Q1-Q3 2010

Q1-Q3 2010 in headlines

Loss before tax of DKK 2.9m and profit after tax of DKK 2.2m.

The merger of Skælskør Bank and Max Bank was approved by the shareholders and
the authorities 

The merger process and the ongoing “cultural amalgamation” proceed as planned.

For accounting purposes, the merger was completed with effect from 3 September
2010. 

Total business volume calculated as the total amount of loans and advances,
deposits, guarantees and deposit volume of DKK 15.2bn. 

Profit of DKK 46.7m from ordinary banking activities reflecting the continued
improvement of these activities. 

Relocation and staff adjustments have already been carried out, ensuring that
many of the estimated operating synergy effects of DKK 15-20m per year may be
achieved. 

Developments in costs for Q3 are still negatively influenced by merger costs
and salaries etc. to dismissed employees. 

Relatively high impairment losses of DKK 66.2m.

Earnings expectations for 2010 will remain within the range of a negative DKK
10m and a positive DKK 20m before tax. 

The issue was carried through after the end of the financial period, having
strengthened the Bank's capital resources by almost DKK 100m. Following this
the capital adequacy ratio can be calculated at approx 15.4%. 

Stock Exchange Announcement No. 46/2010