H0jgaard Holding A/S H

Stock exchange announcement 22 January 2013

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Hojgaard Holding adjusts expectations for 2012 downwards due to downward adjustment in MT Hojgaard

As can be seen from the enclosed announcement from MT H0jgaard, results will be significantly lower than expected. A pre-tax margin of around -5% is now expected compared to a previous outlook for a pre-tax margin of -2% in the interim report for the third quarter 2012.

H0jgaard Holding A/Sand Monberg & Thorsen A/S bave therefore decided to strengthen MT H0jgaard's capitai base, liquidity and equity ratio by increasing the share capitai by DKK 300 million in total, of which H0jgaard Holding's holding of 54% arnounts to DKK 162 million. The capitai will be increased by means of cash payment.

As a consequence ofthe downward adjustment, the H0jgaard Holding group's earnings expectations for 2012 are adjusted accordingly. The H0jgaard Holding group thus now expects a pre-tax margin of around -5% compared to a previous outlook for a pre-tax margin of -2% in the interim report for the third quarter 2012. Revenue for 2012 is still expected to be slightly higher than in 2011.

As planned, the annual report will be made public on 5 March 2013. Best regards,

H0jgaard Holding A/S

Helge Israelsen

Chairman of the board

Ditlev Fl0istrup

CEO

This statement has been translated from tlze Danish language, and in tlze event of any discrepancies between

the Danish and the English language versions, tlz e Danish language version is tlze goveming text.

Contact: Helge Israelsen, chairman ofthe board, H0jgaard Holding, tel: +45 45201503

H121jgaard Holding A/S Klampenborgvej 221, 2nd floor DK-2800 Kgs. Lyngby

Tel: +45 4520 1500

Fax: +45 4520 1501

hojgaard@hojgaard . dk www.hoj g aard.d k

CVR no. 16 88 84 19



Press release 22 January 2013

MT Højgaard downrates the outlook for 2012 and strengthens its capital base by DKK 300 million

The outlook for the Group's financial performance for 2012 is downrated to a pre-tax margin in the region of -5%

The Board of MT Højgaard now expects a profit margin of around -5% (pre-tax) adjusted from the previous forecast of -2%.

Reduced financial performance in the fourth quarter of 2012

The Group's new management has reviewed the portfolio of projects, and this has resulted in increased provisions for both ongoing as well as previously handed over projects.
Efforts are made to quickly conclude a few of the handed over projects, and in this connection a settlement has just been made which burdens the performance, but which also means that the cash flow is improved by more than DKK 100 million at the beginning of 2013.
The settlement and the increased provisions do not change the previously made assessments in relation to the grout problem (see previous mention of this). The financial development in the subsidiary undertakings is overall consistent with previous expectations.
The new President and CEO Torben Biilmann about the result:
- Since I took up my position on 1 November, the organisation has been changed and explicit responsibilities and goals have been established which must be fulfilled and met from now on. At the same time, a thorough reconstruction of the whole business has been carried out, which has now led to the performance for the fourth quarter of 2012 being significantly poorer than previously expected.
Revenue in 2012 is expected to end at DKK 9.8 billion. This is consistent with the outlook for a slightly higher revenue than the year before (2011: DKK 9.3 billion).

The long-term profitability goal remains a pre-tax margin of 5%

As part of the current turnaround a new group strategy will be outlined in 2013. The long-term financial ambition is still a pre-tax margin of 5% in three years, which the President and CEO is convinced is possible:
- I have been on this journey before and have proved that it is possible to create this result in the Danish construction and civil engineering market, says Torben Biilmann and continues:
- In addition to the activities in the parent company the Group consists of a well composed and profitable portfolio of subsidiary undertakings, so with the measures and changes now imple- mented I am sure that we can create a well-earning group within the next few years.
The financial performances of 2013 and 2014 will still be negatively affected by previous pro- jects with a weak profitability. In addition to this, the capacity cannot be reduced as quickly as the orders intake.

The latest measures implemented include: