BankNordik P/F - Company Announcement

BankNordik sells domicile and plans to centralise activities in a new domicile

BankNordik has made an agreement with a buyer to sell the bank's current
domicile building and other buildings in Tórshavn, Faroe Islands. The total
sales price amounts to DKK 92 million. The agreement is part of the bank's plan
to centralise all the activities in Tórshavn in a new domicile to be
constructed in the next couple of years. Centralizing the activities in
Tórshavn in one domicile building is expected to support the cooperation
between departments and functions in order to further improve operational
efficiency. 

The management does not expect the transaction to have a material effect on the
Group's financial position in 2013. The sale of the buildings implies that the
Group realizes a positive value adjustment relative to the booked value. But
the relevant accounting rules for banks stipulates that a binding agreement
with a construction company on the construction of the new domicile implies an
immediate large write-down of the construction costs. The Group expects to make
such an agreement with a construction company later this year. The management
expects these transactions to cancel each other out, therefore the total
transaction is not expected to have a material effect on the Group's financial
position. 



For further information:

Janus Petersen, CEO, phone +298 330 340

Árni Ellefsen, CFO, phone +298 330 348

Johnny í Grótinum, Investor Relations, phone +298 230 380