H1 2010

 Rental income for H1 2010 amounts to DKK 125.5 m, compared with DKK 134.1 m
for the same period last year. The decrease is partly due to sales of
properties which contributed DKK 10.4 m to the annual rental income in the
course of 2009, and partly due to entering into new rental agreements at lower
rent levels, and/or with incremental rent decreases, due to the occupier moving
out. The vacancy rate for the company's completed investment properties was
13.6% in Q1 and was 13.3% in Q2 2010 (calculated by rental value). 

 Sales of project portfolios amount to DKK 109.1 m (H1 2009: DKK 4.0 m) and
relate primarily to Vordingborgvej 76 (Føtex) plus 10 apartments at Sluseholmen
(Lindholm). 

 Nordicom achieved a gross profit of DKK 87.5 m in H1 2010 (H1 2009: DKK 93.2
m), which corresponds to a decrease of DKK 5.7 m. The gross result from rental
of completed investment properties (Nordicom Ejendom) amounts to DKK 96.8 m,
while the gross result from development activities (Nordicom Udvikling) amounts
to DKK -9.8 m. Also, DKK 0.5 m has been realized from sub-letting the company's
domicile. Included in the gross profit for Nordicom Udvikling is a write-down
of project portfolios of DKK 13.0 for H1 2010, which has not had any impact on
the company's cash flow. Net profit before interest expenses, valuation
adjustments and tax (EBIVAT) amounts to DKK 52.8 m and DKK 67.3, adjusted for
write-downs and depreciations (EBIVAT adjusted). 

 Net profit before valuation adjustments and tax (EBIVAT) for H1 2010 amounts
to DKK -11.0 m (H1 2009:  DKK -53.9 m), and DKK 3.4 m adjusted for write-downs
and depreciations (EBVAT adjusted) (H1 2009:  DKK -39.0 m). Hence, the
company's operating profit is breaking even when adjusting for interest
expenses. 

 Fair value adjustments net amount to DKK -74.3 m net (H1 2009: -226.9 m), and
are made up of DKK -34.5 m on the company's completed investment properties,
-31.4 m on investment properties under development,  DKK -6.6 m on debt to
credit institutions and DKK -1.8 m on holdings of mortgage deeds. Fair value
adjustments on completed investment properties of DKK -34.5 m in H1 2010 are
partly due to higher required yield levels (DKK -55.5 m) and partly due to
operational improvements to the properties (DKK 21.0 m). 

 Operating cash flow for H1 2010 amounts to DKK 20.7 m  (H1 2009: DKK -61.4
m), which corresponds to an improvement of DKK 82.1 m compared to the same
period last year. Cash flow from operating activities is made up of DKK 40.1 m
from Nordicom Ejendom, DKK -11.8 m from Nordicom Udvikling and DKK -7.6 m from
holding activities etc. The operating profit in H1 is not to be used as a guide
for the remainder of the year, as certain one-off items have been paid in H1
(payable company tax etc). 

 In March 2010 an agreement was reached between Nordicom and the company's
most significant creditors regarding improving the company's financing
conditions. According to the agreement, the banks will, over a period of 3
years beginning January 1st 2010, freeze and lower interest rates on a
significant part of the bank debt (approx. DKK 1,800 m) and lower margins on
approx. DKK 1,600 of mortgage debt. Furthermore, the maturity of the bank debt
in question has been extended to December 31st 2012. The maturity of the
group's mortgage debt is already more than 3 years. New deals have been entered
into regarding the bank debt not covered by this agreement, and some of this
will be converted into mortgage debt. 

 As payment for the banks' participation in the agreement, including lowering
of the current interest rates on the company's bank debt to a fixed rate for 3
years, DKK 69,050,600 nominal worth of convertible bonds was issued to the
participating banks. The bonds are non-putable for the banks until December
31st 2029, will not be amortized and carry no coupon. In return, the banks have
the right to convert these bonds to shares in the period from January 1st 2013
to September 30th 2014 at par (100). 

 In line with the bank agreement, Nordicom A/S is committed to carrying out an
increase in the company's share capital of a minimum of DKK 100 m in net
proceeds by September 30th 2010 at the latest. The company has therefore
implemented a process to raise the necessary share capital in cooperation with
Skandinaviska Enskilda Banken (SEB), and expects to publish a prospectus at the
beginning of September. 

 The company's focus on profitable investments and continuous operational
improvements to the existing property portfolio will continue throughout 2010,
and will be intensified when Nordicom raises extra capital through the
forthcoming issuance of new equity.  Management of the company's property
portfolio has worked as expected in H1 2010. Due to write-downs in H1 of DKK 13
m, the previously announced expectations for the accounting year of 2010 of
approx.  DKK -15 m to + DKK 15 m before valuation adjustments and tax is now
changed to DKK -20 m to DKK -5 m before valuation adjustments and tax (EBVAT).