Quarterly report for Q1 2010

 Rental income for Q1 2010 amounts to DKK 62.2 m, compared to DKK 67.6 m for
the same period last year. The decrease is primarily due to sales of properties
in the course of 2009. Furthermore, new rental agreements were entered into in
2009, some of which were at lower rent levels, due to the occupier moving out
or going bankrupt. 

 In Q1 2010 Nordicom achieved a gross profit of DKK 46.0 m (Q1 2009: 34.7 m),
which corresponds to an increase of DKK 11.3 m. The gross profit also increased
from 50% to 67%, as losses from development activities were higher last year. 

 Operating cash flow for Q1 2010 amounts to DKK -14.1 m  (Q1 2009: DKK -45.3
m), which corresponds to an improvement of DKK 31.2 m compared to the same
period last year. Cash flow from operating activities is made up of DKK 21.1 m
from Nordicom Ejendom, DKK -19 m from Nordicom Udvikling and DKK -16.2 m from
holding activities etc. The cash flow from operating activities for Q1 2010
cannot be used as a guide for the rest of the year as one-off payments have
been made and interests have been cumulated. 

 Net fair value adjustments amount to DKK -1.1 m (Q1 2009: DKK -23.7 m) and
are made up of DKK 6.0 m from the company's completed investment properties,
DKK -1.9 m from investment properties under development , DKK -4.3 m from debt
to credit institutions and DKK -0.9 m  from holdings of mortgage deeds. 

 In the beginning of 2009 Nordicom completed the development of a new
residential area in Germany, Eidelstedter Brook 7-19, near Hamburg, with a
total area of 4,926 m2 and a residential area of 4,887 m2 plus 49 parking
spaces in an underground parking basement. In December the property was sold
for DKK 71.4 m (EUR 9.6 m) to a German fund. The property was delivered March
1st 2010 with a profit of DKK 4.1 m. 

 In March 2010 an agreement was reached between Nordicom and the company's
most significant creditors regarding improving the company's financing
conditions. According to the agreement, the banks will, over a period of 3
years beginning January 1st 2010, freeze and lower interest rates on a
significant part of the bank debt (approx DKK 1,800 m) and lower margins on
approx DKK 1,600 of mortgage debt. Furthermore, the maturity of the bank debt
in question has been extended to December 31st 2012. The maturity of the
group's mortgage debt is already more than 3 years. New deals have been entered
into regarding the bank debt not covered by this agreement, and some of this
will be converted into mortgage debt. 

 In line with the bank agreement, Nordicom A/S is committed to carrying out an
increase in the company's share capital of a minimum of DKK 100 m in net
proceeds by September 30th 2010 at the latest. Conditional pledges to subscribe
of at least DKK 50 m must exist before June 30th 2010. The company has
therefore implemented a process to raise the necessary share capital in
cooperation with Skandinaviska Enskilda Banken (SEB) , and is currently having
positive dialogues with current and potential investors. 

 Net profit before tax for Q1 2010 amounts to DKK -0.8 m (Q1 2009: DKK -61.6).
This increase in profit is primarily due to an increase in gross profit of 11.3
m., higher fair value adjustments and lower interest costs compared to the same
period last year. 

 The company's focus on profitable investments and continuous operational
improvements to the existing property portfolio will continue throughout 2010
and will be intensified when Nordicom raises extra capital through the
forthcoming issuance of new equity.  Management of the company's property
portfolio has worked as expected in Q1 2010 and we are still in line with the
previously announced expectations for the accounting year of 2010 of approx. 
DKK -15 m to + DKK 15 m before valuation adjustments and tax. 

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