Saxo Bank Releases Quarterly Outlook for Q4 2010

LONDON, October 6, 2010 - In its economic outlook for the fourth quarter of 2010, Saxo Bank
recognises growing optimism in recent months due to a strong earnings season
but the state of the US economy still overshadows these results. Saxo Bank,
the trading and investment specialist, expects final sales to remain weak in
the second half of 2010 and into 2011 and the unemployment rate to continue
to hover just below 10% in the fourth quarter.

Commenting on the outlook, David Karsbøl, Saxo Bank's Chief Economist
said: "With the S&P 500 currently trading around the same level as it did at
the beginning of the year, and with the lack of investments due to a weak
housing market, the ongoing trouble in Southern Europe, and most developed
economies, Saxo Bank fears that a cold front will stall, bringing more
challenges and adversity going into 2011."

Equities rely on the notion that the impressive earnings growth rates,
recorded in earlier quarters, can be sustained. According to the Bank, the
trouble is that earnings growth currently comes almost exclusively from one
source: margin expansion, and while productivity gains can only take income
to a certain level, sales growth must soon step up to the challenge.

The Bank predicts that spending at state and local levels remains a
downward trend as policymakers scramble to balance their budgets. Despite the
fact that the recession is generally perceived to have ended in the summer of
2009, it is still very much a reality at state and local levels.

"Double dip fears re-emerged over the summer as the deceleration in the
US economy progressed as predicted in our 2010 Yearly Outlook. We expect
growth to come to a complete halt in the fourth quarter of 2010 as
consumption deleverages, the manufacturing sector will slow down, and
investments will be negatively affected by the weak housing market.
Unfortunately, the risk of a double dip, within the next few quarters, is
substantial in our view." Karsbøl added.

The Quarterly Outlook Q4 2010 focuses on the following areas: general
market comment, macros forecast, FX outlook, equity outlook, commodity
outlook and policy rates.

About Saxo Bank:

Saxo Bank (www.saxobank.com/) is an online trading and investment
specialist, enabling clients to trade Forex (
www.saxobank.com/en/trading-products/forex/pages/forex-trading.aspx),
CFDs (
www.saxobank.com/en/trading-products/cfds-stocks/pages/online-cfd-trading.aspx
), Stocks (www.saxobank.com/en/trading-products/futures/pages/futures-oil-trading.aspx
), Futures (www.saxobank.com/en/trading-products/futures/pages/futures-oil-trading.aspx
), Options and other derivatives, as well as providing portfolio management
via SaxoWebTrader and SaxoTrader, the leading online trading platforms (
www.saxobank.com/en/trading-platforms/pages/online-trading-platforms.aspx
). SaxoTrader is available directly through Saxo Bank or through one of
the Bank's institutional clients. White label is a significant business area
for Saxo Bank, and involves customised and branding the Bank's online trading
platform for other financial institutions and brokers. Saxo Bank has more
than 100 white label clients and boasts thousands of retail clients in over
180 countries. Saxo Bank is headquartered in Copenhagen with offices in
Australia, China, the Czech Republic, France, Greece, Italy, Japan, the
Netherlands, Singapore, Spain, Switzerland, UK, and the United Arab Emirates.

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    Media enquiries:

    Jeanette Nielsen
    PR Manager
    Saxo Bank
    40 Bank Street
    Canary Wharf
    London
    E14 5DA
    +45-3977-6416

    www.saxobank.com

Media enquiries: Jeanette Nielsen, PR Manager, Saxo Bank, 40 Bank Street, Canary Wharf, London, E14 5DA, +45-3977-6416.