Announcement 12/2009 With effect from the accounting year beginning on 1 January 2009, Føroya Banki will present its consolidated accounts in accordance with the International Financial Reporting Standards (IFRS). This enclosed (updated) IFRS Reconciliation Statement describes the changes in valuation and presentation after the transition to IFRS. Føroya Banki P/F Janus Petersen CEO www.foroya.fo