As mentioned in the half year report we have been working on raising a syndicated loan with term from 3 to 7 years to cover the bank's surplus of loans. The loan has now been established with an amount of EUR 150,000,000.- (hereof EUR 40 million on 3 years, EUR 77.5 million on 5 years, and EUR 32.5 million on 7 years at following margins - 26 basis points, 31.5 basis points, 38.5 basis points). The syndication which has run absolutely satisfactory has been arranged by Bayericshe Landesbank in co-operation with Arbejdernes Landsbank. Yours faithfully Ringkjøbing Bank Preben Knudsgaard Kaj Damgaard