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 Henrik Borup Jeppesen Reason Executive Officer Issuer Max Bank A/S ISIN code DK0010305903 Type Shares Transaction Acquisition Trading date 18 October 2010 Market Copenhagen Stock Exchange Number 4,003 Market price DKK 100,075 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 339 Market price DKK 8,475 Stock Exchange Announcement No. 41/2010