H1 INTERIM REPORT - THE NYKREDIT REALKREDIT GROUP 1 JANUARY 2008 - 30 JUNE 2008 - Core earnings after impairment losses on loans and advances were DKK 1,669m against DKK 2,021m in H1/2007 - Core income amounted to DKK 4,122m compared with DKK 4,072m in H1/2007 - Core income from customer-oriented activities showed growth of some 7%, which was offset by declining income from Markets & Asset Management's own trading activities - Core income from securities amounted to DKK 998m compared with DKK 929m in H1/2007 - Operating costs, depreciation and amortisation of DKK 2,422m against DKK 2,123m in H1/2007 - Impairment losses on loans and advances were DKK 31m against a net income of DKK 72m in H1/2007 - The investment portfolio generated a loss of DKK 1,227m compared with an income of DKK 253m in H1/2007 - The investment portfolio generated a loss of DKK 750m in Q1/2008. The main reason for this loss was the financial market turmoil, chiefly the widening yield spreads between Denmark and Germany and between government bonds and AAA-rated mortgage bonds, etc. In Q2/2008, the investment portfolio generated a loss of DKK 477m, primarily due to the general increase in interest rate levels of just under 1 percentage point - Profit before tax was DKK 442m against DKK 2,274m in H1/2007.