Denne melding til obligasjonseieme er kun utarbeidet på engelsk. For informasjon vennligst kontakt Norsk Tillitsmann ASA.

Transkript

1 NORSK TILLITSMANN ASA www. i: rus fee. no Denne melding til obligasjonseieme er kun utarbeidet på engelsk. For informasjon vennligst kontakt Norsk Tillitsmann ASA. To the bondholders in: ISIN: NO FRN Roskilde Bank A/S Subordinated Bond Issue with Call Option 2006/2014 Oslo, 11 March 2010 Roskilde Bank AS - Notice to Bondholders Norsk Tillitsmann ASA ( NT ) is appointed as loan trustee for the above mentioned bond issue (the Loan ) where Selskabet af 1. september 2008 AS (formerly Roskilde Bank A/S) is the issuer (the Issuer ). Please find attached announcements from Selskabet af 1. september 2008 AS under bankruptcy, Circular Letter No. 8 dated 10 March Please see the appendix for further information. Further information to the bondholders will be available at Kind regards ' " INN ASA Linn Verås Appendix MAILING ADDRESS t) P.O.BOX I47O VIKA, N -O I16 OSLO LOCATION «HAAKON VII GATE I, OSLO, NORWAY phone fax org.nr no MVA mail@trustee.no

2 Til de efterstillede kreditorer mv. i Selskabet af 1. september 2008 A/S under konkurs - CVR nr (tidligere Roskilde Bank A/S) To the subordinated creditors etc. o f S elska b et a f 1. September 2008 A /S in bankruptcy - CVR No (form erly Roskilde Bank A /S ) Jørgen Holst Partner jho@hotet-law.com Jette Gertsen, Secretary jge@hotet-law.com T+45S S Our ref )002 JHO/JGE 10 March 2010 Cirkulæreskrivelse nr. 8 / C ir c u la r L e tte r N o. 8 SKS / Selskabet a f 1. september 2008 A/S under konkurs - CVR nr (tidligere Roskilde Bank A/S), Algade 14,4000 Roskilde Der henvises til cirkulæ reskrivelse nr. 7 a f 6. januar 2010 indeholdende indkaldelse til skiftesam ling den 2. februar Det væ sentligste dagsordenspunkt under skiftesamlingen var stillingtagen til en mulig aftale mellem konkursboet og (Ny) Roskilde Bank A/S om sidstnævntes iværksættelse a f en erstatningssag mod den tidligere ledelse og revision mv. i CVR nr (tidligere Roskilde Bank A/S). Der vedlæ gges på baggrund heraf kopi af retsbogsudskrift vedrørende mødet i Skifteretten i Roskilde den 2. februar A f udskriften fremgår det, at skiftesamlingens majoritet godkendte og meddelte fuldmagt til, a t "ku rato r in d g å r fornødne a fta le r med N y R oskilde Banks bestyrelse om konkursboets m edvirken t il gennem førelse a f påtæ nkt erstatningssag efter aktieselskabslovens 140 m od GI. Roskilde Banks tidligere ledelse m.v.". Ud fra debatten har undertegnede efterfølgende forhandlet med advokat Henrik Lind m.fl., der repræsenterer Ny Roskilde Bank. Forhandlingerne er resulteret i, at der den 5. februar 2010 med supplerende påtegning af 22. februar 2010 er Indgået en procesaftale mellem konkursboet/gammel Roskilde Bank på den ene side og Ny Roskilde Bank på den anden side. Den under skiftesamlingen efterlyste opstramning a f bestemmelserne om omkostninger er delvist imødekommet i denne aftaletekst (aftalens punkt 7 og 8). Kopi af aftalen vedlægges. Hotet, Advokater Hans Bnoges Gade 2 DK-8100 Århus C CVR nr T, F, holst-law.com 03956(M )002j000Q 87 Jørgen Hotet Steffen Ebdrup Jens Andersen-Møller Torben Brøgger Henrik Steen Jensen Jakob B. Sørensen Erik Jensen KurtSiggaard Jakob Schmidt Carsten Led-Jensen TinaBraad Per Bjerg Christensen

3 Bemærk i øvrigt venligst a t retsbogens referat af kurators bemærkninger side 2, 2. nye afsnit, 1. sætning efter kurators opfattelse bør omformuleres således: "Ny Roskilde Bank A/S bestyrelse har efter dialog med Erhvervsministenet truffet beslutning om a t gennemføre og finansiere en advokatundersøgelse forestået a f advokaterne Mogens Skipper-Pedersen og Henrik Stenbjerre. Undersøgelsesrapporten, der e r offentliggjort, har bevirket, a t bestyrelsen I Ny Roskilde Bank A/S har truffet beslutning om a t indlede en erstatningssag mod den tidligere ledelse. Advokat Henrik Und er engageret a f bestyrelsen til at anlægge denne sag." Det efterfølgende forløb efter indgåelsen af procesaftalen a f 5. og 22. februar 2010 er herefter, a t Ny Roskilde Bank den 24. februar 2010 har udtaget stævning på vegne af Ny Roskilde Bank og tillige på vegne a f Gammel Roskilde Bank mod den tidligere ledelse mv. i Gammel Roskilde Bank. Påstanden under sagen går ud på, a t de sagaagte in solidum skal betale D K K 1 mia. med tillæ g af procesrenter. De sagsøgte i sagen er: tidligere bankdirektør Niels Valentin Hansen, tidligere bankdirektør Arne Gotiieb Wiihelmsen samt tidligere underdirektør Allan H. Christensen (fra den tidligere banks direktion) samt følgende bestyrelsesmedlemmer fra den tidligere bank: tidligere bestyrelsesformand Peter Muller, tidligere næstformand for bestyrelsen Niels Erik Qvist Kruger, Peter Holm, Asger Ib Mardahl-Hansen og (filialdirektør og medarbejderrepræsentant) Ove Flemming Holm. Endvidere er bankens tidligere revisor, Ernst & Young samt de statsautoriserede revisorer Tommy Nørskov Rasmussen og Palle Valentin Kubach sagsøgt. Retssagens førelse forestås af advokaterne Henrik Lind og Christian Alsøe, Gorrissen Federspiel, der instrueres af Ny Roskilde Bank. GI. Roskilde Bank vil løbende blive holdt underrettet om sagens nærmere bestemmelser. I overensstemmelse hermed vil kurator tilsvarende orientere kreditorerne om forhold a f væsentlig interesse for kreditorerne i forbindelse med, at kurator bliver orienteret herom. For så vidt angår spørgsmålet om, hvorvidt det alene er Ny Roskilde Bank eller helt eller delvist Gammel Roskilde Bank, der er "materiel ejer af erstatningskravet, er dette fortsat uafklaret. Der henvises til bestemmelsen i procesaftalens punkt 8, der regulerer mulighederne for, hvorledes der senere kan gennemføres en afklaring vedrørende ejendomsretten til dette krav. Herefter følger en engelsk version a f ovenstående vedlagt oversæ ttelse til engelsk a f såvel retsbogsudskriften som procesaftalen (

4 F ile n o. S K S / S e ts k a b e t a t 1. S e p te m b e r A / S in b a n k ru p tc y - C V R N o (fo rm e rly R o s k ild e B a n k A / S ), A lg a d e 1 4, D K R o s k ild e Reference is made to Circular Letter No. 7 of 6 January 2010 with notice convening a meeting o f creditors on 2 February The most important item on the agenda at the said meeting o f creditors was the resolution to conclude a potential agreement between the bankrupt estate and (the new) Roskilde Bank A/S on the commencement o f legal proceedings by (the new) Roskilde Bank A/S raising a claim for damages against the former management and auditors etc. o f CVR No (the former Roskilde Bank A/S). Against this background, I enclose a copy of transcript o f the court records regarding the meeting in the Bankruptcy Court o f Roskilde on 2 February From the transcript it appears that the majority of creditors approved the granting of a power o f attorney to the trustee *au th orisin g th e tru stee to conclude necessary agreem ents w ith the board o f d ire cto rs o f the New R oskilde Bank on th e esta te 's contribution to th e com m encem ent o f le g a l proceedin gs raisin g a contem plated claim for dam ages a g a in st to e form er m anagem ent etc. o f to e O ld R oskilde B ank un der section 140 o f toe D anish P u b lic Com panies A c t." On the basis of the discussions, I have subsequently negotiated with attorney Henrik Lind and others representing the New Roskilde Bank. The negotiations resulted in the conclusion of a litigation agreement on 5 February 2010 with additional endorsement of 22 February 2010 between the bankrupt estate/the Old Roskilde Bank o f the one party and the New Roskilde Bank o f the other party. The requirement of tightening the stipulations on costs put forward a t the above meeting of creditors has partly been complied with by way o f this litigation agreement (items 7 and 8). Enclosed please find copy of the litigation agreement. In addition, please note that the summary o f the trustee's comments entered in the cou rt records, page 2, the second new paragraph, first sentence, in the opinion of the trustee should be reworded as follows: "Following dialogues with the Danish M inistry o f Economte and Business Affairs, the board o f directors o f the New Roskilde Bank A/S decided to conduct and finance a legal investigation lead by attorneys Morgens Sklpper-Pederen and Henrik Stenbjerre. The outcome o f the report on the legal investigation, which has been published, was that the board o f directors o f New Roskilde Bank A/S decided to take legal action for damages against the form er management The board o f directors has engaged attorney Henrik Und to commence such legal proceedings." ~0002f

5 After conclusion o f the litigation agreement dated 5 and 22 February 2010, the New Roskilde Bank issued a writ o f summons on behalf o f the New Roskilde Bank and also on behalf o f the Old Roskilde Bank against the former management etc. o f the Old Roskilde Bank on 24 February 2010 claiming joint payment from the defendants o f D K K 1 billion plus litigation interest. The defendants o f the case are: former bank manager Niels Valentin Hansen, former bank manager Arne Gotlieb Wilhelmsen and form er assistant manager Allan H. Christensen (of the management o f the form er bank) and the following board members o f the former bank: form er chairman o f the board of directors Peter Muller, former vice-chairman o f the board o f directors Niels Erik Qvfst Kruger, Peter Holm, Asger lb Mardahl-Hansen and (branch manager and employee representative) Ove Flemming Holm. Moreover, legal proceedings have been initiated against the form er auditors o f the bank, Ernst & Young, and the state- authorised public accountants Tommy Nprskov Rasmussen and Palle Valentin Kubach. The attorneys Henrik Lind and Christian Alspe of Gorrissen Federspiel have been engaged by New Roskilde Bank to conduct the legal proceedings. The Old Roskilde Bank will currently be kept updated on the course o f the proceedings. Accordingly, the trustee will keep the creditors informed of any matters o f paramount interest to the creditors as soon as the trustee is informed to that effect. The question remains unsolved as to whether it is solely Ny Roskilde Bank or the Old Roskilde Bank, wholly or in part, which is "the legal owner of the claim for damages. Reference is made to the stipulation of item 8 o f the litigation agreement governing the possibilities o f how to decide on the ownership of the said claim at a later point in time. Med venlig hilsen / Yours sincerely Jørgen Holst Kræver Ingen underskrift / No signature required jho@holst-law.com Dir. tel (

6 Den 2. februar 2010 kl. 13:30 blev sjy fteftttéftm t# i t^es S0r:'Mé ete. Der blev foretaget: SKS /2009. Konkurssagen Sei kabbt:af l, september 2008 A/S Al gade Roskilde CVR-nr.: Der fremlagdes cirkulæreskrivelse af samtkopi af indkaldelse i Statstidende med to punkter på dagsordenen. Mødlvarkurator, Föf DetttSdbe Batik AG med en efterstillet fordring på 373 miil. kr. og som medlem af kreditbfudvaiget mødte Jörgen Stelljes. For Taberna Capital Management LLC med en fordring på 223 miil. kr. og som medlem af kreditorudvalget mødte advokat Anders Aagaard. Med advokat;;; Aagaäidi mødte advokat Tauby Sørensen. Som medlemmer af bestyrelsen for Roskilde Bank Erstatningsgruppen mødte Ole Møller Andersen og Anne Christrup. GieNieisémmødté for sig selv. Advokat Jacob Thomsen mødte for Ernst & Young. Advokat Erik Malberg mødte for Copenhagen Branch med et tilgodehavende på 100 miil. kr. i efterstillet krav. Advokat Morten Schultz og direktør Elisabeth Stamer mødte for Nykredit Bank med en fordring på 295 miil. kr. Kurator oplyste, at han tillige møder med fuldmagftil støtte for dagsordenens punkt 2 fra HSH Nord Bank, Scandinotes obligationer med et krav på 676 mill. kr. og fra Norske Tillidsmænd med et krav på 232 mi 11. kr. Kurator redegjorde i tilslutning til den udsendte eirkuiiereskrivelsefor bag^

7 grunden før indkaldelsen til skiftesamling. Han anførte, at der ved overdragelsen afaile aktiver til Ny Roskilde Bank umiddelbart før konkursdekretet i Gi Roskilde Bank ikke blev taget udtrykkelig stilling til, om overdragelsen omfattede ét evt. erstatningskrav mod den tidligere bestyrelse og direktion. Det i åbningsbalancen i Ny Roskilde Batik afsatte begrænsede beløb giver ikke kuratot muiighed for at foretage de undersøgelser og tilbundsgående analyser, som ville være;påkrævede for at afgive indstilling om et selvstændigt sagsanlæg, 'iséb-iéffefteréifhveivsmittisteriéts beslutning financierefen advokatundersøgélse: forestået af advokat Henrik Lind, som er mundet ud i beslutningen om en erstatningssag mod den tidligere ledelse. Advokaterne i undersøgelsen er blevet anmodet om at lægge til grund* at ejerskabet til kravet ligger hos Ny Roskilde Bank. Der erd kurators senere drøftelser nted advokat Lind foreslået en model, som gengives i omdelt udkast til svarskrivelse af 25, januar 2010, Kuratorbemærkede, at han har tillagt det betydelig vægt,at kreditorernes stilling; ikkeforringes, jft konkmslovens 137. Udkastets pkt 6 modificeres af pkt. 5. Det er hans opfattelse, at hvis pkt. 6 strammes, får boet ikke nogen aftale.der skal jf. pkt. 8 ske en efterfølgende stillingtagen til ejerskabet til erstatningskravet. Hver part kan med 3 måneders varselbeslutte at føre sagen selv. Der;var i^jighed til at drøfte og stille spørgsmål til kuråtofs;redegørelse. Jhrgéai Stélijés stillede spørgsmål ved den af kurator indstillede rækkefølge, hvorefier erstatningskravet først forfølges og der dernæst tages stilling til ejerskabet,,for Deutsche Bank ville det haye været ønskeligt, at kurator først havdeiférelagt spørgsmåletbm ejerskabet til kreditorernes beslutning. Advokat Åagaard erklærede sig enig med Jtlrgen Stelljes. Det må være i kreditorernes interesse at se kurator udføre den nødvendige analyse og afgive sitråd på baggrund heraf. Hvis spørgsmålet var blevet føralagt* ville kreditorerne gerne have tilført likviditet til denne undersøgelse, nren man mangler den nødvendige faktuelle baggrund. Kurator bemærkede*-'at der ikke er blevet stillet spørgsmål ikredi tor udvalget,søm % er besvaret. Itiråtor bemærkede videre, at han har givet sin anbefaling til kreditorerne i cirkulæreskrivelse 5. Der er ikke sket opgivelse af nogen mulig ret, før kreditorerne har haft lejlighed til at tage stilling til, om man selv vil forfølge kravet. Boet konfronteres nu med det faktum, at Ny Roskilde Bank vil foretage sagsanlæg, enten på egne vegne eller på savel Ny som GI. Roskilde

8 Side 3/3 Banks vegne. Parallelt eller senere kan hver part tage initiativ til sagsanlæg til stillingtagen til, om erstatningskravet er overdraget. Ny Roskilde Bank vil således om 3 måneder kunne beslutte, at man ikke kan leve med usikkerheden om ejerskabet og derfor anlægge sag vedr. dette. Kurator ønskede ikke ved at forholde sig afventende at bære risikoen for boet for, atderfran y Roskilde Banks side gøres gældende, at der foreligger passivitet eller opgivelse af kravet. Hvis der nu foreligger et konkret forslag fra kreditorerne plus den nødvendige financiering, kan der indkaldes til ny skiftesamling til stillingtagen til kreditorudvalgsmedlemmernes forslag. Advokat Erik Malberg samt direktør Stamer tilkendegav deres støtte til den af kurator valgte fremgangsmåde. Advokat Tauby Sørensen forespurgte om muligheden for at forbedre aftalen, f. eks. således at Ny Bank afholder omkostningerne ved den efterfølgende sag for at fastslå, om erstatningskravet er overdraget. Kurator anbefalede, at der søges aftalt en tilføjelse, hvorefter der skal være de nødvendige ressourcer til rådighed for boet for afklaring af ejendomsrettentilerstatningskravet. Kurator oplyste, at der cr anmeldt krav for 2,4 mia. kr. og netop er modtaget anmeldelser for yderligere 170 miil. kr. Kurator bemærkede, at mere end 1/3 af de samlede anmeldte krav er repræsenteret og Jlertallet har tilkendegivet støtte til kurators forslag. Skifteretten konstaterede, at skiftesamlingen har godkendt og meddelt fuldmagt til. at kurator indgår fornødne aftaler med Ny Roskilde Banks bestyrelse om konkursboets medvirken til gennemførelse af påtænkt erstatningssag efter aktieselskabslovens 140 mod Gi. Roskilde Banks tidligere ledelse m.v. Kurator tilkendegav at ville arbejde på at forbedre omkostningsdækningen ved en senere tvist mellem boet og Ny Roskilde Bank; Sagen udsat. Skifteretten hævet. Merete Lyek retsassessor

9 Translation o f tra n scrip t o f th e co u rt records In th e D anish language The Court o f Roskilde On 2 February 2010 at 01:30 pm, deputy judge Merete Lyck presided over the Bankruptcy Court. The following was heard: SKS /2009. Bankruptcy proceedings Selskabet a f 1. september 2008 A/S Algade 14 DK-4000 Roskilde CVRno,: Circular Letter o f 6 January 2010 and a copy o f notice convening this meeting o f creditors published in the Danish Official Gazette, including two items on the agenda, were produced. The trustee appeared. Mr JOrgen Stelfjes appeared on behalf o f Deutsche Bank AG representing a subordinated claim o f DKK 373 million and in his capacity as member o f the creditors' committee. Mr Anders Aagaard, attorney, appeared on behalf o f Taberna Capital Management LLC representing a claim o f DKK 223 m illion and in his capacity as member o f the creditors' committee, Mr Aagaard was accompanied by Mr Tauby Sørensen, attorney. Mr Ote Møller Andersen and Ms Anne Christrup appeared as members o f the board of directors of Roskilde Bank Erstatningsgruppen. Mr Ole Nielsen appeared, representing himself. Mr Jacob Thomsen, attorney, appeared on behalf o f Ernst 8i Young. Mr Erik Maiberg, attorney, appeared on behalf o f Copenhagen Branch representing a subordinated claim o f DKK 100 million. Mr Morten Schultz, attorney, and Ms Elisabeth Stamer, manager, appeared on behalf o f Nykredit Bank representing a claim o f DKK 295 million. The trustee stated teat he had been granted a power of attorney to support item 2 on tee agenda issued by HSH Nord Bank, Scandinotes bonds representing a claim of DKK 676 million, and by Norske Tillidsmænd representing a claim o f DKK 232 million. 0395HM)006!0Q0102

10 In pursuance o f the said Circular Letter, the trustee accounted for the background for convening this meeting of creditors. He stated that in connection with the transfer o f all assets to New Roskilde Bank just before the issue o f the bankruptcy order against Old Roskilde Bank, no explicit decision was made as to whether such transfer was to include a potential claim for damages to be raised against the former management and board of directors. The limited am ount allocated in the opening balance sheet of New Roskilde Bank makes it impossible for the trustee to make the investigations and in-depth analyses that would be required in order to provide any recommendation on the potential commencement o f independent legal proceedings. By resolution o f the Danish M inistry o f Economic and Business Affairs, the necessary funds to conduct a legal investigation iead by Mr Henrik Lind, attorney, have been provided. The outcome o f such investigations was that it was decided to take legal action for damages against the former management. The attorneys in charge o f the investigations were requested to base their investigations on the assumption that the ownership of such claim lies with New Roskilde Bank. The m ost recent discussions conducted between the trustee and Mr Lind have resulted in a proposed model, cited in the circulated draft response letter dated 25 January The trustee noted that he has found it crucial to ensure that the creditors are not placed in a less favourable position, cf. s. 137 of the Danish Bankruptcy Act. Item 6 o f the draft response is modified by the contents o f item 5. He is o f the opinion that if item 6 is tightened, the estate w ill have no deal. As provided in item 8, a subsequent decision on the ownership o f the claim must be made. Each party may decide, subject to three months' notice, to conduct independent legal proceedings. Period allowed for discussions and the posing of queries in respect of the trustee's statement. Mr Jilrgen Stelljes questioned the sequence recommended by the trustee according to which the claim for damages w ill be pursued firstly, and then a decision on the ownership issue w ill be made. Deutsche Bank would have preferred if the trustee would firstly have submitted the ownership issue for decision among the creditors. Mr Aagaard agreed with Mr JUrgen Stelljes. It must be in the interest o f the creditors to have the trustee conduct the necessary analysis and make his recommendation based thereon. If the matter had been submitted to the creditors, the creditors would have been willing to provide liquidity for such investigations, but the factual background required in this respect is missing. The trustee noted that no questions asked in the creditors' committee remain unanswered. The trustee further noted that he has made his recommendation to the creditors by way o f Circular Letter no. 5. No potential rights w ill be abandoned until the creditors have had the opportunity to decide whether to pursue the claim independently. The estate is now being faced with the fact that New Roskilde Bank intends to take legal action, either on its own behalf or on behalf o f New and Old Roskilde Bank. Concurrently therewith or at a later stage, each party may commence legal proceedings for the purpose o f ascertaining whether the right to the claim for damages has teen assigned. This means that in three months, New Roskilde Bank may decide that it is not willing to accept the uncertainty pertaining to the ownership issue and thus commence legal proceedings to settle this matter. The trustee was not willing to carry the risk on behalf o f the estate, by adopting a wait-and-see attitude, that New Roskilde Bank would claim inactivity or abandonment o f the claim ( /3

11 If a specific proposal by the creditors, including the necessary hinds, is now available, a new meeting of creditors may be convened to decide on such proposal submitted by the members o f the creditors' committee. Mr Erik Malberg, attorney, and Ms Stamer, manager, stated that they supported the course o f action adopted by the trustee. Mr Tauby Sørensen, attorney, inquired whether it would be possible to improve the agreement, e.g. so that New Roskilde Bank w ill cover the costs of the subsequent legal proceedings for the purpose o f establishing whether the claim has been transferred. The trustee recommended that attempts be made to agree on an addendum stipulating that the necessary resources must be available to the estate to settle the matter o f ownership of the claim for damages. The trustee stated that claim s totalling DKK 2.4 billion have been filed against the estate, and that further claim s have just been filed in the amount o f DKK 170 million. The trustee noted that more than 1/3 o f the total claims filed against the estate was represented at the meeting, and that the majority had expressed their support to the trustee's proposal. The Bankruptcy Court ascertained that the creditors attending the meeting had approved and granted the trustee the required power o f attorney in order for the trustee to conclude the necessary agreements with the board o f directors o f New Roskilde Bank on the estate's contributing to the pursuit o f the contemplated claim for damages under s. 140 of the Danish Public Companies Act against the form er management etc. of Old Roskilde Bank. The trustee indicated that he intends to work on improving the covering o f costs to be incurred in the event of a future dispute between the estate and New Roskilde Bank. Case and court adjourned. Merete Lyck Deputy Judge ( /3

12 Holst, Gorrissen Federspiel Advokat Henrik Lind H. C. Andersens Boulevard København V Jørgen Holst Partner jho@holst-law.com Sekretær Jette Gertsen jge@holst-law.com T J.nr JHO/JGE 5. februar 2010 Deres j.nr File no. SKS / Selskabet af 1. september 2008 in bankruptcy - CVR no (the former Roskilde Bank A/S), Algade 14, DK-4000 Roskilde "Procesaftale" i relation til søgsmål med erstatningskrav i medfør af aktieselskabslovens kap. 16, sæ rligt 140 og 141, jf. 144 mod den tidligere ledelse mv. i ovennævnte selskab Herved kommer jeg tilbage til drøftelserne mellem Dem, som advokat for ny Roskilde Bank A/S, CVR nr , og ovennævnte konkursbo (gammel Roskilde Bank A/S) ved undertegnede kurator i relation til mulighederne for at samarbejde om iværksættelse af søgsmål mod den konkursramte banks tidligere ledelse og revision. Jeg henviser således sæ rligt til Deres brev a f 4. november 2009 samt vor dialog forud for skifteretsmødet i konkursboet i Skifteretten i Roskilde den 2. februar Som telefonisk oplyst den 3. februar 2010 var der under skiftesamlingen mødt (efterstillede) kreditorer, der repræsenterede mere end 1/3 af den samlede kreditormasse. I overensstemmelse med den offentliggjorte dagsorden, jf. herved min cirkulæreskrivelse nr. 7 (afsnit 3) i konkursboet dateret den 6. januar 2010, redegjorde jeg for forhandlingerne med ny Roskilde Bank A/S om konkursboets eventuelle medvirken til gennemførelse af den af banken påtænkte erstatningssag, I relation til dagsordenens punkt 2 under skiftesamlingen godkendte et flertal af-kreditorerne, at der blev meddelt fuldmagt til undertegnede til at indgå de fornødne aftaler med bestyrelsen i ny Roskilde Bank A/S med baggrund i forløbet. Som kurator skal jeg derfor på baggrund af skiftesamlingens bemyndigelse meddele, at konkursboet på nedennævnte vilkår er villig til at overdrage beføjelsen til at indtale konkursboets eventuelle rettigheder med hensyn til et m uligt erstatningskrav - jf. blandt andet aktieselskabslovens 140 og 141- mod den tidligere ledelse og revision i gammel Roskilde Bank A/S, CVR nr , nu Selskabet af 1. september 2008 A/S under konkurs, til ny Roskilde Bank A/S, CVR nr Holst, Advokater Hans Broges Gade 2 DK-8100 Arhus C CVR nr T, F, holst-law.com Jørgen Holst Steffen Ebdrup Jens Andersen-Møller Torben Brøgger Henrik Steen Jensen Jakob B. Sørensen Erik Jensen Kurt Slggaard Jakob Schmidt Carsten Led-Jensen Tina Braad Per Bjerg Christensen

13 Holst, Overdragelsen omfatter, som det fremgår, konkursboets (eventuelle) "generelle" rettigheder i medfør af aktieselskabslovens kap. 16 og sæ rligt 140 og 141 sammenholdt med 144 og tilsvarende rettigheder under den finansielle lovgivning. Mulige individuelle krav, som de enkelte (efterstillede) kreditorer eller aktionærer måtte have på andet grundlag mod den tidligere ledelse eller revision eller ethvert krav mod den selvstæ ndige juridiske enhed, CVR nr , gammel Roskilde Bank A/S, fx som følge af prospektansvar eller tilsvarende ansvarsgrundlag, vil ikke være omfattet af overdragelsen af retten til at indtale. Sidstnævnte omfatter således også eventuelle krav, hvorefter i dag efterstillede kreditorer eller aktionærer måtte kunne hævde, at gammel Roskilde Bank A/S har udøvet en sådan adfærd, at de pågældende kreditorer og/eller aktionærer kan gøre gældende, at deres krav kan konverteres til et krav, der i konkurs opnår status som simpel kreditor, uanset om kravet som udgangspunkt er baseret på et efterstillet krav eller et aktionærkrav. Aftalen præjudicerer Ikke en vurdering af sådanne mulige krav. Krav under eller ved påberåbelse af aktieselskabslovens 48 h kan gøres gældende a f Ny Roskilde Bank A/S uden præjudice for tilsvarende påberåbelse fra individuelle kreditorers side. Overdragelsen er betinget af: 1. At den sker uden præjudice med hensyn til om en overdragelse allerede er sket tidligere i medfør af overdragelsesaftale af 24. august 2008, jf. herved punkt 4.3 i konkursboets cirkulæreskrivelse nr. 5 af 1. juli 2009, 2. At ny Roskilde Bank A/S faktisk rejser og gennemfører den i Deres brev bebudede sag, 3. At kurator får lejlighed til at kommentere et udkast til stævning, 4. A t kurator løbende, holdes informeret om forløbet af sagen i et omfang, der minimum svarer til den information, der ville tilgå en procesunderrettet, 5. At sagen ikke forliges, opgives eller begrænses i større omfang eller efter dom i 1. instans ikke opgives eller begrænses under en eventuel anke, uden at kurator har haft lejlighed til at afgive en udtalelse, og at kurator i et sådant tilfæ lde i forhold til retssagens parter skal kunne reservere gammel Roskilde Bank A/S' konkursbos, henholdsvis kreditorernes eventuelle rettigheder vedrørende sagens fortsæ ttelse svarende til eller i overensstemmelse med konkurslovens 137, 6. A t ny Roskilde Bank A/S i øvrigt endeligt afgør alle spørgsmål om sagens førelse eller opgivelse, og hermed også eventuelt om sagen forliges, men 7. At ny Roskilde Bank A/S afholder alle omkostninger ved sagens førelse, herunder såvel egne omkostninger som eventuelt pålagte omkostninger, og

14 Holst, 8. At det - senest når det er fastslået endeligt, om den af ny Roskilde Bank A/S anlagte sag udløser et nettoprovenu (herunder efter fradrag af omkostninger, jf. pkt. 7.) til sagsøgeren - gennem forhandling og/eller judiciel prøvelse - afklares, om det gennemførte erstatningskrav må anses for omfattet af overdragelsen a f gammel Roskilde Bank A/S' samlede virksomhed til ny Roskilde Bank A/S ifølge overdragelsesaftale af 24. august 2008, eller om dette ikke er tilfæ ldet, henholdsvis om der kan være andre indsigelser mod overdragelsens effektuering. Parterne aftaler i den forbindelse, at eventuelle forældelses-, reklamations- og søgsmålsfrister suspenderes (for så vidt angår søgsmålsfrister sæ rligt jf. reglerne i konkurslovens 81). Parterne er enige om, at suspensionen af hver af parterne kan bringes til ophør ved skriftlig tilkendegivelse over for den anden part med mindst 3 måneders varsel, inden for hvilken periode relevante retslige skridt skal igangsættes, hvilket vil medføre samme retsvirkninger, som hvis søgsmål var indledt inden nærværende aftales indgåelse. Parterne er enige om at samarbejde om, at ressourcerne til en afklaring af, hvem der har retten til at oppebære et eventuelt nettoprovenu som omtalt i nærværende punkt, på den ene side skal søges begrænset i rimeligt omfang, men på den anden side at begge parter er forpligtede til at medvirke til at sikre, at omkostningsmæssige temaer ikke vil stå i vejen for, at der i mangel af en forhandlingsmæssig løsning gennemføres den nødvendige judicielle afklaring heraf. Nærværende brev har jeg som anført indledningsvis fremsendt til Dem i min egenskab af kurator i konkursboet efter Selskabet af 1. september 2008 A/S. De bedes venligst fremsende bekræftelse/accept på vegne af (ny) Roskilde Bank, CVR nr , forsynet med forpligtende underskrift, således at denne er mig i hænde senest den 15. februar Med venlig hilsen O v e n s t å e n d e a c c e p t e r e s p å v e g n e R o s k i ld e B a n k A /S, C V R - n r

15 Translation o f the litigation agreement Gorrissen Federspiel Advokat Henrik Lind H. C. Andersens Boulevard København V Jørgen Holst Partner jho@holst-law.com Jette Gertsen, Secretary jge@holst-law.com T Our ref JHO/JGE/MDN 5 February 2010 Dear Henrik Lind Your ref File no. SKS / Selskabet af l. September 2008 in bankruptcy - CVR no (the form er Roskilde Bank A/S), Algade 14, DK Roskilde "litigation agreement" pertaining to claim for damages under Part 16 of the Danish Public Companies Act, especially s$. 140 and 141, cf. s. 144, against the form er management etc. of the company detailed above Reference is made to the discussions conducted between you, acting as legal counsel for the new Roskilde Bank A/S, CVR no , and the bankrupt estate detailed above (the old Roskilde Bank A/S) represented by me, acting as trustee o f the said bankrupt estate, regarding our potential cooperation on the commencement of legal proceedings against the form er management and auditors o f the bankrupt bank. Specific reference is made to your letter o f 4 November 2009 and our dialogue prior to the meeting of creditors held on 2 February 2010 before the Bankruptcy Court o f Roskilde. As stated on the telephone on 3 February 2010, the meeting of creditors was attended by (subordinated) creditors representing more than 1/3 o f the total body o f creditors. As indicated in the agenda published before the meeting, cf. my Circular Letter no. 7 (section 3) dated 6 January ,1 provided an outiine of the negotiations conducted with the new Roskilde Bank A/S regarding the bankrupt estate's potential involvement in the contemplated claim for damages. With respect to item 2 on the agenda, the majority o f creditors approved the granting o f a power o f attorney to me, authorising me to conclude the necessary agreements with the board o f directors of the new Roskilde Bank A/S, based on the course o f events leading up to the meeting. Against this background and on the basis o f the authorisation so granted to me, I can Inform you that the bankrupt estate is willing, subject to the conditions set out herein below, to assign to the new Roskilde Bank A/S, CVR no , any rights held by the bankrupt estate to raise a potential claim for damages - cf. for instance ss. 140 and 141 o f Holst, law Firm Hans Broges Gade 2 DK-8100 Århus C CVR nr T, F, holst-law.com Jørgen Holst Steffen Ebdrup Jens Andersen-Møller Torisen Brøgger Henrik Steen Jensen Jakob B. Sørensen Erik Jensen Kurt Siggaartf Jakob Schmidt Carsten Led-Jensen Tina Braad Per Bjerg Christensen

16 the Danish Public Companies Act - against the form er management and auditors o f the old Roskilde Bank A/S, CVR no , now Seiskabet a f 1. September 2008 A/S in bankruptcy. As appears, such assignment comprises (any) "general" rights o f the bankrupt estate under Part 16 o f the Danish Public Companies Act, especially ss. 140 and 141, cf. s. 144, and sim ilar rights under the current Danish financial legislation. Any individual claim s held by individual (subordinated) creditors or shareholders on any other basis against the form er management or auditors or any claim s against the independent legal entity, CVR no , the oid Roskilde Bank A/S, e.g. by reason of prospectus liability or sim ilar, w ill not be comprised by the assignment detailed above. Hence, the latter also comprises any claim s under which subordinated creditors or shareholders may contend, today, that the old Roskilde Bank A/S has been acting in a manner so as to give such creditors and/or shareholders reason to contend that their claims should be converted Into claim s qualifying as unsecured claim s in bankruptcy, Irrespective o f whether such claim s originally qualified as subordinated claim s or shareholders' claims. This agreement w ill not prejudice any assessment o f such potential claims. Claim s under or relying on s. 48h o f the Danish Public Companies A ct may be raised by the new Roskilde Bank A/S without prejudice to any individual creditors wishing to raise corresponding claims. The contemplated assignment is subject to the conditions that; 1. the assignment w ill be effected without prejudice as to whether such assignment has already taken place under the Transfer Agreement of 24 August 2008, cf. item 4.3 of Circular Letter no. 5 of 1 July 2009; 2. the new Roskilde Bank A/S w ill in fact institute and carry through the legal proceedings as contemplated in your letter; 3. the trustee w ill be given an opportunity to review and comment on a draft w rit of summons; 4. the trustee w ill be kept currently updated on the course o f the proceedings to an extent equivalent to, as a minimum, the scope o f inform ation that w ill accrue to the parties directly involved in the proceedings; 5. the case w ill not be settled, abandoned or substantially restricted or settled, abandoned or substantially restricted following a judgment delivered by the court o f first instance, without the trustee having had the opportunity to make a statement in that respect, and the trustee must be entitled, if relevant, to reserve any rights of the bankrupt of estate o f Roskilde Bank A/S, and the rights of the creditors respectively, towards the

17 other parties to the potential legal action to ensure that the action is pursued until what is equivalent to or in accordance w ith s. 137 o f the Danish Bankruptcy Act; 6. the new Roskiide Bank A/S w ill decide on any other matter pertaining to the conduct or abandonment o f the proceedings, including whether to accept a settlem ent of the case; but 7. the new Roskiide Bank A/S w ill cover all costs incurred by reason o f the conducting of litigation, including costs incurred by the new Roskiide Bank A/S itself as well as any costs imposed by the court; and 8. It must be finally determined - no later than when it has been determined whether the proceedings instituted by the new Roskiide Bank A/S have given rise to any net proceeds (also after deduction o f costs, cf. item 7) accruing to the plaintiff following negotiations and/or legal hearing - whether the claim for damages pursued is deemed to be comprised by the transfer o f the entire activities of the old Roskiide Bank A/S to the new Roskiide Bank A/S under the Transfer Agreement o f 24 August 2008, or whether this is not the case, or whether there are any other objections against the completion o f the transfer. For that purpose, the parties agree that any deadlines pertaining to tim e barring, complaints and commencement of proceedings are hereby suspended (as for deadlines pertaining to the commencement o f proceedings especially under the rules of s. 81 o f the Danish Bankruptcy Act). The parties agree that the said suspension may be discontinued by issuing a notice to that effect in writing to the other party subject to no less than three months notice within which period the relevant legal measures m ust be taken, thus providing legal effects identical to those applicable if such legal measures had been taken before execution o f this agreement. The parties agree to cooperate with a view to ensuring that the resources allocated to clarify who is entitled to receive any net proceeds as mentioned above are limited to a reasonable extent, but also that both parties must contribute to ensuring that any cost considerations should not prevent the necessary judicial clarification o f this matter, falling any solution through negotiations. As stated above, I have sent this letter to you in my capacity o f trustee o f the bankruptcy estate o f Selskabet af 1. September 2008 A/S. I ask you to kindly provide me with your confirm ation/acceptance on behalf o f (the new) Roskiide Bank, CVR no , duly signed by you with binding effect, no later than 15 February Yours sincerely [.signed] Jørgen Holst

18 The aforesaid is hereby accepted on behalf of Roskilde Bank A/S, CVR no Copenhagen, 22 February 2010 [signed] Henrik Lind, attorney [signed} Christian Alsoe, attorney