Saxo Bank Wants to be Largest Shareholder in Brorup Sparekasse With a Capital Contribution Exceeding 200 Million DKK

Saxo Bank in Move to Strengthen its Position in Denmark With Branches and New Product Offers to Retail Clients

HELLERUP, Denmark, September 17, 2010 -

    - Based on Saxo Bank's long term strategy to strengthen and develop the
      Bank with new platforms and new products, Saxo Bank expects to invest
      59 million DKK in Brorup Sparekasse.
    - Saxo Bank stands ready to offer at least 150 million DKK more in
      capital contribution if the terms for transforming Sparekassen, into a
      joint-stock company are fulfilled. That will position Brorup
      Sparekasse as one of the more solid financial institutions in Denmark
      measured by solvency.
    - Together with Brorup Sparekasse, Saxo Bank now can include more
      traditional bank services in its product offering.

Provided that Saxo Bank's investment in Brorup Sparekasse will be
completed, Saxo Bank plans not only to let the Sparekasse run as in the past,
but wants to make clear that it also will try to launch various improvements
not least in the local areas. Saxo Bank's investment will be a substantial
strengthening of the capital base of the Sparekassen.

Should Brorup Sparekasse receive the necessary endorsement from the
guarantors to the suggested transformation Saxo bank will realize a capital
contribution of 59 million DKK which is a condition for Brorup Sparekasse to
obtain the vital individual state guarantee of 850 million DKK under
Bankpakke II. The transformation plan is pre-approved by Finansiel Stabilitet
(The Financial Stability Company).

Brorup Sparekasse has a well developed chain of branches, skilled and
engaged employees as well as a strong, loyal and stable client base not least
thanks to the many guarantors who, in connection with the capital
contribution, will benefit from a strengthened capital base with an expected
solid solvency surpassing 25 percent.

"In Saxo Bank, we wish to expand our retail business. We have experienced
a massive increase in demand from our clients concerning offerings like net
banking and debit cards - demands we initially will be able to accommodate
together with Brorup Sparekasse. Saxo Bank will continue as a professional
investment bank, but we would also like to be a modern bank for retail
clients" says Stig Pastwa, the Saxo Bank Director who will take over as the
new Chairman of the Board in Brorup Sparekasse if the transformation is
completed as planned.

It is furthermore the plan that CFO Karina Deacon and Director Christian
Kofoed Jacobsen from Saxo Bank will take seats on the Board of Brorup
Sparekasse.

In connection with the transformation of Brorup Sparekasse into a
joint-stock company, a new fund named 'Fonden for Brorup Sparekasse' is
established. If the guarantors of Sparekassen choose to support the
recommended transformation, Brorup Sparekasse will be owned by Saxo Bank with
at least 90 percent of the stock and the former guarantors and the fund
owning up to 10 percent of the stock.

"If the terms for the transformation are met Saxo Bank, is ready to
further strengthen the capital base of Sparekassen with a minimum of 150
million thus supporting the continued operation and development at the same
time as the guarantors' are presented with a model in which their capital, as
a consequence of Saxo Bank's aggregated capital contribution of 209 million
DKK, is expected to be paid after five years," says Director Christian Kofoed
Jakobsen. "We have been pleased to find support from Sparekassen's
representatives for the new plans combining both tradition and change just as
we appreciate the immense goodwill and positive commitment from the
management of Sparekassen." Brorup Sparekasse will keep its name together
with the logo etc. and Sparekasse director Gunnar Jessen will continue in his
current position.

Further information:

A joint press briefing by Saxo Bank and Brorup Sparekasse will be held on
Friday 17 September 2010 at 1 PM at:

    Brorup Sparekasse
    Sondergade 16
    6650 Brorup

Present at the press briefing will be Stig Patwa and Christian Kofoed
Jakobsen from Saxo Bank and Sparekasse Director Gunnar Jessen from Brorup
Sparekasse. Following the press briefing, Saxo Bank representatives can be
reached at: +45-51-59-52-97.

About Saxo Bank

Saxo Bank is an online trading and investment specialist. The Bank
enables clients to trade Forex, CFDs, Stocks, Equities, Futures, Options and
other derivatives via three specialised and integrated trading platforms; the
browser-based SaxoWebTrader, the downloadable SaxoTrader and the
SaxoMobileTrader, a mobile phone trading platform. The platforms are
available in over 20 languages and 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 customising and branding of the
Bank's online trading platform for other financial institutions and brokers.
Saxo Bank has more than 120 white label clients and boasts thousands of
retail clients in over 160 countries. Saxo Asset Management was launched in
2009 to accommodate the highest segment of wealthy investors and has since
then tripled its asset under management. Saxo Bank is headquartered in
Copenhagen with offices in Australia, the Czech Republic, France, Greece,
Italy, Japan, the Netherlands, Singapore, Spain, Switzerland, UK, and the
United Arab Emirates.

About Brorup Sparekasse

Brorup Sparekasse is a financial institution that since it was founded in
1897 has served a large amount of clients in the local area. Today
Sparekassen has seven branches in Brorup, Holsted, Vejen, Kolding, Vejle and
Fredericia and has approximately 70 employees. The focus of Sparekassen is in
a professional way to deliver financial products and services covering the
needs within the segment of retail clients and small companies. The main
activity is to provide personal guidance on a high professional level within
the areas of cars, homes, pension, insurance and investment. Sparekassen has
had great success throughout numerous years with increasing basic revenue and
by end of 2009 the balance was 2,4 billion DKK.

Media enquiries: Jeanette Irene Nielsen, Tlf: +45-51-59-52-75, press at saxobank.com