Pursuant to section 28(a) of the Securities Trading Act Max Bank A/S is to report the transactions in Max Bank A/S shares and connected securities of managerial staff and directors and connected persons. Name Dan Andersen Reason Vice Chairman Issuer Max Bank A/S ISIN code DK0010305903 Type Shares Transaction Acquisition Trading date 15 October 2010 Market Copenhagen Stock Exchange Number 8,058 Market price DKK 201,450 Name Hans Fossing Nielsen Reason Chairman Issuer Max Bank A/S ISIN code DK0010305903 Type Shares Transaction Acquisition Trading date 14 October 2010 Market Copenhagen Stock Exchange Number 9,193 Market price DKK 229,825 Name Steen Sørensen Reason Member of the Supervisory Board Issuer Max Bank A/S ISIN code DK0010305903 Type Shares Transaction Acquisition Trading date 18 October 2010 Market Copenhagen Stock Exchange Number 2,000 Market price DKK 52,500 Stock Exchange Announcement No. 40/2010