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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*	2,43	B2
- Junior	DK0003454825	DKK 133,600,000	DKK 0	100	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 196,868,600	2,35	Caa3
- Mezzanine	DK0030015201	DKK 413,370,000	DKK 0	100	C
- Junior	DK0030015391	DKK 279,050,000	DKK 0	100	n.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 170,011,000	0	Ba3
- Mezzanine	DK0030039656	DKK 879,571,000	DKK 727,400,000	17,30	Ca
- Junior	DK0030039730	DKK 300,135,000	DKK 0	100	n.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 218,100,000	0	Baa3
- Class B	DK0030071469	DKK 672,000,000	DKK 672,000,000	0	Aaa**
- Class C	DK0030071543	DKK 417,900,000	DKK 417,900,000	0	Aaa**
- Class D	DK0030071626	DKK 255,000,000	DKK 37,190,000	85.4	C
x
Sum:		DKK 1,563,000,000

** guaranteed by the EIF