Luxor B — Earnings Release 2015

Jan 12, 2016

The Supervisory Board of Investeringsselskabet Luxor A/S has today considered
and adopted the Company’s Annual Report for 2014/15.

Comments to the Annual Report:

-- Basic earnings for the financial year increased from DKK 13.8 million in
2013/14 to DKK 24.1 million in 2014/15, which is higher than expected in
the Announcement for the third quarter 2014/15. The improvement is
primarily attributable to an increase in net financial income.

-- The Group’s results before tax for the financial year show a loss of DKK
10.2 million (DKK 15.0 million). After tax, the Group shows a loss of DKK
8.5 million (DKK 11.1 million). The Group’s results are within the range
stated.

The results are influenced by net negative fair value adjustments and realised
losses on bonds of DKK 34.9 million as a result of volatility in the bond
market and a widening of the yield spread to government bonds, among other
things as a consequence of exposure to the energy and commodity sectors as well
as currency hedging.

-- Net asset value per share in circulation is DKK 354.29 (DKK 412.78).

-- The Supervisory Board proposes to the General Meeting that dividend of DKK
20.0 million (DKK 50.0 million) be distributed, corresponding to DKK 20.0
(DKK 50.0) per share.

-- For the coming financial year 2015/16, basic earnings of approx. DKK 20.0
million are expected. Fair value adjustments and losses and gains realised
on bonds, foreign currencies and interest swaps, etc are not included in
basic earnings and will at 9 December 2015 affect results for the year
before tax by DKK -11.0 million.

Fourth quarter of the financial year 2015:

-- Basic earnings for the quarter have increased from DKK 5.6 million in
2013/14 to DKK 6.6 million in 2014/15. The improvement is primarily
attributable to an increase in net interest income.

-- The Group’s results before tax for the fourth quarter of the financial year
2015 show a loss of DKK 15.9 million (DKK -3.7 million). After tax, the
Group shows a loss of DKK 13.0 million (DKK -3.3 million).

-- The results for the quarter are influenced by net negative fair value
adjustments and realised losses on bonds of DKK 21.4 million (DKK -10.8
million) as a result of volatility in the bond market and a widening of the
yield spread to government bonds, among other things as a consequence of
exposure to the energy and commodity sectors as well as currency hedging.

For additional information concerning the Annual Report, please contact Jannik
Rolf Larsen, Manager.

     Jannik Rolf Larsen, Manager