including any 10 11 translation hereof, but only where the summary is misleading, inaccurate or inconsistent 11 12 when read together with the other parts of the Prospectus, or where it does not provide, 12 13 when read together with the other parts of the Prospectus, key information in order to aid 13 investors when considering whether to invest in the Offer Shares. 14 14 15 1.2 Company name and The Offer Shares are issued in MapsPeople A/S under the ISIN DK0061549052 15 16 ISIN of securities 16 17 17 1.3 Identity, contact and The issuer is MapsPeople A/S (CVR: 84 05 95 28). The address of the Issuer is Stigsborgvej 18 LEI 60, 9400 Nørresundby, Denmark. The legal entity identifier (LEI) is: 984500A666BF26E47561 18 19 19 20 1.4 Identity and contact The Prospectus has been approved by the Danish Financial Supervisory Authority as the 20 21 details of the competent authority under the EU regulation 2017/1129. 21 22 competent authority The address of the Danish Financial Supervisory Authority is Århusgade 110, 2100 22 approving the Copenhagen E, Denmark. 23 Prospectus 23 24 24 25 1.5 Date of approval of EU 7 May 2021 25 Growth Prospectus 26 26 27 27 28 SECTION 2A – KEY INFORMATION OF THE ISSUER 28 29 29 30 30 INFORMATION ON THE ISSUER OF SECURITIES 31 31 32 32 2.1A Domicile, legal form, MapsPeople A/S is domiciled at Stigsborgvej 60, 9400 Nørresundby, Denmark. MapsPeople 33 LEI, legislation and A/S a Danish public limited liability company with LEI: 984500A666BF26E47561 incorporated 33 34 country of in Denmark and operating under Danish law. 34 35 incorporation 35 36 2.2A Principal activities MapsPeople is an indoor mapping SaaS company and a Google Premier Partner. 36 37 MapsPeople’s market-leading solution, MapsIndoors, help employees find a desk or 37 38 colleague in large corporate office, assist guests navigate to their seats at stadiums, display 38 vacant parking lots, or avoid long queues. MapsIndoors is more than just an indoor 39 mapping platform. MapsIndoors has all the necessary interfaces for deep integration with 39 40 internal and external live data sources and with the use of AI, deep learning, data 40 41 visualization, the platform is a key element in the user's daily tools. 41 42 As a Google Premier Partner, MapsPeople provides services for companies wishing to 42 initiate or maintain projects using Google Maps’ APIs. MapsIndoors and the Google Maps 43 business are greatly synergetic, and Google Maps customers frequently recognize how 43 44 MapsIndoors can further elevate their business. 44 45 Customers include brands such as Arlanda Airport (S), Golden State Warriors (US), Miami 45 46 Dade College (US), Mobile World Congress (E), and Aalborg University (DK). In the years to 46 come, MapsPeople will execute the sales and growth strategy to facilitate its market-leading position.

Prospectus – MapsPeople A/S | 5 Executive summary

V H 1 2.3A Major The table shows MapsPeople A/S’ major shareholders prior the issue of new shares. 1 2 shareholders 2 3 Ownership Ownership 3 before the Offering after Offering 4 4 5 Major Shareholder # of shares Percent # of shares Percent 5 6 6 7 MapsPeople DK Holding ApS1) 23,758,150 56.60% 24,125,797 44.29% 7 8 MJ MapsPeople Holding ApS (57.3%) 8 9 Michael Gram Holding ApS (14.5%) 9 10 DF KidCo ApS (14.1%) 10 11 Plenum Invest ApS (14.1%) 11 12 Vækstfonden 11,448,100 27.27% 12,918,688 23.71% 12 13 13 35,206,250 83.9% 14 Total 37,044,485 68.00% 14 15 15 16 1) MapsPeople DK Holding ApS is owned by Chairman Lars H. Brammer, board member Christian Samsø Dohn, CEO Michael 16 17 Gram and their close relatives. 17 18 18 2.4A Key Michael Gram (CEO), Jannik Brouwers (CCO), and Janni Rasmussen (CFO) 19 management 19 20 20 21 2.5A Statutory The auditor of MapsPeople A/S is Mads Fauerskov (MNE35428) and Jens Lauridsen 21 22 auditor (MNE34323) of Deloitte Statsautoriseret Revisionsaktieselskab. The address of the auditor is 22 23 Værkmestergade 2, 18., 8000 Aarhus C, Denmark 23 24 24 25 SECTION 2B – KEY INFORMATION OF THE ISSUER 25 26 26 27 27 28 KEY FINANCIAL INFORMATION ON THE ISSUER OF SECURITIES 28 29 29 2020 2019 30 2.1B Financial information DKK ’000 30 AUDITED AUDITED 31 31 Income statement 32 32 33 Revenue 25,000 20,001 33 34 Gross profit 24,559 21,831 34 35 Operating profit (loss) (12,095) (16,570) 35 36 Profit (loss) before tax (15,874) (20,189) 36 37 37 38 Profit (loss) for the year from continuing operations (13,237) (17,752) 38 39 39 40 Balance sheet 40 41 41 Total non-current assets 34,251 24,311 42 42 43 Total current assets 36,714 24,028 43 44 Total assets 70,965 48,339 44 45 Total equity 1,249 (26,698) 45 46 46 Total non-current liabilities 21,405 21,884 47 47 48 Total current liabilities 48,311 53,153 48 49 Total liabilities 69,716 75,037 49 50 Total equity and liabilities 70,965 48,339 50 51 51 52 52 Cash flow statement 53 53 54 Net cash flow from operating activities (11,459) (769) 54 55 Net cash flow from investing activities (8,647) (8,204) 55 56 Cash flow from financing activities 31,331 14,148 56 57 57 Net cash flow for the year 11,224 5,174 58 58 59 Cash flow and cash equivalents, beginning of the year 3,840 (1,334) 59 60 Cash and cash equivalents at end of the year 15,064 3,840 60 61 61

Prospectus – MapsPeople A/S | 6 Executive summary

V H 1 SECTION 2C – KEY INFORMATION OF THE ISSUER 1 2 2 3 3 4 KEY RISKS OF THE ISSUER OF SECURITIES 4 5 5 Termination of the Google The agreement with Google since 2009 regarding selling Google Maps in EMEA and North 6 Premier Partner agreement America, can be terminated by Google at all times and will have a high impact on the business. 6 7 MapsPeople will lose the Google Maps customers and approximately 43% of the current revenue 7 8 after 90 days, based on latest financial report. The Executive Management believes that there is a 8 9 low probability of Google's termination, due to the fact, the Executive Management never have 9 experienced that Google has terminated a contract with a Premier Partner that fulfill the targets 10 in the contract. The impact of losing the Google agreement will have a strong negative impact on 10 11 the financials. Based on the revenue from 2020, MapsPeople will be missing DKK 6.5m in ARR 11 12 (Annual Recurring Revenue). 12 13 Customer lifetime value may The Company has estimated a customer lifetime value of five years based on its current 13 14 be lower than assumed customer data overview. The Company does not hold sufficient statistical evidence to support 14 15 a five-year customer lifetime value because 18% of customers have only been customers for two 15 16 years. If the customer lifetime value is below five years, it will have a strong negative impact on 16 the Company´s churn rate, and it will negatively impact the estimated revenue and profit. 17 Executive Management believes that probability is low but will substantially affect the 17 18 estimated financial result in the future. 18 19 19 Standard subscription model Currently, MapsPeople generates approximately 75% of their revenue from 20% of their 20 customers. A significant decline in the number of customer subscription renewals may set in due 20 21 to new industry and market standards within certain verticals, such as free subscriptions. Data or 21 22 advertisement might make it possible to deliver similar products for free, and this will have a 22 23 negative impact on MapsPeople’s operations and financial position. Should MapsPeople lose one 23 of their top ten customers, it would impact the Company´s ARR between 2% - 5.5%, which will 24 impact the future ARR and financial results, based on April 2021. 24 25 25 26 Risk of Google extending Currently, Google only maps public accessible indoor locations with a general and frequent 26 indoor mapping public interest and there is a risk that Google will enter certain verticals where MapsPeople is 27 present such as airports, train stations, and shopping malls. The Executive Management believes 27 28 that there is a medium probability of Google expanding indoor mapping to other public 28 29 accessible areas. If Google launches new indoor mapping it will have a low impact on the 29 business due to MapsPeople’s primary verticals are either not public accessible such as 30 corporate offices or with a lower flow of people such as hospitals, universities or conventions. 30 31 31 32 Change in the Google Maps According to the partner agreement with Google, Google has the right to change the pricing 32 pricing model model agreement with 30 days’ notice. Thus, Google might change the current pricing model 33 where MapsPeople receives 20% of the total Google Maps revenue. MapsPeople expects to only 33 34 receive 10% of total Google Maps revenue going forward due to indications from Google, even 34 35 though the current split is 20% to MapsPeople and 80% to Google. All forecasts and the current 35 36 ARR presented in the Prospectus assumes a 10% Google Maps revenue.Executive management 36 believes that there is a low possibility of Google reducing the partner revenue below 10% and a 37 reduction below 10% will have a medium impact on the financials. 37 38 38 39 Googles Maps market position Today, MapsPeople operates in the market for indoor mapping and navigation. MapsPeople may 39 weakening lose its competitive position due to changes in technology and entry of new competitors. 40 MapsPeople mainly uses Google Maps as the base map in MapsIndoors and needs Google to 40 41 update their Maps with the newest technology and features to secure being relevant to the 41 42 market. MapsPeople can use multiple digital map sources but primarily uses Google Maps. 42 43 Hence, Google needs to follow the industry trends. The Executive Management believes that 43 there is a medium probability of Google not following the newest industry trends and solutions 44 due to their current market-leading position, and it will have a low impact on the financials. 44 45 45 46 Increase in European or Competitors may decide to build a platform similar to the platform created by MapsPeople. The 46 American competitors Executive Management does not believe that a competitor with an advanced platform to provide 47 deeply integrated and live indoor maps and navigation exists. Executive Management assesses 47 48 that competitors will spend three years establishing a platform similar to MapsPeople’s. 48 49 Additionally, competitors may launch alternative products, which could satisfy the needs of 49 50 MapsPeople’s clients. Competitive markets may pressure MapsPeople to reduce product pricing 50 to prevent loss of market share, which may have an adverse impact on MapsPeople’s business or 51 financial position. Executive Management estimates the risk to be medium probability of 51 52 occurring with a low impact as the global market demand exceeds the supply for innovative 52 53 solutions. 53 54 Attracting talented MapsPeople’s growth strategy includes attracting new competent and qualified employees, 54 55 individuals particularly within sales, AI, and software development. There is a risk that MapsPeople may not 55 56 be able to attract the right employees at the pace laid out in the growth strategy. 56 Recruiting less skilled or qualified employees may significantly slow down or adversely impact 57 MapsPeople’s internationalization plans, and subsequently, revenue and earnings. Furthermore, 57 58 there is an increased demand for AI-developers, and other software developers that may 58 59 increase salary or, in worst case, make it difficult to attract new developers. Competition clauses 59 60 are primarily used on selected employees and are not viewed as an important strategic 60 instrument, as the number of competitors in Denmark and globally is limited.Executive 61 Management estimates the risk to be medium with a medium impact on the financial results. 61

Prospectus – MapsPeople A/S | 7 Executive summary

V SECTION 3A – KEY INFORMATION OF THE SECURITIES H 1 1 2 PRIMARY FEATURES OF THE SECURITIES 2 3 3.1A Security type and ISIN The securities offered in MapsPeople A/S are shares. MapsPeople A/S’ shares have ISIN 3 4 DK0061549052. 4 5 5 3.2A Currency, denomination, The shares are denominated in DKK. The share capital amounts to nominally DKK 839,516 6 par value, securities and the number of shares in MapsPeople A/S amounts to 41,975,800 before the Offering. All 6 7 issued and term of shares are issued and fully paid. The nominal value of each share is DKK 0.02. 7 8 securities 8 9 3.3A Rights attached to the MapsPeople A/S has one class of shares. Each share has equal rights to the assets and 9 10 securities potential profits of the Company. The shares have equal seniority in the capital structure of 10 11 the Company in the event of insolvency. 11 12 3.4A Transferability of the There are no restrictions on the right to freely transfer shares in the Company. The Articles 12 13 securities of Association contains no restrictions regarding the transferability of shares. 13 14 14 3.5A Seniority of securities in The shares in MapsPeople A/S have the least seniority in the issuer’s capital structure. The 15 the capital structure potential loss for shareholders in MapsPeople A/S is limited to the invested capital. 15 16 16 17 3.6A Dividend policy The Company’s ability to pay dividends will depend, among other things, on its financial 17 condition, working capital requirements, and the availability of distributable profits and 18 reserve and cash available, and other factors that the Board of Directors may deem 18 19 relevant. The Company has no intention to pay dividends in the coming years. The Company 19 20 is in a growth phase and intends to reinvest any profit in activities to continue the growth. 20 21 Dividends are decided by the Annual General Meeting following a proposal from the Board 21 of Directors. 22 22 23 23 SECTION 3B – KEY INFORMATION OF THE SECURITIES 24 24 25 25 26 TRADING PLATFORM OF SECURITIES 26 27 27 28 3.1B Trading platform Application has been made for the Offer Shares to be admitted to trading on Nasdaq First 28 29 North Premier Growth Market Denmark under the ticker “MAPS”. Nasdaq First North Growth 29 Market Denmark is a multilateral trading facility (MTF). Assuming admission to trading, trade 30 in the Offer Shares is expected to begin on June 2nd , 2021 30 31 31 32 SECTION 3C – KEY INFORMATION OF THE SECURITIES 32 33 33 34 GUARANTEE ATTACHED TO SECURITIES 34 35 35 36 3.1C Guarantees for Offer There is no subscription guarantee attached to the Offer Shares. 36 37 Shares 37 38 38 SECTION 3D – KEY INFORMATION OF THE SECURITIES 39 39 40 40 41 KEY RISKS OF SECURITIES 41 42 42 43 Sale of Shares by Existing The share price may be negatively affected by substantial sales of shares by the Company’s 43 44 Shareholders Board of Directors, Executive Management, dependent or independent Major Shareholders 44 45 or the perception that substantial sales may occur. Substantial sales of shares may affect 45 the Company’s ability to issue new shares and raise additional capital in the future. In 46 connection with the Offering, MapsPeople DK Holding ApS and Vækstfonden have agreed to 46 47 enter into lock-up agreements, obligating MapsPeople DK Holding ApS and Vækstfonden to 47 48 not sell, offer for sale, enter into any agreement regarding the sale of, pledge, or in any 48 49 other way directly or indirectly transfer the Existing Shares or votes in the Company without 49 the prior written consent of the Company’s Certified Adviser (the “Lock-Up Obligation”). The 50 Lock-Up Obligation shall apply from the first day of trading and for a period until after the 50 51 publication of the Company’s half-year financial report regarding the first half-year of 2022, 51 52 which covers the financial period 1 January 2022 – 30 June 2022 (the “Initial Lock-Up 52 Obligation”). After expiry of the Initial Lock-Up Obligation, the Existing Shares are released 53 from the Lock-Up Obligation in five instalments of equal size. The first installment is being 53 54 released on the date of the publication of the Company’s half-year financial report regarding 54 55 the first half-year of 2022 so that the last instalment will be released on the date of the 55 56 publication of the Company’s half-year financial report regarding the first half-year of 2023. 56 The Lock-Up Obligation does not apply to Shares acquired in connection with the Offering, 57 including Shares acquired during the pre-subscription period or later. 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 8 Executive summary

V H 1 1 2 2 3 3 4 4 5 SECTION 4A – KEY INFORMATION ON THE OFFERING OF SECURITIES 5 6 6 7 7 8 TERMS AND CONDITIONS OF THE OFFERING 8 9 9 10 4.1A The Offering The Offering consists of 12,500,000 new shares to be issued to private and institutional 10 investors in Denmark with gross proceeds of DKK 85m. 11 11 12 4.2A Offer price The Offer price has been determined by the Board of Directors in consultation with Grant 12 13 Thornton to DKK 6.80 per Offer Share. The price has been determined by analyzing 13 14 comparable companies, the current market situation and estimations of future business 14 opportunities. 15 No brokerage commission will be charged. 15 16 16 17 4.3A Submission of Applications to subscribe to the Offering should be made by submitting the application form 17 subscription application enclosed in the Prospectus to the investor’s account-holding bank in complete and executed 18 form in due time to allow the investor’s own account-holding bank to process and forward 18 19 to application to ensure that it is in the possession of Danske Bank, no later than 23:59 (CET) 19 20 on May 25, 2021 or via the website of your bank if this is provided by your custodian bank. 20 21 Applications should be made for fixed amount of Offer Shares or for an aggregate amount 21 rounded to the nearest Danish krone amount. Subscriptions shall be made for a minimum 22 of 555 Offer Shares, corresponding to a minimum value of DKK 3,774.00. 22 23 Only one application per account may be made. If more than one application is submitted, 23 24 the financial advisors reserve the right to consider only the first application valid. 24 25 25 4.4A Reduction of In the event the Offering is oversubscribed investors risk that they may not be allocated any 26 subscriptions shares, and the following reductions will be made: 26 27 • Application for amounts below DKK 250,000, reductions will be made mathematically. 27 28 • Application for amounts equal to or above DKK 250,000, individual allocations will be 28 made. 29 29 30 30 31 31 32 32 33 4.5A Expected timetable of The Offer Period commences May 7,2021 9.00 (CET) 33 34 the offer 34 35 The Offer Period ends May 25, 2021 23.59 (CET) 35 36 36 37 37 38 Announcement of result May 27, 2021 12.00 (CET) 38 39 39 40 40 Settlement of Offer Shares May 31, 2021 41 41 42 42 43 Registration of new shares with the Danish Business May 31, 2021 43 44 Authority (Erhvervsstyrelsen) 44 45 45 Listing day on Nasdaq First North Premier Growth June 2, 2021 46 Market Denmark 46 47 47 48 48 49 49 50 50 51 4.6A Plan for distribution The shares will be distributed by the settlement agent Danske Bank and selling agent 51 Nordnet. Investors with accounts at Nordnet may submit their application through 52 Nordnet’s website. The application can be submitted until 23:59 (CET) on May 25, 2021. To 52 53 retain the right to allotment, investors must ensure they have the required cash or cash 53 54 equivalent available in the account in period from 23:59 CET on May 25, 2021 until the 54 55 settlement day on May 31, 2021. Terms and conditions are available on Nordnet’s website, 55 www.Nordnet.dk. 56 56 57 4.7A Dilution resulting from The issue of Offer Shares will increase the total amount of shares in MapsPeople A/S to 57 58 the offering 54,475,800 in the offering. The corresponding dilution of the Existing Shares is thus 22.95%. 58 59 59 4.8A Estimated expenses of The estimated expenses and fees are approximately 7m DKK, provided the initial public 60 the Offering offering is completed with a full subscription for the Offer Shares. 60 61 61

Prospectus – MapsPeople A/S | 9 Executive summary

V SECTION 4B – KEY INFORMATION ON THE OFFERING OF SECURITIES H 1 1 2 2 BACKGROUND FOR PRODUCING EU GROWTH PROSPECTUS 3 3 4 4 Use of proceeds MapsPeople is expecting to raise gross proceeds of DKK 85m prior to IPO costs, which 5 4.1B 5 is estimated to be DKK 7m. 6 The capital raised in the Offering will be used to further accelerate MapsPeople’s sales 6 7 and growth strategy and facilitate its market-leading position. 70% of the gross 7 8 proceeds from the Offering is expected to be allocated to “Operations”, defined as: 8 9 9 10 Operations split: 10 • Product and development 11 • Market expansion 11 12 • Increased marketing 12 13 13 14 Additionally, 14% of the gross proceeds serves as a capital buffer to provide leeway 14 15 for strategic initiatives such as accelerating growth. 15 The forecasted growth rates in the coming years results in an increasing working 16 capital and 8% of the gross proceeds is expected to be allocated to the increased 16 17 working capital. 17 18 Remaining 8% of the gross proceeds (“Other”) will be allocated to cover other items 18 19 such as IPO costs, VAT, taxes etc. 19 20 The gross proceeds from the Offering (excl. capital buffer) are expected to cover 20 MapsPeople’s forecasted cash flow deficit over the coming 26 months from the first 21 21 day of trading. By Q3 2023, MapsPeople expects to break even on cash flow. 22 22 23 4.2B Conflicts of interest To the knowledge of the Board of Directors, there are no existing or potential conflicts 23 24 of interests between the duties to the Company, Executive Management, key 24 employees or the Board of Directors and their private interest or other duties. 25 25 To the knowledge of the Board of Directors, there are no arrangements or 26 understandings with major shareholders, customers or other individuals to which any 26 27 person in management or Board of Directors was employed or appointed. 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 10 Liability Statement

V H 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 2. Liability Statement 9 10 10 11 11 12 12 13 13 14 14 15 2.1 LIABILITY STATEMENT FROM THE BOARD OF DIRECTORS AND CEO 15 16 16 17 We declare that, to the best of our knowledge, the information provided in this Prospectus is in 17 18 accordance with the facts and that the Prospectus makes no omission likely to affect its import. 18 19 19 20 Furthermore, we declare that this Prospectus has been approved be the Danish Financial Supervisory 20 21 Authority, as competent authority under Regulation (EU) 2017/1129. The Danish Financial Supervisory 21 22 Authority only approves this Prospectus as meeting the standards of completeness, comprehensibility 22 23 and consistency imposed by Regulation (EU) 2017/1129. Such approval should not be considered as an 23 24 endorsement of the Issuer that is the subject of this Prospectus. The Prospectus has been drawn up as 24 25 part of an EU Growth Prospectus in accordance with article 15 of Regulation (EU) 2017/1129. 25 26 26 27 Aalborg, 6 May 2021 27 28 28 29 Board of Directors and Executive Management of MapsPeople A/S 29 30 30 31 31 32 32 33 33 34 34 35 Lars H. Brammer Lars Rønn 35 36 Chairman Board member 36 37 37 38 38 39 39 40 Christian Samsø Rasmus Mencke 40 41 Board member Board member 41 42 42 43 43 44 44 45 Michael Gram 45 46 Founder, CEO 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 See end of document for digital signatures from the Board of Directors & Executive Management 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 11 Important information about the Prospectus

3. Important information about the Prospectus

V H 1 This Prospectus has been drawn up under the This Prospectus does not constitute an offer or 1 2 responsibility of the Issuer and has been an invitation to subscribe for Offer Shares in any 2 3 reviewed by the Danish Financial Authority. jurisdiction in which such offer or invitation 3 4 would be unlawful. The Company does not 4 5 accept any legal responsibility for any violation 5 6 3.1 APPLICABLE LEGISLATION by any person, subject to such restrictions. 6 7 7 8 This Prospectus has been approved by the 3.4 FORWARD-LOOKING STATEMENTS 8 9 Danish Financial Supervisory Authority as 9 10 competent authority under EU regulation The Prospectus contains forward-looking 10 11 2017/1129. The approval should not be statements based on the current view by the 11 12 considered as an endorsement of the Issuer of Board of Directors and the Executive 12 13 this Prospectus. The Prospectus has been Management, as well as assumptions made by 13 14 drawn up as part of an EU Growth Prospectus in the Board of Directors and the Executive 14 15 accordance with article 15 of EU regulation Management Team, which may constitute 15 16 2017/1129. statements regarding the future. These 16 17 statements regarding the future financial 17 18 The Danish Financial Supervisory Authority only results, operational performance, business 18 19 approves this Prospectus as meeting the strategy, and the plans and objectives of the 19 20 standards of completeness, comprehensibility Board of Directors, and Executive Management 20 21 and consistency imposed by EU regulation Team can generally be identified by terminology 21 22 2017/1129. The approval and registration does such as “believes”, “expects”, “targets”, “aims”, 22 23 not indicate the Danish Financial Supervisory “intends”, “plans”, “seeks”, “will”, “anticipates”, 23 24 Authority guarantees the information presented “would”, “could”, “estimates” or similar 24 25 in the Prospectus is correct or complete. expressions or the negatives thereof. 25 26 26 27 The Prospectus is available on MapsPeople’s Such statements regarding the future involve 27 28 website (www.mapspeople.com). known and unknown risks, uncertainties and 28 29 other important factors that could cause the 29 30 3.2 LANGUAGE actual result, performance or achievements to 30 31 differ materially from any future results, 31 32 This Prospectus has been prepared in the performance or achievements expressed or 32 33 English language only. implied by such statements regarding the 33 34 future. 34 35 3.3 DISTRIBUTION 35 36 The Company does not intend or assume any 36 37 The distribution of this Prospectus is only obligation to update any statements regarding 37 38 intended to be for the use by investors in the future contained in this Prospectus, except 38 39 Denmark. as may be required by law or the rules of First 39 40 North Growth Market. All subsequent written 40 41 The distribution of this Prospectus may be and oral statements regarding the future 41 42 restricted by law in certain jurisdictions. This attributable to the Company or persons acting 42 43 Prospectus may not be used for the purpose of, on its behalf are expressly qualified in their 43 44 or in connection, with any offer or solicitation to entirety by the cautionary statements referred 44 45 anyone in any jurisdiction in which such offer or to above and contained in this Prospectus. 45 46 solicitation is unlawful. 46

Prospectus – MapsPeople A/S | 12 Important information about the Prospectus

V H 1 3.5 MARKET AND INDUSTRY INFORMATION 3.7 COMPANY VIEWS AND OPINIONS 1 2 2 3 This Prospectus contains historical market data This Prospectus makes use of an array of 3 4 and industry forecasts, including information sources to provide transparency and 4 5 related to the size of the markets, in which the information to the investor and/or reader. If no 5 6 Company operates. This information has been source of information is stated, the information 6 7 obtained from a variety of sources, including and views are from the Company itself. 7 8 companies providing business intelligence 8 9 products and services, literature, market 3.8 SOURCES 9 10 reports, company websites and other publicly 10 11 available information as well as the Company’s No external experts have been involved in 11 12 knowledge of the markets. preparation for this Prospectus, and sources 12 13 used for the preparation of the Prospectus are 13 14 Professional data suppliers state sources of listed below: 14 15 historical data and aggregated by methods 15 16 believed to be reliable, but that they do not Aruba (2018) – The Right Technologies Unlock 16 17 guarantee the accuracy and completeness of the Potential of the Digital Workplace 17 18 this information. Similarly, industry forecasts 18 19 and market research, while believed to be Building Design & Construction (2015) – 4 ways 19 20 reliable, have not been independently verified convention centers are revamping for the 21st 20 21 by the Company and the Company does not century 21 22 guarantee the historical information is accurate. 22 23 Industry forecasts are subject to significant CrowdCompass (2015) – The Momentum of 23 24 uncertainty by nature. There can be no Mobile Event Apps 24 25 assurance that any of the forecasts will 25 26 materialize. Deloitte (2018) – Findings from the Deloitte 2018 26 27 Healthcare Consumer Survey 27 28 Market statistics are inherently subject to 28 29 uncertainty and are not necessarily reflective of Deloitte Digital (2015) – Navigating The New 29 30 actual market conditions. Such statistics are Digital Divide 30 31 based on market research, which itself is based 31 32 on sampling and subjective judgements by both Devrix (2020) – What is a SaaS Business Model 32 33 the researchers and the respondents, including and How does it work? 33 34 judgements about what type of products and 34 35 transaction should be included in the relevant Eventbride (2018) – The State of Conferences 35 36 market or market segment definitions. and Corporate Events in 2018 36 37 The Company confirms that information from 37 38 third parties have been accurately cited and IndustryARC (2020) – Indoor Positioning and 38 39 reproduced. To the best of the Company’s Navigation Market – Forecast (2021 – 2026) 39 40 knowledge and belief can ascertain the 40 41 information published by such third party, no Gartner (2021) – Competitive Landscape: Indoor 41 42 facts have been omitted which would render Mapping 42 43 the information provided inaccurate or 43 44 misleading. Market Watch (2019) – Global digital workplace 44 45 stood at $28.54bn in 2018 and is projected to 45 46 3.6 CONFLICT OF INTEREST reach $78.85bn in 2024 46 47 47 48 To the knowledge of the Board of Directors, Oracle (n/a) – Stadium of the Future 48 49 there are no existing or potential conflicts of 49 50 interests between the duties to the Company, Senion (2017) – Office worker 50 51 Executive Management, key employees (Janni 51 52 Rasmussen and Jannik Brouwers) or the Board SITA (2016) – Air Transport IT Insights 52 53 of Directors and their private interest or other 53 54 duties. SITA (2019) – Air Transport IT Insights 54 55 55 56 To the knowledge of the Board of Directors, The EXPERIENCE Institute (2017) – The Decision 56 57 there are no arrangements or understandings to Attend Study for Conferences & Exhibitions 57 58 with major shareholders, customers or other 58 59 individuals to which any person in management The Guardian (2018) – Patients missing their 59 60 or Board of Directors was employed or appointments cost the NHS £1bn last year 60 61 appointed. 61

Prospectus – MapsPeople A/S | 13 Key information about the Company

4. Key information about the Company

V H 1 4.1 BACKGROUND MapsIndoors is an indoor mapping platform 1 2 and the rising star of MapsPeople. The solution 2 3 Since MapsPeople was established in 1997, is easily integrated into customers’ own app or 3 4 mapping has always been at the core of the website and enables end-users to seamlessly 4 5 business. In 2009, the Company pivoted into navigate to the gate at Arlanda Airport in 5 6 becoming a Software-as-a-Service company Sweden, finding a fellow colleague at the 6 7 focusing on digital mapping. MapsPeople has corporate headquarter, or find your way to the 7 8 always focused on making the world more seat at SoFi Stadium in LA. 8 9 accessible by guiding everyone, anywhere at any 9 10 time. MapsPeoples´s MapsIndoors solution already 10 11 includes large and well-known global brands 11 12 This is done by empowering everyone with a such as Arlanda Airport (S), Golden State 12 13 digital mapping solution and delivering Warriors (US), Miami Dade College (US), 13 14 seamless outdoor to indoor navigation through University of the West of England (UK), Mobile 14 15 MapsPeople’s own indoor platform, World Congress (E), and Aalborg University (DK). 15 16 MapsIndoors. As a Google Premier Partner, With MapsIndoors, productivity is improved at 16 17 MapsPeople has extended knowledge on how corporate offices, and stadiums experience 17 18 to apply Google Maps so that the platform looks increased revenue, and the fan experience is 18 19 and feels familiar to the end-users. taken to the next level. 19 20 20 21 MapsPeople has two primary revenue streams: As a Google Maps Premier Partner, MapsPeople 21 22 supports customers by bringing Google Maps 22 23 • MapsIndoors, which is MapsPeople’s in- projects to life. Google Maps customers include 23 24 house-developed indoor mapping companies such as Electrolux, GLS, Nordea, 24 25 solution. Pandora, and Wolt. 25 26 26 27 • Google Maps Partnership with Google, 27 28 where MapsPeople has been selected as 28 29 a Google Maps Partner since 2009. 29 30 30 31 MapsPeople at a glance 31 32 32 33 33 34 m 34 35 25 12 30 35 36 years 70 +300 years +80 DKK 36 37 37 Team Google 38 Expertise Customers Partners ARR 38 39 members Partner 39 40 40 In mapping Mapping Globally Official Google Globally In May 2021 41 41 experts with Maps Premier 42 42 14 Partner 43 43 nationalities 44 44 45 45 46 46

Prospectus – MapsPeople A/S | 14 Key information about the Company

V H 1 1 2 2 3 The MapsPeople history and future 3 4 4 5 5 6 2014 2018 2019 2021 6 7 7 2 2 8 MapsIndoors 1.0 – 10.000.000 m 25.000.000 m Employment of artificial 8 9 Indoor mapping covered globally covered globally intelligence 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 2009 2017 2018 2020 2022 18 19 19 Google Maps First customer in Opening of MapsIndoors 2.0 – MapsIndoors 3.0 – 20 20 Partner USA Austin Office Dynamic data Automation of new 21 21 integration and indoor projects 22 22 machine learning 23 23 24 24 25 25 26 4.2 REASONS FOR THE OFFERING 26 27 27 28 For instance, MapsPeople supports Wolt’s last- In 2014, MapsPeople launched its market- 28 29 mile delivery to ensure that Wolt customers can leading indoor mapping platform, MapsIndoors. 29 30 follow their food around the city and supports From January 2018 to January 2021, 30 31 Under Amour’s worldwide sports tracking. There MapsIndoors experienced an ARR growth of 31 32 are strong synergies between the Google Maps 970% and a CAGR of 120%. The MapsIndoors 32 33 Premier Partnership and MapsIndoors, and business (Google Maps business not included) 33 34 MapsPeople frequently cross sells the has an ARR of DKK 20.2m per May 2021. 34 35 MapsIndoors solution to Google Maps 35 36 customers - both MapsPeople’s own customers Arlanda Airport (S), Mobile World Congress (E), 36 37 and other Google Maps partners’ customers. City London University (UK) and Golden State 37 38 Warriors US). The reason for introducing 38 39 MapsPeople is a market leader in the indoor MapsPeople to Nasdaq First North Premier 39 40 mapping and navigation market. The market is Growth Market is to further accelerate 40 41 still early-stage, with an addressable market size MapsPeople’s sales and growth strategy for the 41 42 of DKK 21.7bn in 2020, expected to reach DKK MapsIndoors solution. Capital raised through 42 43 54.8bn in 2025, growing with a CAGR the Offering is to be invested over the next 36 43 44 (Compound Annual Growth Rate) of 20.4%. months, and hereafter, a positive cash flow is 44 45 MapsPeople is prepared and well-positioned to expected. 45 46 unfold the MapsIndoors solution further and 46 47 facilitate its market-leading position to even 4.3 USE OF PROCEEDS 47 48 more international customers. 48 49 The capital raised in the Offering will be used to 49 50 MapsPeople will maintain the current market- significantly accelerate MapsPeople’s planned 50 51 leading position by executing a continuous sales and growth strategy. The gross proceeds 51 52 product development combined with an from the Offering will be allocated as follows: 52 53 ambitious sales and growth strategy. The • 70%: Operations (outlined in sections 4.4-4.6) 53 54 strategy consists of a strong focus on the key • Product and development 54 55 verticals; corporate office and sports & 55 • Market expansion 56 entertainment, mainly in Europe and USA and 56 57 later in Asia. • Increased marketing 57 58 • 14% serves as a capital buffer 58 59 • 8%: Working capital changes 59 60 • 8%: Other items (IPO costs, VAT, taxes, etc.) 60 61 61

Prospectus – MapsPeople A/S | 15 Key information about the Company

V H 1 4.4 PRODUCT AND DEVELOPMENT MapsPeople strives for automatic map 1 2 generation 2 3 MapsPeople plans to allocate approximately 3 4 30% of the operational proceeds from the 4 5 Offering to product and development. These 100% 5 6 operational proceeds will be invested to further 6 7 unfold MapsIndoors’ potential. 7 8 8 9 MapsIndoors continues to upgrade the 9 10 platform, to ensure fast and easy live data 75% 10 11 integration. The Company has successfully 11 12 implemented and tested a scalable backend 12 13 that can simultaneously handle feeds from 13 14 10,000 external systems (IT systems and 50% 14 15 sensors) and ten million user requests. 15 16 16

17 4.4.1 Deep Learning – Automatic map Automation level 17 18 generation 18 19 25% 19 20 Achieving automatic map generation requires 20 21 deployment of deep learning. With deep 21 22 learning, objects such as doors, walls, elevators, 22 23 and stairs are automatically identified from 23 0% 24 simple CAD drawings. Today, most of these '19 '20 '21 '22 24 25 tasks are handled semi-automatically by 25 26 MapsPeoples employees. 4.4.2 Artificial Intelligence – Data processing 26 27 and predictions 27 28 MapsPeople has in 2020 achieved 25% 28 29 automatic map generation by implementation Deploying artificial intelligence will take 29 30 of deep learning technologies. The goal is to MapsIndoors to new heights by offering data 30 31 achieve 90% automatic map generation in 2022. processing and predictions to customers. 31 32 By utilizing deep learning, MapsPeople has MapsPeople will invest in an AI-powered reply to 32 33 already reduced the maps creation process process data sources and ultimately give AI- 33 34 from weeks to a few days, and the goal for 2021 based predictions and suggestions to 34 35 is to create 10,000 square meters in 120 MapPeople’s customers and end-users. These 35 36 minutes. In 2022 MapsPeople will be able to predictions will be based on the user’s historical 36 37 create ‘maps in minutes’. decisions combined with other users’ previous 37 38 decisions. With AI technology, customers will be 38 39 able to increase end-users’ satisfaction and 39 40 Use of proceeds – total allocation increase revenue within all MapsIndoors 40 41 verticals. 41 42 8% 42 43 Net Working Capital When guests at a stadium wish to purchase 43 44 food or beverages, a fully implemented AI- 44 45 8% powered reply will evade crowded or closed 45 46 Other areas and navigate to the queue with the 46 47 shortest waiting period. Another scenario would 47 48 be when an employee wishes to book a 48 49 conference room, the AI-powered reply will 49 50 14% suggest the conference room based on a 50 51 Capital buffer balance of oxygen level, temperature, or most 51 52 recently serviced conference room in relation to 52 53 the user’s historical preference. 53 54 54 55 MapsPeople expects 7 new FTEs in AI and 55 56 automation by the end of 2021, and additionally 56 57 2 more in 2022. 12 months after the first day of 57 58 70% trading, MapsPeople expects to have 129 58 59 Operations employees. 59 60 60 61 61

Prospectus – MapsPeople A/S | 16 “We make outdoor to indoor mapping completely seamless” Michael Gram, CEO Key information about the Company

V H 1 Breaking down the allocation of operational proceeds 1 2 2 3 3 4 30% 4 5 Product & Development 5 6 6 7 7 8 30% 8 9 50% Data processing and predictions 9 10 Market expansion 10 11 11 12 40% 12 13 25% Automatic map generation 13 14 Establishment of Asia office 14 15 15 16 20% 16 17 55% Live data integration 17 18 Strengthening and expanding 18 19 partnerships 19 20 10% 20 21 20% Product Management 21 22 20% Marketing 22 23 Expanding customer success team 23 24 and sales support 24 25 25 26 26 27 27 28 4.4.3 Focus on Product Management to Initially, integration of new feed types required 28 29 increase optimal value creation 6-8 weeks, and today MapsPeople has managed 29 30 to bring this down to 10-15 days, and the 30 31 Customers’ demand changes all the time, and objective is within 12 months to reduce the time 31 32 MapsPeople must have the necessary dialogues required to 3 days or less. 32 33 with customers and partners to ensure that the 33 34 MapsIndoors platform supports customers’ Additionally, MapsPeople will optimize the self- 34 35 future needs. service universe, enabling customers to find 35 36 online documentation and resolve issues 36 37 MapsPeople will increase focus on product without involvement from MapsPeople. 37 38 management to ensure a customer and partner 38 39 demand-driven product development. 4.5 INCREASED MARKETING INVESTMENTS 39 40 MapsPeople will intensify the focus on product 40 41 management and engage in closer dialogues Approximately 20% of the operational proceeds 41 42 with customers and partners to ensure optimal are to be invested in increased inbound and 42 43 value creation from the platform. Furthermore, outbound marketing. The marketing proceeds 43 44 the product management will optimize will be spent mainly within two categories; 44 45 monetization through new price models. building new partnerships around the globe and 45 46 targeting new leads through MapsPeople’s well- 46 47 4.4.4 Automating live data integration feeds proven automated marketing-funnel. 47 48 48 49 The next step is to automate integration of new 4.5.1 Increased international partnership 49 50 feed types. When integrating a new feed type, 50 51 for instance, new booking system, queue time MapsPeople estimates that approximately 85% 51 52 system, or other IoT sensor, MapsPeople’s and of the future MapsIndoors revenue will be 52 53 customers’ implementation time will be further generated through international partnerships. A 53 54 reduced. Automating the implementation of large part of MapsPeople’s end-customers is 54 55 new feed types will strongly reduce the number searching for a full-application solution, and 55 56 of staff-hours for both MapsPeople and MapsIndoors is often a component in these type 56 57 customers. of applications. Hence, MapsPeople will focus on 57 58 increasing their brand and awareness by 58 59 targeting the advertisement to full-service 59 60 providers. 60 61 61

Prospectus – MapsPeople A/S | 18 Key information about the Company

V H 1 4.5.2 Increased own marketing 4.6.3 Establishment of Asian business unit 1 2 2 3 MapsPeople has a proven and successful MapsPeople plans to enter the Asian market in 3 4 marketing strategy that will be further leveraged 2022 and set up an Asian office. Having local 4 5 with the net proceeds from the Offering. Today, offices and working during office hours is pivotal 5 6 MapsPeople’s marketing unit publishes e-books, when attracting and retaining customers. Based 6 7 write blogs, and hosts webinars. Furthermore, on experiences from establishment of the US 7 8 the automatic marketing funnel builds office, MapsPeople expects initial start-up costs 8 9 awareness, generates leads, motivates buy-in, when establishing the Asian office. With an 9 10 and has great retention to possible customers Asian office, MapsPeople will expand the 10 11 and new employees. With the net proceeds customer base and improve the global 24/7 11 12 from the Offering, MapsPeople will accelerate support. 12 13 the inbound marketing strategy and intensify 13 14 the targeted outbound social media marketing 4.7 OTHER INFORMATION ABOUT THE 14 15 strategy. COMPANY 15 16 16 17 4.6 MARKET EXPANSION The Company is registered as MapsPeople A/S 17 18 with starting date 20 April 1978 with the Danish 18 19 Approximately 50% of the operational proceeds Business Authority under CVR: 84059528. 19 20 are to be invested in market expansion. The MapsPeople A/S is a Danish public limited 20 21 investments in market expansion will be liability company incorporated in Denmark and 21 22 distributed between the establishment of an operating under Danish law. (LEI: 22 23 Asian business unit, expanding customer 984500A666BF26E47561). 23 24 success team, hiring specialized sales support, 24 25 and investments in OEM partnerships. MapsPeople is domiciled at Stigborgsvej 60, 25 26 9400 Nørresundby, Denmark (Website: 26 27 4.6.1 Strengthening and expanding Mapspeople.com). The information on 27 28 partnerships MapsPeople’s website is not part of the 28 29 Prospectus unless it has been incorporated into 29 30 As part of the sales and growth strategy, the Prospectus by reference. 30 31 MapsPeople’s future revenue will come from 31 32 OEM partnerships. In recent years, MapsPeople 32 33 has gained experience in establishing new Estimated average monthly cash burn rate 33 34 exponential revenue streams through 34 35 collaborations with especially OEM partners and 35 36 System Integrators. Investments in 36 4.6 37 strengthening these channels will be made, 37 38 ensuring future revenue streams. 3.5 38 39 39 40 4.6.2 Hiring customer success and specialized 40 41 sales support 41 42 1.3 1.1 42 43 MapsPeople expects to hire two specialized 43 44 sales support (application engineers) for a 44 45 further refinement of the customer sales and 45 46 onboarding process. The specialized sales 46 47 support team will have the technical capabilities 47 48 to answer any coding-related questions the 48 49 customers might have during the sales process. MapsPeople expects a 49 50 Furthermore, the team will focus on assisting positive cashflow from 50 51 new customers through the onboarding phase. H2 2023 and onwards 51 52 52 53 A share of the operational proceeds raised in 53 54 the Offering will be allocated to expanding 54 55 MapsPeople’s customer success team, which will 55 56 now become an independent business unit. A 56 57 substantial amount of MapsPeople’s future -6.9 57 58 revenue growth will come from existing 58 59 customers, and the expanded customer success H2 H1 H2 H1 H2 59 60 team will facilitate the revenue expansion on 60 61 existing customers. ’21 ‘22 ‘23 61

Prospectus – MapsPeople A/S | 19 Key information about the Company

V H 1 4.7.1 Committed investments 4.9 Significant changes in the capital structure 1 2 since December 31, 2020 2 3 MapsPeople is currently not committed to any 3 4 significant investments. MapsPeople is At a general meeting on 26 April 2021, 2021, the 4 5 expecting to continue investing in the shareholders in MapsPeople resolved to 5 6 development of the MapsIndoors platform in complete a share split. Consequently, the 6 7 accordance with Section 4.4. The ongoing and nominal value of the shares changed from DKK 7 8 expected future investments are expected to be 1.00 to DKK 0.02. 8 9 financed by the net proceeds of the Offering. 9 10 The changes described above are reflected in 10 11 4.7.2 Financial trends the table on development in share capital, 11 12 provided in section 12.2. 12 13 Since the closing of the financial year 2020, to 13 14 the best of the Company’s knowledge, no 14 15 significant changes have occurred in sales, 15 16 production, or the inventory, and no significant 16 17 changes to sales prices or other costs. 17 18 18 19 4.8 CORPORATE STRUCTURE 19 20 20 21 MapsPeople A/S is the parent company in the 21 22 group that also includes a fully owned and 22 23 controlled subsidiary, MapsPeople Inc. 23 24 MapsPeople Inc. is responsible for MapsPeople’s 24 25 activities in the US. 25 26 26 27 MapsPeople’s corporate structure 27 28 28 29 29 30 30 31 MapsPeople A/S 31 32 32 33 33 34 34 35 100% 35 36 36 37 37 38 38 39 MapsPeople Inc. (US) 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 20 Risk factors

5. Risk factors

V H 1 5.1 INTRODUCTION Left: Possibility Right: Impact 1 2 Low possibility 1 1 Low impact on 2 3 An investment in the Company’s Shares is of occurring the business 3 4 associated with economic risk for the Investor. 4 5 Investors should carefully consider the risks Medium possibility 2 2 Medium impact 5 6 outlined below before deciding to invest in the of occurring on the business 6 7 Company and are advised to seek independent 7 High possibility High impact on 8 advice on legal, financial, accounting, and tax 3 3 8 of occurring the business 9 matters that apply to the individual Investor 9 10 before investing in the Offering. 5.2 RISKS RELATED TO GOOGLE 10 11 11 12 The Company is subject to multiple risk factors, 5.2.1 Termination of the Google Premier 12 1 3 13 including risk factors outside the control of the Partner agreement 13 14 Company. The risk factors may have a negative 14 15 impact on the Company’s business, earnings, The agreement with Google since 2009 15 16 and financial position and may cause Investors regarding selling Google Maps in EMEA and 16 17 to lose part of or the entire capital invested. North America, can be terminated by Google at 17 18 all times and will have a high impact on the 18 19 This section describes risk factors which the business. MapsPeople will lose the Google Maps 19 20 Company considers to be the most significant. customers and approximately 28% of the 20 21 There may be other risks that the Company is forecasted 2021 revenue after 90 days, based 21 22 not aware of at the Offering, which may have a on latest financial report. 22 23 material adverse effect on the Company and the 23 24 Shares. The risk factors are presented in The Executive Management believes that there 24 25 prioritized order of importance and the is a low probability of Google's termination, due 25 26 likelihood that the risk will materialize and the to the fact, the Executive Management never 26 27 impact thereof. has experienced that Google has terminated a 27 28 contract with a Premier Partner that fulfill the 28 29 The Executive Management has, together with targets in the contract. The impact of losing the 29 30 advisors and potential Investors, identified Google agreement will have a strong negative 30 31 company-specific business model, industry, impact on the financials. Based on the revenue 31 32 operational, and financial risk factors. The risks from May 2021, MapsPeople will be missing DKK 32 33 have been rated from 1 to 3. 1 indicated a 6.5 m in ARR. 33 34 limited possibility of occurring and/or low 34 35 impact on the business, and 3 is an increased 5.2.2 Change in the Google Maps pricing 35 36 possibility of happening and/or high impact on 1 2 model 36 37 the business. Furthermore, the Company has 37 38 weighted Impact higher than Probability in the According to the partner agreement with 38 39 assessment and the order of the risk factors. Google, Google has the right to change the 39 40 pricing model agreement with 30 days’ notice. 40 41 As part of the Company’s corporate governance, Thus, Google might change the current pricing 41 42 the Company together with Q4, have created an model where MapsPeople receives 20% of the 42 43 IR-subsection on MapsPeople’s website where total Google Maps revenue. 43 44 potential and existing Investors may contact the 44 45 Company. 45 46 46

Prospectus – MapsPeople A/S | 21 Risk factors

V H 1 MapsPeople expects to only receive 10% of total 5.3 BUSINESS MODEL RISKS 1 2 Google Maps revenue going forward due to 2 3 indications from Google, even though the 5.3.1 Customer lifetime value may be 3 1 3 4 current split is 20% to MapsPeople and 80% to lower than assumed 4 5 Google. All forecasts and the current ARR 5 6 presented in the Prospectus assumes a 10% The Company has estimated a customer lifetime 6 7 Google Maps revenue. For more information value of five years based on its current 7 8 regarding the Google Maps contract please see customer data overview. The Company does not 8 9 sections 16.1.2 and 16.1.3. hold sufficient statistical evidence to support 9 10 a five-year customer lifetime value because 18% 10 11 Executive management believes that there is a of customers have only been customers for two 11 12 low possibility of Google reducing the partner years. 12 13 revenue below 10% and a reduction below 10% 13 14 will have a medium impact on the financials. If the customer lifetime value is below five years, 14 15 it will have a strong negative impact on the 15 16 5.2.3 Risk of Google extending indoor Company´s churn rate, and it will negatively 16 2 1 17 mapping impact the estimated revenue and profit. 17 18 Executive Management believes that probability 18 19 Currently, Google only maps public accessible is low but will substantially affect the 19 20 indoor locations with a general and frequent estimated financial result in the future. 20 21 public interest and there is a risk that Google 21 22 will enter certain verticals where MapsPeople is 1 2 5.3.2 Standard subscription model 22 23 present such as airports, train stations, and 23 24 shopping malls. Currently, MapsPeople generates approximately 24 25 75% of their revenue from 20% of their 25 26 The Executive Management believes that there customers. A significant decline in the number 26 27 is a medium probability of Google expanding of customer subscription renewals may set in 27 28 indoor mapping to other public accessible due to new industry and market standards 28 29 areas. If Google launches new indoor mapping it within certain verticals, such as free 29 30 will have a low impact on the business due to subscriptions. Data or advertisement might 30 31 MapsPeople’s primary verticals are either not make it possible to deliver similar products for 31 32 public accessible such as corporate offices or free, and this will have a negative impact on 32 33 with a lower flow of people such as hospitals, MapsPeople’s operations and financial position. 33 34 universities or conventions. Should MapsPeople lose one of their top ten 34 35 customers, it would impact the Company´s ARR 35 36 5.2.4 Google Maps market position between 2% - 5.5%, which will impact the future 36 37 2 1 weakening ARR and financial results, based on April 2021. 37 38 38 39 Today, MapsPeople operates in the market for The Executive Management believes that there 39 40 indoor mapping and navigation. MapsPeople is a low probability of losing top customers. 40 41 may lose its competitive position due to Losing top customers will have a medium 41 42 changes in technology and entry of new impact on the financials. 42 43 competitors. 43 44 5.4 INDUSTRY RISK 44 45 MapsPeople mainly uses Google Maps as the 45 46 base map in MapsIndoors and needs Google to 5.4.1 Increase in European or American 46 2 1 47 update their Maps with the newest technology competitors 47 48 and features to secure being relevant to the 48 49 market. Competitors may decide to build a platform 49 50 similar to the platform created by MapsPeople. 50 51 MapsPeople can use multiple digital map The Executive Management does not believe 51 52 sources but primarily uses Google Maps. Hence, that a competitor with an advanced platform to 52 53 Google needs to follow the industry trends. provide deeply integrated and live indoor 53 54 mapping and navigation exists. 54 55 The Executive Management believes that there 55 56 is a medium probability of Google not following Executive Management assesses that 56 57 the newest industry trends and solutions due to competitors will spend three years establishing 57 58 their current market-leading position, and it will a platform similar to MapsPeople’s. 58 59 have a low impact on the financials. 59 60 60 61 61

Prospectus – MapsPeople A/S | 22 Risk factors

V H 1 1 2 Additionally, competitors may launch alternative Recruiting less skilled or qualified employees 2 3 products, which could satisfy the needs of may significantly slow down or adversely impact 3 4 MapsPeople’s clients. Competitive markets may MapsPeople’s internationalization plans, and 4 5 pressure MapsPeople to reduce product pricing subsequently, revenue and earnings. 5 6 to prevent loss of market share, which may have Furthermore, there is an increased demand for 6 7 an adverse impact on MapsPeople’s business or AI-developers, and other software developers 7 8 financial position. that may increase salary or, in worst case, make 8 9 it difficult to attract new developers. 9 10 Executive Management estimates the risk to be Competition clauses are primarily used on 10 11 medium probability of occurring with a low selected employees and are not viewed as an 11 12 impact as the global market demand exceeds important strategic instrument, as the number 12 13 the supply for innovative solutions. of competitors in Denmark and globally is 13 14 limited. 14 15 1 1 5.4.2 Market development 15 16 Executive Management estimates the risk to be 16 17 MapsPeople is dependent on a continued shift medium with a medium impact on the financial 17 18 to digital innovation workflows as MapsPeople’s results. 18 19 solution is based on a fully digitized workflow. 19 20 Should the emerging demand for MapsPeople’s 5.5.2 Patents, trademarks, and 20 21 services stop, MapsPeople’s business model and 1 1 intellectual property rights 21 22 financial position may be negatively affected. 22 23 MapsPeople has registered the trademark 23 24 Changing market conditions may require “MapsIndoors” at the Danish Trademark 24 25 MapsPeople to adjust the business model and Register with registration number VR 2016 25 26 add products or services. There is no guarantee 00851. The trademark is registered within the 26 27 that the market trends will develop as assumed, trademark classes 09, 35, 39 and 42. 27 28 or MapsPeople will benefit from any continued 28 29 positive market development. MapsPeople has filed an application for a 29 30 European trademark for the word mark 30 31 MapsPeople is dependent on customers’ “MAPSPEOPLE” at the European Union 31 32 continued digitalization journeys. Furthermore, Intellectual Property Office with application 32 33 a large part of MapsIndoors customer industries number 018365341. Application has been filed 33 34 is highly affected by COVID-19, including within the trademark classes 9, 38 and 42. 34 35 industries such as entertainment, stadiums, and Successful registration of the trademark will 35 36 conventions. If the COVID-19 restriction provide MapsPeople with protections against 36 37 continues affecting these industries, it can delay trademark infringements of the MapsPeople 37 38 MapsPeople’s market growth within these name within the EU. MapsPeople does not hold 38 39 sectors, and there is a risk that customers’ rate any registered trademarks outside of the EU. 39 40 of adoption is slower than MapsPeople’s growth 40 41 strategy. Further, an trademark application with serial no. 41 42 90425702 has been filed at the U.S. Patent and 42 43 Executive Management estimates the risk to be Trademark Office for the name MAPSPEOPLE 43 44 low of occurring and will have limited impact on within the trademark classes 9 and 38. 44 45 the business based on current growth. 45 46 MapsPeople’s patent, trademarks, and 46 47 5.5 OPERATIONAL RISKS intellectual property rights may be infringed 47 48 upon by competitors or others. Similarly, third 48 49 2 2 5.5.1 Attracting talented individuals parties may claim that MapsPeople infringes 49 50 upon patents, trademarks, and intellectual 50 51 MapsPeople’s growth strategy includes property held by others and be subject to 51 52 attracting new competent and qualified claims, whether they are valid or invalid. 52 53 employees, particularly within sales, AI, and MapsPeople may be required to spend 53 54 software development. There is a risk that significant time and capital to defend their 54 55 MapsPeople may not be able to attract the right patents, trademarks, and intellectual property 55 56 employees at the pace laid out in the growth rights and claims may have an adverse negative 56 57 strategy. effect on MapsPeople’s revenues, financial 57 58 position, and reputation. 58 59 59 60 The Executive Management estimates the risk to 60 61 be low with a low impact on the business. 61

Prospectus – MapsPeople A/S | 23 Risk factors

V H 1 1 1 5.5.3 Product development 5.6 FINANCIAL RISKS 1 2 2 3 MapsPeople has developed a product roadmap 1 1 5.6.1 Currency risks 3 4 to complement and develop the existing 4 5 offering to realize the benefits of the available MapsPeople is subject to transaction and 5 6 data further. There is a risk that product translation exposure. MapsPeople has 6 7 development of new features will not be customers in European countries and invoices 7 8 successful or being delayed, and MapsPeople foreign customers in USD or EUR. The DKK is 8 9 cannot guarantee that new product features will pegged closely to the EUR and is subsequently 9 10 materialize into commercially viable services only exposed to exchange rate fluctuations in 10 11 with increased sales and improved profitability. USD. 11 12 12 13 MapsPeople depends on being able to launch The Company does not hedge its currency risk, 13 14 and implement new products and services in but the Company will continuously assess how 14 15 accordance with the proposed sales and growth these exchange rate fluctuations can affect the 15 16 strategy. liquidity. If the Company expects currency risks 16 17 to increase, the Company will seek to hedge this 17 18 The Executive Management estimates the risk through ordinary exchange rate hedging 18 19 future product development risk to be low due agreements. Executive Management estimates 19 20 to the experienced in-house development team the currency risk to be low with a low impact. 20 21 with a diversified and high competency level 21 22 and estimates the financial impact to be low. 1 1 5.6.2 Liquidity risks 22 23 23 24 1 1 5.5.4 IT-security and operations MapsPeople is in a growth phase, which focuses 24 25 on attracting large amounts of new customers. 25 26 MapsPeople provides an online Software-as-a- The Company is not expecting to generate a 26 27 Service platform, which must be accessible and positive cash flow from operations during this 27 28 operational in accordance with agreed-upon phase. 28 29 terms and conditions. If customers are unable 29 30 to access the platform, it may negatively impact The business plan assumes that the Company 30 31 MapsPeople’s reputation, ability to both retain will achieve a positive cash flow from operations 31 32 existing customers and attract new customers. in 2023, and the Executive Management is 32 33 This could have an adverse negative effect on expecting that the net proceeds from the 33 34 MapsPeople’s business and financial position. Offering will provide sufficient liquidity to 34 35 The Executive Management estimates the risk to execute on the Company’s growth strategy. 35 36 be low due to the top security and high However, the Company may be required to 36 37 competency level. raise additional capital to finance its continued 37 38 ambitious growth strategy. The Articles of 38 39 MapsPeople’s online Software-as-a-Service Association gives the Board the option to issue 39 40 platform handles and retains data on behalf of new shares should the Company risk running 40 41 customers. Accordingly, MapsPeople is exposed out of liquidity. 41 42 to cybersecurity issues such as cyberattacks and 42 43 data breaches. Cyberattacks may prevent The Customer Acquisition Cost (CAC) has a short 43 44 customers from accessing the platform. There is payback time, and the Customer Lifetime Value 44 45 a risk that cyberattacks and data breaches may (CLV) is assumed to be prudent enough to 45 46 cause MapsPeople to be subject to fines, secure the required liquidity to materialize the 46 47 penalties, claims from customers, reputational growth and internationalization plans. The 47 48 damage, and harm the opportunity to win and Executive Management expects that the net 48 49 retain existing customers. proceeds will secure the necessary funding to 49 50 achieve profitability in accordance with the 50 51 MapsPeople has engaged PwC to reduce the strategic plan and estimates the liquidity risk to 51 52 risk of cyberattacks and data breaches by be low with a low probability of occurring. 52 53 utilizing automatic encryption, traffic 53 54 monitoring, smart access control, and other 54 55 preventive measures. MapsPeople is supported 55 56 by a yearly security and compliance report from 56 57 PwC. 57 58 58 59 Executive Management estimates IT-security 59 60 and operations risks to be low with a low impact 60 61 on the business. 61

Prospectus – MapsPeople A/S | 24 Risk factors

V H 1 5.7 RISKS RELATED TO THE OFFERING AND 5.7.2 Shareholders with significant 1 2 THE SHARES 1 1 influence 2 3 3 4 5.7.1 Sale of Shares by Existing At the date of this Prospectus, but before the 4 5 1 1 Shareholders Offering, the Company is owned directly by two 5 6 Major Shareholders (cf. section 12) MapsPeople 6 7 The share price may be negatively affected by DK Holding ApS and Vækstfonden. If the 7 8 substantial sales of shares by the Company’s Offering results in the sale of Offer shares 8 9 Board of Directors, Executive Management, corresponding to the Offering of DKK 85 million, 9 10 dependent or independent Major Shareholders the Major Shareholders will together own 10 11 or the perception that substantial sales may 68.00% of the Shares after the Offering. 11 12 occur. Substantial sales of shares may affect the 12 13 Company’s ability to issue new shares and raise 13 14 additional capital in the future. 14 15 The Major Shareholders will have the ability to 15 16 In connection with the Offering, MapsPeople DK influence or determine the outcome of specific 16 17 Holding ApS and Vækstfonden have agreed to matters submitted to the shareholders for 17 18 enter into lock-up agreements, obligating approval. 18 19 MapsPeople DK Holding ApS and Vækstfonden 19 20 to not sell, offer for sale, enter into any These matters could include election or 20 21 agreement regarding the sale of, pledge, or in dismissal of members of the Board of Directors, 21 22 any other way directly or indirectly transfer the policy on dividends, and amendments to the 22 23 Existing Shares or votes in the Company without Company’s Articles of Association. As a result, 23 24 the prior written consent of the Company’s the Major Shareholders may have the ability to 24 25 Certified Adviser (the “Lock-Up Obligation”). influence the future direction of the Company. 25 26 Such consent may be granted by the Certified The interest of the Major Shareholder with 26 27 Adviser if deemed reasonable and necessary significant influence could differ from the 27 28 due to specific matters, and should not to be interest of other shareholders and may not be 28 29 unreasonably withheld by the Certified Adviser. aligned with the interest of minority 29 30 By way of example, matters giving reason for shareholders. 30 31 the Certified Advisor to consent to a transfer 31 32 can be a request of a transfer of shares from a 1 1 5.7.3 Offering of additional shares 32 33 shareholder to its wholly owned subsidiary, or 33 34 due to tax reasons. The Company may decide to raise additional 34 35 capital in the future to pursue growth 35 36 The Lock-Up Obligation shall apply from the first opportunities, invest in business ventures, or for 36 37 day of trading and for a period until after the other purposes deemed relevant and necessary 37 38 publication of the Company’s half-year financial by the Board of Directors. In its pursuit to raise 38 39 report regarding the first half-year of 2022, additional capital, the Company may decide to 39 40 which covers the financial period 1 January 2022 issue additional equity, which may dilute 40 41 – 30 June 2022 (the “Initial Lock-Up Obligation”). shareholders. 41 42 After expiry of the Initial Lock-Up Obligation, the 42 43 Existing Shares are released from the Lock-Up Major Shareholders with lock-up agreements 43 44 Obligation in five instalments of equal size. 44 45 Shareholder # of shares 45 46 The first installment is being released on the MapsPeople DK Holding ApS1) 23,758,150 46 47 date of the publication of the Company’s half- MJ MapsPeople Holding ApS (57.3%) 47 48 year financial report regarding the first half-year Michael Gram Holding ApS (14.5%) 48 49 of 2022 so that the last instalment will be DF KidCo ApS (14.1%) 49 50 released on the date of the publication of the 50 Plenum Invest ApS (14.1%) 51 Company’s half-year financial report regarding 51 52 the first half-year of 2023. Vækstfonden 11,448,100 52 53 1) MapsPeople DK Holding ApS is owned by Chairman 53 Lars H. Brammer, board member Christian Samsø Dohn, 54 The Lock-Up Obligation does not apply to CEO Michael Gram and their close relatives. 54 55 Shares acquired in connection with the Offering, 55 56 including Shares acquired during the pre- 56 57 subscription period or later. Neither Original 57 58 Warrants nor Parallel Warrants, cf. page 89, are 58 59 covered by The Lock-Up Obligation. 59 60 60 61 61

Prospectus – MapsPeople A/S | 25 Risk factors

V H 1 1 1 5.7.4 Future dividends 1 2 2 3 The Company’s ability to pay dividends will 3 4 depend, among other things, on its financial 4 5 condition, working capital requirements and the 5 6 availability of distributable profits and reserve 6 7 and cash available, and other factors as the 7 8 Board of Directors may deem relevant. The 8 9 Company has no intention to pay dividends in 9 10 the coming years. The Company is in a growth 10 11 phase and intends to reinvest any profit in 11 12 activities to continue the growth. Dividends are 12 13 decided by the Annual General Meeting 13 14 following a proposal from the Board of 14 15 Directors. MapsPeople’s operations are not 15 16 profitable, and there is a risk the Company´s 16 17 operation may not become profitable in the 17 18 future. 18 19 19 20 If MapsPeople is unable to become profitable, 20 21 there is risk investors may not receive 21 22 dividends. 22 23 23 24 5.7.5 Unsecured subscription 24 25 1 1 undertakings 25 26 26 27 The Company has obtained subscription under- 27 28 takings for a total of DKK 50m in share value 28 29 from Pre-subscribers. No compensation will be 29 30 given to the Pre-subscribers for the 30 31 undertaking, and the Pre-subscription occurs on 31 32 equal terms and conditions offered to Investors 32 33 in the subscription period. The subscription 33 34 undertaking is not secured by blocked funds, or 34 35 pledge of collateral, bank guarantee, or similar 35 36 arrangement. 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 26 Industry overview

6. Industry overview

V H 1 6.1 INTRODUCTION TO MARKET OVERVIEW 1 2 2 3 Humanity has spent lifetimes mapping the The need and demand for indoor positioning 3 4 world – outdoor. Maps have changed the way and mapping is truly present. MapsPeople will 4 5 people commute and how people see the world. facilitate its market-leading role and continue its 5 6 The combination of the launch of Google Maps growth to maintain its position as global market 6 7 in 2005 and Apple’s introduction of the leader and make seamless indoor mapping 7 8 smartphone in 2007 has impacted the way experiences the new normal in the years to 8 9 people navigate. Outdoor wayfinding is no come. 9 10 longer a struggle since above 3.8 billion people 10 11 have smartphones right next to them. Every 6.2 GLOBAL INDOOR POSITIONING AND 11 12 month 2 billion people use Google Maps to NAVIGATION MARKET ESTIMATED AT DKK 12 13 navigate a city, across the country, or find the 168.2BN IN 2025 13 14 closest convenience store. 14 15 The global indoor positioning and navigation 15 16 However, people spent 70-90% of their lives market was valued at DKK 66.5bn in 2020 and is 16 17 indoors, but there is a major lack of indoor expected to reach DKK 168.2bn in, 2025 growing 17 18 guidance and mapping. The absence of indoor with a CAGR of 20.4%1. The overall global indoor 18 19 mapping leads to confusion, frustration, and positioning and navigation market is divided 19 20 time-wasting. During shopping, it is a typical into three segments; services/contractor, 20 21 frustration that customers cannot locate technology partners, and software tools. 21 22 products. Airport navigation is crucial for Participating in the software tools segment, 22 23 passengers not to miss flights, and in large MapsPeople taps into a DKK 21.7bn addressable 23 24 corporate offices, employees struggle to find market expected to grow to DKK 54.8bn in 2025. 24 25 colleagues, conference rooms, and desks. 25 26 26 27 27 28 28 29 The demand for indoor mapping and positioning is highly proven 29 30 30 31 31 32 Time consumption Frustration Confusion 32 33 “Why waste my time?” “Where is the screwdriver I want “Where do I go?” 33 34 to buy?” 34 35 35 36 36 37 Smart office 50% 92% 37 38 Workspace optimization is one shoppers prefer to use their of airport passengers would 38 39 of the most important IT focuses own device for navigating to an definitely use or consider using 39 40 these years. item in-store. mobile airport navigation. 40 41 41 42 Source: KPMG Interview (2019) Source: Deloitte Digital (2015) Source: SITA (2016) 42 43 43 44 Loss of revenue for the venue owners and lower productivity for management 44 45 45 46 46

1: IndustryARC (2020) – Indoor Positioning and Navigation Market – Forecast (2021 – 2026) Prospectus – MapsPeople A/S | 27 Industry overview

V H 1 North America and Europe remain the largest Implementing an interactive, digital indoor map 1 2 markets for indoor positioning and navigation at a large corporate office, which might be 2 3 and account for most market sales. US market spread across several campuses, can improve 3 4 approximately accounts for 40% of the global productivity in the workplace and improve 4 5 market share. The US market was valued at DKK overall employee satisfaction. With 5 6 26.7bn in 2020, and pre-COVID-19, it was MapsIndoors, employees and guests can easily 6 7 expected to grow with a CAGR of 22.9%. find a specific desk, printer, or meeting room 7 8 and get estimated walking time from their 8 9 The Asian Pacific market is rapidly increasing current location. Furthermore, indoor mapping 9 10 and is expected to narrow the gap to the US and will help employees navigate offices efficiently 10 11 Europe, with a market share of 22.8% in 2017, and the time spent looking for desks will be 11 12 expected to grow to 31.9% in 2023 with a reduced. With indoor mapping, productivity is 12 13 market size of DKK 37.0bn. increased, effectively leading to larger profits. 13 14 14 15 The European market amounts to The ongoing digital transformation is promoting 15 16 approximately 37% of the total market share in the adoption of innovative technologies to gain 16 17 2020, equaling a market size of DKK 24.6bn, and strategic and operational advantages. 17 18 was expected to grow with a CAGR of 25.6% pre- Availability of new technologies enhances staff 18 19 COVID-19. The growing applications of indoor management so organizations can leverage 19 20 positioning and navigation systems and digital dexterity to develop new digital business 20 21 consumer demands are driving the European services. 21 22 market. UK holds the largest share in Europe, 22 23 accounting for 25% of the market share, while The indoor navigation market for corporate 23 24 Germany’s market share is 21%. offices was valued at DKK 4.8bn in 2020, and it is 24 25 expected to reach DKK 12.1bn in 2025, 25 26 6.3 MAPSPEOPLE STRATEGICALLY IDENTIFIES assuming a constant market share. The growth 26 27 THREE ADDRESSABLE VERTICALS OFFERING rises on the back of increasing demand for 27 28 GREATEST SCALING OPPORTUNITIES flexibility and work-life balance2. The market 28 29 mainly consists of two types of businesses; 29 30 6.3.1 Corporate offices Platform-based SaaS-companies, where 30 31 MapsPeople, MapsIndoors, are market-leading 31 32 4.8bn 12.1bn ~22% and software companies focusing on custom- 32 33 Market size ’20 Market size ’25 of addressable made app solutions. 33 34 DKK DKK market 34 35 Corporate offices are often large complex MapsPeople is a market leader in the vertical 35 36 buildings, where employees have dynamic with well-known global brands as customers, 36 37 seating as employers cut costs and reduce the and the vertical is described in more detail in 37 38 number of desks since more employees work section 7.3. 38 39 remotely. 39 40 40 41 MapsPeople taps into a DKK 21.7bn addressable market – the total market is DKK 66.5bn 41 42 22% Corporate Offices 42 43 43 DKK bn 44 18.5 6% Sport venues 44 45 Services / 45 46 contractors 46 6% Conventions 47 47 48 48 49 49 50 50 51 DKK 21.7bn 31% Retail 51 52 52 Software tools 53 53 54 54 55 12% Education 55 56 56 57 57 58 15% Healthcare 58 59 DKK 26.3bn 59 60 Technology Partners 60 61 9% Transportation 61 2: Market Watch (2019) – Global digital workplace stood at $28.54bn in 2018 and is projected to reach $78.85bn in 2024 Prospectus – MapsPeople A/S | 28 Industry overview

V H 1 1 2 MapsPeople is the market-leader and the only supplier with close collaboration with Google 2 3 3 4 Google Vertical presence 4 5 Maps 5 6 Partner Corporate Sports Hospitals Transport Education Retail Conventions 6 7 7 8 MapsPeople ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 8 9 9 10 10 11 Mapwize ÷ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 11 12 12 13 Inpixon 13 14 ÷ ✓ ÷ ✓ ✓ ✓ ✓ ÷ 14 15 15 16 Point Inside ÷ ✓ ✓ ÷ ✓ ÷ ✓ ✓ 16 17 17 18 18 MazeMaps 19 ÷ ✓ ÷ ✓ ÷ ✓ ✓ ✓ 19 20 20 21 Mappedin ÷ ÷ ✓ ÷ ÷ ÷ ✓ ÷ 21 22 22 23 23 24 Locuslabs ÷ ÷ ÷ ÷ ✓ ÷ ÷ ÷ 24 25 25 26 Connexient ÷ ÷ ÷ ✓ ÷ ÷ ÷ ÷ 26 27 27 28 28 29 29 30 30 31 Source: Management estimates 31 32 32 33 6.3.2 Sports venues 33 34 The overall sports indoor navigation and 34 35 positioning market was valued at DKK 1.3bn in 35 36 1.3bn 3.3bn ~6% 2020 and estimated to reach DKK 3.3bn in 2025. 36 Market size ’20 Market size ’25 of addressable Major growth drivers include significant 37 DKK DKK market 37 38 improvement in audience engagement, 38 39 Consumers continuously increase their increasing demand for data-driven decisions 39 40 expectations for sports venues and the and operations, and increasing number of 40 41 experience the sports venues must provide. sports events online and offline. MapsPeople 41 42 Venue owners look to make seamless digital has successfully tapped into the market, and it 42 43 upgrades to increase customer satisfaction. is elaborated in section 7.4. 43 44 44 45 When booking a ticket to a sports match or 6.3.3 Conventions 45 46 show, guests want to ensure that the seats’ view 46 47 meets their expectations. When traveling to the 1.3bn 3.3bn ~6% 47 48 stadium, the experience is even more seamless 48 Market size ’20 Market size ’25 of addressable 49 if guests know where parking lots are vacant DKK DKK market 49 50 and if they are guided all the way to their seats. 50 51 Visitors wish the smoothest navigation to the 51 52 Additionally, guests want to avoid spending time desired stand or session. Often visitors come 52 53 in queues and instead enjoy the match or show. directly from the airport or hotel, and they wish 53 54 With MapsIndoors, hosts can achieve state-of- to know the exact travel time to the stand or 54 55 the-art fan experience. session, which requires interaction between 55 56 both outdoor and indoor navigation. 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 29 Industry overview

V H 1 Preparing and hosting conventions requires The healthcare industry has a complex nature 1 2 flexibility. No event is the same, and convention with procurement processes that require a 2 3 centers continuously change to ensure they can specialized approach. The market was valued at 3 4 adapt to different types and sizes of meetings. DKK 3.3bn in 2020 and expected to reach DKK 4 5 This means each indoor mapping experience 8.2bn in 2025 5 6 must be custom-built. 42% of event producers 6 7 name technology as the most important new 6.3.5 Education and transportation 7 8 growth area for convention centres3. 8 9 Some of the largest university campuses around 9 10 The market was valued at DKK 1.3bn in 2020 the world are above 20 square kilometers, and 10 11 and is expected to reach DKK 3.3bn in 2025. finding classrooms, or lecture rooms as a new 11 12 MapsPeople is the preferred go-to indoor student or a visiting professor is a well-known 12 13 mapping partner for events like Google Cloud hazzle. 13 14 Next with above 35,000 attendees, described in 14 15 section 7.5. MapsPeople offers the solution to these hassles. 15 16 Education and transportation offer smaller 16 17 6.3.4 Healthcare scaling opportunities, and they are reached 17 18 through partners. 18 19 19 20 3.3bn 8.2bn ~15% 6.3.6 Retail 20 21 Market size ’20 Market size ’25 of addressable 21 DKK DKK market 22 If customers cannot locate the products they 22 23 During the COVID-19 pandemic, it is vital seek, it triggers great frustration for customers 23 24 patients and relatives navigate hospitals and revenue losses for stores. 24 25 efficiently to reduce the risk of spreading the 25 26 virus. Besides, many appointments are missed Retail still lacks an affordable technology to 26 27 every year since patients are unable to navigate locate products on the shelves, and once the 27 28 the maze-like hospitals. technology is affordable, indoor mapping will 28 29 swiftly make its way into the retail industry as 29 30 Although healthcare amounts for 15% of the consumers’ purchasing behavior will be 30 31 market share, it is not targeted directly but mapped, and retailers may optimize placement 31 32 through OEM partners and system integrators of products. 32 33 who have a strong understanding of industry 33 34 specifics. 34 35 35 36 36 37 6 reasons why customers choose MapsIndoors as their preferred indoor mapping platform 37 38 38 39 39 40 40 41 41

42 42 43 Flexibility Functionality Transparent pricing model 43 44 44 45 MapsIndoors is the market’s most MapsIndoors offers a variety of MapsPeople employs a simple and 45 46 flexible platform with ability to relevant features in addition to transparent pricing model without 46 integrate with external live feeds mapping and navigation such as any unforeseen costs for the 47 47 and customers’ or partners’ front heatmaps,, maintenance modules customer 48 ends etc. 48 49 49 50 50 51 51 52 52

53 53

54 Easy to manage Easy to integrate Seamless outdoor to indoor 54 55 navigation 55 56 MapsIndoors’ content management MapsIndoors is easily integrated With MapsIndoors, customers are 56 57 system allows customers without into any mobile app, website or navigated from e.g. their homes to 57 58 technical capabilities to easily kiosk the desired indoor destination 58 59 update and maintain their indoor 59 60 map 60 61 61 3: Building Design & Construction (2015) – 4 ways convection centers are revamping for the 21st century Prospectus – MapsPeople A/S | 30 Industry overview

V H 1 6.3.7 Continuous vertical evaluation flexible front end, live data integration, user- 1 2 friendly CMS, and the market’s strongest link to 2 3 Other verticals are continuously evaluated, and Google Maps. MapsIndoors 3.0 will be the only 3 4 when they digitally mature, they will be solution that offers automated map generation 4 5 targeted. and maintenance, self-service integration of live 5 6 data, and AI-powered analytics engine and data 6 7 MapsPeople has strategically identified and visualization. 7 8 selected corporate offices and sports & 8 9 entertainment as the main verticals. These The Global research firm Gartner, also 9 10 verticals offer the biggest scaling opportunities recognizes MapsPeople as one of eight mapping 10 11 with the highest volume of square meters. vendors and continuously tracks MapsPeople’s 11 12 development in their research on the 12 13 6.4 COMPETITIVE LANDSCAPE competitive landscape in indoor mapping4. 13 14 14 15 The indoor positioning market is immature and 6.6 MARKET DRIVERS 15 16 represented by smaller players with 10-50 16 17 employees. Most players offer SaaS solutions Increasing adoption of indoor positioning and 17 18 with SDKs (Software Development Kits) and CMS indoor mapping technologies raises 18 19 (Content Management Systems). MappedIn (CA) smartphone penetration, and the amounts of 19 20 and Inpixon (US) are the two largest competitors time spent indoors reach 70-90%. These are key 20 21 with over 50 employees, and are particularly drivers for the increased demand for indoor 21 22 active in the US market. Smaller competitors mapping. Turn-by-turn navigation has become a 22 23 with less than 50 employees such as MazeMap default expectation outdoors, and the same 23 24 (N), Connexient (US), Point Inside (US), intuitive, simple and responsive navigation is 24 25 LocusLabs (US) and Mapwize (F) are primarily making its way indoors. 25 26 active in a single industry or region. 26 27 Development of smartphones goes toward 27 28 MapsPeople is the only European-based having indoor positioning as we know it from 28 29 company providing an indoor mapping platform outdoor positioning through GPS. Few models 29 30 to offer dynamic mapping by integrating are equipped with indoor positioning today. 30 31 multiple third-party data sources. Dynamic Once the technology becomes an industry 31 32 mapping market is a high-growth market with standard, the market for indoor mapping and 32 33 very few competitors, presenting MapsPeople navigation will experience explosive growth. 33 34 with a strong opportunity. 34 35 Corporates are increasingly interested in 35 36 6.5 COMPETITIVE POSITIONING digitizing their operations to optimize use of 36 37 resources, large event spaces are looking for 37 38 MapsPeople holds a strong dominating position novel ways to improve visitor experiences and 38 39 with a proprietary software platform including driver revenue using technology. This is 39 40 reinforced by growing customer expectations of 40 41 personalization and convenience. 41 42 Expected addressable market growth (DKK bn) 42 43 6.7 BARRIERS TO ENTRY 43 44 44 45 Building indoor mapping and positioning 45 46 require deep understanding and technical 46 47 expertise across a variety of domains. In the 47 48 new generation solutions, it requires even 48 49 stronger multi-disciplinary expertise or a strong 49 50 eco-system of partnerships. 50 51 51 52 In addition, customers are not always familiar 52 53 54.8 with the benefits and potential of the solutions. 53 54 45.6 A strong market position is necessary to build 54 55 37.8 credibility and introduce new features. The key 55 31.4 56 26.1 advantages of MapsIndoors are the decades of 56 57 21.7 technical and commercial experience and the 57 58 established position in the market as a 58 59 European market leader and Google partner 59 60 brand. 60 '20A '21E '22E '23E '24E '25E 61 61 4: Gartner (2021) – Competitive Landscape: Indoor Mapping Prospectus – MapsPeople A/S | 31 20,000+ students

MapsIndoors at Aalborg University

● Seamless navigation from classroom to classroom, across campus, and city, for more than 4 years ● Search for and find a wide range of points of interest (restrooms, canteens, meeting rooms, printers), and get a route ● Copy a point of interest and include it in an email to provide a route to the meeting ● See temporary points of interest eg. Career Days

251,338 m2 mapped Company overview

7. Company overview

V H 1 7.1 COMPANY INTRODUCTION 1 2 2 3 MapsPeople is an indoor mapping SaaS As a Google Premier Partner, MapsPeople 3 4 company and a Google Premier Partner. provides Google Maps licenses and services for 4 5 MapsPeople’s market-leading solution, companies wishing to integrate Google Maps in 5 6 MapsIndoors, help employees find a desk or their own products, websites, apps or business 6 7 colleague in large corporate office, assist guests systems. MapsIndoors and the Google Maps 7 8 navigate to their seats at stadiums, display business are greatly synergetic, and Google 8 9 vacant parking lots, or avoid long queues. With Maps customers frequently recognize how 9 10 the MapsIndoors solution, employee MapsIndoors can further elevate their business. 10 11 productivity is improved, fan experience 11 12 reaches new levels, and passengers do not miss Large well-known global brands have chosen 12 13 flights or trains. MapsPeople, including Arlanda Airport (S), 13 14 Golden State Warriors (US), Miami Dade College 14 15 The MapsIndoors solution can easily be (US), Mobile World Congress (E), and one of the 15 16 integrated into existing apps, and the solution is worlds largest banks (US) as their preferred 16 17 primarily built on Google Maps, making the indoor mapping partner. 17 18 transition from outdoor to indoor completely 18 19 seamless. Other map solutions may also be The MapsIndoors business is elaborated in 19 20 used, but the long term and close partnership sections 7.2 – 7.9 and the Google Maps business 20 21 with Google is a unique selling point. World- is described in more detail in section 7.10. 21 22 renowned companies often approach Google 22 23 regarding indoor mapping; Google refers those 7.2 MAPSINDOORS – A SEAMLESS INDOOR 23 24 customers to MapsPeople, this gives MAPPING SOLUTION 24 25 MapsPeople a unique and independent 25 26 advantage. MapsIndoors is an indoor mapping platform 26 27 that is used in a variety of different indoor 27 28 MapsIndoors is more than just an indoor locations. The MapsIndoors solution is easily 28 29 mapping platform. MapsIndoors has all the integrated into customers’ own apps, and the 29 30 necessary interfaces for deep integration with platform enables users to seamlessly navigate 30 31 internal and external live data sources and with indoor in large complex corporate offices, 31 32 the use of AI, deep learning, and data hospitals, and airports. MapsIndoors is 32 33 visualization, the platform is a key element in compatible with outdoor maps such as Google 33 34 the user's daily tools. Maps, making the transition from outdoor to 34 35 indoor perfectly seamless. 35 36 MapsPeople’s three revenue streams 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44

MapsIndoors Platform Google Maps Other subscriptions 45 45 46 67% 22% 11% 46 May 21 ARR split May 21 ARR split May 21 ARR split

Prospectus – MapsPeople A/S | 33 Company overview - MapsIndoors

V H 1 MapsIndoors is a software-as-a-service (SaaS) 7.3.1 Employee time-saving 1 2 platform with a collection of building blocks 2 3 allowing partners and clients to add indoor Each day, office employees worldwide waste 3 4 mapping to their existing apps via APIs and time locating desks, coworkers, and conference 4 5 SDKs (Software Development Kits). With rooms. Surveys show, 4 in 10 office workers 5 6 MapsIndoors, it is now easy to add indoor waste 60 minutes weekly searching for desks, 6 7 mapping functionality to an app without having colleagues, and conference rooms5. 7 8 to develop everything from scratch. 8 9 MapsIndoors puts searchable interactive indoor 9 10 Many industries will experience revenue and maps into the hand of every employee and 10 11 efficiency gains from the use of MapsIndoors. guest. Users can pull up maps on their 11 12 The next sections outline how some industries smartphones to navigate effortlessly around 12 13 gain from the use of MapsIndoors. every floor. The solution ensures that users can 13 14 easily locate specific desks, conference rooms, 14 15 7.3 CORPORATE OFFICES offices, kitchens, restrooms, or amenities such 15 16 as printers. Employees might be called into a 16 17 Four of the world’s largest companies last-minute meeting with a colleague or 17 18 within banking, telecom, manager in a building they have not previously 18 19 pharmaceuticals, and online networks been. 19 20 use MapsIndoors 20 21 When people are late for meetings, it is 21 22 Selected active end-customers essentially money lost to the company. It leads 22 23 to employee frustration and stress when they 23 24 • Improve employee satisfaction and efficiency scramble and try to find what they are looking 24 25 • Navigate seamlessly from outdoor to indoor for, and attention from what is truly important is 25 26 • Free up valuable resources and reduce cost lost. 26 27 of rent 27 28 7.3.2 Improved employee satisfaction 28 29 Implementing a smart office with booking of 29 30 tables and meeting rooms can lead to an The MapsIndoors solution improves overall 30 31 optimized area utilization and thus significant employee satisfaction, making it easier for 31 32 savings in the cost of rent. Additionally, employers to attract and retain competent 32 33 employee satisfaction and productivity is employees. Studies show wellbeing and job 33 34 increased, and employees can easily find a satisfaction are dividends of a more digital 34 35 specific desk, printer, or meeting room and get workplace, beyond more obvious benefits of 35 36 estimated walking time from their current efficiency and productivity6. 36 37 location using MapsIndoors. 37 38 38 39 Increasing productivity significantly decreases costs 39 40 MapsPeople estimates 40 41 41 42 42 43 43 44 44

45 DKK 45 46 46 47 47 48 12 316,000 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 180/hour 60 61 61 5: Senion (2017) – Office worker 6: Aruba (2018) – The Right Technologies Unlock the Potential of the Digital Workplace Prospectus – MapsPeople A/S | 34 V H 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44 45 “Humanity has spent 45 46 46 47 47 48 lifetimes mapping outdoor 48 49 49 50 50 51 - We map indoor” 51 52 52 53 53 54 Jannik Brouwers, CCO 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 35 Company overview - MapsIndoors

V H 1 7.3.3 Optimization of office space with internal 7.4 SPORTS & ENTERTAINMENT 1 2 systems 2 3 12 European football stadium 3 4 Interfacing MapsIndoors with an internal 4 5 booking system allows companies to optimize 5 6 their desk use. With MapsIndoors, corporates Minnesota Golden State 6 7 can maximize space utilization and cut Vikings Warriors 7 8 unnecessary costs. MapsIndoors can be 8 9 integrated into mobile apps, info kiosks, and on Selected active end-customers 9 10 websites. This ensures that people can access 10 11 the maps on their preferred platform at any • Improve the fan experience and fan loyalty 11 12 time. • Allow fans to navigate from their home and 12 13 to a specific seat 13 14 Corporate offices spend millions each year on • Boost merchandise sales 14 15 unused desks since more and more employees • Increase food and beverage sales 15 16 work remotely. Studies show that only 15% of • Improve the overall stadium branding 16 17 office workers would like to work from the office • Seamless outdoor to indoor navigation 17 18 4-5 days a week. The majority of office 18 19 employees (48%) say they would like to work Full stadiums are scenes for historical moments, 19 20 from the office 2-3 days a week, whereas 37% but also hectic at times, and it is often close to 20 21 only expect to come in 0-1 day a week. For impossible to find the right seat in time for kick- 21 22 offices with dedicated desks, this means that off. With MapsIndoors, fans are equipped with a 22 23 the majority of desks will be left unused at least wayfinding solution, which can turn their 23 24 half of the week7, resulting in yearly wasted experience at the stadium into one they want to 24 25 costs of up to DKK 39,000 per desk8. repeat and rave to everyone about. 25 26 Additionally, COVID-19 pushes more employees 26 27 to work from home, and the need to optimize Using MapsIndoors and one of the many third- 27 28 desk space and cut unnecessary costs is party integrations, stadiums can send fans 28 29 stronger than ever before. special food and drinks vouchers or discount 29 30 codes for upcoming matches and increase the 30 31 Furthermore, MapsPeople has close interaction between sports venues and their 31 32 partnerships with different tech companies fans. 32 33 focusing on office spaces such as Vpod, a digital 33 34 visitor management, and virtual reception 7.4.1 Increased sales of food, beverages, and 34 35 solution. Vpod has implemented the merchandise 35 36 MapsIndoors solution to help navigate guests 36 37 around corporate offices, to ensure the guests Stadiums are a melting pot for conventions, 37 38 arrive at the right conference room or find the meetings, private events, concerts, and 38 39 specific employee. educational experiences. Everyone recognizes 39 40 the frustration of waiting in queues while the 40 41 Corporate customers using MapsIndoors game is about to begin. During events, crucial 41 42 comprise global corporations Within banking, revenue is lost, and studies show 45% of fans 42 43 telecom and online networks. have abandoned concession lines at least once 43 44 in the past 12 months without making a 44 45 food/beverage purchase because the queue 45 46 was too long9. 46 47 47 48 With MapsIndoors, sales are boosted as 48 49 MapsIndoors is efficiently integrated with third- 49 50 party systems such as queue management 50 51 systems. 51 52 52 53 53 54 54 55 55 56 56 57 20% 55% 61% 57 58 58 59 Spend excessive time locating Spend excessive time locating Spend excessive time locating 59 60 available desks colleagues conference rooms 60 61 61 7: Leesman (2020) – Workplace 2021: Appraising future-readiness 8: MapsPeople interview with KPMG, June 2019 9: Oracle (n/a) – Stadium of the Future Prospectus – MapsPeople A/S | 36 Company overview - MapsIndoors

V H 1 This allows for boosted sales by guiding guests In the 2019 US Open in Pebble Beach, 1 2 to the merchandise shop or food vendor with MapsIndoors was a game-changer, and the 2 3 the shortest queue. Another feature of solution offered dynamic player positioning on 3 4 MapsIndoors is to interface the platform with an the course. The map became the platform with 4 5 ordering system for easy in-seat ordering the new overview of the tournament both for 5 6 allowing fans to focus on the match or show. 250k guests on the course and golf enthusiasts 6 7 watching from home. 7 8 MapsIndoors also holds other strategic features 8 9 to increase sales further. Combining MapsPeople’s customers in the sports & 9 10 MapsIndoors with indoor positioning unlocks entertainment vertical contain well-known 10 11 the potential to use location-based marketing to brands, including Golden State Warriors (US), 11 12 support the guests’ journey within the stadium. SoFi Stadium (US) and 12 European football 12 13 Another feature of MapsIndoors is heatmap stadiums. 13 14 plotting, which gives insights on how to create 14 15 the perfect stadium layout. Creating the Dublin Stadium in Ireland 15 16 16 17 7.4.2 Additional revenue from ticket upgrade 17 18 18 19 Integrating MapsIndoors with a ticketing system 19 20 offers stadiums the opportunity for seat 20 21 upgrades. Combining the real map view and 21 22 360° images, fans can see the pitch from 22 23 different angles and upgrade to the seat that 23 24 gives them the best view right from the app. 24 25 25 26 7.4.3 Improved fan experience and long-term 26 27 loyalty 27 28 28 29 Guiding fans to available parking space and 29 30 navigating all the way to their seat reduces 30 31 stress. This is crucial in improving the overall fan 31 32 experience and securing guests return, and 32 33 recommend their experience to others. 33 34 34 35 35 Reducing queue times with MapsIndoors With MapsIndoors customers cut costs, boost 36 36 increases profit for sports venues fan experience and increase efficiency 37 37 38 38 39 39 40 40 41 41 42 DKK 39t 4,500 hours 42 43 43 The estimated cost are spent yearly by 44 44 of an empty desk hospital staff giving 45 45 per year directions 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 40% 45% 53 54 of workers waste 60 abandons queue 54 55 minutes weekly on lines without making 55 56 unsuccessful a purchase 56 57 Of fans acknowledge that buying food is based navigation 57 58 on ”impulse” 58 59 59 60 60 61 61 Source: Oracle - Stadium of the Future: The Next Generation of Game Day Technology Prospectus – MapsPeople A/S | 37 NBA Champions 1947, 1956, 1975, 2015, 2017, 2018

MapsIndoors at Chase Center:

● Event-based indoor maps ● 31.000 reviews on App Store of the Warriors + Chase Center app with average rating of 4,8/5 ● Seamless outdoor / indoor navigation

● Running on Google Maps Platform Company overview - MapsIndoors

V H 1 7.5 CONVENTIONS End-users ranked wayfinding important when 1 2 attending a convention10 2 Olma Mobile 3 RAI 3 4 Messen World 4 Amsterdam 5 St.Gallen Congress 85% 86% 90% 5 6 6 7 Selected active end-customers Would repeat Rank Will tell 7 8 attendance at wayfinding as others about 8 9 • Improve the visitor experience and loyalty same event if important or a positive 9 10 • Boost ticket sales destination very experience 10 11 • Use differentiated stand pricing based on experience is important 11 12 actual people flow measurements positive 12 13 • Changes and updates are easily 13 14 implemented through the MapsIndoors CMS Visitors benefit from seamless outdoor to 14 15 • Improve the overall branding of the indoor navigation as they are guided directly 15 16 convention venue from home, hotel, or airport to a specific 16 17 exhibition stand, including guidance to the 17 18 When hosting conferences or conventions, large subway, bus stop, or parking area closest to the 18 19 open convention centers turn into mazes with entrance. With MapsIndoors, conventions can 19 20 exhibitors and stands lining the narrow lanes. offer stress-free and efficient experiences. 20 21 Visitors miss important sessions and 21 22 information because they are unable to locate 7.5.2 Location-based push notifications 22 23 the event or stand they seek. As a result, visitors 23 24 leave disappointed and are less likely to return MapsIndoors comes with possibilities that 24 25 to the conventions, and sponsors and exhibitors extend beyond wayfinding. By implementing an 25 26 may choose different venues for their next indoor positioning technology, conventions gain 26 27 event. numerous other benefits from the MapsIndoors 27 28 mapping solution. 28 29 7.5.1 Time-saving and increased customer 29 30 satisfaction Conventions can add location-based push 30 31 notifications to the visitors and allow exhibitors 31 32 The solution to these inefficiencies is to engage with the visitors on a personalized 32 33 MapsIndoors. MapsIndoors offers user-friendly level. 33 34 indoor navigation enabling visitors to easily 34 35 navigate from point A to point B. 35 36 36 37 37 38 38 39 Conventions need new technology, such as MapsIndoors, to increase efficiency, since budgets and 39 9 40 number of employees will stay the same - but the number of conventions is expected to increase 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61 10: Eventbride (2018) – The State of Conferences and Corporate Events in 2018 Prospectus – MapsPeople A/S | 39 Company overview - MapsIndoors

V H 1 7.5.3 Decreased cost of printing and increased MapsIndoors is a significant value-add to the 1 2 staff productivity airport industry. The need for indoor mapping 2 3 in airports is vast, and surveys show that indoor 3 4 MapsIndoors decreases expenses by eliminating airport mapping is the single most desired 4 5 the need for traditional static venue maps found mobile feature for passengers11. 5 6 in brochures or the like. Furthermore, 6 7 MapsIndoors free up time for staff as they no Indoor mapping will also have major financial 7 8 longer need to guide visitors. gains in the healthcare industry. Studies show 8 9 hospital staff spends up to 4,500 hours giving 9 10 7.5.4 Increased flexibility with map automation directions yearly12, and in the UK, 8 million 10 11 outpatient hospital appointments are missed 11 12 MapsIndoors is ready to integrate into existing yearly13. 12 13 applications for mobile and desktop. With 13 14 MapsIndoors Content Management System, In the years to come, indoor mapping will 14 15 conventions can easily update indoor maps to transition into an integral element in retail 15 16 the dynamic and everchanging layouts of the shopping, and customers will seamlessly locate 16 17 convention center. and navigate to products using indoor mapping. 17 18 Additionally, the COVID-19 pandemic will 18 19 MapsIndoors has been used for large accelerate the transition to navigate customers 19 20 conventions such as Google Cloud Next and from A to B most efficiently. 20 21 Mobile World Congress. 21 22 7.6.1 Connect with travelers 22 23 23 Stockholm 24 Aeroporto Lyon 24 Arlanda 25 de Bologna Aéroport 25 26 Airport 26 27 27 28 Selected active end-customers 28 29 29 30 • Improve travelers’ experience and loyalty 30 31 • Boost tax-free shopping through location- 31 32 based advertising 32 33 • Extend the airport service to include in-app 33 34 notifications 34 35 • Gain insights into passenger flow and 35 36 behavior at the airport 36 37 • Improve the overall branding of the airport 37 38 38 39 For both experienced and novice travelers, 39 40 7.6 OTHER VERTICALS airports are always synonymous with some 40 41 form of stress. Long queues at security or a last- 41 42 Indoor mapping challenges are also present in minute gate change can make an otherwise 42 43 several other industries. Sales in other verticals well-planned trip stressful and rushed. Perhaps 43 44 are typically made through partnership sales this is why surveys show that 80% of all travelers 44 45 where MapsPeople delivers an element to the find it very important to have airport navigation 45 46 overall solution. Other verticals include but are in the palm of their hand. Additionally, by 46 47 not limited to the airport, healthcare, education, alleviating passenger stress, they will stay longer 47 48 and retail industry. in the shopping area and spend more money. 48 49 More money spent is key for airports as the rent 49 50 is positively influenced by the shops’ revenue. 50 Customers split on verticals 51 51 52 52 53 53 54 54 55 44% 10% 4% 8% 16% 9% 9% 55 56 Corporate Sport & En- Conventions Transport Education Healthcare Others 56 57 offices tertainment (6% retail) 57 58 58 59 Primary Secondary Partners 59 60 60 61 61 11: SITA (2019) – Air Transport IT Insights 13: The Guardian (2018) – Patients missing their 12: Deloitte (2018) – Findings from the Deloitte 2018 appointments cost the NHS £1bn last year Healthcare Consumer Survey Prospectus – MapsPeople A/S | 40 MapsIndoors’ Google Cloud Next solution included:

● Searchable categories within all the venues, incl. specific stands, codelabs, keynotes, workshops and sessions

● Routes from current location – e.g., hotel – and all the way to a specific stand or session within one of the event venues

● Possibility to create a personal program for the day by adding stops along the route Company overview - MapsIndoors

V H 1 This service will enhance the overall airport 7.6.3 Digital campus and university maps save 1 2 experience and make it more likely that time and costs 2 3 travelers will return. 92%14 of passengers would 3 4 like to receive a notification on their City, 4 Aalborg University of 5 smartphone if any disruptions occur. In case of University 5 University Gloucestershire 6 an emergency or other disruptive event, all London 6 7 passengers can be noticed via the same 7 8 function. Selected active end-customers 8 9 9 10 7.6.2 Optimize navigation for hospital staff • Improve the university experience for new 10 11 students 11 12 Hospital das • Navigate seamlessly from outdoor to indoor 12 WVU Medicine 13 Forças Armadas • Save money on traditional signage and 13 14 printed maps 14 15 • Improve the overall branding of the 15 16 Rutgers New Jersey Medical School university 16 17 17 18 Selected active end-customers Universities often consist of a range of buildings 18 19 and campuses spread across cities. The 19 20 • Improve the overall patient and visitor transition from the outdoor world and into a 20 21 experience at your hospital building is a vital part of a university indoor 21 22 • Control hospital access. Visitors do not need wayfinding solution. MapsIndoors is built on 22 23 access to all parts of the hospital Google Maps, which makes the transition from 23 24 • Reduce interruptions of medical staff being outdoor to indoor navigation completely 24 25 asked for directions seamless. Students and staff are navigated from 25 26 • Patients, visitors, and staff will always be the comfort of their home to any point of 26 27 offered the most optimal route to their interest on campus. This may be anything from 27 28 location. Stairs and elevators are included the nearest parking lot to a classroom or a 28 29 • Integrate traditional hospital wayfinding specific vending machine. 29 30 signage with an indoor mapping platform 30 31 and hospital wayfinding app 7.6.4 Enhance the shopping experience with in- 31 32 • Navigate seamlessly from outside the store mapping 32 33 hospital and all the way into a specific Westend 33 Scalo Milano 34 hospital ward Hagebau Shopping 34 35 Outlet & More 35 36 Frustration of getting lost is ranked as one of Center 36 37 the top complaints by hospital visitors. Feeling Selected active end-customers 37 38 lost only enhances what visitors and patients 38 39 may already experience in an anxiety-producing • Improve the customer experience and loyalty 39 40 situation. Indoor wayfinding solutions allow • Increase basket sizes through in-store offers 40 41 users to search for points of interest and get the and coupons 41 42 most optimal route to their destination. Finding • Engage with customers throughout their 42 43 specific wards or simply the restrooms will shopping experience 43 44 become much easier. • Gain insights into people flow and optimize 44 45 the layout of your shop 45 46 Most people find visiting a hospital quite a • Improve the overall branding 46 47 daunting experience, and 9 times out of 10 end 47 48 up having to ask a staff member for directions. With MapsIndoors, retail stores can offer 48 49 Feeling lost stress patients and visitors and shoppers an easy-to-use indoor mapping 49 50 guiding guests and patens takes away valuable solution that will improve the shopping 50 51 time from hospital staff. experience and provide stores with numerous 51 52 ways of increasing the revenue. 52 53 53 54 MapsIndoors is built on Google Maps, giving 54 55 shoppers the optimal route from their current 55 56 location to the retail shop, and the transition 56 57 from outdoor to indoor navigation is completely 57 58 seamless. The combination of MapsIndoors and 58 59 an indoor positioning system, retail stores can 59 60 take shoppers all the way from their home and 60 61 to a specific product within the department 61 14: SITA (2016) – Air Transport IT Insights store. Prospectus – MapsPeople A/S | 42 Company overview – MapsIndoors

V H 1 MapsIndoors ARR split on verticals 1 2 8% Sport venues 2 3 3 4 6% Conventions 4 5 5 6% Retail 6 6 7 7 8 8 9 9 10 Other 10 11 11 DKK 58% Corporate Offices 12 20m 12 13 Google MapsIndoors ARR 13 May 2021 14 Maps 14 15 15 16 16 Education 17 11% 17 18 18 19 9% Transportation 19 20 20 21 3% Healthcare 21 22 22 23 23 24 7.7 PRICING MODEL SECURES 90% 7.8 STRATEGIC GOOGLE PREMIER PARTNER- 24 25 RECURRING REVENUE SHIP – A UNIQUE AND INDEPENDENT ADVAN- 25 26 TAGE 26 27 MapsPeople utilizes a simple price model with 27 28 two inputs being venue size and vertical. MapsPeople is a Google Premier Partner and 28 29 Customers pay for the amount of mapped has been a strategic partner since 2009. 29 30 square meters and obtain a lower price per MapsPeople benefits from Google’s global 30 31 square meter, the larger the venue size. branding and referral of big brand customers. 31 32 Additionally, price differs between verticals as 32 33 some verticals have a larger benefit from the Indoor, MapsPeople employs its solution, 33 34 product than others. MapsIndoors. Outdoor, MapsPeople employs 34 35 Google Maps as they are the strongest provider, 35 36 The price model is based on subscription only, giving MapsPeople a unique competitive 36 37 resulting in 100% recurring revenue. advantage. At the same time, MapsPeople is 37 38 independent of Google and can integrate into 38 39 In the future, the price model can be expanded other map sources, e.g., MapsPeople offers 39 40 to include add-on features when platform solutions using Mapbox. 40 41 updates are introduced. 41 42 Additionally, Google promotes and refers to 42 43 MapsPeople when large brands seek assistance 43 44 with indoor mapping. Referrals from Google 44 45 include well-known brands such as Golden State 45 46 Warriors and US Open Golf. 46 47 47 48 48 49 MapsPeople employs a simple and powerful pricing model ensuring recurring revenue 49 50 50 51 51 52 52 53 53 54 2 54 55 m 55 56 56 57 57 58 Venue size Vertical 90% recurring 58 59 59 Priced per m2 Price differentiation No start costs 60 60 Volume discount on attractive verticals Subscription only 61 61

Prospectus – MapsPeople A/S | 43 Company overview – MapsIndoors

V H 1 7.9 MAPSINDOORS HAS DELIVERED STRONG 7.9.2 Increased MapsIndoors ARR with 970% in 1 2 SAAS METRICS just 36 months 2 3 3 4 MapsPeople tracks all the well-known SaaS- MapsPeople has increased its ARR every year 4 5 metrics (CAC, CLV, MRR, ARR, Booking, Churn, since the Company started tracking the ARR. 5 6 retention rate, etc.) and use these data points to ARR has risen by 970% from DKK 1,553,221 in 6 7 evaluate strategies and developments. January 2018 to DKK 16,614,021 in January 2021 7 8 with a CAGR of 120%. MapsPeople expects an 8 9 7.9.1 Tracking SaaS-metrics since January 2018 ARR of DKK 20.2m in May 2021 for the 9 10 MapsIndoors business alone. 10 11 MapsPeople has, since January 2018, been 11 12 tracking all their MapsIndoors customers and 7.9.3 6.1% churn in 2020 12 13 leads. These tools have provided the Marketing, 13 14 and the Sales Department, with key financial MapsPeople has proven that MapsIndoors has 14 15 figures and a more genuine understanding of an extraordinary stickiness due to multiple 15 16 the business. factors, such as high-quality software platform, 16 17 ease of use, ability to integrate to 17 18 By combining the customer acquisition cost internal/externals systems, and market-leading 18 19 (CAC) with the customer lifetime value (CLV), the position. MapsPeople had a churn in 2020 at 19 20 different departments know which customers to 6.1%, demonstrating stickiness to their 20 21 target, ensuring that the CAC is lower than the customers. 21 22 CLV. 22 23 23 24 24 25 25 MapsIndoors’ ARR has increased with 970% from January 2018 to January 2021 26 26 27 27 28 28 88% DKK 16.6m 29 1 Jan ‘21 29 30 12 months 30 31 31 32 32 33 33 34 34 35 35 36 123% 36 37 37 12 months 38 38 DKK 8.8m 39 39 1 Jan ‘20 40 40 41 41 42 42 43 43 44 44 155% 45 45 46 12 months 46 47 DKK 4.0m 47 48 1 Jan ‘19 48 49 49 50 50 DKK 1.6m 51 1 Jan ‘18 51 52 52 53 53 54 54 55 55 56 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J 56 57 2018 2019 2020 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 44 Company overview – Google Maps

V H 1 7.10 GOOGLE MAPS BUSINESS HAS DKK 6.5m These initiatives help MapsPeople’s Google 1 2 ARR IN MAY 2021 Maps clients accelerate their businesses and 2 3 understand the value-creating possibilities 3 4 MapsPeople is a Certified Google Premier Google Maps have. Furthermore, MapsPeople 4 5 Partner and has trained personnel with ten gets many leads from the Google Maps business 5 6 years of experience. that can be used within their solution, 6 7 MapsIndoors. 7 8 All companies that integrate Google Maps on 8 9 their website, app or business systems must pay The Google Maps business is a profitable 9 10 for the usage, where the most advantageous business in an expanding market with +230 10 11 agreements can be obtained through a Google customers and an average revenue per account 11 12 Maps partner, such as MapsPeople. of DKK +35.000. The annual recurring revenue 12 13 was DKK 6.5m in May 2021, and the business 13 14 MapsPeople assists customers within all the has experienced an ARR growth of 10% in 2020. 14 15 possible areas regarding Google Maps, such as Committed annual recurring revenue for the 15 16 implementation, cost optimization, and utilizing business is DKK 63.0m, and MapsPeople retains 16 17 Google Maps features. 10% of the committed revenue and the 17 18 remaining revenue is channeled to Google. 18 19 MapsPeople has an in-house product 19 20 consultation team, of Google certified technical The Google Maps business is a core business 20 21 team and support representatives to manage area for MapsPeople as there are strong 21 22 their customers with any Google Maps Platform synergies to the MapsIndoors business area, 22 23 APIs and SDKs integrated. Furthermore, and additionally, it helps financing MapsIndoors 23 24 MapsPeople are experts within the Google Maps in its growth stage. The six verticals in the 24 25 solutions and advise clients on how to Google Maps business are as follows: 25 26 accelerate their product development and 26 27 manage the newest Google Maps features. 7.10.1 Tracking 27 28 28 29 As a Google Premier Partner, MapsPeople can MapsPeople delivers the solution when 29 30 update its customers with all the latest companies need to track their machinery or 30 31 developments in the Google Maps platform. vehicle fleet or when parents wish to locate 31 32 MapsPeople focuses on having many online their loved ones. Customers include GoMore 32 33 webinars and frequently communicate with (DK), Trackunit (DK), Abax (N), and Xplora (N). 33 34 their Google Maps customers within all the 34 35 verticals. 7.10.2 Last-mile delivery 35 36 36 37 With last-mile delivery, MapsPeople enables 37 38 end-users to track the current position of, e.g., 38 39 fast food deliveries or taxis. Customers include 39 40 Wolt (SF) and Oslo Taxi (N). 40 41 41 42 Selected Google Maps customers 42 43 43 Tracking Real estate 44 44 45 45 46 Trackunit (DK) XPLORA (N) Hemnet (S) Oikotie (SF) 46 47 47 48 GoMore (DK) DNB Eiendom (N) 48 49 49 50 Last mile delivery Sports & entertainment 50 51 51 52 Wolt (SF) Oslo Taxi (N) Sports equipment GeoGuessr (S) 52 53 53 54 Kotipizza (F) company (US) 54 55 55 56 Store locator E-commerce 56 57 57 58 Pandora (DK) Posten (N) Clas Ohlson (S) Posti (F) 58 59 59 60 SOS International (DK) 60 61 61

Prospectus – MapsPeople A/S | 45 Company overview

V H 1 7.10.3 Store locator Scalable go-to market 1 2 2 3 MapsPeople assists companies with displaying 3 4 store locations, opening hours, peak hours, etc. 4 5 Customers include Pandora, Posten, and SOS 5 6 International. 6 7 • User friendly and flexible indoor mapping 7 8 7.10.4 Real estate 8 • Content-driven and automated marketing 9 9 approach 10 When buying real estate, potential buyers wish 10 11 to know the location and distance to nearest • 24/7 support set-up 11 12 kindergarten, grocery store, playground, gym, 12 13 etc. MapsPeople assists real estate companies 13 14 and customers, including Hemnet (S), DNB 14 15 Eiendom (N), and Oikotie (SF). 15 16 Sales channel (partners) 16 17 7.10.5 Sport & entertainment 17 18 • 40 OEM partners (EMEA/US) in selected 18 19 MapsPeople collaborates with companies verticals. Key players with large customer 19 20 developing fitness apps, tracking and base and solid tration 20 21 monitoring runs, bike rides, or online geography • 17 system integrators consisting of larger 21 22 games. Customers include one of the largest US IT houses that connect technologies aimed 22 23 sports equipment companies and GeoGuessr at a specific target group 23 24 (S). • 25 value-added resellers who typically 24 25 integrate the platform into the customer’s 25 frontends 26 7.10.6 E-commerce 26 27 • 5 technology partners providing basic 27 28 When customers purchase online, MapsPeople technology with an ideal match for indoor 28 29 assists e-commerce companies with automating mapping and navigation 29 30 the checkout process by, e.g., automatically 30 31 suggesting the customer’s location. This saves 31 32 customers’ time and increases the odds 32 33 customers will complete the purchasing 33 34 process. Customers include Clas Ohlson (S) and Customers (verticals) 34 35 Posti (SF). 35 36 • Focus: HQ, sports & entertainment 36 37 7.11 OTHER PROFITABLE SUBSCRIPTIONS ARE • Others: Conventions, transportation, 37 38 MAINTAINED education and retail 38 39 39 40 MapsPeople still services few other profitable 40 41 subscriptions. The subscriptions date back to a 41 42 time where MapsPeople had another strategy, 42 43 and before, MapsPeople was the SaaS-business 43 44 it is today. The subscriptions primarily consists End-users 44 45 of governmental contracts for the Danish police. 45 46 7.12.1 DIRECT SALES 46 47 The subscriptions are maintained, but no 47 48 marketing resources are allocated to the Highest prioritized customers, such as large 48 49 business area as it is no longer a strategic focus venues with significant number of guests, are 49 50 for the core business. Other subscriptions has a actively approached by MapsPeople’s salesforce. 50 51 revenue of DKK 3.5m The salesforce consists of 14 trained 51 52 professionals with extensive market knowledge. 52 53 7.12 SALES ARE DIVIDED INTO DIRECT SALES 53 54 AND PARTNERSHIP SALES As the go-to expert in indoor positioning, 54 55 MapsPeople raises market awareness and 55 56 MapsPeople applies two main channels to reach builds credibility. This is done by regularly 56 57 the customers; direct sales (B2B) and partner publishing white papers, e-books, hosting 57 58 sales. Today, direct sales accounts for 30%, and webinars and events and, updating blogs. 58 59 partner sales account for 70% of new sales. Additionally, a strong and growing collection of 59 60 Over time partner-based sales will have an even showcases in each vertical is presented to 60 61 larger share of the total sale because it allows customers. 61 for greater scaling opportunities. Prospectus – MapsPeople A/S | 46 Company overview

V H 1 7.12.2 PARTNERSHIP SALES This type of partner often focuses on a given 1 2 vertical and / or a given region and includes a 2 3 MapsPeople has a strong ecosystem of partners number of Google Maps partners who would 3 4 used to scale the MapsIndoors business. like to expand their business from outdoor to 4 5 MapsPeople's strategy is to identify ambitious indoor mapping. Examples of Google Maps 5 6 partners with a strong vertical and possibly partners are Localyse (NL), Web Geo Services (F), 6 7 regional focus. The partner must deliver a Maven Wave (US), Liveli (AUS), and Searce (IN). 7 8 product or solution in which MapsIndoors is 8 9 included as a component that adds significant Technology partners 9 10 value to the partner's overall delivery. By adding 10 11 a strong value element to the partner's MapsPeople collaborates with a handful of the 11 12 performance, the growth of MapsIndoors scales most central providers of basic technology in 12 13 with the partner's growth. MapsPeople identify networking and positioning. These partners 13 14 four different types of partners: OEM partners have a strong interest in their technology 14 15 are partners who develop and sell their own providing optimal value for their customers, and 15 16 product with MapsIndoors built-in. System the strong match between indoor positioning 16 17 Integrators are partners that deliver larger total and indoor mapping generates a considerable 17 18 solutions based on multiple external number of leads. These partners include Cisco 18 19 technologies, including MapsIndoors. Value- (US/DK/I), IndoorAtlas (SF), Pointr (UK), and 19 20 added resellers are partners who typically Forkbeard (N). 20 21 specialize in frontend delivery (mobile, web, 21 22 kiosk) with MapsIndoors built-in. Technology 7.13 TRANSPARENCY AND KNOWLEDGE- 22 23 partners provide technology, especially for SHARING COMPANY CULTURE UNLOCKS THE 23 24 indoor positioning and IoT devices - two areas FULL EMPLOYEE POTENTIAL 24 25 that enrich the value of MapsIndoors. The 25 26 different partner types are elaborated below. At MapsPeople, motivated employees, 26 27 transparency, and knowledge-sharing are core 27 28 +40 Global OEM partners values. MapsPeople has a flat hierarchy, where 28 29 the staff works in an open office landscape 29 30 MapsPeople collaborates with +40 OEM together with the management, ensuring a high 30 31 partners, and they are key players with large degree of accessibility. 31 32 customer base and strong market traction. 32 33 MapsPeople identifies strong industry-focused From day one, MapsPeople looks after the new 33 34 suppliers of IT systems where integration of employees. They are onboarded in a well- 34 35 indoor mapping already delivers or has strong structured onboarding program, where new 35 36 potential to deliver value to the end-user. employees are introduced to all basic aspects of 36 37 Examples of partners include Accruent (US), the MapsPeople business. 37 38 iotspot (NL), AeroGuest (DK), Dashcom (CH), and 38 39 Vpod (UK). Having offices in Aalborg and Copenhagen in 39 40 Denmark and Austin, Texas, employees can 40 41 +15 System integrators relocate to the US and between the Danish 41 42 offices. These possibilities add flexibility and an 42 43 MapsPeople collaborates with more than 15 international perspective to the employees' 43 44 System Integrators, which are primarily aimed at careers and are beneficial for both the 44 45 public end-customers and very large IT projects. employee and MapsPeople. 45 46 The partner typically has competencies within 46 47 handling very complex IT solutions for, for Transparency is obtained through monthly 47 48 example, hospitals, airports, sports venues, or Monday meetings where new products, new 48 49 other mega-projects. The System Integrator projects, and new customers are highlighted. 49 50 often integrates a number of well-known IT The quarterly town hall meetings inform the 50 51 components and enters into long-term staff of results from the previous quarter and 51 52 contracts with the end-customer regarding the coming quarter goals/targets. Furthermore, 52 53 implementation and operation. Within this when developers finish their three-week sprints, 53 54 category, MapsPeople collaborates with, for all interested personnel are invited to a sprint 54 55 example, Capgemini (DK), IBM (I), Deloitte (US), demo, where developers can showcase the key 55 56 and Deutsche Telekom (D). findings and learnings from the sprint. Retaining 56 57 a high degree of transparency ensures 57 58 +25 value-added resellers employees maintain a high knowledge level 58 59 resulting in motivated and top-performing 59 60 MapsPeople collaborates with +25 value-added employees. 60 61 resellers who typically have competencies within 61 the integration with the end-customer's front in the form of websites, apps, and info kiosks. Prospectus – MapsPeople A/S | 47 “At first, we produced maps in weeks. Today, we produce maps in hours. -We aim for maps in minutes” Rasmus Andersen, CIO Platform overview

8. Platform overview

V H 1 8.1 PRODUCT DESCRIPTION MapsIndoors allows adding indoor mapping 1 2 functionality to apps at speed and affordable 2 3 Indoor mapping and navigation are significantly implementation costs. With MapsIndoors, 3 4 more complex than outdoor mapping and companies can build exactly what they demand 4 5 navigation as indoor floor plans cannot be in-house without buying or developing a 5 6 produced from satellite imagery, and GPS specialized app. 6 7 signals might be lost when there is no ‘line-of- 7 8 sight’ to connect. Furthermore, indoor mapping With the introduction of MapsIndoors 2.0 in 8 9 requires conversion of floor plans and December 2020, indoor mapping was lifted to 9 10 architectural drawings, also known as CAD the next level as the solution utilizes IoT, and 10 11 drawings, using image processing and geo- live data. With MapsIndoors, the customer can 11 12 referencing. quickly and easily integrate relevant data to 12 13 their maps and generate user insights based on 13 14 MapsIndoors 1.0 was introduced in 2014 as a custom rules. This will allow a dynamic and 14 15 cloud-based SaaS (Software-as-a-Service) indoor contextual indoor experience for the end-user. 15 16 mapping platform. MapsIndoors integrates into 16 17 existing apps and enables customers to 8.2 MAPSINDOORS 2.0 – launched December 17 18 navigate seamlessly in large indoor spaces. 2020 18 19 19 20 MapsIndoors is a collection of services that 8.2.1 MapsIndoors 2.0 overview 20 21 developers can interface with via APIs 21 22 (Application Programming Interfaces) and SDKs The MapsIndoors 2.0 solution is built on four 22 23 (Software Development Kits) to embed indoor elements: 23 24 mapping functionality into their existing apps. 24 25 Most of MapsPeople’s clients have a customer 1 MapsIndoors CMS 25 26 or employee-facing app with functionality that is 26 27 not aimed towards mapping. MapsIndoors’ Content Management System is 27 28 the interface where customers and partners can 28 29 manage the content in the MapsIndoors 29 30 solution. Thus, it is a single point of entry to edit 30 31 and update the indoor mapping platform. 31 32 32 33 MapsIndoors empowers customers through a simple yet powerful solution 33 34 34 35 35 36 Simple platform Improved customer Integrate live data 36 37 – endless potential experience and IoT devices 37 38 38 39 The platform is built with MapsIndoors can be applied to MapsIndoors platform can be 39 40 Google Maps technology which stadiums, convention centers, integrated with almost any 40 41 ensures seamless transitions outdoor facilities, such as third-party data system 41 42 from outdoor to indoor amusement parks, holiday including booking systems, IoT 42 43 mapping and quick adoption. resorts, and sports. devices, and sensor systems. 43 44 44 45 45 46 46

Prospectus – MapsPeople A/S | 49 Platform overview

V H 1 2 MapsIndoors Data APIs 4 MapsIndoors Cloud 1 2 2 3 Data APIs is the back-office solution where The cloud serves as the backbone for the indoor 3 4 customers’ or partners’ developers integrate mapping platform where data from the CMSs, 4 5 new APIs or update existing APIs such as queue APIs and SDKs are gathered. 5 6 management systems, booking systems, or IoT 6 7 sensors. These integrations show up as room MapsIndoors is built with proprietary 7 8 occupancy, desk availability, or positioning for technology overlaid on top of Google Maps via 8 9 the end-user. Google SDKs and APIs. Search and routing in 9 10 inside locations rely on MapsPeople’s own code. 10 11 3 MapsIndoors SDKs 11 12 Seamless outdoor to indoor navigation is built 12 13 SDKs are used to build the indoor mapping using Google’s direction and distance matrix 13 14 solution, i.e., to integrate the MapsIndoors services to calculate the routes between user’s 14 15 solution into an existing app or use current position and a venue. The solution relies 15 16 MapsIndoors wayfinding. It is thus the end-user on Google Places APIs to enable the search for 16 17 who benefits from the SDKs. both outdoor and indoor locations. 17 18 18 19 The architectural overview 19 20 20 21 21 22 22 23 23 24 24 25 Customers 25 26 Back-office 26 27 Target audience 27 28 28 29 29 30 30 31 31 32 Customers App 32 33 A wayfinding 33 Customers 34 Customers experience targeted 34 35 organization and the customers 35 partners developers audience 36 36 37 37 38 2 38 39 1 39 40 3 40 41 41 42 42 43 REST-based API 43 44 for Management 44 of the customers 45 indoor locations 45 46 and assets 46 47 47 48 48 49 49 50 50 51 51 52 52 53 4 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61 Customer Components

Prospectus – MapsPeople A/S | 50 Platform overview

V H 1 8.2.2 Indoor positioning technologies 1 2 2 3 GPS signals do not work inside buildings, and 3 4 routing from A to B requires different 4 5 positioning technology. A variety of indoor 5 6 positioning technologies are available, including 6 7 Bluetooth beacons, Wi-Fi positioning, and 7 8 positioning via magnetic fields and lightning. 8 9 9 10 MapsIndoors is hardware agnostic and can be 10 11 interfaced with the most suitable indoor 11 12 positioning technology depending on the venue 12 13 type and the solution requirements. This is 13 14 enabled through MapsIndoors’ position 14 15 provider interface in the SDKs and embedding 15 16 indoor positioning provider’s SDKs or online 16 17 services and a wrapper class that can be passed 17 18 to MapsPeople SDKs. 18 19 19 20 The accuracy and latency of the indoor 20 21 positioning solutions depend solely on the 21 22 provider’s solution and the client’s investments 22 23 in infrastructure, regardless of it being Wi-Fi 23 24 access points, beacons, or other sources. 24 25 25 26 26 27 MapsPeople make all the difficult layers – to make it easy for the customer 27 28 28 29 29 30 30 31 31 32 32 33 Dynamic Integrations 33 34 Booking availability, IoT 34 35 Customer sensors, parking, traffic 35 36 flow, etc 36 37 37 38 38 39 39 40 40 41 41 42 42 43 Static Points of Interest 43 44 Meeting rooms, cafés, 44 45 bathrooms, exits, etc. 45 46 46 47 47 48 48 49 Network graphs 49 50 Automatically produced 50 51 from floor plans 51 MapsPeople 52 Floor plans 52 53 Based on AI processed 53 54 CAD data 54 55 55 56 Google Maps or other 56 57 map providers 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 51 “We are not one app - but we can be part of all apps” Michael Gram, CEO Platform overview

V H 1 8.3 MANAGEMENT APPLICATION FOR ALL 8.3.2 Easy map maintenance 1 2 MAPSINDOORS CONTENT 2 3 MapsPeople have spent multiple years 3 4 MapsIndoors’ CMS is a custom-built content developing the current solution. The primary 4 5 management system that allows the customers goal was to develop a map that was easy and 5 6 to add, edit and control location-based data in simple to maintain for all employees. 6 7 their own indoor mapping solution. The system MapsIndoors CMS allows staff with no 7 8 does not require any programming skills – it can programming skills to easily update the map. It 8 9 be used by anyone within the organization. This is intuitive to use and requires very little training 9 10 is one of the key drivers for MapsIndoors. for them to maintain the indoor map. 10 11 11 12 The system is cloud-based to simplify the entire Some of the features for maintaining the map 12 13 solution when talking to potential new clients. are: 13 14 Data can either be put in manually or via an 14 15 automated bulk upload. This makes it easy to • Add, update and delete POIs and decide at 15 16 carry out everything from a single adjustment to what zoom-level they appear 16 17 large changes. • Manage opening hours, descriptions, and 17 18 contact information 18 19 MapsIndoors’ CMS is an easy and cost-effective • Manually update information or benefit from 19 20 way of always offering customers up-to-date automated bulk-uploads 20 21 indoor mapping. Users can easily add, update 21 22 and delete points of interest on their map. With 22 23 a limited amount of time, customers can add 23 24 new locations and delete the old ones. 24 25 25 26 Furthermore, is it simple to change descriptions, 26 27 opening hours, and contact information for 27 28 every location on the indoor map. Customers 28 29 can also add photos to a location’s information 29 30 page to improve the end-user experience, by 30 31 making sure that the end-user can easily 31 32 identify the destination. 32 33 33 34 8.3.1 Customers have full control 34 35 35 36 Customers have full control over every aspect of 36 37 their mapping solution. It is easy and simple to 37 38 manage the indoor positioning system and 38 39 control what information the customer wants to 39 40 push to the end-users. 40 41 8.3.3 Customize the map 41 42 Customers can also assign different and 42 43 individual roles to employees. Role scans MapsIndoors CMS allows the customer to 43 44 determine access and managing properties in customize the design of the indoor mapping 44 45 MapsIndoors. solution to fit the customer’s brand identity. It is 45 46 possible to get the look to reflect the company’s 46 47 Customers may control some of the following colors to make it coherent with the rest of the 47 48 features: platforms. Additionally, it is possible to add 48 49 logos and photos. 49 50 • Schedule when a location should be 50 51 displayed on the map • Customize the colors of the indoor map and 51 52 • Manage and control the indoor positioning the route style 52 53 system • Add custom icons or company logos to POIs 53 54 • Assign user roles to employees and • Add photos to each location and POI to make 54 55 administer their functions in MapsIndoors. them easier to identify 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 53 Platform overview

V H 1 8.4 POSSIBILITY TO ADD ALMOST EVERYTHING Some of the integration features are: 1 2 2 3 MapsIndoors allows the customers to quickly • Facility management 3 4 and easily integrate relevant data into • Queue management 4 5 their map. For the end-users, this will result in a • Push marketing/Geo marketing 5 6 dynamic, relevant, and personalized indoor • Parking lot management 6 7 experience. • Timetables (flights/trains/Events) 7 8 • Various calendar systems 8 9 MapsPeople’s employees are working closely • Asset tracking (equipment sharing, fleet 9 10 together with customers and creating new management, and even people) 10 11 features to meet their needs. Several 11 12 MapsIndoors add-ons have been designed on Add-ons are additional MapsIndoors features 12 13 request from clients but always developed as a such as Dashboard, Automatic Tile Generation, 13 14 generic part of the platform. SMS module, Augmented Reality, and 14 15 IndoorView developed by MapsPeople. 15 16 MapsIndoors works with third-party systems 16 17 that can increase customer efficiency, such as 17 18 booking a table, find the shortest queue, or 18 19 finding a free parking lot. 19 20 20 21 Integrations and Add-ons for MapsIndoors 2.0 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 54 Platform overview

V H 1 8.4.1 SMS module 8.4.2 Dashboard 1 2 2 3 With the SMS module, the user can have the The Analytics Dashboard provides customers 3 4 directions to their destination sent directly from with high-level metrics about their data and 4 5 sport venue, corporate office, or the retail store gives them insights into the details of their data. 5 6 they want to find. The modules make it easier This includes displaying different categories and 6 7 for retail stores to communicate with their location types in buildings. It also helps 7 8 customers and ensure that their customers customers detect discrepancies in the data. 8 9 navigate to the right store, where their package MapsIndoors offers an unbeatable overview of 9 10 is located, for instance. facilities and data. 10 11 11 12 Thus, customers do not have to worry about 12 13 remembering the entire route from point A to 13 14 point B or if it is the correct store, given that 14 15 there might be multiple of the same stores 15 16 within a small area. 16 17 17 18 18 19 19 20 MapsIndoors is a cloud-based platform that connects the dots 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 55 “Google and the Google Maps Partnership is MapsPeople’s unique and independent advantage” Lars H. Brammer, Chairman Platform overview

V H 1 8.5 MAPSINDOORS 3.0 – expected launch in 1 Automatic map generation 1 2 2022 2 3 Automated work processes will enable 3 4 The new generation platform will enable customers to update their venue data via 4 5 customers to quickly and easily build any type of upload of technical CAD drawings and 5 6 indoor experience. Standard plugin interface architectural maps and afterward MapsPeople 6 7 and live data store will allow any relevant kind of to produce simplified indoor maps without 7 8 live data into the map. The AI-powered reply human interaction. 8 9 allows combining different data types and 9 10 enables relevant insights for the end-users. MapsPeople currently develops a series of deep 10 11 learning algorithms and models to validate and 11 12 The MapsIndoors 3.0 platform will include simplify CAD data, building routing networks, 12 13 machine learning, live data integrations, and and automatic quality control. 13 14 artificial intelligence: 14 15 The overall process is a two-step process of 15 16 • Automatic map generation / maintenance 16 17 enabling self-service and instant deployment (1) building a relational graph consisting of 17 18 • Easy 3rd party live data integration adding geometric features that share common 18 19 fast access to dynamic information geometrical properties. 19 20 • AI-powered analytics engine & data 20 21 visualization for actionable insights (2) transforming the components into a 21 22 • Powering future indoor experiences with relational graph of buildings, walls, rooms, 22 23 world’s first live data & services store and doors. 23 24 24 25 25 26 MapsIndoors 3.0 overview 26 27 27 28 28 29 29 30 30 2 3 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 1 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 57 Platform overview

V H 1 The validation model will be trained to detect The plugins will not contain data but will instruct 1 2 the type of information the map contains, e.g., the MapsIndoors SDKs on collecting and 2 3 doors, entrances, stairs, etc. updating live data from third-party providers. 3 4 4 5 The simplification model will be trained to Easy self-service integration of live data is 5 6 detect specific objects, e.g., rooms, walls, doors, enabled by data plugin interface that allows to 6 7 etc. easily and at speed connect the data into the 7 8 MapsIndoors platform. 8 9 The routing network algorithm will be 9 10 designed and developed to build a routing Examples of data sources are parking systems, 10 11 network by connecting doors, stairs, and providing the number of free spaces at a regular 11 12 elevators to form a directed graph that interval; booking systems providing availability 12 13 calculates indoor to outdoor routes. of desks or meeting rooms in a building; IoT 13 14 sensors providing information on wait times at a 14 15 The automatic quality control model will be food stand or position of a mascot character in 15 16 trained to detect geometries in the resulting a theme park. Hence, any data tied to a position 16 17 vector database with a high probability of not or area that can be updated frequently. 17 18 being a room. 18 19 3 AI-powered analytics engine 19 20 Live data, self-service, and services 20 2 21 store AI-powered analytics decide how and where to 21 22 present data on the map based on a set of rules 22 23 The live data and services store will give the in the customer app or the customer data 23 24 possibility for customers to purchase third-party plugin. It will integrate and visualize data from 24 25 plugins that add value to the basic multiple sources and support decision-making 25 26 functionalities. MapsPeople will be the first SaaS to enhance mapping end-user experience in 26 27 platform to build a store where customers can complex scenarios. 27 28 purchase live data plugins as an add-on to their 28 29 MapsIndoors solution. MapsPeople intends to For instance, MapsPeople will create models to 29 30 create a set of programming interfaces available predict airport security wait times based on the 30 31 to developers via MapsIndoors SDKs. number of incoming planes and gate 31 32 information. Additional models will be created 32 33 MapsPeople and the technology partners will based on market analysis and in response to 33 34 develop a set of plugins that will implement the customer needs. 34 35 interfaces and make them available in the 35 36 cloud-based online store. 36 37 37 38 38 39 39 40 Milestones for automatic map generation 40 41 41 42 2020 2021 2022 42 43 43 44 44 45 Identify fixtures 45 46 46 47 Data validation 47 48 48 49 Simplification 49 50 50 51 Change detection 51 52 52 53 53 QA & conflict resolution 54 54 55 55 56 Live map & locations data 56 57 57 58 Automated “visual” QA 58 59 59 60 Maps in Maps in Maps in 60 48 hours hours minutes 61 61

Prospectus – MapsPeople A/S | 58 17,000 employees

MapsIndoors at Arlanda Airport

● Digital information kiosks (in and outside the airport) ● Kiosk: Easy-to-use interface and more sophisticated information. ● Mobile app: Same functionality with outdoor- indoor navigation

25 million+ passengers flew to or from Arlanda in 2019 Planned expansion means Arlanda will be able to accommodate 40 million passengers by 2040 Sales and growth strategy

9. Sales and growth strategy

V H 1 9.1 BUSINESS DEVELOPMENT MapsPeople continuously consulted with 1 2 customers who validated the platform and 2 3 MapsPeople has systematically worked with provided feedback on further options to 3 4 business development of MapsIndoors since the develop the platform, and MapsIndoors 1.0 was 4 5 idea of an indoor mapping platform took form. launched. The sales effort was focused on 5 6 Since MapsPeople's foundation, the core focus Nordic countries and was primarily carried out 6 7 has always been mapping and navigation. In the by the MapsPeople's founder, Michael Gram 7 8 last decade, technological breakthroughs such and partner Jonas Berntsen. 8 9 as cloud services, smartphones, and data 9 10 transmission possibilities have extended the 9.1.2 Proof of Business (2016-2017) 10 11 demand from outdoor to indoor mapping and 11 12 navigation solutions. Initially, MapsPeople In this phase, MapsPeople tested the 12 13 delivered customized solutions. However, it was MapsIndoors platform's commercial solidity and 13 14 soon evident that the great demand for indoor ability to establish scalable sales channels. It 14 15 mapping and navigation solutions documented was apparent that the sales organization had to 15 16 the need for developing a generic indoor be scaled through strong and relevant customer 16 17 mapping platform. Based on these referrals. Furthermore, that the best option to 17 18 observations, a detailed business development scale sales would be through a strong focus on 18 19 plan was prepared, and the foundation for a partner-based sales strategy. MapsPeople 19 20 MapsIndoors was established. carried out strategic sales to reference 20 21 customers within the verticals universities, 21 22 9.1.1 Proof of concept (2013-2015) airports, and convention centers. 22 23 Simultaneously, MapsPeople utilized its 23 24 The initial phase of MapsIndoors consisted of knowledge from the Google Maps partnership 24 25 clarifying the platform's product, content, and to establish and validate the partner-based 25 26 viability. sales strategy, and the salesforce dedicated its 26 27 focus to the Western European market. 27 28 28 29 29 30 Focus areas have shifted during the MapsIndoors expansion 30 31 31 32 2013 2016 2018 2020 2022 32 33 33 34 34 35 35 36 Proof of concept 36 37 37 38 38 39 Proof of Business 39 40 40 41 41 42 Proof of scale 42 43 43 44 44 Focus 45 45 46 46

Prospectus – MapsPeople A/S | 60 Sales and growth strategy

V H 1 9.1.3 Proof of scale (2018-2019) 9.2 MARKETING STRATEGY 1 2 2 3 This stage focused on testing and ensuring The marketing strategy at Mapspeople is based 3 4 scalability in the sales process. With an ambition on content marketing (blogs, whitepapers, e- 4 5 to become the market leader within indoor books, guides, webinars, etc.). Content helps 5 6 mapping and navigation, it was evident build trust, connects with the target audience, 6 7 MapsPeople had to scale the business and acts as fuel for all marketing techniques - 7 8 aggressively and establish a dominant position SEO, paid media, outbound efforts, and partner 8 9 on US soil. Based on the successful experience marketing. It is the base upon which 9 10 from the European market, a sales force was MapsPeople promotes the business online. The 10 11 established in the US. MapsPeople swiftly content builds relationships, and encourages 11 12 established key customer referrals and entered conversions by giving potential customers the 12 13 into strategic partnerships within all verticals. information they need to make an educated 13 14 Sales are focused on Western Europe and the purchasing decision. 14 15 US and handled by experienced sales forces 15 16 with extensive knowledge of local languages During the last two years, MapsPeople 16 17 and business culture. implemented and tested a marketing 17 18 automation tool - HubSpot, and proved the 18 19 9.1.4 Focus (2020-2021) content-based strategy to be efficient. Since 19 20 September 2020, MapsPeople has increased the 20 21 Based on the latest years' experiences, the sales website visitors by 26.2% compared to the same 21 22 efforts are now focused and optimized within period last year and had the highest level ever 22 23 areas providing the best future profitability and in Q4 2020. When it comes to the number of 23 24 upside. Direct sales focus on corporate offices, inbound leads, Q1 2021 is exceeded previous 24 25 which have the strongest traction and most results with close to 50%. All the while 25 26 immense future potential. MapsPeople focuses maintaining and even decreasing the cost per 26 27 on large corporations with a large building stock lead by 39%. 27 28 where the MapsIndoors platform has significant 28 29 potential to expand. The partner-based sales Through 2020 there has been an increased 29 30 will be strengthened and focused on OEM focus on channel marketing activities to 30 31 partners with substantial scaling potential. strengthen the partners' ability to grow. 31 32 MapsPeople will access all verticals through MapsPeople invests in the partners' success and 32 33 partner channels where MapsIndoors as a supports their marketing activities, creating joint 33 34 generic platform easily can be integrated into campaign assets and common lead generating. 34 35 any industry, including airports, universities, In 2021, further investment in a proactive 35 36 stadiums, shopping malls, hospitals, etc. marketing channel programmed to match the 36 37 growth targets with the partner network will 37 38 take place. 38 39 39 40 MapsPeople has had the highest count of contacts from October 2020 to December 2020 40 41 419 41 42 378 42 43 364 363 43 44 343 44 45 45 46 299 292 289 46 47 47 48 48 49 226 217 49 208 213 214 204 50 187 50 51 159 51 52 152 142 52 125 122 121 53 120 53 54 72 54 55 56 55 52 53 44 56 56 57 57 58 58 59 J F M A M J J A S O N D J F M A M J J A S O N D J F M 59 60 60 2019 2020 2021 61 61

Prospectus – MapsPeople A/S | 61 Sales and growth strategy

V H 1 Marketing focus themes and supporting activities 1 2 2 3 3 4 4 5 $$$$ 5 6 6 7 7 8 Podcast/ 8 9 youtube/blog/email 9 10 10 11 Paid Media 11 Social Media “The Lead 12 reach 12 13 Generating 13 14 Campaigning Content Machine” 14 for new 15 Library Brand 15 partners 16 awareness 16 17 Website 17 18 Joint marketing PR 18 19 campaigns Partner 19 20 Partner Marketing Drive/sales Employer 20 21 Manager collateral branding 21 22 Brand 22 Partner 23 positioning 23 24 promotions 24 25 “World Class 25 26 Website” 26 27 27 28 28 29 29 30 9.3 SALES STRATEGY MapsPeople strategically strives for the sales 30 31 force to have the same nationality as the 31 32 MapsPeople has established a highly specialized country in which they conduct sales. This 32 33 and efficient salesforce adapted to global niche- ensures a profound cultural, linguistic, and 33 34 driven, enterprise-, and partner-based sales. commercial understanding between the 34 35 Today, MapsPeople is proactive in the Western salesforce and customers. 35 36 European and the US market with partners 36 37 operating other regions. 9.3.2 Sales focus 37 38 38 39 9.3.1 Sales organization New sales are primarily established through 39 40 inbound leads, and proactive sales such as 40 41 Sales efforts are organized into two entities in targeted outbound campaigns focused on 41 42 Denmark and the US. Additionally, sales efforts potential partners and customers. MapsPeople 42 43 are supported by specialized resources within executes the sales focus based on a detailed 43 44 sales development, partner management, and regional plan with a global perspective. The plan 44 45 sales engineering. The Google Maps business is targets strategic partners and customers within 45 46 organized into an independent entity focusing relevant industries. 46 47 on new business. The customer success team 47 48 handles the onboarding of new customers for 9.3.3 Pipeline management 48 49 both MapsIndoors and Google Maps. Moreover, 49 50 they ensure customers maximize the value of All processes are fully digitized from the first 50 51 the products and manage additional sales. inquiry on the website or the first outbound 51 52 customer contact. All subsequent development 52 53 It is vital for MapsPeople that the sales efforts in the sales process is registered in HubSpot, 53 54 happen close to the customers. Thus, and all subsequent developments in the sales 54 55 MapsPeople is available to customers during process are registered to monitor the pipeline 55 56 local office hours, both with commercial performance on a variety of parameters, 56 57 aspects, technical aspects, and general including vertical, partner, and salesperson. 57 58 customer support. 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 62 Sales and growth strategy

V H 1 MapsPeople’s customer success journey 1 2 2 3 Feedbacks and 3 4 learnings 4 5 5 SoMe 6 Delivery Customer 6 posts Conversion 7 Data collection meeting health score7 Direct Nurturing Feature 8 traffic emails requests 8 9 9 Receive APIs & Outbound Kick-off 10 Documentation 10 11 efforts meeting 11 Newsletter 12 Order Reviews 12 Click on paid MQL Upsell 13media ad 13 IMPLEMEN- SERVICE 14 MARKETING SALES 14 15 TATION & SUPPORT 15 16 16 17 Meetings with 17 18 MapsPeople Request an 18 Google Sign Subscription 19 SOW update 19 deal 20 search invoicing 20 Meetings with 21 (NDA) MapsPeople Increase 21 22 partners product usage 22 23 (eg. IPS, IoT) 23 24 24 25 MapsPeople applies pipeline management on Both inbound and outbound marketing 25 26 all levels of the organization as a tactical and campaigns are launched. The business unit 26 27 strategic decision-making tool. Additionally, the works independent but with backup from the 27 28 sales system is linked to the subscription system MapsPeople headquarter and will produce 28 29 and the financial management system to marketing material, sales, support, onboarding, 29 30 optimize processes and secure data quality. project management, customer success, etc. 30 31 31 32 9.4 GO-TO-MARKET STRATEGY MapsPeople’s current proactive regional focus is 32 33 Western Europe and North America. A local 33 34 Based on the last years' experience, office in Asia is planned to be opened in 2022. 34 35 MapsPeople has defined four focus areas When entering the Asian market with a new 35 36 constituting the go-to-market strategy's office, MapsPeople will draw on the experience 36 37 foundation. These four focus areas cover from setting up a new office in Austin to ensure 37 38 geography, sales channel, vertical focus, and a successful establishment. This includes 38 39 business segment. They represent efficient and detailed market research before entering the 39 40 successful management tools in sales and Asian market to locate optimal office 40 41 marketing efforts. positioning. Additionally, MapsPeople has 41 42 experienced the benefits from having a local 42 43 9.4.1 Regional focus office as companies prefer to trade with other 43 44 local companies, who work during office hours 44 45 MapsPeople continuously tracks different and speak the local language. The corporate 45 46 regions and evaluates the demand for language is English, but the offices in Denmark 46 47 MapsPeople’s services. The evaluation includes already serve European customers in most local 47 48 the BECH index15, showing the demand capacity languages. 48 49 for information technology products. 49 50 Additionally, MapsPeople performs an 9.4.2 Channel focus 50 51 assessment of the region’s technological 51 52 readiness, size of addressable companies, MapsPeople’s channel focus is directed towards 52 53 corporate culture, etc. Based on the partner-based sales. Customers often seek full 53 54 assessment, MapsPeople determines the solutions, where MapsIndoors is part of an 54 55 regions to proactively pursue. overall solution, and thus having a large partner 55 56 base will maximize the use of the MapsIndoors 56 57 When a region is pursued, MapsPeople solution. 57 58 establishes a well-functioning customer-focused 58 59 business unit, ready to work during the region’s 59 60 office hours and predominantly able to speak 60 61 the local language. 61

15: Global demand is still heading east – The Bech Index 2019 – Hans Peter Bech Prospectus – MapsPeople A/S | 63 Sales and growth strategy

V H 1 Establishing and maintaining efficient Hospital vertical requires a specialized approach 1 2 partnerships take time. Before entering the US due to its complex nature, and they often seek 2 3 market, MapsPeople built up know-how and a larger solutions where MapsIndoors is included 3 4 strong track record in the European market. as part of the overall solution. 4 5 MapsPeople focuses on high growth partners 5 6 with products where MapsIndoors is a The retail vertical does not yet offer sufficient 6 7 significant value-add, and they are expected upside, but once technology to locate each 7 8 each to deliver a subscription volume larger product in-store is developed, the retail vertical 8 9 than DKK 750,000 within the first 24 months offers significantly potentials. 9 10 10 11 MapsPeople aims at partners implementing the 9.4.4 Land & expand focus 11 12 MapsIndoors platform as part of the partners’ 12 13 core solution and partners building their MapsPeople employs a land and expand 13 14 businesses on a subscription model. Partner- strategy. The indoor mapping and positioning 14 15 based sales expand the number of verticals space require substantial resources ‘landing’ a 15 16 where MapsPeople is present, as it is the customer. Hence, once contracts are signed, 16 17 partners who have the client relationship and and customers have experienced the benefits of 17 18 know the needs of the client. MapsPeople’s innovative solutions, they are 18 19 often keen to add more buildings and square 19 20 9.4.3 Industry focus meters to the contract. 20 21 21 22 MapsPeople focuses on the verticals, corporate Land and expand strategy focus on customers 22 23 offices, and sports & conventions. MapsPeople and partners with a large building stock since 23 24 has a deep understanding of the customer they offer upselling possibilities. Smaller 24 25 needs, workings of the eco-system, and how to customers require relatively more resources 25 26 succeed in these verticals. MapsPeople’s sales and provide smaller upside potential. Based on 26 27 force address new customers and existing this rationale, MapsPeople strategically 27 28 customers directly while implementation is prioritizes customers with large building stock. 28 29 done by partners or customers themselves. The 29 30 remaining verticals, education, hospitals, and A typical sales process starts with a proof of 30 31 retail, are primarily targeted through partners concept followed by a full roll out when 31 32 based on the following rationales: customers are small to medium or followed by a 32 33 partial roll out when customers are larger. 33 34 The education vertical does not offer sufficient 34 35 upside for a direct sale since the potential for 35 36 upselling is limited, and a sale through an OEM 36 37 or VAR (value-added resellers) partner ensures a 37 38 better stickiness to the customers. 38 39 39 40 40 41 With an expansion to Asia, MapsPeople will be able to cover all times zones 41 42 42 43 43 44 44 45 45 46 46 47 2014 47 48 48 49 2018 49 50 2022 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 64 Expectations for the future

10. Expectations for the future

V H 1 10.1 FOUNDATIONS FOR GROWTH 1 2 2 3 MapsPeople has two primary revenue streams – Simultaneously, MapsPeople launches new 3 4 Google Maps and MapsIndoors. Both revenue supplementary products to strengthen the 4 5 streams have delivered significant ARR growth Google Maps business. As an example, a new 5 6 in the past years. Google Maps covers outdoor partnership with German Uberall was signed in 6 7 mapping, while MapsIndoors focuses on indoor 2020. Uberall's solution complements Google 7 8 mapping, and MapsPeople's marketing, sales, Maps in the retail industry with maintenance of 8 9 development, and onboarding teams cover both information about the location of physical 9 10 MapsIndoors and Google Maps as there is stores, opening hours, etc. on the digital media. 10 11 considerable overlap in the required 11 12 competencies for the two business areas. MapsPeople has a strong focus on customer 12 13 success as a key element in retaining and 13 14 MapsPeople is the only Google Maps Premier developing the existing customer base. 14 15 Partner in the Nordics and has more than ten MapsPeople’s sales engineers assist customers 15 16 years of experience as a Google Partner and a in reaping the benefits of the many features 16 17 customer base of more than 230 customers. offered in Google Maps. The customer success 17 18 The increased demand for digital mapping and team successfully assists Google Maps 18 19 use of smartphones has resulted in an ever- customers and upsale on existing customers. 19 20 increasing demand for Google Maps services. 20 21 10.3 MAPSINDOORS GROWTH EXPECTATIONS 21 22 Since the launch of MapsIndoors, the indoor 22 23 mapping platform has attracted some of the The global indoor mapping market is 23 24 most well-known global brands, and today, characterized by a variety of growth drivers that 24 25 MapsIndoors has become the leading indoor directly or indirectly support the use of indoor 25 26 mapping platform. The MapsIndoors platform mapping. 26 27 has delivered growth rates of ~100% throughout 27 28 the last three years and makes up 2/3 of Digitization and the increased use of 28 29 MapsPeople's total ARR. The ARR is distributed smartphones permit customer and business 29 30 equally between Europe and the US and covers processes to be delivered directly to the end- 30 31 more than 140 end-customers. user. 31 32 32 33 10.2 GOOGLE MAPS GROWTH EXPECTATIONS Additionally, the desire to optimize and improve 33 34 end-user experience triggers growth of, e.g., 34 35 The Google Maps revenue stream is expected to booking systems for booking conference rooms, 35 36 deliver a stable double-digit growth driven by hotel rooms, stadium seating, or parking lots. 36 37 growth in the customer base and from existing 37 38 customers increasing their spending on Lastly, the deployment of IoT sensors increases. 38 39 supplementary subscriptions. IoT sensors deliver live information about actual 39 40 occupancy of desks and conference rooms to be 40 41 MapsPeople attracts Google Maps customers compaired with the booking status, information 41 42 with a well-established strategy focusing on on queue times in the canteen, on temperature 42 43 inbound marketing and targeted marketing and CO2 levels in offices and meeting rooms, 43 44 campaigns. MapsPeople continuously identifies etc. 44 45 potential new customer segments within, e.g., 45 46 new digital business areas. 46

Prospectus – MapsPeople A/S | 65 Expectations for the future

V H 1 The underlying market drivers results in an Going forward, MapsPeople will invest in 1 2 increasing amount of dynamic and complex developing presence at the North American 2 3 information that requires solutions to simplify market in 2021, which short-term contains the 3 4 data and make it usable. This includes indoor largest development opportunities. 4 5 mapping as a focal point that can provide a Simultaneously, the European market presence 5 6 visual and easily accessible user interface. will be developed focusing on Western 6 7 European countries, where MapsPeople plans to 7 8 10.4 MAPSINDOORS KEY FOCUS AREAS establish a salesforce in Germany or UK. In the 8 9 short-run, MapsPeople targets the Asian market 9 10 10.4.1 Scalability through partner sales but plans on setting up a 10 11 local salesforce in 2022. 11 12 Indoor mapping requires digital building 12 13 information (CAD data). The processing of these 10.4.4 Channel development 13 14 CAD data for MapsIndoors consists of a series of 14 15 automated and manual processes. By utilizing Partner-based sales account for an increasing 15 16 deep learning techniques, MapsPeople has share of MapsPeople's growth. Based on the 16 17 during 2020 successfully reduced the time latest years of experience with different types of 17 18 required to produce indoor maps from index partners, MapsPeople has improved the partner 18 19 100 to index 80. In the coming 18-24 months, qualification process. MapsPeople will intensify 19 20 MapsPeople expects to reduce the time needed the focus on globally oriented OEM partners 20 21 for producing indoor maps to index 20. and system integrators in the years to come. At 21 22 the same time, MapsPeople will boost the 22 23 10.4.2 Lead generation collaboration with strategic partners who are 23 24 part of the indoor mapping and positioning 24 25 MapsPeople has built a fully automated ecosystem. This includes partners focusing on 25 26 marketing funnel and has systematically worked WiFi, positioning, facility management, and IoT 26 27 with optimizing the lead generation toward a sensors. 27 28 high degree of predictable conversion rates 28 29 from inbound and outbound marketing 10.4.5 Product development 29 30 campaigns. In 2021, MapsPeople aims at 30 31 doubling SoMe followers, 15% growth in website MapsPeople is investing in an expanded 31 32 visitors with an uplift in the conversion rate for product development to strengthen and 32 33 MQL (marketing qualified lead) to 20% commercialize the link between users and 33 34 (compared to a benchmark of 13%). customers primary needs and the technical 34 35 trends. The new business unit will be 35 36 10.4.3 Market development responsible for the ongoing development of 36 37 business models for optimizing both newbiz 37 38 MapsPeople has had three successful years with and upsale to existing customers. 38 39 presence in the US. 39 40 40 41 41 MapsIndoors key focus areas 42 42 43 43 44 44 45 45 46 46 47 47

48 48

49 Scalability Lead generation Market development 49 50 The journey toward full- Further optimization of the Expansion of the 50 51 automatic map generation marketing funnel geographical presence 51 52 52 53 53 54 54 55 55

56 56

57 57

58 Channel Product development Talent attraction and 58 59 development Strengthening focus on retention 59 60 Increased focus on customer and end-user Continued attraction of talented 60 61 partner-based sales needs individuals 61

Prospectus – MapsPeople A/S | 66 Expectations for the future

V H 1 Forecasted profit and loss statement and FTE development for MapsPeople A/S 1 2 2 3 3 4 DKK ‘000 2021 2022 2023 4 5 Forecast Forecast Forecast 5 6 6 7 7 8 Revenue 27,877 50,327 107,357 8 9 Cost of sales -1,389 -3,074 -6,273 9 10 Gross profit 26,488 47,253 101,084 10 11 11 12 12 13 Other external expenses -10,475 -13,557 -13,377 13 14 Staff expenses -57,110 -82,163 -95,437 14 15 Other operating income 0 0 0 15 16 Depreciation, amortization and impairment -6,207 -7,321 -8,743 16 17 17 18 Profit/loss before net financials (EBIT) -47,303 -55,788 -16,473 18 19 19 20 10.4.6 Talent attraction and retentions Thus, for customers signed primo January, ¾ of 20 21 the revenue will be recognized in the same year, 21 22 Throughout MapsPeople's growth journey, the while contracts signed in September will 22 23 human resources department has built typically not be recognized as revenue until the 23 24 considerable talent attraction, onboarding, and following fiscal year. 24 25 retention experience. Continued development 25 26 of the staff is vital for MapsPeople's growth. Historically, MapsPeople has signed more than 26 27 Here, MapsPeople will utilize the effective 50% of MapsIndoors customers in the last four 27 28 internal and external resources and processes months of the fiscal/calendar year, and thus 28 29 established. 50% of the signing in the current fiscal year is 29 30 not recognized before the following fiscal year. 30 31 10.5 FINANCIAL EXPECTATIONS Consequently, revenue gains momentum from 31 32 2022 and onwards even though a substantial 32 33 MapsPeople forecasts revenue of DKK 28m in number of customers are signed, and the 33 34 2021, DKK 50m in 2022, and DKK 107m in 2023, majority of the payment is received in 2021. 34 35 corresponding to a CAGR of 96%. 35 36 MapsPeople’s revenue will gain significant Based on MapsPeople’s ambitious growth plan 36 37 momentum from 2022, while the number of to become the global market leader within 37 38 signed customers is already gaining momentum indoor mapping and navigation, MapsPeople 38 39 in 2021. To see this, one must understand the expects cash flow to breakeven in Q3 2023. 39 40 typical signing process of a typical MapsPeople 40 41 customer. MapsIndoors will account for an increasing 41 42 share of total ARR 42 43 When a customer is signed, this is accounted for 43 174 44 as committed ARR, and an invoice of 50% of the 44 45 subscription amount is sent to the customer 11 45 46 and received according to payment terms. 46 47 MapsPeople then engages in project planning, 47 48 preparation of the indoor maps, and finally 48 49 educating and support the customer on how to 49 84 50 implement the MapsIndoors platform before 50 51 the final handover of access to the customer. DKKm 9 160 51 52 This process is estimated to four months. 43 52 53 Approximately four months after signing the 53 54 contract, customers start using MapsIndoors, 7 72 54 55 and the remaining 50% of the subscription price 32 55 56 is invoiced and paid to MapsPeople. On the first 56 57 day of use, MapsPeople may recognize 1/12 of 2021 2022 2023 57 58 the yearly subscription as revenue according to 58 59 IFRS, and revenue is thus fully recognized one 59 60 year after deployment. MapsIndoors Google Maps Other subscriptions 60 61 61

Prospectus – MapsPeople A/S | 67 Expectations for the future

V H 1 10.6 ASSUMPTIONS RELATED TO MapsPeople's marketing budget is based on 1 2 EXPECTATIONS FOR THE FUTURE models for direct and partner-driven new 2 3 business and upsale. In 2019 MapsPeople spent 3 4 The expectations for the future have been DKK 2.3m on marketing resulting in new 4 5 prepared by the Executive Management and business and upsale of DKK 14.8m and in 2020 a 5 6 Board of Directors. The future expectations are marketing spent of DKK 1.3m resulted in new 6 7 comparable with the annual report and business and upsale of DKK 11.7m. 7 8 prepared in accordance with the Company's 8 9 accounting principles (IFRS). The expectations Growth within the marketing budget will 9 10 for the future are based on assumptions both primarily be allocated to partner-based sales. 10 11 inside and outside the control of the Company. Management continuously monitors the impact 11 12 MapsPeople can give no assurances that the of marketing campaigns to ensure that 12 13 expectations will materialize or prove correct. marketing spent is allocated to the sales 13 14 channels with the largest long-term impact. 14 15 The presented financials are based on 15 16 assumptions driving ARR growth, rate of The actual marketing spending can potentially 16 17 customer onboarding, upsale to existing be affected by an increased need for capital in 17 18 customers, and the FTE ramp-up plan and other parts of MapsPeople's business. This 18 19 provide the basis for the forecasted profit and could result in a reduction in the marketing 19 20 loss statement presented above. The risk budget. 20 21 factors covered in section 5 are relevant for the 21 22 assumptions, and the assumptions related to Sales & Marketing (FTE) 22 23 the expectations for the future may be flawed. 23 24 MapsPeople plans on hiring 3 marketing FTEs 24 25 10.6.1 Assumptions inside the direct control of and 12 FTEs to the salesforce in 2021. 25 26 the Company Additionally, 14 new employees will be hired for 26 27 the salesforce in 2022. 27 28 Marketing spend 28 29 MapsPeople assumes it will be able to use its 29 30 MapsPeople has allocated a marketing budget brand and financial resources to offer market 30 31 of DKK 5.3m in 2021, 8.0m in 2022, and 7.3m in competitive incentive packages to hire the 31 32 2023. Management assumes that the marketing necessary employees. Management will be able 32 33 budget is able to generate new business leads to adjust salaries and incentive packages to 33 34 and upsale of DKK 38m in 2021, DKK 72m in attract and retain skilled employees. 34 35 2022, and 135m in 2023. 35 36 36 37 37 38 38 39 Typical customer signing, customer payment, ARR recognition and revenue recognition 39 40 40 41 Week 1 Week 2 Week 3 Week 8 Week 16 Week 16 41 42 + 1 year 42 43 43 44 44 45 Customer signing 45 46 46 47 ARR recognized 47 48 48 49 Project planning, map 49 50 preparation & 50 51 customer education 51 52 52 53 Payment of 50% 53 54 54 55 Payment of remaining 50% 55 56 56 57 IFRS recognizes revenue of 1/12 57 58 of total subscription each month 58 59 59 60 Contract fully recognized by IFRS 60 61 61

Prospectus – MapsPeople A/S | 68 Expectations for the future

V H 1 Regional offices in Europe/Asia Deployment (FTE) 1 2 2 3 Based on experience from three years presence The production of indoor mapping data 3 4 in the US, management assumes it will be able depends on two primary parameters: the 4 5 to hire experienced and appropriately skilled number of square meters to be mapped and 5 6 employees to scale sales and marketing the level of automation of the production 6 7 operations internationally and open sales process. MapsPeople will hire 5 employees in 7 8 offices in new countries. Management can 2021 to continue developing automatic map 8 9 directly affect the decision to open offices as generation and scalability, and in 2022, 5 more 9 10 planned in the 3-year forecast. employees are expected to be hired. The 10 11 specific ramp-up of employees for automation 11 12 The specific ramp-up of employees and sales and production can potentially be affected by a 12 13 offices can potentially be affected by a lack of lack of available and suitably qualified new 13 14 available and appropriately skilled new employees, which can further result in delayed 14 15 employees. Reduced availability of appropriately deliveries. 15 16 qualified employees could delay the assumed 16 17 ramp-up of employees and sales offices. 17 18 18 19 Optimized lead generation, sales and Sales and development teams will account for 19 20 production combined with growing partner an increasing share of total headcounts 20 21 channels causes a significant scale in ARR 21 22 compared to headcount 143 22 23 23 24 130 24 25 17% 25 26 1.213 19% 4% 26 99 27 5% 27 28 27% 28 20% 29 26% 29 30 65 6% 30 6% 31 31 23% 25% 7% 32 0.646 32 3% 33 8% 33 28% 36% 34 0.432 34% 34 35 8% 30% 35 36 28% 36 37 11% 10% 9% 9% 37 38 38 2020 2021 2022 2023 39 2021 2022 2023 39 40 Administration Sales 40 ARR (DKKm) / FTE 41 41 Marketing Development 42 42 43 Product development (FTE) Automation Deployment 43 44 44 45 MapsPeople will hire 11 employees in 2021 and 10.6.2 Assumptions outside the direct control 45 46 9 in 2022 to secure the platform's continued of the Company 46 47 development. 47 48 The hirings will primarily be for the headquarter Lead generation 48 49 in Aalborg, where MapsPeople's brand has a 49 50 strong awareness among local candidates. The Management assumes the digital marketing 50 51 specific ramp-up of employees for product automation setup in 2021 to be able to generate 51 52 development can potentially be affected by a 3,000 qualified inbound leads. Management has 52 53 lack of available and appropriately skilled new based on experience assumed there is a 53 54 employees. correlation of approx. 2,000 qualified leads per 54 55 DKK 1m spend in marketing expenses. 55 56 MapsPeople cannot control whether marketing 56 57 efforts will generate inbound leads at the 57 58 required pace to reach the forecasted revenue 58 59 performance. The Company cannot directly 59 60 control whether the inbound sales strategy will 60 61 be successful or not. 61

Prospectus – MapsPeople A/S | 69 Expectations for the future

V H 1 Conversion rates and lead time Partner performance 1 2 2 3 Management assumes the historical Management assumes that the historical 3 4 performance of the 18% conversion rate at performance of onboarding new partners will 4 5 which Mapspeople has converted opportunities continue to improve, as this remains of strategic 5 6 from inbound qualified leads to orders will importance to Mapspeople in this growing 6 7 remain at the same level going forward. market. MapsPeople onboarded 26 new and 7 8 Assumptions outside the Company's direct active partners partners in 2020, and this is 8 9 control, such as macro-economic factors, expected to grow by a minimum of 35% during 9 10 economic downturns, competition from similar 2021, while at the same time growing our 10 11 services or improved services, or budget partner-based ARR from 55% in 2020 to 70% in 11 12 adjustments among customers, may affect the 2021 and continuing to 85% in 2023. 12 13 rate at which MapsPeople will be able to convert Assumptions outside the Company's direct 13 14 qualified leads into subscriptions. control such as macro-economic factors, 14 15 economic downturns, competition from similar 15 16 Churn services or improved services, or budget 16 17 adjustments among partners and customers 17 18 Management assumes that the historical churn may negatively affect the ability to onboard new 18 19 rate among MapsIndoors customers will remain partners. 19 20 stable in the coming years at approximately 20 21 7.5%. The assumptions may affect the Google Maps revenue split 21 22 forecasted revenue and profitability. 22 23 Assumptions outside the Company's direct Historically, MapsPeople has received 20% of 23 24 control, such as macro-economic factors, the Google Maps revenue while Google has 24 25 economic downturns, competition from similar received the remaining 80%. Going forward 25 26 services or improved services, or budget management assumes that MapsPeople will 26 27 adjustments among customers, may negatively receive 10% of the Google Maps revenue. This 27 28 affect the rate at which customers will churn assumption is outside the direct control of 28 29 from MapsPeople. MapsPeople since Google may change the 29 30 contract with 30 days’ notice. 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 70 Corporate governance

11. Corporate Governance

V H 1 11.1 BOARD OF DIRECTORS 1 2 All Board members are elected for a term of 12 2 3 MapsPeople’s Board of Directors currently months at the Annual General Meeting and may 3 4 consists of 4 members, including the Chairman. be reelected. In case of parity of votes, the 4 5 The primary objective of the Board of Directors Chairman has the casting vote. The business 5 6 is to supervise the work of the Executive address for the current members of the Board 6 7 Management and the direction of the overall of Directors is Stigborgvej 60, 9400 7 8 strategy. The Executive Management Team is Nørresundby, Denmark. 8 9 responsible for planning, leading, and 9 10 controlling the day-to-day operations of the 10 11 Company. 11 12 12 13 13 14 Overview of Board of Directors and independency assessment before the Offering 14 15 15 16 The Company is ultimately governed by the Board of Directors. Currently, the Board consists of the 16 17 following members. 17 18 Board Independency 18 19 Name Position member since assessment Shares Warrants 19 20 20 Not 1) 21 Lars H. Brammer Chairman 2011 None 21 22 independent 23,758,150 22 23 23 Board Not 2) Lars Rønn 2017 None 24 Member independent 11,448,100 24 25 25 26 Board Not 1) 26 Christian Samsø Dohn 2006 None 27 Member independent 23,758,150 27 28 28 Board 29 Rasmus Mencke 2018 Independent None 325,800 29 30 Member 30 31 31 32 32 33 33 34 1) Lars H. Brammer, and Christian Samsø Dohn all own shares in MapsPeople DK Holding ApS. MapsPeople DK Holding 34 35 ApS is the majority owner of MapsPeople A/S. 35 36 I. Lars H. Brammer, and close relatives, owns via DF kidco ApS 14.1% of MapsPeople DK Holding ApS, 36 37 equivalent to 7.98% of MapsPeople A/S. 37 38 II. Christian Samsø Dohn, and close relatives, owns via Plenum Invest ApS 14.1% of MapsPeople DK Holding 38 ApS, equivalent to 7.98% of MapsPeople A/S. 39 39 40 2) Lars Rønn is a Partner at Vækstfonden that currently own 27.27% of the MapsPeople A/S shares 40 41 41 42 42 43 43 44 44 45 45 46 46

Prospectus – MapsPeople A/S | 71 Corporate governance

V H 1 11.1.1 Description of the Board of Directors 1 2 2 3 3 4 4 5 Lars H. Brammer 5 6 6 7 Chairman since 2011 7 8 Description: Over 15 years experience with corporate 8 9 finance, private equity in IT and as a professional board 9 10 member. Lars serves as a member of supervisory in several 10 11 organizations across a variety of sectors, has been very 11 12 active in the Danish venture environment, and brings his 12 13 multi-industry expertise and private equity experience to 13 14 fuel MapsPeople’s ambitious growth plans. 14 15 15 16 Educational background: Graduate Diploma in Business 16 17 Administration and Certified Accountant from Copenhagen 17 18 Business School. 18 19 19 20 Shares: Lars H. Brammer, and close relatives, owns via 20 21 Computerware ApS, and DF kidco ApS 14.1% of MapsPeople 21 22 DK Holding ApS, equivalent to 7.98% of MapsPeople A/S. 22 23 23 24 24 25 25 Involvement with the commitments to companies over the past five years 26 26 27 Company Position Time period 27 28 DF KidCo ApS CEO 11.04.2018 - Present 28 29 29 30 Planetgreen ApS Management 23.05.2018 - Present 30 31 Komplementarselskabet Fredericiagade 84 IVS Management 01.04.2018 - Present 31 32 Komplementarselskabet Bonette Shipping IVS Management 21.11.2017 - Present 32 33 CONTINENTAL SHIPPING ApS Management 10.05.2017 - Present 33 34 34 35 Vintervej Holding ApS Management 05.05.2017 - Present 35 36 Smedeland 26B Komplementar ApS Management 23.06.2016 - Present 36 37 INTER EJENDOMME ApS Management 03.01.2015 - Present 37 38 KOMPLEMENTARSELSKABET ATLANTIC PROMISE ApS Management 03.01.2015 - Present 38 39 39 MARSELIS BOULEVARD 28 ApS Management 03.01.2015 - Present 40 40 41 COMPUTERWARE ApS CEO 31.05.2008 - Present 41 42 ATRIUM3 A/S CEO 03.06.2015 - 06.05.2020 42 43 COBO IX Kongefolden 18-20 ApS Management 01.04.2019 - 03.01.2020 43 44 44 Tricent Security Group A/S CEO 03.01.2017 - 14.03.2019 45 45 46 Ejendomsselskabet Kongefolden 10-12 ApS Management 10.01.2016 - 12.07.2017 46 47 KOMPLEMENTARSELSKABET ALLIANCE BULK ApS Management 03.01.2015 - 13.09.2017 47 48 JMI INVEST 13 ApS Management 04.10.2013 - 19.12.2016 48 49 49 JMI INVEST 7 ApS Management 04.10.2013 - 19.12.2016 50 50 51 JMI INVEST 9 ApS Management 04.10.2013 - 19.12.2016 51 52 PARTNER FINANS DK A/S Management 01.01.2009 - 19.12.2016 52 53 JMI INVEST A/S CEO 07.07.2010 - 19.12.2016 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 72 Corporate governance

V H 1 Company Position Time period 1 2 Scan Futures A/S Board member 19.12.2020 - Present 2 3 Learningbank A/S Board member 10.06.2020 - Present 3 4 4 FRANKLY JUICE A/S Board member 07.01.2020 - Present 5 5 6 Navision Shipping Holding ApS Board member 21.12.2019 - Present 6 7 K/S Tremola Shipping Board member 24.06.2019 - Present 7 8 K/S Vintervej Board member 14.06.2019 - Present 8 9 9 Crescendo A/S Board member 04.10.2019 - Present 10 10 11 BotXO ApS Board member 25.01.2019 - Present 11 12 Crescendo Invest A/S Board member 15.01.2018 - Present 12 13 K/S Fredericiagade 84 Board member 01.04.2018 - Present 13 14 14 K/S Bonette Shipping Board member 21.11.2017 - Present 15 15 16 Funnel AB Board member 15.08.2016 - Present 16 17 DF KidCo ApS Board member 18.07.2016 - Present 17 18 BØGELUND VVS A/S Chairman 07.01.2016 - Present 18 19 19 K/S Smedeland 26B Chairman 23.06.2016 - Present 20 20 21 Mapspeople DK Holding ApS Chairman 03.07.2016 - Present 21 22 Scriptor Holding ApS Chairman 03.01.2016 - Present 22 23 BALTNAV A/S Board member 03.11.2015 - Present 23 24 24 Crescendo Portefølje A/S Board member 03.11.2015 - Present 25 25 26 INTER-INVEST A/S Chairman 03.11.2015 - Present 26 27 NAVISION CHARTERING A/S Board member 03.11.2015 - Present 27 28 NAVISION SHIPPING A/S Board member 03.11.2015 - Present 28 29 29 NAVISION SHIPPING COMPANY A/S Chairman 03.11.2015 - Present 30 30 31 NAVISION TRADING ApS Board member 03.11.2015 - Present 31 32 AS Barrus (Estonia) Board member 06.03.2015 - Present 32 33 MyFitness OÜ (Estonia) Board member 25.05.2015 - Present 33 34 34 Myinvest OÜ (Estonia) Board member 25.05.2015 - Present 35 35 36 COMPUTERWARE ApS Board member 05.09.2014 - Present 36 37 SCRIPTOR TECHNOLOGY A/S Chairman 01.05.2012 - Present 37 38 MAPSPEOPLE A/S Chairman 11.08.2011 - Present 38 39 39 INTRAMED A/S Board member 14.12.2010 - Present 40 40 41 Nordic Energy Partners A/S Board member 11.10.2020 - 13.01.2021 41 42 Hallegaard Slagtehus ApS Chairman 06.03.2017 - 12.12.2020 42 43 OPERATOR SYSTEMS A/S Board member 08.12.2016 - 02.11.2020 43 44 44 Learningbank A/S Chairman 15.06.2018 - 10.05.2020 45 45 46 FRANKLY JUICE A/S Chairman 27.11.2017 - 30.06.2020 46 47 ATRIUM3 A/S Board member 03.11.2015 - 05.06.2020 47 48 Injurymap ApS Chairman 24.04.2018 - 31.03.2020 48 49 49 Bauhof Group AS (Estonia) Board member 27.05.2015 - 01.08.2018 50 50 51 EUROFORM A/S Chairman 04.01.2016 - 30.06.2018 51 52 APPS PEOPLE A/S Board member 25.11.2008 - 21.12.2017 52 53 SKY UNLIMITED HOLDING A/S Board member 25.11.2008 - 21.12.2017 53 54 54 Datoselskabet af 29/9 2017 A/S Board member 20.04.2017 - 29.09.2017 55 55 56 Cordiq A/S Chairman 07.04.2017 - 28.09.2017 56 57 Hallegaard Slagtehus ApS Board member 25.05.2017 - 06.02.2017 57 58 CP Selskabet A/S Board member 01.01.2013 - 30.03.2017 58 59 59 PARTNER FINANS DK A/S Board member 21.12.2007 - 19.12.2016 60 60 61 Tulscop International A/S Board member 23.03.2015 - 12.12.2016 61

Prospectus – MapsPeople A/S | 73 Corporate governance

V H 1 1 2 Company Position Time period 2 3 Panoslut ApS Board member 13.06.2012 - 12.12.2016 3 4 4 TULS141216 A/S Board member 07.01.2009 - 12.12.2016 5 5 6 LYNGE OLSEN FINANS ApS Board member 23.09.2013 - 21.10.2016 6 7 LYNGE OLSEN GROUP A/S Board member 23.09.2013 - 21.10.2016 7 8 LYNGE OLSEN HOLDING A/S Board member 23.09.2013 - 21.10.2016 8 9 9 LYNGE OLSEN INVEST A/S Board member 23.09.2013 - 21.10.2016 10 10 11 Knuth´s ApS Board member 31.05.2013 - 21.10.2016 11 12 JMI INVEST A/S Board member 04.10.2013 - 14.07.2016 12 13 13 14 Ownership the past five years 14 15 15 Company Capital (%) Votes (%) Time period 16 16 17 Mapspeople DK Holding ApS 14% 14% 25.08.2020 - Present 17 18 DF KidCo ApS 40% 87% 15.04.2020 - Present 18 19 COMPUTERWARE ApS 100% 100% 01.01.1998 - Present 19 20 20 Mapspeople DK Holding ApS 15% 15% 01.04.2016 - 24.08.2020 21 21 22 DF KidCo ApS 40% 40% 18.07.2016 - 14.04.2020 22 23 23 24 Lars H. Brammer has had the following liquidation or bankruptcy during the past five years 24 25 25 26 Company Status Management Board member Comments 26 27 Voluntary The company was closed at a 27 06.03.2015 11.03.2015 28 solvent voluntary solvent liquidation 28 ATRIUM3 A/S - - 29 liquidation: as the owners decided to stop 29 06.05.2020 06.05.2020 30 06.05.2020 the activities. 30 31 Early-stage start-up. No 31 32 Dissolved after 04.07.2017 criticism from the Chartered 32 33 Cordiq A/S bankruptcy: - Accountant and no 33 34 29.01.2019 28.09.2017 consequences for 34 35 any involved parties. 35 36 Resigned in connection with 36 Dissolved after 01.01.2013 37 bankruptcy notice - after 37 CP Selskabet A/S bankruptcy: - 38 trying to reconstruct the 38 06.03.2019 30.03.2017 39 company. 39 40 Part of the CP Selskabet A/S 40 41 bankruptcy. JMI divested the 41 42 company with a substantial 42 43 earn-out. Lars remained on 43 Dissolved after 20.03.2013 44 Datoselskabet af the board to secure the earn- 44 bankruptcy: - 45 24.11.2015 A/S out, but subsequently the 45 04.12.2018 30.11.2015 46 acquirer was not able to fulfill 46 47 the agreed-upon earn-out 47 48 and the company was 48 49 dissolved after bankruptcy. 49 50 Dissolved after 20.04.2017 50 Datoselskabet af Part of the CP Selskabet A/S 51 bankruptcy: - 51 29/9 2017 A/S bankruptcy 52 01.05.2019 29.09.2017 52 53 Voluntary 53 10.04.2013 Holding company closed after 54 solvent 54 JMI INVEST 13 ApS - divesting its portfolio 55 liquidation: 55 19.12.2016 companies 56 19.12.2016 56 57 57 Voluntary 58 10.04.2013 Holding company closed after 58 solvent 59 JMI INVEST 7 ApS – divesting its portfolio 59 liquidation: 60 19.12.2016 companies 60 19.12.2016 61 61

Prospectus – MapsPeople A/S | 74 Corporate governance

V H 1 Lars H. Brammer has had the following liquidation or bankruptcy during the past five years 1 2 2 3 Company Status Management Board member Comments 3 4 Voluntary 4 10.04.2013 Holding company closed after 5 solvent 5 JMI INVEST 9 ApS - divesting its portfolio 6 liquidation: 6 19.12.2016 companies 7 19.12.2016 7 8 Voluntary The company was closed at a 8 07.07.2010 10.04.2013 9 solvent voluntary solvent liquidation 9 JMI INVEST A/S - – 10 liquidation: after sales of all portfolio 10 14.07.2016 14.07.2016 11 03.04.2017 companies 11 12 KOMPLEMENTAR- Voluntary 12 01.03.2015 Inactive holding company 13 SELSKABET solvent 13 - closed at a voluntary solvent 14 ALLIANCE BULK liquidation: 14 13.09.2017 liquidation 15 ApS 27.04.2018 15 16 The company was closed at a 16 13.06.2012 17 voluntary solvent liquidation 17 Panoslut ApS - 18 Liquidation: as the owners decided to stop 18 12.12.2016 19 23.06.2017 the activities. 19 20 The company was closed at a 20 21 voluntary solvent liquidation. 21 01.01.2009 21.12.2007 22 PARTNER FINANS Voluntary Company operated as an 22 - - 23 DK A/S solvent internal leasing company and 23 19.12.2016 19.12.2016 24 liquidation: was closed after all leasing 24 25 19.12.2016 receivables were collected. 25 26 26 No criticism from the 27 01.07.2009 27 Dissolved after Chartered Accountant and no 28 TULS141216 A/S - 28 bankruptcy: consequences for 29 12.12.2016 29 28.02.2018 any involved parties. 30 30 Dissolved after 23.03.2015 31 Tulscop Part of TULS141216 A/S 31 bankruptcy: - 32 International A/S bankruptcy 32 25.01.2018 12.12.2016 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 75 Corporate governance

V H 1 1 2 2 3 Lars Rønn 3 4 Board Member since 2017 4 5 5 6 Description: Lars is Partner at Vækstfonden and is 6 7 responsible for direct investments and business 7 8 development within industrial technology. Lars has 8 9 extensive experience from his former positions, including 9 10 Managing Director of Brüel & Kjær Sound & Vibration, 10 11 President of Sonion Hearing Instruments division, Managing 11 12 Director of the NKT subsidiary IONAS A/S, and various 12 13 positions in Hitachi Semiconductors Europe. 13 14 14 15 Educational background: MSc in Electrical Engineering 15 16 from the Technical University of Denmark (DTU). 16 17 17 18 18 19 Shares: Lars Rønn is a Partner at Vækstfonden that 19 20 currently own 27.27% of the MapsPeople A/S shares 20 21 21 22 22 23 Involvement with the commitments to companies over the past five years 23 24 24 25 Company Position Time period 25 26 Vækstfonden Partner 01.11.2015 - Present 26 27 EFFIMAT STORAGE TECHNOLOGY A/S Board member 23.08.2019 - Present 27 28 28 Tentoma A/S Board member 09.08.2019 - Present 29 29 30 OnRobot A/S Board member 15.06.2018 - Present 30 31 MAPSPEOPLE A/S Board member 15.12.2017 - Present 31 32 KUBO Robotics ApS Board member 26.04.2017 - Present 32 33 33 TRIAX A/S Board member 20.10.2015 - Present 34 34 35 Triax Holding A/S Board member 20.10.2015 - Present 35 36 OnRobot A/S Vice chairman 01.10.2017 - 14.06.2018 36 37 Infineon Technologies Denmark ApS Board member 17.12.2015 - 14.02.2018 37 38 OnRobot A/S Chairman 23.06.2017 - 30.09.2017 38 39 39 40 OnRobot A/S Board member 28.09.2016 - 22.06.2017 40 41 TANTALINE A/S Board member 23.02.2016 - 09.11.2016 41 42 Hottinger Brüel & Kjær A/S Board member 01.09.2008 - 30.04.2015 42 43 VL.Gruppe 5 Board Member 01.03.2009 - 26.02.2018 43 44 44 45 Hottinger Brüel & Kjær A/S CEO 01.09.2008 - 30.04.2015 45 46 46 47 Lars Rønn has had the following liquidation or bankruptcy during the past five years 47 48 48 49 Company Status Board member Comments 49 50 Lars was part of the board 50 51 representing VF Venture’s 51 52 shareholdings. The bankruptcy 52 23.02.2016 to 53 TANTALINE A/S Bankruptcy: 13.11.2017 did not give rise to any criticism 53 09.11.2016 54 from the Chartered Accountant 54 55 and had no consequences for any 55 56 involved parties. 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 76 Corporate governance

V H 1 1 2 2 3 Christian Samsø Dohn 3 4 Board Member since 2008 4 5 5 6 Description: 25 years as CEO in various media, IT, software 6 7 (SaaS), and web companies focusing on subscription-based 7 8 business models and aggressive growth – both offline and 8 9 online. Key competencies are digitalization, 9 10 internationalization, scale up, business development and 10 11 sales efficiency. Member of the Board in 6 other tech 11 12 companies 12 13 13 14 Educational background: MSc in Management & 14 15 Marketing from Copenhagen Business School (CBS). 15 16 16 17 Shares: Christian Samsø Dohn, and close relatives, owns via 17 18 Plenum Consulting ApS, and Plenum Invest ApS 14,1% of 18 19 MapsPeople DK Holding ApS, equivalent to 7.98% of 19 20 MapsPeople A/S. 20 21 21 22 22 23 Involvement with the commitments to companies over the past five years 23 24 24 25 Company Position Time period 25 26 PLENUM INVEST ApS Management 15.10.2007 - Present 26 27 PLENUM CONSULTING ApS Management 05.07.1999 - Present 27 28 28 VL.gruppe 70 (København) Member 01.01.2007 - Present 29 29 30 EAZYPROJECT A/S Chairman 01.09.2020 - Present 30 31 Readynez Group Holding ApS Chairman 19.12.2019 - Present 31 32 BOX IT DESIGN ApS Board Member 16.09.2019 - Present 32 33 33 Nordic Power Converters Aps Chairman 24.09.2018 - Present 34 34 35 GI.NetWorks A/S Chairman 24.06.2016 - Present 35 36 Mapspeople DK Holding ApS Board Member 07.03.2016 - Present 36 37 MAPSPEOPLE A/S Board Member 08.10.2007 - Present 37 38 CBIT A/S CEO 04.03.2013 - 19.08.2015 38 39 39 40 NPC Moirai Aps Chairman 24.09.2018 - 16.07.2020 40 41 EUROFORM A/S Board Member 01.06.2017 - 04.10.2017 41 42 MAGURU A/S Board Member 13.04.2016 - 08.06.2017 42 43 GRADUATELAND ApS Board Member 01.05.2014 - 01.09.2015 43 44 44 45 45 46 Ownership the past five years 46 47 47 Company Capital (%) Votes (%) Time period 48 48 49 BID Holding ApS 5-9.99% 5-9.99% 12.11.2020 - Present 49 50 Mapspeople DK Holding ApS 14% 14% 29.09.2020 - Present 50 51 PLENUM CONSULTING ApS 100% 100% 01.01.2016 - Present 51 52 PLENUM INVEST ApS 40% 87% 29.09.2020 - Present 52 53 53 54 POS-TOOL ApS 5-9.99% 5-9.99% 10.04.2015 - 25.07.2016 54 55 55 56 56 57 Christian Samsø Dohn has no compulsory liquidation or bankruptcy during the past five years 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 77 Corporate governance

V H 1 1 2 2 3 Rasmus Mencke 3 4 Board Member since 2018 4 5 5 Description: Rasmus is Product Strategy & GTM Commerce 6 6 Cloud at Salesforce. With more than 15 years of experience 7 7 with product leadership at Salesforce, Oracle and Planday, 8 8 Rasmus is an expert working in the intersection between 9 9 technical and business teams. Rasmus has a proven record 10 10 of translating business problems into technical solutions, 11 11 and he has successfully launched and designed products, 12 12 including Salesforce Chatter enterprise collaboration 13 13 platform. Furthermore, Rasmus holds more than ten 14 14 patents. 15 15 16 16 Educational background: Computer Science – 17 17 Copenhagen Business College 18 18 19 Warrants: Rasmus Mencke holds 325,800 warrants of 19 20 nominal DKK 0.02 at a strike price of DKK 2.00. 20 21 21 22 22 23 Involvement with the commitments to companies over the past five years 23 24 24 25 Company Position Time period 25 26 Salesforce Product Strategy 2019 - Present 26 27 FTWW IVS CEO 22.04.2018 - Present 27 28 28 MAPSPEOPLE A/S Board Member 31.05.2018 - Present 29 29 30 Planday CPO 2017 - 2019 30 31 Salesforce Product Management 2006 - 2017 31 32 32 33 33 34 34 Ownership the past five years 35 35 36 Company Capital (%) Votes (%) Time period 36 37 FTWW IVS 100% 100% 22.04.2018 - Present 37 38 38 39 39 40 Rasmus Mencke has no compulsory liquidation or bankruptcy during the past five years 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 78 Corporate governance

V H 1 11.2 DESCRIPTION OF THE MANAGEMENT TEAM 1 2 2 3 The Management Team of the Company possesses extensive leadership practice, and comprehensive 3 4 knowledge of operating large technology companies. The Management Team consists of the following 4 5 employees: 5 6 6 7 7 8 8 9 Michael Gram 9 10 10 11 Chief Executive Officer, Founder since 2007 11 12 Description: Part of executive management as CEO. Passionate 12 13 leader with the ambition for MapsPeople to become a global 13 14 leader in indoor mapping. Michael is an experienced 14 15 entrepreneur with strong record of success working in the IT and 15 16 services industry. Next to his entrepreneurial skills, Michael 16 17 brings a strong sales management background and decades of 17 18 experience in the SaaS space. He has a strong business 18 19 development track record, having turned around MapsPeople by 19 20 launching MapsIndoors business line, scaling globally with the 20 21 new office in the US. 21 22 Educational background: MSc in Surveying and Land 22 Management from Aalborg University 23 23 24 Shares: Michael Gram, and close relatives, owns via Michael 24 25 Gram Holding ApS, Gram Sloth Holding ApS, MJ MapsPeople 25 26 Holding ApS owns 47.24% of MapsPeople DK Holding ApS, 26 27 equivalent to 26.74% of MapsPeople A/S. 27 28 28 29 29 30 30 31 Involvement with the commitments to companies over the past five years 31 32 Company Position Time period 32 33 MapsPeople A/S CEO 08.10.2007 - Present 33 34 34 35 MapsPeople A/S Board member 12.11.2015 - 26.04.2021 35 36 Gram Sloth Holding ApS Management 10.12.2019 - Present 36 37 Mapspeople DK Holding ApS CEO / Board member 07.03.2016 - Present 37 38 MJ MapsPeople Holding ApS Management 23.06.2015 - Present 38 39 39 40 Michael Gram Holding ApS Management 10.06.2004 - Present 40 41 41 42 42 43 43 Ownership the past five years 44 44 45 Company Capital (%) Votes (%) Time period 45 46 Gram Sloth Holding ApS 0% 100% 30.09.2020 - Present 46 47 47 Mapspeople DK Holding ApS 24% 47% 30.09.2020 - Present 48 48 49 MJ MapsPeople Holding ApS 16% 57% 30.09.2020 - Present 49 50 Michael Gram Holding ApS 100% 100% 11.06.2004 - Present 50 51 51 52 52 53 53 54 Michael Graham has no compulsory liquidation or bankruptcy during the past five years 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 79 Corporate governance

V H 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 Jonas Berntsen 9 10 President and Chief Product Officer since 2018 10 11 11 12 12 13 Description: +10 years experience with sales, customer, and 13 14 marketing management in the B2B space. Jonas has been at 14 15 MapsPeople for 8 years and is responsible for executing the 15 16 overall strategy, and is the driving force behind the 16 17 international expansion. Jonas has successfully established US 17 18 Operations and has managed to secure several Fortune 500 18 19 clients. 19 20 20 21 Educational background: MSc in Marketing Management (AP) 21 22 from University College Nordjylland. 22 23 23 24 24 Shares: Jonas Berntsen owns 24.56% of MapsPeople DK 25 25 Holding ApS, equivalent to 13.90% of MapsPeople A/S. 26 26 27 27 28 28 29 29 30 Janni Rasmussen 30 31 Chief Financial Officer since 2020 31 32 32 33 33 34 Description: 24 years finance experience with 5 years at 34 35 Deloitte Consulting where Janni acted as interim CFO and 35 36 acting CFO for several companies. Before joining 36 37 MapsPeople, Janni was CFO at AGITO Medical (a Philips 37 38 company). 38 39 39 40 Educational background: Graduate Diploma in Business 40 41 Administration from Aalborg University and CFO course 41 42 from Henley Business School. 42 43 43 44 44 45 Warrants: Janni Rasmussen holds 200,000 warrants of 45 46 nominal DKK 0.02 at a strike price of DKK 4.50. 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 80 Corporate governance

V H 1 1 2 2 3 Jesper Winther 3 4 Chief Technology Officer since 2018 4 5 5 6 6 7 Description: 20 years experience developing and delivering 7 8 complex technical solutions. 12 years experience from BAE 8 9 Systems, shaping technology strategy and leading a team of 9 10 over 140 engineers. Jesper is now responsible for shaping 10 11 and driving the technology roadmap for MapsIndoors. 11 12 12 13 Educational background: MSc in Electrical Engineering 13 14 from Aalborg University 14 15 15 16 16 17 17 Warrants: Jesper Winther holds 488,700 warrants of 18 18 nominal DKK 0.02 at a strike price of DKK 2.00. 19 19 20 20 21 21 22 22 23 Jannik Brouwers 23 24 24 25 Chief Commercial Officer since 2018 25 26 26 27 Description: More than 17 years experience managing and 27 28 growing sales and leading customer support in high-tech 28 29 industries from Universal Robots, Cobham, and Thrane & 29 30 Thrane. Additionally, Jannik has extensive leadership and 30 31 internalization experience, having managed several global 31 32 organizations above 100 employees. 32 33 33 34 Educational background: BSc in Business Administration 34 35 and Management Accounting from Copenhagen Business 35 36 School 36 37 Warrants: Jannik Brouwers holds 325,800 warrants of 37 38 nominal DKK 0.02 at a strike price of DKK 2.00 and 162,900 38 39 warrant of nominal DKK 0.02 at a strike price of DKK 5.79. 39 40 40 41 41 42 42 43 43 44 Rasmus Andersen 44 45 Chief Information Officer since 2018 45 46 46 47 Description: With 26 years at MapsPeople and 20 years of 47 48 IT deployment and product management experience, 48 49 Rasmus is the innovation engine behind MapsIndoors and 49 50 MapsPeople’s wider technological agenda. Rasmus is a 50 51 rounded executive that combines strong business acumen 51 52 in business and product strategy with technical expertise in 52 53 SaaS, GIS, and automation. Rasmus has decades of 53 54 experience managing large cross-functional teams of 54 55 developers and deployment professionals. 55 56 56 57 Educational background: MSc in Surveying and Land 57 58 Management (GIS) from Aalborg University 58 59 Warrants: Rasmus Andersen holds 707,600 warrants of 59 60 nominal DKK 0.02 at a strike price of DKK 0.02. 60 61 61

Prospectus – MapsPeople A/S | 81 Corporate governance

V H 1 Overview of Board of Directors, Executive Management and the Management Team 1 2 2 3 3 4 4 5 Board of Directors 5 6 6 7 Lars Rønn Lars H. Brammer Christian Samsø Rasmus Mencke 7 8 Board Member Chairman Board Member Board Member 8 9 9 10 10 11 Executive 11 12 Management 12 13 13 Michael Gram 14 CEO 14 15 15 16 16 1 employee 17 17 18 18 19 19 20 20 21 Sales & 21 Development Product Finance Deployment 22 Marketing 22 23 23 24 Jesper Winther Jonas Berntsen Janni Rasmussen Jannik Brouwers Rasmus Andersen 24 CIO 25 CTO President & CPO CFO CCO 25 26 26 27 17 employees 6 employees 20 employees 20 employees 27 28 28 29 29 30 30 31 11.3 MANAGEMENT TEAM 11.4 BOARD PRACTICES AND GOVERNANCE 31 32 32 33 11.3.1 Executive Management Team MapsPeople has well-established processes for 33 34 corporate governance and internal control. As 34 35 The Executive Management Team is responsible part of the Company’s governance structure, the 35 36 for the daily operations of MapsPeople. Further, Board of Directors has compiled detailed 36 37 the Executive Management, together with the instructions for the Executive Management 37 38 Finance department, ensures that the Team clearly stating the distribution of 38 39 Company’s bookkeeping follows the applicable responsibilities between the Executive 39 40 rules and regulations and that the Management Team and the Board of Directors, 40 41 administration of the Company’s assets is the internal division of responsibilities in the 41 42 carried out in an appropriate manner. Executive Management Team, and the 42 43 obligations of the Board of Directors and the 43 44 11.3.2 The Management Team Executive Management Team respectively. 44 45 45 46 In addition to the Executive Management Team, The Board of Directors holds the ultimate 46 47 MapsPeople’s Management Team comprises responsibility for the Company and the 47 48 five departments with experienced supervision of the Executive Management 48 49 management within each department; Team. The articles of association state that the 49 50 Development, Product, Finance, Sales & Board of Directors is elected by the Company’s 50 51 Marketing, and Deployment. The Management shareholders at the annual general meeting. 51 52 Team has a combined team of +64 dedicated Board members are elected for one-year terms. 52 53 professionals. MapsPeople has a strong and The outcome of a given subject is determined 53 54 balanced Management Team with dedicated based on majority of votes. 54 55 experts in sales, commercial & technology space 55 56 as well as decades of experience in indoor In addition to the Annual General Meeting and 56 57 mapping space. The Management team thus quarterly Board meetings, the Board of 57 58 has strong insights into any issues or challenges Directors gather as the Chairman of the Board 58 59 that the Company or the Company’s customers of Directors deems necessary, and when 59 60 might face. requested by a director or manager. 60 61 61

Prospectus – MapsPeople A/S | 82 Corporate governance

V H 1 The Board of Directors is responsible for The remuneration policy is based on the 1 2 ensuring that the Company is managed in an following key elements: 2 3 appropriate manner in accordance with Danish 3 4 legislation. Board of directors 4 5 5 6 The Board of Directors is responsible for 1. All members of the board of directors 6 7 ensuring that bookkeeping and administration receive a fixed annual cash remuneration. 7 8 of assets is done in a satisfactory manner. 2. The Chairman can receive a fee of up to 2 8 9 Further, the Board of Directors is responsible times the base fee. 9 10 for ensuring that the financial position is always 3. In order to ensure alignment of interests 10 11 appropriate in relation to the operation of the between the board of directors and the 11 12 Company. Company’s shareholders, and to ensure that 12 13 the Company’s short and long-term goals 13 14 11.4.1 Statement on past records are met, members of the board of directors 14 15 may, in addition to the annual base fee, 15 16 For the previous five years, none of the receive a share-based remuneration in the 16 17 members of the Board of Directors and the form of warrants in the Company. 17 18 Executive- and Management Team have been; 4. The value of the annual grant to a member 18 19 • convicted of fraudulent offenses, of the board of directors may represent a 19 20 • been involved in any official public value of up to 300% of the board members’ 20 21 incrimination and/or sanction, or annual base salary. 21 22 • been disqualified by the courts from acting 22 23 as a member of the administrative, Executive board 23 24 managerial or supervisory body of a 24 25 company. 1. The remuneration of the executive board is 25 26 determined by the board of directors in line 26 27 In addition, none of the members of the Board with remuneration policy approved at the 27 28 of Directors and the Executive Management annual general meeting. 28 29 team have served as officer or board member in 2. For the purpose of ensuring a balanced 29 30 a company that has entered bankruptcy, remuneration reflecting the Company’s 30 31 receivership or liquidation – except for the current stage of development and position, 31 32 specific situations provided in the section 11.1.1 whilst at the same time ensuring an 32 33 regarding Lars H. Brammer and Lars Rønn. adequate competitive remuneration to 33 34 retain members of the executive board, the 34 35 11.5 REMUNERATION POLICY total remuneration of the executive board 35 36 consists of: (i) a fixed base salary, (ii) a 36 37 MapsPeople A/S has adopted a remuneration potential cash bonus, (iii) a potential share- 37 38 policy in accordance with the principles of based remuneration and (iv) other usual 38 39 sections 139 and 139a of the Danish Companies benefits. 39 40 Act and provides the framework for the 3. In special circumstances the board of 40 41 remuneration of the board of directors and the directors can decide to allocate 41 42 executive board of MapsPeople A/S. A complete extraordinary remuneration – such as 42 43 version of the remuneration policy is available retention bonus, compensation for 43 44 at the company’s website: relocation or severance pay – if deemed to 44 45 www.mapspeople.com. promote the long-term interests of the 45 46 Company. 46 47 The purpose of the remuneration policy is to 4. The base salary will be agreed annually 47 48 ensure that the Company’s executive board has between the executive board and the board 48 49 a common interest with its shareholders and to of directors. 49 50 attract and retain expertise at the board of 5. The variable remuneration may comprise all 50 51 directors and at the executive board level. types of variable remuneration, including 51 52 Furthermore, the remuneration policy shall shares, share options, warrants and 52 53 ensure that the remuneration of the executive phantom shares, as well as non-share- 53 54 board is in line with the remuneration paid to based bonus agreements – both ongoing 54 55 executive board members in similar companies. and one-off/event-based. The variable 55 56 The remuneration shall support the long-term remuneration of the executive board is 56 57 interests and sustainability of the Company. determined in order to ensure alignment of 57 58 interests between the executive board and 58 59 the Company’s shareholders, and to ensure 59 60 that the Company’s short and long-term 60 61 goals are met. 61

Prospectus – MapsPeople A/S | 83 Corporate governance

V H 1 6. Variable remuneration will be offered to the 1 2 executive board if the board of directors 2 3 considers it expedient in order to encourage 3 4 common goals for the executive board and 4 5 the shareholders and promote the 5 6 Company’s business strategy. In addition, 6 7 the executive board’s historic and expected 7 8 performance, motivation and retention and 8 9 the general development of the Company 9 10 can be taken into consideration. 10 11 7. The value of the annual grant to a member 11 12 of the executive board according to the 12 13 Company’s long-term share based incentive 13 14 programs may represent a value of up to 14 15 300 % of the executive board members’ 15 16 annual salary. 16 17 17 18 Granted warrants provides a right, but not an 18 19 obligation, to subscribe for shares in the 19 20 Company at an exercise price per share not less 20 21 than the market price, equivalent to the average 21 22 of the share price for the five trading days prior 22 23 to the date of the grant. The warrants vests with 23 24 1/36 every month during a period of 3 years, 24 25 and shall be exercised no later than 8 years 25 26 after the grant. All granted warrants (whether 26 27 vested or not) will lapse immediately without 27 28 further notice or compensation if the board 28 29 member or executive board member is 29 30 dismissed by the Company due to the board 30 31 members’ or executive board member’s gross 31 32 misconduct of its position. In other cases of 32 33 termination, all non-vested warrants shall lapse 33 34 immediately without further notice or 34 35 compensation. 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 84 V H 1 1 2 2 3 DKK Expected remuneration costs for 2021 3 4 4 5 5 6 Management 6 7 Michael Gram 1,380,000 7 8 8 9 Board of directors 9 10 Lars H. Brammer 120,000 10 11 11 12 Lars Rønn 0 12 13 Christian Samsø Dohn 60,000 13 14 14 15 Rasmus Mencke 50,000 15 16 Total 1,610,000 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 85 Current share capital and ownership structure

12. Current share capital and ownership structure

V H 1 12.1 SHARE CAPITAL INFORMATION Each Share gives the shareholder one vote at 1 2 the Company’s annual general meeting. 2 3 As of the date of this Prospectus, the Company 3 4 has 41,975,800 Existing Shares with each share 12.1.2 Authorizations to capital increases 4 5 having a value of nominally DKK 0.02 amounting 5 6 to a total share capital of DKK 839,516.00. According to section 3 in the Company’s articles 6 7 Following the completion of the Offering, the of association, the Board of Directors is 7 8 share capital will increase to DKK 1,089,516, authorized to increase the share capital on one 8 9 corresponding to 54,475,800 shares. or more occasions. 9 10 10 11 Prior to listing, two Major Shareholders together According to section 3.1.1, the share capital may 11 12 own 83.9% of the Existing Shares in the until 30 June, 2021, by resolution of the Board of 12 13 Company, the rest is distributed between minor Directors, be increased on one or more 13 14 shareholders. occasions by way of subscription for new shares 14 15 up to a nominal value of DKK 250,000 (without 15 16 To the knowledge of the Company and the preemption rights for the existing 16 17 Board of Directors, the Company is not directly shareholders). 17 18 or indirectly owned or controlled by any other 18 19 entity or person other than the stated According to section 3.1.2, the share capital may 19 20 shareholder in section 12.2. until 26 April, 2026, by resolution of the Board of 20 21 Directors, be increased on one or more 21 22 Additionally, to the knowledge of the Company occasions by way of subscription for new shares 22 23 and the Board of Directors, there are no up to a nominal value of DKK 300,000 (without 23 24 arrangements which may cause or prevent a preemption rights for the existing 24 25 change of control in the Company. To the shareholders). 25 26 knowledge of the Board of Directors, there are 26 27 no existing or potential conflicts of interests According to section 3.1.3, the share capital may 27 28 between the duties to the Company, Executive until 26 April, 2026, by resolution of the Board of 28 29 Management, key employees or the Board of Directors, be increased on one or more 29 30 Directors and their private interest or other occasions by way of subscription for new shares 30 31 duties. up to a nominal value of DKK 50,000 in 31 32 connection with an issue of shares to the 32 33 To the knowledge of the Board of Directors, Company’s employees and/or employees on the 33 34 there are no arrangements or understandings Company’s subsidiaries (without preemption 34 35 with major shareholders, customers or other rights for the existing shareholders). 35 36 individuals to which any person in management 36 37 or Board of Directors was employed or According to section 3.1.4, the share capital may 37 38 appointed. until 26 April, 2026, by resolution of the Board of 38 39 Directors, be increased on one or more 39 40 12.1.1 Share class and voting rights occasions by way of issuance of bonus shares 40 41 (in Danish: fondsaktier) up to a nominal value of 41 42 The Company has one share class. All Shares DKK 50,000 in connection with an issue of 42 43 will have equal rights. The Offer Shares are shares to the Company’s employees and/or 43 44 issued with a nominal value of DKK 0.02 per employees on the Company’s subsidiaries 44 45 Share. (without preemption rights for the existing 45 46 shareholders). 46

Prospectus – MapsPeople A/S | 86 Current share capital and ownership structure

V H 1 According to section 3.2.1, the share capital may 12.1.4 Issued warrants 1 2 until 26 April, 2026, by resolution of the Board of 2 3 Directors, be increased on one or more As per the date of the Prospectus, the Company 3 4 occasions by way of subscription of new shares has issued 5,432,500 warrants to selected 4 5 up to a nominal value of DKK 150,000 (with pre- employees of the Company. 2,716,250 warrants 5 6 emption rights). have been issued in April 2021 (the “Parallel 6 7 Warrants”) and 2,716,250 warrants have been 7 8 The total nominal capital increase which the issued before April 2021 according to the 8 Company’s previous warrant program (the “Original 9 board of directors may resolve in accordance 9 Warrants”). Only half of the 5,432,500 warrants, 10 with section 3.1.2 and 3.2.1, may not exceed a 10 equal to 2,716,250 warrants, can be exercised. 11 nominal value of DKK 300,000. 11 12 12 The Original Warrants are subject to accelerated 13 The total nominal capital increase which the 13 vesting and an exercise window of 10 business 14 board of directors may resolve in accordance 14 days upon notice of an exit (defined as an IPO). 15 with section 3.1.3, 3.1.4 and 4.3 (see below), may 15 Consequently, the Original Warrants will be 16 not exceed a nominal value of DKK100,000. 16 expired at the first day of trading if not 17 17 exercised before. 18 12.1.3 Authorization to issue warrants 18 19 19 With an aim to solve liquidity concerns for the 20 20 According to section 4 in the Company’s articles individual warrant holder, the Company decided 21 21 of association, the Board of Directors is to issue the Parallel Warrants to the warrant 22 22 authorized to issue warrants on one or more holders in April 2021. Thus, the Parallel 23 23 occasions. Warrants is not subject to accelerated vesting 24 24 and can be exercised within a period of 24 25 25 According to section 4.1-4.2, on 15 December months after all warrants have vested. 26 2017 the general meeting authorized the Board 26 27 27 of Directors to issue warrants (share options) The Parallel Warrants can only be exercised to 28 28 and to resolve on the associated capital the extent Original Warrants has not been 29 29 increase. The authorization is valid until 30 exercised at the time of exercise of the Parallel 30 30 November 2022 and includes a total amount of Warrants. 31 up to a nominal value of DKK 65,161. 31 32 32 In case the warrant holder has partially 33 33 On 14 February 2018, 14 June 2018, 21 April exercised Original Warrants, the warrant holder 34 34 2020 and 1 December 2020, the Board of is only entitled to exercise a pro rata number of 35 35 Directors partially exercised its authority in Parallel Warrants equivalent to the unexercised 36 36 section 4.1-4.2 by issuing 2,716,250 warrants, number of Original Warrants. 37 each of which entitles the holder to subscribe 37 38 38 for a share of a nominal value of DKK 0.02 in the For example, a warrant holder has a total of 39 39 Company, corresponding to a total nominal 2,000 warrants consisting of 1,000 Original 40 40 value of DKK 54,325. Consequently, the Warrants and 1,000 Parallel Warrants. The 41 41 authorization of the board to issue warrants has warrant holder exercises 200 Original Warrants 42 42 been reduced to a nominal value of DKK 10,836. in connection with the Offering. As a 43 43 consequence hereof, 800 of the Original 44 44 According to section 4.3, on 26 April 2021, the Warrants will lapse, and the warrant holder will 45 45 general meeting authorised the Board of only be able to exercise 800 of the Parallel 46 46 Directors to issue warrants (share options) and Warrants. 47 to resolve on the associated capital increase. 47 48 48 The authorisation is valid until 26 April 2026 and Each Original Warrant and Parallel Warrant 49 49 includes a total amount of up to a nominal value entitles the holder to subscribe for one share in 50 50 of DKK 50,000. the Company with a nominal value of DKK 0.02 51 51 At the general meeting on 26 April 2021, it was per share. 52 resolved to issue 2,716,250 warrants, each of 52 53 53 which entitles the holder to subscribe for a The warrant terms are enclosed as appendices 54 54 share of a nominal value of DKK 0.02 in the to the Company’s Articles of Association. 55 company, corresponding to a nominal value of 55 56 56 DKK 54,325. The total nominal value of the maximum 57 57 number of exercisable warrants equals DKK 58 58 54,325. 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 87 Current share capital and ownership structure

V H 1 Consequently, if the maximum number of • The share price that will be used to calculate 1 2 2,716,250 warrants is exercised, 2,716,250 new the number of shares an employee will be 2 3 shares will be issued to the warrant holders. able to acquire, determined as the Offering 3 4 This will result in an increase in the total Price. 4 5 number of shares after the Offering from • The employees will have to give notice of 5 6 54,475,800 to 57,192,050 shares, corresponding participation in the program to the Company 6 7 to an increase of 4.99% in the share capital. before the first day of trading. 7 8 • In case the demand from the employees 8 9 An overview of the warrants issued by the exceeds the limit of 722,230 shares available 9 10 Company is shown in the table in section 12.2 for the share program, the allotment to the 10 11 below. The exercise price of DKK 0.02 on the employees will be made pro rata in 11 12 Parallel Warrants granted to Rasmus Steenberg accordance with the requested number of 12 13 Andersen and Christian Frederiksen reflects (i) shares. 13 14 an element of remuneration for their loyal • The program will – to the widest extend 14 15 service as employees from the foundation of possible - be covered by section 7 P of the 15 16 MapsPeople, and (ii) that the Parallel Warrants Danish Tax Assessment Act (in Danish: 16 17 only can be exercised, if the said employees Ligningslovens § 7 P). 17 18 renounce their exit-bonus agreements, as 18 19 described in section 16 of this Prospectus. 12.1.6 Retention share bonus program 19 20 20 21 For further details please refer to the The Board of Directors has decided to introduce 21 22 Company’s Articles of Association. a retention bonus program for all full time 22 23 employees with exception of Michael Gram, 23 24 12.1.5 Employee share program CEO. The program will apply to all employees 24 25 employed at the Company on the first day of 25 26 The Board of Directors has decided to introduce trading. The shares are transferred to the share 26 27 an employee share program. The purpose of depository of the individual employee 6 months 27 28 the program is to: after the first day of trading. Payment of the 28 29 • Ensure alignment of interests between retention bonus, i.e. the transfer of shares, is 29 30 employees and shareholders of the subject to the continued employment of the 30 31 Company. employees for a period of 6 months after the 31 32 • Employee retention. first day of trading. In the event an employee 32 33 resigns before the end of the 6 months period, 33 34 The employee share program applies to all said employee will not be entitled to receive the 34 35 current full time employees at the Company and retention bonus. 35 36 its subsidiaries, with exception of Michael Gram, A total of 72,600 shares is expected to be used 36 37 CEO. The employee share program provides a for the retention share bonus program. 37 38 possibility for the employees to have part of MapsPeople will issue the employee shares by 38 39 their salaries paid in MapsPeople shares. way of issuance of bonus shares (in Danish: 39 40 MapsPeople will issue the employee shares by fondsaktier) in connection with the program. 40 41 way of issuance of bonus shares (in Danish: The board of directors is authorized to issue 41 42 fondsaktier) in connection with the program. bonus shares, cf. section 3.1.4 of the Articles of 42 43 The board of directors is authorized to issue Association. The shares are allocated to the 43 44 bonus shares, cf. section 3.1.4 of the Articles of employees based on seniority according to the 44 45 Association. table on the next page: 45 46 46 47 The main details of the share program 47 48 translates into the following: 48 49 49 50 • The maximum number of shares that will be 50 51 made available to employees is 722,230 51 52 (equivalent to a nominal value of DKK 52 53 14,444.60) for the period 1 June 2021 to 31 53 54 May 2022. 54 55 • The shares will be transferred to the share 55 56 depository of the individual employee 56 57 participating in the employee share program 57 58 when MapsPeople have published the 2022 58 59 half-year financial report. Upon receipt of the 59 60 shares in the depository of the employees, 60 61 the shares will be at the free disposal of the 61 employees without any restrictions. Prospectus – MapsPeople A/S | 88 Current share capital and ownership structure

V H 1 Issued Warrants 1 2 2 Original warrants Parallel warrants 3 Exercise 3 4 window / Price per Exercise window Price per 4 5 Name Warrants Vesting period share Warrants Vesting / period share 5 1/4 vests 6 annually 3/4 fully vested 6 Rasmus Steenberg 10 days from 7 707,600Accelerated 2.00 707,600 1/4 vests 31 0.02 7 Andersen (CIO)* exit notice 8 vesting at January 2022 8 Exit 9 1/4 vests 9 10 annually 3/4 fully vested 10 Christian Frederiksen 10 days from 505,450Accelerated 2.00 505,450 1/4 vests 31 0.02 11 (CPO)* exit notice 11 vesting at January 2022 12 Exit 12 13 1/4 vests 14 days starting 13 annually 3/4 fully vested the day after the 14 10 days from 14 Jannik Brouwers (CCO) 325,800Accelerated 2.00 325,800 1/4 vests 31 publication of the 2.00 exit notice 15 vesting at January 2022 Company's annual 15 16 Exit report, half-year 16 17 1/4 vests report or quarterly 17 annually 3/4 fully vested report (each 10 days from 18 Jannik Brouwers (CCO) 162,900Accelerated 5.79 162,900 1/4 vests 31 period an 5.79 18 exit notice 19 vesting at January 2022 ”Exercise 19 20 Exit Window”). The 20 1/4 vests 2/4 fully vested warrants shall be 21 annually 1/4 vests on 30 exercised no later 21 10 days from Jesper Winther (CTO) 488,700Accelerated 2.00 488,700 June 2021 and than 24 months 2.00 22 exit notice 22 23 vesting at 30 december after all warrants 23 Exit 2021 have vested. 24 1/4 vests 2/4 fully vested 24 annually 1/4 vests on 30 25 FTWW IVS (Rasmus 10 days from 25 325,800Accelerated 2.00 325,800 June 2021 and 2.00 Mencke - Board) exit notice 26 vesting at 30 december 26 27 Exit 2021 27 28 1/4 vests 1/4 fully vested 28 annually 1/4 vests on 1 10 days from 29 Janni B. Rasmussen 200,000Accelerated 4.50 200,000 November 4.50 29 exit notice 30 vesting at 2021 and 2/4 30 31 Exit May 2022 31 32 2,716,250.00 2,716,250 32 33 * Please refer Section 12.1.4 for further details on Rasmus Steenberg Andersen’s and Christian Frederik’s warrants 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43 Retention share bonus program overview 43 44 44 45 First day of First day of Current number of Number of shares per Total number of 45 46 employment from employment to employees employee shares 46 47 - 31.12.2015 9 1,800 16,200 47 48 48 01.01.2016 31.12.2019 31 1,200 37,200 49 49 50 01.01.2020 - 32 600 19,200 50 51 Total 72 72,600 51 52 52 53 The program will – to the widest extend possible – be covered by section 7 P of the Danish Tax 53 54 Assessment Act (in Danish: Ligningslovens § 7 P). 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 89 Current share capital and ownership structure

V H 1 12.2 CURRENT OWNERSHIP STRUCTURE – MapsPeople A/S 1 2 2 3 Ownership structure – MapsPeople A/S 3 4 Ownership Ownership 4 5 before the Offering after the Offering 5 6 6 7 Shareholder # of shares Percent # of shares Percent 7 8 MapsPeople DK Holding ApS 23,758,150 56.6% 24,052,267 44.2% 8 9 9 Vækstfonden 11,448,100 27.3% 12,918,688 23.7% 10 10 11 Jens Bager 444,250 1.1% 608,797 1.1% 11 12 UFNLC ApS 555,250 1.3% 555,250 1.0% 12 13 Leif Nørgaard 444,250 1.1% 676,821 1.2% 13 14 14 Paradis Invest ApS 499,750 1.2% 499,750 0.9% 15 15 1) 16 Other 4,826,050 11.5% 5,973,051 10.8% 16 17 17 Total (Existing Shareholders) 41,975,800 100.00% 45,284,624 83.1% 18 18 19 19 20 New shareholders 9,191,176 16.9% 20 21 21 22 Total 41,975,800 100.00% 54,475,800 100.0% 22 23 23 24 24 1) The item ‘Other’ includes 31 shareholders and each shareholder has an ownership of less than 1%. 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 12.3 DEVELOPMENT IN SHARE CAPITAL - MapsPeople A/S 34 35 35 36 Nominal 36 Nominal Value of Share Nominal capital 37 value per # of capital 37 Date Company Event Investor price change post share shares increase 38 (DKK) (DKK) change 38 (DKK) (DKK) 39 (DKK) 39 40 Dec 15, 2017 MapsPeople A/S Capital increase See below1) 93.00 1.00 118.28 618,279.00 618,279 10,999,947.00 40 41 Dec 15, 2017 MapsPeople A/S Capital increase See below2) 120.00 1.00 33,333.00 651,612.00 651,612 3,999,960.00 41 42 42 Jul 10, 2020 MapsPeople A/S Capital increase See below3) 168.84 1.00 59,136.00 710,748.00 710,748 9,984,328.77 43 43 44 Jul 10, 2020 MapsPeople A/S Capital increase See below4) 225.12 1.00 11,273.00 722,021.00 722,021 2,537,808.22 44 45 45 Jul 10, 2020 MapsPeople A/S Capital increase See below5) 225.12 1.00 117,495.00 839,516.00 839,516 26,450,744.64 46 46 47 Apr 23, 2021 MapsPeople A/S Share split See below6) 0,02 839,516.00 41,975,800 47 48 48 49 1) Vækstfonden invest DKK ~11m in b-shares (19.13% of MapsPeople A/S), share price DKK 93 49 50 2) Vækstfonden invests additional DKK ~4m in b-shares (total: 23.27% of MapsPeople A/S) share price DKK 120 50 51 51 52 3) Vækstfonden and MapsPeople DK Holding ApS convert convertible loans. Principal DKK 6m and DKK 3m + interest, to a share prices of 52 DKK 168,84. 53 53 54 4) Vækstfonden convert convertible loan. Principal DKK 2.5m + interest 54 55 55 5) Series A funding from various investors, capital raise of DKK 26,450,744.64 to a share prices of DKK 225.12. Investors (MapsPeople 56 Syndikering I ApS, MapsPeople Syndikering II ApS, MapsPeople Syndikering III ApS, Jens Bager, UFNLC ApS, Jens Munch-Hansen, Leif 56 57 Jensen, Leif Nørgaard, CML12CML ApS, North Finance). At same time secondaries was sold from MapsPeople DK Holding ApS to a series 57 58 of new investors at DKK 225.12 per share. 58 59 6) Proportional share split 1:50 59 60 60 61 61

Prospectus – MapsPeople A/S | 90 Selected financial information

13. Selected financial information

V H 1 MapsPeople’s financial performance for the MapsPeople’s audited financial reports have 1 2 financial years of 2019 and 2020 is presented been prepared for the purpose of this 2 3 below. This information is based on the Prospectus in accordance with IFRS as required 3 4 Company’s audited financial reports. for admission to trading on Nasdaq First North 4 5 MapsPeople’s annual reports have been audited Premier Growth Market. Previous annual 5 6 by Deloitte. reports followed the Danish Financial 6 7 Statements Act for enterprises in reporting class 7 8 B. MapsPeople’s annual reports for 2019 8 9 (accounting principles based on local 9 10 Årsregnskabsloven) and 2020 (accounting 10 11 principles based on IFRS) are available on the 11 12 Company’s website at: 12 13 https://www.investors.mapspeople.com 13 14 14 15 15 16 16 17 Profit and loss statement for MapsPeople A/S 17 18 18 19 DKK ‘000 2020 2019 19 20 20 Audited Audited 21 21 22 22 23 Revenue 25,000 20,001 23 24 Cost of sales (441) 1,830 24 25 25 Gross profit 24,559 26 21,831 26 27 27 28 Other external expenses (9,807) (9,010) 28 29 Staff expenses (26,187) (27,393) 29 30 30 Other operating income 1,853 0 31 31 32 Depreciation, amortization and impairment (2,513) (1,998) 32 33 Profit/loss before net financials (12,095) (16,570) 33 34 34 35 35 Financial income 17 95 36 36 37 Financial expenses (3,796) (3,714) 37 38 Profit/loss before tax (15,874) (20,189) 38 39 39 40 40 Income tax expense 2,637 2,437 41 41 42 Profit/loss for the year (13,237) (17,752) 42 43 43 44 44 45 45 46 46

Prospectus – MapsPeople A/S | 91 Selected financial information

V H 1 1 Balance sheet for MapsPeople A/S 2 2 3 3 4 DKK ‘000 2020 2019 4 5 Audited Audited 5 6 6 7 Assets 7 8 Intangible assets 21,961 15,181 8 9 Property, plant and equipment 1,492 1,479 9 10 Contract costs 3,013 1,287 10 11 11 12 Right-of-use assets 3,976 3,248 12 13 Deposits 659 396 13 14 Deferred tax assets 3,150 2,720 14 15 Total non-current assets 34,251 24,311 15 16 16 17 17 18 Trade receivables 16,785 11,533 18 19 Contract assets 0 38 19 20 Contract costs 950 626 20 21 21 Income tax receivables 2,313 1,881 22 22 23 Receivable from affiliated companies 2 44 23 24 Other receivables 465 420 24 25 Prepayments 1,135 5,646 25 26 26 Cash 15,064 3,840 27 27 28 Total current assets 36,714 24,028 28 29 29 30 Total assets 70,965 48,339 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 92 Selected financial information

V H 1 1 Balance sheet for MapsPeople A/S 2 2 3 3 4 DKK ‘000 2020 2019 4 5 Audited Audited 5 6 6 7 Equity and liabilities 7 8 Share capital 840 652 8 9 Retained earnings 409 (27,350) 9 10 Translation reserves 0 0 10 11 11 12 Total equity 1,249 (26,698) 12 13 13 14 Other provisions 0 63 14 15 Interest bearing liabilities 15,375 14,927 15 16 16 Lease liabilities 3,117 2,678 17 17 18 Other payables 2,913 4,216 18 19 Total non-current liabilities 21,405 21,884 19 20 20 21 21 Interest bearing liabilities 2,477 9,437 22 22 23 Contract liabilities 27,999 24,005 23 24 Lease liabilities 974 635 24 25 Trade payables 9,874 12,775 25 26 26 Payables to affiliated companies 150 155 27 27 28 Other payables 6,837 6,146 28 29 Total current liabilities 48,311 53,153 29 30 30 31 31 Total liabilities 69,716 75,037 32 32 33 33 34 Total equity and liabilities 70,965 48,339 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 93 Selected financial information

V H 1 1 Cash flow statement for MapsPeople A/S 2 2 3 3 4 DKK ‘000 2020 2019 4 5 Audited Audited 5 6 6 7 7 8 Operating profit/loss (12,096) (16,569) 8 9 Depreciation, amortization and impairment 2,513 1,998 9 10 Share based payment expense 328 408 10 11 11 12 Change in provisions (63) 63 12 13 Change in working capital (2,280) 12,998 13 14 Financial income received 17 95 14 15 Financial expenses paid (1,654) (1,227) 15 16 16 Income taxes refunded/(paid) 1,776 1,465 17 17 18 Cash flow from operating activities (11,459) (769) 18 19 19 20 Investments in intangible assets (7,626) (7,475) 20 21 21 Investments in property plant and equipment (758) (603) 22 22 23 Deposits (263) (126) 23 24 Cash flow from investing activities (8,647) (8,112) 24 25 25 26 26 Proceeds from borrowings 7,328 14,871 27 27 28 Repayment of loans (125) (125) 28 29 Payment of principal portion of lease liabilities (828) (598) 29 30 Capital increase 24,956 0 30 31 31 Cash flow from financing activities 31,331 14,148 32 32 33 33 34 Change in cash and cash equivalents 34 35 Cash, 1 January 3,840 (1,334) 35 36 36 Net cash flow 11,224 5,174 37 37 38 Cash, 31 December 15,064 3,840 38 39 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 94 Comments on selected financial information

14. Comments on selected financial information

V H 1 The following section describes the 14.1.3 Staff expenses 1 2 development in the major financial items 2 3 between FY2019 and FY2020 in order to provide Staff expenses decreased from DKK 27.4m in 3 4 an overview of the Company’s financial position FY2019 to DKK 26.2m in FY2020. The decrease in 4 5 and general financial trend. 2020 is positively impacted by change to IFRS in 5 6 regard to sales commissions Ultimo 2019 6 7 Please note that only selected financial items MapsPeople had 55 employees, and ultimo 7 8 have been commented in this section. For a full 2020, MapsPeople had 65 employees. 8 9 overview of MapsPeople’s financial statements, 9 10 please see section 13 of this Prospectus. For 14.1.4 Other operating income 10 11 details on capitalization and indebtedness, 11 12 please see section 15. In 2020, MapsPeople received assistance from 12 13 the Danish and US government for a total 13 14 14.1 PROFIT AND LOSS STATEMENT amount of DKK 1.9m as a result of COVID-19’s 14 15 adverse impact on the MapsPeople business. 15 16 14.1.1 Revenue 16 17 14.2 BALANCE SHEET – LIABILITIES 17 18 MapsPeople’s revenue increased by 25% from 18 19 FY2019 to FY20200, amounting to total revenue 14.2.1 Retained earnings 19 20 for FY2020 of DKK 25.0m. In light of COVID-19’s 20 21 adverse impact, management views this as The change in retained earnings is due to a 21 22 satisfactory. Historically, MapsPeople has capital raise and Vækstfonden converting a 22 23 received 20% of the Google Maps revenue while convertible loan to equity. 23 24 Google has received 80%. Going forward 24 25 MapsPeople expects to receive 10% instead of 14.2.2 Contract liabilities 25 26 the historical 20%. Hence the Google Maps 26 27 revenue will decrease if the reduction Contract liabilities amounted to DKK 27.999m in 27 28 materializes. For more information on revenue 2020 and is the single largest item on the 28 29 recognition and ARR recognition, please see balance sheet. 29 30 section 10.5. 30 31 This item is mainly pre-paid Google Maps 31 32 14.1.2 Cost of sales contracts. For every Google contract amounting 32 33 to DKK 100, 80% of the DKK 100 has been cost 33 34 In 2019, MapsPeople had a positive cost of sales of using Google platform while only 20% has 34 35 of DKK 1.8m. The amount is related to historically been is recognized as revenue by 35 36 salesforce bonuses, and IFRS recognizes MapsPeople. Thus, the contract liabilities are 36 37 salesforce bonuses differently than local GAAP. largely inflated by Google contracts. Going 37 38 forward, MapsPeople will recognize 10% of the 38 39 When using local GAAP, MapsPeople expensed revenue. 39 40 salesforce bonuses when they were paid, but 40 41 with the IFRS transition, salesforce bonuses are 41 42 evenly distributed over the expected customer 42 43 lifetime. Thus, MapsPeople has previously 43 44 expensed salesforce bonuses as a salary cost 44 45 immediately while according to IFRS, it is 45 46 presented as a liability on the balance sheet, 46 causing a positive cost of sales of DKK 1.8m in 2019. Prospectus – MapsPeople A/S | 95 Capitalization, indebtedness and working capital

15. Capitalization, indebtedness and working capital

V H 1 15.1 CAPITALIZATION The Offering will provide the company with DKK 1 2 85m prior to IPO transaction costs. The Offering 2 3 As of 31 December 2021, total shareholder’s of DKK 85m prior to IPO transaction costs will 3 4 equity in MapsPeople A/S amounted to DKK provide MapsPeople with sufficient working 4 5 1.2m and interest-bearing debt amounted to capital for at least twelve months of planned 5 6 DKK 17.9m. activities after the first day of trading on Nasdaq 6 7 First North Premier Growth Market Denmark. 7 8 15.2 NET INDEBTEDNESS 8 9 In the event that the Offering is not completed, 9 10 As of 31 December 2020, the Company’s cash MapsPeople will have insufficient working 10 11 and cash equivalents amounted to DKK 15.1m capital by primo July 2021, with the current 11 12 whereas the Company’s debt amounted to DKK business plan focused on accelerated growth. If 12 13 17.9m. This corresponds to a net debt level of the Offering is not completed, MapsPeople will 13 14 DKK 2.8m. draw on existing credit facilities with Danske 14 15 Bank and Vækstfonden and change the current 15 16 15.3 WORKING CAPITAL STATEMENT business plan focused on accelerated growth to 16 17 a business plan focused on generating positive 17 18 It is the assessment of the Board of Directors cash flows by e.g. cutting marketing spend, 18 19 that MapsPeople will have insufficient working headcount, and reversible costs. MapsPeople 19 20 capital as per the date of this Prospectus for the expects the transition will require six months, 20 21 next twelve months with the current business and thus, MapsPeople will have sufficient 21 22 plan focusing on growth acceleration. The working capital by December 2021. 22 23 working capital need will be covered by the Consequently, MapsPeople will need working 23 24 issue of new shares in connection with the capital corresponding to an amount of DKK 14- 24 25 Offering. 16 million from July 2021 until December 2021. 25 26 MapsPeople are confident that stakeholders 26 27 and shareholders will provide the working 27 28 capital required for the period from July 2021 to 28 29 December 2021 through a capital injection. 29 30 30 31 31 Shareholder's Equity and Liabilities December 31, 2020 32 32 33 33 34 Equity DKK ‘000 34 35 Share capital 840 35 36 Reserve for development expenditures 409 36 37 Translation reserve 0 37 38 Shareholder's Equity 1,249 38 39 39 40 Interest-bearing debt 40 41 Interest bearing liabilities 17,852 41 42 Total interest-bearing debt 17,852 42 43 43 44 Cash and cash equivalents 44 45 Cash 15,064 45 46 46 Net interest-bearing debt 2,788

Prospectus – MapsPeople A/S | 96 Legal considerations and supplementary information

16. Legal considerations and supplementary information

V H 1 16.1 MATERIAL CONTRACTS Tranche 1 has been paid to MapsPeople on 17 1 2 December 2020. The loan including interests 2 3 16.1.1 Financial partners shall be repaid to Vækstfonden no later than on 3 4 1 October 2027. 4 5 Danske Bank A/S 5 6 16.1.2 Customers 6 7 MapsPeople has entered into a bank agreement 7 8 with Danske Bank A/S. MapsIndoors 8 9 9 10 The facility contains of an operating credit of No single customer is considered material to the 10 11 DKK 2,500,000 and a business loan of DKK Company. The 15 largest MapsIndoors 11 12 2,000,000. First priority floating company charge customers makes up approximately 40% of the 12 13 in MapsPeople A/S of DKK 10,000,000 is total subscription amount. 13 14 registered to Danske Bank A/S. 14 15 All subscription agreements are based on 15 16 Vækstfonden MapsPeople’s standard agreement. Payment 16 17 terms is 30 days. The term of the agreement is 17 18 MapsPeople has entered into two loan 12 months with automatic renewal. The 18 19 agreements with Vækstfonden (Danish Growth agreement may be terminated with minimum 3 19 20 Fund) in January 2019. The principal loan months’ notice to the end of a 12 month 20 21 amount of the loans is DKK 11,000,000. The loan subscription period. 21 22 including interests shall be paid to Vækstfonden 22 23 no later than on 1 July 2025. The terms of the customer agreements to some 23 24 extend may deviate from the terms of the 24 25 Furthermore, MapsPeople has entered into a standard subscription agreement. For example, 25 26 loan agreement with Vækstfonden in November in connection with negotiation of larger 26 27 2020. The principal loan amount of the loan is customer agreements, payment terms, 27 28 DKK 15,000,000 and will be available to duration/renewal or termination can be subject 28 29 MapsPeople in three tranches and will be to change. However, price structure is fixed, and 29 30 available upon request if performance targets is an annual license based on the total building 30 31 are met. square meters, vertical of the customer and 31 32 extra modules. 32 33 33 34 For 82% of the customers the payment terms is 34 35 14 days. The payment terms of the remaining 35 36 18% of the customers is varying from net 8 days 36 37 to net 90 days. 10% of the agreements has a 37 38 term longer than 12 months – typically 36 38 39 months. 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46

Prospectus – MapsPeople A/S | 97 Comments on selected financial information

V H 1 Some of the larger customers do not accept According to the Partner Agreement, 1 2 automatic renewal – however, MapsPeople MapsPeople sells Google Maps in EMEA and 2 3 experiences that in most cases the agreements North America. The price charged by Google to 3 4 are renewed. MapsPeople for any product is the price set 4 5 forth on the applicable price list less the 5 6 Some of the largest customers can terminate applicable discount set out in the Partner 6 7 their agreement with a shorter no-tice; 1 Program Guide. As a Premier Partner, 7 8 customer can terminate with 90 days’ notice to MapsPeople’s discount (gross profit) is 20% of 8 9 the beginning of a month and 2 customers can the total Google Maps revenue. The payment 9 10 terminate with 30 days and 10 days’ notice terms are 30 days net from the invoice date. 10 11 respectively at any given time. 11 12 The Partner Agreement runs from the effective 12 13 Google Maps date until terminated by either party. The 13 14 Partner Agreement can be terminated for 14 15 No single customer is considered material to the convenience on 90 days’ prior written notice to 15 16 Company. The 46 largest customers (20% of the the other party. In addition, either party may 16 17 customers) makes up 80% of the total suspend performance or terminate this 17 18 subscription amount. Agreement immediately upon written in the 18 19 case of material breach, insolvency, liquidation 19 20 All subscription agreements are based on etc. 20 21 MapsPeople’s standard agreements. The total 21 22 annual price is calculated based on the Licensee Google reserves the right to update the Partner 22 23 estimated usage information and according to Program Guide at any time. However, material 23 24 the Google Maps Platform Pricing changes to the Partner Program Guide will take 24 25 (https://cloud.google.com/maps- place upon 30 days’ written notice, e.g. changes 25 26 platform/pricing/sheet/). Monthly consumption to prices, program benefits or requirements. 26 27 is measured against 1/12 of the agreed total 27 28 annual price. Consumption is monitored The agreement is material to MapsPeople. 28 29 monthly and any additional usage will be MapsPeople will not be able to change its supply 29 30 charged on a quarterly basis. Any remaining without causing material effect to the business. 30 31 usage for current license year will be credited to 31 32 the following years’ plan. Payment terms is 30 If MapsPeople does not fulfil the Google 32 33 days. The term of the agreement is 12 months Premier Partnership targets, MapsPeople will 33 34 with automatic renewal. The agreement may be lose its Premier Partner status, and thus be 34 35 terminated by the customer (“Licensee”) with downgraded to a Google Licensed Partner. This 35 36 minimum 3 months’ notice to the end of a 12 will result in a decrease of the gross profit from 36 37 month subscription period. MapsPeople may 20% to 15% on the Google Maps revenue. 37 38 terminate the agreement at any time with 12 38 39 months’ written notice to the Licensee. 16.2 RELATED PARTY TRANSACTIONS 39 40 40 41 The terms of the agreements to some extend The Company’s related parties include the 41 42 may deviate from the terms of the standard Company’s Board of Directors, the Executive 42 43 subscription agreement. For example, in Management, the senior management, affiliates 43 44 connection with negotiation of larger customer to the said persons, and the Company’s Major 44 45 agreements, payment terms, duration/renewal Shareholders. Related parties also include 45 46 or termination can be subject to change. companies in which these persons and 46 47 However, price structure is always fixed. shareholders have significant influence. No 47 48 transactions between the Company and related 48 49 For 86% of the customers the payment terms is parties exists, except as stated in the following: 49 50 net 14 days. The payment terms of the 50 51 remaining 14% of the customers is varying from 16.2.1 Share pledge 51 52 net 8 days to net 90 days. 52 53 As a security for the loans from Vækstfonden, 53 54 16.1.3 Suppliers and partners MapsPeople DK Holding ApS has pledged its 54 55 23,758,150 shares in the Company to 55 56 Google Vækstfonden. Consequently, MapsPeople DK 56 57 Holding ApS is not entitled to pledge or in other 57 58 MapsPeople is a Google Premium Partner, and way dispose of the shares. However, voting 58 59 has entered into a Google Partner Agreement rights and the right to receive dividends remains 59 60 (the “Partner Agreement”) with Google Ireland with MapsPeople DK Holding ApS provided that 60 61 Limited. the pledge is not enforced by Vækstfonden. 61

Prospectus – MapsPeople A/S | 98 Comments on selected financial information

V H 1 16.2.2 Floating charge • Michael Gram Holding ApS, Shareholder in 1 2 Mapspeople DK Holding ApS 2 3 As a security for the loans from Vækstfonden • Christian Samsø Dohn, Board member 3 4 3rd priority floating company charge in • Lars H. Brammer, Chairman of the Board, 4 5 MapsPeople A/S of DKK 6,000,000 has been Owner of Computerware ApS 5 6 registered to Vækstfonden. • Computerware ApS, a company owned 100 6 7 % by Lars H. Brammer (Chairman of the 7 8 Secondary mortgage in the mortgage deed Board) 8 9 registered to the mortgagor (in Danish: • Plenum Consulting ApS, a company owned 9 10 Ejerpantebrev) of DKK 4,500,000 has been 100 % by Christian Samsø Dohn (Board 10 11 registered to Vækstfonden. Vækstfonden has member) 11 12 registered first priority in the mortgage deed • MJ Mapspeople Holding ApS, Shareholder in 12 13 registered to the mortgagor (in Danish: Mapspeople DK Holding ApS 13 14 Ejerpantebrev) of DKK 5,000,000 regarding • Jonas Nedergaard-Berntsen, President & 14 15 trademarks rights. CPO, indirect Shareholder in Mapspeople DK 15 16 Holding ApS 16 17 16.2.3 Guarantees 17 18 The guarantee issued by Michael Gram is 18 19 Danske Bank A/S limited to DKK 1,136,030. The guarantee issued 19 20 by Michael Gram Holding ApS is limited to DKK 20 21 The following related parties have issued 317,500. The guarantees issued by Christian 21 22 guarantees (in Danish: kautioner) to Danske Samsø Dohn, Lars H. Brammer, Computerware 22 23 Bank A/S for the payment of the loans: ApS and Plenum Consulting ApS are limited to 23 24 • Mapspeople DK Holding ApS, Shareholder DKK 375,000. The guarantee issued by MJ 24 25 • Michael Gram Holding ApS, indirect Mapspeople Holding ApS is limited to DKK 25 26 shareholder and shareholder in Mapspeople 1,432,500. The guarantee issued by Jonas 26 27 DK Holding ApS Nedergaard-Berntsen is limited to DKK 613,970. 27 28 28 29 The guarantee issued by Mapspeople DK The guarantee issued by Christian Samsø Dohn 29 30 Holding ApS is limited to DKK 2,000,000 and the is tertiary in relation to the subor-dinated 30 31 guarantee issued by Michael Gram Holding ApS guarantee issued by Plenum Consulting ApS. 31 32 is limited to DKK 500,000. 32 33 The guarantee issued by Jonas Nedergaard- 33 34 The following related party has issued a Berntsen is tertiary in relation to the 34 35 subordinated guarantee (in Danish: subordinated guarantee issued by MJ 35 36 efterkaution) to Danske Bank for Michael Gram Mapspeople Holding ApS. The guarantee issued 36 37 Holding ApS: by Lars H. Brammer is tertiary in relation to the 37 38 • Michael Gram, CEO, Owner of Michael Gram subordinated guarantee issued by 38 39 Holding ApS Computerware ApS. The guarantee issued by 39 40 Michael Gram is tertiary in relation to the 40 41 The guarantee issued by Michael Gram is subordinated guarantee issued by Michael 41 42 limited to DKK 500,000. Gram Holding ApS. 42 43 43 44 Vækstfonden 16.2.4 Performance and exit-agreement 44 45 45 46 The following related parties have issued Vækstfonden is entitled to a one-time 46 47 guarantees to Vækstfonden for the payment of performance bonus of DKK 600,000 if 47 48 the loans: MapsPeople reaches a performance target 48 49 • Mapspeople DK Holding ApS, Shareholder within a financial year during the loan period. 49 50 • MapsPeople Inc., American subsidiary owned The performance target is reached when 50 51 100 % by MapsPeople MapsPeople’s accumulated earnings measured 51 52 at EBTDA-level exceeds DKK 100,000,000 in 52 53 The guarantee issued by Mapspeople DK accordance with the latest audited annual 53 54 Holding ApS is limited to DKK 2,500,000 and the report. However, the performance bonus only 54 55 guarantee issued by MapsPeople Inc. is applies to the loan of DKK 6,000,000. 55 56 unlimited. 56 57 Vækstfonden is entitled to one or more “exit- 57 58 The following related parties have issued payments” for the loans of DKK 6,000,000 and 58 59 subordinated guarantees to Vækstfonden for DKK 15,000,000 corresponding to 5 % of the 59 60 the payment of the loan: increase in value of MapsPeople with a 60 61 • Michael Gram, CEO, Owner of Michael Gram maximum of 20 % of the loan amount of DKK 61 Holding ApS Prospectus – MapsPeople A/S | 99 Comments on selected financial information

V H 1 6,000,000 or DKK 15,000,000 in case of an “exit- The effective date is 1 May 2016. The sublease is 1 2 transaction” under the following circumstances: 1,060 squaremeters with an annual rent of DKK 2 3 810,480 excl. VAT. The total annual costs 3 4 • Direct or indirect transfer of at least 25 % of including shared costs, consumption etc. is 4 5 the shares in MapsPeople, approximately DKK 986,000 excl. VAT. 5 6 • Direct or indirect transfer of at least 25 % of MapsPeople can terminate the sublease with 6 6 7 the economic rights attached to shares in months’ notice to the end of a month. The 7 8 MapsPeople, sublease can be terminated by the sublessor 8 9 • Transfer of controlling interest in with 6 months’ notice to the end of a month. 9 10 MapsPeople, hereunder by agreement With respect to the sublessor the sublease is 10 11 between the shareholders, or non-terminable for first 5 years. Consequently, 11 12 • Transfer of assets (including shares in the sublease can be terminated by the 12 13 subsidiaries or associated companies) that sublessor with effect from the end October 13 14 are unusual in terms of the operation of 2021 at the earliest. 14 15 MapsPeople and where the value of the 15 16 transferred assets is more than 25 % of MapsPeople has rented 20 work stations at the 16 17 MapsPeople’s Equity Value on the time of NOHO co-working space in Copenhagen, 17 18 disbursement, and Flæsketorvet 26-28, 1711 København V. 18 19 • An increase of value in MapsPeople has been 19 20 determined based on the difference between 16.5 Legal and arbitration proceedings 20 21 a valuation of MapsPeople of DKK 21 22 125,000,000 (loan DKK 6,000,000) or DKK The Company has not been and currently is not 22 23 189,000,000 (loan DKK 15,000,000) based on involved in any legal or arbitration proceedings, 23 24 the market value (Equity Value) on the time which can significantly affect the Company’s 24 25 of disbursement and the value of position, including any such proceedings which 25 26 MapsPeople (Equity Value) on the time of are pending or threatening of which the 26 27 one of the transfers described above. Company is aware. 27 28 28 29 16.3 Patents, trademarks and other IPR 16.6 Bonus agreements with employees 29 30 30 31 MapsPeople has registered the trademark MapsPeople has entered into two bonus 31 32 “MapsIndoors” at the Danish Trademark agreements on 1 July 2018 with the employees 32 33 Register with registration number VR 2016 Rasmus Steenberg Andersen (“RSA”) and 33 34 00851. The trademark is registered within the Christian Frederiksen (“CF”) respectively. 34 35 trademark classes 09, 35, 39 and 42. According to the bonus agreements, the RSA 35 36 and CF are entitled to receive a one-time bonus 36 37 MapsPeople has filed an application for a in the event of a sale of the majority of the 37 38 European trademark for the word mark shares or activities in MapsPeople. The one-time 38 39 “MAPSPEOPLE” at the European Union bonus is equivalent to 3,5% (in the case of RSA) 39 40 Intellectual Property Office with application and 2,5% (in the case of CF) of the value of the 40 41 number 018365341. Application has been filed shares or activities in the company paid by a 41 42 within the trademark classes 9, 38 and 42. third party, however, the respective bonuses 42 43 Successful registration of the trademark will cannot exceed DKK 1,750,000/DKK 1,250,000. 43 44 provide MapsPeople with protections against 44 45 trademark infringements of the MapsPeople According to the terms of the agreements with 45 46 name within the EU. MapsPeople does not hold RSA and CF, the payment of the bonuses are 46 47 any registered trademarks outside of the EU. subject to their continuous employment at the 47 48 time of completion of a majority sale of the 48 49 Further, an trademark application with serial no. shares or activities in MapsPeople. The 49 50 90425702 has been filed at the U.S. Patent and definition of a sale of shares or activites 50 51 Trademark Office for the name MAPSPEOPLE pursuant to the bonus agreements does not 51 52 within the trademark classes 9 and 38. cover an IPO scenario. Consequently, RSA and 52 53 CF are not entitled to receive any bonus in 53 54 16.4 Real Estate connection with the Offering. Furthermore, RSA 54 55 and CF are not entitled to any bonus, if they 55 56 MapsPeople does not own any real estate. fully or partly exercise their warrants granted by 56 57 MapsPeople has entered into a sublease MapsPeople at the general meeting on 26 April 57 58 agreement with Wrist Ship Supply A/S, CVR no. 2021, as the bonus agreements – in case of any 58 59 19272796 (as sublessor) regarding MapsPeople’s exercise of the warrants – will cease 59 60 head office located at Stigsborgvej 60, 9400 immediately. 60 61 Nørresundby. 61

Prospectus – MapsPeople A/S | 100 Information concerning the Offer Shares

17. Information concerning the Offer Shares

V H 1 17.1 TYPE AND CLASS OF THE SHARES All Shares are registered in the name of the 1 2 holder in the Company’s register of 2 3 The Company only has one class of Shares. shareholders. The Company’s register of 3 4 An application has been submitted for the Offer shareholders is kept by VP Securities. 4 5 Shares together with the Existing Shares to be 5 6 admitted to trading on Nasdaq First Premier 17.4 CURRENCY 6 7 North Growth Market Denmark under the ISIN 7 8 DK0061549052. The Shares are denominated in DKK (Danish 8 9 Kroner). 9 10 17.2 GOVERNING LAW AND JURISDICTION 10 11 17.5 RIGHTS ATTACHED TO THE SHARES 11 12 The Shares are issued in accordance with 12 13 Danish law. The Prospectus has been drawn up 17.5.1 Dividend rights 13 14 as part of an EU Growth prospectus in 14 15 accordance with article 15 of Regulation (EU) Each Share entitles its holder to receive 15 16 2017/1129. Any disputes that may arise as a distributed dividends. 16 17 result of the Offering is subject to the exclusive 17 18 jurisdiction of the Danish courts. The Offer Shares will have the same rights and 18 19 rank pari passu with the Existing Shares, 19 20 17.3 REGISTRATION OF SHARES including in respect of eligibility to receive 20 21 dividends and participate in share buybacks. 21 22 The Offer Shares are dematerialized and Upon the issuance and registration of the Offer 22 23 registered in book entry form electronically with Shares to be issued by the Company pursuant 23 24 VP Securities, Weidekampsgade 14, DK-2300 to the Offering with the Danish Business 24 25 Copenhagen S, Denmark. All Shares are Authority, the Offer Shares will be entitled to 25 26 registered on account with account-holding receive dividends to the extent any dividends 26 27 banks in VP Securities. Investors that are not are declared and payable with respect to the 27 28 residents of Denmark may use a Danish bank Offer Shares. 28 29 directly or their own bank’s Danish 29 30 correspondent bank as their account-holding The Company’s dividends, if declared, are paid 30 31 bank. in Danish Kroner to the shareholder’s account 31 32 set up through VP Securities. No restrictions on 32 33 17.2.1 Tax considerations dividends or special procedures apply to 33 34 holders of Shares who are not residents of 34 35 Investors should be aware that tax legislation of Denmark. 35 36 the investor’s Member State and of the issuer’s The Company’s dividend policy is described in 36 37 country of incorporation may have an impact on section 5.6.4 Future dividends. Dividends not 37 38 the income received from the securities. claimed by shareholders will be forfeited in 38 39 Potential shareholders are advised to consult favor of the Company, normally after three 39 40 their tax advisors regarding the applicable years, under the general rules of Danish law on 40 41 taxation related to the Offering. statute of limitations. 41 42 42 43 43 44 44 45 45 46 46

Prospectus – MapsPeople A/S | 101 Information concerning the Offer Shares

V H 1 17.5.2 Voting rights 17.6 NEGOTIABILITY OF THE SHARES 1 2 2 3 The Offer Shares are issued with a nominal The Shares are negotiable instruments, and no 3 4 value of DKK 0.02 or multiples thereof. Each restriction under Danish law applies to the 4 5 Share gives the holder the right to one vote at transferability of the Shares. 5 6 General Meetings. No Major Shareholders have The Company’s articles of association do not 6 7 different voting rights. contain any transfer restrictions. 7 8 8 9 17.5.3 Pre-emption rights 17.7 RESOLUTIONS, AUTHORIZATIONS AND 9 10 APPROVALS OF THE OFFERING 10 11 Under Danish law, all shareholders have pre- 11 12 emptive subscription rights in connection with The decision to apply for the Offer Shares to be 12 13 capital increases effected as cash contributions. traded on Nasdaq First North Premier Growth 13 14 An increase in the share capital can be resolved Market Denmark and approval of this 14 15 by the shareholders at a General Meeting or by Prospectus has been made by the Board of 15 16 the Board of Directors pursuant to an Directors at a board meeting held on 6 May 16 17 authorization given by the shareholders. In 2021. First day of trading is expected to be 2 17 18 connection with an increase of the share capital, June 2021 under the condition that the 18 19 the shareholders may, by resolution at a distribution and free float requirements for the 19 20 General Meeting, approve deviations from the Company’s shares are met by the first day of 20 21 general Danish pre-emptive rights of the trading, at the latest. The Shares will be traded 21 22 shareholders. Under the Danish Companies Act, under the ticker MAPS and with the ISIN 22 23 such resolution must be adopted by the DK0061549052. 23 24 affirmative vote of shareholders holding at least 24 25 a two-third majority of the votes and the share 25 26 capital represented at a General Meeting. 26 27 Furthermore, it is a prerequisite that the capital 27 28 increase is subscribed for at market price, and if 28 29 less than market price such resolution must be 29 30 adopted by the affirmative vote of minimum 90 30 31 percent of the votes cast and the share capital 31 32 represented at a General Meeting and in some 32 33 cases by all shareholders. 33 34 34 35 17.5.4 Dissolution and liquidation 35 36 36 37 In the event of a dissolution and liquidation of 37 38 the Company, the shareholders will be entitled 38 39 to participate in the distribution of assets in 39 40 proportion to their nominal shareholdings after 40 41 payment of the Company’s creditors. 41 42 42 43 17.5.5 Redemption and conversion provision 43 44 44 45 Except as provided for in the Danish Companies 45 46 Act, no shareholders are under an obligation to 46 47 have his or her Shares redeemed in part or in 47 48 whole by the Company or any third party, and 48 49 none of the Shares carry any redemption or 49 50 conversion rights or any other special rights. 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 102 Terms and conditions of the Offering

18. Terms and conditions of the Offering

V H 1 18.1 EXPECTED TIMETABLE OF THE OFFERING 18.4 OFFER PERIOD 1 2 2 3 Timetable of the Offering The Offer Period begins on May 7, 2021 at 9:00 3 4 Date Event CET and ends at May 25, 2021 at 23:59 CET. 4 5 5 May 7, 2021 The Offer Period begins 6 9:00 (CET) 18.5 SUBMISSION OF APPLICATIONS TO 6 7 SUBSCRIBE 7 May 25, 2021 8 The Offer Period ends 8 9 23:59 (CET) Applications to subscribe for Offer Shares in the 9 10 Offering should be made either by submitting 10 May 27, 2021 Result of the Offering is announced 11 12:00 (CET) the application form enclosed in this Prospectus 11 12 to the investor’s own account-holding bank or 12 13 The Offering is complete, and the Offer by subscribing through e-banking if your 13 14 Shares have been settled. Registration custodian bank provides this, during the Offer 14 May 31, 2021 15 of the Shares with the Danish Business Period. Applications are binding and cannot be 15 16 Authority and VP Securities has been altered or canceled. Applications should be 16 finalized 17 made for the number of Offer Shares or for an 17 18 aggregate amount rounded to the nearest 18 19 The Shares have first day of trading on Danish Kroner amount. Only one application will 19 First North Premier Growth Market June 2, 2021 20 under permanent ISIN conditional on be accepted from each account in VP Securities. 20 21 final completion For orders to be accepted, the application form 21 22 must be submitted to the investor’s own 22 Temporary ISIN and permanent ISIN 23 June 3, 2021 account-holding bank in complete and executed 23 24 are merged in VP Securities form in due time to allow the investor’s own 24 25 account-holding bank to process and forward 25 26 the application to ensure that it is in the 26 27 18.2 TERMS OF THE OFFERING possession of Danske Bank no later than 23:59 27 28 Central European Time on May 25, 2021. 28 29 The Offering consists of a public offering to Subscription applications for amounts of more 29 30 retail and institutional investors in Denmark. than DKK 250,000 must include name and 30 31 The Company is offering 12,500,000 new shares, address of the subscriber. 31 32 corresponding to a subscription amount of DKK 32 33 85.0m. 33 34 34 35 18.3 SUBSCRIPTION UNDERTAKINGS 35 36 36 37 The Company has received irrevocable 37 38 subscription undertakings from Pre-subscribers 38 39 to subscribe for Offer Shares at the Offer Price 39 40 for a total of DKK 50m in share value 40 41 corresponding to 58.82% of the Offering. 41 42 42 43 43 44 44 45 45 46 46

Prospectus – MapsPeople A/S | 103 Terms and conditions of the Offering

V H 1 Pre-subscribers 18.5.1 Subscription using Nordnet 1 # of Subscription Investors 2 shares amount (DKK) 2 3 Persons who are account customer at Nordnet 3 BankInvest1) 4 3,926,469 26,699,989.20 AB may apply for the acquisition of shares 4 5 Væstfonden2) through Nordnet’s Online Service. Application 5 6 1,470,588 9,999,998.40 with Nordnet can be made until May 25, 2021 at 6 MapsPeople DK Holding 7 ApS3) 294,117 1,999,996.60 23:59 CET. Please note that applications through 7 8 Nordnet can be amended or withdrawn until 8 Christian Dohn Samsø4) 9 73,529 499,997.20 the end of the Offer Period. In order not to lose 9 10 Rasmus Mencke4) the right to allotment, account customers at 10 11 36,765 250,002.00 Nordnet are to have enough cash equivalents 11 12 Jannik Brouwers5) available at the account during the period from 12 36,765 250,002.00 13 23:59 CET on May 25, 2021 until the settlement 13 Jesper Winther5) 14 44,118 300,002.40 day, which is estimated to be May 31, 2021. 14 15 Mads Bjerre-Petersen6) More information regarding the application 15 16 53,193 361,712.40 process is available at www.nordnet.dk. 16 17 Uwe Jensen ApS6) 17 58,140 395,352.00 18 Provided that the Offering is completed, the 18 Jens Bager6) 19 164,547 1,118,919.60 Offer Shares will be allocated to investors 19 20 6) following the allocation plan described below. 20 Peter Körner Holding ApS 21 70,220 477,496.00 Customers who have applied for the acquisition 21 22 Østerlund Madsen Holding of shares through Nordnet’s Online Service will 22 ApS6) 22,707 154,407.60 23 receive the decision on the allotment of shares 23 North Finance ApS6) 24 147,880 1,005,584.00 by the delivery of the allotted shares to the 24 25 account designated by the customer. Payment 25 LG FINANS ApS6) 26 58,140 395,352.00 for the allotted shares will be charged 26 27 T. Tygesen Invest ApS6) simultaneously from the account designated by 27 41,134 279,711.20 28 the customer. This is estimated to take place 28 CTY INVEST ApS6) 29 41,134 279,711.20 May 31, 2021. 29 30 30 ApS af 14. November 20196) 31 41,134 279,711.20 18.6 ALLOCATION PLAN, REDUCTION OF PUR- 31 32 Apzalon Management ApS6) CHASES AND PRE-ALLOTMENT INFORMATION 32 33 32,631 221,890.80 33 CML12CML ApS6) 34 140,408 954,774.40 18.6.1 Subscriptions by Major Shareholders, 34 35 Board of Directors, and Executive Management 35 Hans Otto Koch6) 36 41,134 279,711.20 36 37 Leif Nørgaard6) The Major Shareholders, members of the Board 37 38 232,571 1,581,482.80 of Directors, or members of the Executive 38 Leif Jensen6) 39 140,408 954,774.40 Management participate in the Offering. 39 40 Jørgen Mensen Holding 40 41 ApS6) 82,268 559,422.40 Through MapsPeople DK Holding ApS, CEO 41 42 Rune Blæsbjerg6) Michael Gram, Chairman Lars Brammer, and 42 43 73,529 499,997.20 Board member Christian Samsø Dohn will 43 44 GOHR INVEST ApS6) subscribe for 294,117 shares. 44 29,412 200,001.60 45 45 Total 46 7,352,941 49,999,999.80 Through Vækstfonden, Board member, Lars 46 47 Rønn will subscribe for 1,470,588 shares. 47 48 1) BankInvest holds shares through Small Cap Danske Aktier 48 KL, Kapitalforeningen BankInvest Select and is considered 49 independent. Board member, Christian Samsø will subscribe 49 50 2) Vækstfonden is a major shareholder and Lars Rønn (partner for 73,529 shares. 50 51 at Vækstfonden) is a board member at MapsPeople A/S. 51 Vækstfonden is not considered independent from the 52 Company. Board member, Rasmus Mencke will subscribe 52 53 3) MapsPeople DK Holding ApS is owned by chairman Lars for 36,765 shares. 53 Brammer, board member Christian Samsø Dohn, CEO 54 Michael Gram, and CPO Jonas Berntsen and is not 54 55 considered independent of the company. 55 56 4) Pre-subscribers Christian Samsø Dohn and Rasmus Mencke 56 are board members at MapsPeople A/S and are not 57 considered independent of the Company. 57 58 5) Pre-subscribers Jannik Brouwers and Jesper Winther are part 58 59 of the Management Team and are not considered 59 independent of the Company. 60 6) Pre-subscribers are considered independent of the 60 61 Company. 61

Prospectus – MapsPeople A/S | 104 Terms and conditions of the Offering

V H 1 18.6.2 Pre-allotment information 18.7 MINIMUM AND/OR MAXIMUM 1 2 SUBSCRIPTION AMOUNTS 2 3 In the event that the total number of Offer 3 4 Shares applied for in the Offering exceeds the The minimum subscription amount is 555 Offer 4 5 number of Offer Shares, reduction will be made Shares of nominally DKK 0.02 equivalent to a 5 6 as follows: subscription order of DKK 3,774.00. No 6 7 maximum purchase amount applies to the 7 8 • with respect to applications for amounts of Offering. However, the number of shares is 8 9 up to and including DKK 250,000, reductions limited to the number of Offer Shares in the 9 10 will be made mathematically; and Offering. 10 11 11 12 • with respect to applications for amounts of 18.8 WITHDRAWAL OF THE OFFERING 12 13 more than DKK 250,000, individual 13 14 allocations will be made. Completion of the Offering is conditional upon 14 15 the Offering not being withdrawn. The Offering 15 16 Grant Thornton will allocate the Offer Shares may be withdrawn by the Company at any time 16 17 after agreement upon such allocations with the before the announcement of the result of the 17 18 Board of Directors. Offering take place. The Offering may also be 18 19 withdrawn if Nasdaq Copenhagen is not 19 20 • 7,352,941 Offer Shares will be allocated to satisfied that there will be a sufficient number of 20 21 the Pre-subscriber from whom the Company qualified shareholders of the Offer Shares or if 21 22 has received an irrevocable subscription conditions for free float are not satisfied. Any 22 23 undertaking for a total of DKK 50 million. withdrawal of the Offering will be announced 23 24 immediately through Nasdaq First North 24 25 Following the expiration of the Offer Period, Premier Growth Market. The Offering may be 25 26 investors will normally receive a statement withdrawn if there are insufficient subscribers 26 27 indicating the number of Offer Shares allocated, for the Offer Shares. 27 28 if any, and the equivalent value at the Offer 28 29 Price, unless otherwise agreed between the 18.9 INVESTORS’ WITHDRAWAL RIGHTS 29 30 investor and the relevant account-holding bank. 30 31 Orders may not result in an allocation of Offer In the event that the Company is required to 31 32 Shares. publish an amendment to this Prospectus or 32 33 amend the Offer Price, between the date of 33 34 If the total application in the Offering exceeds publication of this Prospectus and the close of 34 35 the number of Offer Shares, a reduction will be the Offer Period at 23:59 CET on May 25, 2021, 35 36 made. In such event, Grant Thornton reserves the Company will make an announcement via 36 37 the right to require documentation to verify that First North Premier Growth Market and publish 37 38 each application relates to a single account in VP an amendment to this Prospectus with an 38 39 Securities. updated timetable for completion of the 39 40 Offering. Investors, including pre-subscribers, 40 41 Further, Grant Thornton reserve the right to who have submitted orders to subscribe Offer 41 42 require documentation to verify the authenticity Shares in the Offering shall have two trading 42 43 of all orders, to demand the name of each days following the publication of the relevant 43 44 subscriber, to pass on such information to the amendment within which the investors can 44 45 Company, and to make individual allocations if withdraw their offer to subscribe Offer Shares in 45 46 there are several orders that are determined to the Offering in its entirety. The Offer Period will 46 47 have originated from the same purchaser. To only be extended if the announcement 47 48 the extent several orders are determined to containing significant information is published 48 49 have originated from the same purchaser, only later than two trading days before the end of 49 50 the largest order in Danish Kroner will be taken the Offer Period. 50 51 into consideration, and all other others will be 51 52 rejected. Should the investor not withdraw the 52 53 application within two trading days after 53 54 Upon completion of the Offering, the publication of the price amendment, the 54 55 Company’s share capital will be DKK 1,089,516 submitted subscription application for the 55 56 divided into 54,475,800 Shares with a nominal specified number of Offer Shares is binding with 56 57 value of DKK 0.02 each. the new offer price, given such an offer price 57 58 has been specified. If the submitted 58 59 subscription application instead specifies an 59 60 order amount, the order is binding at the 60 61 specified amount with a new number of Offer 61

Prospectus – MapsPeople A/S | 105 Terms and conditions of the Offering

V H 1 Shares adjusted for the new offer price, 18.12 PRICING 1 2 rounded down to the nearest number of Offer 2 3 Shares. The Board of Directors has specified the 3 4 Company’s valuation based on a comprehensive 4 5 The right to withdraw an application to relative valuation methodology with 5 6 subscribe Offer Shares in the Offering in these consideration of the current market sentiment, 6 7 circumstances will be available to all investors in the Company’s growth and risk profile, the 7 8 the Offering provided the obligation to publish Company’s future cash flow generation, and the 8 9 an amendment to this Prospectus was triggered Board of Directors’ and the Executive 9 10 before completion of the Offer Period and Management’s expectations for future growth 10 11 provided no Offer Shares have been delivered. opportunities. 11 12 12 13 18.10 PAYMENT AND REGISTRATION OF THE The Offer Price for the Offer Shares is fixed at 13 14 OFFER SHARES DKK 6.80 per share and is determined by the 14 15 above-mentioned valuation. 15 16 The Shares are dematerialized and will be 16 17 registered in book entry form electronically with 18.13 UNDERWRITING AND SETTLEMENT 17 18 VP Securities, Weidekampsgade 14, DK-2300 18 19 Copenhagen S, Denmark. All Shares are The Offering is not subject to any underwriting 19 20 registered on accounts with account-holding agreements. 20 21 banks in VP Securities. Investors that are not 21 22 residents of Denmark may use a Danish bank The Company has chosen Danske Bank to be 22 23 directly or their own bank’s Danish the settlement agent for the Offering. The 23 24 correspondent bank as their account-holding settlement agreement between Danske Bank 24 25 bank. and the Company has certain conditions for 25 26 which the Company deems to be standard 26 27 Payment for and settlement of the Offer Shares practice. In the event that one or more of these 27 28 are expected to take place on May 31, 2021 (i.e. conditions are not fulfilled up until the 28 29 the Closing Date), against payment in publication of the Offering, the Company may 29 30 immediately available funds in Danish Kroner in choose to withdraw from the Offering. 30 31 book entry form to investors’ accounts with VP 31 32 Securities. The Offer Shares will be issued to 18.14 ADMISSION TO TRADING 32 33 investors following registration of the capital 33 34 increase with the Danish Business Authority on The Shares are expected to be admitted to 34 35 the Closing Date. trading on Nasdaq First North Premier Growth 35 36 Market. The admission, as well as the continued 36 37 The account-holding bank will normally send a admission to trading on Nasdaq First North 37 38 statement to the name and address registered Premier Growth Market Denmark, are subject to 38 39 in VP Securities showing the number of Offer all admission requirements set forth by First 39 40 Shares purchased or subscribed for by the North Premier Growth Market, for the 40 41 investor unless otherwise agreed between the Company’s Shares are met before the first day 41 42 investor and the relevant account-holding bank. of trading. 42 43 This statement also constitutes evidence of the 43 44 investor’s holding. First North Premier Growth Market is a 44 45 multilateral trading platform owned by Nasdaq 45 46 All Shares are registered in the name of the and does not have the same legal status as a 46 47 holder in the Company’s register of regulated market. Companies trading on 47 48 shareholders. The Company’s register of Nasdaq First North Premier Growth Market are 48 49 shareholders is kept by VP Investor Services. regulated by a different regulatory framework 49 50 that do not have the same legal requirements 50 51 All dealings in the Offer Shares prior to for trading as the regulated market. However, 51 52 settlement of the Offering will be for the on both the regulated market and Nasdaq First 52 53 account of and at the sole risk of the parties North Premier Growth Market, the Market 53 54 involved. Abuse Regulation applies. Investing in a 54 55 company listed on Nasdaq First North Premier 55 56 18.11 PUBLICATION OF THE RESULT OF THE Growth Market includes more risk than 56 57 OFFERING investing in a public listed company on a 57 58 regulated market, and investors risk losing part 58 59 The result of the Offering will be announced or all of the investment. 59 60 through First North Premier Growth Market on 60 61 May 27, 2021, at 12:00 CET 61

Prospectus – MapsPeople A/S | 106 Terms and conditions of the Offering

V H 1 18.15 LOCK-UP AGREEMENTS 18.16 DILUTION 1 2 2 3 In connection with the Offering, MapsPeople DK The Existing Shares will be diluted by the issue 3 4 Holding ApS and Vækstfonden have agreed to of 12,500,000 Offer Shares in the Offering 4 5 enter into lock-up agreements, obligating corresponding to a total nominal value of DKK 5 6 MapsPeople DK Holding ApS and Vækstfonden 1,089,516. Following the completion of the 6 7 to not sell, offer for sale, enter into any Offering, the Existing Shares will make up 7 8 agreement regarding the sale of, pledge, or in 77.05% of the Company’s total share capital. 8 9 any other way directly or indirectly transfer the 9 10 Existing Shares or votes in the Company without 18.17 COSTS RELATED TO THE OFFERING 10 11 the prior written consent of the Company’s 11 12 Certified Adviser (the “Lock-Up Obligation”). The Company’s costs associated with the 12 13 admission to trading on Nasdaq First North 13 14 The Lock-Up Obligation shall apply from the first Premier Growth Market Denmark and the 14 15 day of trading and for a period until after the Offering are expected to amount to approx. 15 16 publication of the Company’s half-year financial DKK 7m. Such costs primarily relate to costs for 16 17 report regarding the first half-year of 2022, auditors, financial and legal advisors, Nasdaq 17 18 which covers the financial period 1 January 2022 Copenhagen A/S operating First North Premier 18 19 – 30 June 2022 (the “Initial Lock-Up Obligation”). Growth Market, and design, printing, and 19 20 After expiry of the Initial Lock-Up Obligation, the distribution of this Prospectus as well as costs 20 21 Existing Shares are released from the Lock-Up related to Management presentations and 21 22 Obligation in five instalments of equal size. handling fees of 0.25% of the value of allocated 22 23 Offer Shares, paid to account-holding banks. 23 24 The first installment is being released on the The gross proceeds from the issuance of Offer 24 25 date of the publication of the Company’s half- Shares is expected to amount to DKK 85.0m 25 26 year financial report regarding the first half-year before expenses connected with the Offering. 26 27 of 2022 so that the last instalment will be After payment of these expenses, the Company 27 28 released on the date of the publication of the will receive net proceeds of approx. DKK 78m. 28 29 Company’s half-year financial report regarding 29 30 the first half-year of 2023. Major Shareholders with lock-up agreement 30 31 31 32 The Lock-Up Obligation does not apply to Shareholder # of shares 32 33 Shares acquired in connection with the Offering, 33 MapsPeople DK Holding ApS1) 23,758,150 34 including Shares acquired during the pre- 34 35 subscription period or later. MJ MapsPeople Holding Aps (57.3%) 35 36 Michael Gram Holding ApS (14.5%) 36 37 37 DF KidCo ApS (14.1%) 38 38 39 Plenum Invest ApS (14.1%) 39 40 Vækstfonden 11,448,100 40 41 1) MapsPeople DK Holding ApS is owned by Chairman 41 42 Lars H. Brammer, board member Christian Samsø Dohn, 42 43 CEO Michael Gram and their close relatives. 43 44 44 45 45 46 46 47 Overview of shares released from lock-up 47 48 48 49 Shareholder MapsPeople DK Holding Vækstfonden 49 50 50 51 Release of Remaining Release of Remaining 51 Release date (date of publication of financial shares from shares under shares from shares under 52 / interim report) 52 53 lock-up lock-up lock-up lock-up 53 54 Half-year report – 2022 4,751,630 19,006,520 2,289,620 9,158,480 54 55 Quarterly report – Q3 2022 4,751,630 14,254,890 2,289,620 6,868,860 55 56 56 Annual report 2022 4,751,630 9,503,260 2,289,620 4,579,240 57 57 58 Quarterly report – Q1 2023 4,751,630 4,751,630 2,289,620 2,289,620 58 59 Half-year report – 2023 4,751,630 0 2,289,620 0 59 60 60 61 61

Prospectus – MapsPeople A/S | 107 Glossary

V H 1 1 2 19. Glossary 2 3 3 4 4 5 5 6 6 7 Abbreviation/Term Explanation 7 8 8 9 AI Artificial Intelligence 9 10 10 11 API Application Programming Interface 11 12 ARR Annual recurring revenue (measured as latest month’s MRR times 12) 12 13 13 B2B Business-to-business 14 14 Lars Rønn (Board Member), Lars H. Brammer (Chairman), Christian Samsø (Board 15 Board of Directors 15 16 Member) & Rasmus Mencke (Board Member) 16 17 CAC Customer Acquisition Cost 17 18 CAD Computer-aided design 18 19 19 CAGR Compound Annual Growth Rate 20 20 21 CLV Customer Lifetime Value 21 22 CRM Customer Relationship Management 22 23 23 24 CVC Corporate Venture Capital 24 25 Certified Adviser Grant Thornton (see below) 25 26 CMS Content Management System 26 27 27 28 Customer Customers and partners with a direct contractual relationship with MapsPeople. 28 29 CVR The registration number of a Danish business 29 30 DKKm Million Danish Kroner 30 31 31 32 EBITDA Earnings Before interest, Tax, Depreciation and Amortization 32 33 Customer using MapsIndoors with either an agreement directly with MapsPeople or 33 End-customer 34 with a partner with whom MapsPeople has entered into a partnership agreement. 34 35 EPO European Patent Office 35 36 36 ERP Enterprise Resource Planning 37 37 38 EUIPO European Union Intellectual Property Offices 38 39 Executive Management Michael Gram, CEO 39 40 40 41 FTE Full Time Equivalent 41 42 GDPR General Data Protection Regulation 42 43 GIS Geographic Information Systems 43 44 44 45 Grant Thornton Grant Thornton Statsautoriseret Revisionspartnerselskab, CVR no. 34209936 45 46 GSA Global Scaling Academy 46 47 IFRS International Financial Reporting Standard 47 48 48 49 IoT Internet of Things 49 50 IPO Initial Public Offering 50 51 51 ISIN International Securities Identification Number 52 52 53 LEI Legal Entity Identifier 53 54 MapsPeople DK Holding ApS and Vækstfonden (The persons and entities that, directly 54 Major Shareholders 55 or indirectly, owns 5% or more of the total shareholding in the Company) 55 56 Michael Gram (CEO), Rasmus Andersen (CIO), Jesper Winther (CTO), Jannik Brouwers 56 Management Team 57 (CCO), Jonas Berntsen (President & CPO– US) and Janni Rasmussen (CFO) 57 58 MRR Monthly recurring revenue 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 108 Glossary

V H 1 1 2 Abbreviation/Term Explanation 2 3 3 Nasdaq Copenhagen A/S, CVR no. 19042677. Operator of Nasdaq First North Premier 4 Nasdaq Copenhagen 4 5 Growth Market Premier Denmark 5 6 OEM Original Equipment Manufacturer 6 7 POI Point Of Interest 7 8 8 9 Prospectus This Prospectus 9 10 Prospectus Date 7 May 2021 10 11 SaaS Software-as-a-Service 11 12 12 13 SDG UN’s Sustainable development goals 13 14 SDK Software Development Kit 14 15 TAM Total Addressable Market 15 16 16 17 USDbn Billion US dollars 17 MapsPeople/The 18 MapsPeople A/S, CVR no: 84059528 18 19 Company 19 20 VAR Value-added resellers 20 21 VAT Value Added Tax (in danish: moms) 21 22 22 23 VP Securities VP SECURITIES A/S, CVR no. 21599336 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 109 Glossary

V H 1 19.1 ELABORATION OF SAAS BUSINESS 1 2 MODELS 2 3 Sales efficiency metrics are generally not 3 4 Although SaaS is explained as an acronym disclosed, but we can derive them from the 4 5 above, the notion of a SaaS business model and income statement, in particular the CAC. The 5 6 related terms deserve some additional lower the payback period, the faster a company 6 7 explanation. is able to scale sales and marketing to fuel 7 8 growth and profitability. Generally, a payback 8 9 Software-as-a-Service (SaaS) is an increasingly period of 24 months or shorter is considered 9 10 utilized business model. More than 50% of excellent. 10 11 enterprises run their operations based on this 11 12 model, and 38% of them work exclusively on a 12 13 SaaS platform15. 13 14 14 15 SaaS applications run in the cloud, and they are 15 16 often accessible both through a web interface 16 17 as well as through desktop and mobile apps (as 17 18 needed). This is also the case with MapsPeople’s 18 19 platform and generic business model. 19 20 20 21 For a recurring annual fee, also termed ARR, 21 22 people have a powerful online tool at their 22 23 disposal. SaaS companies benefit from the 23 24 recurring revenue and can roll out new products 24 25 and services as soon as they are ready. 25 26 26 27 From a business point of view, owning a SaaS 27 28 company through a recession is attractive for 28 29 several reasons: 29 30 30 31 1. Revenue is sticky. Software is so mission- 31 32 critical that revenue, therefore, is highly 32 33 predictable. 33 34 34 35 2. Growth tends to be consistent and durable. 35 36 Customers move slower than technology. 36 37 This means even when a technological trend 37 38 in the market becomes entirely known, it 38 39 will take a long time to fully manifest in the 39 40 market, and it will happen consistently. As 40 41 an example, SaaS companies such as 41 42 Salesforce were able to grow revenues 42 43 during and through the global financial 43 44 crisis. Sales cycles will likely lengthen in a 44 45 recession, but the secular trend will 45 46 continue. 46 47 47 48 3. Leverage is very low. Most companies trade 48 49 with a net cash balance and near or above 49 50 cash flow break-even. Investments in 50 51 growth are mostly OPEX and able to be 51 52 adjusted to market conditions. In addition, 52 53 cash is typically collected ahead of revenue 53 54 recognition. 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61 15: Devrix (2020) – What is a SaaS Business Model and How does it work? Prospectus – MapsPeople A/S | 110 Subscription form

V H 1 1 2 20. Subscription form 2 3 3 4 4 5 Subscription form – MapsPeople A/S 5 6 6 7 7 8 8 9 Subscription of Offer Shares in MapsPeople A/S, CVR no. 84059528 9 10 10 11 Offering of 12,500,000 Offer Shares of nominally DKK 0.02 each 11 12 12 13 13 14 14 15 15 16 Settlement agent: Danske Bank A/S, Holmens Kanal 2-12, 1092 Copenhagen K 16 17 17 18 Offer Period: May 7, 2021, 9:00 CET to May 25, 2021, 23:59 CET 18 19 19 20 Offer Price: 6.80 per Offer Share 20 21 21 22 Settlement: Delivery of shares in temporary ISIN against payment 22 23 23 24 Payment: Expected to take place May 31, 2021 24 25 25 26 ISIN: Temporary ISIN for the new shares: DK0061549136 26 27 Permanent ISIN for the Shares: DK0061549052 27 28 28 29 29 30 For the subscription to be accepted, it must be submitted to the investor’s own account-holding bank in 30 31 complete and executed form in due time to allow the investor’s own accounting holding bank to process 31 32 and forward the subscription to ensure that it is in the possession of Danske Bank no later than 23:59 CET 32 33 on May 25, 2021. 33 34 34 35 The Prospectus is dated 7 May 2021. The Prospectus is published on the Company’s and Nasdaq First North 35 36 Premier Growth Market Denmark’s website after Nasdaq First North Premier Growth Market Denmark’s 36 37 conditional approval of admission to trading of the Company’s Shares. The temporary ISIN will only be 37 38 registered in VP Securities for the purpose of subscribing for new shares and will not be applied to trading 38 39 on Nasdaq First North Premier Growth Market Denmark. Admission as well as continued admission to 39 40 trading on Nasdaq First North Growth Market Denmark is subject to all admission requirements for the 40 41 Company’s shares as described in section 2.3 set forth by Nasdaq First North Premier Growth Market 41 42 Denmark are met before the first day of trading. 42 43 43 A subscription shall as a minimum be for 555 Offer Shares equivalent to DKK 3,774.00 44 44 45 45 In the event that the total number of Offer Shares applied for in the Offering exceeds the number of Offer 46 Shares, allocation of shares will be reduced in accordance with section 18.6.2 “Pre-allotment information” in 46 47 the Prospectus. Submission of a subscription form during the Offer Period does not guarantee the 47 48 allocation of Offer Shares in full or in part. Pre-subscribed orders will be allocated in full. 48 49 49 50 Settlement of the Offering will be effectuated providing payment in Danish kroner. Payment is expected to 50 51 take place May 31, 2021. Any trading with the Offer Shares prior to the settlement is solely at the involved 51 52 parties’ own expense and risk. Settlement will occur in the Temporary ISIN. 52 53 53 54 On the terms and conditions stated in the Prospectus dated 7 May 2021, I/we hereby submit a subscription 54 55 to purchase Offer Shares in the Company and simultaneously confirm to have received a copy of the 55 56 Prospectus and that I/we have based the investment decision solely on the contents of the Prospectus. Only 56 57 one subscription form for each custody account with VP Securities A/S (VP) will be accepted. 57 58 58 59 I/we accept that Danske Bank A/S may demand information about my/our name, address, and order, and 59 60 are entitled to pass on such information to the Company, its Certified Adviser and the investor’s custody 60 bank. I/we hereby undertake to pay the equivalent of the Offer Shares allocated at the fixed Offer Price. 61 61

Prospectus – MapsPeople A/S | 111 Subscription form

V H 1 1 2 2 3 3 4 4 5 Subscription form – MapsPeople A/S 5 6 6 7 7 8 8 9 9

10 The undersigned hereby applies for subscription of the following number of shares OR order amount in DKK in MapsPeople A/S: 10 11 11 12 Number of Offer Shares (minimum 555) Order amount in DKK (minimum 3,774.00) 12 OR 13 13 14 14 15 15 16 Fill out where the allotted and paid for shares are to be delivered (fill out only one alternative): 16 17 17 18 VP custody account number Bank 18 19 19

20 Settlement account number Bank 20 21 21 22 22 23 23 24 24 25 Subscriber information: 25 26 26 Last name/Company First Name CPR no./CVR.no. 27 27 28 28 29 Street address (or equivalent) Telephone/mobile phone 29 30 30 31 31 32 Postal code City Country E-mail 32 33 33 34 Place and date Signature (authorized company signature, if applicable) 34 35 35 36 36 37 37 38 38 39 39 40 Fields below is only to be filled out when opening a new VP custody account: 40 41 41 42 Civil registration (CPR) number / Company registration (CVR) number 42 43 43

44 Name 44 45 45 46 46 47 Address 47 48 48 49 49 Postal code and city 50 50 51 51 52 Phone number 52 53 53 54 54 55 Position 55 56 56 57 Existing account number for settlement (if any) 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 112 Articles of association

21. Articles of association

V H 1 Adopted at the extraordinary general meeting of the Company on 26 April, 2021. 1 2 2 All appendices to the articles of association are available at MapsPeople’s website 3 3 https://https://www.investors.mapspeople.com// 4 4 5 5 6 VEDTÆGTER ARTICLES OF ASSOCIATION 6 7 7 8 for of 8 9 9 10 10 MapsPeople A/S MapsPeople A/S 11 11 12 (CVR-nr. 84 05 95 28) (CVR No. 84 05 95 28) 12 13 13 14 ---ooo0ooo------ooo0ooo--- 14 15 15 16 16 17 1. SELSKABETS NAVN OG FORMÅL 1. NAME AND OBJECT 17 18 1.1 Selskabets navn er MapsPeople A/S. 1.1 The name of the company is 18 19 19 MapsPeople A/S. 20 1.2 Selskabets formål er at drive virksomhed 20 21 med udvikling, produktion og salg af 1.2 The object of the company is to carry out 21 22 analoge og digitale business within development, 22 23 vejvisningsprodukter, samt hermed production and sale of analogue and 23 24 24 beslægtet virksomhed. digital navigation products, and activities 25 25 in connection thereto. 26 26 27 27 28 28 29 2. SELSKABETS KAPITAL 2. SHARE CAPITAL 29 30 2.1 Selskabets aktiekapital udgør nominelt 2.1 The nominal share capital of the 30 31 31 kr. 839.516. Aktiekapitalen er ikke fordelt company is DKK 839,516. The share 32 32 i aktieklasser. capital is not divided into share classes. 33 33 34 2.2 Aktiekapitalen er fordelt i aktier af kr. 2.2 The nominal share capital is divided into 34 35 0,02 eller multipla heraf. shares of DKK 0.02 or multiples thereof. 35 36 36 37 2.3 Aktiekapitalen er fuldt indbetalt. 2.3 The share capital has been paid up in 37 38 full. 38 39 39 2.4 Aktierne skal lyde på navn og skal 2.4 The shares shall be registered by name 40 40 41 noteres på navn i selskabets ejerbog. in the company’s register of 41 42 Ejerbogen føres af VP Securities A/S, shareholders. The register of 42 43 CVR-nr.: 21 59 93 36. shareholders is kept by VP Securities A/S, 43 44 CVR-no.: 21 59 93 36. 44 45 45 46 46

Prospectus – MapsPeople A/S | 113 Articles of association

V H 1 2.5 Aktierne er omsætningspapirer. Der 2.5 The shares are negotiable instruments. 1 2 gælder ingen indskrænkninger i aktiernes There are no restrictions on the 2 3 omsættelighed. negotiability of the shares. 3 4 4 5 2.6 Ingen aktier har særlige rettigheder. 2.6 No share shall have any special rights. No 5 6 Ingen aktionær er forpligtet til at lade shareholder shall be obliged to have 6 7 sine aktier indløse helt eller delvist af their shares redeemed fully or partially 7 8 selskabet eller tredjepart. by the company or third party. 8 9 9 10 2.7 Aktierne udstedes i papirløs form 2.7 The shares are issued in paperless form 10 11 gennem og registreres hos VP Securities and registered with VP Securities A/S, 11 12 A/S, CVR-nr.: 21 59 93 36. Udbytte CVR-no. 21 59 93 36. Dividends are paid 12 13 13 udbetales gennem VP Securities A/S. through VP Securities A/S. 14 14 15 2.8 Rettigheder vedrørende aktierne skal 2.8 Rights regarding the shares shall be 15 16 anmeldes til VP Securities A/S efter de reported to VP Securities A/S in 16 17 herom gældende regler. accordance with the applicable rules. 17 18 18 19 19 20 3. AUTHORISATION TO INCREASE THE 20 3. BEMYNDIGELSE TIL FORHØJELSE AF 21 KAPITALEN SHARE CAPITAL 21 22 22 23 23 3.1 Kapitalforhøjelse uden fortegningsret. 3.1 Capital increase without pre-emption 24 rights. 24 25 25 26 3.1.1 Aktiekapitalen kan ved bestyrelsens 3.1.1 Until 30 June 2021, the share capital 26 27 beslutning indtil den 30. juni 2021 ad én may, by resolution of the board of 27 28 eller flere gange udvides ved nytegning directors, be increased on one or more 28 29 29 med indtil nominelt kr. 250.000. occasions by way of subscription for 30 new shares of nominal value of up to 30 31 DKK 250,000. 31 32 - Forhøjelse kan ske ved kontant 32 33 indbetaling. - The increase can be made by cash 33 34 34 - Tegningen skal ske uden fortegningsret contribution. 35 for de eksisterende aktionærer. The subscription shall be without pre- 35 36 - 36 emption rights for the existing 37 37 38 - Aktierne skal udstedes til markedskurs. shareholders. 38 39 - The shares must be issued at market 39 40 - De nye aktier skal være price. 40 41 omsætningspapirer og skal have - The new shares shall be negotiable 41 42 samme rettigheder som selskabets instruments and have the same rights 42 43 eksisterende aktier. De nye aktier skal as the company's existing shares. The 43 44 44 noteres på navn. Der gælder ingen new shares shall be registered shares. 45 45 indskrænkninger i de nye aktiers There are no restrictions on the 46 46 47 omsættelighed. negotiability of the new shares. 47 48 48 49 49 Bestyrelsen træffer selv nærmere 50 - - The board of directors will resolve on 50 beslutning om de øvrige vilkår for 51 the other terms for the implementation 51 52 kapitalforhøjelsens gennemførelse. of the capital increase. 52 53 53 54 54 Aktiekapitalen kan ved bestyrelsens 55 3.1.2 3.1.2 Until 26 April 2026, the share capital 55 56 beslutning indtil den 26. april 2026 ad may, by resolution of the board of 56 57 én eller flere gange udvides ved directors, be increased on one or more 57 58 58 nytegning med indtil nominelt kr. occasions by way of subscription for 59 59 300.000. 60 new shares of nominal value of up to 60 61 DKK 300,000. 61

Prospectus – MapsPeople A/S | 114 Articles of association

V H 1 - Forhøjelsen kan ske såvel ved kontant - The increase may be carried out by cash 1 2 indbetaling som på anden måde contribution or otherwise, including by 2 3 herunder ved en kreditors konvertering a creditor's conversion of debt, or as full 3 4 af gæld, eller som helt eller delvist or partial consideration for the 4 5 vederlag for erhvervelse af en acquisition of an existing business or 5 6 6 bestående virksomhed eller bestemte certain asset values. 7 7 8 formueværdier. 8 9 - The subscription shall be without pre- 9 10 - Tegningen skal ske uden fortegningsret emption rights for the existing 10 11 for de eksisterende aktionærer. shareholders. The board of directors 11 12 Bestyrelsen kan beslutte at may resolve that the capital increase 12 13 kapitalforhøjelsen kun kan tegnes af én can only be subscribed by one or more 13 14 14 eller flere angivne investorer. named investors. 15 15 16 16 17 - Aktierne skal udstedes til markedskurs. - The shares must be issued at market 17 18 price. 18 19 - De nye aktier skal være - The new shares shall be negotiable 19 20 omsætningspapirer og skal have instruments and have the same rights 20 21 21 samme rettigheder som selskabets as the company's existing shares. The 22 22 eksisterende aktier. De nye aktier skal 23 new shares shall be registered shares. 23 24 noteres på navn. Der gælder ingen There are no restrictions on the 24 25 indskrænkninger i de nye aktiers negotiability of the new shares. 25 26 omsættelighed. 26 27 27 - The board of directors will resolve on 28 Bestyrelsen træffer selv nærmere the other terms for the implementation 28 29 - 29 beslutning om de øvrige vilkår for of the capital increase. 30 30 31 kapitalforhøjelsens gennemførelse. 31 32 32 33 33 34 3.1.3 Aktiekapitalen kan ved bestyrelsens 3.1.3 Until 26 April 2026, the share capital 34 35 beslutning indtil den 26. april 2026 ad may, by resolution of the board of 35 36 én eller flere gange udvides ved directors, be increased on one or more 36 37 nytegning med indtil nominelt kr. occasions by way of subscription for 37 38 50.000 i forbindelse med udstedelse af new shares of a nominal value of up to 38 DKK 50,000 in connection with an issue 39 aktier til Selskabets medarbejdere 39 40 of shares to the Company’s employees 40 og/eller medarbejdere i Selskabets 41 and/or employees in the Company’s 41 42 datterselskaber. subsidiaries. 42 43 43 44 - Forhøjelsen kan ske ved kontant - The increase may be carried out by cash 44 45 indbetaling. contribution. 45 46 Tegningen skal ske uden fortegningsret 46 - - The subscription shall be without pre- 47 for de eksisterende aktionærer. 47 48 emption rights for the existing 48 49 shareholders. 49 50 50 - Bestyrelsen fastsætter tegningskursen. 51 51 52 52 - The board of directors determines the 53 53 - De nye aktier skal være subscription price. 54 omsætningspapirer og skal have 54 55 The new shares shall be negotiable 55 samme rettigheder som selskabets - 56 instruments and have the same rights 56 eksisterende aktier. De nye aktier skal 57 as the company's existing shares. The 57 58 noteres på navn. Der gælder ingen 58 new shares shall be registered shares. 59 indskrænkninger i de nye aktiers 59 There are no restrictions on the 60 omsættelighed. 60 61 negotiability of the new shares. 61

Prospectus – MapsPeople A/S | 115 Articles of association

V H 1 - Bestyrelsen træffer selv nærmere - The board of directors will resolve on 1 2 beslutning om de øvrige vilkår for the other terms for the implementation 2 3 kapitalforhøjelsens gennemførelse. of the capital increase. 3 4 4 5 5 6 6 Aktiekapitalen kan ved bestyrelsens Until 26 April 2026, the share capital 7 3.1.4 3.1.4 7 8 beslutning indtil den 26. april 2026 ad may, by resolution of the board of di- 8 9 én eller flere gange udvides ved rectors, be increased on one or more 9 10 udstedelse af fondsandele med indtil occasions by way of issuance of bonus 10 11 nominelt kr. 50.000 i forbindelse med shares of a nominal value of up to DKK 11 12 udstedelse af aktier til Selskabets 50,000 in connection with an issue of 12 13 medarbejdere og/eller medarbejdere i shares to the Company’s employees 13 14 14 Selskabets datterselskaber. and/or employees in the Company’s 15 15 16 subsidiaries. 16 17 17 - Forhøjelsen kan ske ved udstedelse af - The increase may be carried out by 18 18 fondsandele. issuance of bonus shares. 19 19 20 20 - Udstedelsen skal ske uden - The issuance shall be without pre- 21 21 fortegningsret for de eksisterende emption rights for the existing 22 22 aktionærer. 23 shareholders. 23 24 24 - De nye aktier skal være 25 The new shares shall be negotiable 25 omsætningspapirer og skal have - 26 instruments and have the same rights 26 samme rettigheder som selskabets 27 as the company's existing shares. The 27 eksisterende aktier. De nye aktier skal 28 new shares shall be registered shares. 28 29 noteres på navn. Der gælder ingen 29 There are no restrictions on the 30 indskrænkninger i de nye aktiers 30 negotiability of the new shares. 31 omsættelighed. 31 32 32 33 33 34 34 - Bestyrelsen træffer selv nærmere - The board of directors will resolve on 35 beslutning om de øvrige vilkår for the other terms for the implementation 35 36 36 kapitalforhøjelsens gennemførelse. of the capital increase. 37 37 38 38 39 39 40 40 3.2 Kapitalforhøjelse med fortegningsret. 3.2 Capital increase subject to pre-emption 41 rights. 41 42 42 43 Until 26 April 2026, the share capital 43 3.2.1 Aktiekapitalen kan ved bestyrelsens 3.2.1 44 may, by resolution of the board of di- 44 45 beslutning indtil den 26. april 2026 ad 45 rectors, be increased on one or more 46 én eller flere gange udvides ved 46 occasions by way of subscription of new 47 nytegning med indtil nominelt kr. 47 48 150.000. shares of a nominal value of up to DKK 48 49 150,000. 49 50 The increase can be made by cash 50 Forhøjelsen kan ske ved kontant - 51 - contribution. 51 52 indbetaling. 52 53 The subscription shall be made with 53 Tegningen skal ske med fortegningsret - 54 - pre-emption rights for the existing 54 for de eksisterende aktionærer. 55 shareholders. 55 56 56 - Bestyrelsen fastsætter tegningskursen. 57 - The board of directors will determine 57 58 the subscription price. 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 116 Articles of association

V H 1 - De nye aktier skal være - The new shares shall be negotiable 1 2 omsætningspapirer og skal have instruments and have the same rights 2 3 samme rettigheder som selskabets as the company's existing shares. The 3 4 eksisterende aktier. De nye aktier skal new shares shall be registered shares. 4 5 noteres på navn. Der gælder ingen There are no restrictions on the 5 6 6 indskrænkninger i de nye aktiers negotiability of the new shares. 7 7 8 omsættelighed. 8 9 9 10 10 Bestyrelsen træffer selv nærmere - The board of directors will resolve on 11 - 11 the other terms for the implementation 12 beslutning om de øvrige vilkår for 12 13 kapitalforhøjelsens gennemførelse. of the capital increase. 13 14 14 15 15 16 3.3 Fælles bestemmelser 3.3 Common provisions 16 17 17 18 18 19 3.3.1 Den nominelle kapitalforhøjelse, som 3.3.1 The total nominal capital increase which 19 20 bestyrelsen kan træffe beslutning om i the board of directors may resolve in 20 21 medfør af punkt 3.1.2 og 3.2.1, kan accordance with section 3.1.2 and 3.2.1, 21 22 samlet ikke overstige nominelt kr. may not exceed a nominal value of DKK 22 23 23 300.000. 300,000. 24 24 Den nominelle kapitalforhøjelse, som 25 3.3.2 3.3.2 The total nominal capital increase which 25 26 bestyrelsen kan træffe beslutning om i the board of directors may resolve in 26 27 medfør af punkt 3.1.3, 3.1.4 og 4.3, kan accordance with section 3.1.3, 3.1.4 and 27 28 samlet ikke overstige nominelt kr. 4.3, may not exceed a nominal value of 28 29 29 100.000. DKK 100,000. 30 30 31 31 4. Warrants 4. Warrants 32 32 33 33 4.1 Den 15. december 2017 bemyndigede 4.1 On 15 December 2017, the general 34 generalforsamlingen bestyrelsen til at meeting authorised the board of di- 34 35 35 udstede 3.258.050 tegningsoptioner. En rectors to issue 250,000 warrants. One 36 36 37 tegningsoption giver ret til at tegne en warrant carry the right to subscribe for 37 38 kapitalandel à nominelt DKK 0,02. one share of nominally DKK 0.02. The 38 39 Tegningsoptioner kan kun udstedes til warrants can only be issued to the 39 40 selskabets bestyrelsesmedlemmer, company’s board members, the 40 41 direktionen og nøglemedarbejdere. executive management and key em- 41 42 Bemyndigelsen er gældende indtil 30. ployees. The authorisation is valid until 42 43 43 november 2022. Selskabets kapitalejere 30 November 2022. The shareholders of 44 44 45 har ikke fortegningsret til de udstedte the company shall have no pre-emption 45 46 tegningsoptioner eller til de rights to the issued warrants, nor shall 46 47 kapitalandele, der tegnes ved ud- they have pre-emption rights to the 47 48 nyttelse af de pågældende tegnings- shares that are subscribed for upon 48 49 optioner, jf. også vedtægternes be- exercise of the warrants, also in line 49 50 stemmelser herom. Udstedte teg- with the articles of association 50 51 51 ningsoptioner, der udløber uden at provisions on this matter. Issued 52 52 53 være udnyttet, eller som returneres til warrants, which lapse unexercised or 53 54 selskabet, kan blive udstedt eller brugt are returned to the company, can be 54 55 igen. reissued or reused. 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 117 Articles of association

V H 1 4.1 Den 14. februar 2018, 14. juni 2018, 21. 4.1 On 14 February 2018, 14 June 2018, 21 1 2 april 2020 og 1. december 2020 April 2020 and 1 December 2020 the 2 3 udnyttede bestyrelsen delvist sin board of directors partially exercised its 3 4 bemyndigelse ved at udstede warrants authority by issuing warrants for a 4 5 (tegningsoptioner) for samlet nominelt nominal value of DKK 54,325. 5 6 6 kr. 54.325. Bestyrelsens bemyndigelse Consequently, the authorization of the 7 7 8 til at udstede warrants er herefter board to issue warrants has been re- 8 9 reduceret til nominelt kr. 10.836. duced to a nominal value of DKK 10,836. 9 10 10 Den 15. december 2017 bemyndigede On 15 December 2017, the general 11 4.2 4.2 11 12 generalforsamlingen bestyrelsen til at meeting authorised the board of di- 12 13 foretage den dertil hørende kapi- rectors to carry out the related capital 13 14 talforhøjelse i tilfælde af udnyttelse af increase in the event of exercise of the 14 15 de udstedte tegningsoptioner. Med issued warrants. With reference to the 15 16 henvisning til selskabslovens § 155, stk. Companies Act, Section 155(3), it was – 16 17 3 blev det – i relation til bestyrelsens in relation to the board's authorization – 17 18 18 bemyndigelse – fremhævet: highlighted that: 19 19 20 20 21 - at bemyndigelsen er gældende indtil 30. - the authorization is valid until 30 No- 21 22 november 2022, vember 2022; 22 23 - at det højeste beløb, hvormed - the highest amount by which the share 23 24 selskabskapitalen skal kunne forhøjes capital can be increased is nominally 24 25 er nominelt DKK 65.161, DKK 65,161; 25 26 26 - at der ikke kan ske delvis indbetaling af - the payment of the new shares cannot 27 27 de nye kapitalandele, be done partly; 28 28 the pre-emptive rights to the new 29 - at fortegningsretten til de nye kapital- - 29 30 andele fraviges, jf. vedtægternes shares are waived in accordance with 30 31 bestemmelser herom, the provisions in the articles of 31 32 - at der skal gælde samme omsætte- association; 32 33 lighedsbegrænsninger for de nye - the same restrictions on transfer of 33 34 kapitalandele som for de eksisterende shares apply for the new shares as for 34 35 35 kapitalandele, jf. vedtægternes the existing shares in accordance with 36 36 the provisions in the articles of 37 bestemmelser herom, 37 38 - at de nye kapitalandele er association; 38 39 omsætningspapirer, og - the new shares are negotiable 39 40 - at de nye kapitalandele skal lyde på instruments; and 40 41 kapitalejerens navn og registreres i - the new shares shall be registered in 41 42 selskabets ejerbog. the name of the shareholders and be 42 43 registered in the shareholders’ register. 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 118 Articles of association

V H 1 4.3 Selskabet har på generalforsamlingen 4.3 At the annual general meeting on 26 1 2 den 26. april 2021 bemyndiget April 2021 the company authorised the 2 3 bestyrelsen til at træffe beslutning om board of directors to issue warrants 3 4 udstedelse af warrants (tegnings- (options) and to resolve on the related 4 5 optioner) samt til at træffe beslutning capital increase. The authority is valid 5 6 6 om den dertilhørende kapitalforhøjelse. until 26 April 2026 and includes a total 7 7 8 Bemyndigelsen er gældende frem til amount of up to a nominal value of DKK 8 9 den 26. april 2026 og omfatter et samlet 50,000. The following applies to the 9 10 beløb på op til nominelt kr. 50.000. For authority and the related capital 10 11 bemyndigelsen og forhøjelsen gælder i increase: 11 12 øvrigt følgende: 12 13 Bemyndigelsen kan udnyttes ad én eller 13 - The authorisation may be used at one 14 - flere gange. 14 15 or more occasions. 15 16 - Selskabets aktionærer skal ikke have 16 - The company's shareholders shall not 17 fortegningsret ved bestyrelsens 17 have pre-emption rights at the exercise 18 udnyttelse af denne bemyndigelse 18 of this authorisation by the board of 19 forudsat, at warrants udstedes til en 19 directors, provided that warrants are 20 tegnings- eller udnyttelseskurs, som 20 21 issued at a subscription or exercise 21 mindst svarer til markedskursen på 22 price that at least corresponds to the 22 tidspunktet for bestyrelsens beslutning. 23 market price at the time of the board's 23 De nærmere vilkår for udstedelse af 24 - decision. 24 25 warrants fastsættes af bestyrelsen – 25 - The terms for the issuance of warrants 26 herunder regler om udnyttelsesvilkår 26 are determined by the board of 27 for warrants, samt om modtageres 27 directors - including rules on the terms 28 retsstilling i tilfælde af kapitalforhøjelse, 28 of exercise of warrants, as well as the 29 kapitalnedsættelse, udstedelse af ny 29 30 recipients' legal position in the event of 30 warrants, udstedelse af konvertible 31 capital increase, capital reduction, 31 gældsbreve samt selskabets opløsning, 32 issuance of new warrants, issuance of 32 fusion eller spaltning – inden 33 convertible debt instruments and the 33 34 udnyttelsestidspunktet. 34 company's dissolution, merger or 35 Bestyrelsen kan efter de til enhver tid 35 - division - before the exercise date. 36 gældende regler i selskabsloven 36 The board of directors may in 37 genanvende eller genudstede - 37 38 accordance with the Danish Companies 38 eventuelle bortfaldne eller ikke 39 Act, reuse or reissue any expired or 39 udnyttede warrants, forudsat at 40 unexercised warrants, provided that the 40 genanvendelsen finder sted inden for 41 reuse takes place within the terms and 41 de vilkår og tidsmæssige 42 time limits set out in the above 42 43 begrænsninger, der fremgår af 43 authorisation. Reuse means the right of 44 ovennævnte bemyndigelse. Ved 44 the board to allow another party to 45 genanvendelse forstås adgangen for 45 46 enter into an already existing 46 bestyrelsen til at lade en anden 47 agreement on warrants. Reissue means 47 aftalepart indtræde i en allerede 48 the ability of the board of directors to 48 bestående aftale om warrants. Ved 49 reissue new warrants within the same 49 genudstedelse forstås bestyrelsens 50 authorisation if the warrants already 50 51 mulighed for indenfor samme 51 issued have lapsed. 52 bemyndigelse at genudstede nye 52 53 warrants, hvis de allerede udstedte 53 54 54 warrants er bortfaldet. 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 119 Articles of association

V H 1 - De ny aktier, der udstedes som følge af - The new shares issued as a result of this 1 2 denne bestemmelse, skal være provision shall be negotiable 2 3 omsætningspapirer og skal noteres på instruments and registered shares. 3 4 navn. Der findes ingen indskrænkninger There are no restrictions on the 4 5 i de nye aktiers omsættelighed. negotiability of the new shares. 5 6 6 - Bestyrelsen træffer selv nærmere - The board of directors determines the 7 7 bestemmelse om de øvrige vilkår for other terms for the implementation of 8 8 9 kapitalforhøjelsens gennemførelse the capital increase, including the timing 9 10 herunder om tidspunktet for of the rights to the new shares. 10 11 rettighedernes indtræden for de nye - The resolution of the board of directors 11 12 aktier. to issue warrants shall be included in 12 13 13 - Bestyrelsens beslutning om the articles of association. The board of 14 udstedelsen af warrants skal optages i directors is authorised to make the 14 15 15 vedtægterne. Bestyrelsen er related amendments to the articles of 16 16 association. 17 bemyndiget til at foretage de 17 18 dertilhørende fornødne 18 19 vedtægtsændringer. 19 20 4.4 Den 14. februar 2018 udnyttede be- 4.4 On 14 February 2018 the board of 20 21 styrelsen delvist sin bemyndigelse i directors partially exercised its 21 22 henhold til punkt 4.1 ved at udstede authorization in accordance with 22 23 23 2.027.550 tegningsoptioner (warrants), section 4.1 by issuing 2,027,550 24 24 warrants, each of which entitles the 25 der hver giver ret til at tegne en aktie af 25 26 nominelt kr. 0,02 i selskabet, uden holder to subscribe for a share of a 26 27 fortegningsret for selskabets øvrige nominal value of DKK 0.02 in the 27 28 aktionærer, samt vedtage den dertil- company, without pre-emption rights 28 29 hørende kapitalforhøjelse på følgende for the company's other shareholders, 29 30 vilkår: and to adopt the related capital 30 31 31 - Størstebeløbet af den kapitalforhøjelse, increase on the following terms: 32 32 som kan tegnes på baggrund af The maximum amount of the capital 33 - 33 increase that can be subscribed on the 34 warranterne er nominelt kr. 40.551. 34 35 - Tegningsfristen for nye aktier er senest basis of warrants is nominally DKK 35 36 kl. 16.00 den sidste dag i 40,551. 36 37 udnyttelsesperioden som defineret i - The subscription deadline for new 37 38 selskabets vilkår for tegningsoptioner. shares shall be 16:00 on the last day in 38 39 - Rettighederne til nye aktier indtræder the exercise period as defined in the 39 40 fra tidspunktet for kapitalforhøjelsens warrant terms of the company. 40 41 41 registrering hos Erhvervsstyrelsen. - The rights to new shares will accrue on 42 42 Ved udnyttelse af warranterne skal the registration time of the capital 43 - 43 44 tegningsbeløbet for aktierne indbetales increase at the Danish Business 44 45 til selskabet senest den sidste dag i Authority. 45 46 udnyttelsesperioden som defineret i - At the exercise of the warrants, the 46 47 selskabets vilkår for tegningsoptioner. subscription amount for the shares 47 48 shall be paid to the company no later on 48 49 the last day of the exercise period as 49 50 50 defined in the warrant terms of the 51 51 company. 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 120 Articles of association

V H 1 - Hver warrant giver ret til at tegne én - Each warrant will give the holder the 1 2 aktie á nominelt kr. 0,02 til en pris right to subscribe for one share of a 2 3 svarende til kr. 62,00 per aktie á nominal value of DKK 0.02 at a price 3 equal to DKK 62.00 per share of a 4 nominelt kr. 0,02. 4 5 nominal value of DKK 0.02. 5 6 - De anførte punkter i selskabslovens § - The items stated in section 169 (3) of 6 7 169, stk. 3, er reguleret i bilag 4.4 til the Danish Companies Act are reguated 7 in appendix 4.4 of the company’s 8 selskabets vedtægter. 8 9 articles of association. 9 10 10 11 11 Den 14. juni 2018 udnyttede besty- 4.5 On 14 June 2018 the board of directors 12 4.5 12 partially exercised its authorization in 13 relsen delvist sin bemyndigelse i 13 14 henhold til punkt 4.1 ved at udstede accordance with section 4.1 by issuing 14 15 325.800 tegningsoptioner (warrants), 6,516 warrants, each of which entitles 15 16 der hver giver ret til at tegne en aktie af the holder to subscribe for a share of a 16 17 nominelt kr. 0,02 i selskabet, uden nominal value of DKK 0.02 in the 17 18 fortegningsret for selskabets øvrige company, without pre-emption rights 18 19 19 aktionærer, samt vedtage den dertil- for the company's other shareholders, 20 20 and to adopt the related capital 21 hørende kapitalforhøjelse på følgende 21 increase on the following terms: 22 vilkår: 22 23 - Størstebeløbet af den kapitalforhøjelse, 23 - The maximum amount of the capital 24 som kan tegnes på baggrund af 24 increase that can be subscribed on the 25 waranterne er nominelt kr. 6.516. 25 26 basis of warrants is nominally DKK 26 Tegningsfristen for nye aktier er senest 27 - 6,516. 27 kl. 16.00 den sidste dag i 28 - The subscription deadline for new 28 udnyttelsesperioden som defineret i 29 shares shall be 16:00 on the last day in 29 selskabets vilkår for tegningsoptioner. 30 the exercise period as defined in the 30 31 Rettighederne til nye aktier indtræder 31 - warrant terms of the company. 32 fra tidspunktet for kapitalforhøjelsens 32 - The rights to new shares will accrue on 33 registrering hos Erhvervsstyrelsen. 33 34 the registration time of the capital 34 - Ved udnyttelse af warranterne skal 35 increase at the Danish Business Au- 35 tegningsbeløbet for aktierne indbetales 36 thority. 36 til selskabet senest den sidste dag i 37 - At the exercise of the warrants, the 37 udnyttelsesperioden som defineret i 38 subscription amount for the shares 38 selskabets vilkår for tegningsoptioner. 39 shall be paid to the company no later on 39 40 Hver warrant giver ret til at tegne én 40 - the last day of the exercise period as 41 aktie á nominelt kr. 0,02 til en pris 41 defined in the warrant terms of the 42 svarende til kr. 62,00 per aktie á 42 company. 43 nominelt kr. 0,02. 43 Each warrant will give the holder the 44 De anførte punkter i selskabslovens § - 44 45 - right to subscribe for one share of a 45 169, stk. 3, er reguleret i bilag 4.4 til 46 nominal value of DKK 0.02 at a price 46 selskabets vedtægter. 47 equal to DKK 62.00 per share of a 47 48 nominal value of DKK 0.02. 48 49 49 The items stated in section 169 (3) of 50 - 50 51 the Danish Companies Act are regulated 51 52 in appendix 4.4 of the company’s 52 53 articles of association. 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

Prospectus – MapsPeople A/S | 121 Articles of association

V H 1 4.6 Den 21. april 2020 udnyttede besty- 4.6 On 21 April 2020 the board of directors 1 2 relsen delvist sin bemyndigelse i partially exercised its authorization in 2 3 henhold til punkt 4.1 ved at udstede accordance with section 4.1 by issuing 3 4 200.000 tegningsoptioner (warrants), 200,000 warrants, each of which entitles 4 5 der hver giver ret til at tegne en aktie af the holder to subscribe for a share of a 5 6 6 nominelt kr. 0,02 i selskabet, uden nominal value of DKK 0.02 in the 7 7 8 fortegningsret for selskabets øvrige company, without pre-emption rights 8 9 aktionærer, samt vedtage den dertil- for the company's other shareholders, 9 10 hørende kapitalforhøjelse på følgende and to adopt the related capital 10 11 vilkår: increase on the following terms: 11 12 - Hver warrant giver ret til at tegne én - The maximum amount of the capital 12 13 aktie á nominelt kr. 0,02 til en pris increase that can be subscribed on the 13 14 svarende til kr. 4,50 per aktie á nominelt basis of warrants is nominally DKK 14 15 15 kr. 0,02. 4,000. 16 16 Størstebeløbet af den kapitalforhøjelse, The subscription deadline for new 17 - - 17 18 som kan tegnes på baggrund af shares shall be 16:00 on the last day in 18 19 waranterne er nominelt kr. 4.000. the exercise period as defined in the 19 20 - Tegningsfristen for nye aktier er senest warrant terms of the company. 20 21 kl. 16.00 den sidste dag i - The rights to new shares will accrue on 21 22 udnyttelsesperioden som defineret i the registration time of the capital 22 23 selskabets vilkår for tegningsoptioner. increase at the Danish Business Au- 23 24 24 Rettighederne til nye aktier indtræder thority. 25 - 25 fra tidspunktet for kapitalforhøjelsens At the exercise of the warrants, the 26 - 26 27 registrering hos Erhvervsstyrelsen. subscription amount for the shares 27 28 - Ved udnyttelse af warranterne skal shall be paid to the company no later on 28 29 tegningsbeløbet for aktierne indbetales the last day of the exercise period as 29 30 til selskabet senest den sidste dag i defined in the warrant terms of the 30 31 udnyttelsesperioden som defineret i company. 31 32 32 selskabets vilkår for tegningsoptioner. - Each warrant will give the holder the 33 33 De anførte punkter i selskabslovens § right to subscribe for one share of a 34 - 34 169, stk. 3, er reguleret i bilag 4.6 til 35 nominal value of DKK 0.02 at a price 35 36 selskabets vedtægter. equal to DKK 4.50 per share of a 36 37 nominal value of DKK 0.02. 37 38 - The items stated in section 169 (3) of 38 39 the Danish Companies Act are regulated 39 40 in appendix 4.6 of the company’s 40 41 articles of association. 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

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V H 1 4.7 Den 1. december 2020 udnyttede 4.7 On 1 December 2020 the board of 1 2 bestyrelsen delvist sin bemyndigelse i directors partially exercised its au- 2 3 henhold til punkt 4.1 ved at udstede thorization in accordance with section 3 4 162.900 tegningsoptioner (warrants), 4.1 by issuing 162,900 warrants, each of 4 5 der hver giver ret til at tegne en aktie af which entitles the holder to subscribe 5 6 6 nominelt kr. 0,002 i selskabet, uden for a share of a nominal value of DKK 7 7 8 fortegningsret for selskabets øvrige 0.02 in the company, without pre- 8 9 aktionærer, samt vedtage den dertil- emption rights for the company's other 9 10 hørende kapitalforhøjelse på følgende shareholders, and to adopt the related 10 11 vilkår: capital increase on the following terms: 11 12 - Størstebeløbet af den kapitalforhøjelse, - The maximum amount of the capital 12 13 som kan tegnes på baggrund af increase that can be subscribed on the 13 14 waranterne er nominelt kr. 3.258. basis of warrants is nominally DKK 14 15 15 Tegningsfristen for nye aktier er senest 3,258. 16 - 16 kl. 16.00 den sidste dag i The subscription deadline for new 17 - 17 18 udnyttelsesperioden som defineret i shares shall be 16:00 on the last day in 18 19 selskabets vilkår for tegningsoptioner. the exercise period as defined in the 19 20 - Rettighederne til nye aktier indtræder warrant terms of the company. 20 21 fra tidspunktet for kapitalforhøjelsens - The rights to new shares will accrue on 21 22 registrering hos Erhvervsstyrelsen. the registration time of the capital 22 23 23 - Ved udnyttelse af warranterne skal increase at the Danish Business 24 24 tegningsbeløbet for aktierne indbetales Authority. 25 25 til selskabet senest den sidste dag i At the exercise of the warrants, the 26 - 26 27 udnyttelsesperioden som defineret i subscription amount for the shares 27 28 selskabets vilkår for tegningsoptioner. shall be paid to the company no later on 28 29 - Hver warrant giver ret til at tegne én the last day of the exercise period as 29 30 aktie á nominelt kr. 0,02 til en pris defined in the warrant terms of the 30 31 svarende til kr. 5,79 per aktie á nominelt company. 31 32 32 kr. 0,02. - Each warrant will give the holder the 33 33 De anførte punkter i selskabslovens § right to subscribe for one share of a 34 - 34 169, stk. 3, er reguleret i bilag 4.6 til 35 nominal value of DKK 0.02 at a price 35 36 selskabets vedtægter equal to DKK 5.79 per share of a 36 37 nominal value of DKK 0.02. 37 38 - The items stated in section 169 (3) of 38 39 the Danish Companies Act are regulated 39 40 in appendix 4.6 of the company’s 40 41 articles of association. 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

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V H 1 4.8 Selskabet har på generalforsamlingen 4.8 At the general meeting on 26 April 2021, 1 2 den 26. april 2021 besluttet at udstede it was resolved to issue 2.716.250 2 3 2.716.250 warrants, der hver giver ret til warrants, each of which entitles the 3 4 at tegne en aktie af nominelt kr. 0,02 i holder to subscribe for a share of a 4 5 selskabet, uden fortegningsret for nominal value of DKK 0.02 in the 5 6 6 selskabets øvrige aktionærer samt company, without pre-emption rights 7 7 8 vedtaget den dertil hørende for the company's other shareholders, 8 9 kapitalforhøjelse på følgende vilkår: and to adopt the related capital 9 10 - Størstebeløbet af den kapitalforhøjelse, increase on the following terms: 10 11 som kan tegnes på baggrund af - The maximum amount of the capital 11 12 warrants, er nominelt kr. 54.325. increase that can be subscribed on the 12 13 - De nye aktier, som kan tegnes ved basis of warrants is nominally DKK 13 14 udnyttelsen af warranterne skal i 54,325. 14 15 15 enhver henseende være ligestillet med The new shares that can be subscribed 16 - 16 de øvrige aktier i selskabet i henhold til for through the exercise of the warrants 17 17 18 de ved tegningen gældende vedtægter shall in all respects rank equally with the 18 19 for selskabet. other shares in the company in 19 20 - Tegningsfristen for nye aktier er senest accordance with the articles of 20 21 kl. 16.00 den sidste dag i et association of the company applicable 21 22 udnyttelsesvindue som defineret i at the time of the subscription. 22 23 23 selskabets warrantvilkår. - The subscription deadline for new 24 24 Rettighederne til nye aktier indtræder shares is 16:00 (CET) on the last day in 25 - 25 ved tegningen af aktierne. 26 an exercise window as defined in the 26 27 - Ved udnyttelse af warranterne skal warrant terms of the company. 27 28 tegningsbeløbet for aktierne indbetales - The rights to new shares will accrue on 28 29 til selskabet senest den sidste dag i subscription of the shares. 29 30 udnyttelsesvinduet. - When exercising the warrants, the 30 31 - Hver warrant giver ret til at tegne aktier shareholder shall pay the subscription 31 32 i følgende antal og kurser: amount for the shares to the company 32 33 33 no later than on the last day of the 34 34 • 1.213.050 aktier á nominelt kr. 0,02 35 exercise window. 35 36 til en pris svarende til kr. 0,02 pr. - Each warrant will give the right to 36 37 aktie á nominelt kr. 0,02. subscribe for shares at the following 37 38 numbers and prices as set out below: 38 39 • 1.140.300 aktier á nominelt kr. 0,02 39 40 til en pris svarende til kr. 2,00 pr. • 1,213,050 shares of nominal DKK 40 41 aktie á nominelt kr. 0,02. 0.02 at a price equal to DKK 0.02 per 41 42 42 share of nominal DKK 0.02. 43 43 44 • 200.000 aktier á nominelt kr. 0,02 til 44 45 en pris svarende til kr. 4,50 pr. aktie á • 1,140,300 shares of nominal DKK 45 46 nominelt kr. 0,02. 0.02 at a price equal to DKK 2.00 per 46 47 share of nominal DKK 0.02. 47 48 • 162.900 aktier á nominelt kr. 0,02 til 48 49 en pris svarende til kr. 5,79 pr. aktie á • 200,000 shares of nominal DKK 0.02 49 50 50 nominelt kr. 0,02. at a price equal to DKK 4.50 per 51 51 52 share of nominal DKK 0.02. 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

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V H 1 • 162,900 shares of nominal DKK 0.02 1 2 at a price equal to DKK 5.79 per 2 3 share of nominal DKK 0.02. 3 The new shares shall be negotiable 4 - De nye aktier skal være omsætnings- - 4 instruments. 5 papirer. 5 The restrictions set out in the articles of 6 Der skal gælde de til enhver tid i - 6 - association from time to time shall 7 vedtægterne angivne indskrænkninger i 7 apply to the pre-emption rights 8 de nye aktiers fortegningsret ved 8 attaching to the new shares in future 9 fremtidige forhøjelser. 9 increases. 10 De nye aktier skal lyde på navn og 10 - The new shares shall be registered in 11 noteres i selskabets ejerbog. - 11 the name of the holder and registered 12 De nye aktier skal ikke have særlige 12 - in the company's register of 13 rettigheder ud over, hvad der til enhver 13 shareholders. 14 tid fremgår af vedtægterne. 14 The new shares shall not have any 15 Der skal gælde de i vedtægterne til - 15 - special rights other than what is stated 16 enhver tid gældende angivne 16 in the articles of association from time 17 indskrænkninger i de nye aktiers 17 to time. 18 omsættelighed. 18 The restrictions set out in the articles of 19 Øvrige vilkår, samt warrantmodtage- - 19 - association from time to time shall 20 rens retsstilling i tilfælde af 20 apply to the negotiability of the new 21 gennemførelse af kapitalforhøjelse, 21 shares. 22 kapitalnedsættelse, udstedelse af ny 22 Other terms and the legal position of 23 warrants, udstedelse af nye konvertible - 23 the warrant recipient in the event of 24 gældsbreve, opløsning, fusion eller 24 capital increase, capital reduction, 25 spaltning, inden modtageren har 25 issuance of new warrants, issuance of 26 udnyttet warranterne er fastsat i bilag 26 new convertible debt instruments, 27 4.8 til vedtægterne. 27 28 dissolution, merger or division before 28 29 the recipient has exercised the warrants 29 30 are set out in appendix 4.8 to the 30 31 articles of association. 31 5. GENERALFORSAMLING 32 5. GENERAL MEETING 32 33 Generalforsamlingen har den højeste 33 5.1 The general meeting is the highest 34 myndighed i alle selskabets anliggen- 5.1 34 authority regarding all the affairs of the 35 der. 35 36 company. 36 37 37 38 5.2 Generalforsamlinger afholdes på sel- 5.2 General meetings of the company shall 38 39 skabets hjemsted eller i Storkøbenhavn. be held at its registered office or in 39 40 metropolitan Copenhagen. 40 41 41 Ordinær generalforsamling afholdes 42 5.3 5.3 The annual general meeting shall be 42 43 hvert år i så god tid, at den reviderede held in time for the audited and ap- 43 44 44 og godkendte årsrapport og regnskab proved annual report to be submitted 45 45 kan indsendes til Erhvervsstyrelsen to and received by the Danish Business 46 inden udløbet af fristen i årsregn- 46 47 Authority within the filing deadline 47 skabsloven. Ekstraordinære general- 48 pursuant to the Danish Financial 48 49 forsamlinger skal afholdes, når besty- Statements Act. Extraordinary general 49 50 relsen eller en generalforsamlingsvalgt meetings must be held when required 50 51 revisor eller en aktionær, der ejer in writing by the board of directors or 51 52 52 minimum 5 % af aktiekapitalen, skriftligt an auditor elected by the general 53 53 forlanger det. Ekstraordinær meeting or a shareholder holding a 54 generalforsamling til behandling af et 54 55 minimum of 5% of the share capital. 55 bestemt emne indkaldes senest 2 uger 56 Extraordinary general meeting to ad- 56 57 efter, at det er forlangt. dress a specific topic shall be convened 57 58 no later than 2 weeks after a request 58 59 has been made. 59 60 60 61 61

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V H 1 5.4 Selskabets generalforsamlinger 5.4 The company's general meetings are 1 2 indkaldes af bestyrelsen med mindst 2 convened by the board of directors with 2 3 ugers og højst 4 ugers varsel via at least 2 weeks and a maximum of 4 3 4 selskabets hjemmeside samt ved e-mail weeks’ notice via the company's website 4 5 til alle i ejerbogen noterede aktionærer, and by email to all shareholders listed in 5 6 som har fremsat begæring herom. the register of shareholders, who have 6 7 requested notice by email. 7 8 8 9 5.5 Senest 2 uger før generalforsamlingen 5.5 No later than 2 weeks before the 9 10 skal dagsordenen og de fuldstændige general meeting, the agenda and 10 11 forslag, samt for den ordinære complete proposals, and for the annual 11 12 generalforsamlings vedkommende general meeting, the annual report as 12 13 tillige årsrapporten gøres tilgængelige well, must be made available to the 13 14 for aktionærerne på selskabets shareholders on the company’s website. 14 15 hjemmeside. 15 16 16 17 5.6 Generalforsamlingen ledes af en diri- 5.6 The general meeting shall be chaired by 17 18 gent, der udpeges af bestyrelsen. Di- a chairman elected by the board of 18 19 rigenten træffer beslutning vedrørende directors. The chairman makes decision 19 20 alle spørgsmål om behandlingsmåden on all questions regarding the process 20 21 og stemmeafgivelsen på general- and voting at the general meeting. 21 22 forsamlingen. 22 23 23 24 24 5.7 Enhver aktionær har ret til at få et 5.7 All shareholders are entitled to nomi- 25 bestemt emne behandlet på den or- nate specific issues for process at the 25 26 dinære generalforsamling. Begæring annual general meeting. Request must 26 27 herom skal fremsættes skriftligt senest be made in writing no later than 6 27 28 6 uger før generalforsamlingens weeks prior to the annual general 28 29 afholdelse. meeting. 29 30 30 31 5.8 Dagsordenen for den ordinære gene- 5.8 The agenda for the annual general 31 32 ralforsamling skal indeholde: meeting shall include: 32 33 1. Bestyrelsens beretning om selskabets 1. The board of directors’ report on the 33 34 virksomhed i det forløbne regnskabsår company’s activities during the past 34 35 35 2. Fremlæggelse af årsrapport med financial year 36 36 revisionspåtegning til godkendelse 2. Presentation of annual report with 37 37 38 3. Beslutning om anvendelse af the auditor’s report for approval 38 39 overskud eller dækning af underskud i 3. Resolution on distribution of profit or 39 40 henhold til den godkendte årsrapport covering of loss in accordance with the 40 41 4. Præsentation af og vejledende approved annual report 41 42 afstemning om vederlagsrapporten 4. Presentation of and indicative vote on 42 43 5. Valg af bestyrelse the remuneration report 43 44 5. Election of board of directors 44 45 6. Valg af revisor 45 46 7. Eventuelle forslag fra bestyrelsen 6. Election of auditor 46 47 og/eller aktionærerne 7. Any proposals from the board of 47 48 48 8. Eventuelt directors and/or shareholders 49 49 8. Any other business 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

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V H 1 5.9 En aktionærs ret til at deltage i en 5.9 A shareholder’s right to attend a gen- 1 2 generalforsamling og til at afgive eral meeting and to vote shall be de- 2 3 stemme fastsættes i forhold til de ak- termined by the shares held by the 3 4 tier, aktionæren besidder på registre- shareholder at the record date. The 4 5 ringsdatoen. Registreringsdatoen ligger record date is one week before the 5 6 6 en uge før generalforsamlingen. En general meeting. A shareholder's 7 7 8 aktionærs aktiebesiddelse og shareholding and voting rights are de- 8 9 stemmerettighed opgøres på regi- termined on the record date based on 9 10 streringsdatoen på baggrund af note- the shareholder's ownership in the 10 11 ring af aktionærens ejerforhold i ejer- register of shareholders as well as any 11 12 bogen samt eventuelle meddelelser om notice of ownership received by the 12 13 ejerforhold, som selskabet har company for inclusion in the register of 13 14 14 modtaget med henblik på indførsel i shareholders. 15 15 ejerbogen. 16 16 17 17 5.10 En aktionær, der er berettiget til at 5.10 A shareholder who is entitled to attend 18 18 deltage i generalforsamlingen i hen- the general meeting in accordance with 19 19 hold til ovenstående punkt, og som the section above and who wishes to 20 20 21 ønsker at deltage i generalforsamlin- attend the general meeting shall 21 22 gen, skal senest tre dage før general- request an admission card no later than 22 23 forsamlingens afholdelse anmode om three days before the general meeting. 23 24 adgangskort. 24 25 25 26 26 5.11 A shareholder can attend in person or 27 5.11 En aktionær kan møde personligt eller 27 by proxy. 28 ved fuldmagt. 28 29 29 30 Voting right can be exercised in 30 5.12 Stemmeret kan udøves i henhold til 5.12 31 accordance with written and dated 31 32 skriftlig og dateret fuldmagt i over- 32 power of attorney in accordance with 33 ensstemmelse med den til enhver tid 33 34 gældende lovgivning herom. applicable law. 34 35 35 36 5.13 A shareholder entitled to attend a 36 5.13 En aktionær, der er berettiget til at 37 general meeting are able to vote in 37 38 deltage i en generalforsamling, kan 38 writing by postal vote in accordance 39 stemme skriftligt ved brevstemme i 39 with the rules of the Danish Companies 40 overensstemmelse med selskabslovens 40 Act. Postal votes must be received no 41 regler herom. Brevstemmer skal være i 41 later than 10 am. two business days 42 hænde senest kl. 10, to hverdage før 42 43 before the general meeting. Postal 43 generalforsamlingen. Brevstemmer kan 44 votes cannot be revoked. 44 ikke tilbagekaldes. 45 5.14 At the general meeting, each amount of 45 46 share capital of DKK 0.02 shall carry one 46 47 5.14 På generalforsamlingen giver hvert 47 vote. 48 aktiebeløb på kr. 0,02 én stemme. 48 49 49 5.15 Resolutions on the general meeting 50 5.15 Beslutninger på generalforsamlingen 50 shall be decided by simple majority of 51 afgøres ved simpelt stemmeflertal, 51 votes, unless otherwise provided by law 52 medmindre andet følger af lovgivningen 52 53 or these articles of association. 53 eller disse vedtægter. 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

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V H 1 5.16 Beslutning om ændring af vedtægterne 5.16 Resolution to amend the articles of 1 2 kan kun træffes med tiltrædelse af association can only be made with the 2 3 mindst 2/3 af såvel de afgivne stemmer accession of at least 2/3 of the votes 3 4 som af den på generalforsamlingen cast as well as at least 2/3 of the share 4 5 repræsenterede aktiekapital, capital represented at the general 5 6 6 medmindre der i medfør af meeting, unless stricter or more relaxed 7 7 8 lovgivningen stilles strengere eller resolution requirements are imposed 8 9 lempeligere vedtagelseskrav eller by law or specific competence are 9 10 tillægges bestyrelsen eller andre conferred on the board of directors or 10 11 organer specifik kompetence. other bodies. 11 12 12 13 13 14 5.17 Bestyrelsen kan beslutte, at der som 14 The board of directors may decide that 15 supplement til fysisk fremmøde på 5.17 15 in addition to physical attendance at the 16 generalforsamlingen gives adgang til, at 16 general meeting, shareholders may be 17 kapitalejerne kan deltage elektronisk i 17 given the right to attend electronically in 18 generalforsamlingen, herunder stemme 18 19 the general meeting, including voting 19 elektronisk, uden at være fysisk til stede 20 electronically, without being physically 20 på generalforsamlingen (delvis 21 present at the general meeting. In 21 22 elektronisk generalforsamling). 22 addition, the board of directors may 23 Endvidere kan bestyrelsen beslutte, at 23 decide that the general meeting shall be 24 generalforsamlingen afholdes elek- 24 held electronically without access to 25 tronisk uden adgang til fysisk fremmøde 25 physical attendance. The board of 26 (fuldstændig elektronisk gene- 26 27 directors shall lay down the detailed 27 ralforsamling). Bestyrelsen fastsætter 28 guidelines for this 28 29 de nærmere retningslinjer herfor. 29 30 30 BOARD OF DIRECTORS AND 31 6. BESTYRELSE OG DIREKTION 6 31 32 EXECUTIVE MANAGEMENT 32 33 Selskabet ledes af en bestyrelse på 3-6 33 6.1 6.1 The company is managed by a board of 34 medlemmer. Bestyrelsen vælges for et 34 35 directors comprising of 3 to 6 directors. 35 år ad gangen på selskabets 36 The directors are elected by the general 36 37 generalforsamling. Genvalg kan finde meeting for one year at a time. Re- 37 sted. Bestyrelsen vælger selv sin 38 election can take place. The board of 38 formand. 39 directors elects its chairman. 39 40 40 41 41 42 6.2 Bestyrelsen træffer beslutning ved 6.2 Resolutions are passed by a simple 42 43 simpelt stemmeflertal. I tilfælde af majority of votes. In the event of equal 43 44 stemmelighed i bestyrelsen, er votes the chairman's vote shall be 44 45 formandens stemme udslagsgivende. decisive. 45 46 46 47 47 48 6.3 Bestyrelsen har den overordnede 6.3 The board of directors have the overall 48 49 ledelse af selskabet forhold. management of the company. 49 50 50 51 6.4 Bestyrelsen ansætter 1-3 direktører til at 6.4 The board of directors shall appoint 1-3 51 52 varetage den daglige drift og ledelse af members of the executive management 52 53 selskabet. to handle the day-to-day operations and 53 54 management of the company. 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61

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V H 1 7. ELEKTRONISK KOMMUNIKATION 7. ELECTRONIC COMMUNICATIONS 1 2 2 Selskabet anvender elektronisk 7.1 The company uses electronic document 3 7.1 3 exchange and electronic mail (electronic 4 dokumentudveksling og elektronisk 4 5 post (elektronisk kommunikation) i sin communication) in its communication 5 6 kommunikation med aktionærerne. with the shareholders. The company 6 7 Selskabet kan endvidere til enhver tid may at any time choose to 7 8 vælge at kommunikere med almindelig communicate by ordinary mail. 8 9 brevpost. 9 10 7.2 Electronic communication may be used 10 11 7.2 Elektronisk kommunikation kan af by the company for all notices and 11 12 selskabet anvendes til alle meddelelser documents required by the company's 12 13 og dokumenter, som i henhold til articles of association and/or the Danish 13 14 14 selskabets vedtægter og/eller Companies Act to be exchanged 15 15 between the company and the 16 selskabsloven skal udveksles mellem 16 17 selskabet og aktionærerne, herunder shareholders, including, for example, 17 18 for eksempel indkaldelse til ordinær og notice of annual general and 18 19 ekstraordinær generalforsamling med extraordinary general meeting with the 19 20 tilhørende dagsorden og fuldstændige associated agenda and complete 20 21 forslag, fuldmagter samt i øvrigt proposals, proxies and other general 21 22 22 generelle oplysninger fra selskabet til information from the company to the 23 23 aktionærerne. Sådanne dokumenter og shareholders. Such documents and 24 24 25 meddelelser lægges på selskabets announcements are posted on the 25 26 hjemmeside og tilsendes aktionærerne company's website and sent to the 26 27 pr. e-mail i det omfang, det er påkrævet. shareholders by email to the extent it is 27 28 required. 28 29 29 8. TEGNINGSREGEL SIGNATURE RULES 30 8. 30 Selskabet tegnes af den administre- 31 8.1 8.1 The company is bound by the joint 31 32 rende direktør i forening med besty- signatures of the CEO and chairman of 32 33 relsesformanden eller af den samlede the board of directors, or by the entire 33 34 34 bestyrelse. board of directors jointly. 35 35 36 9. REVISION 9. AUDITOR 36 37 37 38 9.1 Selskabets regnskaber revideres af én 9.1 The annual reports of the company 38 39 statsautoriseret revisor, der vælges af shall be audited by a state authorised 39 40 den ordinære generalforsamling. accountant, who is elected by the an- 40 41 Revisor vælges for et år ad gangen. nual general meeting. The auditor is 41 42 elected for one year at a time. 42 43 43 9.2 Årsrapporter udarbejdes på engelsk og Annual Reports shall be prepared in 44 9.2 44 tillige på dansk, såfremt bestyrelsen English and, if decided by the Board of 45 45 måtte beslutte dette. 46 Directors, in Danish. 46 47 10. REGNSKABSÅR 10. FINANCIAL YEAR 47 48 48 49 10.1 10.1 Selskabets regnskabsår 10.1 The financial year of the company runs 49 50 løber fra 1. januar til 31. december. from 1 January to 31 December. 50 51 ---ooo0ooo------ooo0ooo--- 51 52 52 53 As adopted at the company's extraordinary 53 54 Således vedtaget på selskabets ekstraordinære 54 general meeting on 26 April 2021. 55 generalforsamling den 26. april 2021. 55 56 56 57 This is a translation of the original Danish articles 57 58 of association. In the event of any discrepancies 58 59 the wording of the Danish language version shall 59 60 prevail. 60 61 61

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22. Addresses

MapsPeople A/S Stigsborgvej 60 DK-9400 Nørresundby +45 70 13 02 12 www.mapspeople.com V H 1 1 2 Financial and Certified Adviser 2 3 Grant Thornton 3 4 4 5 Stockholmsgade 45 5 6 DK-2100 Copenhagen 6 7 +45 33 11 02 20 7 8 www.grantthornton.dk 8 9 9 10 10 11 Legal Adviser 11 12 12 13 Elmann Advokatpartnerselskab 13 14 Stockholmsgade 41 14 15 DK-2100 Copenhagen 15 16 16 +45 33 37 63 30 17 17 www.elmann.dk 18 18 19 19 20 20 21 Auditor 21 22 Deloitte Statsautoriseret 22 23 Revisionsaktieselskab 23 24 24 25 Værkmestergade 2, 18. 25 26 DK-8000 Aarhus 26 27 +45 89 41 41 41 27 28 www.deloitte.dk 28 29 29 30 30 31 Settlement & Issuing Agent 31 32 Danske Bank A/S 32 33 33 34 Holmens Kanal 2-12 34 35 DK-1092 Copenhagen 35 36 +45 33 44 00 00 36 37 www.danskebank.com 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46

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