This document provides an overview of LETT Law Firm, including its values, management structure, growth ambitions, employees, and finances. The key points are: 1. LETT is a modern Danish law firm focused on serving business and public sectors clients. It aims to be the obvious choice in these sectors through specialization, internationalization, and adapting to market changes. 2. In 2013, LETT appointed a new Managing Partner and simplified its management structure as part of gearing up for its next phase of growth. 3. LETT has grown significantly since being established in 2005. It now has over 250 employees including nearly 150 lawyers working across its Copenhagen and Aarhus offices. 4.

1. LETT in brief
LETT Law Firm

2. 2
LETT's values
LETT is a modern and innovative law firm based on noble traditions and long experience. We are proud of
our professionalism, which is an integrated part of our client approach.
Our values constitute the guidelines for how we act in our daily work. In addition, they constitute a promise to our clients
of our approach and conduct:
Decent
We assume responsibility for our assignments and attach great importance to ethics and responsibility.
Top standards
Our business is based on first-rate professional expertise and quality. We are ambitious and dedicated on behalf of LETT
and our clients to obtaining the best possible results.
Dynamic
We bring great commitment to any assignment and see solutions where others see problems.
Unpretentious
We meet our clients and colleagues at eye level in an informal daily working environment, which is also characterised by
a good sense of humour.
Straight-forward
We are always approachable and attach great importance to being personal and open.

3. 3
2013 - a new beginning
Over recent years, LETT has developed impressively and our strategic goal is to be
the obvious choice of the Danish business and public sectors.
As an important part of gearing LETT to the next step in our development, we decided in 2013
to change our management model and create a more simple and agile management structure.
The outcome of this change was that I was appointed Managing Partner.
This marks a new beginning for us.
This new beginning is an opportunity to offer more insight into LETT to our most frequent con-
tacts - clients, employees, colleagues in law businesses and other consultancy businesses as
well as future employees. Knowledge is the core of our legal assistance and to be approachable,
personal and straight-forward constitutes a great part of our values. With this publication we
wish to share our knowledge about our firm in words and figures.
Henrik Sjørslev
Managing Partner
LETT

4. 4
The obvious choice for the
business and public sectors
LETT anno 2014 was established less than 10 years ago. Since that time, we have
grown and now rank among the leading law firms in Denmark with offices in Copen-
hagen and Aarhus.
Our primary focus is legal advice to both the business and public sectors totalling in aggregate
more than 90% of our business. Our aim is to provide high-quality advice within all important
legal areas and legal issues that are of relevance to these sectors.
By tradition, we have a strong position within ia insurance and tort law as well as litigation and
arbitration. According to a survey carried out in 2012 by the weekly Danish financial newsletter
Økonomisk ugebrev, LETT is the preferred litigation law firm of the Danish business sector. To
ensure the necessary width and depth in our other practice areas, LETT has in recent years - as
a supplement to our organic growth - consolidated our business within strategic areas by part-
ners from the small, specialised law firms NORDIA and Lind Cadovius and by leading lawyers
Kurt Bardeleben and N.E. Nielsen. This has enhanced LETT considerably within the areas M&A,
insolvency, procurement law and competition law.
New market conditions
Our market continues to change these years - after 10 years of continued growth, 2013 saw a
8% decline in the demand for legal advice; we see increased internationalisation of the business
sector and, in general, companies tend to enhance their internal legal competences, and our
traditional price structures are becoming challenged.
In LETT, we expect this trend to continue. No one can sit back and wait for the past to return.
Largest law firms in Denmark
Pursuing growth
Measured by the number of employees, LETT ranks as number 6 in 2014 on the list of Danish law firms, with the
exception of chain cooperations. Our declared goal is to continue growth and to be the obvious choice of the Danish
business and public sectors.
Ranking
(Measured by no of lawyers and
junior lawyers)
Law firm
(*= chain cooperation)
Lawyers and junior lawyers
2014
Partners
2014
Total staff members
2014
1 (1) Kromann Reumert 270 67 507
2 (2) Bech-Bruun 263 77 516
3 (3) Gorrissen Federspiel 211 42 395
4 (4) Plesner 178 64 359
(5) Advodan* 178 93 481
5 (6) Poul Schmith/Kammeradvokaten 175 37 353
(7) Ret & Råd* 150 i.o. 400
6 (8) LETT 146 49 263
7 (9) Horten 113 43 204
8 (10) Bruun & Hjejle 102 31 171
Figures from the Danish Berlingske Business 01, 24 January 2014

5. 5
A new reality in the Danish law business is being created, and we believe that future success
depends on our capacity to adapt to this new set of ground rules.
Continued growth
From a commercial aspect, we see a strong international profile, specialised advice and proac-
tive business development as some of the important cards to be played by LETT.
A stronger international profile
In LETT, we have always attached importance to having an international profile and we feel a
need to put further focus on this area. This will ia imply that several young lawyers from LETT
will be seconded to international law firms and we will seek to increase the number of interna-
tional matters.
Increased specialisation
Another aspect of market developments is the need for specialisation. Large and medium-sized
enterprises have established their own in-house legal functions to be in charge of ongoing legal
assignments, whereas assignments to a law firm like LETT are increasingly complex. Our reac-
tion is to develop even more clear-cut lawyer profiles having distinct specialities within eg a
practice area or a sector. At the same time, we are to major in understanding the commercial
reality of our clients. Clearly defined career trails, new annual performance reviews and partner
development, which will be accounted for on the next pages, are important links in this process.
New practice areas
A third focus area is the general development in Danish society and business life that may open
up future practise areas to us. One example is public investments, including PPP and PPC, which
we soon discovered as a new practice area. Similarly, we see a number of other businesses
undergoing considerable developments these years. We are to ensure our ability to react swiftly
and invest in breeding the right specialities and carrying out the right profile on the market.
Outlook
Following several years characterised by cautiousness and reluctance within the M&A area, we
are pleased to see progress within this area in LETT. During 2013, we participated in a number
of transactions - we assisted ia Danish AMBU in its corporate-bond issue and advised Danish
pension companies ATP and PFA on their share purchases in DONG Energy. We expect increased
activity within this area in 2014 - a year where the top priority on corporate agendas includes
growth, value creation and development.
As a result of recent years' crisis, assignments within insolvency and reconstructions, including
the Cimber-Sterling bankruptcy, the reconstructions of Danish product tanker Torm and Danish
Super League football club Brøndby IF, gave scope for quite a substantial work flow in LETT. De-
spite a more stable economic outlook within the Danish corporate sector in general, we expect
continued activity within this area, and one reason is that, in 2013, LETT was appointed one of
the trustees in the bankrupt estate of the Danish construction group Pihl & Søn.
We have extensive experience in providing legal advice to the public sector; we have through
many years been lawyers to a number of municipalities, assisted the Greenland Self-Govern-
ment and advised regions and utilities on a regular basis. In 2013, we made our mark on the
municipal area when we were appointed one of the two permanent lawyers to the City of Co-
penhagen. A strategic goal of LETT is to increase our market shares within these areas. A result
of this is that we have put together our competences within public law in our new department
"Competition, procurement, public law and natural resources".
Public private partnerships were put on the agenda in Denmark about 10 years ago. LETT has
been involved in practically all the projects that have been put up for tender within the partner-
ship model so far. We expect a PPP-project breakthrough during the years to come and consider
PPP/PPC to be one of our growing practice areas.

6. 6
A strong team of dedicated and
competent people
As in any knowledge firm, people represent the pivotal resource in LETT. Therefore,
in LETT, it is a top priority that our partners and employees constitute a strong team
and that, all the time, they are in the process of a professional and personal develop-
ment that matches the changing needs reflected by market trends, client demands
and technology.
As a law firm, we are completely dependent on our employees being up-to-date with amend-
ments in acts, rules and frameworks that are
relevant in our legal advising. The majority of
the professional development forms part of
the daily case handling in a combination with
instructions, sparring and feedback from the
partner in charge or functional manager.
As part of the professional as well as the
personal development, a number of our em-
ployees are seconded to one or more of our
clients, and LETT lawyers are also regularly
on secondment to leading international law
firms.
We supplement this experience-based instruc-
tion by formal instruction activities, which, for
our lawyers, include further training and re-
search, participation in internal and external
courses, etc.
We attach great importance to concurrently
focusing on personal development, and this
is supported via the performance-review con-
cept, coaching, development processes, men-
tor programmes, etc.
High employee satisfaction in LETT
We carefully follow up on our employee sat-
isfaction by internal climate analyses, which
are carried out on a regular basis. As a re-
sult of these analyses, we get both a picture
of the general climate and specific inputs to
improvements of managerial efforts and the
cooperation in and across job functions and
office locations.
Our most recent climate analysis was car-
ried out at the end of 2012 and 85% of our
employees participated. The analysis showed
that, in general, employee satisfaction is high
Employee distribution at LETT
At year-end 2013, we were 285
people at LETT of whom just
above half - 147 - were lawyers.
Tekst går maksimalt
til undermaginal 7,00
Overskrift maks 2 linjer
Tekst med punktliste
Punktopstilling
or at skifte niveau, klik
på ’Forøge listeniveau’
r ’Mindske listeniveau’
1
51%
12%
20%
17%
Jurister
Trainees/stud.jur.
Sekretærer
Administration
Lawyers
Trainees/law students
Secretaries
Administration
Gender distribution at LETT
At year-end 2013, 38% of our
lawyers were women, whereas
53% of our junior lawyers were
women. So, we employ a large
number of women junior law-
yers, however, not unlike the
rest of the sector, we experience
a decline later on in their career.
One of our goals is to retain a
higher number of women lawyers
and have ia increased flexibility
focus within each employment relationship. The career-trail pro-
ject, referred to on the following page, is to help ensure that more
women lawyers stay with LETT to continue their career and also
hold management posts. Our career-trail model will be launched
in 2014 and is expected over time to have a positive effect on the
gender distribution at LETT. This positive effect will be crucial as to
whether our goal can be achieved in terms of an executive com-
mittee of which 20% are women within a five-year period and of
which 40% are women within a ten-year period.
Tekst går maksimalt
til undermaginal 7,00
Overskrift maks 2 linjer
Tekst med punktliste
Punktopstilling
For at skifte niveau, klik
på ’Forøge listeniveau’
eller ’Mindske listeniveau’
1
Women
38%
Men
62%
Source: LETT
Source: LETT

7. 7
and that vital factors such as duties, competences, colleagues, views on LETT as a place of
work and basic managerial aspects scored high. The analysis also showed that two of our most
important focus areas are to enhance our daily management efforts and to structure personal
and professional development. These areas have been approached via our career-trail project
and partner-development process.
Management by partner development
Management is on our partners' agenda both in order to enhance our daily management efforts
and because we consider good management a catalyst for cooperation and business develop-
ment. This particular partner-development process was initiated during the summer of 2013
and our aim is to promote dialogue on management and increase individual management com-
petences by mobilising tools for self-development.
Clearly defined career trails
During the autumn of 2012, we set up our career-trail project whose object is to create clearly
defined career trails in LETT and to describe the various development opportunities which our
firm offers as well as the resulting requirements relating to competence and performance.
The major object of this project is to ensure that LETT is an attractive place of work - now and
for the future. Therefore, this project has been deeply embedded within our management, HR
and our employees, and a mixed group of law students as well as trainees, junior lawyers and
lawyers have participated via workshops.
The project outcome is LETT's career-trail model which reflects different lawyer profiles. This
model is incorporated in our revised performance-review concept as a management and dia-
logue tool and ensures ia focus on targeted
competence development and specialisation.
Law students of new attitudes
Since 2008, Danish Lawyers' Association has
arranged for a reputation analysis among Dan-
ish law students. Compared to the previous
analysis carried out in 2010, LETT is the law
firm that has advanced the most - of which we
are very proud. According to this reputation
analysis, law students are becoming more and
more aware of LETT. The reputation analysis
measures the four fields; working conditions,
professional development, performance and
management and ethics. Our strongest field
in the analysis is professional development.
Within this field, our score is 73.6% advanc-
ing from 66.2% in 2010 and higher than the
2013 sector average of 71.0%.
The analysis suggests that focusing on perfor-
mance and management as well as working
conditions are two major fields which would
benefit us in order to boost our general repu-
tation. Within both fields we have advanced, compared to the analysis in 2010, and our scores
are 59.6% and 57.8% respectively - the general level of the entire sector.
As regards potential employees, we continue to work determinedly with employer branding to
ensure that particularly law students become aware of LETT's business and development and
consider our firm an attractive place of work. In 2014, our particular focus is on LETT career
trails and the competences that we find are those to be developed in future lawyers.
Awareness ratio of LETT increasing year by year
In 2013, 83% of the questioned law students answered that they
know LETT well or somewhat. When they describe LETT, law stu-
dents generally use terms as Reputable, Professionally strong
and Variation in practice areas.
Tekst går maksimalt
til undermaginal 7,00
Overskrift maks 2 linjer
Tekst med punktliste
Punktopstilling
For at skifte niveau, klik
på ’Forøge listeniveau’
eller ’Mindske listeniveau’
0
10
20
30
40
50
60
70
80
90
100
2008 2009 2010 2013
1
Source: The Danish Lawyers' Association, reputation analysis

8. 8
Financial highlights
Key financial figures
Results
Net turnover
Profit from ordinary operating activities
Profit before financial income and expenses, net
Profit from financial income and expenses, net
Net profit for the year
2013
DKK'000
367.286
17.985
17.985
-4.302
13.684
Balance sheet
Balance sheet total
Equity
326.140
76.192
Cash flows
Cash flows from:
- operating activities
- investing activities
of which investment in tangible fixed assets
- financing activities
Change in cash and cash equivalents for the year
Average number of full-time staff members
Average number of staff members employed
28.017
-1.267
-506
-12.975
13.775
256
285
Financial ratios in %
Gross margin ratio
Profit margin
Return on capital employed
Solvency ratio
Return on equity
78,0%
4,9%
5,5%
23,4%
19,7%
LETT in figures

9. 9
Profit and loss account 1 January – 31 December
Note 2013
DKK
Net turnover 367.286.213
Other external expenses -80.632.768
Gross profit 286.653.445
Staff costs 2 -266.460.301
Depreciation, amortisation and write-downs for tangible as well as intangible fixed
assets -2.207.763
Profit before financial income and expenses, net 17.985.381
Financial income 255.348
Financial expenses -4.557.177
Net profit for the year 13.683.552
Distribution of the profit for the year
Proposal for distribution of the profit for the year
Proposed dividend for the financial year 0
Retained profit 13.683.552
13.683.552

10. 10
Balance sheet as at 31 December – Assets
Note 2013 1/1 2013
DKK DKK
Other fixtures and fittings, tools and equipment 1.297.569 1.891.525
Leasehold improvements 1.257.376 2.217.078
Tangible fixed assets 3 2.554.945 4.108.603
Participating interests in subsidiaries 4 0 53.660
Other debtors 6.823.769 6.008.482
Fixed asset investments 6.823.769 6.062.142
Fixed assets 9.378.714 10.170.745
Trade debtors 148.125.172 187.373.447
Contract work in progress 72.092.060 58.408.508
Amounts owed by group enterprises 0 1.240
Contributed capital in arrears 0 200.000
Other debtors 2.595.369 8.687.445
Prepayments and accrued income 4.526.523 6.626.509
Debtors 227.339.124 261.297.149
Cash at bank and in hand 89.422.281 75.647.486
Current assets 316.761.405 336.944.635
Assets 326.140.119 347.115.380

11. 11
Balance sheet as at 31 December – Equity and
liabilities
Note 2013 1/1 2013
DKK DKK
Share capital 4.100.000 4.100.000
Retained profit 72.092.060 58.408.508
Equity 1 76.192.060 62.508.508
Subordinate loan capital 36.255.714 34.625.714
Long-term liabilities other than provisions 5 36.255.714 34.625.714
Trade creditors 5.078.057 6.108.506
Amounts owed to partners 147.196.619 160.171.355
Other creditors 6 61.417.669 83.701.297
Current liabilities other than provisions 213.692.345 249.981.158
Creditors 249.948.059 284.606.872
Equity and liabilities 326.140.119 347.115.380
Contingencies and other financial commitments 9

12. 12
LETT's management structure
LETT Law Firm P/S is owned and operated by its partners. Our management structure comprises the owners, the Execu-
tive Committee and a Managing Partner elected for a period of three years to be in charge of the overall management.
The management structure also includes a number of heads of legal departments in charge of expertise, budget and
resources relating to the relevant department. The management is supported by a staff including the staff functions of
Business Development, Finances, IT, HR and Operations and Service.
Owners
Anders Nielsen Georg Lett Jan Snogdal Michael Holsting Rasmus Nørgaard Bek
Anne Troelsen Gert Nissen Jens Krogh Petersen N.E. Nielsen René Offersen
Artur Bugsgang Hans Madsen Jes A. Rosenvinge Niels Henrik Nielsen Sebastian Ingversen
Carsten Henriksen Henrik Puggaard Jørgen Flodgaard Per Astrup Madsen Søren Brinkmann
Carsten Lorentzen Henrik Sjørslev Kurt Bardeleben Per Vestergaard Pedersen Søren Jenstrup
Claus Holberg Jacob Christiansen Line M. Pedersen Pernille Sølling Søren Zinck
Finn Overgaard Jan Bech Marlene Winther Plas Peter Rønnow Thomas Bang
Flemming Kragh Hansen Jan Børjesson Martin Lavesen Peter Schäfer Torben Mauritzen
Torkil Høg
Executive Committee
Flemming Kragh Hansen
(chairman)
Henrik Puggaard
Jan Børjesson
Kurt Bardeleben
Martin Lavesen
Managing Partner
Henrik Sjørslev
Legal departments
Corporate M&A Insolvency and
restructuring
Dispute resolution Real estate Competition, procurement,
public law and natural re-
sources
M&A Insolvency Litigation and arbitration Construction law Procurement law
Capital markets, banking
and finance
Reconstruction Insurance and tort law Business properties Public law
Estates of deceased
persons
Employment law PPP/PPC EU- and competition law
Tax law Lease law Natural resources
IT and digitalisation Debt collection Mortgage debt collection
Energy law Environmental law
Sebastian Ingversen Jan Bech Thomas Bang Line M. Pedersen Torkil Høg
Rasmus Nørgaard Bek Carsten Lorentzen Carsten Henriksen
Staff functions
HR, IT and Operations
and Service
Finances Business Development
Thomas Munk-Larsen Tine Thornval Charlotte Sørrig Zahll Larsen

13. 13
Social responsibility
In 2012 when LETT joined UN Global Compact, it was a natural step in a social com-
mitment that is deeply embedded in our firm. To join this compact means that, in a
global context, we are duty-bound to respect the 10 principles that ia include human
rights, labour, environment and climate as well as anti-corruption.
CSR strategy
LETT is proud to be part of Global Compact, however, our community engagement extends
much further.
We wish to contribute and enhance where we can make a difference. Being a law firm, we be-
lieve that the greatest difference we can make will be through efforts related to our profession
and our business activities. We wish to contribute with active involvement of our partners and
staff. Our CSR policy therefore centres on four areas:
Legal assistance
The cornerstone in our CSR efforts is legal assistance. In many contexts, our lawyers provide
legal assistance on favourable or pro-bono terms. We encourage our legal staff to be available
with free legal advice within established legal-aid schemes, and some of our lawyers are coun-
sels appointed by the Danish Supreme Court, which means that, following public appointment,
they take on cases before the Court.
Research and knowledge sharing
Knowledge and education constitute the core of our business. We attach great importance to
sharing our legal knowledge because we wish to ensure and put our fingerprints on the ongo-
ing development within the legal profession. We publish books and professional newsletters
and hold a number of different seminars and courses. We are lecturers at external events and
lecture at relevant institutions of higher education. We take on positions of trust and are part of
working committees in fora within our profession.
Staff investments
To run a business as ours requires staff that are competent, healthy and functioning well.
Therefore, we make huge investments in building up and maintaining legal competences as well
as in general satisfaction and healthy lifestyle that extend beyond an employment relationship
with LETT. Our efforts include a large number of initiatives - both preventive such as sporting
activities, a breakfast-and-lunch scheme and health checks and curative such as massage and
ergotherapist as well as health-service insurance.
Focus on the environment
LETT pays attention to minimising environmental and climate harm as much as possible. In our
day-to-day operations, we focus on 3R - reduce, re-use, recycle. We continue to reduce our
energy consumption and CO2 emissions and to focus on choosing more environmentally friendly
and energy-wise products and solutions - for instance in relation to light sources, cleaning
products or stationary. A part of LETT's electricity consumption is windmill generated. Moreover,
we participate in legal debates run by our team for environmental law, which is internationally
recognised as top of the line.
Our latest Global Compact reporting is available on www.unglobalcompact.org.

14. 14
Our history
LETT is rooted in one of the eldest law firms in Denmark which was founded in 1869 by Danish supreme-court lawyer
and politician P.G.C. Jensen. In 2005, the LETT of today was created by the merger of Lett, Vilstrup og Partnere and Lett
& Co. This merger gathering the three lawyers and Lett brothers Georg, Jesper and Ulrik under same roof meant that
LETT became one of the large full-service law firms in Denmark.
Today, we provide advice from our two locations both situated within a stone's throw of the town halls in Copenhagen
and Aarhus.

15. 15
Art at LETT
Art plays an important role in LETT and permanent room decorations in our meeting
and front-desk facilities in Copenhagen and also temporary exhibitions are some of
our most visual examples.
In addition, our partners are actively involved in a number of cultural contexts of both sports
and art. Examples include Chairman of the Board of Directors of the foundation Elite Idræt
Aarhus, chairperson of the doping committee of the National Olympic Committee and Sports
Confederation of Denmark, commercial manager of the Copenhagen artists’ cooperative Grøn-
ningen, consultant to the Danish foundation Charlottenborg Fonden and administrator of Queen
Margrethe II's Archeologic Foundation. We also contribute actively to public debates on Danish
culture and its conditions via our yearly participation in the Copenhagen Culture Night.
The illustrations in this annual report are close-up studies of a sculpture by sculptor Bjørn
Poulsen, and it is on display in our meeting-facility area in Copenhagen. Bjørn Poulsen gradu-
ated from the Royal Danish Academy of Fine Arts in 1988 and is a member of the Copenhagen
artists’ cooperative Grønningen.

16. LETT Law Firm
Copenhagen • Aarhus • lett.dk