Temporary approval from the European Commission of new individual state guarantees

The Danish Financial Supervisory Authority
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25 April 2012


Temporary approval from the European Commission of new individual state guarantees

Today, 25 April 2012, the European Commission has passed a temporary resolution approving the state subsidy elements, including grant of new individual state guarantees, of the capital plan of vestjyskBANK as set out in the company announcement of 25 January 2012.

As required under applicable EU regulations, the final approval of the European Commissions is conditional upon vestjyskBANK preparing and obtaining approval of a so-called restructuring plan regarding restoring of long-term viability, burden sharing in relation to financing and limiting distortions of competition. The bank has commenced the preparation of the restructuring plan and will in cooperation with the Danish state and the European Commission agree on the specific terms of the plan. It is vestjyskBANK's assessment based on the dialogue with the Danish state and the European Commission that the capital plan fulfils the requirements of a restructuring plan with the amendment that the European Commission is expected to stipulate conditions imposing restrictions on the vestjyskBANK's acquisition of other businesses.

Notwithstanding the fact that the European Commission has not given its final approval, Finansiel Stabilitet A/S will be able to grant the individual state guarantees on the basis of the temporary approval. Accordingly, the bank expects to negotiate and receive a final consent on the granting of individual state guarantees from Finansiel Stabilitet A/S on or before 30 June 2012, assuming that the other elements of the capital plan are accomplished as planned.

In accordance with the timetable for the capital plan of the bank as set out in the company announcement of 28 February 2012, the bank expects to launch a rights issue with pre-emptive rights for existing shareholders before the end of April 2012.



vestjyskBANK

Frank Kristensen           
CEO           

fk@vestjyskbank.dk

Vestjysk Bank A/S
Torvet 4-5
DK-7620 Lemvig
Denmark
Phone +45 96 63 20 00

CVR no. 34631328
www.vestjyskbank.dk