Quarterly Report for the first to the third quarter of 2009


Stock Exchange Announcement no. 26/2009

The result of Fionia Holding A/S is in the first three quarters of 2009
influenced by extraordinary circumstances. 

At the extraordinary shareholders' meeting on 19th October 2009 it was decided
to sell the shares in Fionia Bank A/S to Finansiel Stabilitet A/S. The sale was
executed at the rate of 0, which corresponded to the booked value at the end of
the second quarter of 2009.

In exchange of the sale an "earn out" agreement is made. The "earn out"
agreement in the share transfer agreement between Fionia Holding A/S as the
seller and Finansiel Stabilitet A/S as the buyer allows that the provisionally
listed purchase price equal to the rate of 0 can be adjusted upwards to the
advantage of Fionia Holding A/S. 

A positive regulation requires that a surplus - in a total view  - is achieved
in the settlement of the part of Fionia Bank A/S (the particularly risky
exposures) that will be transferred to Nova Bank Fyn A/S and thus not taken
over by Nordea. 

The calculation of the result in Nova Bank Fyn A/S will include the profit/loss
of the bank, hereunder a market-based interest amount for Finansiel Stabilitet
A/S for the funding that Finansiel Stabilitet A/S has made available to Fionia
Bank A/S in connection with the acquisition and liquidation of the bank. The
proceeds from the sales of the shares of Fionia Bank A/S to Nordea amounting to
approx. 900 million DKK shall be included in the result of the bank in the
calculation of the adjustment amount. 

Any adjustment amount will be paid to Fionia Holding A/S for distribution among
the creditors of Fionia Holding A/S (i.e. the subordinated capital) and
shareholders in accordance with the rules of the Bankruptcy Act. 

Fionia Holding A/S has no assets apart from the “earn out” agreement, which is
stated without any value in the balance sheet. 

Liabilities consist of the subordinated capital, which amounted to 843 million
DKK at the time of the establishment of Fionia Bank A/S on 27th May 2009. To
this amount shall be added the interest amount of 9 million DKK that Fionia
Bank A/S has paid on behalf of Fionia Holding A/S from 1st January to 27th May
2009, and accumulated but unpaid interest as from 27th May 2009 amounting to 29
million DKK, out of which 15 million DKK has accrued in the 3rd quarter. 

Debt to Fionia Bank A/S and due interest amounts to a total of 38 million DKK.

The equity of Fionia Holding A/S is therefore negative with 881 million DKK as
per 30th September 2009. 

Profit after tax in Fionia Holding A/S makes a deficit of 1,867 million DKK for
the first three quarters. The result in the third quarter is -15 million DKK
and relates only to calculated but unpaid interest and regulation of the
exchange rate of the part of the subordinated capital being in foreign
currency. 

The result includes capital losses of shares in Fionia Bank A/S as a
consequence of the deficit of the operation result. The market value was on
30th June 2009 fixed at 0. The equity in Fionia Bank A/S was negative by 79
million DKK on 30th June 2009; see Announcement No. 19 of 31st August 2009. 

Fionia Bank A/S has on 29th October 2009, i.e. after the shares in Fionia Bank
A/S were transferred to Finansiel Stabilitet A/S, published a financial notice,
indicating that Fionia Bank A/S has had a deficit in the first 3 quarters of
2009 of 2,675 million DKK and that the equity as per 30th September 2009 was
negative by 881 million DKK. 

Best regards 
The Board