Conversion price for government hybrid core capital

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| Source: Vestjysk Bank A/S
multilang-release

The Danish Financial Supervisory Authority
NASDAQ OMX Copenhagen

Oslo Børs


10 January 2014



Company announcement:

Conversion price for government hybrid core capital


On 20 December 2013 Vestjysk Bank A/S applied the Danish State for exercise of the Bank’s right to convert government hybrid core capital of DKK 575,200,000 in total with addition of any non-paid accrued interest to share capital.

As further described in the agreement on government hybrid core capital the conversion price is determined as the market value of the Bank’s shares immediately after the conversion notice. The conversion price is determined in a valuation report prepared by a valuation expert appointed by FSR – Danish accountants (FSR – danske revisorer).

Today, the Bank has received the valuation report from the appointed valuation expert, who has fixed the conversion price at DKK 9.04 per share of nominally DKK 1. The valuation report is attached to this company announcement.

The conversion price entails that the Danish State will receive 65,026,433 new shares of nominally DKK 1, consisting of 63,628,319 new shares of nominally DKK 1 by conversion of the principal of DKK 575,200,000 and 1,398,114 new shares of nominally DKK 1 by conversion of non-paid accrued interest of approximately DKK 12.6 million at the time of completion of the conversion.

As a result of the conversion, the Danish State will own 80.62 per cent of the Bank’s total share capital and voting rights. In addition, Finansiel Stabilitet A/S, which is owned by the Danish State, will own 0.86 per cent of the Bank’s total share capital and voting rights after the conversion.

The conversion is expected to be completed on 20 January 2014, after which the new shares are expected to be admitted to trading on 21 January 2014.


Vestjysk Bank A/S

The Supervisory Board


Vestjysk Bank A/S
Torvet 4-5
DK-7620 Lemvig
Denmark

Phone +45 96 63 20 00

CVR no. 34631328
www.vestjyskbank.dk