Q1 - Q3 2008

Q3 2008 in headlines

Max Bank is adapting to the changing market conditions as a result of the
financial crisis and the slowdown in the national economy, focusing on reduced
risk, improved bottom line and consolidation. 

Max Bank accordingly launches initiatives to improve its bottom line -
including a reduction of staff by approx 10%. 

Continued favourable development in the operating profit on primary banking
activities, which net of extraordinary items is up by 24% to DKK 37.0m. 

Performance for Q1-Q3 2008 is a loss of DKK 27.5m after tax, which is massively
impacted by unrealised negative translation/market value adjustments of DKK
31.5m and impairment losses of DKK 56.5m. 

Undiminished considerable excess liquidity of 124.1% in relation to the legal
requirements, corresponding to approx DKK 900m, to which should be added new
credit facilities of approx DKK 400m, which is attributable to the new
borrowing facilities in the Nationalbanken. 

Continued high capital adequacy ratio of 16.2%, where the internal capital
adequacy requirement calculated in accordance with the new Basel II rules
amounts to 8.6%. 

Earnings expectations before translation/market value adjustments and tax for
FY 2008 have been adjusted downwards from a profit of DKK 25-30m to a loss of
DKK 35-55m due to developments in Q1-Q3 and the risk of increased write-downs
for impairment in Q4 2008. 

For 2009, Max Bank again expects positive results as a result of the launched
initiatives.