PRELIMINARY ANNOUNCEMENT OF FINANCIAL STATEMENTS FOR 2008 - THE NYKREDIT REALKREDIT GROUP

Results for 2008

Continued growth in customer-oriented business:
- Core income from customer-oriented business increased by DKK 705m to DKK
7,153m 
- Mortgage lending at nominal value went up by DKK 67bn to DKK 916bn
- Nykredit Bank's lending increased by DKK 11bn to DKK 51bn, while deposits
rose by DKK 15bn to DKK 46bn 
- Core income from business operations and securities increased by DKK 741m to
DKK 9,263m 
- The above items do not include Forstædernes Bank and the effect of the
financial crisis, cf page 3 

Operating costs, depreciation and amortisation excluding special value
adjustments, etc went up by DKK 517m, or 11.7% 
- The cost increase was primarily due to the continued business growth within
Commercial Customers and Markets & Asset Management 

Impairment losses on mortgage lending remained low and came to DKK 208m, equal
to 0.02% of lending 

Nykredit Bank's impairment losses on loans and advances, excluding the effect
of the financial crisis, were DKK 396m against an income of DKK 14m in 2007 

The Group posted a loss before tax of DKK 880m for the year against a profit of
DKK 4,387m for 2007. Contributory factors were: 
- The investment portfolio, which generated a loss of DKK 2,622m 
- The financial crisis, with a negative effect of DKK 1,391m (Roskilde Bank,
EBH Bank, etc) 
- The acquisition of Forstædernes Bank, with a negative effect of DKK 358m
- Ordinary group operations, which generated earnings of DKK 3,491m against DKK
4,387m in 2007. 



Capital resources
The Group's individual capital need/required capital base amounts to 9.8% or
DKK 34.8bn (during a mild recession) 
Group equity was DKK 50.4bn, net of goodwill DKK 45.1bn
Core capital and capital adequacy ratios were 13.5% and 14.7%, respectively, at
end-2008. 



Peter Engberg Jensen, Group Chief Executive, has the following comments on the
Financial Statements: 
- 2008 saw continued growth in customer-oriented business, which increased by
11%. Even with the adverse economic climate, impairment losses and provisions
in the Group's core business were limited. But the international financial
crisis clearly affected the Group's results in the form of impairment losses
relating to Roskilde Bank and EBH as well as a loss on the investment
portfolio. Despite unsatisfactory results, we are well prepared for the years
ahead thanks to our healthy core operations and strong capital structure. 



Information about the Nykredit Group
More information about the Nykredit Group is available at nykredit.com.