Estimated Loss Overview

Please note that the loss percentages below are subject to any potential recovery from any of the defaulted banks.
Updated 07/20/2010.


Losses in ScandiNotes II are following RA Events of EBH Bank A/S and Fionia Bank A/S.

ScandiNotes II

ISIN Code

Original Tranche Amount

Amount Left in Tranche

% Loss of Tranche

Current Rating

- Senior

DK0003454742

DKK 728,375,000

DKK 152,675,000*2,43B2
- JuniorDK0003454825

DKK 133,600,000

DKK 0100

n.r.

x
Sum:

DKK 861,975,000

* Partial redemption of the ScandiNotes II Senior tranche on November 1, 2009


Losses in ScandiNotes III are following RA Events of Roskilde Bank A/S, EBH Bank A/S, Spron, Icebank and Fionia Bank A/S

ScandiNotes III

ISIN Code

Original Tranche Amount

Amount Left in Tranche

% Loss of Tranche

Current Rating

- Senior

DK0030015128

EUR 201,600,000

EUR 196,868,6002,35Caa3
- MezzanineDK0030015201

DKK 413,370,000

DKK 0100C
- JuniorDK0030015391DKK 279,050,000DKK 0100n.r.
x
Sum:

EUR 294,500,000


Losses in ScandiNotes IV are following RA Events of Roskilde Bank A/S, EBH Bank A/S and Fionia Bank A/S

ScandiNotes IV

ISIN Code

Original Tranche Amount

Amount Left in Tranche

% Loss of Tranche

Current Rating

- Senior

DK0030039573

EUR 170,011,000            

EUR 170,011,0000Ba3
- MezzanineDK0030039656

DKK 879,571,000

DKK 727,400,00017,30Ca
- JuniorDK0030039730DKK 300,135,000DKK 0100n.r.
x
Sum:

DKK 2,447,988,060



Losses in ScandiNotes V are following an RA Event of Roskilde Bank A/S

ScandiNotes V

ISIN Code

Original Tranche Amount

Amount Left in Tranche

% Loss of Tranche

Current Rating

- Class A

DK0030071386

DKK 218,100,000            

DKK 218,100,0000Baa3
- Class BDK0030071469

DKK 672,000,000

DKK 672,000,0000Aaa**
- Class CDK0030071543DKK 417,900,000DKK 417,900,0000Aaa**
- Class DDK0030071626DKK 255,000,000DKK 37,190,00085.4C
x
Sum:

DKK 1,563,000,000

** guaranteed by the EIF