Q1 2008

| Source: Max Bank A/S
Q1 2008 in headlines.

Profit after tax is up by 24% to DKK 21.3m.

Considerable capital and cash resources with a capital adequacy ratio of 15.5%
and a cash excess cover of 94%.

Increase in net interest and fee income of 4% to DKK 57.4m despite higher
interest expenses for funding and decline in commission income. 

Positive market value adjustment of DKK 9.1m covering subsequent adjustment of
the sale of Totalkredit by DKK 15.1m and loss on the portfolio of bonds and
shares of DKK 6m. 

Gain of DKK 9.3m from sale of the property that, until the beginning of 2009,
accommodates the Bank's head office. 

Staff costs and administrative expenses show a decline. 

Impairment losses on loans and advances is again an item of expense by a modest
DKK 1.8m compared with an income of DKK 3.3m in Q1 2007.