The contract has been prepared as a partnering agreement. This type of contract represents a new trend in Denmark, and Hoffmann A/S is a front-runner in this respect. The basis of a partnering agreement is complete openness and trust between the builder, the architect, the consulting engineers and the main contractor. The contractual details are regulated by an incentive agreement, in which the parties are accountable for any price increase or savings as compared with the agreed upon contract amount.

The expansion work has two main elements: a new shopping area of approximately 10,000 sq. m on one floor and a parking area covering four levels - two of which are located in basements situated in the extension of the existing façade to the south.

"The fact that the construction work will be executed in a partnering agreement, where all parties have pre-elected one another, and we all start at the same time with common goals and incentives, makes this contract very interesting," says Torben Bjørk Nielsen, Section Manager in Hoffmann A/S. "I feel confident that in addition to achieving a better quality at a lower price, we will also find that this project contributes to the further development of not only the participating companies, but also the whole construction industry, " he adds.

The planning work is presently under way, while the construction work is scheduled to start in spring 2003 and last until October 2004.

For further information, please contact:

Mr. Torben Bjørk Nielsen, District Manager, Hoffmann A/S

phone +45 43 29 93 01, mobile +45 21 29 93 00

Mr. Kai Krüger Henriksen, Senior Vice President, Communication, Veidekke ASA