Early repayment of subordinate loan capital, DKK 75m

NASDAQ OMX     
Nikolaj Plads 6
1067 Købenavn 


                                                                 29 September
2009 

Early repayment of subordinate loan capital, DKK 75m 

In 2004, Max Bank raised a subordinate loan of DKK 75m. The loan was arranged
by HSH Nordbank and forms part of Scandinotes II, from which a number of
financial institutions raised subordinate loan capital with a term of 8 years. 
                                
Based on Max Bank's capital position, the Bank's Supervisory Board has decided  
to repay the loan early after 5 years, accordingly repaying the loan at a price 
of 100 at the next interest payment date at 29 October 2009.   
                 
Please note that the Danish Financial Supervisory Authority has already approved
the repayment, see the bond terms and the Danish Financial Business Act.   
     
Please direct any relating questions to CEO Henrik Lund.                        

                                Yours faithfully
                                  Max Bank A/S  

      Flemming Jørgensen                                Henrik Lund      
Finance and Investment Manager                   Chief Executive Officer
      Tel: +45 5578 0141                          Tel. +45 5578 0120  
    e-mail fj@maxbank. dk                       e-mail  hlu@maxbank.dk     

Stock exchange announcement no 17/2009