Føroya Banki P/F - Company Announcement

Adjustment of estimated profit guidance for 2009

Company announcement no. 3/2010

On the basis of a most recently concluded study of the draft of the Group's
annual report for the year 2009, Føroya Banki hereby adjusts the earlier
announced forecast to the Group's pre-tax profit before value adjustments and
before expenses due to the Danish state-funded guarantee scheme for the year
2009 to be within the range of DKK 150-160m. 

In the Annual Report 2008, published 18. February 2009, the Group estimated
profit guidance for 2009 within the range of DKK 165-195m before value
adjustments, expenses to the Danish state guarantee scheme and tax. This
outlook was maintained in the Q1, H1 and Q3 2009 reports respectively. 

The adjustment is partly caused by the fact that DKK 10m in Q4 2009 have been
deducted from the sale price of the shares in the aquaculture company Vestlax,
which were divested at the end of 2008. This subsequent adjustment is completed
in accordance with the purchase agreement which contains a right for the buyer
to readjust the purchase price according to the final measurement of the
company's total debtor balances. 
Furthermore the adjustment is caused by an increase in the Group's impairments
in Q4 2009 relating to the expected impairments at the time of publication of
the Group's Interim Report Q3 2009. 



Further information: 
Janus Petersen, CEO. Tel.: +298 330 340

Attachments:

adjustment of profit 2009 3-2010 uk.pdf