Correction to announcement regarding FIH Erhvervsbank A/S's exposure to the property sector

The Copenhagen Stock Exchange
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Oslo Børs ASA
The Press


16 July 2008
Ref. LJO







Stock Exchange Announcement 7-2008 - Correction to announcement of FIH
Erhvervsbank's expo-sure to the property sector. 

	•	FIH's exposure to the property sector is 23.5%, of which half in Denmark and
the other half in Germany and Sweden 
•	FIH's property portfolio is sound and properly secured

Recently, the banks exposure towards the property sector has been highly
emphasised. The daily press has claimed that FIH Erhvervsbank has a 47%
exposure towards the property sector. This information is incorrect, as the
figure contains exposures towards the service sector and other sectors. 

As at 30 June 2008, FIH Erhvervsbank's exposures towards companies with an
industry code related to the property sector came to 36% of the total loans and
guarantees. FIH divides the exposures into the following catego-ries: 

•	12.5% is related to medium size Danish companies within all sectors (not
incl. the property sector). The majority is secured by first priority pledge on
company property and operating equipment, the property being an integrated part
of the daily operations, but due to technicali-ties, these properties are
placed in independent property companies. 

•	11% constitutes exposures towards residential lease properties. The majority
is secured by first priority pledge with loan to value of up to 80% and in some
cases 90% depending on the credit quality of the debtor and additional
securities. The majority of the properties are located in Hamburg and Berlin. 

•	10% of the exposures is towards actual investment properties, mainly loans
secured by first priority pledge with loan to value of up to 75% and in certain
cases 85% depending on the re-lease possibil-ity and value stability, the
credit quality of the lessee and the dura-tion of the lease contract along with
the credit quality of the debtor and additional security. 

•	2.5% constitutes exposures towards the Danish market, where the agreements
are typically prepared with disregard to sale and/or sub-sequent lease. The
exposures are limited to a small group of cus-tomers of high credit quality, as
FIH Erhvervsbank grants exposures to this segment on a limited basis only. 

The actual exposures towards the property sector thus comes to 23.5% of the
loans and guarantees, of which half is related to exposures in Denmark and the
other half to Germany and Sweden. 

The credit procedures and policies of FIH Erhvervsbank are considered sound. As
a standard procedure in the evaluation process of the individual applications,
the credit quality and sector ability of the debtor in relation to the
individual property and/or portfolio are carefully assessed along with
li-quidity level, profitability, re-lease potential and the value stability of
the properties. 

At the regular portfolio assessments - the most recent on 30 June 2008 - FIH
Erhvervsbank has obtained reassurance that the current portfolio is sound,
while writedowns of DKK 20 million has been made for the first half of 2008. 

FIH will publish its half year results on 31 July 2008 as previously
an-nounced. 


Copenhagen, 16 July 2008 at 13:45


Lars Johansen
Managing Director, CEO


If you require additional information, please contact Managing Director Lars
Johansen at +45 7222 5000.