Major shareholder announcement in accordance with the Danish Securities Trading Act

Referring to section 29 of the Danish Securities Trading Act, we state that Max
Bank has been notified that the Danish Government represented by the Danish    
Ministry of Finance has reduced its shareholding in Max Bank A/S.              
The Danish Government represented by the Danish Ministry of Finance then holds 
1,478,312 shares, or 19.39% of the share capital.                              
Any questions should be directed to Henrik Lund, Chief Executive Officer.      

Yours faithfully    
Max Bank A/S      
Henrik Lund      
Chief Executive Officer



Stock Exchange Announcement No. 48/2010