Hedegaard A/S - issue as a consequence of utilization of warrants


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|                                      |               Copenhagen, 21 May 2008 |
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Hedegaard A/S - issue as a consequence of utilization of warrants               

The share capital of Hedegaard will be increased by 14,500 new shares, each     
bearing a face value of DKK 100. The listing will take effect on 23 May 2008 in 
the ISIN code below:                                                            

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| ISIN                  | Name                                                 |
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| DK0010206929          | Hedegaard                                            |
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For further information, please see the announcements from Hedegaard, e.g.      
announcement of 20 May 2008.                                                    

For further information, please contact: Helene Gaustad Jeppesen, Surveillance, 
tel. +45 33 93 33 66                                                            
ISIN: DK0010206929 (VP: 1020692)                                                

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| Name:                                 | Hedegaard                            |
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| Volume of shares before issue:        | 891,980 shares (DKK 89,198,000)      |
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| Change:                               | 14,500 shares (DKK 1,450,000)        |
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| Volume of shares after change:        | 906,480 shares (DKK 90,648,000)      |
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| Dividend, new shares:                 | Full for 2008                        |
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| Exercise price:                       | DKK 532.86                           |
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| Face value:                           | DKK 100                              |
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| Short name:                           | HEDE                                 |
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| Share type:                           | AKTIE                                |
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GENERAL INFORMATION                                                             

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| Name/bearer:                          | Name                                 |
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| Voting rights on listed shares:       | Full                                 |
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| Financial year:                       | 1 January - 31 December              |
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| Unlisted capital:                     | DKK 0                                |
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| Capital increase registered:          | Yes                                  |
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| Issuing bank:                         | Spar Nord Bank A/S                   |
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| Trading lot:                          | 10                                   |
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| CBR no,:                              | 34 72 87 12                          |
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| GICS:                                 | 30202010                             |
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| Type:                                 | 15                                   |
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Attachments

hedegaard - udnyttelse af warrants - maj - uk.pdf
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