Update on the bank`s affairs

Announcement no. 32-2010  
12 September 2010

					
Company announcement

•	Update on the bank's affairs

•	Prospectus supplement in connection with completion of capital increase

•	Changed timetable

In preparation for the completion of the capital increase, raising gross
proceeds of DKK 898m, which is scheduled to be effected after the extraordinary
general meeting being held on 13 September 2010, the board of directors and
executive board of Amagerbanken wish to give existing and future shareholders
an update on the bank's situation on 12 September 2010. 

1.	Core earnings and impairment charges

Based on the bank's activities in July and August 2010, the bank's core
earnings have developed according to expectations, which means that the bank
maintains its expectations of core earnings for 2010 before impairment charges
in the range of DKK 310-360m. 

The bank's impairment charges in the period from 1 July - 31 August 2010,
calculated in accordance with applicable accounting principles and the
guidelines of the Danish Financial Supervisory Authority, have been affected,
among other things, by the current downward drift of certain securities pledged
to the bank in the order of DKK 40m. In addition, it is expected that
impairment charges will be affected by the fact that the bank was not
successful in a lawsuit concerning a loan secured by mortgage in a customer
relationship, which may result in a loss in the order of DKK 40m, unless the
decision is reversed in a possible subsequent appeal. 

2.	Organisation - management

As stated in the bank's annual report 2009 as well as in its prospectus of
November 2009 and as stated in the bank's prospectus dated 17 August 2010 with
supplement of 3 September 2010, the bank has developed a strategy for the
strengthening of central parts of the organisation which is expected to involve
the bank's executive board and other executives who have been under a
tremendous workload for nearly two years in order to fulfil the existing
organisational needs and to make the organisation match the requirements of the
future to banking. 

As the bank's capital structure has now been solved, the process of
implementing this plan will be given prompt attention as part of the
implementation of the bank's strategy. In this connection, the bank's board of
directors will look at other relevant adjustments within its organisation,
involving its executives as well as the executive board. The bank's board of
directors and executive board emphasise once again that no individuals are to
stand in the way of the bank's development and that all changes will continue
to be effected to ensure maximum value preservation for our customers and
shareholders. 

Once the final shareholder structure is known, the bank's board of directors
will assess the future composition of the board of directors and its
competencies viewed in the light of the bank's expected development. 
3.	General - prospectus supplement - changed timetable

As the bank has not yet effected the capital increase generating the
above-stated gross proceeds, the bank will publish a supplement to its
prospectus dated 17 August 2010 with supplement no. 1 of 3 September 2010. The
supplement will describe the changes to the prospectus in consequence of the
above, including changes to the section in the prospectus on risk factors. 

Publication of the prospectus supplement will allow shareholders and investors
to withdraw their subscriptions or subscription commitments until and including
14 September 2010 at 5 pm. 

Karsten Ree Holding ApS has informed Amagerbanken that Karsten Ree Holding ApS
stands by its subscription commitment in its entirety. 

It is expected that the capital reduction and the capital increase will be
registered with the Danish Commerce and Companies Agency on 15 September 2010. 

It is thus not expected that new shares in the preliminary ISIN code will be
admitted to trading and accepted for listing until 17 September 2010.
Integration of the preliminary ISIN code with the existing ISIN code is
expected to be effected with effect for the shareholders' securities (VP)
accounts as at 24 September 2010. 


Yours faithfully
A M A G E R B A N K E N
         
N.E. Nielsen		Jørgen Brændstrup
	Chairman	Managing Director 
		  & Chief Executive






For further information, please contact Mr N.E. Nielsen or Mr Jørgen Brændstrup
via Ms Anne Mikkelsen (co-ordinator) at tel. +45 32 66 64 03. 

www.amagerbanken.dk