Nykredit Bank - annual general meeting

On 11 March 2008 at 14:00, the annual general meeting of Nykredit Bank A/S (CVR
no 10519608) was held at the Company's address, Kalvebod Brygge 1-3, DK-1780
Copenhagen V. 

The agenda was as follows:

1. Directors' Report on the Company's activities in the past financial year.
2. Presentation of the audited Annual Report for approval.
3. Resolution on the discharge of the Executive Board and the Board of
Directors. 
4. Resolution on profit or loss appropriation in accordance with the adopted
Annual Report. 
5. Proposals by the Board of Directors and by shareholders pursuant to Article
9 of the Articles of Association, if any. 
6. Election of Directors.
7. Appointment of auditors.

Pursuant to Article 14 of the Articles of Association, the Board of Directors
had elected Jørgen Wohnsen, Executive Vice President, as Chairman of the
Meeting. He announced 
that the entire capital was represented, 
that notice of the annual general meeting had been given to the only registered
shareholder, Nykredit Realkredit A/S, by letter dated 18 February 2008, 
that the Annual Report for 2007 including Auditors' Report together with the
agenda of the general meeting and the complete proposals had been available for
inspection by the shareholder at the Company's offices the last eight days
prior to the general meeting. 

With the consent of the attendants, the Chairman of the Meeting announced
that the general meeting was lawful and formed a quorum in all respects.

Re item 1: On behalf of the Board of Directors, the Chairman of the Meeting
presented the Directors' Report on the Company's activities in the past
financial year. The presentation was made with reference to the Company's
Annual Report for 2007. 

Re item 2: Kim Duus, Managing Director, presented the Annual Report for the
year ended 31 December 2007. The Annual Report including Auditors' Report was
adopted unanimously and by all votes. 

Re item 3: The discharge of the Executive Board and the Board of Directors was
unanimous and granted by all votes. 

Re item 4: The proposal for profit appropriation contained in the Annual Report
was adopted unanimously and by all votes. 

Re item 5: No proposals had been submitted for transaction at the general
meeting. 

Re item 6: Election of Directors
           According to Article 17 of the Articles of Association, the Board
           of Directors is up for election every year.
           At the general meeting, Karsten Knudsen, Søren Holm and Per 
           Ladegaard were re-elected, unanimously and by all votes, as
Directors. 
           
           The Board of Directors now consists of:
           − Karsten Knudsen, Group Managing Director
           − Søren Holm, Group Managing Director
           − Henrik K. Asmussen, Chief Sales Analyst (staff-elected)
           − Allan Kristiansen, Vice President (staff-elected)
           − Per Ladegaard, Group Managing Director

Re item 7: The accounting firm Deloitte Statsautoriseret Revisionsaktieselskab
was elected unanimously and by all votes. 

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Finally, the general meeting authorised, unanimously and by all votes, the
Chairman of the Meeting to take all such steps as deemed necessary or
appropriate to implement the resolutions made, including to make such
adjustments to the documents prepared as required by the Danish Financial
Supervisory Authority, the Danish Commerce and Companies Agency or other
authorities as a condition of registration or approval or merely proposed as
appropriate. 

As no further business was to be transacted at the general meeting, it was
adjourned. 

General meeting adjourned.