Share-based incentive programme for the company´s management and selected executive employees

28 June 2007                                                                    
Company notification no. 11-07                                                  


Share-based incentive programme for the company's management and selected       
executive employees                                                             

A group of 12 persons consisting of the company's management and selected       
executive employees have on this date been granted options to acquire a total of
up to 250,000 shares of nominally DKK 5.00 in the company. 100,000 of these have
been granted to the management.                                                 

The board of directors wants to increase focus on the company's growth and      
earnings. Furthermore, the purpose of the scheme is to develop long-term loyalty
and to create competitive remuneration for the employees in the scheme.         

The theoretical market value (calculated according to the Black-Scholes model)  
of the granted share options constitutes approx. DKK 7.6 million. When          
calculating the Black-Scholes value 5-year historical volatility on the share   
prices and a risk-free interest rate of 4.6 per cent are included.              

Each share option grants the holder the right to acquire a share at a price     
corresponding to the average of the closing price for the company's shares      
during the period 21 June - 27 June 2007, both days inclusive, i.e. a share     
price of 77.9.                                                                  

The options may be exercised during the period from one week after publication  
of the company's preliminary statement of annual accounts for 2009 and until 31 
July 2011. During the period of exercise the options may only be exercised      
within the window periods applicable at the time of exercise according to the   
internal rules on insider trading stipulated by the company in accordance with  
the Danish Securities Trading Act.                                              

It is a precondition for exercise of the options that the participants are      
employed with the company at the time of exercise.                              

All share options are secured in own shares.                                    

Additional information may be obtained from the company's contact person, CFO,  
Kåre Wigh, who may be contacted on tel. no. 39 57 75 00.                        


Yours sincerely                                                                 
Søndagsavisen a-s                                                               



Richard Bunck                                                                   
Chairman of the board of directors