Conversion price for government hybrid core capita

The Danish Financial Supervisory Authority NASDAQ OMX Copenhagen Oslo Børs 15 October 2013 Conversion price for government hybrid core capital By company announcement of 24 September 2013 Vestjysk Bank A/S applied the Danish State for exercise of the Bank’s right to convert government hybrid core capital of DKK 323.150.000 in total with addition of any non-paid accrued interest to share capital.

As further described in the agreements on government hybrid core capital the conversion price is determined as the market value of the Bank’s shares immediately after the conversion notice. The conversion price is determined in a valuation report prepared by a valuator appointed by FSR – Danish accountants (FSR – danske revisorer).

Today, the Bank has received the valuation report from the appointed valuator, who has fixed the conversion price at DKK 13.71 per share of nominally DKK 1. The valuation report is attached to this company announcement.

The conversion price entails that the Danish State will receive 24,692,813 new shares of nominally DKK 1, including 23,570,387 new shares of nominally DKK 1 by conversion of the principal of DKK 323,150,000 and 1,122,426 new shares of nominally DKK 1 by conversion of any non-paid accrued interest of approximately DKK 15.4 million, at the time of completion of the conversion.

As a result of the conversion, the Danish State will own 65.96 per cent of the Bank’s total share capital and voting rights. In addition, Finansiel Stabilitet A/S, which is owned by the Danish State, will after the conversion own 1.50 per cent of the Bank’s total share capital and voting rights.

The conversion is expected to be completed on 22 October 2013, after which the new shares are expected to be admitted to trading on 23 October 2013.

  vestjyskBANK  Board of directors

Vestjysk Bank A/S Torvet 4-5 DK-7620 Lemvig Denmark Phone +45 96 63 20 00 CVR no. 34631328 www.vestjyskbank.dk