Max Bank A/S has carried through a pre-emption rights issue with gross proceeds of DKK 103.9m

Max Bank A/S announces that the offering of shares with pre-emption rights for  
the Bank's existing shareholders has been completed with the maximum number of  
shares offered, 4,157,625 new shares of DKK 20 nominal at the per share price of
DKK 25, having been subscribed for. Investors who had pre-committed themselves  
or pre- guaranteed to subscribe for shares have acquired 997,199 shares.        

The gross proceeds from the pre-emption rights issue are DKK 103.9m. Net of     
share offering costs, the issue has resulted in proceeds of approximately DKK   
94.8m. These proceeds will be used to strengthen the Bank's capital base further
in order for Max Bank to have a stronger foundation in terms of capital,        
liquidity and solvency. Following the increase of capital, Max Bank's capital   
adequacy ratio will be about 15.4%.                                             

The Board of Directors and the Executive Board of Max Bank are very pleased with
the results of the capital increase, which will provide the merged bank with a  
sound launch pad for future activities.                                         

The new shares carry the same rights as the existing shares of Max Bank,        
including the same right to any dividend. The capital increase is expected to be
registered with the Danish Commerce and Companies Agency on 28 October 2010.    
When the 4,157,625 new shares of DKK 20 nominal have been registered, the total 
nominal share capital of Max Bank will be DKK 152,446,260, or 7,622,313 shares  
of DKK 20 nominal.                                                              

Expectations are that the new shares will be admitted for official quotation on 
NASDAQ OMX Copenhagen A/S from Friday, 29 October 2010 under the parent ISIN    
code of the existing shares (DK0010305903).                                     

This announcement is not addressed to investors domiciled in the USA, Canada,   
Australia or Japan.                                                             

Please direct any questions to Hans Fossing Nielsen, Chairman of the Board of  
Directors, mobile phone number +45 40 70 32 40, or Henrik Lund, Chief Executive
Officer, mobile phone number +45 21 72 17 86.                                  

                      Yours faithfully            
                        Max Bank A/S              

 Hans Fossing Nielsen           Henrik Lund
Chairman of the Board      Chief Executive Officer


Stock Exchange Announcement No. 44/2010