Q1 INTERIM REPORT - THE NYKREDIT BANK GROUP 1 JANUARY 2009 - 31 MARCH 2009 - The Group recorded a profit before tax of DKK 165m against DKK 125m in Q1/2008, up 32% - Profit before tax generated a return on equity of 9.2% pa against 8.1% for Q1/2008 and a negative return of 4.5% for the full year 2008 - Results reflect a positive trend in core income from business operations, which rose by DKK 183m (+44%) and a lower loss on own trading positions and portfolios of subordinate loan capital in Danish banks, totalling DKK 29m in Q1/2009 against a loss of DKK 121m in Q1/2008 - Operating costs rose by DKK 162m to DKK 408m, in part as a consequence of higher expenses for wages and salaries of DKK 42m and commission expenses of DKK 89m under the government guarantee scheme - Impairment losses and provisions totalled DKK 86m against DKK 2m in Q1/2008. Compared with the expense of DKK 763m for FY 2008, this is a significant reduction - Relative to end-2008, the balance sheet increased by DKK 11.6bn (+6%) to DKK 205.4bn - Liquidity remained at a sound level in Q1/2009 and strengthened compared with end-2008 through additional issues totalling DKK 22.0bn under the Bank's ECP and EMTN programmes. Excess cover relative to statutory liquidity requirements was 165.0% against 146.1% at end-2008 - The capital adequacy ratio amounted to 11.6% against 10.2% at end-2008 and 9.8% at 31 March 2008 2009 - OUTLOOK - Economic trends may have a significant impact on earnings, and there is also an increased risk of rising credit losses. On balance, the uncertainty surrounding results for 2009 is still substantial. However, a profit substantially exceeding the 2008 results is expected. INFORMATION ABOUT THE NYKREDIT BANK GROUP The Nykredit Bank Group's Q1 Interim Report 2009 and further information about the Nykredit Bank Group are available at nykredit.com.