Skjern Bank

Capital/Financing Update • Apr 1, 2011

The above bond (ISIN DK0030164637) will be redeemed on 6 April 2011 as
scheduled.

In accordance with the published prospectus of 27 February 2009, the
calculation agent has calculated the redemption price at 121.16, equivalent to
a redemption amount of DKK 1,211.60 per bond of DKK 1,000.

The calculation of the redemption price is based on the inception value and an
average of the four end values, see below: These prices are listed below.

                      EURGBP   EURSEK  EURNOK

---

          30-03-2009  0.9291  10.9662   8.951

---

          30-12-2010  0.8602   9.0133   7.819

---

          31-01-2011  0.8609    8.867   7.927

---

          28-02-2011  0.8528   8.7445   7.709

---

          30-03-2011  0.8789   8.9185  7.8675

---

Average End value 0.8632 8.8858 7.8306

Increase since inception 7.63% 23.41% 14.31%

Average increase 15.12%

Participation rate 140%

Redemption price 121.16

The 121.16 redemption price is calculated by multiplying the average increase
of the three currency crosses from inception to end by a participation rate of
140%. The bonds have given a positive return of 7,94% p.a. Repayment will be
made to the bondholders' account controllers via VP Securities A/S with 6 April
2011 as the value date.

Please contact Director Per Munck in case of questions.