Saxo Bank on Track With Sound Results for 2009

By Saxo Bank, PRNE
Monday, April 5, 2010

Today, the Online Trading and Investment Specialist Announced Steady Results and Positive Emergence From the Financial Crisis

HELLERUP, Denmark, April 6, 2010 - Business picked up during the second half of 2009 after a relatively slow
beginning to the year. Operating income for the year was DKK 2,228 million
compared to DKK 2,518 million in 2008. EBITDA was DKK 441 million while net
profit was DKK 201 million with 80% earned in the second half of the year.

As of 31 December 2009, the solvency ratio was 19%. The Bank's ICAAP
process showed a minimum capital requirement of 8%.

The founders and CEOs of Saxo Bank, Kim Fournais and Lars Seier
, said in a joint statement:

"Saxo Bank is a trading, investment and savings specialist not engaged in
traditional lending activities and not dependant on traditional loan
financing business. That has worked to our advantage in what was a very
difficult year for everyone. Saxo Bank's business model has shown some
resilience to the financial crisis and we are satisfied with the results.

"2009 was a year of geographical expansion and establishing new business
areas. We opened five new offices and our Asset Management business grew
significantly. The new Saxo Equity Platform, which was launched in March
, sets the stage for a year, which will be characterised by new products
and platform developments. Even though such investments have no or limited
impact on income in the short run, we believe it is the right time to take
advantage of the many opportunities available to take the Bank to the next

The value of clients' collateral deposits related to the trading business
increased more than 70% to DKK 15 billion as of 31 December 2009. On 1 April
it was more than DKK 17 billion.

In 2009, Saxo Asset Management was launched to cater for the top segment
of High-Net-Worth Investors. The new business area is the combined concept of
three asset management businesses acquired in 2009. The asset management
activities of the Bank now include expertise within Danish bonds, Nordic
Stocks, high-yield and emerging market bonds. The acquired companies, Sirius,
Capital Four and the 51% stake in Global Evolution, grew assets under
management organically from approximately DKK 10 DKK billion at the time of
acquisition to more than DKK 20 billion as of 31 December 2009. On 1 April
it had grown another 25% to DKK 25 billion.

Saxo Bank has no engagement in traditional lending activities. However,
in response to the instability and lack of confidence in the financial
markets, Saxo Bank chose to join the Danish State's Guarantee Scheme (the
Private Contingency Association). The scheme, which expires on 30 September
, includes an unconditional state guarantee for the obligations of Danish
banks, except for subordinated debt and covered bonds. During the two-year
guarantee period, the participating banks may not pay out dividends or
implement new share buy back programs. On 24 March 2010, a majority in the
Danish Parliament agreed on a new guarantee scheme, which would bring deposit
guarantees into line with European Union rules. The new guarantee scheme is
set to take effect from 1 October 2010. All Danish banks are covered by the

Founded in 1992, Saxo Bank is renowned for its award-winning online
trading platform, SaxoTrader, which is available directly through Saxo Bank
or one of the Bank's White Label partners.

Fournais Holding A/S and Lars Seier Christensen Holding A/S owns 30% each
of Saxo Bank. Espirito Santo Financial Group and Banco Espirito Santo Group
together holds 9.9% and General Atlantic has 22% ownership in the Bank. The
remaining interest is primarily held by a number of current and former
employees of Saxo Bank.

At today's annual general meeting, the shareholders in Saxo Bank elected
three new members to its board. New Chairman of the Board is Kurt K. Larsen.
Mr. Larsen was CEO of the international transport group DSV for many years
and is the group's Chairman today. Moreover, Professor Thomas Plenborg, PhD,
from the Department of Accounting and Auditing at Copenhagen Business School,
and Isabel Ferreira, Managing Director of the Portuguese online wealth
management bank, BEST, was elected. They replace the current Chairman Henrik
as well as Attorney-at-law John Kors0 Jensen and former Head of
Foreign Exchange and Structured Products at Citigroup, Julian Simmonds, who
did not seek re-election.

Saxo Bank's board of directors now comprise:

Kurt K. Larsen (Chairman)

Dennis Malamatinas (Vice Chairman)

Florian Wendelstadt

Isabel Ferreira

Professor Thomas Plenborg

About Saxo Bank

Saxo Bank is an online trading and investment specialist, enabling
clients to trade Forex, CFDs, Stocks, Futures, Options and other derivatives
via SaxoWebTrader and SaxoTrader, the leading online trading platforms.
SaxoTrader is available directly through Saxo Bank or through one of the
Bank's global partners. White label is a significant business area for Saxo
Bank, and involves customisation and branding of the Bank's online trading
platform for other financial institutions and brokers. Saxo Bank has more
than 120 white label partners and boasts thousands of clients in more than
180 countries. Saxo Bank is headquartered in Copenhagen with offices in
Australia, China, the Czech Republic, France, Greece, Italy, Japan, the
, Singapore, Spain, Switzerland, UK, and the United Arab Emirates.

Media enquiries: Kasper Elbjorn, Saxo Bank Corporate Communications, +45-3065-4300, press at

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