Agat Ejendomme

Major Shareholding Notification • Mar 23, 2013

Company announcement no. 8/2013

Aalborg, Denmark, 2013-03-23 21:01 CET (GLOBE NEWSWIRE) --

Summary:

The major shareholder Storm Real Estate ASA has informed TK Development A/S
that it withdraws the request for an Extraordinary General Meeting of the
Company.

On 11 March 2013, the Supervisory Board of TK Development received a request
from Storm Real Estate ASA to convene an Extraordinary General Meeting; see
company announcement no. 07/2013.

In its Interim Report Q1-Q3 2012/13, company announcement no. 17/2012, which
was issued on 19 December 2012, the Company presented a changed sales strategy
with a view to realizing faster project sales and at the same time announced
that “concurrently with the decision to change the sales strategy, Management
has initiated a review of the Group’s business areas for the purpose of
assessing the Group’s future market platform, including the countries in which
the Group will continue to operate, and the possibility of trimming costs
further”. After an intensive strategy process involving the Company’s upper
management team and the Supervisory Board, the adjusted strategy and business
model were published on 11 March 2013; see company announcement no. 06/2013.

Following publication of the adjusted strategy and business model, the Company
has had an opportunity to review them with Storm Real Estate ASA and other
major shareholders. In addition, members of the Company’s Supervisory Board
have had the opportunity to discuss the proposals submitted by Storm Real
Estate ASA for an Extraordinary General Meeting, both with Storm Real Estate
ASA and with other major shareholders. Storm Real Estate ASA has subsequently
informed the Company that it withdraws the request for an Extraordinary General
Meeting, which will therefore not be convened.

TK Development looks forward to continuing its close dialogue with Storm Real
Estate ASA and other major shareholders about the Company’s strategy and
related issues.

Contact information:

TK Development A/S

Niels Roth, Chairman of the Supervisory Board

T: +45 8896 1010