Nordicom has calculated the fair value of the company's investment properties
as at December 31st 2009 and now expects valuation adjustments in Q4 2009 of
DKK -290 m, which corresponds to DKK -570 m for the entire year. Valuation
adjustments are made up of approx DKK -250 m on completed investment
properties, approx DKK -290 m on investment properties under development, DKK
-5 m on debt owed to credit institutions and approx DKK -25 m on holdings of
mortgage deeds. The calculation of fair values has been supplemented by
external valuations on some of the investment properties in order to provide a
picture that is as well substantiated and true as possible. 

The previously announced expectations for profit before tax and valuation
adjustments of approx DKK -70 m remain the same. 

Owner's equity will consequently amount to approx DKK 500 m, which corresponds
to an intrinsic value of approx DKK 165 per share. We are still planning to
publish the final audited report for 2009 on March 30th 2010. 

Investment properties under development:
Valuation adjustments to fair value for investment properties under development
are expected to amount to approx DKK -140 m in Q4 2009 and to approx DKK -290 m
for the entire year of 2009. 

The write-downs are primarily due to the altered market conditions for project
development and the altered goals for some of the projects. Some projects, for
example, have longer time horizons and lower expected sale prices at the time
of completion than previously expected. 

Furthermore, new VAT rules which were passed in conjunction with “Forårspakke
2” (Spring Package 2) have had a negative effect on the valuation of some of
the company's other building projects. With effect from January 1st, sales of
new builds and plots of land etc. will be subject to VAT, which, all else being
equal, will affect profits on sales of plots of land and development of
properties for residential purposes, as the buyer will not have the right to
deduct VAT. 

A significant part of the company's development portfolio consists of three
large plots of land at Amager Strand, Enghave Brygge and Sluseholmen in
Copenhagen. Their potential for development is primarily for use as residential
properties, but it is not possible, in the current market, to raise prices by
an amount corresponding to the VAT, which means that the expected profit will
be reduced. 

Completed investment properties:
Valuation adjustments to fair value on completed investment properties are
expected to amount to approx DKK -150 m in Q4 2009 and DKK -250 m for the
entire year of 2009. 

Valuation adjustments on completed investment properties arise partly due to
higher required yield levels caused by general market conditions, and partly
due to more specific issues concerning the individual properties, including
lower rent levels when entering into new leases. 

The calculated valuation adjustments do not affect the company's cash flow or
free liquidity. 

Negotiations with the company's creditors concerning improvements in the
company's financing terms are still ongoing, as mentioned in the Q1-Q3 interim
report of November 19th 2009, and have continued throughout Q4. The
negotiations are now so well under way that they will be finalized in the very
near future and a separate announcement will be made concerning this. 

Kind regards,

Nordicom A/S
Board of directors

For further information/comments please contact the Managing Director for
Nordicom A/S, Niels Troen, tel: (+45) 3333 9303, mobile: (+45) 5151 2342.