1. Quarterly Report 2010

Satisfactory result for the first three months of 2010 for The BANK of Greenland
Earnings before tax, DKr 23.438m as compared with DKr 20.282m for the same      
period in 2009 producing a return on shareholders' equity of 13.5 %. Net income
from interest and charges fell by DKr 3.785m to DKr 54.686. Low interest rates
is the primary reason for the decrease. Expenses and depreciation rose to DKr
34.717m as compared with DKr 31.576m for Q1 2009. Increases in depreciation
associated with the start-up of the bank's new headquarters in 2009 and a
slight increase in IT and staff expenses are the primary reasons for the
increase. Price adjustments amounted to a plus of DKr 5.108m compared with a
minus of DKr 5.007m in Q1 2009. Write-downs on the bank's loans amounted to DKr
3.304m as compared with DKr 2.323m for Q1 2009. The level of write-downs
remains modest. Liquidity at The BANK of Greenland remains at satisfactory
levels with an excess coverage of 152.1 % in relation to statutory requirements
for liquidity. For the entire year of 2010, the profit before price adjustments
and write-downs is expected to be in the range of DKr 95-115m