Agat Ejendomme

Share Issue/Capital Change • May 24, 2011

On 24 May 2011, the Supervisory Board of TK Development decided to exercise its
authorization to launch an incentive scheme.

Aalborg, Denmark, 2011-05-24 18:07 CEST (GLOBE NEWSWIRE) --

Supervisory Board exercises authorization to launch incentive scheme

Summary:

-- On 24 May 2011, the Supervisory Board of TK Development decided to exercise
its authorization to launch an incentive scheme.

At the Annual General Meeting on 24 May 2011, the Supervisory Board of TK
Development was authorized to issue warrants for a total of up to nominally DKK
7,500,000.00 (500,000 shares of DKK 15 each) to the Executive Board and other
executive staff members in the Group. On 24 May 2011, the Supervisory Board
decided to exercise this authorization to launch an incentive scheme, and thus
to grant 125,000 warrants to the Executive Board and 375,000 warrants to other
executive staff members. Thus, a total of 500,000 warrants have been allocated.

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

Under the four-year warrant scheme, warrants can be exercised at the earliest
three 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 500,000 warrants correspond to 1.2 % of the share capital.
The warrants can be exercised during three six-week periods as follows:
following publication of the preliminary announcement of financial statements
for the 2013/14 financial year (from around 30 April 2014), following
publication of the interim report for the six months ending 31 July 2014 (from
around 30 September 2014) and following publication of the preliminary
announcement of financial statements for the 2014/2015 financial year (from
around 30 April 2015). 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 from 25 May 2011 up to and including 9 June 2011, with
an annual 8 % adjustment to reflect an advance return to shareholders.

Contact information:

TK Development A/S

Frede Clausen, President and CEO

Tel. +45 8896 1010