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Annual Account 2000

114th Accounting Year

l■>l Ringkiebing �Landbobank

SHORT PRESENTATION Ringkj0bing Landbobank A/S

Dear shareholders,

Torvet 1, DK-6950 Ringk0bing Phone +45 9732 1166 Fax+ 45 9732 1818 www.landbobanken.dk

Year 2000 was a really fine year for Ringkj0bing Landbobank. Expanding business activities and a large number of new customers distinguish the banks annual accounts, which show a 50% improvement in profit from DKK 93 mio. last year to DKK 140 mio. before tax. The increase in the bank's profit attrib­ utes to increasing amounts as the bank's interest margin has remained unchanged from 1999 to 2000. In recent years the bank has also built up a relatively large securities and foreign department. The activity from asset management have had a satisfactory effect on earnings. The bank's profit for year 2000 we con­ sider as highly satisfactory. The bank's board and shareholders' committee are recommending a share split to the general meeting and a new dividend policy for the benefit of share­ holders. It is recommended that the shares be split in the ratio 1 :5, so that they will then be nom. DKK 20. The bank's board has decided that the dividend for this year will be 0%. The board is instead recommending to the general meeting that 20.000 shares be cancelled, equivalent to 7,4% of the bank's share capital. The dividend will remain 0% in the years to come for as long as it is an advantage to the bank's shareholders! The board will instead recommend to forthcoming ordinary general meetings that own shares be cancelled to an amount which would approximately have been paid out as dividend. We have positive expectations of devel­ opments in the year 2001 and expect a satisfactory return on the shareholders' funds. We thank you for the fine cooperation in the year 2000.

Share capital Ringkj0bing Landbobank's share capi­ tal amounts to DKK 27 mio. Ownership The circle of owners of Ringkj0bing Landbobank is app. 8.000 sharehold­ ers. According to s. 28A of the CBSB Act please be informed that ATP (Labour Market Supplementary Pension Fund), Hiller0d, ProCimbria Finance SA, Luxembourg and lnvesterings­ foreningen Sparinvest (Unit Trust Spar­ invest), Hvidovre have announced that they separately own more than 5% of the share capital. Ordinary general meeting The ordinary general meeting for 2000 will be held in ROFI Centret in Ringk0bing on Wednesday March 7, 2001.

Contents

page 2 Short presentation 5 year financial highlights 3 Report of the board of managers 4 7 Profit and loss account Distribution of profits 7 8 Balance sheet 8 Assets 8 Liabilities Changes in capital 8 9 No�s Auditor's opinion 15 Head office, foreign department Back page and branches

Bent Naur Kristensen John Buff Fisker 2

5-YEAR FINANCIAL HIGHLIGHTS

Net income from interest and charges Price adjustments Profit on financial items Total costs incl. depreciation of assets Depreciation and provision for loans on bad debts Profit on activities before tax Profit after tax Total own funds Deposits Loans and advances Guarantees

2000

1999

1998

1997

1996

265 11 278 109 28 140 96

222 -5 219 99 27 93 64

208 6 216 97 30 89 59

187 17 204 87 35 82 55

173 9 184 74 14 95 63

735 2.572 3.085 1.976

639 2.292 2.653 2.205

587 2.420 2.267 1.222

536 2.369 2.173 852

486 2.354 1.770 585

20,4 13,9 40,3 15,9 2.721 1.896 0

15,2 10,4 43,7 15,7 2.367 1.820 2,2

15,9 10,5 44,6 19,1 2.172 1.590 2,0

16,0 10,7 45,9 18,7 1.986 1.830 0,9

20,7 13,7 41,8 20,2 1.800 1.260 1,1

7,4

0

0

0

0

Ratios% Return on equity before tax Return on equity after tax Burden rate Solvency ratio Book value per share Bond price Dividend as percentage of year-end rate Proposed reduction of share capital

3

REPORT OF THE BOARD OF MANAGERS 50% improvement in result!

Expanding business activities and a large number of new customers distinguish Ringkj0bing Landbobank's annual accounts, which show a 50% improvement in profit from DKK 93 million last year to DKK 140 million before tax. The bank's business base has doubled over the last five years, and the annual accounts for the year 2000 are distinguished in particular by growth in dissaving accounts, wind turbine financing, lending on securities, and asset management. The bank's management has pro­ nounced the accounts highly satisfactory.

Net income from interest and fees

The profit on net income from interest and fees rose by 19% to DKK 265 million. The growth in net income from interest is due solely to the highly positive growth in the number of customers and the increasing amounts as the bank's interest margin has remained unchanged from 1999 to 2000. The item "fees and commission" was strongly affected by the increasing portfolio of foreign loans, where the bank's "interest margin" of DKK 584 million was entered under this item. In recent years the bank has also built up a relatively large securities and foreign department which serves customers through­ out the country. The profit from asset management thus increased strongly in 2000 and had a highly positive effect on earn­ ings.

Value adjustments of securities/exchange rate adjustments

Value adjustments of securities and exchange rate adjustments for foreign currency etc. showed a profit of DKK 11 million against last year's loss of DKK 5 million. The profit was equally distributed across shares, bonds and foreign currency. The bank's uncorrected interest risk for fixed interest debts at the end of the year was DKK 25.2 million. The average interest risk was a little lower during 2000, but it increased in the 4th quarter of the year. The share portfolio increased during 2000 by approx. DKK 30 million and amounted to DKK 86 million at the end of the year. The portfolio's risk profile is low, reflecting expectations for the yield - which, however, is of course expected to be at a higher level than for alternative placings. With regard to foreign currency, the bank has generally not had any positions, and indicator 1 at the end of the year was 1.1%. The bank's intention in 2001 is also to continue a conservative and consistent securities and currency policy.

Costs

Total costs including write-offs on tangible assets amounted to DKK 109 million against the previous year's DKK 99 million, an increase of 10%. Similarly to last year, there was a high level of activity throughout the organisation, and sales and market­ ing expenses in support of this activity were high. Substantial investments were also made in 2000 in technology, which in­ vestments were, however, offset by gains in rationalisation. All of the bank's investments in departments, computing and equipment were fully written off and entered in the accounts at DKK 1,000. The bank's total income in 2000 increased relatively more than costs. The burden rate thus improved by 8% to 40, making Ringkj0bing Landbobank Denmark's most efficient bank for the tenth year in succession as measured by this key figure. The average number of employees in 2000 was 166, 5% more than in 1999. The bank currently has 15 well-qualified trainees, and we have just employed another nine trainees beginning in 2001. The staff is expected to be further increased in 2001, as the bank currently has numerous profitable ideas and projects which we would like to be able to test in the next few years.

Employee shares and incentive programme

Like the biggest banks, the bank has introduced a new salaries system in 2000. The old seniority system has been replaced by a new "price on the chair" principle. As part of the financing of this system, the bank contributed an extraordinary salaries sum of over 1% on 1 January 2001. All employees were also allocated four employee shares in the fourth quarter of 2000. The shares are tied for seven years. An agreement was also entered into with the bank's managerial staff and board members on an incentive and loyalty pro­ gramme which will extend over the next 5-8 years. The programme will reward long-term price gains in the bank's shares and also tie the managerial staff and the board more closely to the bank. A total of DKK 2.8 million has been entered under costs in the accounts, DKK 1.3 million of which is for employee shares, and DKK 1.5 million of which has been allocated as a contingent liability for the incentive and loyalty programme. The bank's contingent liabilities can otherwise be covered by 6,000 own shares. It was also decided to establish a savings scheme for the bank's employees, which in 2002 will give employees the right to buy Ringkj0bing Landbobank shares on advantageous terms.

Write-offs and allocations

Write-offs and allocations amounted to DKK 28 million, which is on a level with the previous two years. We find this highly satisfactory considering the significant growth in recent years in loans made and guarantees given. No individual branches in 2000 required special allocations, and West Jutland business is generally flourishing, which has contributed to the satisfactory level for allocations. The bank's corrective account contained DKK 290 million at the beginning of the year. After deduction of losses for the year plus the year's net allocations, the account contained DKK 317 million at the end of the year.

Credit policy

Loans made by the bank increased by DKK 432 million in 2000 and now stand at DKK 3,085 million. Despite this growth, the bank's gearing of capital and reserves was still only 4.2 at the end of 2000.



4

The bank has grown strongly in recent years, and much of the growth has been in niche concepts. The bank has thus - apart from a high level of diversification in its loan portfolio - achieved a lower average risk on its individual commitments. The bank's losses in recent years have been markedly lower than the average for the sector, which is an expression of a high level of quality in the bank's loan portfolio.

Actual bank operations Total income Total costs Losses and allocations on customers

Profit from actual banking operations

2000

1999

1998

1997

133

100

90

68

270 - 109 - 28

226 - 99 - 27

217 - 97 - 30

190 - 87 - 35

The highly satisfactory improvement in "actual bank operations" is evident after correction of the profit before tax for value adjustment of securities/exchange rate adjustments and financial items, which in 1999 amounted to minus DKK 7 million, against plus DKK 8 million in 2000. The improvement in "actual bank operations" in 2000 was 33%.

Balance sheet

The bank's balance sheet at the end of the year totalled DKK 4,331 million against last year's DKK 3,515 million. Deposits rose by 12% and amount to DKK 2,572 million. Loans increased by 16% to DKK 3,085 million at year's end. The growth in loans made by the bank derives partly from the departments and partly from the bank's niche concepts. Apart from the growth in the bank's original area, the establishment of departments in Heming and Holstebro - also in 2000 - has made a very positive contribution to the growth in loans. Since the launching of the NEDSPARINGSKONTO (dissavings account) in autumn 1999, we have established several hundred accounts, which have generated a highly satisfactory number of loans. The bank's wind turbine financing department was also busy in 2000. The number of loans within both individually operated turbines and shares in 2000 grew strongly as amended rules for the setting up of wind turbines last year meant that there was a major final spurt before the new rules came into force. Loans for securities and asset management have generally shown strong growth. The bank provides loans for the purchase of securities if the customer can provide substantial cover, and enters into the bank's lending concept with daily follow-up and requirements regarding spread with respect to both individual shares and sectors. In 2000 the bank invested large sums of money and resources in the development of new management tools.

Liquidity

Long-term certified drawing rights with foreign banks to the equivalent value of DKK 700 million have been agreed to cover the bank's excess loans. These facilities are not normally used.

Guarantees

The guarantee portfolio at the end of the year stood at DKK 1,976 million against DKK 2,205 million last year. Last year's fig­ ures included a guarantee to Totalkredit of DKK 600 million which was re-guaranteed by a Danish bank and which was of a purely temporary character. This guarantee has now lapsed. The true increase is thus 23%. DKK 584 million of the guarantee portfolio comprises guarantees for foreign loans, which increased by DKK 128 million in 2000. The rest of the portfolio con­ sists of guarantees for real estate loans and work guarantees etc.

Dividend policy and reduction in capital

The bank's board and shareholders' committee are recommending a share split to the general meeting and a new dividend policy for the benefit of shareholders. The bank's shares are currently nom. DKK 100. It is recommended that the shares be split in the ratio 1 :5, so that they will then be nom. DKK 20. The share split is being carried out to reduce the present high share price and thus also the difference between purchase and selling prices. The bank's board has decided that the dividend for this year will be 0%. The board is instead recommending to the general meeting that 20,000 shares be cancelled, equivalent to 7.4% of the bank's share capital. The cancellation of own shares is equivalent to a "dividend" of approx. 160% of the share capital against last year's 40% dividend. The dividend will remain 0% in the years to come for as long as it is an advantage to the bank's shareholders! The board will instead recommend to forthcoming ordinary general meetings that own shares be cancelled to an amount which would ap­ proximately have been paid out as dividend.

Capital

Capital and reserves at the beginning of 2000 stood at DKK 639 million, and after adding the profit for the year, Ringkj0bing Landbobank's capital and reserves now stand at DKK 735 million. The bank's solvency is calculated at 15.9% against the statutory requirement of 8%. After finalisation of the capital reduction during 2001, the bank's capital and reserves (at the current price of the bank's shares) will be reduced by approx. DKK 45 million, after which capital and reserves will stand at DKK 690 million and solven­ cy with the reduced capital and reserves will be 14.9%. The bank's shares were listed on the Copenhagen Stock Exchange at a price of 1,896 at the end of 2000 and during the year they have climbed from 1,820, corresponding to a growth in value with dividend of 6%. Since publication of the bank's upward adjustment and plans for a share split anp buying programme, the bank's shares have risen to 2,250, a rise of 19% in the first six weeks of the year.

5

.. ---- ------��-------------�---------�----------------------------

Accounting policies

Accounting policies are unchanged since last year.

Expectations and plans

Ringkj0bing Landbobank's profit for the year 2000 was markedly better than expected at the beginning of the year. The bank's second upward adjustment during the year was for DKK 25 million and was reported to Copenhagen Stock Exchange in Janu­ ary 2001. The adjustment was attributed to the large number of new customers and the increasing volume of business, as well as a positive development in the bank's value adjustment of securities since August 2000. We expect to continue to attract new customers this year. Ringkj0bing Landbobank has about half the market in that part of West Jutland in which the bank's 11 old departments are located. The bank's policy is to retain and develop this section of its customer base with attractive and competitive products. The bank's advisory services are based on individual and flexible so­ lutions in a full-service concept. The bank also markets itself in Heming and Holstebro, where the newest departments are located. The success in Heming and Holstebro is now being followed up by a new department in Viborg. The bank's long distance service department and niche concepts will also be marketed this year. Against this background - and despite strong competition - net income from interest and fees is expected to continue to in­ crease in the coming year. Costs in 2001 will increase because of the increased number of employees and the bank's marketing activities. Costs will also show an extraordinary increase because major reconstructions and an extension to the bank's head office will be completed, and a new department will be established. With the bank's policy of immediate writing off of equipment and similar, the effect on 2001 will be DKK 10 million in extraordinary costs. In 2001, the need for allocations for the bank's loans portfolio is expected to lie at about the level for 2000. On the whole, Ringkj0bing Landbobank has. positive expectations of developments in the year 2001. We expect to stabilise profit at its current high level with a correction for the extraordinary costs.

Financial calendar

It has also been decided that in future, the bank will publish quarterly reports. The financial calendar for the coming year is: 25 April 2001 08 August 2001 24 October 2001

6

1st quarterly report for 2001 half-yearly report on accounts for 2001 3rd quarterly report for 2001

PROFIT AND LOSS ACCOUNT FOR THE ACCOUNTING YEAR: 2000 (1.000 DKK)

1999 (1.000 DKK)

Interest receivable, etc. ......................................... Interest payable, etc. .......................................... .

311.868 99.604

242.293 62.181

Net income from interest .......................................

212.264

180.112

Dividend on holdings .......................................... Charges and commissions receivable, etc. ........................... Charges and commissions payable ................................

3.086 65.538 15.585

2.192 49.139 9.384

Net income from interest and charges .............................

265.303

222.059

Price adjustments ............................................. Other ordinary income ......................................... Staff costs, etc.and administrative expenses .......................... Depreciation of intangible and tangible assets ........................ Other ordinary charges ......................................... Depreciation and provisions for loss on bad debts ..................... Price adjustments of participating interests ...........................

10.590 1.721 104.506 4.385 0 28.205 -125

-4.765 1.716 96.310 2.490 0 27.292 0

Profit on ordinary activities before tax .............................

140.393

92.918

Extraordinary income .......................................... Extraordinary charges .......................................... Tax .......................................................

0 0 44.720

0 0 29.327

Profit for the financial year .....................................

95.673

63.591

Profit for the financial year ...................................... Brought forward from prior years ..................................

95.673 0

63.591 0

Total amount available for distribution .............................

95.673

63.591

Dividends .................................................. Other purposes ............................................... Appropriation to own funds .....................................

0 200 95.473

10.800 200 52.591

Total distribution of the amount available ...........................

95.673

63.591

DISTRIBUTION OF PROFITS

7

BALANCE SHEET AS AT END DECEMBER 2000 (1.000 DKK)

1999 (1.000 DKK)

Cash in hand and claims at call on central banks, etc. .................. Claims on credit institutions and on central banks, etc. ................. Loans and advances ........................................... Bonds, etc. .................................................. Shares, etc................................................... Tangible assets ............................................... Own holdings ............................................... Other assets ................................................. Periodic-defined items .........................................

51.581 575.602 3.085.069 445.918 86.096 26.352 12.920 47.492 100

37.788 317.263 2.652.730 338.626 56.170 23.802 19.980 68.083 66

Total assets .................................................

4.3 3 1.1 3 0

3.514.508

Debt to credit institutions and central banks Deposits .................................................... Other liabilities .............................................. Periodic-defined items ......................................... Provisions for commitments ..................................... Own funds Share capital ............................................ Profit or loss brought forward from prior years .................... Carried forward from profit/loss for the year .....................

902.943 2.571.873 114.784 0 6.950

515.462 2.292.284 62.013 0 5.642

27.000 612.107 95.473

27.000 559.516 52.591

Total own funds ..............................................

734.580

639.107

Total liabilities ...............................................

4.3 3 1.1 3 0

3.514.508

1.975.930 1.624 1.977.554

2.205.010 1.662 2.2 06.67 2

Share capital ................................................

27.000

27.000

Adjusted profit brought forward, beginning .......................... Other inflow ................................................ Adjusted profit brought forward, end ...............................

612.107 95.473 707.580

559.516 52.591 612.107

Total own funds ..............................................

734.580

639.107

ASSETS:

LIABILITIES:

Off-balance-sheet itmes: Guarantees, etc. .............................................. Other commitments............................................

Total off-balance-sheet items .................................... Derivative financial instruments are to be found in the Notes.

CHANGES IN CAPITAL, ETC.

8

NOTES ON THE ANNUAL ACCOUNTS 2000 Solvency ratio

(1.000 DKK)

The institution's solvency ratio calculated pursuant to Executive order on Solvency Ratio Rules for Credit Institutions and Specialized Credit Institutions issued by the Danish Financial Supervisory Authority. Core capital after deductions ..................................... Liable capital and short term supplementary capital after deductions .......

719.743 709.51 2

Weighted non-trading book assets ................................. Weighted items with market risks etc. .•....................•.......

4.149.509 318.71 6

Total weighted items. ......................................... .

4.4 68.2 25

Core capital after deduction in pet.of weighted items, total .....•........ Solvency ratio purs.to s. 21 (1) of the CBSB Act .......................

1 6,108% 15,8 79%

Off-balance-sheet items Guarantees, etc. Financial guarantees ....•......•..........................•.. Other guarantees .......•......•.............................

1.59 2.13 2 383.798

Total guarantees, etc. .....•....................................

1.9 75.930

Other commitments Other commitments ................................•......•..

1.6 24

Total other commitments .......................•.....•.........

1.6 24

Derivative financial instruments By residual maturity up to 3 months Foreign-exchange contracts Forward transactions/Futures, purchase .......... Forward transactions/Futures, sale ..............

Nominal value

Net market value

139.9 29 140.640

4.8 7 2 - 2.7 68

6.211 2.2 29

52 -11

18 33

4 -4 1 -1

Foreign-exchange contracts Forward transactions/Futures, purchase .......... Forward transactions/Futures, sale ..............

21.389 21.618

- 7 65 1.11 6

Share contracts Options, purchase ......................... Options, sale .........................•...

13 13

0 0

Over 1 year and up to 5 years Share contracts Options, purchase .......•................. Options, sale ........................•....

8 8

0 0

Share contracts Options, purchase .............•........... Options, sale ...........•............•....

0 6

0 -194

Total Foreign-exchange contracts Forward transactions/Futures, purchase .......... Forward transactions/Futures, sale ..............

1 61.318 1 6 2.258

4.10 7 -1.65 2

Interest-rate contracts Forward transactions/Futures, purchase .......... Forward transactions/Futures, sale ..............

6.211 2.2 29

52 -11

Share contracts Forward transactions/Futures, purchase .......... Forward transactions/Futures, sale .............. Options, purchase ......................... Options, sale .............................

1 39 60

4 -4 1 -195

Interest-rate contracts Forward transactions/Futures, purchase .......... Forward transactions/Futures, sale .............. Share contracts Forward transactions/Futures, purchase .......... Forward transactions/Futures, sale ...........•.. Options, purchase ......................... Options, sale ..........................•..

Over 3 months and up to 1 year

Over 5 years

Net market value, total .......................

2.30 2

9

Dirivative financial instruments

Foreign-exchange contracts Forward transactions/Futures, purchase .......... Forward transactions/Futures, sale ............•.

52 2

Share contracts Forward transactions/Futures, purchase ........•. Forward transactions/Futures, sale .............. Options, purchase ......................... Options, sale .............................

Foreign-exchange contracts Forward transactions/Futures, purchase .......... Forward transactions/futures, sale ..............

1 95

Share contracts Forward transactions/Futures, purchase .......... Forward transactions/Futures, sale .............. Options, purchase ...............•......•.. Options, sale .............•.....•......... Avarage market value, total ..........•......•.. Dirivative financial instruments

Foreign-exchange contracts Forward transactions/Futures, purchase .......... Forward transactions/Futures, sale ..............

2.6 30 2.5 36

1.009 1.5 90

1 00 16

25 39 71

1 0 18 0

0 1 0 32

Market value of nonguaranteed contracts Negative Positive 6.1 14 3.374

2.007 5.02 5

52 2

Share contracts Forward transactions/Futures, purchase .......... Forward transactions/Futures, sale .............. Options, purchase ......................... Options, sale ............•................

13

4

4 1 95

Market value, total ..........................

9.547

Market value, total after netting

2.302

82.6 96

2.7 6 7

5.301

Interest-rate contracts Forward transactions/Futures, purchase .......... Forward transactions/Futures, sale ..............

Nominal value 740 1.409 2 3.7 1 5 24.35 9 1 6.392 1 6.081

7.245

Average market value Negative Positive

Interest-rate contracts Forward transactions/Futures, purchase .......... Forward transactions/Futures, sale .............. Options, sale .............................

10

4

9.547

Dirivative financial instruments

Total

13

4

Market value, total

Foreign-exchange transactions, purchase Foreign-exchange transactions, sale Interest-rate transactions, purchase Interest-rate transactions, sale Share transactions, purchase Share transactions, sale

2.007 5.02 5

6.1 14 3.374

Interest-rate contracts Forward transactions/Futures, purchase ........•. Forward transactions/Futures, sale ..............

Unsettled spot transactions

Negative market value

Positive market value

7.245

Market value Negative Positive

1 33 511 584 1.1 30

48 643 492 1.185

Net market value -1 1 32 -47 - 1 32 92 -55

Credit risks Loans and advances and guarantees distributed on sectors and lines of business Public authorities ............................................. Business Agriculture, Hunting and Forestry ................................. Fishing industry .............................................. Manufacturing business, Primary business, Electricity-, Gas-, Water- and Heating plants .............................................. Building and Construction ...................................... Wholesale and retail trade, Catering- and Hotel Trade .................. Carrying trade, Storage- and communication Service ................... Credit- and Financial intermediation and Insurance business ............. Real-estate administration, Real-estate agent, Service business ............ Other business ...............................................

In pet.end year 2,00 12,6 1 1,90 4,8 7 1,7 2 7,7 8 1,30 4,97 4,1 2 5,4 6

Total ...................................................... Private persons ...............................................

44,7 3 5 3,2 7

Total ......................................................

1 00,00

Overlying assets Other business' .............................................. Credit risk on derivative financial instruments Positive market value (by counterpart risk) after netting Counterpart riskweight O pet. .................................... Counterpart riskweight 2 0pet. ................................... Counterpart riskweight 1 00pet. .................................. Accrued provisions Provisions made at year end for loans,advances and guarantees .......... Provisions made at year end for claims on credit institutions and other claims involving a credit risk .................................. .

54.325

0 4.01 0 2.135 31 6.75 0 0

Total accrued provisions ........................................

316.75 0

Accrued provisions on loans and advances in per cent of loans and advances at year end ......................................... Total claims with suspended calculation of interest at year-end ...........

5,9 1 2.84 3

Market risks Foreign-exchange risk Assets in foreign currency ....................................... Liabilities in foreign currency .................................... Foreign exchange indicator 1 .................................... Foreign exchange indicator 1in pet.of core capital after deductions

54.7 10 4 6.06 9 8.007 1,1pet.

Interest-rate risks Total interest-rate risk on liablities,etc. ........................... Interest-rate risk by the foreign currencies of the bank with the largest interest-rate risk

DKK ...................................................... . SEK .................................•..................... USO ...................................................... JPY ....................................................... The following fixed-rate assets are in terms of interest rate risk covered: Loans and advances - booked value ............................... The cover has taken place as follows: Interest-rate swap - synthetic principal amount ....................... Market value ................................................

25.24 7

25.2 10 -1 37

5 0.000 5 0.000 1.555

11

Terms by residual muturity Claims on credit institutions and central banks Claims at call ................................................ Up to3 months .............................................. Over3 months and up to one year ................................ Over one year and up to 5 years .................................. Over 5 years ................................................

8.734 559.2 59 0 3.47 7 4.13 2

Total ......................................................

57 5.602

Loans and advances At call ..................................................... Up to3 months .............................................. Over3 months and up to one year ................................ Over one year and up to 5 years .................................. Over 5 years ................................................ Total ......................................................

1 1 1 7 1.9

73.52 2 24.1 9 5 74.424 05.29 6 07.63 2

3.085.069

Debt to credit institutions and central banks Debt payable on demand ....................................... Up to3 months .............................................. Over3 months and up to one year ................................

1 73.07 9 7 09.864 2 0.000

Total ...................................................

9 02.943

Deposits On demand Deposits at notice: Up to3 months .............................................. Over3 months and up to one year ................................ Over one year and up to 5 years .................................. Over 5 years ................................................ Total ......................................................

1.242.014 656.408 2 2 1.03 2 1 05.3 00 347.1 1 9 2.57 1.873

Re. income statement Interest receivable/premium on Claims on credit institutions and central banks Loans and advances ............................................ Bonds ..................................................... Total other financial instruments of this Foreign-exchange contracts .................................... Interest-rate contracts ........................................ Other ...................................................... Total interest receivable

13.33 7 274.401 2 0.623 1.000 650 3 50 2.507 3 1 1.868

Interest payable to Credit institutions and central banks ............................... Deposits .................................................... Other ......................................................

1 9.9 63 7 9.251 390

Total interest payable

9 9.604

Dividend on Shares .....................................................

3.086

Total dividend on shares and other holdings

3.086

Price adjustment of Bonds ..................................................... Shares ..................................................... Fixed-interest loans and advances ................................. Foreign currency ............................................. Total other financial instruments .................................. of this Foreign-exchange contracts .................................... Interest-rate contracts ........................................ Share contracts .............................................

3.23 5 3.2 9 2 9 01 2.93 1 23 1

Total price adjustment .........................................

1 0.59 0

12

59 3 85 -213

Staff costs and administrative expenses

Salaries and remuneration of Board of Directors, Board of Managers and Board of Representatives Board of Managers .......................................... Board of Directors ........................................... Board of Representatives ......................................

2.925 463 138

Total .....................................................

3.526

Staff costs Wages and salaries .......................................... Pensions .................................................. Social security expenses ......................................

4 7.933 3.48 9 5.075

Total .....................................................

56.4 9 7

Other administrative expenses ....................................

44.483

Total staff costs,etc.and administrative expenses .....................

104.506

Profit/loss on holdings in associated and affiliated enterprises

Profit/loss on holdings in associated enterprises,etc. ................... Tax

-125

Estimated tax on the year's income ................................ Deferred tax ................................................. Adjustment of tax calculated in prior years ..........................

43.2 91 1.344 85

Total tax ....................................................

44.720

With basis in the years profit the tax has been calculated as follows: Tax 32% of the years profit ...................................... ......... Adjustment of tax-exempt income and non-allowable costs Adjustment of deferred tax as a result from change of tax rate from 32% to 30% in 2001 ......................................... Adjustment from prior years

44.926 -418 +12 7 +85

Calculated tax,total ..................

44.720

Booked tax,total ....................

44.720

Board of managers, Board of Directors and Board of Representatives

The amount of loans,mortgage,sureties or guarantees and appurtenant collaterals issued to members of the institution's Board of Managers ............................................ Board of Directors ............................................ Board of Representatives ........................................ Security pledged: Board of Managers ............................................ Board of Directors ............................................

200 15.468 6.728 150 4.808

Audit fee

Total fee to the firm of accountants,elected by the General Meeting, that perform the statutory audit ................................... Of this concerning other contributions that audit ......................

564 31

Number of employees

Average number of employees during the financial year converted into full-time employees ...........................................

165,9

Re. Assets Incentive programme

An agreement has been entered into with the bank's managerial staff and board members on an incentive- and loyalty programme which will extend over the next 5-8 years. The programme will reward long-term price gains in the bank's shares and also tie the managerial staff and the board more closely to the bank. The bank's contingent liabilities can be covered by 6.000 own shares. Claims on credit institutions and central banks

Claims at notice on central banks .........................•....... Claims on credit institutions .....................................

434.25 9 141.343

Total claims on credit institutions and central banks ....................

5 75.602

13

Bonds Quoted on the Stock Exchange ................................... Other bonds .................................................

445.918 0

Total bonds .................................................

445.918

of this own bonds ........................................... Against Danmarks Nationalbank we have pledged bonds with a total market value of DKK 4 9.6 37.500 as security for clearing etc.

0

Shares, etc. Quoted on the Stock Exchange .................................. . Other shares ................................................. Other holdings ......................•........................

56.866 18.8 86 10.344

Total shares, etc. .............................................

86.0 96

Financial current assets Financial current assets valued at market value ....................... Difference between the purchase price of financial current assets and the higher market value on balance sheet date .......................... Financial current assets not valued at market value .................... Difference between the purchase price of financial current assets not valued at market value and the higher market value on balance sheet date ........

50 2.784 4.606 6.25 8 16

Financial fixed assets Associated companies Total purchas price, beginning ................................... Inflow of the year .............................................

0 125

Total purchase price, end ....................................... Revalutations and writedown, beginning ............................ Revalutations and writedown of the year ............................ Revalutations and writedown, end .................................

125 0 -125 -125

Portfolio, end ................................................

0

Financial fixed assets Other holdings Total purchase price, beginning .................................. Inflow of the year ............................................. Outflow of the year ...........................................

12.740 12.440 2.20 8

Purchase price, end ........................................... Revaluations and writedown, beginning ............................ Readjustment of revalutations and writedown ........................ Revaluations and writedown, end .................................

2 2.972 - 3 85 3 85 0

Portfolio, end ................................................

2 2.972

of this credit institutions ........................................ Portfolio, beginning ...........................................

12.218 12.355

Land and buildings

Machinery, equipment, etc.

Tangible assets Acquisition value, beginning ................... Additions of the year ....................... Disposals of the year .......................

27.246 3.5 95

13.845 2.2 94 2.879

Acquisition value of assets held, end .............

30.841

13.260

Depreciation and writedown, beginning ........... Depreciation of the year ...................... Amounts written down of the year ............... Depreciation and writedown reversed ............

3.445 445 600

13.844 2.2 94

Depreciation and writedown of assets held, end .....

4.4 90

Book value, end ............................ Book value, beginning ........................ Latest rateable value ......................... Immediate depreciation of machinery, equipment, etc. during the accounting year ....................

26.351 2 3.801 3 2.3 20

14

2.879 13.25 9

1.045

Re: Liabilities Debt to credit institutions and central banks Debt to central banks .......................................... Debt to credit institutions .......................................

29.1 50 87 3.793

Total debt to credit institutions and central banks ......................

902.943

The bank has at the end of year 2000undrawn long-term committed lines for DKK 550mio.which is not included in the key figure for surplus cover compared to legal liquidity requirements. Deposits On demand ................................................. At notice ................................................... Time deposits ................................................ Special categories of deposits ....................................

1.190.552 1 79.7 45 797.3 85 404.191

Total deposits ..............................................•.

2.57 1.87 3

Provisions for liabilities Provisions for retirement pension and similar liabilities ................. Provisions for deferred tax ....................................... Other provisions for liabilities

5.450 0 1.500

Total provisions for liabilities

6.950

Share capital The share capital is distributed on 27 0.000shares of DKK 1 00.

Ringkobing, the 3 1st January, 2001 BOARD OF MANAGERS: John Bull Fisker Bent Naur Kristensen J.Josephsen, Financial Manager Ringkobing, the 7th February, 2001. BOARD OF DIRECTORS: Vibeke Ballegaard Kr.Ole Kristensen Jens Lykke Kjeldsen Jens Edvard Hoj Jorgen H. Pedersen Anne M. Husted Hansen Mogens Andersen

AUDITORS' OPINION: I have participated in the auditing of the Annual Accounts of Ringkjobing Landbobank A/S for 2000 as presented by Management. The auditing has been made on the basis of the Legislation and the Executive order on the performace of audits in financial institutions issued by the Danish Financial Supervisory Authority and in accordance with generally accepted auditing standards. The auditing has included the functions that is required to me according to the agreement concerning the distribution of the terms of the auditing for 2000concluded with the auditors elected by the General Meeting. The audit did not give rise to any qualifications. Ringkobing, the 7th February, 2001. Maren Ebbensgaard Chief Auditor We have audited the Annual Accounts for 2000for Ringkjobing Landbobank A/S as presented by Management. We planned and performed our audit in accordance with generally accepted auditing standards as applied in Denmark to obtain reasonable assurance that the Annual Accounts are free from material errors or omissions. Based on an assessment of materiality and risk, our audit included an examination of the basis and evidence supporting the amounts and other disclosures in the Annual Accounts. Furthermore, we assessed the accounting policies used and estimates made by Management and evaluated the overall adequacy of the Annual Accounts.The audit did not give rise to any qualifications. In our opinion, the Annual Accounts have been prepared in accordance with the accounting requirements of Danish legislation and give a true and fair view of the assets and liabilities, financial position and result for the year of the Company. Ringkobing, the 7th February, 2001. KPMG C.Jespersen Kristian Winkler Hansen Henry Heiberg Statecertified Auditor Statecertified Auditor

PricewaterhouseCoopers Kurt Villadsen Statecertified Auritor

15

■ �Landbobank !>l Ringkpbing

HEAD OFFICE AND FOREIGN DEPARTMENT: TORVET 1 DK-6950 RINGK0BING WWW.LANDBOBANKEN.DK SWIF T ADDRESS: RING DK22 TELEFAX: +45 97 32 18 18 PHONE: +45 97 32 11 66 E-MAIL: [email protected] CHAIRMAN: KR. OLE KRISTENSEN GENERAL MANAGER: BENT NAUR KRISTENSEN GENERAL MANAGER: JOHN BULL FISKER I MANAGER OF SECUR TIES AND CASH MANAGEMENT: STEN ERLANDSEN FOREIGN MANAGER: J0RGEN H0JGAARD FINANCIAL MANAGER: J0RGEN JOSEPHSEN 13 BRANCHES: 0STERPORT, RINGK0BING GR0NBJERG HERNING HOLSTEBRO HVIDE SANDE LEM SP JALD THORSMINDE TIM ULFBORG VIBORG VILDBJERG 0RNH0J

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