The Board of Directors and the Executive Board today considered and adopted the annual report for the financial year September 1, 2004 - August 31, 2005. The annual report is presented in accordance with Danish accounting legislation, Danish Accounting Standards and the Copenhagen Stock Exchange regulations on the presentation of financial statements.

The Management’s review gives a true and fair description of the Group’s and the Parent Company’s activities, position and outlook. We consider the accounting policies to be adequate, to the effect that the financial statements of the Group and the Parent Company give a true and fair view of the Group’s and the Parent Company’s assets and liabilities, financial position, results of operations and cash flows.

We recommend that the annual report be adopted by the shareholders at the annual general meeting.

Hørsholm, November 14, 2005

Board of Management
Jens Bager
President & CEO
Board of Directors
Jørgen Worning	Thorleif Krarup
Chairman	Vice Chairman
Nils Axelsen	Peter Foss
Niels Johansen	Anne Birgitte Lundholt
Carsten Lønfeldt