Kaupthing Bank Before Crash 2008

Kaupthng Bank - Corporate Credt
Presentaton of arge exposure > C45 mon

25 September 2008 Prate & Confdenta
eetng of the Board of Drectors - nnua Large Exposure eportng 3
Exsta Group hf
1983 - - - - 50 1931 Guro Lesure Ltd (KS&F)
354 - - - - - 354 Exsta Sub Group (KBLUX)
136 - - - - - 136
Gudmundsson & eynsdottr
(KIO)
1287 - - - - - 1287 Bakkabraedur Group (KBLUX)
1,425.3 33.1 41.3 51.5 34.1 12.6 1,252.5 Total
11 - - - - 02 09 Fskfrttr/Framtarsn
02 - - - - 02 - tryggngafag sands hf
09 - - - - - 09 Ufsastar ehf
25 - - - - 25 - Lsng hf
09 - 09 - - - - Exsta Inest ehf
2525 - - - - - 2525 Bakkabraedur odng B
7912 331 404 515 341 47 6274 Exsta hf
Total MM Derivat. Bonds Equity Unused Loans
mEU
Exsta - Exsta hf
sk Factors
he man rsk factor s market rsk and a possbe proonged donturn and oatty n goba fnanca
markets Exsta s as such exposed to udty rsk as t coud proe a chaenge n current enronment to
refnance current oans or to udate current stakes n the aboementoned companes to secure udty
Further on gen the concentraton n Exstas asset portfoo on the arge fnanca stocks the company s
subect to fnanca sector rsk hch has been partcuary oate recenty
Fnanca
Performance
et turnoer 1057 EBID 234
ota assets 69247 Curr ssets 10964
Euty 22842 Euty rato 3299
- 3062008
Credt atng BB
Exposure
Loans 6274
Unused 47
Euty 341
Bonds 515
Derat 404
331
Total 791.2
Exsta operates n the fed of fnanca serces and has a focus on nsurance and
asset fnance Exsta s the argest sharehoder n Sampo Group Kaupthng Bank
and Bakkaor Group Skpt IS and Lsng are 100 oned by Exsta hf
Exstas busness mode s effectey based on utng ncome from cash-
generatng busnesses to support hghy seecte nestment acttes made by
specast nestment teams and montored and serced by centraed Fnance
sk anagement Lega Counc and Communcatons Exstas operaton s
therefore based on to foundatons the Operatng Busnesses and the Inestments
Busnesses
Exsta s sted on the Iceand Stock Exchange th the argest sharehoders beng
Bakkabrdur odng B Ksta-frfestngafag ehf Gft frfestngafag ehf and
Gd feyrssur
Coatera &
Guarantees
Oera L
Buk of the oans are unsecured and th no coenants he exempton
s a EU 100 mon reong facty hch s secured th an eua
amount of deposts
Exsta - Bakkabrdur odng B
sk Factors
Share prce and operatons of Exsta hf See separate presentaton on Exsta and the rsk reated to Exsta
Fnanca
Performance

Credt atng

Exposure
Loans 2525
Total 252.5
Bakkabrur odng B s a hodng company around shares n Exsta hf he
company s oned by gst Gumundsson and Lur Gumundsson he company
s the argest sharehoder n Exsta
Coatera &
Guarantees
Oera L s around 89 s securty Kaupthng Bank pedged 6408 mon shares n Exsta
Current market aue of the shares s around EU 283 m
Exsta - Guro Lesure Ltd (Kaupthng Snger & Fredander)
sk Factors
he aue of the shares purchased has faen by more than haf and e are thus reant on the
underyng break - up aue of B hch s sgnfcanty hgher than the market prce
Fnanca
Performance
/

ot rated
Exposure
Loans 1931
Unused 50
Euty
Bond
Derat
Total 198.3
he ratonae for undertakng ths busness s the underyng onershp of
the counterparty by Exsta hs s a eerse epo transacton here e
hae fnanced the purchase of shares n B Sports a UK reta group
Coatera &
Guarantees
Shares n London uoted Co
aued at C1079m
Subecte ratng of the oera securty unacceptabe
Exsta - Bakkabraedur Group (Kaupthng Luxembourg)
sk Factors
he performance of the group mght be affected by an ongong aderse market enronment as the maorty
exposure of the group s nked to the nestment busness
Fnanca
Performance
Fnanca stuaton of Exsta sub group s outned n
the report attached
Credt atng no ratng
Due to changed frameork reguatons regardng the
UK nked operatons (hch reure domestc
payment sources for sercng debt) the group
structure needs to be party reorgansed
Exposure
Loans 12872
Unused 000
Euty n/a
Bonds n/a
Derat 001
Total 128.73
he Bakkabraedur Group s oned and controed by gust and Lydur
Gudmundsson ho are the founders of the Iceandc sted company Bakkaor
Group hf and the argest sharehoders of Exsta hf (th regard to Exsta sub group
pease refer to separate report) Substanta part of the exposure s agned to the
groups nestment companes besde that KBLUX estabshed n faour of
1 Bareo Goba S - GBP 1275mn property fnancng n UK
2 ukebox LP - USD 23mn arcraft fnancng
3 gust Gudmundsson - EU 75mn EU 14mn property fnancng n France
Coatera &
Guarantees
1Persona guarantee L Gudmundsson
2Frst prorty mortgage on arcraft
(market aue USD 285mn/L c80)
3Undertakng to estabsh mortgages on
the propertes
here are no drect pedges beteen the dfferent nestment
companes and some of the factes are nether secured by
persona guarantee nor by any other assets uafyng on the
standard terms and condtons of KBLUX akng the ack of
gross guarantee nto account rea short poston amounts to
EU 4367mn
Securtes portfoo of the group s dey spread th the maor
parts beng the shares hed n Exsta (EU 3714mn) and
Bakkaor Group (EU 635mn market aues)
Exsta - Exsta Sub Group (Kaupthng Luxembourg)
sk Factors
he fnanca performance of the group s ntensey exposed to the (nestment) market deeopment and
mght be affected further the EU 150mn syndcated transacton due for repayment n September 2008
not be refnanced but repad
Fnanca
Performance
Interm Fnanca Statements 06/2008 (n EU mn)
urnoer 1057 EBID 244
ota assets 69247 Curr ssets n/a
Euty 22842 Euty rato
330
(/o takng nto account good EU 3414 mn)
Due to busness nature fnanca performance as
sgnfcanty mpacted by chaengng market
enronment any due to reauaton of shares
(EU -2372mn) and substantay oered ncome
from assocated shares (c EU -4829mn compared
to 06/2007) Exsta had to report a net oss of EU
822mn for the perod under ree
Exposure
Loans 3537
Unused 000
Euty n/a
Bonds n/a
Derat n/a
Total 35.37
Exsta sub group -beng a part thn Bakkabreadur Group- as founded n une
2001 by a group of Iceandc Sangs Banks and Kaupthng Bank hf n December
2002 Bakkabraedur became the maorty sharehoder of the company aongsde the
foundng companes Exstas busness mode s effectey based on utsng
ncome from cash-generatng busnesses to support hghy seecte nestment
acttes In 2007 Exsta successfuy conerted from a pure nestment company
to a fnanca serces company th operatons n the areas of nsurance and asset
fnancng he stch s supportng the dersfcaton n ncome streams as e as
the drect generaton of cash fos
Up to no KBLUX arranged and syndcated to deas n faour of Exsta
1 Exsta B n 09/2005 a EU 150mn Secured Syndcated Loan Facty th an
on commtment of EU 29mn aturty n 09/2008 (buet)
2 Exsta hf n 11/2006 a DKK 300mn Syndcated erm Loan Facty th an on
commtment of DKK 475mn (EU 637mn) aturty n 11/2009 (buet)
Coatera &
Guarantees
12 Frst prorty pedge of shares
n Kaupthng Bank hf
2 Guarantee gen by Exsta B
12 Securty Coer ato 150 (pedged shares to oan) n case of
non compance borroers are contractuay obged to deer
addtona shares
obert chengu
sk Factors
oements n share auaton of reta and esure stocks n the UK
Fnanca
Performance
Credt atng B
On day atch st
Exposure
Loans 10829
Unused 360
Derat 2551
Total 1374.
obert chenu () ons a hodng company chenu Dscretonary rust
(D) hch he has but up postons through n pubc and prate companes s
man nestments are n the chan of supermarkets Sansbury and chan of
pubs/restaurants tches & Buters e aso has arous other nestments he
buk of s nestments are managed through a rng-fenced structure of hch
Oscateo Inestments s the hodng company Kaupthng has pedge oer a the
assets of Oscateo and has exposure through arous enttes n the Oscateo
structure ork s underay to smpfy the structure of the D exposure
Coatera &
Guarantees
Oera L 986
he exposure s secured th cash and shares n s Oscateo structure
as e as th LF type securty oer the Ds share n Somerfed as
e as arous other assets many property
Sku horadsson
79.3 125.5 12.7 544.1 Total
1389 - - 1386 ot Inestment Group td
6517 1255 1207 4055 Sku horadsson (KBLUX)
Total Derivat. Unused Loans
mEU
Sku horadsson (Kaupthng Luxembourg)
sk Factors
-
he fe bggest exposures represents oer 60 of the oera assets
-
Lack of dersfcaton n some portfoos
-Uneen dstrbuton of assets and abtes
-
Lack of fu cross-coateraaton
Fnanca
Performance
he exposure has been ncreasng durng ths year
many dren by the Immo Crossance Sca FIS
transacton and further nestng nto tches &
Butters

he securty portfoo has sustaned ts aue
reatey e een th the current turmo n the
markets Durng the ast months Exsta has been the
orst performer among the assets
Exposure
Loans 4055
CFD & S 1255
Unused 1207
Euty -
Bonds -
Derat -
Total 651.7
S has accounts for seera nestment companes th KBLUX
e s drect and soe BO for most of the companes ot odng beng
oned together th hs sster and orecra further oned by ot odng
he debt exposure s dren by oy Beach S arpe odng S and
corporate transacton a Immo Crossance Sca SIF
Parts of the commtments are reated to eeraged edge Fund portfoos
th KBLUX Genea branch
S s currenty the bggest prate Borroer of KBLUX
Coatera &
Guarantees
B (CFD) 787m
Kaupthng (Bonds) 716m
Sampo (Shs) 673m
Other assets 2198m
L
121
-atng none
-Cross-coateraaton s not currenty fuy acheed and th the
pedges n pace the group s net short by EU 170m of hch 120m s
reated to Immo Crossance Sca SIF transacton
-Back-up guarantees from KBICE amountng EU 440m
L cacuated on uted" ony
ot Inestment Group Ltd
sk Factors
he companys performance s cosey nked to the prce deeopment of Kaupthng Bank snce t s by far the
argest asset of the company
Fnanca
Performance
Credt atng On Excepton st

argn ca /
Exposure
Loans 1386
Total 138.6
he company s a hodng company for shares n Kaupthng Bank hfand Exsta hf
Sku horadsson s the oner of the company
Coatera &
Guarantees
Securty margn 96 (L 103) Coateras are 22000000 shares n Kaupthng Bank and 94000000
shares n Exsta hf
he company s on a atch Lst
Coateras can be dffcut to udate n current market enronment
Kaar
489 - - - 489 Oafur Oafsson (KBLUX)
636. .3 51.9 11.2 572.6 Total
60 02 - 01 57 Samskp hf
320 - - 17 303 Samskp odng B
707 01 - 77 629 Iceand Seafood Int ehf
4784 - 519 17 4248 Kaar hf
Total Guarant. Derivat. Unused Loans
mEU
Kaar - Kaar hf
sk Factors
ost of Kaars oans are n EU and the coatera aue shfts both th the aue of Kaupthng shares as
e as the exchange rate beteen EU and ISK For a hodng company such as Kaar th ts man assets n
sted companes both the share prces of the assets as e as the operatng performance of the underyng
assets hae been negatey affected by the turmo n the Iceandc and nternatona markets
Fnanca
Performance
- 31122007
atch st
Exposure
Loans 4248
Unused 17
Derat 519
Total 478.4
Kaar hf s a hodng company controed by r afur afsson hch ons 94
anagement ons the remanng 6 he company acts n the feds of
transportaton bankng rea estate food processng and propretary tradng th
Europe as ts man market an assets are 971 share n Kaupthng Bank 3414
n fesca (formery SIF) 718 n Samskp 3303 n B Grand and 64 n
Iceand Seafood Internatona
Coatera &
Guarantees
Euty rato 23
hree factes secured th arous share pedges eg fesca
Kaupthng and Grand B
sk Factors
pproxmatey 1/3 of the tota ncome comes from the san operaton 1/3 from Europe other than Iceand
and 1/3 from Iceand hus the company s reatey e dersfed he man busness s to se fsh and
fsh products sem or fuy processed ust n sa the company processes the fsh through subcontractors
n other paces the company dose not run any pants he companys euty rato s o as oud be the
nature of ts operaton
Fnanca
Performance
- 30062008
Credt atng BB-
he coenants 2 08 are n compance Cash fo
aaabe for Debt Serce to ota Serce Payments
291
Exposure
Loans 629
Unused 77
Guarant 01
Total 7.7
ISI s a tradtona marketng and saes company and paces prmary emphass on
the tradtona saes of fresh froen and sated seafood products on nternatona
markets ISI represents producers of fresh froen and sated seafood sod for
aue-added processng to hoesaers dstrbutors reta chans restaurants and
to partes ho se the products under ther on brand names
he tota amount (mt) of the mut currency reong credt facty (CF)
agreement s 758 mon EU he ISIs receabes and nentores bud the base
for the permtted borrong each tme
Coatera &
Guarantees
L 73
he bank has a pedge oer the receabes and nentores as e as a
share pedge oer a subsdares (n Iceand sa UK France Germany
Span and Greece)
Kaar - Iceand Seafood Internatona ehf
Kaar - Oafur Oafsson (Kaupthng Luxembourg)
sk Factors
-
he portfoos are currenty e coaterased and euty dsnestments are done prompty for margn
reurements
-he remanng euty soon drop due to debt nterest charges (exposures need to be shon to UK tax
authortes)
Fnanca
Performance
he exposures and assets on the group hae
remaned stabe durng the year 2008 both beng
reduced by EU 3m
he assets are many nested n cash (80)
Exposure
Loans 489
CFD & S -
Unused (05)
Euty -
Bonds -
Derat -
Total 48.9
OO opened a prate account and seera hodng companes accounts
he former approed Credt Lnes are apped hch st ncudes a ne for
Kaar
he persona account s under tax restructuraton due to the status of
taxaton of aen resdent
he man assets are hed under arne Choce and Fordace
oan s granted to Sabe r a company onng hecopters
proect of an arcraft fnancng (USD 85m assumngy a Kaar ehf) s
currenty n the ppene th the account manager and our Lega
Department
Coatera &
Guarantees
tches Butters 36m
Storebrand S 34m
Ferskur odng 17m
Others 447m
L
92
-atng none
-he exposures are secured th nterna pedges/guarantee except a
ont account (Sgurdsson & Oafsson - rea estate) hch as done on
an unsecured bass Standard margn reurements are apped to a
accounts
Gaumur Group
230 - - 230 Gaumur Group (KBLUX)
67 25 01 41 Others
58 - - 58 agar hf
632.6 135.7 .4 496.4 Total
198 08 - 190 Egnarhadsfag ISP ehf
2635 - - 2635 1998 ehf
142 - - 142 BGE egnarhadsfag ehf
179 - - 179 Frfestngafag Gaumur ehf
226 - - 226 BG Euty 1 ehf
789 - - 786 F-Capta ehf
1805 1345 03 477 Baugur Group hf
mEU
Gaumur - Baugur Group hf BG Euty 1 ehf F-Capta ehf
BGE egnarhadsfag ehf and Frfestngafag Gaumur ehf
sk Factors
he man concern th Baugur as a hoe s ts abty to serce a debt oad of around C 16bn
Ludty rsk
Fnanca
Performance
- 31122007
On atch st
Exposure
Loans 1810
Unused 03
Derat 1325
Total 313.8
Baugur Group hf s an nestment company th nterests n the UK and
Scandnaa he portfoo conssts of assets n fashon food specaty and enture
busness Kaupthng has been decreasng the exposure on Baugur by buyng out
assets aganst repayment of debt Kaupthngs exposure on Baugur s around C
520m th securty n sted and unsted assets Baugur has suffered consderabe
osses due to deauaton of ts underyng assets and the heath of ther baance
sheet can be debated
Coatera &
Guarantees
Current aue of secured assets
does ust about meet current
exposure
Coateras comprse mosty of shares n unsted and sted companes
and some debt s unsecured egate pedge n yeae
Gauur - 1998 eh.
sk Factors
he man concern s around the operatona performance of the subsdares of agar hf gen the status of
the Iceandc economy Enttes such as the o budget market eadng grocery store Bonus are hoeer
resent n economc donturns
Fnanca
Performance
/ On atch st
Exposure
Loans 2635
Total 263.5
1998 ehf s a hodng company oned by Frfestngafag Gaumur (823)
Egnarhadsfag ISP (89) and Bague S (88)
1998 as estabshed to acure 957 stake n agar from Baugur Group for ISK
30bn Kaupthng fnanced the acuston th a oan nto 1998 that as n turn
used to pay don debt th Kaupthng (25bn) and Gtnr (5bn)
Coatera &
Guarantees
akng 40 harcut of the
underyng securty the L s
estmated to be around 100
Securty oer 957 stake n agar and 35 stake n Baugur Group Pro
rata guarantee from oners
ccordng to the acuston of agar and the ast trades th shares n
Baugur the aue of the securty s around 50bn ISK hch oud
represent around 70 L
Gaumur - Egnarhadsfag ISP ehf
sk Factors
he company has had tough tmes the ast year due to the economc sodon n UK Scandnaa and
Iceand he maorty of the companys shares n Baugur Group has been sod and the proceed used to pay
up part of the exposure
Fnanca
Performance
et turnoer 85 EBID na
Euty 52 Euty rato 7
- 31122007 (draft)
argn ca 130
Exposure
Loans 190
Derat 08
Total 19.8
he company s a hodng company for shares Sharehoder s Ingbrg S
Pmadttr
Coatera &
Guarantees
Securty margn 96
(L 104)
Coateras are mx of shares sted and unsted
he company s on atch st Coateras can be dffcut to udate n
current market enronment
Gaumur - agar hf
sk Factors
Due to the economc sodon the reta and grocery markets may suffer from decreased consumpton he
product and brand mx of agar may reduce the donturn as consumpton s sftng beteen brands For
exampe agar s seeng a seng upsng n Bonus the eadng o budget grocery retaer as the
consumers are becomng more prce senste and agkaup hch s more up market grocery retaer s
hang a seng boost n non food products and cothes
Fnanca
Performance
- 12 months 2922008
Credt atng BB
coenants are n compance
Exposure
Loans 577
Total
5.77
agar s the argest and most poerfu reta chan n Iceand Specasng n food
fashon cothng sports eupment and ogstcs
Under the auspces of agar there are Bnus agkaup 10-11 tf ara
Debenhams opshop Coast Eans Dorothy Perkns Oass Karen en Day and
arehouse
Coatera &
Guarantees
L 87
ccounts receabes (sa/Euro) and shares n agar
he securty can be consdered as good
Coenants Interest bearng debt / EBID Euty rato
osac Fashons Ltd
sk Factors
he outook for the UK reta sector s charactersed by the foong trends

Economc donturn and reduced dsposabe ncome resutng n a decne n consumer confdence
Increased competton from dscount hgh street retaers
Lack of dstnct fashon trends to encourage consumer spendng
osac has been spt nto to dstnct groups (Boutue and hgh street) th dedcated resources to dre groth n ther
respecte nches
ddtonay cost sang measures hae been successfuy mpemented to refect the subdued saes
oeer despte these measures osac may strugge to achee ts fu year budget gen the chaengng market condtons
Fnanca
Performance
Saes 5783 EBID 423
ota ssets 8535 Euty ato 36
Curr ssets 1905 Euty 3038
- 6 months uy 2008
Credt atng 6 (S&P euaent ratng BB)
Coenants due to sustaned tradng underperformance
coenants ere reset n Dec 07
nmum EBID hurde for FY08/09 s C114mn he group s
forecastng to achee ths hurde n the recent 2 reforecast
Exposure
Loans 4222
Unused 206
Euty 705
Bonds 64
Guarant 24
Total 522.
Coatera &
Guarantees
L EBID (Cmn) 914
E utpe (entry Sep06) 66x
E 6031
et Debt (nc ICEX Bonds) 5257
LTV: 87
Frst ega charge oer Freehod and Leasehod propertes and Fxed and
foatng charges oer the assets of each Group member and matera
subsdary
Cross coaterased guarantees and share pedges oer a Group Companes
osac s a eadng UK omens cothng retaer th 6 branded enttes
he group has suffered a sustaned underperformance n tradng snce the end of 2006
Foong a 23 EBID shortfa s Budget for the year to an 08 a parta
restructurng of the capta structure as mpemented hch ed to a C52mn debt
repayment and proded the busness th suffcent headroom to achee a turnaround
durng 2008/09 fnanca year
Our debt margns ere ncreased to refect market prcng reatng to ncreased rsk
Fnanca coenants ere reset to refect the resed tradng forecast
Ken G Stanford
519.1 144.3 12.1 36.1 Total
417 417 - - rens Ltd
1026 1026 - - Ken G Stanford
3748 - 121 3601 Ken G Stanford (KBLUX)
Total Money Market Unused Loans
mEU
Ken G Stanford (Kaupthng Luxembourg)
sk Factors
- Lack of dersfcaton as 45 of the portfoos are nested nto Kaupthng shares
- Unsted assets are totang EU 126m or 32 of the portfoos
Fnanca
Performance
he groups exposure has decreased ths year by
EU 41m he the assets ere decreasng by EU
18m KBICE proded EU 100m fundng to further
nestments n Kaupthng hf
e auatons of unsted assets ere receed and
the tota market aue shoud ncrease by EU 728m
Exposure
Loans 3601
CFD & S 26
Unused 121
Euty -
Bonds -
Derat -
Total 374.8
KS ons 3 prate accounts 3 hodng companes accounts th KBLUX
e ntroduced aso famy and reated cents
KS s the ony benefca oner of the 3 hodng companes hch are
managed outsde of the bank
Some postons are sent partcpatons of hs ex-fe Karen and ce-ersa
ne company rens as setup n order to nest n Chesterfed hch
n turn nested n Credt Lnked otes on Kaupthng Bank hf ssued by
Deutsche Bank London
KS ranks as the 2
nd
bggest prate borroer of KBLUX and as the 4
th

sharehoder of Kaupthng th 309m shares
Coatera &
Guarantees
Kaupthng hf 1812m
Baugur Group 448m
uberry Pc 268m
Other assets 1450m
L
91
-atng none
-Baugur agreed to buy back the Sants poston n 2012 for GBP 40m
(aue not shon n the attached fgures)
-Back-up guarantee (EU 300m) from KBICE
ntonos Yeroemou (Kaupthng Luxembourg)
sk Factors
- Lack of dersfcaton as 69 of the portfoos are nested nto three shares
- thout consderaton of the cross-guarantees and the pedge the hoe group has a negate euty of
EU 463m
Fnanca
Performance
he groups exposure has decreased ths year by
EU 5m he the assets ere decreasng by EU
51m (or -28)
he aue of the portfoos has been droppng heay
due to the underyng assets and the ISK currency
Exposure
Loans 1468
CFD & S 152
Unused 2030
Euty -
Bonds -
Derat -
Total 365.
Y has a prate account and four hodng companes accounts th
KBLUX he hodngs are managed by KBLUX
e s part of the KFF famy hch sod ther supermarket chan to
Bakkaor
ecenty Charbon nested EU 416m n Chesterfed hch n turn nest
nto Credt nked otes on Kaupthng Bank hf ssued by Deutsche Bank
London
Coatera &
Guarantees
Kaupthng hf 549m
Sampo Oy 185m
Bakkaor 161m
Other assets 406m
L
125
-atng none
-Cross-guarantees beteen the hodng companes (Eerest Kom
Buechp and Charbon) and a pedge on the persona account thn
ron (Bakkaor shares amountng EU 161m)
-Back-up guarantee (EU 185m) from KBICE
Candy & Candy
359.1 26.1 29.7 33.4 Total
467 - - 467 Candy & Candy (KS&F)
3124 261 297 2567 Proect bbey odngs Ltd
Total Equity Unused Loans
mEU
Proect bbey - oho Suare
sk Factors
UK as th a maor goba economes s sufferng effects of so don n groth couped th nfaton n ra materas
commodtes and food Bank fnance market beng effectey cosed to any busness at a durng depths of credt crunch
s affectng both abty of schemes ke ths to secure fundng and affectng purchasers of ne homes gen seure n
prate mortgage market oeer ths e ocated ste oer the medum term shoud recoer Dscreet moes are
beng made to se to Stanhope ho hae deep pockets behnd them and e shoud be repad maybe on an oerage
Fnanca
Performance
et turnoer 003 EBID -015
Euty
343 Euty rato 146
Incudes sharehoder oans mounts n GBP

- 3062008
Credt atng / specaed endng
Exposure
Loans 2567
Unused 297
Euty 261
Total 312.4
ea estate-deeopment n centra London n SP hodng 297 acre ddesex
Estate ste north of ortmer Street London C1 he SP s oned by CPC Group/
Candy and Candy (e knon hgh end rea estate deeopers n the UK) and
Kaupthng has an euty nterest as e hs ehce s one of many that the
Candes hae Kaupthng s an euty partner n one other proect n the US
he Candes hae orked on and successfuy gotten a ne pannng for the ste
he aue as doubed through ths process but due to ery aderse deeopment
n the UK market (and gobay) the aue has sgnfcanty dmnshed
Coatera &
Guarantees
Frst L/C oer former ddesex
ospta Ste London 1 aued
by Sas (o 2007) at 355m
th donturn n market aue s key nearer 225m gng rse to a breach of
the 75 L rato ea estate s e ocated and demoton s cose to beng
competed Decson s then hether to mothba pendng a return to a better
constructon fnancng market or to proceed th euty/o eerage
eatonshp th Candys has become straned as donturn has mpacted ther
busness mode hey bud for the uber-rch but saes are song
Candy & Candy (Kaupthng Snger & Fredander)
sk Factors
he market for prme centra London propertes s st hodng up though ths may not contnue as
the property sde contnues and n that eent our Ls coud come under pressure as oud the
Candys busness mode and thus abty to generate eath
Fnanca
Performance
/

Credt atng B-
Exposure
Loans 467
Unused
Euty
Bonds
Derat
CFD
002
Total 46.7
he Candy Brothers are property deeopers specasng n super-prme
resdenta deeopment hey hae deeoped a cose reatonshp th the
Kaupthng Group on seera deas KSF fnance three London apartments
for the prncpas
Coatera &
Guarantees
C493m
Oera L 769
Charges oer the propertes together th persona guarantees
from the benefca oners
Subecte ratng of the oera securty good
Landc Property
321.31 5.2 61.5 25.6 5.2 .2 223.5 Total
04 - - - - - 04 kraand ehf
36 - - - - - 36 B 113 ehf
36 - - - - - 36 B 106 ehf
109 - - - - - 109 yrpng hf
229 - - - - - 229 101 Skuggaherf ehf
2800 52 615 256 52 02 1822 Landc Property ehf
Total Guarant. Derivat. Bonds Equity Unused Loans
mEU
Landc - Landc Property hf
sk Factors
Landc has been ht hard by the tghtenng credt and s faced th a refnancng rsk for ther obgatons that
mature near term s yeds hae hae gone up the aue of many of ts assets hae gone don o add to
ther dffcutes the faed destture of Keops Deeopment s prong tsef to be costy he comng months
be ery chaengng for Landc Property and ts fate argey depend on ho the fnanca and rea
estate market n Iceand and n Scandnaa deeop oer the next fe months
Fnanca
Performance
Euty5839 Euty rato 123
- 3062008
Credt atng 7
Exposure
Loans 1822
Unused 02
Euty 52
Bonds 258
Derat 445
Sap edge 170
Guarant 52
Total 28.
ea estate Landc Property s one of the argest ordc property companes
formed by the merger beteen Stodr hf and Keops /S Stodr hf no Landc
Property has acured shares n Keops /S eua to 9699 and has decded to
acure the remanng shares he Company has approxmatey 135 empoyees and
600 propertes n Seden Denmark Iceand and Fnand
he Property portfoo totas 27 mons suare metres of renta space more than
3800 tenants and tota assets of EU 48 bon
he argest part of Landc Propertys portfoo s n Seden many offce budngs
aorty of assets s ocated n the greater Stockhom and Gothenburg areas
Landcs Iceand portfoo s e dersfed among sectors th hgh densty n the
capta area Landcs Denmark portfoo conssts of hgh densty of centray ocated
prme rea estate n Copenhagen he smaest part of Landc propertys portfoo s
n Fnand he portfoo there many conssts of offce budngs

Coatera &
Guarantees
ortgages EU 246 m
Pedge oer rea estate fund
EU 25 m
Pedge shStodr Group EU 6 m
Oera L 90
an coatera are mortgages oer propertes n Iceand ssets ncude
ote ordca Borgartun 21 and Krngan shoppng centre uch of t s
2nd en Coatera can be descrbed as acceptabe
Coenant Euty rato of >12
Landc - 101 Skuggaherf hf
sk Factors
he market for resdenta rea estate has softened dramatcay oer the ast months Saes hae soed
don due to tghter credt and n antcpaton of oer prces due to foreseen oersuppy he apartments n
ueston are for the upper market hch has taken a ht n partcuar and t take tme for t to recoer On
the poste sde s that the apartments are n a ocaton here there s mted suppy and t s key that the
apartments se at a oer prce
Fnanca
Performance
- 31122007
Credt atng 6
Exposure
Loans 229
Total 22.9
esdenta property deeopment he company s a subsdary of yrpng (s
bascay a dson of yrpng hf) hch s oned by Stodr Group and Landc
Property 101 Skuggaherf as founded n 2002 specfcay around a proect n
the centre of eykak as the company had purchased a prme ste there he
company has competed the frst phase of ts proect and has commenced th
phase 2 hch conssts of 97 apartments rangng from 67 - 300 m
2
though the
proect started off e and about 10 of the apartments ere sod mmedatey - t
has been ht hard by the donturn n rea estate market Saes hae hated and
costs hae ncreased he company has addressed ths by deayng part of the
deeopment and song don on the hoe proect
he pan s to make a of the deeopment eather-tght and put around haf of the
apartments on hod It s key that the saes of the apartments take at east
12-18 months
Coatera &
Guarantees
Oera L around 50
Securty oer the deeopment tsef (EU 29 m - EU 50m hen
fnshed)
Securty oer the ste for phase three (EU 6 m)
ake eght securty oer Borgartun 26 (EU 175 m - L 90)
he securtes are acceptabe
Landc - yrpng hf
sk Factors
here s st some pannng rsk noed n the proect as the proposed scheme has not been approed
he current enronment s chaengng for yrpng as t s foreseen that there be mted deeopment
oer the next fe years as the market s seeng oersuppy he man concern here s that the current
stuaton drag on for extended perod of tme e more than 12-18 months he company has st
consderabe euty and s key to be abe to honour ts commtments
Fnanca
Performance
- 31122007
Credt atng 6
Exposure
Loans 109
Total 1.9
Land and property deeopment n Iceand he company s oned by Stodr Group
and Landc Property he company deeops and buds out or ses to contractors
he company has recenty fnshed the deeopment of a commerca rea estate n
Borgartun 26 hch s no ncome producng
he company has about 8 empoyees he company sometmes deeops and
buds assets for the rea estate company Landc Property
he facty s a brdge fnance to fnance the deeopment of a resdenta housng
scheme n part of Setarnarnes he foreseen ext s a sae of the ste to a thrd
party or to deeop the proect to the fnsh
Coatera &
Guarantees
Oera L 80
ste n Setarnarnes (EU 13 m) he ocaton s good and the suppy
of stes n Setarnarnes has been mted ake eght securty n
Borgartun 26 for 101 Skugg s aso securng ths exposure he
coatera can be consdered adeuate
Landc - B113 ehf B106 ehf and kraand ehf
sk Factors
he key rsk here s ho ong be needed unt the deeopment can start he man concern here s f the
start of the deeopment be deayed for extended perod of tme e more than say 3 years
Fnanca
Performance
ota asset 303 Curr assets 130
-31122007
Credt atng 9
Exposure
Loans 76
Total 7.6
odng company Land and property deeopment he spt of kraand n
kraand B 113 and B 106 s many an accountng ssue as the ntenton s to
merge the B companes th companes oned by respecte oners Credtse
the companes can be taken as one as securty s cross coatered Orgnay
kraand as formed around the purchase of prme and cose to eykak n 2003
and the oan as granted then he am as to deeop ne resdenta borough
th mxture of snge famy house ton houses condomnums and commerca
rea estate he and s n to parts on the north and south sde of a man road
nto eykak he deeopment and sae of the south part s no fnshed he
north part estmated to be around 45000 m
2
of mxed resdenta and commerca
housng has no been put on hod unt the market recoers In the mean tme
the company s non-operatng th no empoyees but managed by one of the co-
oners yrpng
Coatera &
Guarantees
Oera L around 50
he and s cose to eykak Fna pannng permsson s pendng but
t s expected to be for around 45000 m
2
of mxed resdenta and
commerca housng Land aued at ISK EU 21 m
he coatera can be descrbed as adeuate
Skpt
319.6 4.6 74.7 24.3 Total
17 - - 17 On-aes ehf
210 40 170 Srus I odng /S
2967 46 707 2216 Skpt hf
Total Other Unused Loans
mEU
Skpt - Skpt hf
sk Factors
he maorty of Skpts reenues come from the Iceandc teecommuncaton sector hch has seen erodng
margns n 2008 due to arous reasons eg ncreased competton and a tougher economca enronment
he EBID margn has decreased from 260 to 213 compared to the same perod n 2007 In addton
due to the eakenng of the Iceandc krona the companys debt has been ncreasng oeer gen Skpts
strong market share on the Iceand market the company shoud be e eupped to hande the chaenges
ahead
Fnanca
Performance
- 3062008
Credt atng BB
coenants 1 08 are n compance Senor Debt/
EBID 400x Fxed charge coer 137
EBID/Senor Interest 36x
Exposure
Loans 2216
Unused 707
Guarant 46
Total 296.9
Skpt s the parent/hodng company n a group consstng of Smnn a Srus I
Partner and seera smaer subsdares a focusng on the IC sector n the ordc
countres Smnn the argest of those subsdares s the eadng teecom operator
n Iceand n a market segments (fxed ne mobe broadband) Current structure
orgnates from 2007 hen Smnn ent through to demergers
Foong a take oer bd from Exsta and destng n the sprng of 2008 Exsta s
the soe oner of the group
he debt orgnates argey from the companys prataton n 2005 and conssts
of a syndcated senor facty and a unor bond nterest take out facty In addton
e hae fnanced some smaer acustons e enteo and reofone hose oans
are fuy subordnated to the senor facty
Coatera &
Guarantees
Oera L s around 60
matera assets are pedged hs ncudes shares n subsdares of
Skpt nfrastructure/netork bank accounts account receabes
nentory and trademarks Securty can be consdered as good
Standard eeraged coenants
Skpt - Srus I Partner
sk Factors
Srus I s focusng on the pubc sector hch s much ess exposed to economc cyces than the prate
sector he frst haf of 2008 as exceptonay good for Srus hch sa ts EBID margns ncrease from
81 n 2007 to 139 he outook s good and the ppene has neer been stronger
Fnanca
Performance
- 3062008
Credt atng BB
coenants 1 08 are n compance et
Debt/EBID 146x Fxed charge coer 137
EBID/et Interest 460x euty rato 30
Exposure
Loans 170
Unused 40
Total 21.
Srus I partner s a subsdary of Skpt hch ons around 90 of the company
he management ons the rest he strategy of Srus s to be a tota proder of
nformaton technoogy soutons to the pubc sector n the ordc countres th
operatons n Denmark Seden and oray he company has around 400
empoyees
he debt orgnates from October 2006 hen Skpt acured the goernment
serces part of etoEnator through a Dansh SP Srus I odng /S he oan
agreement s rng fenced from the operatons of Skpt
Coatera &
Guarantees
Oera L s around 40
he securty ncudes a share pedge oer a group companes (ncudng
parent) a negate pedge oer a assets n the group assgnment of
the purchase agreement and a pedge oer corporate mortgage
certfcates n Seden n the aggregate amount of SEK 50 mon
Securty can be consdered as good Standard eeraged coenants
Stor
33.5 28.1 275.3 Total
513 513 atera Inest ehf
2521 281 2240 Stor hf
Total Derivat. Loans
mEU
Stor - Stor hf
sk Factors
he man concerns are 1) he future aue of the secured assets namey Gtnr and Landc and 2) Stors
abty to serce an oera debt oad of C 18bn
Fnanca
Performance
et turnoer -6948 EBID -8703
- 31122007

On atch st
Exposure
Loans 2240
Derat 23
Sap edge 258
Total 252.1
Stor formery FL Group s a hodng company th core focus on nestments n
fnanca nsurance and property n Iceand and the ordc countres he company
ons 33 n Gtnr 392 n Landc 99 of 51 n efresco as e as other
sted and unsted companes Stor has ost consderabe amounts n the ast 12
months due to a sharp decne n aue of ther underyng assets Despte that the
company s st shong oer 20 euty rato It can hoeer be debated f the
aue of the underyng assets are abe to support that Kaupthng has around
C250m exposure on Stor secured th shares n Gtnr Bank and a forard
agreement aganst Landc shares C 187m
Coatera &
Guarantees
he oera securty coerage on
the exposure s around 100
Factes pedged aganst GLB shares money market depost a forard
agreement th a negate baance and a pedged fx sap
Stor - atera Inest ehf
sk Factors
he company has had tough tmes the ast year due to FL Groups (Stors) fang market prce Certan
actons hae been taken thn the bank to mnme the banks oss snce the coateras market aue s
consderaby oer than the banks exposure Sgnfcant prosons hae been made aganst the asset
Fnanca
Performance
et oss 888 EBID /
Euty -285 Euty rato /
- 31122007 (draft)

Exposure
Loans 513
Total 51.3
he company s a hodng company for shares
Sharehoders are Ken Stanford (1/3) orstenn nsson (1/3) and agnus
rmann (1/3)
Coatera &
Guarantees
Securty margn 43 (L 232)
Coateras are shares n Stodr hf oney arket Fund and persona
guarantees of the oners mted to EU 2 mon for each sharehoder
he company s on a atch st Coateras oud be dffcut to
udate
ctora Propertes /S (FI)
sk Factors
he group nests n resdenta easng propertes n prme ocatons n Bern Frankfurt and
amburg Due to the prme ocatons and the good standard the acancy rato s o
Fnanca
Performance
Credt atng BB
Exposure
Loans 1382
Unused 1037
Euty
Bonds
Derat 336
Other
Total 275.5
ctora Propertes /S as estabshed n une 2006 and s sted on
Copenhagen Stock Exchange he companys strategy s to nest through
subsdares n German e-ocated hgh uaty ease propertes n Bern
and amburg ost of the propertes ere acured n 2007
FI s fnancng a maxmum of 70 of each propertys purchase prse and
the outstandng amount s fnanced by means of euty capta
Coatera &
Guarantees
Oera L70 Coatera Frst mortgage regstered n the fnanced propertes for
amount correspondng to the oan amount Commtments th
subsdares Letter of areness by ctora Propertes /S
Coenants
Oera ratng of securty Good
ador opse /S (FI)
sk Factors
Decrease n o prce (as ths causes compette products/soutons to decrease n prce)
Strong competton from other ndustra payers
Fnanca
Performance
Credt atng BB
o coenants breach defauts or smar s of
30 une 2008 IBD/EBID s 61x and ahead of
budget
Exposure
Loans 2544
Unused 04
Euty
Bonds
Derat
Other
Total 254.9
In September 2007 the founder ador opse acured the Itaan
onershp nterest of 50 n ador opse /S (S") and thus ganed
fu onershp of S
he maorty of the exposure ( EU 2349m ) s reated to the fnance of the
shares hch s secured by a frst prorty share pedge of 90 of the shares
n S
he company prodes catayst and catayst technoogy used by the
fertser ndustry chemca petrochemca ndustres and the energy
sector for producton of a range of specased products and chemcas
Coatera &
Guarantees
Oera L 40
Cacuated as IBD (et
Interest Bearng ssets) to
ota ssets
Commtment of EU 197m s secured by pedge on the
headuarters n Lundtofte and the pant n Frederkssund th a
securty aue of EU 73m
Pedge of shares by ador opse /S Commtted oan
agreement th the usua coenants restrctons and fnanca
coenants for ths type of eeraged fnancng
ork
254.9 2.6 234.3 Total
04 04 - BYKO hf
26 18 08 ork hf
506 506 SC ork Banka
751 126 625 Straumborg ehf
1262 58 1204 Smragarur ehf
Total Unused Loans
mEU
ork - Smragarur ehf
sk Factors
Smragarur s practcay mmune to market fuctuatons as anchor tenants are reated partes her man
rsk oud be currency nstabty and nterest rate rsk
he current busness enronment s though puttng pressure on tenants orks group management s
though extremey seasoned and s not gong through ther frst economc donturn
Fnanca
Performance
2007
- 31122007

Credt atng BB
Coenant n compance
Exposure
Loans 1204
Unused 58
Total 126.2
Smragarur s the rea estate arm of ork group Operates ony n Iceand
he companys man tenants are busnesses thn the group such as retao
companes BYKO Krnan atn Intersport & ELKO Group companes stand for
87 of tota reenues
Coatera &
Guarantees
L 73
In tota 20 assets are pedged consstng of 111 thousand suare
meters aue of pedged assets s estmated 157 mon EU and
securty s consdered good
Euty coenant of 13
ork - Straumborg ehf
sk Factors
Shares n Kaupthng Bank are by far the argest asset of the company (45 of tota shares at year end 2007)
he shares n ork Banka n Lata and ussa count for 22 of tota shares so the company has arge
exposure to the bankng sector Other maor hodngs are n ork Smaragardur and Eyrr Inest
Fnanca
Performance
et turnoer 65 EBID n/a
ota assets 518 Euty rato 44
Euty 231
- 31122007
argn ca /
Exposure
Loans 625
Unused 126
Total 75.1
he company s an nestment company for sted and unsted shares
Oners n eg Gumundsson 5713 Stenunn nsdttr 1429 Iunn
nsdttr 1429 and Gumundur adr nsson 1429
Coatera &
Guarantees
Securty margn / he oans are unsecured but th restrcte coenants
ork - SC ork Banka
sk Factors
2/3 of the banks oan portfoo s n Lata so one of the man rsk factors for the bank s ncreased
mparments of oans especay mortgage oans due to economc sodon n Lata
Fnanca
Performance
II 185 et opnc 29
ota assets 786 dep/oans 104
Euty 87 CD 128
- 30062008
Credt atng B stabe (Ftch)
argn ca /
Exposure
Loans 506
Total 5.6
SC ork Banka s a fnanca nsttuton
Oners Straumborg ehf (51) ICE-BL Inest (9) ndres Srcenkos
(1974) urs Sapuros (1974) Others (05)
Coatera &
Guarantees
Securty margn / he oans are unsecured (par passu)
Lagernn
295 63 - - 01 231 ysk Lnenn Furnture Inc
254.9 2.1 .1 68.8 5.4 223.4 Total
295 63 - - 26 851 SI ehf
991 86 01 245 - 659 Ia /S
47 - - - - 47 odng Company Bk ehf
70 - - - 03 67 f ehf
77 04 - - - 73 mfataagernn ehf
106 - - - - 106 Lagernn ehf
668 - - 443 24 201 Lagernn Dutch odng B
Total Guarant. Derivat. Equity Unused Loans
mEU
Lagernn Dutch odng - YSK group
sk Factors
an rsk factors n reta are exchange rate change n consumer behaour nentory prce unreabe
suppers and nentory management (addtona rsk factors regardng the IL group be ssued n next
sde)
Fnanca
Performance
- 12 months 2922007 (LD)
Debt/EBID (cacuated on Group ee) 41 ota
debt of LD s 100m and ts EBID amounts to 12m
hch makes t 8EBID If e hoeer take IL
out of the EBID t s 4EBID
C BB
Exposure
Loans 724
Unused 28
Euty 443
Guarant 66
Total 126.1
Lagernn Dutch odng B s the parent company of reta companes hch
operate under the brand names ysk and Ia
ysk conssts of mfataagernn (Iceandc operatons) ysk Lnenn Furnture Inc
(Canadan operatons) IF ehf (Bakan operatons) odng Company Bk ehf and
ska ehf (Batc operatons)
he prncpa acttes of the companys subsdares s reta trade n househod
appances furnture and accessores ncudng a de range of texte products
bedcothes curtans carpets etc he subsdares aso se seasona goods such as
garden furnture
Coatera &
Guarantees
of the ysk group oans are rng guaranteed by a of LD companes
Share pedge agreement for shares n a of LD companes
Lagernn Dutch odng - IL /S
sk Factors
he strategc thdra from the UK market and the foong reorganaton of the IL Group as not
desrabe but necessary step to take hs hopefuy resut n IL Scandnaa beng stronger after the
reorganaton especay because the strength and focus no can fuy be amed at the stores n Denmark
and Seden
he companys utmate parent company Lagernn Dutch odng B has proded a support etter hch
as meant to fuy coer any potenta cash reurements n reaton to the admnstraton oeer
Kaupthng has had to ssue guarantee to many of ILs suppers
Fnanca
Performance
Euty -475 Euty rato 0
- 10 months 2922008 (IL /S)
Debt/EBID (cacuated on Group ee) 41 ota
debt of LD s 100m and ts EBID amounts to 12m
hch makes t 8EBID If e hoeer take IL
out of the EBID t s 4EBID
C B
Exposure
Loans 659
Euty 245
Guarant 86
Derat 01
Total 99.1
he companys actty s to se furnture and reated products from ts outets n
Denmark and Seden
Kaupthng bought 10 of the YSK group (approx EU 37m nestment) ho n turn
nested EU 33m of ne euty n the IL group hs represented approx 35
of ILs euty but 51 of the otng rght
s a part of ths process Kaupthng conerted approx EU 865m of current debt
nto ordnary euty on hch YSK hae a ca opton hs eft EU 62m of debt
pus EU 3m of guarantees on the IL baance sheet and those debts ere fuy
guaranteed by the YSK companes s a part of ths process a number of
Kaupthngs factes ere refnanced by Landsbank
he companys affated sster company n UK has after the baance sheet date
gone nto admnstraton IL /S has as a conseuence of ths been fed
bankruptcy
Coatera &
Guarantees
ILs oans are rng guaranteed by a LD companes
Share pedge agreement for shares n a LD companes
Lagernn - SI ehf
sk Factors
he market for commerca rea estate n Iceand and n the Batcs has softened ute a bt and the aue of
the propertes has dmnshed ost of SIs tenants are reatey strong and as ong as that s the case the
company s n order here hae been ncreasng acances though n the strp-ma n Smaratorg (Eko/Egg)
and that s a concern nd athough the commerca toer as successfuy fnshed some of the other
deeopments mght pose a chaenge for SI
Fnanca
Performance
- 31122007
Credt atng 6
Exposure
Loans 851
Unused 26
Guarant 49
Total 92.6
SI s an Iceandc rea estate company estabshed n 1996 It has operatons
stuated n Iceand Lthuana and Lata any ncome producng rea estate but
some deeopment as e he oners and estabshers are kup acobsen ho
ons 826 kup Purkhus ho ons 134 and anna marsdttr ho ons
4 SIs ntates n the Batc States began n 2004 hen SI bought ts frst
shoppng ma n ga the capta of Lata he company ons about 225000 m
2
of rea estate here about haf s n Iceand he company has ust fnshed
budng a 20 storey commerca toer n a prme ocaton n Kopaogur nchor
tenants be Deotte and ouche Kauthng and companes oned to r akup
Du acobsen n partcuar umfataagernn It has aso ust fnshed expandng ts
shoppng centre n kureyr and s budng a arge strp ma ust outsde eykak
nchor tenants n the Batcs are ysk (umfataagernn) and the reta chan
m SI empoys around 10 peope
Coatera &
Guarantees
ortgages 101254
Oera L 80
ortgages oer rea estate n Iceand n partcuar the offce toer n
Smaratorg strp-ma n Smratorg shoppng centre n kureyr
he coatera can be categored as acceptabe
Danee/Lmebrook
249.9 1.9 - - 1.7 246.3 Total
620 08 - - - 612 on & Cty Pub Company Lmted
1879 11 - - 17 1851 Bay estaurant odngs Lmted
Total Guarant. MM Derivat. Unused Loans
mEU
Danea/Lmebrook - Bay estaurant odngs Lmted
sk Factors
arket rsk contnuaton of the decne n consumer confdence and dsposabe ncome as a resut of the economc donturn
Costs are beng carefuy managed to mantan margns unt demand recoers Capex spend has aso been mnmsed
Smokng ban effect on drnk saes n restaurants some of hch hae heay drnk saes contrbutons he group s undertakng
acte promotona actty and has aso managed to pass through some cost ncreases
Executon rsk of groth strategy (menu dcor marketng reamps) to n ne cents Senor management attenton s beng
focused on a measures to dre groth
Fnanca
Performance
Saes (Cmn) 1324 EBID 188
Current ssets 343
Euty 776
- 5 months to uy 2008
Credt atng5 (S&P Euaent BB-)
Coenants reset n arch 08 foong facty restructurng

Exposure
Loans 1851
Unused 17
Guarant 11
Total 187.9
Coatera &
Guarantees
FY09 EBID F/cast (Cmn) 306
E utpe (estmate) 80x
E 2447
et Debt 2800
LTV: 114
Fxed and foatng charges oer assets of each member group and matera
subsdares Cross coaterased guarantees across a Group companes
Share pedges oer a matera companes
atng of oera securty acceptabe
Bay estaurant Group (BG) s a UK branded hgh street restaurant group th 217 stes
across the country
Snce 2007 the UK restaurant and pub sectors hae experenced a seres of aderse
factors mpactng saes namey the smokng ban aderse eather economc donturn
rsng beerage costs and aggresse competton from supermarkets
Burdened by underperformng saes and hgh rent obgatons the group sa a decne n
EBID n FY07/08
Debt factes ere restructured n arch 2008 after arous parts of the company ere
put nto admnstraton
he group as spt nto to th food-ed stes beng merged th the La asca entty to
form BG and drnk-ed stes transferrng to on & Cty
Factes (co-ent 5644th Dresdner) mature after 18 months to enabe performance

targets to be met
Danea/Lmebrook - on & Cty Pub Company Lmted
sk Factors
arket rsk contnuaton of the decne n consumer confdence and dsposabe ncome as a resut of the economc donturn
Costs are beng carefuy managed to mantan margns unt demand recoers Capex spend has aso been mnmsed
Smokng ban effect on drnk saes he group s undertakng acte promotona actty and has aso managed to pass through
some cost ncreases he groups orth regon stes hae responded postey and ths s expected to fo through to the entre
group
Fnanca
Performance
ota ssets 543
Current ssets 179
- 5 months to uy 2008
Credt atng 3 (S&P euaent B)
Coenants reset n arch 08 foong facty restructurng

Exposure
Loans 612
Guarant 08
Total 62.
Coatera &
Guarantees
FY09 EBID F/cast (Cmn) 150
E utpe (estmate) 80x
E 1198
et Debt 802
LTV: 67
Frst rankng securty oer the assets of a the operatng companes and matera
subsdares
atng of oera securty acceptabe snce the buk of the underperformng stes
ere dsposed durng the restructurng thus mprong the aue of the remanng
portfoo
UK hgh street pub operator th 146 stes across the country
Snce 2007 the UK pub sector has experenced a seres of aderse factors namey the smokng
ban aderse eather economc donturn and aggresse competton from supermarkets
th underperformng saes and hgh rent obgatons the group experenced decnng EBID
n FY07/08
Debt factes ere restructured n arch 2008 after arous parts of the company ere put
nto a pre-packaged admnstraton desgned to ext the underperformng pub stes
he group as spt nto food-ed and drnk-ed (on & Cty) enttes th the buk of the oer-
rented underperformng pub eases exted
Factes (spt 6139 th Dresdner) mature after 18 months to ao the group to achee
performance targets thn a defned tmeframe
Saxh
233. 4.2 1.5 218.3 Total
135 11 105 19 Sabygg ehf
123 27 - 96 Saxh ehf
2072 04 - 2068 Sabygg Inest ehf
mEU
Saxbygg - Saxbygg ehf
sk Factors
he rsk factors due to ths oan are the prce deeopment of KCP II and Kaupthng Bank
Fnanca
Performance
et oss 27 EBID /
ota assets 409 Euty rato 37
Euty 153
-31122007

Exposure
Loans 19
Unused 105
Derat 11
Total 13.5
Saxbygg ehf s an nestment company

Owners are: Saxh ehf and BYGG Inest ehf
Coatera &
Guarantees
Securty margn 134
(L 744)
Coateras are KCP II and Kaupthng Bank SS
he company s on a atch Lst Coateras can be dffcut to udate
n current market enronment
Saxbygg - Saxbygg Inest ehf
sk Factors
he company has had tough tmes the ast year due to fang market prce of shares n Gtnr
Fnanca
Performance
margn ca has been ssued to the the borroer

Exposure
Loans 2068
Derat 04
Total 27.2
Saxbygg Inest ehf s a hodng company SP for shares n Gtnr Bank
Oners are Saxh ehf and BYGG ehf
Coatera &
Guarantees
Securty margn 842
(L 114)
Coateras are 744035065 shares n Gtnr Bank hf 1164521242
shares n the rea estate company Fastegnafag sands ehf
he company s on a atch st Coateras can be dffcut to udate n
Saxbygg - Saxh ehf
sk Factors
he companys man rsk factor s fang share prces snce 60 of the companys assets at year end 2007
ere n shares
Fnanca
Performance
et proft 318 EBID /
- 31122007
argn ca 150
Exposure
Loans 96
Derat 27
Total 12.3
Saxh ehf s a hodng company for securtes
Oners are Enar rn nsson n orstenn nsson us nsson ut
nsdttr and Sgrn nsdttr
Coatera &
Guarantees
Securty margn 163
(L 613)
Coateras are mx of shares (Kaupthng Bank 57 of coateras money
market fund 16 of coateras)
he coateras can be udated snce the portfoo has shares for
manageabe amounts
Greenands ome ue (FI)
sk Factors
he exposures are cosey reated to Greenand ome ue Een though Greenands ome rue
does not guarantee the exposures t s expected that the ome ue oud support the companes
f needed
Fnanca
Performance
KNl A}S:
Royal Greenland A}S:
Tele Greenland A}S
KNl A}S:
Credt atng BBB-
Royal Grenland A}S:
Credt atng BB
Tele Greenland A}S:
Credt atng BB
Oera ratng of securty acceptabe
Exposure
Loans 612
Unused 821
Euty
Bonds
Derat 891
Other
Total 232.4
Greenands ome ue does not hae a commtment th FI but hods the shares
n
KNl A}S (100) reta trade dstrbuton of ud fue beer tobacco and soft
drnks to Greenand
Royal Greenland A}S (100) Catch processng and sae of fsh (especay
shrmp)
Tele Greenland A}S (100) eecommuncatons proders
Royal Artic Line A}S (100) Shppng company
Gronlandshavnens Ejendoe A}S (50) Lease of propertes n aborg
arbour
Coatera &
Guarantees
Due to the fact that the
debtor s part of Denmark the
L s not cacuated
Coenants
Commtment th KI /S Letter of aareness by Greenands ome
rue
Oera securty exceent
Danfoss /S (FI)
sk Factors
In connecton th the fnanca statements for the frst haf of 2008 proft expectatons as
reduced from EU 255 m to EU 215 m prmary due to a drops n saes to deeopment
customers and producers of househod appances
Fnanca
Performance
Credt atng BBB
Oera ratng of securty acceptabe
Exposure
Loans 2074
Unused 60
Euty
Bonds
Derat 94
Leasng 85
Total 231.3
Danfoss /S s one of Denmarks argest ndustra groups and s based n ordborg
n southern Denmark Danfoss s an nternatona Group and a eader n research
deeopment and producton of mechanca and eectronc components and
soutons Danfoss has oer 53 factores n 21 countres and more than 18000
empoyees Danfoss as founded n 1905 and s today famy-oned by the
Causen famy and ther foundaton
Danfoss facty of EU 133 m s based on coenants and pedged property
In 2008 Danfoss acured a sharehodng of Sauer-Danfoss Inc (commtment EU
727m) and has ganed the controng nterest n the company Sauer-Danfoss Inc
s sted on the Frankfurt and e Your Stock Exchange
Coatera &
Guarantees
Oera L 48
Cacuated as ong term oans
to tota aue of the assets
Loan outstandng EU 11m s secured by pedged headuarters n
ordborg Outstandng commtment EU 87m s easng agreement th
property n Odense
Coenants
Commtment th Saure-Danfoss Inc group (EU 727m) s secured by
Pedge of shares n subsdares and Payment guarantee by Sauer-
Danfoss Inc
ssur hf
sk Factors
he prosthetcs busness has been grong steady both n the US and Europe (4 groth n 1 08 n LCY)
but ssur has been encounterng dffcutes n the bracng and support busness n the US hch has not yet
shon the desred turnaround (-6 groth n 1 08 n LCY) he operatona rsk of ssur s the hghest n
ths sector and market area change n management n the US has taken pace to counteract the stuaton
Despte these compcatons the company has managed to mproe ts oera proftabty (21 EBID
margn 1 08) through ratonasaton of products and ncreased focus on effcency
Fnanca
Performance
- 3062008
Credt atng BBB
coenants 1 08 are n compance Debt/EBID
43x Fxed charge coer 127 Euty rato 42
EBID/Interest 379x
Exposure
Loans 1906
Unused 162
Euty 25
Derat 87
Guarant 07
Total 218.7
ssur hf s a goba orthopaedcs and prosthetcs company hch deeops and
manufactures prosthetcs braces and supports and compresson therapy products
In 2 08 these represented as of saes 42 51 and 6 respectey he
company s geographcay dersfed th 54 of reenues comng from Europe
dde East and frca and 43 of reenues comng from the mercas
he debt fnancng orgnates argey from the companys acustons begnnng n
2005 of oyce edca fooed by Innoaton Sports and Gbaud n 2006 he
maorty of the debt or C1156 s ong term (maturty 2012) but C40 m s a brdge
oan due to the acuston of Gbaud hch has a maturty of 1 anuary 2009 but
has been reuested to be refnanced
Coatera &
Guarantees
Oera L 462 matera assets are pedged hs ncudes shares n subsdares of
ssur hf and IP rghts bank accounts account receabes and
nentory Securty can be consdered as good
ncent chengu
800 - 800 Esna Ltd (KS&F)
28.7 - 28.7 Total
1287 - 1287 Pennyrock Lmted
Total Unused Loans
mEU
ncent chengu - Pennyrock Lmted
sk Factors
efnancng of current debt poses the greatest rsk not the ncome stream snce homeoners pay ther
reatey o ground rents n order not to oose ther apartments
Fnanca
Performance
/ Credt atng Excepton st but subecte auaton
s BBB-
Exposure
Loans 1287
Total 128.7
ncent chengu () has but hs fortune on rea estate and a portfoo of
ground rents s the bggest snge oner of ground rents n the UK
Kaupthng has one C125m oan to secured th second pedge oer ground rent
portfoos and the management busness that accompanes the ground rent
portfoo
Coatera &
Guarantees
L of 81
(usng 90 harcut on actuara
auaton)
Ground rents are actuay the and that rea estate sts on both for
resdenta and offce budngs Cash fo s generated from renta
ncome and management contracts around the propertes
ncent chengu - Esna Ltd (Kaupthng Snger & Fredander)
sk Factors
r chengus s asset rch and freuenty cash poor mtng hs abty to meet margn cas n
the eent that L breaches occur
Fnanca
Performance
/

Credt atng BBB-
Exposure
Loans 798
Unused 02
Euty
Bonds
Derat
CFD
Total 8.
ncent chengu s an nddua e knon to Kaupthng and ts senor
management hese factes prode udty to enabe hm to make other
nestments
Coatera &
Guarantees
C1050m
Oera L 76
Charges oer unts n a ground rent portfoo trust managed by
Cose Brothers shares n Bramdean ternates a uoted
nestment trust managed by coa orck and a sma basket of
other uoted shares Persona guarantee from ncent chengu
L coenant 80
Subecte ratng of the oera securty acceptabe

anagng Drector Kaus emersen and St
Frederksund odng /S (FI)
sk Factors
Fnance of sted shares and propertes - propertes are nspected/auated by expert appraser from
FI
Shares are sted on the C20-ndex or consttute smar ready conertbe securtes
Fnanca
Performance
Credt atng BBB-
Exposure
Loans 1590
Unused 346
Euty
Bonds
Derat 19
Other
Total 195.5
St Frederksund odng Group s Kaus emersens nestment company
specang n sted shares and bonds and aso propertes n Denmark and
Germany
Our commtment s composed as foos
-
German propertes (reta resdenta) 1080
-
Dansh propertes (reta resdenta) 670
-
Inestment oans 205
Coatera &
Guarantees
OeraL63 Cacuated
as ong term oans to tota
aue of the assets
Cross-coatera and cross-abty beteen a pedged securtes
(nestment propertes and securtes portfoo) and companes n the St
Frederksund Group
Coenants
Kntet B (FI)
sk Factors
Demand ares accordng to economc trend and market condtons as t suppes to many
ndustres across Europe
o a esser extent the company has much ted up capta n current assets and t st seeks to
optme ts sourcng operatons
Fnanca
Performance
Credt atng BB
o coenants breachs defauts or smar
Exposure
Loans 1758
Unused 77
Euty
Bonds
Derat 31
Leasng 64
Total 193.
In 2005 the European Inestment Fund Industr Kapta acured the shares of
Kntet
he Kntet Group suppes hgh-uaty professona ear for a purposes and
ndustres he garments are sourced from the Far East Europe consttutes 95 of
tota reenue here especay the ordc regon s the argest one (Kntet s aso
the argest payer n ths regon) he group s currenty hoy oned by Industr
Kapta
he group s under a LBO fnancng structure and the exposure of FI s approx
40 of the tota debt factes
s of une 2008 IBD/EBID 62x and YD EBID performance 107 (s ast year)
Coatera &
Guarantees
Oera L 65
Cacuated as IBD to ota
ssets
Pedge of shares
Commtted oan agreement th the usua coenants restrctons
and fnanse coenants for ths type of eeraged fnancng
shar Fya (Kaupthng Luxembourg)
sk Factors
-
he group has enough coatera n pace and respond prompty to each margn ca
Fnanca
Performance
he groups exposure has ncreased ths year by
EU 16m he the assets ere ncreasng by EU
11m
Krsten s ery acte n CFD ncreasng or decreasng
the postons her man nestment scheme s
resources and stee sector
Exposure
Loans 271
CFD & S 460
Unused 1179
Euty -
Bonds -
Derat -
Total 191.1
F ons a prate account and seera hodng companes hch hae
accounts th us
Krsten anagement as estabshed for tradng purposes especay n
CFDs
SCI Chateau s hodng company hch purpose s to hod a prate a n
France
Coatera &
Guarantees
rceor tta 228m
Property (SCI Chateau)200m
rceor tta() 161m
Other assets 234m
L
89
Krsten anagement has margn reurements of 20
he oan granted to SCI Chateau s secured by a cash depost and a frst
rank pedge on the property
Forenngen e nest european reta (FI)
sk Factors
Senste to a sodon n Scandnaan economy that mght effect renea rate of ease
agreements
Fnanca
Performance
Credt atng BBB-
Exposure
Loans 822
Unused 787
Euty
Bonds
Derat 262
Other
Total 187.1
Forenngen e nest european reta s estabshed and sted on Copenhagen Stock
Exchange n February 2004 he obect of the nestment fund s to nest n and
manage reta propertes n Europe - focused on Denmark Seden Fnand and
Germany
he property nestment s paced n a separate organsatona entty (subsdary)
Coatera &
Guarantees
Oera L t the moment
63 but s granted th L
up to 73 One property the
Gaererne n erd
Denmark s granted th 80
Pedged on each of the propertes coerng the fu oan amount ont
surety beteen each subsdary and by prncpa debtor (Forenngen)
cross-guarantee etter of subordnaton and coenants
Oera securty good
Dansh Cron B (FI)
sk Factors
It coud be expected that a genera so don n the ord economy effect the genera
demand for a knd of meat products So far ths scenaro has not been seen n ther saes
decrease n suppy mght take pace f further enronmenta reurements are put n pace
Fnanca
Performance
Credt atng BBB
Exposure
Loans 1543
Unused
Euty
Bonds 189
Derat 01
Other
Total 173.3
Dansh Cron s the argest pork saughterhouse n Europe the ords argest
exporter of pork and the argest catte saughterhouse n Denmark he meat
products are dstrbuted ordde as buk products and pre-processed products
Dansh Cron s a co-operate oned by approxmatey 16500 Dansh farmers
he predomnant share of the annua proft s dstrbuted to the oners
he maorty of the exposure 94 mo GBP s to the subsdary company up UK
he coenant n ths case s soency rato 15 and 100 onershp by Dansh
Cron B
Coatera &
Guarantees
Oera L58
Coenants
Oera securty acceptabe
ycomed /S (FI)
sk Factors
Patent of most mportant product (Pantopraoe) expres n 2009 and 2010 n Europe and the US
respectey Generc compettors n the US market are aready uestonng ts patent and has
aunched generc products
he company s ncreasngy dersfyng ts portfoo but needs to contnue ths trend due to
patent expraton
Fnanca
Performance
Credt atng BB
o coenants breach defauts or smar
Exposure
Loans 1335
Unused 387
Euty
Bonds
Derat
Other
Total 172.2
he ycomed Group s an nternatona pharmaceutca company hch s oned
by 4 prate euty companes (ordc Capta sta Coer Internatona Partners
and Credt Susse) 82 and Others nc management 18 It prodes medcatons
and products for hosptas specasts and genera practtoners as e as oer-
the-counter medcnes n seected marketshe group empoys 12000 perope
s at 30 une 2008 the company had a IBD/EBID of 34x and EBID
performance YD at ndex 100 (s budget)
Coatera &
Guarantees
Oera L 47
Cacuated as IBD to tota
assets
Pedge of shares
EI - Cesus European odngs Sar
sk Factors
Decne n French property market despte current economc uncertanty the French market especay the Pars regon s the
second faoured European ocaton after London by nternatona nestors and offce rea estate remans a sought-after asset
aabty of fnance athough taks are progressng to refnance by the end of the year th a number of banks and meanne
proders ncudng BO S ordbank and are for the Senor debt and Star for the eanne debt
Fnanca
Performance
- 31122007 (9 months)
Credt atng /a
Coenants coenants met

Exposure
Loans 1671
Total 167.1
Insta EI s the argest UK sted rea estate fund management group th offces n London
Pars and Guernsey he Group manages both commerca and resdenta property across the UK
and contnenta Europe and has a tota of 8bn assets across 22 funds under management as at the
end of une 2008
In ay 2007 Kaupthng funded C342m 12 month brdge facty for the acuston of the Cesus
portfoo of 34 assets n France by PropInest and Insta ea Estate he facty as orgnay
ntended to brdge the mgraton of the property portfoo nto Instas European rea estate fund but
as a resut of the decne n the rea estate euty markets an aternate refnancng souton as
reured
In ay 2008 Cesus competed the sae of 23 of the 34 assets to another of Instas managed
funds Cerca edca for a prce of C1701m In une 2008 our exposure as reduced by a further
C30m foong addtona euty contrbutons from the euty sponsors th PropInests C15m
euty fnanced by a 3 year PIK oan from Kaupthng resutng n our current exposure of C1658m
ncudng hedgng and the PropInest oan
Coatera &
Guarantees
auaton (as at 15/04/08) EU 1821m
Loans EU 1413m
LTV 78
excudes PIK (PropInest) because the PIK s
not a drect exposure to the property portfoo
ortgages on property (dersfed portfoo of reta offce and arehouse assets n

France) Pedge oer Shares n the Bdco odcos and Propcos and ther Bank
ccounts
Securty s consdered good
Coenants Interest coer >100 PropInest > C50m

Gft frfestngafag ehf
sk Factors
he company has been ht hard the ast year due to fang shares prces he companys performance s
cosey nked to the prce deeopment of Kaupthng Bank snce t s the argest asset of the company
Fnanca
Performance
et oss 163 EBID /
ota assets 555 ota shares 466
Euty 48 Euty rato 8
- 3132008
Exposure
Loans 1668
Total 166.8
Gft frfestngafag ehf s a hodng company for securtes
Coatera &
Guarantees
Securty margn 877
(L 1146)
Coateras are mx of shares (argest assets s Kaupthng Bank 78 of
coateras)
he company s on a atch st Coateras can be dffcut to udate n
EendomsSeskabet orden I K/S (FI)
sk Factors
Fnanca
Performance
Credt atng BBB
Exposure
Loans
Unused 1609
Euty 48
Bonds
Derat
Other
Total 165.7
he group s estabshed n 2005 hen settng up of a ne property fund th P
PF Industrens Pensonsforskrng P DIP and FI as nestors he mted
partnershp has a commtted capta of EU 86m
he facty s prmary aocated to nestments n offce propertes
Coatera &
Guarantees
Oera L -
t the moment the company
has not bought any propertes
and the L s not cacuated
Coenants and restrctons as for exampe o other banks than FI"
ssgnment of the rght to ca commtted capta from the nestors
Oera securty good
an Imerman (Kaupthng Luxembourg)
sk Factors
-
he portfoo of erona s e dersfed (number of securtes) and shos a strong nterest n the resources
sector
-erona and ara respond prompty to each margn ca
Fnanca
Performance
Durng the year the exposure on the group has
ncreased by EU 37m he the assets hae aso
ncreased respectey EU 38m
erona s ery acte tradng n CFD ther man
nestment scheme s mnng sector Durng the year
erona has unnd most of ts exposures toards
nara es and SCI Entertanment
Exposure
Loans 292
CFD & S 1065
Unused 293
Euty -
Bonds -
Derat -
Total 165.
I s the benefca oner of erona and ara hch hae accounts thn
KBLUX
erona s estabshed to trade nto ud assets ether shares or CFDs
th a strong focus on that ater
ara s nestng nto unsted assets here e grant eerage
Coatera &
Guarantees
Strat sa 201m
Barcays Pc 87m
London nng 77m
Others 1185m
L
88
-atng none
-ara s coaterased by Is persona guarantee of EU 45m
-argn reurements are 20 for erona and 30 for ara
Chrsten Seaas/Kstefos/S odng/eecom odng S
sk Factors
Kstefos man operatons are thn shppng and offshore he outook for the offshore ndustry s ery good
drng acttes are expected to reman hgh n the comng uarters mpyng strong demand for offshore
serces Kstefos has aso been dong e thn the areas of shppng and has a reasonaby strong ppene
for comng uarters In addton most of the portfoo companes are dong e
Gen hgh thn the Kstefos group and the aboementoned status of both the offshore and shppng
acttes the rsk seems ery mted near to medum term
Fnanca
Performance
- 3062008
Credt atng BB
an coenant s the et sset aue n the Kstefos
system hch shoud at mnmum be 175 of
outstandng oan amount s off une 30th the rato
as around 280
Exposure
Loans 1644
Total 164.4
Chrsten Seaas s the benefca oner of Kstefos S (through a structure of
hodng companes) a oregan nestment company headuartered n Oso he
nestment portfoo conssts of sted and pratey hed companes that are hoy
or party oned he nestment portfoo s focused on four asset casses
Shppng Offshore Serces Prate Euty and enture Capta he companes
thn the prate euty and enture capta portfoos are predomnanty thn I
and teecommuncatons Orgnay Kaupthng started dong busness th Chrsten
Seaas durng frst uarter of 2006 hen Kaupthng refnanced OK 850 mon of
debt he had pratey th DnB O Snce then Kaupthng has been prodng hm
th some addtona oans both n hs hodng structure as e as to Kstefos tsef
Snce most of these oans are ether drecty to Kstefos or secured th Kstefos
shares (drecty or ndrecty) the focus n ths oere s on the operatons of
Kstefos
Coatera &
Guarantees
Oera L s around 40 s securty for CS prate oans e hae a share pedge oer the top
ee n CS hodng structure (Portfoo odng Kstefos odng and
Fosks odng) he S odng oan s secured th 32 of the share
capta n Kstefos S Fnay e hae the shares n tex (portfoo
company) pedged as securty behnd the Kstefos oan as e as fu
recourse on Kstefos Securty can be consdered as good
S erospace Soutons (Europe) /S (FI)
sk Factors
50 of sae s to SS
Fnanca
Performance
Credt atng BB
Currenty the company has breached to of ts
fnanca coenants ota IBD/EBID 55 tmes
EBID performance YD at ndex 60
Exposure
Loans 1526
Unused 50
Euty
Bonds
Derat 29
Other
Total 16.5
S erospace Soutons /S s a fu serce component suppy company for
arcrafts he group ons and manages a arge poo of components and materas
hch s constanty optmsed to prode ts customers th the best possbe
serce thout unpanned stops he exposure s goerned by an extense credt
agreement and FI s the soe ender to the company
Coatera &
Guarantees
Oera L 37
assets
Foatng charge of EU 210m oer components needed for mantenance
repar and oerhau of the dfferent arcraft modes
Commtted oan agreement th the usua coenants restrctons and
fnanca coenants for ths type of eeraged fnancng
Kaupthng Capta Partners
159.4* 2.7 138.7 Total
he exposure does not ncude Kaupthngs
partcpaton n KCP II
540 - 540 KCP II ehf (
1054 207 847 Kauptng Capta Parnters aster (KBLUX)
Total Unused Loans
mEU
Kaupthng Capta Partners II aster LP Incorporated
(Kaupthng Luxembourg)
sk Factors
he prate euty nestment sector as and s st affected by the market enronment (amongst others a
substanta reducton of acuston debt n the market and euty nestments kept on a hgh entry ee)
hch boed don ts opportuntes o cope th the current condtons potenta nestments hae to
be carefuy pursued but aso the exstng nestments reure a cose montorng procedure s KCP II s a
non-eeraged stye fund the rsk s (through the brdge facty) consdered acceptabe
Fnanca
Performance
udted nnua eport 23/10-31/12/2007
urnoer n/a EBID n/a
Loss attrbutabe to Lmted Partner 475
Credt atng no ratng
Exposure
Loans 847
Unused 207
Euty
Bonds
Derat
Total 15.4
Kaupthng Capta Partners II aster LP (KCP II) s the prate euty nestment
fund of the group hch s operated by Snger & Fredander sset anagement
Lmted Based on ts nestment strategy KCP rase funds amountng up to
GBP 520mn hereof GBP 200mn has been commtted by Kaupthng Group he
fund s focused on nestments n Scandnaa and UK ocated companes
(heathcare busness serce meda sector) hch are euty aued n the range
of GBP 50-500mn
o coer short term fnancng reurements caused by nestments undertaken
pror to nestors beng caed KBLUX estabshed an uncommtted credt facty
amountng up to GBP 84mn (EU 10534mn) he facty s of brdge nature ony

Coatera &
Guarantees
o drect pedge oer
nestments n portfoo n
custody th the bank
he underyng securtes portfoo refects KCPs nestments beng
DP eathcare custons Lmted DLG Euty odngs Ltd and
Phase Eght Ltd Current market aue of the portfoo s around EU
11970mn th 95 thereof beng unsted shares
KCP II ehf (Kaupthng Snger & Fredander)
sk Factors
In the eent of the shares fang beo the threshod prce e oud be reant on the fund tsef
makng good any margn ca and the counterparty s a SP set up specfcay for ths transacton
and does not hae the heretha tsef to meet margn cas
Fnanca
Performance
/ /
Exposure
Loans 540
Unused
Euty
Bonds
Derat
Total 54.
hs s a eerse epo oan to a SP oned by Kaupthng Capta Partners
to factate an nestment n the shares of Booker pc
Coatera &
Guarantees
C1068 L 505 Shares n a UK uoted company hed through a eerse epo
greement L threshod 80
Ss Gruppen /S (FI)
sk Factors
Property sector
Deeoper
Fnanca sector
Fnanca
Performance
Credt atng BBB
Exposure
Loans 1269
Unused 117
Euty
Bonds
Derat 145
Other
Total 153.1
Ss Gruppen /S as founded n 1977 and s one of Denmarks argest
deeopers of rea estate property
Ss Gruppen /S s sted on the Copenhagen Stock Exchange
Coatera &
Guarantees
Oera L 58
Guarantee from Ss Gruppen /S for commtments to affated
companes Coenants Pedged shares n the subsdares
UUE GOUP OY
Exposure
Loans 1518
Euty 07
Total 152.7
eaduartered n esnk the busness prodes refrgeraton mantenance and nstaaton serces
to ndustra/reta busnesses across the UK the ordc regon Eastern/Centra Europe
uurre has 3 man operatng dsons eta Industry and oeCa (commerca ktchens hotes
restaurants and caterng)
Kaupthng Capta Partners nested n uurre n arch 2003 fundng the C83m secondary buy-out
from Brdgepont he Kaupthng euty fundng comprsed of C33m for 50 of the euty Debt
fundng as proded by a syndcate arranged and underrtten by BOS hst Kaupthng proded
C10m eanne fnance
In February 2007 Kaupthng refnanced uurres C467m Senor Factes from BOS th a
proporton of the debt charged at cost of funds th a 25 margn payabe on a Pay If You Can
(PIYC) bass subect to the company generatng suffcent excess cash
FY07 tradng Group acheed EBID of C196m at year end 89 aboe budget of C18m and 78
aboe pror year of C11m
Coatera &
Guarantees
L EBID EU 20m
E utpe (estmate) 7x
Enterprse aue EU 141m
Debt EU 136m
LTV 96
Fxed and foatng charges oer the assets of the Group and matera subsdares Cross
coaterased guarantees across a Group Companes and share pedges oer a matera
companes
Securty s consdered to be good
Coenants nmum EBID > C156m on a rong 12 month bass from 30th une 2007
and then each uarter date unt 31 December 2008 hen factes expre
Fnanca
Performance
ota assets 2418 Current ssets 1018
- 8 months uy 2008
Credt atng 3 / S&P euaent B
Coenants coenants hae been met to date and e

soon be dscussng extenson of the factes th the company
sk Factors
arket chaenges Long term market groth drers reman sound ncudng ncreasng demand for ched and froen food
refected n the busness strong order book
Oerdue receabes Due to ong proect ead tmes and poor debt coecton uurre has suffered cash constrants but
management s makng progress on mprong trade receabes coecton th ony 35 of tota receabes oerdue at the end
of uy 2008 compared to 43 at the end of December 2007
Debt serce abty Factes are prced at cost of funds pus PIYC margn refectng the Groups mted abty to serce debt n
the short term Cash poston has hoeer mproed consderaby th the frst PIYC made n une 08
Ext strategy th potenta for further upsde KCP oud be ookng to ext n 2009/2010 ether through a trade sae out or
euty purchase once proftabty has been restored
fesca
sk Factors
arket rsk a matera prce ncreases hae been met th pass on to retaers Samon prces hae softened and are expected
to reman stabe n the near term
anagement contnues to ook for further acustons n order to den the groups acttes and thus dersfy the rsk
Fnanca contros are good and the company s reured to meet standards set by the Stock exchange
Fnanca
Performance
Saes 6474 EBID 625
Current ssets 2104
Euty 3217
- 3062008 12 months
Credt atng10 (S&P Euaent BBB)
Coenants et th good headroom

Exposure
Loans 273
Unused 385
Euty 817
Derat 03
Total 147.8
Coatera &
Guarantees
FY08 EBID (Cmn) 625
arket Cap end ugust 3200
C/EBID 5x
et Debt 1667
LTV: 52
Share pedges oer a matera companes
atng of oera securty acceptabe
Fxed and foatng charges oer assets of each member group and matera
subsdares Cross coaterased guarantees across a Group companes
fesca s a market eader n the producton of goose products shrmp and smoked
samon
Frst estabshed as SIF fesca has gron substantay through acustons of brands
such as DePerre and Labere
Fnanca performance has mproed year on year and e regard fesca to be a strong
credt
Kaupthng and atxs underrote and arranged a EU 280m debt facty n ay 2008
he facty as syndcated to a group of 10 nternatona banks
Leerage has snce decreased further

Drg
147.7 15. 7.8 124.8 Total
19 - - 19 rengs ehf
97 - - 97 rmannsfe ehf
159 - - 159 ftrs ehf
545 - - 545 Drg ehf
657 150 78 429 senskr aaerktakar hf
Total Guarant. Unused Loans
mEU
Drg - senskr aaerktakar hf
sk Factors
he constructon sector has been under some pressure especay the resdenta part of t Decnng saes
nentory bud-up n a hgh nterest rate enronment hgh nfaton enronment and IS nstabty sng
constructon prces are hard to push nto prce of resdenta propertes that se bady to begn th
s proect ppene n tender proects s on the other hand ery strong and on that sde rsng costs are
pushed onto the cent hch are many goernmenta and muncpa nsttutons and organsatons
Fnanca
Performance
Euty 215 Euty ato 22
- 3062008
Credt atng BBB-
Exposure
Loans 428
Unused 78
Guarant 150
Total 65.6
Genera constructon both on producton of resdenta housng as e as
partcpatng on the tender market
Coatera &
Guarantees
Pedge n a maor fxed assets of that s a proects that are beng
fnanced by the bank (80 fundng of cost) so a pedge n accounts
receabes and cross-defaut cause f any group company defauts
Drg - Drg ehf
sk Factors
he maor rsks n the constructon sector are arous from nentory bud up th the rea estate market
beng ery suggsh at the moment rsng nfaton pushng costs up and the defaton of the ISK and hgh
nterest rates are hurtng proftabty
Fnanca
Performance
ota ssets 2824 Curr ssets 1500
Euty 201 Euty ato 7
- 31122007
Credt atng BB
Coenants et debt coerage Euty rato ddend
restrctons and other conentona coenants
Exposure
Loans 545
Total 54.5
Drg ehf s the hodng company of foong companes
hf (Iceand Prme Contractor) Genera constructon of budngs and c

engneerng orks
rmannsfe ehf an SP around arous deeopng proects
ftrs ehf an SP for ncome bearng assets currenty ony th one asset
under deeopment
rengs ehf an SP for one ncome bearng asset n eykak (Pupc heath
care center)
Coatera &
Guarantees
Shares n a companes aso pedge n 40 of on shares n Drg ehf
and an 200m ISK guarantee from Egnahadsfag ehf
Oera securty rated as acceptabe
Coenants et debt coerage Euty rato ddend restrctons and
other conentona coenants for endng of ths type
Drg - ftrs ehf
sk Factors
an rsk at ths pont n tme s refnancng rsk that s to be abe to refnance constructon oan at a
reasonabe ong-term rates Other rsks are reated to acancy and tenancy non-payment
Fnanca
Performance
Euty -11 Euty rato -5
- 31122007
Credt atng B
C B at 311207 s due to asset beng constructed
and aued at cost
Subordnated oan from oud effectey take
euty up to 8 mon EU
Exposure
Loans 159
Total 15.9
thn Drg group s aso the SP ftrs ehf Its man purpose s to construct and
operate the ne budng at fhemar 74 (Gsbr) eykak
Constructons are at atter stage th 87 of the budngs 10000 suare meters
aready rented out to arous partes ost of the space s beng moed nto at ths
pont n tme (September 2008)
Coatera &
Guarantees
L 75
Pedge n the budng
Securty rated as ery good
Drg - rmannsfe ehf
sk Factors
Same as n senskr aaerktakar hf
Fnanca
Performance
ota assets 671 Euty 265
Euty rato 39
- 31122007
Credt atng BB
Exposure
Loans 97
Total 9.7
rmannsfe ehf s an SP thn the Drg group around deeopment assets (e
pots of and) he soe exposure of the company toards Kaupthng s a oan to
purchase a pot caed rfskamear on Setarnarnes cose to eykak
he pot s currenty under constructon hereas rmannsfes sster company
senskr aaerktakar s constructng a group of fats
Four other assets of rmannsfe are fnanced through senskr aaerktakar
(many due to hstorc reasons) but refected on Fs baance sheet
Coatera &
Guarantees
L 80
Pedge n the pot
Securty rated as good
Lornamead custons Ltd
sk Factors
derse market condtons here are sgns that some customers are cosng stores or reducng stock gen the tough reta
cmate anagement s deeopng pans to expot ther prce fghtng brands a channe specfc promotons and ne products
Increase n ra materas prces Lornamead has ncreased ts prces and undertaken cost sangs ntates to offset underyng
matera nfaton and mproe margns
Barganng poer th supermarkets Deays n stng products th a-art has resuted n eaker performance n the US
e CEO as apponted ast month to mproe the US busness
Fnanca
Performance
et turnoer 333 YD EBID 25
- YD uy 2008 (4 months)

Credt atng 5 / S&P euaent (BB-)
atch st
Coenants coenants are n compance snce Dec 07

restructure une 08 ota Leerage 54x Senor Leerage 47x
Cash coer 15x Interest coer 21x
Exposure
Loans 1082
Undran 308
Derat 12
Guarant 04
Total 14.6
Lornamead s a hoesaer proder of persona care brands he Group pursues a successfu

strategy of acurng hertage brands from arge mutnatonas th a e to extendng ther
economc fe through ncreased brand management and geographc expanson
Operatona and Saes acttes are organsed nto four geographc terrtores US & Canada
(42) UK & Ireand (35) Germany (15) and the dde East (8)
In December 2006 Kaupthng underrote senor factes of C114m to support the re-fnancng of
Lornamead he busness performed e ntay hoeer a cash shortfa and a forecast breach of
coenants ed to a restructurng of the capta structure n December 2007 estructurng noed
an euty necton of C6m a repayment of C6m senor debt and a transfer of C12m of senor debt
to meanne
Year end arch 2008 tradng Group acheed EBID of C195m 5 ahead of the resed
forecast but 19 don aganst orgna budget and pror year
Coatera &
Guarantees
L EBID EU 178m
E mutpe (orgna Dec 06) 70x
et Debt EU 1012m
LTV 81.3
Fxed and foatng charges oer the assets of each member of the Group and
matera subsdares Cross coaterased guarantees across a Group Companes and
share pedges oer a matera companes Key man nsurance oer key ndduas
Standard eerage coenants

Danske Fragtmnd /S (FI)
sk Factors
so-don n the dansh economy effect the demand for freght transport n genera
Some of the current more than 100 freght companes shoud decde to eae the organaton
Fnanca
Performance
Frst fnanca year (13 une- 31 December 2007)
Credt atng BB
Exposure
Loans 1095
Unused
Euty
Bonds
Derat 174
Leasng 96
Total 136.5
Danske Fragtmnd has exsted for more than 100 years and prodes soutons for
transportaton genera ogstcs and storage of a knds of goods In September
2007 the ne Danske Fragtmnd odng /S as estabshed th euty of DKK
150m (EU 20m)- share capta of DKK 75m (EU 10m) t the same tme the
hodng company estabshed Danske Fragmnd /S ho took oer 20 depots
Operatons hae been ncorporated under Danske Fragtmnd /S he depots
storage factes are organsed n the subsdary Danske Fragtmnd Eendomme /
S he share capta of DKK 75m n Danske Fragtmnd odng /S s aocated
beteen 100 freght companes
Coatera &
Guarantees
Oera L 32
to tota assets
Pedge n propertes - storage and depots pedge of shares payment
guarantee by Danske Fragtmnd odng and Danske fragtmnd /S
and other reeant companes coenants
eeschen & ssocated Companes (Kaupthng Ise of an)
sk Factors
Key rsk s oss of ncome hoeer has a dersty of busnesses / assets from here hs
ncome s dered he reducton n exposure as hghghted aboe sgnfcanty reduce hs
debt sercng commtments
Fnanca
Performance
s at un 07
et orth 2673
ota assets 4614
Income 125
Excudes ncome dered from asset saes
Sght breach of max L coenant on property
oan due to aderse currency moements
hoeer ths has no reguarsed Exposure set
to be reduced by EU 25m by end of Sept 08
th further reductons of EU 25m by end of an
09 and EU 10m by un 09
Exposure
Loans 1351
Total 135.1
s a German ndustrast and busnessman hose core busnesses are
ecker & Koch one of the ords eadng manufacturers of sma arms for
O and poce forces n Europe / US and Luhns Gmb hch specases
n the producton of househod ceanng products has been a cent of
the Bank snce 2005 and snce that tme e hae funded arous asset
purchases both n hs persona capacty and through speca purpose
hodng companes
Coatera &
Guarantees
Oera L 68
Coatera London French and Carbbean property rcraft Yacht
and rtorks
Subecte ratng of the oera securty Good
Proark /S - chae Kaa ndersen (FI)
sk Factors
further crss n the fnanca sector sodon n genera n the Dansh economy that effect
the demand for entertanment
Fnanca
Performance
Credt atng BB
Exposure
Loans 1044
Unused 60
Euty
Bonds
Derat 83
Guarantees 158
Total 134.5
chae Kaa ndersen ons the Proark Group he group operates n broad range
of busnesses ncudng propertes gof courses and bankng (Bassbank)
Proark ApS (24) Bea Center /S the argest exhbton centre n Denmark
Proark Gol A}S: (100) 7 gof courses th budngs etc ocated n Denmark
Lbker Square K}S: 31) theme park ncudng smmng poos eness
heath centre and cafe
K}S Snekkersten otel Spa: (50) a hote managed by the Come group
K}S Gyrovej: (100) a ndustra property fuy eased to Ske Kommune and
erma /S
Bella enter A}S: the argest exbton centre n Denmark
Coatera &
Guarantees
Oera L38
to tota assets
Pedge of shares n Bea Center /S Proark Gof /S and other subsdares frst
mortgage DKK 200 mo n Snekkersten ote frst mortage DKK 60 mo n Lbker
Suare frst mortgage DKK 17 mo n Gyroe second mortgage DKK 42 mo n
Bea Center payment guarantees by Proark /S and subsdares coenants
Umtak ehf
sk Factors
he maor rsk s that ts tenant 1 - the argest o dstrbutor n Iceand - defaut
Lease agreements mrror oan payments th no nterest rate or currency rsks
Fnanca
Performance
Euty 86 Euty rato 5
- 31122007
Credt atng BB-
Exposure
Loans 1331
Total 133.1
Umtak ehf ons maorty of assets utsed by 1 hf the argest o dstrbutor n
Iceand
Coatera &
Guarantees
L 95
Pedge n maorty of the companes assets In tota 35 assets around
Iceand Se s 63064m
Pedge n ease agreement hch s pure fnanca ease
Guarantee from B hf and a pedge oer shares n Umtak ehf
Subecte ratng of oera securty acceptabe
aborg Industres odng /S (FI)
sk Factors
Contractng of ne shps s the order book s currenty ery strong ths s not a short term rsk
Fnanca
Performance
Credt atng BBB-
Exposure
Loans 1320
Unused
Euty
Bonds
Derat 03
Other
Total 132.3
aborg Industres s the ords eadng supper of marne boers for commerca
esses and hods eadng postons thn ndustra process steam boers n
seected geographca areas Funds adsed by tor Euty Partners acured
aborg Industres from a consortum of Dansh fnanca nestors ed by xce n
September 2005 he Dansh Empoyees Capta Penson Fund LD has remaned a
mnorty sharehoder he group s under a LBO fnancng structure and the
exposure of FI s 70 of the tota debt factes
s at 30 une 2008 the company had a IBD/EBID of 24 tmes and EBID
Performance YD at ndex 106
Coatera &
Guarantees
Oera L 41
assets
Pedge of shares n aborg ndustres /S (subsdary)
and fnanca coenants for ths type of eeraged fnancng
eghmore Ltd & e London Brdge ouse (Kaupthng Snger
& Fredander)
sk Factors
he current market means that deeopment fnance (GBP 14bn) be extremey dffcut to
rase and the cent reuested a three month extenson form the end of September 2008 auaton
of ste on resdua aue bass hae deterorated n ght of yed drft and Es softenng e
currenty s not to seek a reauaton for the sake of a 3 month extenson but rather to mpose tght
tmene mestones for progress toards the refnancng hch s no due to be compete by 14th
December 2008
Fnanca
Performance
/ Credt atng B-
atch Lst
Exposure
Loans 1246
Unused 74
Euty
Bonds
Derat
Total 132.
he Shard of Gass s a hgh profe toer redeeopment of and at and
around London Brdge ra termnus SE1 Part pre-et to Shangr Las ote
Group and ransport for London Euty Sponsors are atar atona Bank
atar Inestment Bank and Sear Property Group the atars
representng 80 of the dea th Sear hodng the baance Beteen
them they hae nested cose on 300m Ste s n course of beng
ceared Deeopment costs beng coered by euty partcpants
Exposure ncudes Kaupthng hf partcpaton n facty
Coatera &
Guarantees
Estmated L 100 Charge oer deeopment ste
Subecte ratng of the oera securty sub-standard

Samson
392 - 392 Samson egnarhadsfag ehf
125.5 6.8 118.7 Total
08 - 08 Samson Propertes ehf
199 68 131 ausk ehf
656 - 656 Empennage Inc
Total Unused Loans
mEU
Samson - Empennage Inc
sk Factors
he operaton of Landsbank sands gong forard
Fnanca
Performance
argn ca 100
Exposure
Loans 656
Total 65.6
Empennage s a hodng company for shares n Landsbank Isands
Coatera &
Guarantees
Securty margn 73
(L 137)
Coateras are 244093871 shares n Landsbank Isands and fu
guarantee of Landsbank Isands hch Kaupthng s prmary reyng on
Samson - Samson egnarhadsfag ehf
sk Factors
Shares n Landsbank hae decreased consderaby n the ast year due to the economc sodon he share
prce of LI s the companys man rsk factor
Fnanca
Performance
et turnoer na et Proft -63

argn ca 130
Exposure
Loans 392
Total 39.2
he company s a hodng company for shares n Landsbank Isands Oned by
Borgofur Gudmundsson and Borgofur hor Borgofsson
he oan granted to Samson egnarhadsfeag s a 1 year buet th maturty n
December 2008
Coatera &
Guarantees
Securty margn 151
(L 66)
Coateras are 297582299 shares n Landsbank Isands oney arket
Fund and an unmted persona guarantee of the oners
he coateras can be dffcut to udate n current market
enronment he fu guarantee of the oners can be consdered good
coatera
Coatera &
Guarantees
L 65
Pedge of assets on the pot that hae been fnanced by the bank
guarantee by the parent company oator Propertes ehf
Samson - ausk ehf
sk Factors
It s sae to say that ths sector s under serous pressure n current economy rea estate market both
commerca and resdenta seems to be on ce at the moment th saes sgnfcanty don
Fnanca
Performance
- 31122007
Credt atng BB (dered from Samson Propertes)
Fnanca performance of deeopment SP s
normay bad on eary stages Euty rato 30 f
oan from oner s consdered as euty
Exposure
Loans 131
Unused 68
Total 19.9
ausk s an SP around a proect on a and pot or assets n centra eykak
100 oned by Samson Propertes ehf
he ste s ocated n the ery center of eykak at the eastern end of Laugaegur
and s bound by Skagata tastgur Barnsstgur and crosses erfsgata
he master pan s to construct an ambtous compex that comprses of reta unts
offces esure and apartments In tota estmated to construct about 70-90
thousand seabe suare meters (n tota approx 90000)
he proect s no beng deeoped and pannng permts beng prepared
DEUGE Deutsche Grundegentum Gmb
Lundtoftegaard Gmb (FI)
sk Factors
It coud be expected that a genera sodon n German resdenta market affect L
Currenty the cash fo s poste and e hae supportng guarantees from sharehoders
Fnanca
Performance
Erk Damgaard Portefenest /S
et turnoer n/a EBID -79
Credt atng BB
Exposure
Loans 1077
Unused
Euty
Bonds
Derat 163
Other
Total 124.
DEUGE Deutsche Grundegentum Gmb s a recenty estabshed company
engaged n acuston deeopment and reseng of German resdenta
ease propertes to property funds abroad thn 12 months
Lundtoftegaaard Gmb s nestng n resdenta/reta propertes n Bern
he companes s utmatey oned by Ottmar au Sren oft-esen and
Erk Damgaard
Fnance of resdenta eased out propertes n maor ctes n Germany
ctua acancy 0-2 Interest ony-oans
Coatera &
Guarantees
Oera L 100 Pedged propertes
ddtona guarantees from Erk Damgaard Portefe-Inest /S
and from Ottmar au
Oera securty good
Enc Internatona Ltd (Kaupthng Snger & Fredander)
sk Factors
Our ony forma securty s one ne of shares hch oud hae to be paced th someone
desrous of onng the cub as they are not a tradtona nestment oeer e hae
confdence n the nforma support of the prncpas
Fnanca
Performance
/

/
Exposure
Loans 682
Unused 214
Euty
Bonds
Derat
Guarantee 323
Total 121.9
hs s a SP set up to purchase shares n ottenham otspur Footba Cub
through a eerse epo arrangement he utmate oners of Enc are
Dane Ley (the Charman of the cub) and oe Les ho s reputedy
extremey eathy and a target for dong further busness th
Coatera &
Guarantees
Shares orth C890m hed
through a epo agreement
Oera L 756
he guarantee s fuy cash
backed
Guma odng /S (FI)
sk Factors
Competton from compettors th producton n o cost countres
Somehat dependent on snge customers
USD reated (sae) (Lo USD hae e negate mpact on the sae
Ext s under preparaton

Fnanca
Performance
Credt atng BB
Exposure
Loans 1183
Unused 10
Euty
Bonds
Derat 04
Other
Total 119.7
Guma odng s a hodng company for Gud & arstrand - a eadng European
manufacturer of meta packagng eg food cans customed cans and stee books
for DDs etc he group ons factores n Denmark and Seden and exports goods
to more than 30 countres Guma odng has been under the onershp of B
mro Capta Prate Euty fund snce 2005 he group s under a LBO fnancng
structure
fter sae & ease back of the companys propertes n 2008 the IBD/Ebtda s 29
tmes EBI
Coatera &
Guarantees
Oera L 42 Pedge of shares
kker Europa /S (FI)
sk Factors
Fnancng through smaer fnanca nsttutons
Fnanca
Performance
Credt atng BB
Exposure
Loans 842
Unused
Euty
Bonds
Derat 345
Other
Total 118.7
kker Europa pS s oned by rgen kker FI s prmary fnancng the
groups property nestments n seected areas of Bern he group s consdered as
one of the most professona Dansh nestors n Germany
FIs commtment s fnancng of e stuated propertes th o de runnng and
net udty correaton
Coatera &
Guarantees
Oera L 74 Pedged resdenta propertes n Bern coenants
Oera securty good
Gudborgsund Kommne (FI)
sk Factors
muncpaty can not - accordng to Dansh egsaton - go bankrupt or appy for an admnstraton order s
a conseuence FIs exposure toards Gudborgsund Kommune mpes no credt rsk
Fnanca
Performance
et turnoer EBID
ota assets Curr ssets
Euty Euty rato
Credt atng
Exposure
Loans
Unused 273
Euty
Bonds
Derat
Leasng 899
Total 117.2
Gudborgsund Kommune (former ykbng Faster Kommune and ysted
Kommune) s stuated n the Southern part of Denmark on the sand Faster 100
km from Copenhagen he muncpaty has about 63500 resdents
Coatera &
Guarantees
Oera L -
L s not cacuated due to
the Dansh Legsaton
o securty - borroer s a muncpaty
Bakkar
115.3 17.9 35.9 12.3 9.6 39.6 Total
199 - - - 25 174 Bakkar (London) Ltd
955 179 359 123 72 222 Bakkar Group hf
Total Derivat. Bonds Equity Unused Loans
mEU
Bakkar - Bakkar Group hf
sk Factors
here has been pressure on ra materas and energy ast months or semesters and therefore a pressure on
purchasng cost here s aso a pressure from strong EU s GBP
Fnanca
Performance
- 3062008
Credt atng BB
Exposure
Loans 222
Unused 72
Euty 123
Bonds 359
Derat 179
Total 95.5
Bakkar Group s a eadng nternatona food manufacturng company specasng
n fresh prepared foods and produce he Group operates 62 factores and empoys
oer 20000 peope n 10 countres he head offce s n eykak Iceand and the
Group s sted on asda OX ordc Exchange n Iceand
Bakkar Group s the market eader n ts key market areas
Bakkar Group makes oer 6000 products n 18 product categores hch are
deeoped and sod predomnanty under ts customers on brands In addton to
the UK and Iceand the Group aso has busness operatons n France Begum
Span South frca Chna the Cech epubc and the Unted States and s e-
postoned for further expanson
Coatera &
Guarantees
he exposure on Bakkar s short term and more or ess unsecured
he exposure mature n mdde of oember 2008 and be up for
renea
Bakkar (London) Ltd
sk Factors
assets from tchen Foods are no part of Bakkars operaton and part of ts rsk
Fnanca
Performance
Credt atng na
Exposure
Loans 174
Unused 25
Total 19.9
Bakkar (London) Ltd as estabhed to purchase tchen Foods Ltd It s 100
oned by Bakkar Ltd hch s a part of Bakkaor Group hf
Coatera &
Guarantees
Share pedge n tchen Foods Ltd and Bakkar (London) Ltd
Lega mortgage n and
rot custons PS
sk Factors
Increased ra matera prces ecord hgh staness stee and heat prces hae sgnfcanty mpacted margns th dffcutes
n passng through ncreases to ts customer base of maor supermarkets
Compette market market partcpants are under pressure to ncrease prces to protect ther margns and n a ery
fragmented market the barganng poer of supermarkets s ery strong hs brngs opportuntes to pay an acte roe n sector
consodaton as smaer operators fa to compete
eabty of suppy Producton dffcutes thn ts man facty has ed to o reabty of suppy to supermarkets hch has
mpacted margns and reduced ther negotatng poer th supermarkets
Fnanca
Performance
- 3172008 (7 months)
Credt atng DD
Coenants In breach from Sept 2007
atch Lst
Prosons C49m (4)

Exposure
Loans 1064
Guarant 50
Derat 03
Total 111.7
rot s a eadng manufacturer and dstrbutor of prate abe pet food to retaers n Europe th
a producton foot-prnt of 5 ocatons n estern Europe
Kaupthng underrote and arranged C96m of dran senor and meanne factes n October
2006 to support Gde Buy Out Partners n ts acuston of rot from Godman Sachs for a
purchase prce of C128m ncudng C32m euty
Immedatey after cosng rot experenced sgnfcant underperformance n tradng (out-turn

FY06 C154m Budget C194m and out-turn FY07 C148m) through osng a key customer
ercadona the expected market shft from o margn canned products to hgher margn ucups
dd not happen and the market ucky shfted toards pouch products that rot as unabe to
suppy n arge uanttes due to mted capacty n ths specfc product ore recenty rot has
had to dea th ra matera prce ncreases and the deay n passng on these ncreases to
customers
fter proonged negotatons th the euty sponsor foong a breach of coenants n Sept 07
Kaupthng s n the fna stages of acurng the company

Coatera &
Guarantees
L EBID EU 118m
E utpe (orgna) 75x
et debt EU 1063m
LTV 128
Fxed and foatng charges oer the assets of each member of the Group and
matera subsdares Cross coaterased guarantees across a Group Companes
Pedge oer accounts and shares
Securty s consdered acceptabe
Standard eerage coenants

engus Stockhom /S (FI)
sk Factors
Sona Gate he argest tenant Lnsforskrngen ease agreement expres n 2009 (30 of the tota
area) It s expected that the agreement be reneed
Sona One he argest tenant ease agreement exprer n 2009 (30 of the tota area) It s
expected that the agreement be reneed

Fnanca
Performance
(nc subord oan cap EU 36m)
Credt atng BB
Exposure
Loans 997
Unused
Euty 38
Bonds
Derat 57
Other
Total 19.2
engus Stockhom B s a cosed-end fund aunched n uy 2005 he fund
purchases deeops manages and reases commerca property thn the greater
Stockhom regon
he nsttutona nestors s ecta B SEB EP penson companes Foksam/KP
nsurance and penson companes and the ausng famy
FIs exposure regards the to subsdares Sona Gate and Sona One he
exposures are coered th 1 prorty pedge for approxmatey 70 and 30 of
the exposure
L n both subsdares s 65
Coatera &
Guarantees
Oera L 65 Sona Gate Pedged SEK 30 mo n the property pedges n shares and
coenants Oera securty acceptabe
Sona One Pedged SEK 360 mo n the property pedges n shares and
coenants Oera securty acceptabe
of Barfoed /S (FI)
sk Factors
genera ncrease n the Dansh nterest rate effect the company
oday the free cash fo of the group amounts to DKK 400 mo hch shoud be consdered n reaton to the
annua net nterest expenses of DKK 131 mo In addton 80 of the groups abtes are hedged
here s a huge demand for eased apartments n Copenhagen and no probems are foreseen n fnanced
propertes
Fnanca
Performance
Credt atng BB
Exposure
Loans 1011
Unused
Euty
Bonds
Derat 74
Other
Total 18.5
of Barfoed /S s oned by of Barfoed and famy he group nestes n Dansh
attracte resdenta and commerca propertes
Prmary FI has fnanced resdenta renta propertes n Copenhagen n prme
ocatons
Coatera &
Guarantees
Oera L 76
to tota aue of the
propertes
Pedged propertes coenants
Oera securty good
Samher
117.8 2.4 .2 8.7 18.6 Total
14 - - - 14 Framnest sp/f
160 24 - - 157 UK Fsheres
14 - - - 14 Snfug ehf
133 - - - 133 Kadbakur ehf
236 - - - 236 Snfe ehf
622 - 02 87 533 Samher hf
Total Other Derivat. Unused Loans
mEU
Samher hf
sk Factors
Samhers noed n a stages of the aue chan fromfshng farmng andprocessngto export
andsaeshe strong poston of Samher togetherth knoedge experence and strong uota onershp
n a speces ensures that thecompany can mnme rsks and ensure stabty he man pressure today s
the prce of o but Samher has ganed from hgher prces on ra materas n genera
Fnanca
Performance
- 31122007

Credt atng BB
Coenants Standard coenants
Exposure
Loans 533
Unused 87
Derat 02
Total 62.2
Samher hf founded n 1983 s a eadng seafood company n IceandOutsde
Iceand Samher has operatons n Germany PoandUKand the Faroe Isands
and from 2007 through ts subsdary Kata Seafood ason aurtana and
orocco Samher s a ertcay ntegrated seafood company controng a
sgnfcant oume of fshng uota operatng a poerfu feet of fshng esses
freeer and fresh fsh traers as e as mut purpose esseshte fsh factores
andfsh farmngSamher aso runs extense saes and marketng operatons
hch are coordnated at the companys head offce Samher hf s operatng n a
system of resource management here the am s sustanabe fshng
Coatera &
Guarantees
Oera L 80
) Fshng esse and uotas 50 mEU
B) Inentores and receabes 13 mEU
C) Pedge n unsted shares S 65 mISK
Coatera s good or exceent
Samher - Snfe ehf
sk Factors
he purpose of the company s to expot uotas n dfferent aters hs can cause a potca rsk
gh energy cost puts a pressure on the company
Fnanca
Performance
- 31122007
Credt atng BB
Coenants Standard coenants
Exposure
Loans 236
Total 23.6
Snfe ehf s 100 oned by Samher Snfe bought Engey E 1 no Krstna
E the argest Icandc Fshng esse n mdde of year 2007 he dea s to moe
the esse beteen countres and fsh uotas Samher has bought n dfferent
areas So far the esse has been n Iceandc ater EU ater and frcan ater
Coatera &
Guarantees
Oera L 75
Frst prorty pedge n Krstna E (ex Engey e1) he purchase prce
as 32 mEU and snce then the esse has been upgraded
Coatera ratng s good/exceent
Samher - UK Fsheres Ltd
sk Factors
Pressure from hgh energy cost he esses operate under ery strct EU-reguatons hch causes a potca
rsk
Fnanca
Performance
- 31122007

Credt atng BB
Coenants Euty rato 30 - not met
EBID greater than 61 mGBP - met
Exposure
Loans 157
Guarant 02
Total 15.9
UK Fsheres Ltd s n ont (50/50) onershp of Onard Fshng Company and a
subsdary of Pareet & an Der Pas B n he etherandsUK Fsheres ons
Boyd Lne Ltd n u and arr Fshng esse anagementhesecompanes
operate tofreeer traers and one fresh fsh traer hose esses hae fshng
cences n EU ater oregan ater and Barent he esses hae been
upgraded and the operaton has been ery successfu th EBID beng beteen
40 and 50
Coatera &
Guarantees
Oera L s 80 esses and fshng cences are coaterased and estmated aue of
the resources coud be up to EU 40 m so a shares are pedged
Securtes are aued good
Samher - Kadbakur ehf
sk Factors
urbuences n fnanca markets hae caused Kadbakur to scae don ts actty sgnfcanty ths year he
company has sod don ts man asset and pad debts Snce the parent guarantees a of Kadbakurs debts
n the Bank there shoud not be a danger of any prosons
Fnanca
Performance
- 311220007
Credt atng BB (due to guarantee from parent)
Exposure
Loans 133
Total 13.3
Kadbakur ehf s a spn off from Samher and 100 oned by Samher Kadbakur
s managng groups securtes shares and bonds Its man asset no are
1300000 shares n Kaupthng Bank and 1/3 of shares n Sdarnnsan (S) In
the begnnng of the year shares n Kaupthng ere 6000000 but Kadbakur has
been seng shares and repayng the oan It aso hods a sma stake n Stodr hf
Coatera &
Guarantees
Oera L s 100
(ust countng for sted shares)
egate pedge on shares n Kaupthng Bank (KUP)
Pedge n shares n Sdarnnsan (S)
guarantee from the parent company Samher hf
Gant Bdco (Booker Group pc)
sk Factors
Compette market Increasng competton from cash and carry operators and arger supermarkets coud erode market share
Cost nfaton In a compette market t may be dffcut to pass through product prce ncreases but to date Bookers prces
reman compette
Fnanca
Performance
et turnoer 39070 FY08 EBID 791
- 2832008 (12 months)

Credt atng 7 / S&P euaent (BB)
Coenants coenants are n compance arch 08 ota

Cash coer 63x Interest coer 73x
Exposure
EU m
Loans 333
Undran 712

Total 14.6
Booker s UKs argest cash and carry operator th 172 branches offerng branded and prate
abe goods hch are sod to 400000 customers ncudng conenence stores grocers pubs and
restaurants In une 2007 Booker reersed nto Bueheath odng pc to form Booker Group Pc
Bueheath s a hoesaer of groceres to ndependent and mutpe reta and esure outets thn
the UK
In February 2005 Kaupthng underrote C348m n debt factes totang C1108m arranged by
BoS to fnance the Pubc-to Prate acuston of the Bg Food Group hch reduced to C233m
foong a sae and easeback of Booker propertes Foong a perod of underperformance
Kaupthng undertook a debt for euty sap n October 2005 th a cash necton of C108m
ota saes n the 14 eeks to 4 uy 2008 ere up 19 (33 LFL) on pror year th non-
tobacco saes up 47 partay offset by a decne n tobacco saes of 22 (-43 LFL)
Coatera &
Guarantees
FY08 EBID EU 791m
Share prce at 16/09/08 2675 pence
arket captasaton EU 4566m
et Debt EU 633m
LTV 12.1
Debenture
Fnanca coenants ncude ota nterest coer and Cashfo after Debt Serce

oga Pty Ldt (FI)
sk Factors
Occupaton ratos drop
3 under constructon - more expense

Fnanca
Performance
Credt atng BBB
Exposure
Loans 648
Unused 144
Euty
Bonds
Derat 55
Offer 190
Total 13.7
he oga Group s oned by the dor famy and s one of ustraas argest
pratey oned groups th acttes n property deeopment and nestments
constructon and hosptaty management In order to compy th ths expanse
groth strategy oga has estabshed a fund - he oga ccommodaton Fund -
20 oned by oga and 80 oned by other eathy ustraan prate
ndduas or companes he fund s the utmate oner of the 3 hotes (one n
Copenhagen and 2 n Germany) fnanced by FI 2 hotes are under constructon n
amburg and arehouse by oga unt transferred nto the fund
Coatera &
Guarantees
Oera L 65 Pedged propertes and cross coatera beteen the propertes n Den-
mark and Germany Pedge of shares Coenants
-huset Inest /S (FI)
sk Factors
he current stuaton on the rea estate marked
efund rsk n connecton th competon of the reconstructon

Fnanca
Performance
Credt atng B
Exposure
Loans 761
Unused 259
Euty
Bonds
Derat 13
Other
Total 13.3
he company s an SP hose ony purpose s to buy deeop and subseuenty
se a resdenta property caed -huset he house s currenty beng rebut nto
198 oner-occuped apartments and 7-8 stores he property as acured n 2004
for DKK 140m (EU 188m) In the nterenng perod the budng has been party
eased out he apartments are not yet aaabe for sae due to the sghty
chaengng market stuaton n Copenhagen he souton mght nstead be to rent
out the apartments or se to an nestor
he oners are GS Inest pS (51) Euty DKK 15bn tota assets DKK 16bn
GS Inest pS s oned by an phom Sren and nders estermann the
oners of the hearng ad company dex /S
as /S (49) Euty DKK 289m tota assets DKK 565m he company s a
tradtona deeopment company conductng acttes n Poand Denmark ussa
and ontenegro
Coatera &
Guarantees
Oera L 86 Pedge of shares coenants ont and seera payment guarantee by
the 2 oners (as /S and GS Inest pS) - mted to a tota of DKK
128m notce of thdraa from the to oners
EI Fund Denmark II pS (FI)
sk Factors
Durng the ast year there has been a genera sodon n prces on commerca propertes n
Denmark Some sgns of decrease n demand for commerca ease agreements akng the oners
nto consderaton t s not key that ths ead to probems n ths case
Fnanca
Performance
Credt atng BB
Exposure
Loans 912
Unused
Euty
Bonds
Derat 107
Other
Total 11.9
EIF (Denmark) II pS s a cosed end fund nestng n propertes n
Denmark snce 2005 he fund must ext the portfoo pror to ay 1st
2011 he nestors are arge e-reputed penson funds n Europe bu
Dhab and US ncudng P Propertes (a subsdary of P) ons 11 of
EI Fund he fund s managed by the ustraan Property Group aad
he fund nest many n property for trade and ndustry
Coatera &
Guarantees
Oera L 70 Pedged propertes pedge of shares coenants
Oera securty good
Chestnutbay (suth urseres)
sk Factors
he outook for the UK chdcare sector s based on the foong key rsk factors
sng nfaton decreasng consumer confdence and househod expendture due to the economc donturn
Increased competton from state-run factes and prmary schoos
Demand shortfa s expected to be mtgated by the antcpated ncrease n the number of mothers returnng to empoyment to
boost househod ncome and usng chdcare factes
he Group offers a hgh-uaty serce th premum fees targeted at more affuent cents ho are more nsuated from the
economc donturn It benefts from ts reputaton as a proder of uaty care and ocaton n more affuent parts of the country
anagement focus s on contnung to dre oume groth through the tred and tested marketng strategy
Fnanca
Performance
Saes (Cm) 258 EBID 53
ota ssets 1300 Current ssets 59
Euty 318 Euty ato 25
- 5 months uy 2008
Credt atng 4 (S&P ratng B)
Coenants aer granted for breach of o 07 Feb08 et

Leerage Coenants due to shortfa n EBID
ay 08 et Leerage Coenant 95x breached credt paper to

be submtted
Exposure
Loans 970
Total 97.
Second argest UK chdcare day nursery th 112 stes across the country offerng
superor uaty factes and serce for a premum fee
Estabshed 1989 under the name of suth urseres
he group has c 4000 fu-tme euaent chdren regstered th them hch represents c
60 occupancy ee
he group empoys 2500 staff
he 18-month Brdge oan facty matures n December 2008 and the company s currenty
hodng dscussons th banks th regard to refnancng optons
suth s currenty n coenant defaut and has a cross-defaut arsng from sharehoder Danay
Day gong nto admnstraton credt paper be submtted to GCC shorty th
recommendatons
Coatera &
Guarantees
un ate EBID (Cmn) 133
E utpe (Kaupthng estmate) 70x
E 933
et Dran Debt 931
LTV ecl Gtee): 1
Fxed and foatng charge oer assets of each Group member and matera
subsdares (pr 08 property auaton as C796mn) Debentures ncude mortgages
oer a freehod propertes Cross coaterased guarantees across a group
companes Frst rankng securty oer shares n the borroer and each Group member
Securty s consdered acceptabe and based on up-to-date market auaton

eco ep /S ( rst Group /S) (FI)
sk Factors
s the company handes ery arge exposure th a sma margn t s essenta that the nterna
management systems and the management of the company s abe to hande the assocated
oatty such as n o prce and n the USD
Future refnancng and fnancng of ne proects
Fnanca
Performance
Credt atng BB
Exposure
Loans 836
Unused 83
Euty
Bonds
Derat
Leasng 49
Total 96.8
In 2007 the prate euty fund tor acured rst Group /S he group
has three dfferent busness unts arne Fue (20 ocatons around the
ord) Shp Suppes (10 countres and 14 ports) and Shppng gency 3
ocatons n Denmark) rst group s among the four argest ndependent
suppers of marne fue gobay th a market share of 8
rst Group operates as a physca supper of marne fue hch means
that the companys nentory and account receabes are ery hgh
oeer the nentory of marne fue s hghy ud and the account of
receabes s nsured
Coatera &
Guarantees
Oera L 49
assets
Pedge of shares
DS odng /S (FI)
sk Factors
Fnanca
Performance
Credt atng BB
Exposure
Loans 877
Unused 66
Euty 60
Bonds
Derat 02
Other
Total 94.5
DS odng /S s a eadng Dansh company thn ceanng of so and other
ra materas Furthermore the company s acte thn recycng and reated
transport serce/fu-ne supper he prncpa sharehoder - prate euty
company rton has app 40 nestors ncudng Ikea Sss e ordea and GE
Capta
Coatera &
Guarantees
Oera L 42
to totae aue of the assets
Pedged shares n DS /S
Commtted oan agreement th the usua coenants
restrctons and fnanca coenants for ths type of eeraged
fnancng
P er-rsk /S (FI)
sk Factors
Durng the ast 2 years e hae seen a decreasng proft n the contaner busness further
decrease n the ord economy coud negatey affect ths busness area On the other hand unt
no ths stuaton has baanced by ncreases o prces
Fnanca
Performance
Credt atng
Exposure
Loans 509
Unused 421
Euty
Bonds
Derat
Other
Total 93.
he P oer - aersk Group s a ordde organsaton th more than
110000 empoyees and offces n more than 125 countres he man
companes are grouped nfour oera busness areas Contaner & reated
acttes Energy ankers & offshore and eta & other busness he
shares are uoted on the Copenhagen Stock Exchange
Coatera &
Guarantees
Oera L 32
to tota assets
o securtes
Peter Shason Connecton (Kaupthng Snger & Fredander)
sk Factors
r Shasons eath s concentrated n property and aues are currenty fang he does hae
other nestments but these oud be dffcut to se he UK portfoo s concentrated on o
aue propertes n the north of the UK
Fnanca
Performance
onecor
et turnoer C175m EBID C76m
ota assets C1318 Curr ssets C1313m
Euty C66m Euty rato 50

Credt atngs r Shason BB-
UK B
onecor BB-
Exposure
Loans 685
Unused 164
Euty 01
Bonds
Derat 14
CFD
Total 87.3
e end to r Shason n hs persona name to fund nestments UK
ousng ance buys ex Loca uthorty ouses from oners ho hae
exercsed the rght to buy and no sh to reae ther cash and reert to
rentng they sgn up to reman n the property for 10 years o further
purchases are beng made due to the nabty of UK to rase more
fnance and the current stock s to be managed from London here s aso
an oerdraft of GBP 15m n the name of onecor a spread bettng
company fnance openng margn postons on CFDs and Fnanca Spread
Bets undertaken by radIndex on behaf of ts segregated cents hch
as unused at the date of the report
It shoud be noted that Kaupthng on 5 of UK ousng ance
Coatera &
Guarantees
r Shason C60m
UK Propertes aued at
C68m L 78
Peter Shasons facty (GBP 15m) s secured on shares n hs
property company he UK facty s secured by a charge oer
ts assets hch are resdenta houses
Chr ansen odng /S (FI)
sk Factors
Strong competton from Dansco
Fnanca
Performance
Credt atng BB
Exposure
Loans 849
Unused 23
Euty
Bonds
Derat
Other
Total 87.2
Chr ansen s one of the ords argest producers of natura food ngredents
soutons such as cutures enymes coours and faours he ngredents are used
n the food pharmaceutca nutrtona and agrcutura ndustres In 2005 the
prate euty fund PI Partners dested Chr ansen from the Copenhagen Stock
Exchange he group s under a LBO fnancng structure
Coatera &
Guarantees
Oera L66
assets
Pedge of shares of Chr ansen /S
Prmera rae Group hf
sk Factors
Prmeras reenues are heay dependant on the state of the economc enronment exchange rate and o
fuctuatons hch has been demonstrated n the Iceandc market Prmera s ery dependant on ts fght
arrangements hch t has tred to counteract by usng the serces of etx aso oned by ndr ar
Ingofsson the prncpa oner of Prmera rae Group etx s effectey a part of the Prmera group hch
changes the nature of Prmera from a pure tour operator to a part charter arne hch adds to the rsk
profe of Prmera but f run effcenty shoud be benefca for the group as prces of fghts and the charter
arne enronment s changng and makng t more dffcut for Prmera to get compette prcng on ts fght
cost Operatona effcency of etx remans to be seen but st Prmera has benefted for the use of etx
compared to hang purchased fghts esehere een f eed on a group bass
Fnanca
Performance
(EU)
- 31122007
Credt atng BB
Prmera coenants as of 31122007 are n
compance ota nterest bearng debt/EBID 261
Fxed charge coer 163 EBID/Interest payabe
658 Exc etx
Exposure
Loans 646
Unused 01
Derat 14
Guarant 207
Total 86.8
Prmera rae Group hf s a northern European tour operator th emphass on the
Scandnaan market he companes thn the group are the Sedsh Soresor
(33/30) the Irsh Budget rae (24/29) Soa (49/84) atka ekka
(17/15) the Dansh Brao (15/19) and emsferdr/erra oa/Prmera
(6/12) etx ehf s currenty a sster company hch prode approx 40 of
the groups fghts n 2008
he exposure to Prmera orgnates many from emsferdrs acuston of
Soresor and Brao n 2005 and Budget rae n 2007 but aso to fnance
reorgansaton of etx n 2008
of tota reenues/ of tota EBID
Coatera &
Guarantees
Oera L 46 Share pedges of matera companes bank accounts & sa/euro n
Iceand mortgage n rea estate of emsferdr
hork ndersen odng /S (FI)
sk Factors
It coud be expected that a sodon n the Dansh economy effect the demand for both
domestcs and nternatona transport So far the company has not notced ths n ther saes
e are aso confdent that the company be abe to adust to a ne market stuaton
Fnanca
Performance
Credt atng BBB-
Exposure
Loans 709
Unused
Euty
Bonds
Derat 154
Other
Total 86.3
horkd ndersen odng /S ons Frode Laursen Group hork ndersen ons
the utmate parent company otshens odng /S he Group s engaged n
consumer goods ogstcs and prodes serces such as system ogstcs
nternatona transports and reta merchandsng he Frode Laursen Group s
based n Denmark he the ordc regon s the prmary dstrbuton area
Coatera &
Guarantees
Oera L60
Pedged arehouses n Denmark Seden and Fnand Lease guarantee

from group company coenants
Ek Fastegnafag ehf
sk Factors
Ek fastegnafag s rentng out commerca rea estate n Iceand he renta agreements are mosty ong
term and the cash oerage s fne (Cash from operatons/pad nterest 16) he man concern oud
neertheess be f many of the tenants oud face fnanca dffcutes - that oud hae aderse effect on
Ek

Fnanca
Performance
- 3062008
Credt atng 6
Exposure
Loans 862
Total 86.2
Income producng rea estate company n Iceand he company as founded n
2002 n reaton th the eeraged buyout of the do-t-yoursef chan
usasmdan he mportance of usasmdan as a key tenant has dmnshed
sgnfcanty snce then Ek s a fnancng company that offers sma to medum
sed companes to buy-and-easeback on ther propertes as e as genera ettng
of commerca rea estate Ek as fuy oned by Kaupthng Bank unt pr 2007
hen t as sod to Ekarhad ehf oned by Baugur Group hf (227) FL Group hf
(49) Inestment company Prmus ehf (1015) and Saxbygg ehf (1815) he
company s no part of a arger portfoo hch ncudes Fastegnafag sands
(100) Gtnr ea Estate Fund (6465) and share of Egnarhadsfag Fastegn
(10) hs s oned by Saxbygg (519) Gtnr (463) and others Ek has 8
empoyees CEO s Gardar Frnsson
Coatera &
Guarantees
Oera L 70
1st en mortgages n most part of the portfoo
he coatera can be categored as good
Sean Dunne Connecton - DCD Buders askar Ltd (Kaupthng
Snger & Fredander)
sk Factors
he cent s currenty appeang a decson to refuse pannng consent on to eements of the
proposed redeeopment scheme fna decson s expected thn 12 months It s antcpated
that the banks be asked to ncrease the facty to coer further nterest ro up and pre-
deeopment costs
Fnanca
Performance
/

Credt atng DCD Buders B-
askar Ltd BB
Exposure
Loans 841
Unused
Euty
Bonds
Derat
Total 84.1
DCD Buders s a partcpaton n a facty (tota C3265m ed by Uster
Bank) to fnance to hote stes (both operatona) n Dubn th
deeopment potenta
he oan to askar Ltd (USD 275m) s to fnance a 1/16
th
share n a
Gufstream G550 through the etets fractona onershp scheme for the
beneft of r Dunne
Coatera &
Guarantees
ote stes C520m
Oera L 628 pus a
guarantee from Sean Dunn for
C250m (76 of tota
syndcated facty)
DCD Buders L coenant 65
askar Ltd s guaranteed by Sean Dunne
Saxo Bank /S (FI)
sk Factors
he rsk s frst and foremost reated to the operaton of Saxo Bank and the auaton of the
property n eerup af year report 2008 shos net proft EU 162m (1026 frst haf year 2007)
on group ee Expert appraser has confrmed auaton of the property
Fnanca
Performance
Credt atng BBB
Exposure
Loans 635
Unused
Euty
Bonds
Derat 104
Subord 100
Total 83.9
Saxo Bank /S s a specaed nestment bank offerng onne nestment tradng
serces n the goba capta markets Saxo Bank s oned by the founders Km
Fournas and Lars Seer Chrstensen (71) and the P/E frm Genera tantc
FIs commtment s a subordnated oan of EU 10m (th Saxo Bank /S) and
commtment of EU739m th Eendomsseskabet Bygnng 119 /S - a ney bud
company house n eerup for Saxo Bank Expert appraser has auated the
property to EU 804m
Coatera &
Guarantees
Oera L 79
Subordnated oan Eur 10m
and derat are not ncuded
n L
1 prorty pedge n the property ong non-canceabe ease
Oera securty good
/S Unted Shppng & radng (FI)
sk Factors
Effcent receabes management
Fnanca
Performance
Credt atng BB
Exposure
Loans 794
Unused 03
Euty
Bonds
Derat 34
Other
Total 83.1
/S Unted Shppng & radng (USC) s 100 oned by the founder orben
stergaard-esen
USC conssts of 3 busness areas
Shppng - specases n door-to-door ogstcs soutons prodng transport
serces by and sea and ar n Denmark
Bunker - parent company of one of the argest groups of bunkerng companes n
the ord th more than 20 companes n amost as many countres
Un-ankers - the core of busness s product tankers n the se of 15-25 dt and
smaer chemca/bunker esses he company operates ts on (10 o and
chemca carrers) as e as chartered shps
Coatera &
Guarantees
Oera L 33
to tota aue of assets
Commtment th Bunker group EU 74m - no securtes other than
coenants
Commtment th Bunker group EU 9m - pedged arehouses
coenants
K/S Danske Immoben (FI)
sk Factors
acancy of 2-4 corresponds to standard repacement rato
Sound operatons udty foong oan repayments
Fnanca
Performance
Credt atng BBB-
Exposure
Loans 819
Unused
Euty
Bonds
Derat 11
Other
Total 83.
K/S Danske Immoben as estabshed n 2006 by professona nestors he
nestors are among others ra Food and Kbmndenes Inesterngs Insttut (KFI)
K/S Danske Immoben ons 73 resdenta propertes n Germany ocated n
Schesg Lbeck and ede
FIs fnancng s reated to e-ocated resdenta ease propertes n the
mentoned ctes
Coatera &
Guarantees
Oera L 80 Pedged propertes n Germany
Oera securty good
Eurotrust /S (Kaupthng Luxembourg)
sk Factors
th ts rea estate deeopment portfoo E had suffered from poor market n DK and deayed sae at oer
prce In ts nd busness (sector s poste) E has 130 operatng (to be but up to 1000 n 2013)
thus E needs sgnfcant cash to gro but aso to fund corporate costs due to mted cash from proects
currenty and due oans from sharehoders E s n process of rasng capta a KSF hch s ta for groth
aternatey they mght need to se PEP to operate and gro the other nd park ppene
Sae of G s deayed as past offers not attracte enough n e of E Currenty KBLUX negotates th E
and EIK to brng don exposure of KBLUX on G auaton based on buyer nterest as stated by cent
Fnanca
Performance
et turnoer 153 EBID - 43
(EU mn as per nterm accounts 12/2007 before
sae of rea estate dson and reasaton of osses)
Credt atng no ratng
Poor nformaton reportng
Due to cash needs of E KBLUX had to accrue nterest
on proongaton of oans n une 2008 extenson of
maturtes s reuested
Exposure
Loans 8270
Unused n/a
Euty n/a
Bonds n/a
Derat n/a
Total 82.7
Eurotrust /S (E" Kodng/Denmark) stres to become a eadng European
reneabe poer producer n the nd sector and ust sod the maorty of ts rea
estate deeopment busness (many n DK market)
E s sted on the I n London (current market cap EU 37mn) and adsed by
Kaupthng Snger Fredander (KSF" beng ts omad)
KBLUX s fnancng on proect ee backed a corporate guarantee of E
1 EU 507mn to Parue Eoco Puerto ea I SL (PEP") onng a runnng nd
park n Southern Span regarded as best asset of E
2 EU 320mn to G /S (G") a eness & Gof-esort n m DK hch
s st for sae Proect s oss makng ne management for turn around n pace
th break een expected n to years EIK Bank s unor ender th EU 168mn
Coatera &
Guarantees
Guarantee of parent company n
faour of both transactons
Ls
1 PEP L c 72
2 G L c 62 pro forma
Frst rankng proect fnance coaterasaton
1 PEP mortgage share/account pedge assgnment of cams for
EU 67m (excudng ths L c 72) - rated good
2 G mortgage share/account pedge - rated good
Fexnk odng B
sk Factors
anagng customer proects th ong ead tmes management beees that the ppene and pace of proects supports the fu
year budget but performance s heay eghted toards the ast uarter of the year th the rsk that proects may be deayed
and/or ncur cost oer-runs
arket donturn hstorcay Fexnk has suffered n preous market donturns but the busness s better dersfed across
seera sectors and geographes o date the ee of uotatons has been ahead of pror year
Capacty chaenges some terrtores are oerstretched he other terrtores are under-utsed hch has ed to capacty
chaenges oer the ast year anagement s ookng to reocate orders to mnmse the use of contractors and hep mproe
margns n the second haf of the year
Fnanca
Performance
- 3172008 (7 months)
Credt atng BB
Coenants aed Sept 07-ar 08

un 08 et Debt EBID 514 (target 70)
atch Lst
Kaupthng Prosons C38m (4)

Exposure
Loans 713
Guarant 106
Total 81.9
Supper of fexbe automaton systems to the ndustra manufacturng process of companes

acte n the FCG utomote & Engneerng Eectroncs & eecom and eathcare sectors
eaduarted n Gothenburg Seden th unts n Seden Poand aaysa Chna the UK the
etherands and Germany
Saes acttes are organsed nto 4 geographes EE (Europe dde East frca) orth 40
EE South 24 mercas 23 and sa Pacfc 12
he Senor and eanne factes of C114m supported the eeraged buy-out of FexLnk by
B mro Capta (C) n uy 2005 th factes maturng beteen 2012 and 2015
Snce the LBO C has nected addtona euty of C316m foong sgnfcant tradng
underperformance to brng the current euty stake to C959m
Coatera &
Guarantees
L EBID EU 157m
E utpe (estmate) 6x
et debt EU 73m
LTV: 78
Share pedges oer matera subsdares and pedges oer trademarks patents
ntercompany oans and foatng charge oer FexLnk Components B Guarantee
from hodng company
Coenants eset n Dec 07 (et Leerage ony from un 08 to Dec 08 before fu

sute of standard eeraged coenants from arch 2009)
Essex Inest odng /S and Peter aorsen (FI)
sk Factors
genera sodon n the Dansh economy effect the prce ee on ne ease agreements
decrease on the ee of ease agreements aso effect saes prce on the propertes
Fnanca
Performance
Credt atng BB
Exposure
Loans 717
Unused
Euty
Bonds
Derat 93
Other
Total 81.
he Essex group as estabshed app 20 years ago by the no 47 year od
Peter aorsen ho st hods 100 onershp he group has three
busness areas
Onershp and operaton of on resdenta and commerca propertes
Constructon of resdenta and commerca propertes
Purchase and dsposa of resdenta and commerca propertes

FIs commtment th Essex s due to 3 ndustra propertes ocated n
sted og orsens and 2 offce and busness premses ocated n rhus
and Copenhagen
Coatera &
Guarantees
Oera L 71 Pedged propertes payment guarantees by group companes
coenants
Oera securty good
DC /S (FI)
sk Factors
Decrease n reenues from and ne teephone hch s a cash co for DC
Fnanca
Performance
Credt atng BB
Exposure
Loans 733
Unused 73
Euty
Bonds
Derat
Other
Total 8.6
DC /S s the eadng teecommuncatons proder n Denmark t the end of
2005 ordc eephone Company /S made an offer for DC /S t the begnnng
of 2006 879 of the sharehoders shares ere redeemed ordc eephone
Company /S s oned by pax Partners ordde LLP he Backstone Group
Internatona Ltd Kohbert Kras oberts & Co LP Permra dsers KB and
Prodence Euty Partners Ltd
Coatera &
Guarantees
Oera L 50 Commtted oan agreement th the usua coenants restrctons
Serena Euty Ltd (Kaupthng Snger & Fredander)
sk Factors
he yacht beng fnanced s under constructon for deery n 2010 eang us exposed to
constructon rsk
Fnanca
Performance
/

Credt atng BBB
Exposure
Loans 179
Unused 616
Euty
Bonds
Derat
Total 79.5
hs s a yacht fnance facty to a SP hose benefca oner Yur Shefer
has an estmated net orth of C700m
Coatera &
Guarantees
C205m purchase prce to be
aued once compete
Oera L 40
Charge oer the yacht under constructon
Eg gustsson (Kaupthng Luxembourg)
sk Factors
- he groups net short poston s many dren by ed orecra exposure he rea aue of the company
hch ent prate has been anayed and suggest that ts aue s hgher than the current market
uotaton
Fnanca
Performance
Durng 2008 the debt exposure has ncreased by
EU 15m of hch EU11m s reated to nestng n
rston ea Estate In the mean he the assets
hae decreased by EU 16m
he drop of assets aue s ony due to market
deeopments many dren by the poor
performance of aue anagement esources G
that has ost 60 of ts aue durng 2008
Exposure
Loans 776
CFD &S 01
Unused (181)
Euty -
Bonds -
Derat -
Total 77.7
E s the benefca oner of seera companes hch hae accounts th
KBLUX he man companes are ed orecra Godca anagement
Leantera Inestments
ed orecra s nked to pubc company hch ent prate (aue
anagement hch as sted on the German market)
Coatera &
Guarantees
Kaupthng 184m
aue gt 98m
Betegungs 26m
Others 204m
L
152
-atng none
-here s securty document n pace Standard harcuts are apped to a
accounts
gern Eg Skaagrmsson Group ehf
sk Factors
Despte the o-cycca nature of the company th ts emphass on consumer products the current
economc cmate may ead to decreased consumpton of food and beerages here consumers faor ess
expense products and buy ess n genera oeer the company s outperformng ts budget for the year
and s not yet sensng a decrease n demand oera but as other companes t notces ncreased dffcuty
th payments from customers he company has a eeraged structure and the maorty of ts oans n
foregn currency at the same tme as dependng on mports so further matera deprecaton n the ISK can
aso be consdered a consderabe rsk factor
Fnanca
Performance
- 31122007
Credt atng BB
Frst testng dates of coenants as of 3062008
Securty acceptabe
Exposure
Loans 738
Unused 05
Euty 16
Derat 01
Guarant 13
Total 77.3
gern Eg Skaagrmsson ehf s a hoesae manufacturng and marketng
company n the Iceandc food and beerage market he company s spt nto the
foong four areas Dan hch focuses on seng seets food and specates
nto the reta market Egs hch focuses on acohoc and non-acohoc
beerages ressng hch focuses on drnks and snacks to company and
nsttutona canteens and Gntt hch focuses on packagng and ra materas to
canteens bakeres meat processors etc In ugust 2007 Dane afsson hf and
gern Eg Skaagrmsson ehf merged and became gern Eg
Skaagrmsson gern no ons G-7 ehf (51) a rea estate entty hch ons
the companys premses at Grths and s 49 oned by Kaupthng and other
smaer enttes G-7 s aso fnanced by the bank
In 2007 Kaupthng fnanced the management buy-out from the preous ong-term
oner and subseuenty the companys acuston of S ehf Fordana and Bako
Coatera &
Guarantees
L 427
Share pedge n gern of 6875 of ts share capta and ts
subsdares ccount receabes and nentory S and Fordana
trademarks negate pedge
oer Gate Deeopments Ltd (Kaupthng Snger &
Fredander)
sk Factors
here s a gut of apartments n anchester and t s uestonabe be hether constructon shoud
be commenced It s probabe that an updated auaton oud ead to a breach n the coenant
Interest s beng kept current
Fnanca
Performance
31 arch 2007
et turnoer C46m EBID C55m
ota assets C1906m Curr ssets C127m
Euty C643m Euty rato 337

Credt atng B
Exposure
Loans 174
Unused 516
Euty
Bonds
Derat 79
Total 76.9
hs s to fnance the ste and subseuent deeopment of a 28 storey
toer comprsng 221 apartments 98 serced apartments offce and reta
space n anchester he prncpa nee ussarat has a good track
record of property deeopment and nestment ncudng a competed
deeopment th KSF and has an estmated net orth of C240m
Coatera &
Guarantees
aued Feb 08 at 1865
(C229m) as a ste and 88m
(C1083m) hen competed
LGD 63
Charge oer the ste and persona guarantee of r ussarat
LGD coenant 65

IDdesgn odng /S (FI)
sk Factors
Economc donturn causes consumers to purchase ess and cheaper nteror hs s among
others correated th the housng market
he ne management has ntated a ot of ntates to account for ne economc cmate e

st need to see the resut of these actons (donsng (FEs) ne contracts th suppers etc)
ransformaton from ountary chan to capta chan

Fnanca
Performance
(Budget 1 pr 2008- 31 arch 2009)
Credt atng BB
he company s n breach of ts fnanca
coenants e expect to ssue a temporary
aer on certan condtons he group expects
to back on track around md-year 2009
Exposure
Loans 599
Unused 158
Euty
Bonds
Derat
Other
Total 75.7
*Expected to be canceed
as a resut of breach of
coenants and subseuent
aer
IDember s a ountary chan th 25 members and 39 reta stores hch
ses furnture many n Denmark In oember 2007 the Dansh prate
euty fund xce acured the chan (Onershp xce (60) and former
oner (40))
IDEmber as founded n 1969
he profe of the stores s
Broad product portfoo
Good uaty - aue for money
gudance and a hgh serce ee

s at une 2008 IBD/EBID s 187x and YD EBID s EU -17m (s
base case of EU 5)
Coatera &
Guarantees
Oera L 44
assets
Pedge of shares
Unty Inestments (Kaupthng Luxembourg)
sk Factors
-
he portfoo shos a negate euty of EU 45m and a concentraton n oss Bross
-
hs stuaton s mtgated th the three guarantees n pace from benefca oners
Fnanca
Performance
he debt exposure has expanded durng 2008 by
app EU 10m because of constant need of support
the CFD cash margn th the brokers
Unty ons those three postons a CFDs snce 30
une 2006
anuary 2008 Baugur hf and Stodr hf pad n GBP
47m each because of margn cas
Exposure
Loans 122
CFD & S 401
Unused 227
Euty -
Bonds -
Derat -
Total 75.
he company s oned by Baugur hf (375) Stodr hf (375) and Ken
Stanford (25)
Unty as estabshed to nest nto ud assets ether shares or CFDs
ne nestment n Debenhams amountng EU 20m mght arse n the
future
Coatera &
Guarantees
oss Bros 93m
ooorths 27m
French Connecton 03m
Others 355m
L

109
-atng none
-Unty s coaterased by guarantees from Baugur (GBP 15m) Stodr
(GBP 15m) and Ken Stanford (GBP 35m)
- nestments are under standard margn reurements
ooymes /S (FI)
sk Factors
sodon n the ord economy coud affect the saes ord de for the company Unt no e
hae not seen any affect of fang turnoer and e aso beee that the core busness of ths
company s ery strong
Fnanca
Performance
Credt atng
Exposure
Loans 747
Unused
Euty
Bonds
Derat
Other
Total 74.7
ooymes /S s the botech-based ord eader n enymes and mcro-organsms
ooymes as unt year 2000 oned by oo /S oday ndependenty sted on
the Dansh Stock Exchange
Coatera &
Guarantees
Oera L 41
to tota aue of assets
o securtes
eka
74.6 1.7 1.1 62.7 Total
40 - - 40 afrah ehf
194 - - 194 eka fastegnr ehf
511 107 11 392 eka hf
mEU
eka hf
sk Factors
he market s under heay pressure n the current economc cmate Doube dgt concentraton of saes
percentage se YOY take a to on proftabty
Fnanca
Performance
- 31122007
Credt atng BB
eka & ts mother company afrah are under
fnanca & operatona restructurng at the moment
Exposure
Loans 392
Unused 11
Guarant 107
Total 51.
eta saes of motor ehces and heay machnery
eka fastegnr (eka rea estate) rents rea estate to ts affate company eka
afrah s the hodng company
Coatera &
Guarantees
Pedge our shares n eka hf accounts receabe nentory & bs of
adng (eka hf)
Securty rated as sub-standard
eka - eka fastegnr ehf
sk Factors
enancy defaut rsk s the bggest threat that F faces at the moment Knon fact that saes of ne cars n
Iceand has ht a a the atter part of ths year
Fnanca
Performance

Credt atng BB-
Exposure
Loans 194
Total 19.4
eka Fastegnr ehf (F) ons and operates maorty of the space that ts affate
company eka (and subsdares) use
Coatera &
Guarantees
L 95
Pedge n a assets of the company n tota 6 assets - 14380 suare
meters o key assets are n eykak stand for approx 80 of asset
aue
Subecte ratng of the oera securty good but hgh L
et turnoer 13 mC EBID 10 mC
ota assets 268 mC Curr ssets 29 mC
Euty 41 mC Euty rato 15
-30062008
ffe
72.9 .1 72.8 Total
419 01 418 Sstafr ehf
149 149 Stuahs ehf
161 161 ffe hf
Total Derivat. Loans
mEU
ffe - ffe hf
sk Factors
ffe per se shoud be abe een though debts are ery hgh to serce ts debt snce the man products s
Coca Coa and some of the most popuar beer on the market Competton has been rasng but the market
has aso be expandng
Fnanca
Performance
-31122007
Credt atng BB
Exposure
Loans 310
Total 31.
ffe s the argest producer of beerages n Iceand Its man product s Coca
Coa but aso frut uce beer and other products Import of ne s aso an
ncreasng busness Stuahs as a rea estate company orgnay a spn off
from ffe but no these to companes hae merged
ffe s partcpatng n restructurng efresco and hods 105 n Ferskur
odng he oner of ffe s Sstafr ehf oned by orstenn nsson
Coatera &
Guarantees
Oera L 70
) Frst prorty pedge n a rea estates
B) Inentores and receabes
ffe - Sstafr ehf
sk Factors
he companys performance s cosey nked to the performance of ffe snce ts the companys argest
asset
Fnanca
Performance
/ Credt atng On Excepton st

Exposure
Loans 418
Derat 01
Total 41.9
he company s a hodng company for sted and unsted shares Sstafr no
hods 95 n ffe/Stuahs Sstafr s under restructurng process
Frfestngafag Drangur ehf a hodng company oned by CEO of ffe rn
Stefnsson merged th Sstafr n begnnng of the year Drangur as the oner
of 25 n ffe/Stuahs
Oner horstenn onsson
Coatera &
Guarantees
Securty margn 98
(L 102)
Coateras are sted shares n Bakkaor Group Kaupthng Bank Exsta
and oney market fund Unsted assets are ffe and Studahas
Kaupthng Bank s the argest asset (44 of the coateras)
n current market enronment argn ca 140
ra Foods B (FI)
sk Factors
sodon n the ord economy mght effect the demand for mk and other reated products
rsk factor coud aso be a ack n the suppy chan hs coud be due to change n enronmenta
reurements for the farmer and ack of ne farmers n the future
So far e hae not seen any of these scenaros effect ther saes
Fnanca
Performance
Credt atng BBB
Exposure
Loans 403
Unused
Euty
Bonds 322
Derat
Other
Total 72.5
ra Foods B s Europes argest dary company sourcng approxmatey 85bn
tres of mk a year ra Foods products are sod n more than 100 countres ra
s a cooperate oned by approx 10000 farmers n Seden and Denmark and
empoys oer 17500 peope ordde
he commtment be repad on December 31st 2008
Coatera &
Guarantees
Oera L 40
to totae aue of the assets
Coenants
K odng /S (FI)
sk Factors
t the moments e se no sgn of a decrease n saes sodon n the ord economy coud
effect ther saes but th 3 dfferent busness areas e do not beee that these areas be
effected at the same tme
Fnanca
Performance
Credt atng -
Exposure
Loans 710
Unused
Euty
Bonds
Derat
Other
Total 71.
K odng /S as founded n 1891 and s a eadng nternatona ndustra
group K odng /S prmary busness fundament s based upon K Cabes
Group (poer and energy cabes) fsk-dance Group (professona ceanng
machnes) and K Photoncs Group (optca components) ore than 6000
empoyees K odng /S s sted on the Copenhagen Stock Exchange and has
about 14400 sharehoders
Coatera &
Guarantees
Oera L 46
Coenants
arhuskarshamn B (FI)
sk Factors
It coud be expected that a sodon n the Sedsh and ord economy effect the demand for the
companys products So far ths has not been notced n ther saes
Fnanca eerage under pressure due to ncrease n orkng capta but due to the fact that the company s
sted on the Stockhom Stock Exchange e beee that they be abe to obtan ne capta rather easy
Fnanca
Performance
Credt atng BBB
Exposure
Loans 671
Unused
Euty
Bonds
Derat 33
Other
Total 7.4
arhuskarshamn produces specaty fats and os for the chocoate and
confectonery ndustry food ngredents and as the thrd and smaest
busness area technca product and feed he company s sted on the
Stockhom Stock Exchange aor sharehoders are BS odng (40) P
(8) and 2 Sedsh Penson Funds (6-7)
Coatera &
Guarantees
Oera L 50
to tota assets
Coenants
Inent Farma ehf
sk Factors
Inent Farma operates n a hghy compette enronment n Span here t s nether a market nor prce
eader Its products rey on patent expratons and numerous years are spent on &D thout a secure
outcome Lost court cases of products hch as expected to be abe to market ths year hae resuted n
sgnfcant deays n reenues here s goernmenta prce pressure on prcng athough more focus s beng
put on generc products than the brand names
Fnanca
Performance
- 31122007
Credt atng BB
Coenants as of une 08 are Fxed charge 118
EBID/ ota Interest357 EBID/Senor Interest
436 et Debt/EBID 471 et Senor Debt/EBID
427 ot n compance
Exposure
Loans 634
Unused 05
Derat 01
Guarant 49
Total 68.9
Inent Farma conssts of the foong companes Spansh Inent Farma SL hch
ons Laboratoros Les SL Inke S uagen SL and 50 n Laboratoros
Domac SL hese proded the buk of the groups EBID n 2007 or C139 m
Inent Farma aso ons 997 of the shares n Inent Farma Prate Ltd (an Indan
company) many engaged n the deeopment and producton of acte ngredents
(PI) for the pharmaceutca products 75 of Lyfaer ehf 50 n Famapus
(oray) and 15 n UB Isanta (Lthuana) he groups man actty s generc
pharmaceutca and PI producton and sae n Span (Laboratoros Les and Inke)
and automatc dose dspensng and genera pharmacy (Lyfaer)
he exposure to Inent Farma orgnates many from ts acuston n 2005 of
Laboratoros Les and Inke and of Lyfaer n 2007 C13 m facty has been
approed by the credt commttee to fnance capex and restructurng expenses n
reaton to Inent Farmas purchase of a manufacturng facty n Barceona
Coatera &
Guarantees
L 52
assets are pedged
G Store ord /S (FI)
sk Factors
he man rsk at the moment s the reconstructon of esound after the unsuccessfu sae n 2007
ota ebtda for the company esound /S end of une 2008 s EUO 5 mo In ths year the hoe
group expect to hae a ebtda n the area of EUO 55 up to 67 mo
e hae confdence n ths turnoer succeed
Fnanca
Performance
ota assets10508 Curr ssets 3581
Credt atng BB
Exposure
Loans 671
Unused
Euty
Bonds
Derat
Other
Total 67.1
G Store ord /S as founded n 1869 Oer tme G Store ord has been
noed n a broad range of communcaton reated acttes G Store ord s a
deeoper manufacturer and seer of headset for hands-free communcaton and
hearng nstruments n the subsdary esound /S
he company s sted on the Copenhagen Stock Exchange and has about 40000
sharehoders
Our exposure s fnancng of operatons

Coatera &
Guarantees
Oera L 22
Coenants
Ecco Sko /S (FI)
sk Factors
he company s enterng the reta market
Changes n EU customs
Fnanca
Performance
Credt atng -
Exposure
Loans 650
Unused
Euty
Bonds
Derat 15
Other
Total 66.5
ECCO Sko /S as founded n 1963 and s oned and managed by the oosbuy
famy ECCO s among the argest shoe manufacturers n the ord th more than
12670 empoyees ECCO s knon for a ery hgh uaty based on unue
producton technues ECCO - th headuarters n Bredebro Denmark - has
factores n Chna Portuga Soaka haand and Indonesa
Coatera &
Guarantees
Oera L 34
to tota aue of the
propertes
Coenants pedged headuarters n Bredebro
Pennnn
66.3 1.6 1.4 63.4 Total
03 - - 03 rnfrn ehf
05 - - 05 Satfag ehf
23 - - 23 KIB 1 ehf
45 - - 45 rufrfestngar ehf
133 11 11 112 Offceday Fnand Oy
454 05 03 446 Pennnn ehf
mEU
Pennnn - Pennnn ehf
sk Factors
he current economc cmate may ead to sodon n the saes of furnture for offces and hotes he man
season for Pennnn s from ugust - December back to schoo" and Chrstmas sae
Fnanca
Performance
- 31122007 (draft)
Credt atng BBB Coenants
Exposure

Loans 446
Unused 03
Guarant 05
Total 45.4
Pennnn has been prodng the busness communty th offce furnture snce
1932 and has decades of experence and asons th the argest nternatona
suppersPennnn has a de seecton of offce suppes statonery and computer
suppes furnture for schoos and hotes and restaurants and a knds of offce
suppy Pennnn s a eader n ths market n Iceand
Operates the bookstore Eymundsson and s a arge sharehoder n ee & Coffee
chan n Iceand as e as the Irsh coffe chan Insomna
Coatera &
Guarantees
Oera L s 82
matera assets are pedged hs ncudes shares n Pennnn
Insomna trademarks bank accounts account receabes and
nentory Securty can be consdered as good
Pennnn - Offceday Fnand Oy
sk Factors
an rsk factor s the economc outook n Fnand ecenty Offceday made a bg contract th the Fnnsh
goernment
Fnanca
Performance
- 31122007
Credt atng BB
Exposure

Loans 112
Unused 11
Guarant 11
Total 13.4
eadng dstrbutor and marketer of offce suppes and computer consumabes n
Fnand Offceday has reenues of EU 33 mon and empoys 120 peope today
Offceday has a strong foothod thn maor companes and the pubc sector
n Fnand th 35 market share
Coatera &
Guarantees
Oera L 79
matera assets are pedged hs ncudes shares n subsdares of
the company and trademarks account receabes and nentory
Securty can be consdered as acceptabe
Pandora odng /S (FI)
sk Factors
Deery probems as a resut of capacty probem n producton

Fnanca
Performance
Credt atng BB
Exposure
Loans 660

Unused
Euty
Bonds
Derat
Other
Total 66.
In 2008 the Dansh prate euty fund xce acured Pandora from the
founder godsmth Per Eneodsen and hs fe
Pandora desgns manufacturers markets and dstrbutes eeery on a
goba bass he hghy popuar charm braceet hch aos for persona
customaton as aunched n 2000 Pandora s headuartered n
Copenhagen (35 emp) has producton factes n haand ( 1000
emp)
s of 30 une 2008 the company had a IBD/EBID of 24 tmes and EBID
performance YD at ndex 86 compared to aggresse budget
Coatera &
Guarantees
Oera L 16 Pedge of shares Commtted oan agreement th the usua
coenants restrctons and fnanca coenants for ths type of
eeraged fnancng
CD Group - KE
sk Factors
arket rsk the European storage soutons market has seen steady groth oer the past fe years nked to GDP groth and
rsng rea estate costs encouragng nnoate storage soutons In the face of the goba economc sodon there s the rsk of
decreased demand and ncreased competton
he group has mtgated ths mpact by dersfyng geographcay and targetng a de range of end-users supported by brand
strength and adaptabty of ts mut-purpose products
Fnanca
Performance
7 onths to uly 8
Current ssets 935
Euty 166

Credt atng 7 (S&P Euaent BB)
Coenants are n compance due to strong fnanca

performance snce the dea cosed et Leerage 30x s 59x
coenant at the une 08 test
Exposure
Loans 336
Unused 250
Guarant 69
Total 65.5
ker s the thrd argest European supper of storage soutons for use n a de range ndustra
and commerca appcatons (eg factores arehouses offces brares reta premses)
Products ncude statc mobe and mut-ter storage systems ncudng sheng paet-racks and
meanne/partton constructon
he group operates 4 manufacturng factes n Europe (oand oray 2 n Germany)
In October 2008 Kaupthng supported tor Euty Partners acuston of the Group from parent
ker S th 100 debt fundng
Coatera &
Guarantees
L EBID (Cmn) 175
E utpe (entry mutpe) 86x
E 1505
et Debt 546
LTV: 36
Frst prorty pedge oer shares and assets of the Group and a matera subsdares
ortgages oer a propertes
Cross coaterased guarantees across a Group companes
atng of the oera securty acceptabe

Steen Bryde - Bryde Gruppen pS and I/S Strandeen
56-58 (FI)
sk Factors
sodon n the Dansh economy and ack of toursts coud hae an mpact on the proft on the
hote but on the other hand the hote s ocated n donton of Copenhagen
decrease n renta prces coud hae affect on the property Strandeen but agan prme ocaton
and e expect that the guarantee from the oners coer any ack of udty
Fnanca
Performance
Bryde Gruppen ApS only parent copany)
et turnoer n/a EBID -03
l}S Strandvejen 56-58
K}S avnegade 37
ota assets 270 Curr ssets n/a
Credt atng BB
Exposure
Loans 592
Unused
Euty
Bonds
Derat 62
Other
Total 65.4
Steen Bryde hods the shares n Bryde Gruppen pS he group s noed
n property shppng and nestments n shares
he FI exposure s n the company K/S anegade 37 (a hote operated by
the rp ansen Group - one of the argest operators n Denmark)
Commtment to ths company s EUO 25 mo
Steen Bryde s aso partner n I/S Strandeen 56-58 he property s a
offce and busness premses and s hoy rented Commtment to ths
company s EUO 377mo
Coatera &
Guarantees
Oera L 90 Pedged propertes payment guarantees
I/S Strandeen 56-58 mted guarantee from the oners of EU 134m
Oera securty good
Banksde odngs Ltd & Buon Inestments Ltd (Kaupthng
Snger & Fredander)
sk Factors
hst e hae not had a forma re-auaton of the propertes dscussons th the auers
ndcate contnung demand but at hgher yeds and thus t s key that our coenant s on the
pont of a breach f yeds exceed 58 our euty coer begns to reduce beo the oan and t s
arguabe that e are aready there e hae reguar dscussons th r aab and hs adsors
but t s dffcut to see at present here our repayment s to come from and e coud be n an
uncomfortabe poston hen the securtsed debt expres n a September 2009
Fnanca
Performance
/

Credt atng B-
Coenants angbe et orth (euty
aaabe) 280m (C345m)
he account s Under eport
Exposure
Loans 636
Unused 17
Euty
Bonds
Derat
Total 65.3
Smon aab has been acte n the UK property market for many years
and through famy trusts ons a arge number of prme London propertes
hch are seen to prode busness opportuntes hs facty s to to
property companes oned by the aab Famy rust e proded a
brdgng facty to anuary 2009 to pay off a smar facty th Soct
Gnrae secured by a second charge (behnd securtsed debt of
1440m (C1773m) hch expres n September 2009) on nne centra
London offce budngs
Exposure ncudes Kaupthng hf partcpaton n facty
Coatera &
Guarantees
hen dea booked euty
aaabe estmated at 274m
(C337m) t a yed of 525
the auaton be coser to
164m (C202m)
Persona guarantee of Smon aab Second charge oer London
offce budngs
Inter-credtor agreement th Frst Charge oders

Page Propertes (Kaupthng Snger & Fredander)
sk Factors
he orgna contractor s no off ste and a substanta number of uaty ssues hae come to ght
hch be expense to remedy he thrd phase here the profts ere expected to be made
s no onger cacuated to be proftabe due to a combnaton of hgher costs and a fang market
he Ldo ste s no aued at consderaby ess than hoped for by the cent 5m (C62m) as s
and 8m (C98m) th pannng permsson aganst the 24m (C295m) estmate of the borroer
gham Park s prong dffcut to se n the current market condtons
Fnanca
Performance
/

Credt atng D
he cent s n ecoeres and a proson of
10m (C123m) has been rased and a further
10m be proposed 3 2008
Exposure
Loans 524
Unused 120
Euty
Bonds
Derat
Total 64.4
he man facty s to fnance the deeopment of a hospta ste n argate
n three phases totang 428 apartments e hae aso fnanced he Ldo
ste n argate and a country house n Kent (gham Park)
Coatera &
Guarantees
aue estmated C307m Charges oer three propertes
Burgundy Sea Ltd (Kaupthng Snger & Fredander)
sk Factors
he market for super yachts appears to be hodng up though t coud take some tme to fnd a
buyer for such a arge yacht (82m) In the unkey eent of our hang to enforce the guarantee
the cents status coud pose probems
Fnanca
Performance
/ Credt atng BB
Exposure
Loans 637
Unused
Euty
Bonds
Derat
Total 63.7
he borroer s a SP to purchase a yacht for a member of the Saud oya
famy
Coatera &
Guarantees
Yacht aued at C150m
Oera L 42
Charge oer the yacht and guarantee from the benefca oner
estmated net orth C488m
Kaupfag Skagfrnga
63.7 .3 2.5 6.8 Total
13 - - 13 Sturhs K ehf
53 02 17 34 Kaupfag Skagfrnga
117 - - 117 FISK-Seafood hf
194 01 08 185 Furbandan hf
260 - - 260 B 57 ehf
mEU
KS - B 57 ehf
sk Factors
he share prce of Kaupthng pays an mportant roe he company s oned by KS hch s a fnancay
strong company
Fnanca
Performance
- 31122007
Credt atng Company on excepton st
Exposure
Loans 260
Total 26.
B 57 as estabshed n 2007 he company s a hodng company and a
subsdary of Kaupfeag Skagfrdnga (KS) he companys ony asset s 3500000
shares n Kaupthng bank hf
he company bought the shares n year 2007
Coatera &
Guarantees
L 85
he bank has a share pedge (3500000 shares n Kaupthng) and a
guarantee from KS n the amount of 725 m kr (57 m EU)
KS s contractuay commtted to come up th coateras so the L
rato s de facto 85
KS - Furbandan hf
sk Factors
he cost of ra materas such as corn hae rsen heay hs affects FBs operaton FB ses ts products to
Iceandc famers ho are geared at the moment In addton ncreased mport of agrcutura products
affect the farmers busness hus e are key to see some changes n FB busness enronment n the
comng years
Lke most Iceandc companes the rate of the Iceandc Krona pays an mportant roe n FB operaton
Fnanca
Performance
- 31122007 -
Credt atng BB
he coenants 3182008 are n compance
Exposure
Loans 185
Unused 08
Guarant 01
Total 19.4
Furbandan (FB) s a eadng producer of anma feed n Iceand. he company
operates to factores one n eykak and another n kureyr hch FBs
subsdary Bustop runs Furthermore FB mports ferter and other products for
farmers Kaupfeag Skagfrdnga contros around 70 of the shares n the company
he exposure s a combnaton of an asset fnance and acuston fnancng
Coatera &
Guarantees
L 80-90
he securtes are n a assets of the company e shares budngs
machnery and orkng capta he factory budngs are on and at the
harbour area n eykak hs and s auabe n the ong run
KS - Fsk Seafood hf
sk Factors
he company s subected to the condton on the fsh stocks around Iceand Furthermore the rate of the
Iceandc Krona pays mportant roe n the companys accounts
Fnanca
Performance
- 31082007
Credt atng BBB-
Exposure
Loans 117
Total 11.7
Fsk Seafood s one of the argest seafood companes n Iceand Fsk Seafood ons
and runs 2 freeng traers and 2 fresh fsh traers aong th fsh and shrmp
factores he company has operatons n 3 tons Grundarfrur Saurkrkur
and Skagastrnd he tota number of empoyees s around 300
FISK Seafood has shares n 3 other fsh-reated companes madrangur aax
and Fars hch operate n shrmp fsh farmng and fshng respectey
Fsk Seafood s a subsdary of Kaupfag Skagfrdnga (KS) he debt fnancng
orgnates argey from Fska Saudarkroks hch as the takeoer company and
oned by KS Fskda Saudarkroks and Fsk Seafood merged n 2006
Coatera &
Guarantees
L 40
he bank has frst prorty rght n mey SK-1 mey s poerfu
freeng traer th good uota he aue of the esse and ts uota s
around 30 to 35 m EU
KS - Kaupfag Skagfrnga
sk Factors
KS s a dersfed company Its man operaton s n the food sector furthermore the company has nested
n shares (for exampe n Kaupthng) oday KS has much cash n hand
Fnanca
Performance
- 31122007 consodated -
Credt atng BBB-
Exposure
Loans 34
Unused 17
Guarant 02
Total 5.3
Kaupfag Skagfrnga (KS) s a cooperate th the man focus n food ndustry
e fsh and meat processng and milk and cheese production. KS as founded n 1889
by farmers orgnay to do busness th Engsh traders KS has gron n resent
years and s today a arge company on a domestc scae th derse operaton
For exampe KS runs one of the argest saughterhouses n Iceand and through
there onershp of FISK Seafood they run one of the argest fsheres n Iceand
Furthermore KS runs a grocery store constructon store spare parts store mk
and cheese producton machne orkshop and more
Coatera &
Guarantees
L 60
he coateras are n the KS headuarters n Saurkrkur and factory
budngs
Ferrosan /S (FI)
sk Factors
Despte the company s behnd on EBID budget the company st expects to ncrease earnngs
n 2nd haf of 2008 hs reures hoeer decreased cost due to moement of some producton
factes to Eastern Europe
Increasng sae (and hence dependence) of ussan market hch s ess stabe than the ordc
market
Fnanca
Performance
Credt atng BB
Exposure
Loans 583
Unused 53
Euty
Bonds
Derat
Other
Total 63.6
Ferrosan odng /S s prmary acte n producng suppements and festye
products (tamns mneras omega 3-o and tabets enhancng skn uaty) he
ordc regon consttutes more than 50 of tota turnoer but the company s aso
grong ts market share n Eastern Europe and ussa he companys maor
sharehoder s tor Euty Partners he group s under a LBO fnancng structure
FI hods 37 of tota debt
s at une 2008 IBD/EBID 55x and YD EBID performance 81 (s budget
2008)
Coatera &
Guarantees
Oera L 68
assets
Pedge of shares
B a
62.2 1. .2 62. Total
31 - 01 31 Sementserksman hf
347 - - 347 Fastegnafag rtn ehf
244 01 01 242 B a hf
mEU
B a - B a ehf
sk Factors
he man rsk B a s facng s hgh gearng Snce the economy has been song don constructon
busness specay the housng sector s n a recesson probems foong ths mght ht the company
oeer Goernment proects and other arge proects hae st managed to keep the companys output n
fu scae and ast uy as the argest month eer n producton of concrete he companys man compettor
ent bankrupt ast month and others are n serous troube
Fnanca
Performance
- 31122007
Credt atng BB-
Coenants Fxed Charge Coer 10
Interest bearng debts/EBID 55
Euty rato 20
Exposure
Loans 242
Unused 01
Gurant 01
Total 24.4
B a has for decades manufactured and sod concrete and products made of
concrete Oer the ast fe years t has bought or merged other companes n the
budng sector hose companes are not n concrete but support t ery e from
desgn to ron and ooden roofs B a has factes around Iceand
B a s oned by Pateau de Perre a hodng company n Luxembourg he
benefca oner s gundur orstensson (same structure as Fastegnafag
rtn ehf)
Coatera &
Guarantees
L 90
Fastegnafag rtn and B a share coateras ost of the
coaterased rea estates are e stuated erage nentores and
receabes are 13 - 15 mEU Besdes rea estates and current assets
the bank has share pedge n a shares n B as subsdares
Oer a ratng of coatera s acceptabe or good
B a - Fastegnafag rtn ehf
sk Factors
he rea estate market has been n a recesson and nomna prces hae decreased a bt but rea prces a ot
more because of nfaton
Fnanca
Performance
- 31122007
Credt atng BB-
he company defauted ths summer but has
reured an extenson
Exposure
Loans 347
Total 34.7
Fastegnafag rtn ehf s a rea estate company hch as a spun off from B
a n year 2005 and currenty hods a rea estates B a uses for ts
operatons he dea of spnnng F from B a as to deeop the rea estates
part of the company and dspose of parts of t Frst steps of ths strategy has taken
pace by seng propertes cose to eykak Foong that sae 7-9 mEU be
pad to the Bank
Coatera &
Guarantees
L 90
Fastegnafag rtn and B a share coateras ost of the
coatersed rea estates are e stuated Estmated aue of these
assets s 67 mEU erage nentores and receabes are 13-15
mEU Oer a ratng of coatera s acceptabe or good
Graham arrs Connecton (Kaupthng Snger & Fredander)
sk Factors
he demand for top uaty propertes n the south of France contnues to exceed suppy and the
abty to rent them out at ery hgh rates s hodng up
Fnanca
Performance
/

Credt atng B
Exposure
Loans 538
Unused 81
Euty
Bonds
Derat
Total 61.9
e are fnancng the deeopment and/or refurbshment of 6 propertes n
the south of France around St rope and the Cap dntbes here e
ether end to r arrs or hae hs persona guarantee hese propertes
be kept on as nestment propertes
Coatera &
Guarantees
Coatera propertes aued at
C1132m
Oera L 54
Charges oer the arous propertes and persona guarantees
from r arrs

Carsberg /S (FI)
sk Factors
Stagnant European beer market
gher eerage
Fnanca
Performance
Credt atng BBB
Exposure
Loans
Unused
Euty
Bonds 598
Derat
Other
Total 59.8
Carsberg s the fourth argest breery-group n the ord he shares are uoted
on OX he ordc Exchange Copenhagen Carsberg Foundaton ons 51 of the
shares th otng poers of approxmatey 82 Carsberg /S s the parent
company n the group Carsberg Breeres /S s handng the breng acttes
Carsberg Fnance /S s the nterna fnancng company n the group
Coatera &
Guarantees
Oera L 44
to tota aue of the
propertes
Coenants and guarantee from Carsberg Breeres /S (ratng 10) for
commtments to Carsberg Fnance /S and coenants
an (FI)
sk Factors
Sodon n constructon acttes across Europes mature markets
Increasng ra matera prces

Fnanca
Performance
Credt atng BBB-
Exposure
Loans 476
Unused 117
Euty
Bonds
Derat
Other
Total 59.3
an headuartered n oe the etherands prodes aboe and beo
soutons for cod and hot ater surface heatng so and aste and ranater
management Before the stng on Euronext an as oned by CC Capta
Europe FI s partcpatng n a syndcated oan EU 750 th a partcpaton of
ess than 10
s at 30 une 2008 the Group had a IBD/EBID of 32x Performance year to date
s 85 at EBID ee (compared to ast year)
Coatera &
Guarantees
Oera L 40
assets
and fnanca coenants for ths type of fnancng
orst Gassmann (FI)
sk Factors
he propertes hae been bought ery cheap from Karstadt and e estmate that rsk s ery o
Fnanca
Performance
et turnoer 24 EBID n/a
Credt atng BBB
Exposure
Loans 484
Unused offer 29
Euty
Bonds
Derat 30
Leasng 49
Total 59.2
orst Gassmann (63 years od) has a range of acttes aor used orry-deaer
(core busness) ettng of bg storehouses n the estern part of Germany
amusement acttes mnera-ater factory and engne orks Gassmann has a
ast experence n transportaton busness Prate accounts 2007 for orst
Gassmann are st not receed
orst Gassmann hod 50 of the shares n SG Eendomsseskab /S he company
ons propertes n utand
Coatera &
Guarantees
Oera L 24
to tota assets
Pedged storehouse n the estern part of Germany
SG Eendomsseskab /S Pedged propertes and paymant guarantee by orst
Gassmann and the other sharehod enry Stenders Eendomsseskab pS each
coerng EU67m of the commtment of EU322m
Oera securty good
Steen Larsen /SL ordc odng pS (FI)
sk Factors
It coud be expected that a sodon n the Dansh economy coud hae an affect on the
deeopment of the remanng reta propertes he man part of these propertes s aready eased
out e st expect that the company be abe to carry out ths dea
It shoud aso be notced that the company has hedged more or ess the tota outstandng debt
Fnanca
Performance
Credt atng BB
Exposure
Loans 92
Unused 12
Euty
Bonds
Derat 483
Other
Total 58.7
Steen Larsen/S Inesterng /S s a professone property nestor
Steen Larsen/S Inesterng /S s aso a bg sharehoder n the Dansh
entertanment and footbo cub FCK hs company has durng the ast 8-10 years
performed ery good
Unt 2007 Steen Larsen had an attracte portfoo of resdenta and commerca
propertes he maor part of the reta portfoo of DKK 17bn s sod to eudan as of
1 uy 2007 as a tax-free spt he remanng reta propertes oer the next 3
years be deeoped by SL ordc odng pS and are sod n adance to eudan
due to a ca opton
Coatera &
Guarantees
Oera L 89 Pedged propertes pedged depost guarantee by Steen Larsen and SL
ordc odng pS (parent company) coenants
Sund ehf
sk Factors
he company has had tough tmes the ast year due to the economc sodon and the prce decne of
Iceandc shares he companys performance s substantay nked to the prce deeopment of euty
markets
Fnanca
Performance
/ Credt atng On Excepton st
argn ca 150
Exposure
Loans 578
Total 57.8
he company s a hodng company for sted and unsted shares
Oners Gunnrunn nsdttr (333) Gabrea Krstnsdttr (333) and n
Krstnsson (333)
Coatera &
Guarantees
Securty margn 986
(L 1015)
Coateras are many sted shares
n current market enronment
Dustn Group B
sk Factors
It coud be expected that a genera sodon n the Sedsh/Dansh economy affect the demand for
computers and reated products So far hoeer the company has not notced ths n ther sae mtgatng
factor s the fact that the company s ery compette n prces gen the fact that ther saes channe s
soey through the nternet s a resut some of Dustns compettors th a more tradtona saes and
dstrbuton mode may be more affected
Fnanca
Performance
- 2822008 6 months

Credt atng BB
coenants 1 08 are n compance et
Debt/EBID 421x Fxed charge coer 110 EBID/
et Interest 314x
Exposure
Loans 573
Total 57.3
In ugust 2006 Dustn as acured by tor Fund II GP Lmted through Dustn
Group B hch as debt fnanced by Kaupthng Bank by EU 921 mon and
euty of EU 466 Currenty tor ons some 73 of the company he the rest
s oned by management and other nestors
Dustn s the eadng nternet reseer of I products n Seden focusng on the B2B
market many on the SB segment and aso on the consumer market (B2C)
ecenty Dustn has been expandng t busness to Denmark by acurng a retaer
focusng on the Dansh SB segment th a smar busness mode
Dustn s performng e th the EBID ee aboe the bank case and a ratos
e beo the coenants
Coatera &
Guarantees
Oera L around 70 Coatera Share pedges (a matera group companes) busness
mortgages receabes negate pedge
Coenants Cashfo to Debt Serce et Debt to EBID EBID to
Fnanca et Payabe Capex
Oera ratng of securty Good
Framher Group Sp/f
sk Factors
he man rsk factors are fshng stocks fsh prces and costs (for exampe o ths year) he esses are a n
ery good condtons and hae been fshng ery e n the past
Fnanca
Performance
- 31122007
Credt atng 4
Coenants Genera restrcte coenants among
them beng that euty rato shoud not be oer than
30
ae been fufed ther payments on oans
Exposure
Loans 567
Unused 03
Total 57.
he Framher Group s a fshng group operatng the to peagc traers
Fagraberg" and gaberg" through ts parent company Sp/f Framher the
factory freeng traer esturn" through the subsdary P/F esturn and the
ong-ner Stapn" through the subsdary P/F egn he hodng company Sp/f
Framnest ones the shares n SP/F Framher and aso n Sp/f orth Samon
Coatera &
Guarantees
1 EU 27 m Frst prorty mortgage n the esses esturn and
gaberg
2 EU 56 m Fst prorty mortgage rght n the esse Fagraberg
3 EKK 15 m hrd prorty mortgage rght n the ess Stapn
uscompagnet /S (FI)
sk Factors
negate trend n the demand for ne houses
Prce trend on used houses (ncreased nterest rates and the oera economc cmate)
Decne n the credtorthness of ne buyers (he house s pad at deery)

Fnanca
Performance
Credt atng BB
Currenty the company has a technca breach of
cash eerage due to nestment n and Otherse
the company has a buffer to the agreed coenants
ees
Exposure
Loans 563
Unused
Euty
Bonds
Derat 05
Other
Total 56.8
In October 2006 xce II Fund - through FS Inest /S - acured F-Skr
Group (no uscompagnet /S) - 75 onershp he former oners hods the
remanng shares
he group se standard houses for fames and house socety dengs he
constructon mosty outsourced
he current tradng of the company s aboe budget th and ndex of 117 at
EBID ee
s of une 2008 the group gearng (IBD/EBID) as 260x (max 450x) and
nterest coer as 65x (mn 35x)
Coatera &
Guarantees
Oera L 49
assets
Pedge of shares n subsdares
Fectas Intressenter B (FI)
sk Factors
he companys busness s based on the beraaton of the Sedsh market hch as ntated
n 1993 he potca atttude toards the contrbuton from pubc to prate mght change
Integraton the three ney acured companes

Fnanca
Performance
(Budget 2008 for Fectas Intressenter B)
Credt atng BB
Exposure
Loans 547
Unused
Euty
Bonds
Derat 18
Other
Total 56.5
In December 2007 the Dansh prate euty fund Poars acured
Frsunda group (parent company Fectas Intressenter B) Frsunda s a
Sedsh serce company thn assstance to chdren young peope and
aduts th functona mparments It s acte n to dsons ssstance
and Serce & Support he company has app 3400 empoyees In uy the
company acured three mnor payers n the Sedsh market
Current tradng as at 30 une 2008 s accordng to budget
Coatera &
Guarantees
Oera L43
assets
Pedge of shares n Frsunda B
Commtted oan agreement th the usua coenants restrctons and fnanca
coenants for ths type of eeraged fnancng
DLG - Dansk Landbrugs Groareseskab B (FI)
sk Factors
In Denmark durng the ast year e hae seen a arge ncrease n a knd of ra matera for a types of
farmers hs coud maybe ead to a break up among the argest customers/farmers Unt no e hae not
seen ths effect and the ast haf year e aso se a ncrease n saes prces for the nddua farmer
Fnanca eerage under pressure due to ncrease n orkng capta due to genera ncrease of ra materas
Fnanca
Performance
Credt atng BB
Exposure
Loans 556
Unused
Euty
Bonds
Derat
Other
Total 55.6
DLG s the bggest feedstuff producer n Denmark and the company has a market
share aboe 50
DLG s a cooperate oned by approx 29000 farmers
Our exposure s fnancng of operatons
Coatera &
Guarantees
Oera L 50
to tota assets
Coenants
P odng /S (FI)
sk Factors
Integraton of the ne mensear chan
Oera decrease n reta actty

Fnanca
Performance
(budget 2007/2008 after acuston)
Credt atng BB
e expect breach by 3 2008 of fnanca
coenants
Exposure
Loans 465
Unused 41
Euty
Bonds
Derat 50
Other
Total 55.6
In 2008 the prate euty fund Poars has together th ansen & Petersen created P
odng /S he company s the resut of a merger beteen eksperten Denmarks argest
mensear chan and agner/exman (ansen & Pedersen) another Dansh mensear
chan
he eksperten mensear chan conssts of 119 stores across Denmark
ansen & Pedersen s an nternatona cothng busness th n-house hoesae operatons
coerng the fu assortment carred by a mens ear shop he Group conssts of to
busness unts agner Deta and exman In tota the agner/exman chan has 100
stores n the ordc regon ncudng 40 n Denmark
Poars (hods 51 of the shares) operates the to chans under separate names and th
dfferent target groups but optmse the back offce operatons of buyng marketng and
prate abe producton n order to captase on the synergy potenta hs s expected to
ncrease the strength of both chans substantay
By the end of 2 2008 tota IBD/EBID 52 tmes EBID performance at ndex 70
Coatera &
Guarantees
Oera L 44
assets
Pedge of shares Commtted oan agreement th the usua
coenants restrctons and fnanca coenants for ths type of
eeraged fnancng
Santec OY (FI)
sk Factors
Cutback n budng ndustry/recesson n Europe
Producton heay on poer- herefore ncrease n energy prces s a rsk

Fnanca
Performance
Credt atng BB
Exposure
Loans 437
Unused 14
Euty
Bonds
Derat
Second Len 100
Total 55.1
Santec desgns manufactures and saes bathroom ceramcs and bath and shoer
products
In arch 2005 the Sedsh prate euty fund E acured Santec Oy af-year
report 2007 shos reenue of EU 4763m and EBID of EU 637m he group s
under a LBO fnancng structure and the exposure of FI s ess than 10 of the
tota debt factes
s at 30 une 2008 the group hod a et Interest Debt to EBID of 53 tmes
Performance yaer-to-date s at ndex 85 measured at EBID ee
Coatera &
Guarantees
Oera L 52
assets
fnanca coenants for ths type of eeraged fnancng
Danmark /S (FI)
sk Factors
Durng the at year e hae seen a sodon n the resdenta market n Denmark In partcuar
saes of oner-occuped apartments n Copenhagen has deterorated he company has aready
taken ths stuaton nto consderaton and has started to hre out a greater part of ne constructed
apartments
Fnanca
Performance
Credt atng BBB-
Exposure
Loans 536
Unused
Euty
Bonds
Derat
Other
Total 53.6
he parent company B as founded n 1945 and has been sted on the Dansh
Stock Exchange snce 1982 he man busness s proect deeopment of
resdenta propertes and to a esser extent commerca propertes he goa s
reased through nestments n proect stes and the constructon of ne
propertes Danmark /S concentrates on proect deeopment proect
management and seng of oner-occuped propertes
Coatera &
Guarantees
Oera L 49
to tota assets
Guarantee from B mted to EU 402m etter of support from
B cross defaut beteen Senska andesbanken Dansk Kauton
and FI
EB-Fonden (FI)
sk Factors
sk s reated to operaton of EB Bank

Fnanca
Performance
(tota assets prmary market aue of shares n EB Bank)
Credt atng BB
Exposure
Loans 536
Unused
Euty
Bonds
Derat
Other
Total 53.6
EB-Fonden has a 45 onershp of the share capta n EB Bank /S EB Bank
/S has app 400 empoyees n regona departments n an erred orsens Ikast
and Copenhagen
EB-Fondens commtment th FI s prmary brdge fnancng of property (EU
40m)
Coatera &
Guarantees
Oera L 49
to tota assets
Coenants
Beksstar ehf
sk Factors
he rsk here s fuy correated to the Iceandc rea estate market It s most key that the and be
deeoped as ths s a good ocaton and one of the ast un-deeoped pece of and n the cnty of centra
eykak he ueston of tmng and prcng It mght take onger than antcpated to start seng the stes
and as the nterest rates are ute hgh L are uck to ncrease
Fnanca
Performance
2008 s the frst year of operatons

Credt atng / - Specaed endng
Exposure
Loans 535
Total 53.5
hs company s an SP and t as formed around the acuston of the Bkastadar
and n osfesb from Iceandc Prme Contractors () he and n ueston s
around 100 ha and t s estmated that there be around 1800 resdenta unts
but there oer the next 7-10 years he purchase prce as around EU 60 m
here Kaupthng ent 80 aganst the 1st en pedge n the and he baance as
ent by BS that has a share n the company and s endng aganst the 2nd en
he pan s to deeop the and get fu pannng and start to se the frst stes by
md next year
he company s a subsdary of otase ehf hch s the hodng company of the
oner of Eykt contractors Petur Gumundsson and the company s managed by
otase and does not hae any operatons or empoyees tsef
Coatera &
Guarantees
aue of and EU 60 - 67 m
Oera L 80-90
Land cose to eykak 100 ha accordng to the draft of pannng there
be 1793 resdenta unts e 296 snge famy houses 124
semdetached unts 260 tonhouses and 1113 condomnum
apartments hs s a good ocaton but the chaengng rea estate
market reduces ts aue- coatera can be categored as sub-standard
Fugstod Lefs Erkssonar hf (FLE)
sk Factors
he present economc stuaton (crss on fnanca markets o prces deauaton of the ISK) are factors that
nfuence the number of passengers gong through the arport n the short term Long term outook s
consdered good he ong term oans of FLE are mosty n foregn currences though the ncome s mosty
n ISK the prces of goods and serces are mosty connected to foregn currences Of course there s a mt
ho much FLE can press prces up thout hurtng ther ncome and margns
Fnanca
Performance
- 31122007
Credt atng 8
Exposure
Loans 526
Derat 02
Total 52.8
FLE operates the Iceandc Internatona r ermna n Kefak Iceand Frhfn
ehf (he Duty Free Store) s a subsdary umber of passengers 2007 as 22
mon and an-ug 2008 15 mon hch s smar to the same perod n the
preous year Estmated number of passengers 2015 s 32 mon (made by B
Pc UK)
t the end of ths year the operaton of Fugmaastorn be merged nto FLE
hs ge FLE more or ess fu contro of eery aspect of the nternatona
arport n Kefak
Coatera &
Guarantees
egate pedge oer the r ermna
Lastas /S (FI)
sk Factors
any due to the fang actty n the Dansh budng actty the company expects a 20
decrease n saes he company has aready started to adust to the ne market stuaton
further sodon n the Dansh economy effect the demand for the companys products but
e hae aready had nformaton from the company that they are orkng th ne strategy and
budget to meet the market stuaton
Fnanca
Performance
Credt atng BBB-
Exposure
Loans 460
Unused
Euty
Bonds
Derat 68
Other
Total 52.8
he man actty of the group s purchase and saes of ne and used
transportaton eupment enta of a knd of transportaton eupment
raer constructon and tradng n spare parts
he group s the market eader thn the ndustry n Denmark
Lastas /S s sted on the Copenhagen Stock Exchange he most
sgnfcant part of the share capta correspondng to 81 s famy-oned
by the founder ens Krstoffer Larsen (70) and nders Krstoffer Larsen
(30)
Our exposure s fnancng of the companys head offce n edensted
orkshops and ogstcs and arehouse aso ocated n edensted
Coatera &
Guarantees
Oera L 65
to tota assets
Pedged propertes coenants payment guarantee by Lastas /S for
commtments th subsdares
DLG Bdco Ltd (Kaupthng Snger & Fredander)
sk Factors
he poston s st oate and a recoery n performance s not expected t the end of 2008 at
the earest he strategy s to moe aay from beng a oume data proder to a aue added
nche hot-ead proder and moe aay from Fnance Industry cents to more recesson resstant
sectors Further capta nectons may be reured
Fnanca
Performance
et turnoer C15m EBID -C003m
ota assets C504m Curr ssets C39m
Euty C37m Euty/ota ssets 73

Credt atng CCC
he account s n ecoeres
Exposure
Loans 510
Unused
Euty
Bonds
Derat 15
Total 52.5
hs dea as undertaken to assst Kaupthng Prncpa Inestments
compete on the secondary buy out of DLG ho ere on of the UKs eadng
proders of festye data to companes n support of ther drect marketng
campagns he credt crunch and exposure to the fnanca sector has
mpacted heay on saes and the company s tradng at a oss e
management has been put n KSF Busness Support are orkng th KCP
(ho hae proded a etter of comfort) to achee a turnaround
Coatera &
Guarantees
Subecte ratng of the oera securty bad
Interbud pS (FI)
sk Factors
Sodon n budng and constructon acttes as seen n the begnnng of 2008
Increasng ra matera prces

Fnanca
Performance
Credt atng BB
o current defaut but t s expected that the
company breach the agreed IBD/EBID as
at 30 September 2008
Exposure
Loans 523
Unused
Euty
Bonds
Derat
Other
Total 52.3
Interbud pS s a hodng company oned by LD Euty
In the begnnng of 2007 LD euty 2 K/S acured Leheden /S
(producton of guam e ayered ood) Pus /S (fences and payground
eupment) Pasgaard r /S (prefabrcated ood eements) and eg
agen & Co /S (hoesaer of tmber products) from the sted company
I Industr Inest /S through the subsdary Interbud pS
s of 30 une 2008 the Group hae a gearng of (IBD/EBID) 511x (max
520x) Performance YD s 80 at EBID ee
Coatera &
Guarantees
Oera L 48
assets
Pedged propertes and pedge of shares n subsdares
KPC odng /S (FI)
sk Factors
he groups commtment th FI s many
- 336 fnance of propertes eased out to Fack Danmark on ong non-canceabe contracts ery mted rsk
on ths fnance
-177 fnance of constructon of DGI byen" n ernng he maorty of the proect s sod n adance and the
proect s on schedue
Fnanca
Performance
Budget 2008 EB Eur 4m -5m
Credt atng BB-
Loss due to shutdon of the dson n Odense
and rte-dons reated to a reddenta
constructon proect
Exposure
Loans 512
Unused
Euty
Bonds
Derat 02
Other
Total 51.4
he KPC Group as founded n 1979 by Kurt Pousen ho today s managng
drector of the group he company acttes are dded nto contractng and a
property/ nestment unt he contractng unt coer a knds of constructons
thn man and turnkey contractng he group s busness partner th a arge
number of subcontractors he KPC Group s represented by branches n aborg
rhus ee Odense Copenhagen amstad (Seden) and headuarters n
ernng he group has app 200 empoyees
he group s one of Denmarks eadng contractors and has contrbuted to the
constructon of many types of budng ncudng os or n oskde Saxo Bank n
eerup Forum n orsens etc

Coatera &
Guarantees
Oera L 32
"DGI Byen" s not ncuded n
L
Pedged propertes coenants pedge of shares payment guarantees
from group companes
Fnance of DGI Byen s n a SP herefore thout property pedge
Oera securty good
sandserktakar
5. .5 .7 4.8 43.9 Total
09 - - 09 Legukot ehf
10 05 - 05 taf hf
21 - - 21 sandserktakar hf
221 - 03 48 170 ths ehf
238 - 04 - 234 nr ehf
mEU
sandserktakar - nr ehf
sk Factors
Current defaton of ISK s puttng pressure on Ls athough company s fnancay strong
Current economc stuaton s puttng pressure on tenants athough acancy or defauts are not hgher than
normay
Fnanca
Performance
- 31122007
Credt atng BB
Exposure
Loans 234
Derat 04
Total 23.8
nr ehf s a rea estate company oned by Barn Psson formery CEO of taf
Currenty ons 6 commerca rea estates approxmatey 20000 suare meters
Dersfed enancy (45 n tota) th ony one tenant representng about 21 of
reenues - a other represent 10 or ess
Coatera &
Guarantees
L 79
fxed assets of nr pedge n about 65 of ease agreements &
pedge n about 15m EU of cash
Oera securty rated good
Coatera &
Guarantees
L 80 assets under constructon are pedged to the bank pproed s to
fund 90 of costs Estmated to be 70 of fna saes prce Securty
rated as acceptabe so a pedge oer 17m EU n Cash
Current auaton a mx of fna auaton and costs - dependent on
proect status
sandserktakar - ths ehf
sk Factors
ths operates on the resdenta housng market - a market that has been extremey so atey and
expected to contnue to be so he companes to proects are though n good ocatons and
eentuay se But the song saes are a rsk factor
Fnanca
Performance
- 31122007
Credt atng BB
Exposure
Loans 170
Unused 48
Derat 03
Total 22.1
ths ehf (formery Kefakurerktakar hf) s the deeopng arm of the so-caed
sandserktakar Group Specaes n deeopng resdenta housng tand ehf
s the producton too
Dansk sryk /S (FI)
sk Factors
Loss of costumers
echnca break don

Fnanca
Performance
Credt atng BBB-
Exposure
Loans 328
Unused 80
Euty
Bonds
Derat 87
Other
Total 49.5
he company s the argest nespaper press n Denmark that s not oned
by a day nespaper he Dansk sryk /S group s engaged n prntng
of day papers maganes and reated products prmary nesprnts
he group s personay oned by Sen ogsrd (59 years od) ho s
consdered a hghy competent eader
Coatera &
Guarantees
Oera L40
to tota assets
Pedged propertes
Oera securty good
Energ anders odng /S (FI)
sk Factors
Fnanca
Performance
Credt atng BBB
Exposure
Loans 384
Unused
Euty
Bonds
Derat 108
Other
Total 49.2
Energ anders odng /S s oned by the Sef-goernng Insttuton
Energ anders - estabshed n 2000 by the uncpaty of anders
he company s a poer suppy and poer pant
Coatera &
Guarantees
Oera L 0
L s not cacuated due to
the Dansh Legsaton
Coenants
Oera securty good
Kbenhans ufthane /S (FI)
sk Factors
Fnanca
Performance
Credt atng BBB
Exposure
Loans 487
Unused
Euty
Bonds
Derat
Other
Total 48.7
he sted company operates Copenhagen rport and s engaged n
nternatona acttes n exco Chna and ecaste It has
communcated that the nternatona hodngs be dested as the
company ant to focus on Dansh acttes t the end of 2005 acuare
acured 53 of the shares he Dansh State hods 392 he company
aso hae n nterest n Lufthansparkerngen Kbenhan /S ( FI ony
hae a commtment th Lufthansparkerngen Kbenhan /S) t the end
of 2008 Kbenhans Lufthane /S take oer the runnng of
Lufthansparkerngen Kbenhan /S ncudng a commtments
Coatera &
Guarantees
Oera L 29
to tota aue of the
propertes
coenants
Dong Energy /S (FI)
sk Factors
Fnanca
Performance
Credt atng -
Exposure
Loans 215
Unused
Euty
Bonds 112
Derat
Leasng 157
Total 48.4
Dongs Energy s the argest energy company n Denmark as e as one of
orthern Europes eadng energy companes
he Dansh State hods 73 of the shares n the energy company
Coatera &
Guarantees
Oera L 29
to totae aue of the
propertes
Leasng agreement of EU 157m ncudng regstered securty aue of
EU 79m
DP
sk Factors
he outook for the UK denta market and for DP n partcuar s poste
Current denta proson n the UK s o th ony c 50 of the popuaton regstered th dentsts here are aso too fe
practces to meet the capacty needs
he goernment s respondng to pubc pressure to ncrease the number of S dentsts by encouragng ne proders DP s
e postoned to respond to ths demand It has set up c 40 ne practce n the ast 12 months ganng compette adantage
oer other ndependent practces due to ts ncreasng scae and expertse n estabshng ne practces
th guaranteed annua contracted reenue and an undersered customer base DP s e-paced to contnue to gro
Fnanca
Performance
Current ssets 52 Euty 542
- 4 months uy 2008
Credt atng 7 (S&P euaent ratng BB)
Coenants aed n pr 2008 to excude one-off set up

costs for ne practces from defnton of EBID
Exposure
Loans 474
Unused 05
Total 47.9
Coatera &
Guarantees
L EBID (Cmn) 128
E utpe (entry Feb07) 92x
E 1181
et Debt 840
LTV: 71
Secured by fxed and foatng charges oer a the assets of DP odngs Lmted and
any matera subsdares
DP s a UK denta heathcare netork th c 100 practces across the UK
he groups core denta actty s funded by the atona eath Serce (S) based on
agreed annua contracted oumes and reenues thus prodng sbty of ncome
In 2006 the S oerhaued fundng of denta heathcare proson to focus on mprong

access to dentsts and ncrease the number of practces
hs has proded DP th sgnfcant groth opportuntes
In arch 2007 Kaupthng underrote 100 of the senor and meanne factes
he senor factes ere syndcated th three ne enders fundng n anuary 2008 reducng
our exposure by C386mn
E ehf (Kaupthng Luxembourg)
sk Factors
-Uneen dstrbuton of assets and abtes beteen the hodng companes
-Part of the exposures are secured th unsted and structured assets
-Currenty hgh ee of eerage that shoud be hoeer reduced after the sae process of Department store
Pennn s fnaed
Fnanca
Performance
Snce the dssoent of ers the debt exposures
hae remaned stabe
here has been ery tte actty for tradng durng
the past months and een the dstrbuted cash n the
separate structures are currenty not nested
Exposure
Loans 475
CFD & S 01
Unused (230)
Euty -
Bonds -
Derat -
Total 47.6
Inestor group of 8 Iceandc persons formery knon as ers Group n
the past one of Kaupthngs argest sharehoders
Former structure as dssoed and ne E structure estabshed durng
ate 2007- eary 2008
the benefca oners hae been benefttng from the dssouton of
ers and cash dstrbuton nto the persona structures (accounts th
KBLUX) ere done durng sprng 2008
fore mentoned cash be pedged aganst the Fonrdge portfoo and s
currenty bocked by the bank for securng the exposure of Fonrdge
Coatera &
Guarantees
Storebrand S 887m
Sampo Oy 516m
Ek Bank P/F 262m
Others 1560m
L

148
-atng none
-he cash dstrbuton nto BOs prate structures has ead to uneen
dstrbuton of assets and abtes n the companes For securng the
exposure n Fonrdge pedges from pratey oned companes are to be
sgned (net aue EU 194m)
Fram Foods hf
sk Factors
he company has suffered from to maor setbacks Frst n the end of the year 2006 hen t as a fre n
the factory n Saran n France and second n the begnnng of the year 2007 hen gass bts here found n
herrng products produced n Fnand
Fnanca
Performance
- 31072008
Credt atng BB-
he company dd not meet the coenants 2007 e
et tota nterest coer rato and tota Debt coer
rato
Exposure
Loans 453
Euty 03
Derat 01
Guarant 16
Total 47.3
Fram Foods as founded foong the BO of the seafood dson of Bakkaor
Group hf then Bakkaor hf n une 2003 he prncpa products are caar
herrng bn and spreads
he exposure s doube-barreed e fnancng of orkng capta and eerage
fnancng (1) BO n 2003 (2) acuston of Boyfood n 2005 (ca 84 m EU) and
(3) acuston of 74 shares n Ford Kng n 2006 (ca44 m EU) In addton the
bank ent 124 m EU short tme oan n the begnnng of the year he oan s
guaranteed by the sharehoders he purpose as to (a) buy ra materas ca 4m
EU (b) to pay up short term oan at Kaupthng 3 m EU and (c) to oer a
reong credt facty at SEB n Seden 54 m EU
Coatera &
Guarantee
L 100
he bank has share pedge n subsdares n France Iceand Fnand and
Seden Furthermore has mortgage deeds pedge on the orkng
capta and the factory budng and and n Seden so hae the
sharehoders guaranteed ca 15 m EU of the exposure
Superfos /S (FI)
sk Factors
Increase n ra matera prces
Sodon n economc actty

Fnanca
Performance
Credt atng BB
Exposure
Loans 473
Unused
Euty
Bonds
Derat
Other
Total 47.3
Superfos s a manufacturer of necton mouded pastc packagng he prate
euty fund Industr Kapta ons 2/3 of Superfos Industres /S and the Sedsh
nestment company atos ons 1/3
By the end of 2 2008 tota IBD/EBID 343 (agreed ee 344) > expected
breach by 3 2008
EBID performance YD compared to budget at ndex 75
Coatera &
Guarantees
Oera L 47
assets
Pedged propertes pedge of shares of Superfos /S
Inestea odng /S (FI)
sk Factors
here s st a arge rsk concernng the essee Ia odng /S he property s apprased to DKK
440 mo some EUO 60 mo he property s ery arge and t can be dffcut to fnd a ne tenant
that e ease the hoe budng renoaton/breakdon nto seera ndependent ease coud be
a souton e aso strongy expect that Inestea odng /S be abe to repay the guarantee
on ths property
Fnanca
Performance
et turnoer n/a EBID n/a
Credt atng BBB
Exposure
Loans 469
Unused
Euty
Bonds
Derat 02
Other
Total 47.1
Inestea s one of the argest proders of property nestments n Denmark Snce
1988 Inestea and ts accocates hae proded propertes and fnancng n
connecton th property proects n Denmark and a number of European countres
he company s oned by ayer ans hygesen and hs sons
In the company Ia Eendomme /S e fnance a arge furnture department store
n Ish/Gree a suburb to Copenhagen he hoe store s eased out to Ia
odng /S he furnture chan Ia has due to commtments n UK been n huge
economc probems
here hae no been made a ne set up to make t possbe for the actty n the
Ia chan to contnue
Coatera &
Guarantees
Oera L73 Pedged propertes coenants payment guarantee by Inestea odng
/S for commtments th subsdares
Oera securty good
ordc rae odng S (FI)
sk Factors
Decrease n busness trae
Loss of customers to compettors

Fnanca
Performance
Credt atng BB
Breach at soency coenant currenty due to
extraordnary deprecaton of good
Exposure
Loans 461
Unused
Euty
Bonds
Derat
Other
Total 46.1
ordc rae odng S the oner of I rae Group s the eadng corporate
trae agency n the ordc regon he company aso has a eadng poston thn
the Scandnaan onne esure trae ndustry I rae Group as de-sted and
acured by the oregan based Prate Euty fund FS Capta n 2005 FI s
nestor n FS Capta
he group s under a LBO fnancng structure and FI s currenty the soe ender to
the company
s at 30 une 2008 the group hod a IBD to EBID of 35 tmes EBID
performance Year-to-date at ndex 70 compared to budget
Coatera &
Guarantees
Oera L 37 Shares n I rae Group S
fnanca coenants for ths type af eeraged fnancng
KSO ehf and dehs ehf
sk Factors
he current economc cmate does not seem to hae ht saes hard as of yet and 1 EBID 2008 s around
10 and n ne th eary forecasts
he defaton of IS has paced a stran on cash fo as a oans of the group are n foregn currency and hae
ncreased sgnfcanty n 2008
Fnanca
Performance
- 31122007
KSO Credt atng BB
dehs Credt atng BB
KSO Coenants Euty rato >20 Fxed charge
coer >12 Int bearng debt / EBID 65
coenants n compance 31122007
Exposure
Loans 459
Total 45.9
KSO s the hodng company for dehs (rea estate part) ohan nnng S
Gunsson & ebron he group focuses hghy on suppyng eectrc matera to
hoesae buyers (contractors) Increased focus has though been on the reta sde
of the eectrca market
In year end 07 aftkaersun sands ehf and Sndr ehf ere merged th ohan
nnng
Coatera &
Guarantees
dehs L 88
KSO L 65
Oera 73
dehs 15 commerca assets are pedged to the bank n tota 17528
suare meters
KSO shares n ohan nnng S Gunsson & ebron are pedged as
e as nentory and accounts receabes n the aboe companes
Fbert Pacfc Ltd (Kaupthng Snger & Fredander)
sk Factors
he yacht beng fnanced s under constructon for deery n 2009 eang us exposed to
constructon rsk he super yacht market appears to be hodng up
Fnanca
Performance
/

Credt atng BBB-
L Coenant 70
Exposure
Loans 297
Unused 161
Euty
Bonds
Derat
Total 45.8
hs s a yacht fnance facty e are fnancng a ne bud and aso hae
refnanced an exstng yacht he benefca oner r ex Shnader has
generated hs eath from stee busnesses n the former Soet Bock and
other tradng acttes n emergng markets hs net orth s estmated to
be C12bn
Coatera &
Guarantees
aue of exstng yacht
C198m
L 70
Charge oer the exstng yacht and mortgage oer the yacht
under constructon Fna L to be 70 Guarantee from the
benefca oner r Schader
she Property Group (Kaupthng Snger & Fredander)
sk Factors
Fang property aues together th the effecte cosure of the bank fnance market has ed to
cash fo constrants and e are supportng the cent n conuncton th ther man bankers
pendng the sae of a ste at oseead and the grantng of pannng permsson for the Chemsford
ste (expected n September 08) hch shoud ead to an ncrease n aue or at east ts
underpnnng he Peterborough ste has been mothbaed
Fnanca
Performance
/

Credt atng B-
atch Lst
Exposure
Loans 443
Unused 07
Euty
Bonds
Derat
Total 45.
he she Property Group has a good track record of enhancng stes
through the pannng process and e took the opportunty to eerage good
persona reatonshps takng some of ther busness from ther man
bankers Bank of Scotand e fnance to deeopment stes n
Chemsford and Peterborough through separate eponymous SPs
Coatera &
Guarantees
une 08
Chemsford th pannng
permsson38m (C468m)
Peterborough 73m (C90m)
Guarantee n faour of
Chemsford from she
Group 11m (C135m)
Oera L 81
Charges oer to deeopment stes
Subecte ratng of the oera securty eak

Kaupthing Bank Before Crash 2008

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Kaupthing Bank Before Crash 2008

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Kaupthng Bank - Corporate Credt

Presentaton of arge exposure > C45 mon

Credt atng On Excepton st

he outook for the UK reta sector s charactersed by the foong trends

343 Euty rato 146

Incudes sharehoder oans mounts n GBP

Credt atng5 (S&P Euaent BB-)

Coenants reset n arch 08 foong facty restructurng

Share pedges oer a matera companes

atng of oera securty acceptabe

Factes (co-ent 5644th Dresdner) mature after 18 months to enabe performance

Credt atng 3 (S&P euaent B)

Coenants reset n arch 08 foong facty restructurng

UK hgh street pub operator th 146 stes across the country

Saxbygg ehf s an nestment company

margn ca has been ssued to the the borroer

Coenants coenants met

ortgages on property (dersfed portfoo of reta offce and arehouse assets n

Securty s consdered good

Coenants Interest coer >100 PropInest > C50m

Securty s consdered to be good

Credt atng 3 / S&P euaent B

Coenants coenants hae been met to date and e

Credt atng10 (S&P Euaent BBB)

Coenants et th good headroom

Share pedges oer a matera companes

atng of oera securty acceptabe

he facty as syndcated to a group of 10 nternatona banks

Leerage has snce decreased further

hf (Iceand Prme Contractor) Genera constructon of budngs and c

rmannsfe ehf an SP around arous deeopng proects

Credt atng 5 / S&P euaent (BB-)

Coenants coenants are n compance snce Dec 07

Lornamead s a hoesaer proder of persona care brands he Group pursues a successfu

Securty s consdered to be good

Standard eerage coenants

Competton from compettors th producton n o cost countres

Somehat dependent on snge customers

Ext s under preparaton

Coenants In breach from Sept 2007

Prosons C49m (4)

Immedatey after cosng rot experenced sgnfcant underperformance n tradng (out-turn

Securty s consdered acceptabe

Standard eerage coenants

Credt atng 7 / S&P euaent (BB)

Coenants coenants are n compance arch 08 ota

Securty s consdered to be good

Occupaton ratos drop

3 under constructon - more expense

he current stuaton on the rea estate marked

efund rsk n connecton th competon of the reconstructon

Credt atng 4 (S&P ratng B)

Coenants aer granted for breach of o 07 Feb08 et

ay 08 et Leerage Coenant 95x breached credt paper to

Estabshed 1989 under the name of suth urseres

he group empoys 2500 staff

Securty s consdered acceptabe and based on up-to-date market auaton

Pedged arehouses n Denmark Seden and Fnand Lease guarantee

Coenants aed Sept 07-ar 08

Kaupthng Prosons C38m (4)

Supper of fexbe automaton systems to the ndustra manufacturng process of companes

Securty s consdered acceptabe

Coenants eset n Dec 07 (et Leerage ony from un 08 to Dec 08 before fu