Alm. Brand Bank A/S announces a recommended voluntary cash offer to purchase all B shares of Alm. Brand Pantebreve A/S

Not for release in or into the U.S., Canada, Australia or Japan

Alm. Brand Bank A/S (the “Bank”), CVR no. 81753512, has today resolved to make
a conditional cash tender offer (the “Tender Offer”) to all shareholders for
all of the issued B shares of Alm. Brand Pantebreve A/S, CVR no. 16266019,
(“Alm. Brand Pantebreve”). 

The Tender Offer is open to all Alm. Brand Pantebreve shareholders  at a price
of DKK 16.50 per Alm. Brand Pantebreve B share of a nominal value of DKK 100.
The consideration for the Bank's contemplated acquisition of Alm. Brand
Pantebreve shares will be financed by the Bank's existing cash resources. The
board of directors of Alm. Brand Pantebreve has unanimously recommended that
Alm. Brand Pantebreve's shareholders accept the Tender Offer. 

As of today's date, the Bank owns 76.3 percent of the share capital in Alm.
Brand Pantebreve and 88.7 percent of the voting rights. 

Tender Offer

•	The consideration offered under the Tender Offer is DKK 16.50 in cash per
Alm. Brand Pantebreve B share of a nominal value of DKK 100. The Tender Offer
Document is expected to be released today and, the Tender Offer, unless
extended, is expected to expire on Wednesday, 10 November 2010 (the “Offer
Period”). If the conditions of the Tender Offer are either met or waived at
that time, settlement is expected on or before Wednesday, 17 November 2010. 

•	The offer price represents a premium of approximately 27 percent for B shares
over the closing share price of the Alm. Brand Pantebreve B shares on 11
October 2010. 

•	The completion of the Tender Offer is subject to fulfilment or waiver of
certain conditions, including the Bank's holding or receipt of valid
acceptances of the Tender Offer as at the expiry of the Offer Period in respect
of an aggregate of more than 90 percent of Alm. Brand Pantebreve's share
capital and voting rights as determined pursuant to s. 70 of the Danish
Companies Act. 

•	Upon completion of the Tender Offer, the Bank intends (i) to request that an
extraordinary general meeting of Alm. Brand Pantebreve be convened with a view
to having the shareholders authorize the board of directors to apply for a
de-listing of the  Alm. Brand Pantebreve B shares from NASDAQ OMX Copenhagen
A/S, and (ii) to initiate a compulsory acquisition procedure with a view to
acquiring the remaining Alm. Brand Pantebreve shares. 

•	For more information about the Tender Offer, including information on all
terms and conditions and instructions on how to accept the Tender Offer and an
announcement by the board of directors of Alm. Brand Pantebreve including a
recommendation of the Tender Offer, reference is made to the Offer Document,
which is expected to be released today through NASDAQ OMX Copenhagen A/S. 

•	The Offer Document, including the acceptance form, the offer advertisement
and the announcement by the board of directors of Alm. Brand Pantebreve will be
distributed to Alm. Brand Pantebreve's registered shareholders by Alm. Brand
Pantebreve, except to shareholders resident in jurisdictions in which the
Tender Offer or the acceptance thereof would be restricted by applicable law. 

•	Following release of the Offer Document, copies (available in Danish only)
will upon request be available from Alm. Brand Bank on tel. +45 35 47 70 14 or
mail abrnpu@almbrand.dk, and will also be available on www.almbrand.dk and
www.pantebreve.almbrand.dk. 

Disclaimer

The Tender Offer is not being made to shareholders whose acceptance of the
Tender Offer requires an offer document, registration or measures other than
those required by Danish law. This announcement is provided for information
purposes only and does not constitute an offer or invitation to acquire or
dispose of any securities or investment advice in any jurisdiction. 

This announcement contains “forward-looking statements” with respect to certain
of the Bank's and/or Alm. Brand Pantebreve's plans and their current goals and
expectations relating to their future financial condition, performance and
results and other similar matters. Forward-looking statements may be identified
by words such as “believe”, “belief”, “intend”, “may”, “plan”, “should”,
“would” or other similar expressions. By their nature, forward-looking
statements involve substantial risk and uncertainties because they relate to
future events and circumstances which the Bank and Alm. Brand Pantebreve are
not able to accurately predict or which are beyond the control of the Bank
and/or Alm. Brand Pantebreve, including, amongst other things, Danish domestic
and global economic business conditions, market-related risks, such as
fluctuations in interest rates and exchange rates, the policies and actions of
regulatory authorities, the impact of competition, inflation, deflation, the
timing impact and other uncertainties of future acquisitions or mergers within
relevant industries, as well as the impact of tax and other legislation and
other regulations in the jurisdictions in which the Bank, Alm. Brand Pantebreve
and their respective affiliates operate. As a result, the actual future
financial condition, performance and results of the Bank or Alm. Brand
Pantebreve may differ materially from the plans, goals and expectations set
forth in any forward-looking statement. Before making a decision to tender Alm.
Brand Pantebreve Shares in the Tender Offer, Alm. Brand Pantebreve Shareholders
should be aware that the occurrence of any such event could have a material
adverse effect on the Bank's and/or Alm. Brand Pantebreve's future financial
conditions and results. Any forward-looking statement made by either the Bank
or Alm. Brand Pantebreve speaks only as of the date of the Offer Document.
Neither the Bank and/nor Alm. Brand Pantebreve undertakes any obligation to
update or revise any forward-looking statement, whether as a result of new
information, future events or otherwise, save in respect of any requirement
under applicable laws, rules or regulations. 

Please direct any questions regarding this announcement to Bo Chr. Alberg,
Managing Director, on tel. +45 35 47 48 49 or Susanne Biltoft, Head of
Information and Investor Relations, on tel. +45 35 47 76 61 or 40 30 76 61. 

Yours sincerely,
Alm. Brand Bank A/S
Ole Joachim Jensen	
Chief Executive