OMX The Nordic Exchange Copenhagen 6, Nikolaj Plads DK-1007 Copenhagen K Announcement No. 16-2008 11July 2008 Concerning the outlook for the first half of 2008 and the rating of Amagerbanken by Moody's In the light of the extencive press coverage of Amagerbanken, amongst other, we have decided to publish the current expectations for the first half of 2008. We emphasize that the accounts is still preliminary and not audited. The Bank has latest announced expectation for the year in the DKK 480- 520m range as core earnings before credit loss expenses. The current expectations to the first half of 2008 is at the DKK 300m level before credit loss expenses and value adjustments. The credit loss expenses is in the DKK 10 - 15m range and value adjustments are negative by DKK 33m. Compared to 2007 the core earnings shows a significant improvement. In the press coverage the Banks exposure to three customers has been mentioned. The Bank has had modest exposure to Sandgården, an exposure which in all essentials long since has been repaid. At present the Bank has no exposure to Sandgården and we have no recordings of any loss. Holmsø and others is an exposure, which has been in a process of liquidation for a couple of years and just at the end of the first half of 2008 the remaining exposure has been repaid without any loss to the Bank. Gerhardt International is a company in which the Bank is now a 100 per cent share holder. The only new thing is that the Bank has all of the capital. This has been the plan for a long time. Incidentally, the result for Gerhardt has shown a profit in the recent months. The exposure has been written off in previous years. For the first time Amagerbanken has been rated by Moody's and the rating has led to some press coverage initiated by comments from RB Børsen. The Bank and the Bank's international correspondents regards the rating as absolutely satisfactory especially in light of the present state of the business cycle. The rating correponds to the rating of comparable banks, like Fionia Bank and Spar Nord Bank. Roskilde Bank has a lower rating. Yours faithfully, A M A G E R B A N K E N Knud Christensen Managing Director and Chief Executive
016-2008 - Amagerbanken
| Source: Amagerbanken A/S