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<br /> Annual Report 2009<br /> The Nykredit Bank Group<br /> Contents<br /> BUSINESS PROFILE<br /> Financial sustainability 1<br /> Company information 2<br /> External auditors, Board of Directors and<br /> Executive Board 2<br /> Group chart 3<br /> MANAGEMENT'S REVIEW<br /> The Nykredit Bank Group 2005-2009 4<br /> 2009 – in brief 5<br /> Nykredit Bank Group results 6<br /> Business areas 7<br /> Balance sheet, equity and<br /> capital adequacy 12<br /> Events occurred after<br /> the end of the financial year 13<br /> Outlook for 2010 13<br /> Other <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 1" href="http://viewer.zmags.com/publication/bc228def?page=1"> Annual Report 2009 The Nykredit Bank Group</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 2" href="http://viewer.zmags.com/publication/bc228def?page=2"> Contents BUSINESS PROFILE F</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 3" href="http://viewer.zmags.com/publication/bc228def?page=3"> Nykredit Bank's business profile Fin</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 4" href="http://viewer.zmags.com/publication/bc228def?page=4"> Company information COMPANY INFORMATION Nykredi</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 5" href="http://viewer.zmags.com/publication/bc228def?page=5"> Group chart Foreningen Nykredit Ownership 88.</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 6" href="http://viewer.zmags.com/publication/bc228def?page=6"> Management's Review The Nykredit Bank Group </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 7" href="http://viewer.zmags.com/publication/bc228def?page=7"> Management's Review 2009 – IN BRI</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 8" href="http://viewer.zmags.com/publication/bc228def?page=8"> Management's Review NYKREDIT BANK GROUP RESUL</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 9" href="http://viewer.zmags.com/publication/bc228def?page=9"> Management's Review Business areas The Nyk</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 10" href="http://viewer.zmags.com/publication/bc228def?page=10"> Management's Review RETAIL BANKING The Retail</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 11" href="http://viewer.zmags.com/publication/bc228def?page=11"> Management's Review CORPORATE BANKING Corpora</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 12" href="http://viewer.zmags.com/publication/bc228def?page=12"> Management's Review MARKETS & ASSET MANAGEMEN</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 13" href="http://viewer.zmags.com/publication/bc228def?page=13"> Management's Review Nykredit Asset Management</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 14" href="http://viewer.zmags.com/publication/bc228def?page=14"> Management's Review THE NYKREDIT BANK GROUP B</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 15" href="http://viewer.zmags.com/publication/bc228def?page=15"> Management's Review Capital adequacy The capi</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 16" href="http://viewer.zmags.com/publication/bc228def?page=16"> Management's Review Non-financial reporting N</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 17" href="http://viewer.zmags.com/publication/bc228def?page=17"> Management's Review Risk and capital managem</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 18" href="http://viewer.zmags.com/publication/bc228def?page=18"> Management's Review Required capital base The</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 19" href="http://viewer.zmags.com/publication/bc228def?page=19"> Management's Review Rating scale and marginal</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 20" href="http://viewer.zmags.com/publication/bc228def?page=20"> Management's Review Provisions, the Nykredit</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 21" href="http://viewer.zmags.com/publication/bc228def?page=21"> Management's Review Loans, advances, guarante</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 22" href="http://viewer.zmags.com/publication/bc228def?page=22"> Management's Review Credit risk models Nykred</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 23" href="http://viewer.zmags.com/publication/bc228def?page=23"> Management's Review bonds. For the day-to-day</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 24" href="http://viewer.zmags.com/publication/bc228def?page=24"> Management's Review The trading book consists</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 25" href="http://viewer.zmags.com/publication/bc228def?page=25"> Management's Review UNCERTAINTY AS TO RECOGNI</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 26" href="http://viewer.zmags.com/publication/bc228def?page=26"> Management's Review Internal control and risk</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 27" href="http://viewer.zmags.com/publication/bc228def?page=27"> Management's Review The Executive Board's rea</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 28" href="http://viewer.zmags.com/publication/bc228def?page=28"> Nykredit Bank group entities NYKREDIT BANK A/S </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 29" href="http://viewer.zmags.com/publication/bc228def?page=29"> Group entities able to a rise in the Bank's f</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 30" href="http://viewer.zmags.com/publication/bc228def?page=30"> Group entities NYKREDIT LEASING A/S The compa</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 31" href="http://viewer.zmags.com/publication/bc228def?page=31"> Group entities DANSK PANTEBREVSBØRS A/S Nykre</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 32" href="http://viewer.zmags.com/publication/bc228def?page=32"> Group entities OTHER COMPANIES Nykredit Bank </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 33" href="http://viewer.zmags.com/publication/bc228def?page=33"> Management Statement and Audit Reports </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 34" href="http://viewer.zmags.com/publication/bc228def?page=34"> Management Statement and Audit Reports INTERN</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 35" href="http://viewer.zmags.com/publication/bc228def?page=35"> Management Statement and Audit Reports INDEPE</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 36" href="http://viewer.zmags.com/publication/bc228def?page=36"> Financial Statements 2009 Income statements </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 37" href="http://viewer.zmags.com/publication/bc228def?page=37"> Financial Statements 2009 Balance sheets at </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 38" href="http://viewer.zmags.com/publication/bc228def?page=38"> Financial Statements 2009 Balance sheets at </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 39" href="http://viewer.zmags.com/publication/bc228def?page=39"> Financial Statements 2009 Statement of chang</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 40" href="http://viewer.zmags.com/publication/bc228def?page=40"> Financial Statements 2009 Statement of chang</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 41" href="http://viewer.zmags.com/publication/bc228def?page=41"> Financial Statements 2009 Cash flow statemen</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 42" href="http://viewer.zmags.com/publication/bc228def?page=42"> Financial Statements 2009 Core earnings and </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 43" href="http://viewer.zmags.com/publication/bc228def?page=43"> Financial Statements 2009 Notes 1 ACCOU</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 44" href="http://viewer.zmags.com/publication/bc228def?page=44"> Financial Statements 2009 estimates and uncer</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 45" href="http://viewer.zmags.com/publication/bc228def?page=45"> Financial Statements 2009 The Consolidated Fi</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 46" href="http://viewer.zmags.com/publication/bc228def?page=46"> Financial Statements 2009 Leases The Nykredit</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 47" href="http://viewer.zmags.com/publication/bc228def?page=47"> Financial Statements 2009 Provisions for loan</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 48" href="http://viewer.zmags.com/publication/bc228def?page=48"> Financial Statements 2009 return method or ex</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 49" href="http://viewer.zmags.com/publication/bc228def?page=49"> Financial Statements 2009 Equity Share capita</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 50" href="http://viewer.zmags.com/publication/bc228def?page=50"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 51" href="http://viewer.zmags.com/publication/bc228def?page=51"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 52" href="http://viewer.zmags.com/publication/bc228def?page=52"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 53" href="http://viewer.zmags.com/publication/bc228def?page=53"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 54" href="http://viewer.zmags.com/publication/bc228def?page=54"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 55" href="http://viewer.zmags.com/publication/bc228def?page=55"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 56" href="http://viewer.zmags.com/publication/bc228def?page=56"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 57" href="http://viewer.zmags.com/publication/bc228def?page=57"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 58" href="http://viewer.zmags.com/publication/bc228def?page=58"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 59" href="http://viewer.zmags.com/publication/bc228def?page=59"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 60" href="http://viewer.zmags.com/publication/bc228def?page=60"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 61" href="http://viewer.zmags.com/publication/bc228def?page=61"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 62" href="http://viewer.zmags.com/publication/bc228def?page=62"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 63" href="http://viewer.zmags.com/publication/bc228def?page=63"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 64" href="http://viewer.zmags.com/publication/bc228def?page=64"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 65" href="http://viewer.zmags.com/publication/bc228def?page=65"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 66" href="http://viewer.zmags.com/publication/bc228def?page=66"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 67" href="http://viewer.zmags.com/publication/bc228def?page=67"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 68" href="http://viewer.zmags.com/publication/bc228def?page=68"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 69" href="http://viewer.zmags.com/publication/bc228def?page=69"> Financial Statements 2009 Notes 37. MAR</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 70" href="http://viewer.zmags.com/publication/bc228def?page=70"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 71" href="http://viewer.zmags.com/publication/bc228def?page=71"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 72" href="http://viewer.zmags.com/publication/bc228def?page=72"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 73" href="http://viewer.zmags.com/publication/bc228def?page=73"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 74" href="http://viewer.zmags.com/publication/bc228def?page=74"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 75" href="http://viewer.zmags.com/publication/bc228def?page=75"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 76" href="http://viewer.zmags.com/publication/bc228def?page=76"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 77" href="http://viewer.zmags.com/publication/bc228def?page=77"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 78" href="http://viewer.zmags.com/publication/bc228def?page=78"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 79" href="http://viewer.zmags.com/publication/bc228def?page=79"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 80" href="http://viewer.zmags.com/publication/bc228def?page=80"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 81" href="http://viewer.zmags.com/publication/bc228def?page=81"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 82" href="http://viewer.zmags.com/publication/bc228def?page=82"> Financial Statements 2009 Notes </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 83" href="http://viewer.zmags.com/publication/bc228def?page=83"> Financial Statements 2009 The Nykredit Bank </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 84" href="http://viewer.zmags.com/publication/bc228def?page=84"> Financial Statements 2009 Pro forma balance </a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 85" href="http://viewer.zmags.com/publication/bc228def?page=85"> Other information F</a> <a title="The Nykredit Bank Group - Annual Report 2009.pdf page 86" href="http://viewer.zmags.com/publication/bc228def?page=86"> Other information NYKREDIT BANK'S MANAGEMENT </a>