This document is an unofficial translation of the Danish original. In the event of any inconsistencies, the Danish version shall apply. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 11 September 2008 | -------------------------------------------------------------------------------- | OMX Nordic Stock Exchange Copenhagen | | | Nikolaj Plads 6 | | | DK-1007 Copenhagen K | | -------------------------------------------------------------------------------- Stock exchange announcement no 13/2008 Downward adjustment of earnings expectations The division of Roskilde Bank into an "old" and a "new" bank causes a negative unrealised market value adjustment of DKK 17m. Current developments in a single commitment do not lead to a need for further write-down for impairment. Bank operations continue to develop satisfactorily Expected pre-tax profit for the year is DKK 50-70m. As a consequence of the terms underlying the Nationalbank's acquisition of Roskilde Bank, Lokalbanken i Nordsjælland needs to write down its portfolio of 2% Scandinotes III 2015 and 2% Scandinotes IV 2017 by a total of DKK 17m. Lokalbanken and other investors have so far been able to regard these bonds as a low risk investment. The bonds have been issued to a number of credit institutions and are subordinate debt in status. In the selected structure, this subordinate debt is left with the "old" Roskilde Bank. Should the Nationalbank's ownership of the "new" bank result in a profit, this will primarily accrue to the investors of subordinate debt in the "old" Roskilde Bank, and in that case the Bank will, in whole or in part, be able to revalue the portfolio again. The Bank's name has been mentioned in connection with the compulsory winding-up of Stones Invest A/S, and we can state in this context that we do not estimate increased risk of losses to exist in relation to the provisions already made in the Bank's financial statements. Operations of Lokalbanken continue to develop satisfactorily in accordance with Management's plans and expectations. Following the unrealised capital loss mentioned, a pre-tax profit of DKK 50-70m is expected for 2008 (against the previously expected DKK 70-90m). 2007 generated a profit of DKK 82m. Yours faithfully Lokalbanken i Nordsjælland a/s Executive Board Bruno Riis-Nielsen
Downward adjustment of earnings expectations
| Quelle: Lokalbanken i Nordsjælland A/S
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