Merger of Max Bank A/S and Skælskør Bank Aktieselskab

The Supervisory Boards of Max Bank A/S and Skælskør Bank Aktieselskab have
decided to propose that the two companies be merged, with Max Bank as the
surviving company. 

At the merger, the shareholders of Skælskør Bank will receive shares in Max
Bank, which will be acquired at the exchange ratio of 11 to 2 to the effect
that, for every 11 shares of a nominal value of DKK 20, the shareholders of
Skælskør Bank will receive 2 shares in Max Bank of a nominal value of DKK 20 as
a result of the merger. 

As the proposed merger was already promulgated in the Stock Exchange
Announcement of 27 May 2010, this announcement is not expected to have any
impact on the share price. 

There is no requirement for the preparation or release of a prospectus in the
event of admission of such shares for trading as are offered, allotted or to
allotted in a merger if a document is submitted that contains disclosures
similar to those of such prospectus. Consequently, no prospectus will be
prepared as part of the admission for trading. The substance of the documents
prepared in connection with the merger and this stock exchange announcement
with accompanying documents corresponds to that of a prospectus. 

Please direct any questions to

Max Bank:
Hans Fossing Nielsen, Supervisory Board Chairman, 
mobile phone number +45 40 70 32 40, or 
Henrik Lund, Chief Executive Officer, 
mobile phone number +45 21 72 17 86

Skælskør Bank:
Peter Melchior, Supervisory Board Chairman, 
mobile phone number +45 40 55 11 42, or 
Henrik Borup Jeppesen, Chief Executive Officer, 
mobile phone number +45 61 56 60 00

Stock exchange announcement no 21/2010