Sydbank to accept Totalkredit/Nykredit offer of an amended collaboration agreement

Sydbank to accept Totalkredit/Nykredit offer of an amended collaboration
agreement - taxable additional income of DKK 185m for the Sydbank Group 

Sydbank has accepted Nykredit's offer to amend the Totalkredit collaboration
agreement from 2003. 

Provided that a majority of the financial institutions behind Totalkredit agree
to similar offers, the amended agreement will result in a taxable additional
income of DKK 185m for the Sydbank Group in Q1 2008. This income was not
included in the 2008 profit outlook as released in the Group's 2007 Annual
report. 

The reason for the amendment is that the original agreement from 2003 on 
Nykredit's purchase of Totalkredit provided for an adjustment of the purchase
price dependent on Totalkredit's market share as at 1 April 2010. However the
break-down of sectoral barriers has made it difficult to accurately calculate 
Totalkredit's market share in 2010. Consequently Nykredit has proposed to the
in-dividual banks that a transaction be based on a market share of 35% as at 1
April 2010. Payment will be effected on 1 October 2012 according to the
original agreement. 

Yours faithfully
 	 
Carsten Andersen	
Group Chief Executive