The Danish Securities Council carried out a compliance check of Nordicom's 2008
annual report and has made the following decisions concerning the accounts: 

1. In the annual report the company has recognized and presented investment
   properties with development projects, including the company's three large
   land assets on Amager Strandvej, Enghave Brygge and Ved Stigborderne, under
   the item “investment properties under development”. The original investment
   properties were valued at fair value at the time of initiation of the
   project, whilst the development costs incurred were carried at cost price.
   Investment properties under development were tested for impairment on an
   annual basis. 
 
   According to the Danish Securities Council the company should carry the three
   plots of land at fair value and present the incurred development costs
   separately from the original investment properties. The description under
   accounting policy should be changed accordingly. 

2. In Q4 2008 the company transferred the residential property at Lindholm from
   project holdings to completed investment properties on completion of the
   property and on entering into an agreement with an external estate agent to
   let the apartments. 

   According to the Danish Securities Council the property must be divided into
   individual apartments and apartments can only be reclassified from project
   holdings to finished investment properties if a rental contract has been
   entered into for the specific apartment. 

The company has decided to take note of these decisions and will incorporate
these matters in the coming 2009 annual report by adjusting figures for
comparison etc. The company has not been asked to change previous annual
reports. 

As the company's three large land assets on Amager Strandvej, Enghave Brygge
and Ved Stigborderne had been written down to fair value as at December 31st
2008, this decision does not affect the company's owner's equity, income
statement, or earnings per share. In the 2009 annual reports the company will
present project costs of DKK 107.5 m, measured according to IAS 16, separately
in the figures for comparison. 

Regarding the property at Lindholm, the apartments not yet let at the time of
the balance sheet will be classified under project holdings. This means that 70
apartments (out of 85 apartments) as at December 31st will be included under
project holdings, which represents an amount of DKK 195.6 m compared to the
previous classification as investment properties. In 2009 a further 39
apartments on Lindholm were let and these will be transferred back to completed
investment properties in 2009. 

The items in the statement of financial position as at December 31st 2008 were
affected in the following way: 


DKK 1,000		                   Group (before)	Change	  Group (after)
				
Completed investment properties		     3,867,786	 -195,631	 3,672,155
Investment properties under development	     1,370,141	 -107,509	 1,262,632
Development projects on investment properties	     0	  107,509	   107,509 
Project holdings		                57,420	  195,631          253,051
…				
Total assets		                     5,625,325	        0	 5,625,325

The error has not affected the accounts of the parent company.