Investeringsselskabet Luxor A/S : 10. januar 2017 F ondsbørsmeddelelse af 19. december 2016 samt uddrag af Årsrapport 1/10-2015 - 30/9 2016 (offentliggjort på engelsk)

Stock Exchange Announcement of 19 December 2016

and extract of

Annual Report

1 October 2015 - 30 September 2016

(The Company's 43rd financial year)

Investeringsselskabet Luxor A/S

Frederiksborggade 50, 4. 1360 København K  CVR-nr. 49 63 99 10

Nasdaq Copenhagen A/S Annual Report 2015/16

Nikolaj Plads 6 date 19 December 2016

PO Box 1040

DK-1007 Copenhagen K

Company Announcement No 2 2016/17

The Supervisory Board of Investeringsselskabet Luxor A/S has today considered and adopted the Company's Annual Report for 2015/16.

Comments to the Annual Report:

• Basic earnings for the financial year increased from DKK 24.1 million in 2014/15 to DKK 31.1 million in 2015/16, which is in accordance with Company Announcement of 24 November 2016. The improvement is primarily attributable to an increase in net financial income as well as increased capital gains and improvements of losses and fair value adjustment of credit risk on the Group's mortgage deeds.

• The Group's results before tax for the financial year show a profit of DKK 29.1 million (DKK

  -10.2 million). After tax, the Group shows a profit of DKK 22.1 million (DKK -8.5 million).

  The results for the year are affected by net positive fair value adjustments and realised losses on bonds including currency hedging of DKK 8.1 million, negative fair value adjustments of interest swaps and debt to mortgage credit institutes of DKK -7.5 million as well as fair value adjustments of investment properties, DKK -2.1 million.

• The net asset value per share in circulation is DKK 356.35 (DKK 354.29).

• The Supervisory Board proposes to the General Meeting that dividend of DKK 25.0 million (DKK 20.0 million) be distributed, corresponding to DKK 25.0 (DKK 20.0) per share.

• For the coming financial year 2016/17, basic earnings of approx. DKK 24.0 million are ex- pected. Fair value adjustments and realised losses and gains on bonds, foreign currencies and in- terest swaps, etc are not included in basic earnings and will at 7 December 2016 affect results

  for the year before tax positively by DKK 4.8 million.

  Fourth quarter of the financial year 2016:

• Basic earnings for the quarter amount to DKK 6.8 million, which is in line with the fourth quar- ter of the financial year 2015.

• The Group's results before tax for the fourth quarter of the financial year 2016 show a profit of DKK 9.7 million (DKK -15.9 million). After tax, the Group shows a profit of DKK 7.0 million (DKK -13.0 million).

The results for the quarter are affected positively by DKK 4.7 million (DKK -21.4 million) re- lating to net positive fair value adjustments and realised gains/losses on bonds as well as fair value adjustments of investment properties, DKK -2.1 million.

For additional information concerning the Annual Report, please contact the undersigned.

Yours faithfully Investeringsselskabet Luxor A/S

Jannik Rolf Larsen CEO

FINANCIAL HIGHLIGHTS OF THE GROUP

OCTOBER - SEPTEMBER

Q4 Q4

DKK million Key figuresIncome ...................................................	2015/16 67.7	2014/15 59.9	2013/14 59.9	2012/13 47.7	2011/12 37.1	2015/16 19.1	2014/15 15.9
Gross earnings .......................................	69.9	43.1	60.4	33.0	28.8	17.2	-9.4
Profit/loss before tax..............................	29.1	-10.2	15.0	14.4	0.5	9.7	-15.9
Net profit/loss ........................................	22.1	-8.5	11.1	10.3	1.1	7.0	-13.0
Basic earnings........................................	31.1	24.1	13.8	4.9	8.6	6.8	6.6
Assets..................................................... Investment in property, plant and equipment ..............................................	868.6 0.4	915.5 0.7	888.2 0.0	797.2 0.2	782.1 0.0	868.6 0.0	915.5 0.6
Equity ....................................................	356.4	354.3	412.8	407.6	397.3	356.4	354.3
Proposed dividend for the year..............	25.0	20.0	50.0	6.0	0.0	25.0	20.0
Profit/loss for analytical purposes: Net profit/loss (after tax) .......................	22.1	-8.5	11.1	10.3	1.1	7.0	-13.0
Ratios
Values per DKK 100 share Earnings per share (EPS) (DKK)...........	22.06	-8.48	11.15	10.33	1.07	7.02	-12.95
Net asset value per share in circulation (DKK)..................................	356.35	354.29	412.78	407.63	397.30	356.35	354.29
Return on equity in percentage p.a. .......	6.21	-2.21	2.72	2.57	0.27	7.95	-14.36
Equity share in percentage.....................	41.03	38.70	46.47	51.14	50.80	41.03	38.70
Dividend per share (DKK)* ..................	25.00	20.00	50.00	6.00	0.00	25.00	0.00
Share capital
Nominal share capital, end of year (DKK million) ....................	100.0	100.0	100.0	100.0	100.0	100.0	100.0
Number of shares in circulation (DKK million) .....................	100.0	100.0	100.0	100.0	100.0	100.0	100.0
Official price on the Stock Exchange per DKK 100 share: Lowest ...................................................	310	261	216	185	203	316	313
Highest...................................................	360	362	264	222	258	335	323
End of year ............................................	334	317	264	221	203	334	317
Volume of trade on the Stock Exchange, number of shares....................................	16,011	32,385	20,679	17,947	15,457	3,041	4,625
Listed on the Stock Exchange, number of shares....................................	825,000	825,000	825,000	825,000	825,000	825,000	825,000

The key figures have been calculated in accordance with "Recommendations and key figures 2015" issued by the Danish Society of Financial Analysts. EPS and diluted EPS are in accordance with IAS 33.

* Calculated on the basis of proposed dividend distribution.

Basic earnings and results for the year

The Group's basic earnings amount to DKK 31.1 million (DKK 24.1 million), which is in accordance with Company Announcement of 24 November 2016.

Basic earnings are higher than the level of DKK 28.0 million stated in the Announcement of 26 August 2016 and the level of DKK 20.0 million stated in the Annual Report 2014/15. The higher basic earnings are pri- marily attributable to increased capital gains and improvements of losses and fair value adjustment of credit risk on the Group's mortgage deeds.

Basic earnings are calculated as profit/loss before tax for the year adjusted for fair value adjustments of fi- nancial assets, debt and foreign exchange movements and realised gains/losses on bonds and shares.

The Group's results before tax amount to DKK 29.1 million (DKK -10.2 million). After recognition of tax for the year of DKK 7.0 million (DKK -1.7 million), the results after tax for the year amount to DKK 22.1 million (DKK -8.5 million).

The results for the year are affected by net positive fair value adjustments and realised losses on bonds in- cluding currency hedging of DKK 8.1 million, negative fair value adjustments of interest swaps and debt to mortgage credit institutes of DKK -7.5 million as well as fair value adjustments of investment properties, DKK -2.1 million.

Fourth quarter of the financial year 2016

The Group's basic earnings for the fourth quarter of the financial year 2016 amount to DKK 6.8 million (DKK 6.6 million), and results before tax amount to DKK 9.7 million (DKK -15.9 million). The results for the quarter are positively affected by DKK 4.7 million (DKK -21.4 million) resulting from net positive fair value adjustments and realised gains/losses on bonds as well as fair value adjustments of investment proper- ties, DKK -2.1 million.

Business areas

The Group's balance sheet, DKK 868.6 million (DKK 915.5 million), includes the following business areas:

2015/16 DKK million	2014/15 DKK million
Mortgage deeds...................................	555.8	510.9
Bonds ..................................................	77.1	153.2
Shares..................................................	1.7	1.8
Total securities	634.6	665.9
Investment properties..........................	182.3	180.5
Total ....................................................	816.9	846.4

Below, the individual business areas are described. The financing and the effect of currency hedging as well as currency exposure and hedging of currency risk are described in the section financing and debt.

Mortgage deeds

The fair value of the Group's portfolio of mortgage deeds amounts to DKK 555.8 million (DKK 510.9 mil- lion).

The fair value of the Group's portfolio of mortgage deeds is distributed with DKK 401.9 million (DKK

362.2 million) in fixed-interest mortgage deeds and DKK 153.9 million (DKK 148.7 million) in floating-rate cibor mortgage deeds.