Issuer Presentation - Nykredit

Executive summary
Nykredit Group
� The Nykredit Group is the largest lender in Denmark
� Tier 1 ratio: 18.6%
� A+ / A senior rating from S&P and Fitch
� Prime mortgage loans constitutes 79% of assets
� Largest mortgage covered bond issuer in Europe
� Covered bonds rated AAA by S&P
Danish economy and housing market
� Kingdom of Denmark rated Aaa/AAA/AAA (stable)
� Public sector debt and unemployment levels are low in
a European context
2012E Denmark Euro area Germany
GDP growth 0.5% -0.5% 1.2%
Budget deficit -3.7% -3.8% -0.5%
Public debt/GDP 45.5% 90.5% 83.4%
Unemployment 6.4% 11.3% 6.8%
� House prices are expected to stabilise during 2012
after a decline of approx. 25% since a peak in 2007
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