Supervisory Board exercises authorization to launch incentive scheme

Summary:
   • On 4 June 2010, the Supervisory Board of TK Development decided to
exercise its authorization to launch an incentive scheme. 


At the Annual General Meeting on 25 May 2010, the Supervisory Board of TK
Development was authorized to issue warrants for a total of up to nominally DKK
8,000,000.00 (400,000 shares of DKK 20 each) to the Executive Board and other
executive staff members in the Group. On 4 June 2010, the Supervisory Board
decided to exercise this authorization to launch an incentive scheme, and thus
to grant 100,000 warrants to the Executive Board and 300,000 warrants to other
executive staff members. Thus, a total of 400,000 warrants have been allocated. 

The aim of allocating warrants is to forge a link between the individual staff
member's efforts and long-term value creation in the Group. 

Under the three-year warrant scheme, warrants can be exercised at the earliest
two years after the grant date, and any shares subscribed for are subject to an
additional lock-up period of up to two years. This means that shares up to a
market value equal to the subscription amount, plus tax liability, can be
disposed of without limitation, while shares in excess of such amount can be
disposed of, at the earliest, during four half-yearly trading windows in the
two-year lock-up period, such that up to 1/4 of such shares can be disposed of
during each window. 

The above-mentioned 400,000 warrants correspond to 1.4 % of the share capital.
The warrants can be exercised during three six-week periods as follows: After
publication of the preliminary announcement of financial statements for the
2011/12 financial year (from about 30 April 2012), after publication of the
interim announcement of results for the six months ending 31 July 2012 (from
about 30 September 2012) and after publication of the preliminary announcement
of financial statements for the 2012/13 financial year (from about 30 April
2013). The main condition for exercising warrants is that the employee has not
given notice to terminate his or her employment before having exercised the
warrants allocated. 

The exercise price will be fixed on the basis of the average listed market
price during the period 9-22 June 2010, with an annual 8 % adjustment to
reflect an advance return to existing share¬holders. 




Further information is available from Frede Clausen, President and CEO, tel.
+45 88 96 10 10.