Since the Group's Interim Report for the first six months was issued in
September 2008, TK Development has experienced deterioration in its markets,
and in particular a more difficult financing and investment climate.
As of December 2008, TK Development has taken over the development of a
retail park in Uppsala, Sweden. The project has been sold to German IVG Funds
on the basis of forward funding.
The Group still expects to generate a profit after tax of about DKK 200
million for the 2008/09 financial year. Most of the sales required to meet this
estimate have been realized. The Group is negotiating additional project sales
in order to realize the full estimated profit for the year.
