Over the next weeks, Nykredit Realkredit will present the company to a number of investors, one of the purposes being to prepare for a poten-tial raising of hybrid core capital in the market. The publication of a preliminary Q1-Q3 interim report should be seen against this background. The final Q1-Q3 interim report will be published on 5 November 2009. 1 JANUARY 2009 - 3O SEPTEMBER 2009 RESULTS (excluding Forstædernes Bank) The Group, excluding Forstædernes Bank, recorded a profit before tax of DKK 4,212m against a loss before tax of DKK 281m in Q1-Q3/2008 Robust growth in customer-oriented business Core income from customer-oriented business increased by DKK 943m or 19% relative to Q1-Q3/2008 In Q1-Q3/2009 mortgage lending in nominal terms and bank lending grew by a total of DKK 52bn to DKK 1,020bn Costs as a percentage of core income from business operations declined from 70.7% in Q1-Q3/2008 to 63.7% in Q1-Q3/2009 Operating costs, depreciation and amortisation excluding special value adjustments went up by DKK 248m or 7.0% The cost increase was primarily due to staff additions in 2008. In 2009 the number of permanent staff has been slightly declining Impairment losses on loans and advances came to DKK 2,069m against DKK 123m in Q1-Q3/2008 Impairment losses on mortgage lending were DKK 1,076m, equal to 0.1% of lending Nykredit Bank's impairment losses on loans and advances amounted to DKK 827m, excluding the government guarantee scheme, equal to 1.0% of lending Core income from securities amounted to DKK 686m compared with DKK 1,595m in Q1-Q3/2008 The investment portfolio generated an income of DKK 3,985m against a loss of DKK 3,028m in Q1-Q3/2008 The reasons were falling yields and yield spread tightening between mortgage and government bonds. FORSTÆDERNES BANK Impairment losses were DKK 3,851m in Q1-Q3/2009 A critical revaluation of the provisioning need in Forstædernes Bank was made in Q3/2009, prompted by a further deterioration of the business climate. Looking forward, the bank's loss level is expected to normalise RESULTS AND CAPITAL RESOURCES (including Forstædernes Bank) The Group, including Forstædernes Bank, recorded a profit before tax of DKK 474m and a profit after tax of DKK 286m The core capital ratio was 15.6 at the end of Q1-Q3/2009 The Group's equity amounted to DKK 51.5bn. 2009 - OUTLOOK Nykredit's core earnings before impairment losses are still expected to be in the region of DKK 2,400m-3,000m for the full year. Profit before tax, including Forstædernes Bank, for the full year is expected to be at the same level as at end-Q3/2009. However, the uncertainty associated with investment portfolio income and impairment losses on loans and advances alone is expected to be around DKK 1bn. Peter Engberg Jensen, Group Chief Executive, says: Nykredit posted a profit before tax of DKK 4.2bn excluding Forstædernes Bank and DKK 0.5bn including Forstædernes Bank. Nykredit's business growth is continuing within both banking and mortgage lending. Customer-oriented business was up by 19% and lending DKK 52bn. Impairment losses on loans and advances for Q3/2009 reflected a critical revaluation of loans in Forstædernes Bank prompted by the gen-eral deterioration of the business climate. Security for loans to commercial customers in Forstædernes Bank has tended to be very weak - generally in the form of second and third mortgages. The acquisition of Forstædernes Bank remains a strategically right move, but due to the deterioration of the business climate, the acquisition has been much more expensive than expected. Lower bond yields and tighter yield spreads have prompted an all-time high investment portfolio income of DKK 4.1bn. Contacts Peter Engberg Jensen, Group Chief Executive, Søren Holm, Group Managing Director, or Nels Petersen, Head of Corporate Communications Tel +45 44 55 14 70 or +45 20 22 22 72