Note 14 - Investment property

DKKm			2007	2006
	Investment property
	Fair value 1 January		2,127	1,726
	Exchange rate adjustment		13	-13
	Additions during the year		23	235
	Disposals during the year		-5	-5
	Value adjustment for the year		105	184
	Fair value 31 December		2,263	2,127

	Total rental income for 2007 was DKK 160m (DKK 145m in 2006).

	Total expenses for 2007 were DKK 43m (DKK 44m in 2006). Of this amount, unlet property represented DKK 1m (DKK 2m in 2006), so the total expenses for investment property generating rental income were DKK 42m (DKK 42m in 2006).

	External experts were not involved in valuing investment property.

	In establishing the market value of the properties, the following return percentages were used for each property category.
		Lowest	Average	Highest
		percentage	percentage	percentage
		2007	2007	2007

	Business property	7.00	7.27	7.50
	Office property	3.75	6.57	7.50
	Residential property	4.00	5.30	6.00

		Lowest	Average	Highest
		percentage	percentage	percentage
		2006	2006	2006

	Business property	7.00	7.30	7.50
	Office property	3.80	6.50	7.50
	Residential property	3.50	4.80	6.00