DISCLAIMER FOR H.J.HANSEN GRAPHICAL DATA MODULE

H.J.Hansen Recycling Industry A/S

THIS DISCLAIMER CONTAINS SPECIAL PROVISIONS ON EXCLUSION OF LIABILITY, LIMITATION OF LIABILITY AND APPLICABLE LAW AND JURISDICTION.

All data, information and calculations produced using the graphical data module shall be at the liability and risk of the user of the H.J.Hansen Recycling Industry A/S (hereinafter "HJH") website. All data, information and calculations produced are solely for general orientation.

HJH is a part of the group of companies within H.J.Hansen Holding A/S [hereinafter "the HJH Group"]. HJH and the HJH Group are registered companies under Danish legislation.

As data, information and calculations are solely for general orientation, no data, information or calculation shall be considered to constitute an offer or recommendation to purchase or sell the iron and metal qualities specified.

HJH and the HJH Group do not provide advice and do not issue any guidance or recommendations on the use of the HJH graphical data module. Data, information and calculations may therefore not be made the subject of or form the basis of a binding agreement. The data provided are not an expression of the current HJH price for each of the qualities displayed, but provide an insight into the current trend in each of the iron and metal qualities specified.

What is the origin of the data?

The graphical module at www.hjhansen.com is based on data from the international scrap index supplied by Cell-Data International S.R.L. with regard to metal and by TSI (hereinafter "The Steel Index") with regard to iron.

The indexes in question include the following:

Scrap metal

LME – London Metal Exchange

The price trend of the six metals selected (copper, nickel, tin, aluminium, lead and zinc respectively) is based on daily prices from the LME (hereinafter "London Metal Exchange") converted into DKK using the central bank of Denmark's (Danmarks Nationalbank) official daily exchange rate.

Scrap iron

TSI – The Steel Index

Prices of the iron qualities (shredded steel and HMS respectively) shown in the graphical data module are taken from the TSI and calculated as an index. 2 January 2012 = the base year index (100).

The TSI's price is converted into DKK using Danmarks Nationalbank's weekly exchange rate and is subsequently indexed.

In the event of any errors in the international indexes used, we refer to the websites of Cell-Data International and TSI respectively: http://www.cell-data.it/index.php and http://www.thesteelindex.com/.

Updating of graphical data

Please note that the exchange rates and prices specified are not updated on an ongoing basis, for example minute by minute, but that metal prices are updated every weekday (Monday–Friday) as far as possible in the morning based on the previous day's price for each of the metal fractions specified and for the USD exchange rate.

Iron qualities are based on weekly index values, which are updated once a week retrospectively. Reservation is made for delays etc. on the part of the TSI that may occur.

In this context, please note that there may be fluctuations in the exchange rates and index values on the website www.hjhansen.com in relation to the actual current daily index value and exchange rate. The above information, as well as the fact that data, information and calculations are intended solely for general orientation, means that HJH does not therefore guarantee or assume responsibility for the correctness, timeliness and completeness of the data, information or calculations, including for the exchange rates and index values quoted at www.hjhansen.com.

HJH and the HJH Group are not liable for any loss caused by investments, actions or omissions performed on the basis of calculations or the reproduction of exchange rates. Calculations and the reproduction of exchange rates do not constitute recommendations or advice of either a legal or an investment nature in connection with investments or omissions.

Applicable law and jurisdiction

Any dispute between HJH or the HJH Group and a user of the graphical data module that originates either directly or indirectly from this disclaimer (exclusion of liability) or the use of the graphical data module is subject to and shall be interpreted in accordance with the rule of law in the Kingdom of Denmark, regardless of whether international rules of private law prescribe the use of a different country's rule of law.

Any dispute between HJH or the HJH Group and a user of the graphical data module that originates either directly or indirectly from this disclaimer (exclusion of liability) or the use of the graphical data module may only be brought before and may only be decided by the District Court of Odense, Denmark.