Investeringsselskabet Luxor A/S : 13. marts 2017 Delårsrapport for 1. kvartal 1/10-2016 - 31/12 2016 (offentliggjort på engelsk)

Investeringsselskabet Luxor A/S

Frederiksborggade 50, 4. 1360 København K

Telefon [phone] - CVR-nr. 49 63 99 10

Nasdaq Copenhagen A/S Announcement No 4

Nikolaj Plads 6 page 1 of 19

PO Box 1040 date 27 February 2017

DK-1007 Copenhagen K ref. IK/ls

Interim Report

as at 31 December 2016

The Supervisory Board of Investeringsselskabet Luxor A/S has today adopted the Interim Report as at 31 De- cember 2016.

First quarter 2016/17:

• Basic earnings amount to DKK 7.1 million (DKK 8.8 million), which is in line with expectations.

• The Group's results before tax for the quarter show a profit of DKK 12.9 million (DKK -9.5 mil- lion).

  The results for the quarter are positively affected by DKK 5.8 million, which primarily relates to net positive fair value adjustments and realised gains on bonds as well as positive fair value adjustments on interest swaps etc not included in basic earnings.

• The net asset value per share in circulation is DKK 366.38 (DKK 346.89). The net asset value per share in circulation is affected by the dividend distribution of DKK 20 million in January 2016, corresponding to DKK 20 per share.

  Expected profit for the year 2016/17

• At present, basic earnings of approx. DKK 24.0 million are still expected for the financial year 2016/17, which is in accordance with the most recent announcement at 19 December 2016.

Fair value adjustments and losses and gains realised on bonds, foreign currencies and interest swaps, etc are not included in basic earnings and will from the beginning of the financial year until 16 Feb- ruary 2017 affect results for the year before tax by DKK 9.2 million. The amount is distributed with DKK 5.8 million in the first quarter of the financial year and DKK 3.4 million in the period 1 Janu- ary to 16 February 2017.

For additional information concerning this Interim Report, please contact Jannik Rolf Larsen, CEO.

Yours faithfully Investeringsselskabet Luxor A/S

Jannik Rolf Larsen CEO

Announcement No 4 of 27 February 2017

Interim Report for the period 1 October to 31 December 2016 Contents

Page

Financial Highlights of the Group................................................. 3

Financial Review for the first quarter............................................ 4 - 9

Management's Statement .............................................................. 10

Consolidated Income Statement for the Period ............................. 11

Consolidated Balance Sheet .......................................................... 12 - 13

Statement of Changes in Equity .................................................... 14

Cash Flow Statement..................................................................... 15

Segment Reporting ........................................................................ 16

Significant Notes. .......................................................................... 17 - 19

Investeringsselskabet Luxor A/S er et investeringsselskab, der foretager anlægsinve- steringer for egen- og fremmedkapital. Selskabets hovedaktiviteter er fordelt på værdi- papirer og ejendomme. Der arbejdes med en fleksibel investeringsstrategi inden for en række konkrete investeringsrammer.

Koncernens overordnede målsætning er at skabe det bedst mulige langsigtede afkast til aktionærerne gennem anlægsinvesteringer for egen- og fremmedkapital inden for de fastlagte rammer for risiko.

Moderselskabet har i henhold til Lov om forvaltere af alternative investeringsfonde tilladelse til at investere i pantebreve, obligationer og ejendomme samt en dispensation til at kunne forvalte aktier modtaget i forbindelse med en erhvervsobligation i porte- føljen bliver helt eller delvis konverteret til aktier.

Investeringsselskabet Luxor A/S is an investment company investing shareholders' equity and debt capital in capital investments. The Company's main activities are distributed on mortgage deeds, bonds and properties. The Company has adopted a flexible investment strategy within a number of specific investment frameworks.

The overall objective of the Group is to achieve the best possible long-term return on investments for the shareholders by investing shareholders' equity and debt capi- tal in capital investments within the risk frameworks established.

Pursuant to the Danish Act on Alternative Investment Fund Managers, Investerings- selskabet Luxor A/S is permitted to invest in mortgage deeds, bonds and properties and has been granted an exemption in respect of being permitted to manage shares received in connection with a corporate bond in the portfolio being wholly or partly converted into shares.

FINANCIAL HIGHLIGHTS OF THE GROUP

OCTOBER - DECEMBER

DKK million	2016/17 Q1	2015/16 Q1	2014/15 Q1	2015/16 Full year
Key figures
Income..........................................................	18.4	4.2	17.1	67.7
Gross earnings..............................................	19.4	3.7	-0.8	69.9
Profit/loss before tax ....................................	12.9	-9.5	-13.3	29.1
Net profit/loss for the period........................	10.0	-7.4	-10.4	22.1
Basic earnings ..............................................	7.1	8.8	4.5	31.1
Assets ...........................................................	829.2	917.2	893.9	868.6
Equity...........................................................	366.4	346.9	402.4	356.4
Investment in property, plant and equip-
ment..............................................................	0.0	0.1	0.0	0.4
Profit/loss for analytical purposes:
Net profit/loss for the period (after tax) .......	10.0	-7.4	-10.4	22.1
Ratios
Values per DKK 100 share
Earnings per share (EPS) (DKK) .................	10.03	-7.40	-10.40	22.06
Net asset value per share in
circulation (DKK) ........................................	366.38	346.89	402.38	356.35
Return on equity in percentage p.a...............	11.10	-8.45	-10.20	6.21
Equity share in percentage ...........................	44.19	37.82	45.01	41.03
Share capital
Nominal share capital,
end of period (DKK million) .......................	100.0	100.0	100.0	100.0
Number of shares in
circulation (DKK million)............................	100.0	100.0	100.0	100.0

Official price on the Stock Exchange per DKK 100 share:

Lowest..........................................................	333	310	261	310
Highest .........................................................	355	355	305	360
End of period................................................	350	350	305	334
Volume of trade on the Stock Exchange, number of shares ..........................................	2,364	5,718	7,685	16,011
Listed on the Stock Exchange, number of shares ..........................................	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.

INTERIM REPORT

Basic earnings and results

The Group's basic earnings amount to DKK 7.1 million (DKK 8.8 million).

The lower basic earnings are primarily due to a decrease in net financial income of DKK 1.3 million as a result of the reduced portfolio of bonds.

Basic earnings are calculated as profit/loss before tax for the period adjusted for fair value adjust- ments of securities, debt and foreign exchange movements and realised losses on securities.

The Group's profit before tax amounts to DKK 12.9 million (DKK -9.5 million). After recognition of tax for the period of DKK 2.9 million (DKK -2.1 million), the profit after tax for the period amounts to DKK 10.0 million (DKK -7.4 million).

The results are positively affected by DKK 5.8 million, which is distributed with DKK 5.9 million from net positive fair value adjustments and realised gains on bonds including currency hedging, and DKK 2.5 million from positive fair value adjustments on interest swaps as well as DKK -2.6 million from other fair value adjustments etc not included in basic earnings.

Business areas

The Group's balance sheet, which compared with the same time last year has decreased from DKK

917.2 million to DKK 829.2 million, includes the following business areas:

2016/17 DKK million	2015/16 DKK million
Mortgage deeds..............................	547.2	544.9
Bonds .............................................	42.1	125.3
Shares.............................................	1.7	1.8
Total securities...............................	591.0	672.0
Investment properties.....................	182.3	180.5
Total...............................................	773.3	852.5

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