Sydbank — Audit Report / Information 2011

Jul 15, 2011

Group Executive Management

Peberlyk 4 · PO Box 1038 DK-6200 Aabenraa

Tel +45 74 37 37 37 Fax +45 74 37 35 36

sydbank.com SWIFT SYBKDK22

Sydbank A/S CVR No DK 12626509, Aabenraa

NASDAQ OMX Copenhagen London Stock Exchange Bourse de Luxembourg Other stakeholders

Company Announcement No 12/11

15 July 2011

Dear Sirs

2011 EU-wide stress test

Sydbank has participated in the 2011 EU-wide stress test conducted by the European Banking Authority (EBA) in cooperation with national authorities, the European Central Bank (ECB), the European Commission and the European Systemic Risk Board (ESRB). Danmarks Nationalbank and the Danish FSA participated as the national authorities from Denmark.

The stress test, carried out across 90 banks, seeks to assess the resilience of European banks, including their solvency, to severe shocks under hypothetical stress events.

Assumptions and methodology were established to assess banks' Core Tier 1 capital against a fixed minimum of 5%.

The stress test is based on the EBA common methodology and guidelines (eq constant balance sheet) as published in the EBA Methodological Note. The information relative to the baseline scenario is provided only for comparison purposes as regards the adverse scenario. Neither the result of the baseline scenario nor the result of the adverse scenario can in any way be construed as Sydbank's forecast or be directly compared to other information published by Sydbank.

Sydbank is pleased with the outcome of the EU-wide stress test and the Group's individual results indicating

• great resilience to adverse economic developments in 2011 and 2012
• no appreciable exposure to governments and banks in countries with increased risk
• a very robust capital structure.

Sydbank

Sydbank's Core Tier 1 capital ratio increases to 13.6% under the adverse scenario in 2012 compared with 12.4% at end-2010, equal to 8.6 percentage points above the fixed minimum of 5%.

Detailed results

The detailed results of the stress test under the baseline and adverse scenarios as well as information on banks' credit exposures and exposures to central and local governments are provided in the accompanying disclosure templates based on the common format provided by the EBA.

Macroeconomic scenarios

The stress test uses a baseline and an adverse scenario that covers the period 2011-2012. The baseline scenario is mainly based on the Autumn 2010 European Commission forecast but remains broadly in line with the currently expected economic development in the case of Denmark. The adverse scenario represents a significantly more negative economic development.

Further information

See more details on the scenarios, assumptions and methodology on the EBA website: www.eba.europa.eu/EU-wide-stress-testing/2011.aspx

Yours sincerely

Karen Frøsig CEO

Preben L. Hansen Deputy Group Chief Executive

Contact

Karen Frøsig, CEO Tel +45 7437 2000

Encls: EBA's disclosure templates

Results of the 2011 EBA EU-wide stress test: Summary (1-3)

Name of the bank: Sydbank

Actual results at 31 December 2010	million EUR, %
Operating profit before impairments	288
Impairment losses on financial and non-financial assets in the banking book	$-209$
Risk weighted assets (4)	9,890
Core Tier 1 capital (4)	1,231
Core Tier 1 capital ratio. % (4)	12.4%
Additional capital needed to reach a 5 % Core Tier 1 capital benchmark
Outcomes of the adverse scenario at 31 December 2012, excluding all mitigating actions	$\frac{1}{2}$
taken in 2011
Core Tier 1 Capital ratio	13.6%
Outcomes of the adverse scenario at 31 December 2012, including recognised mitigating	million EUR, %
measures as of 30 April 2011
2 yr cumulative operating profit before impairments	549
2 yr cumulative impairment losses on financial and non-financial assets in the banking book	$-303$
2 yr cumulative losses from the stress in the trading book	$-83$
of which valuation losses due to sovereign shock	$-12$
Risk weighted assets	10,233
Core Tier 1 Capital	1,395
Core Tier 1 Capital ratio (%)	13.6%
Additional capital needed to reach a 5 % Core Tier 1 capital benchmark	0
Effects from the recognised mitigating measures put in place until 30 April 2011 (5)
Equity raisings announced and fully committed between 31 December 2010 and 30 April 2011	0
(CT1 million EUR)
Effect of government support publicly announced and fully committed in period from 31
December 2010 to 30 April 2011 on Core Tier 1 capital ratio (percentage points of CT1 ratio)	0,0
Effect of mandatory restructuring plans, publicly announced and fully committed in period from
31 December 2010 to 30 April 2011 on Core Tier 1 capital ratio (percentage points of CT1 ratio)	0.0
Additional taken or planned mitigating measures	percentage points contributing
Use of provisions and/or other reserves (including release of countercyclical provisions)	to capital ratio 0.0
Divestments and other management actions taken by 30 April 2011	0.0
Other disinvestments and restructuring measures, including also future mandatory restructuring
not yet approved with the EU Commission under the EU State Aid rules	0,0
Future planned issuances of common equity instruments (private issuances)	0.0
Future planned government subscriptions of capital instruments (including hybrids)	0.0
Other (existing and future) instruments recognised as appropriate back-stop measures by
national supervisory authorities	0.0
Supervisory recognised capital ratio after all current and future mitigating actions as of 31 December 2012, % (6)

Notes

(1) The stress test was carried using the EBA common methodology, which includes a static balance sheet assumption and incorporates regulatory transitional floors, where binding (see http://www.eba.europa.eu/EU-wide-stress-testing/2011.aspx for the details on the EBA methodology).

(2) All capital elements and ratios are presented in accordance with the EBA definition of Core Tier 1 capital set up for the purposes of the EU-wide stress test, and therefore may differ from the definitions used by national supervisory authorities and/or reported by institutions in public disclosures.

(3) Neither baseline scenario nor the adverse scenario and results of the stress test should in any way be construed as a bank's forecast or directly compared to bank's other published information.

(4) Full static balance sheet assumption excluding any mitigating management actions, mandatory restructuring or capital raisings post 31 December 2010 (all government support measures and capital raisings fully paid in before 31 December 2010 are included).

(5) Effects of capital raisings, government support and mandatory restructuring plans publicly announced and fully committed in period from 31 December 2010 to 30 April 2011, which are incorporated in the Core Tier 1 capital ratio reported as the outcome of the stress test.

(6) The supervisory recognised capital ratio computed on the basis of additional mitigating measures presented in this section.
The ratio is based primarily on the EBA definition, but may include other mitigating measures methodology as having impacts in the Core Tier 1 capital, but which are considered by the national supervisory authorities as appropriate mitigating measures for the stressed conditions. Where applicable, such measures are explained in the additional announcements issued by banks/national supervisory authorities. Details of all mitigating measures are presented in the worksheet "3 - Mitigating measures).

Results of the 2011 EBA EU-wide stress test: Aggregate information and evolution of capital (1-4)

Name of the bank: Sydbank

All in million EUR, or %

A. Results of the stress test based on the full static balance sheet assumption without any mitigating actions, mandatory restructuring or capital
raisings post 31 December 2010 (all government support measures fully paid

		Baseline scenario		Adverse scenario
Capital adequacy	2010	2011	2012	2011	2012
Risk weighted assets (full static balance sheet assumption)	9.890	10.006	10.004	10.048	10,233
Common equity according to EBA definition	.231	374	.524	.318	1,395
of which ordinary shares subscribed by government
Other existing subscribed government capital (before 31 December 2010)
Core Tier 1 capital (full static balance sheet assumption)	1.231	1.374	524	.318	1.395
Core Tier 1 capital ratio (%)	12.4%	13.7%	15.2%	13.1%	13.6%

B. Results of the stress test recognising capital issuance and mandatory restructuring plans publicly announced and fully committed before
31 December 2010

		Baseline scenario		Adverse scenario
Capital adequacy	2010	2011	2012	2011	2012
Risk weighted assets (full static balance sheet assumption)	9,890	10.006	10.004	10.048	10,233
Effect of mandatory restructuring plans, publicly announced and fully committed before 31 December 2010 on RWA (+/-)
Risk weighted assets after the effects of mandatory restructuring plans publicly announced and fully committed before 31 December 2010	9,890	10,006	10.004	10,048	10,233
Core Tier 1 Capital (full static balance sheet assumption)	1.231	374	1.524	.318	1.395
Effect of mandatory restructuring plans, publicly announced and fully committed before 31 December 2010 on Core Tier 1 capital (+/-)				0
Core Tier 1 capital after the effects of mandatory restructuring plans publicly announced and fully committed before 31 December 2010	.231	1.374	.524	1.318	1,395
Core Tier 1 capital ratio (%)	12.4%	13.7%	15.2%	13.1%	13.6%

C. Results of the stress test recognising capital issuance and mandatory restructuring plans publicly announced and fully committed before
30 April 2011

		Baseline scenario		Adverse scenario
Capital adequacy	2010	2011	2012	2011	2012
Risk weighted assets after the effects of mandatory restructuring plans
publicly announced and fully committed before 31 December 2010	9,890	10,006	10,004	10,048	10.233
Effect of mandatory restructuring plans, publicly announced and
fully committed in period from 31 December 2010 to 30 April 2011
on RWA $(+/-)$		0	0	0	0
Risk weighted assets after the effects of mandatory restructuring plans
publicly announced and fully committed before 30 April 2011		10.006	10,004	10,048	10,233
of which RWA in banking book		7.787	7.787	7.834	8.019
of which RWA in trading book		1,225	1,225	1,225	1.225
RWA on securitisation positions (banking and trading book)		O	0	0	$\Omega$
Total assets after the effects of mandatory restructuring plans publicly
announced and fully committed and equity raised and fully committed by
30 April 2011	20,238	20.158	20,100	20,092	19,936
Core Tier 1 capital after the effects of mandatory restructuring plans
publicly announced and fully committed before 31 December 2010	1.231	1.374	1.524	1,318	1,395
Equity raised between 31 December 2010 and 30 April 2011		$\overline{0}$	0	0	$\Omega$
Equity raisings fully committed (but not paid in) between 31
December 2010 and 30 April 2011		0	0	0	0
Effect of government support publicly announced and fully
committed in period from 31 December 2010 to 30 April 2011 on
Core Tier 1 capital (+/-)		0	0	0	0
Effect of mandatory restructuring plans, publicly announced and
fully committed in period from 31 December 2010 to 30 April 2011
on Core Tier 1 capital (+/-)		0	0	0	0
Core Tier 1 capital after government support, capital raisings and effects
of restructuring plans fully committed by 30 April 2011		1,374	1.524	1,318	1,395
Tier 1 capital after government support, capital raisings and effects of
restructuring plans fully committed by 30 April 2011		1.595	1,783	1,518	1,609
Total regulatory capital after government support, capital raisings and
effects of restructuring plans fully committed by 30 April 2011		1,699	1,886	1,623	1,716
Core Tier 1 capital ratio (%)	12.4%	13.7%	15.2%	13.1%	13.6%
Additional capital needed to reach a 5% Core Tier 1 capital
benchmark		٠
Profit and losses		Baseline scenario		Adverse scenario
Net interest income	2010	2011	2012	2011	2012
Trading income	432	432	421	422	418
	59	56	56	27	27
of which trading losses from stress scenarios		$-12$	$-12$	$-42$	$-42$
of which valuation losses due to sovereign shock				$-6$	$-6$
Other operating income (5)	$\Omega$	0	0	$\mathbf{0}$	$\circ$
Operating profit before impairments	288	316	305	277	272
Impairments on financial and non-financial assets in the banking
book (6)	$-209$	$-80$	$-58$	$-146$	$-156$
Operating profit after impairments and other losses from the stress	80	235	247	130	116
Other income (5,6)	$-5$	3	3	3	3
Net profit after tax (7)	55	179	187	100	89
of which carried over to capital (retained earnings)	44	143	150	85	76
of which distributed as dividends	11	36	37	15	13

		Baseline scenario		Adverse scenario
Additional information	2010	2011	2012	2011	2012
Deferred Tax Assets (8)
Stock of provisions (9)	237	317	375	373	520
of which stock of provisions for non-defaulted assets	126	124	122	131	136
of which Sovereigns (10)			0		$\Omega$
of which Institutions (10)		O	0		0
of which Corporate (excluding Commercial real estate)	93	91	89	96	99
of which Retail (excluding Commercial real estate)	23	23	23	24	25
of which Commercial real estate (11)	10	10	10	11	12
of which stock of provisions for defaulted assets	111	193	253	242	384
of which Corporate (excluding Commercial real estate)	90	144	186	180	279
of which Retail (excluding commercial real estate)	13	30	42	38	66
of which Commercial real estate	8	19	25	24	39
Coverage ratio (%) (12)
Corporate (excluding Commercial real estate)	38.8%	41.4%	41.5%	42.7%	43.3%
Retail (excluding Commercial real estate)	43.6%	53.8%	52.3%	53.1%	54.0%
Commercial real estate	27.0%	42.4%	43.0%	43.4%	45.6%
Loss rates $(%)^{(13)}$
Corporate (excluding Commercial real estate)	1.9%	0.6%	0.5%	1.1%	.2%
Retail (excluding Commercial real estate)	0.3%	0.4%	0.3%	0.6%	0.6%
Commercial real estate	1.6%	1.7%	0.9%	2.6%	2.5%
Funding cost (bps)	82			163	221

D. Other mitigating measures (see Mitigating measures worksheet for details), million EUR (14)

All effects as compared to regulatory aggregates as reported in Section	Baseline scenario			Adverse scenario
	2011	2012	2011	2012
A) Use of provisions and/or other reserves (including release of
countercyclical provisions), capital ratio effect (6)	n	n
B) Divestments and other management actions taken by 30 April 2011. RWA effect (+/-)	n	۵
B1) Divestments and other business decisions taken by 30 April 2011. capital ratio effect (+/-)	O	O	n	n
C) Other disinvestments and restructuring measures, including also future mandatory restructuring not yet approved with the EU Commission under the EU State Aid rules, RWA effect (+/-)	n	O		0
C1) Other disinvestments and restructuring measures, including also future mandatory restructuring not yet approved with the EU Commission under the EU State Aid rules, capital ratio effect (+/-)	n	O	n	0
D) Future planned issuances of common equity instruments (private issuances), capital ratio effect	0	$\Omega$	n	O
E) Future planned government subscriptions of capital instruments (including hybrids), capital ratio effect	n	$\Omega$	n
F) Other (existing and future) instruments recognised as appropriate back-stop measures by national supervisory authorities. RWA effect (+/-	U	n
F1) Other (existing and future) instruments recognised as appropriate back-stop measures by national supervisory authorities, capital ratio effect $(+/-)$	n	n
Risk weighted assets after other mitigating measures (B+C+F)	10,006	10.004	10.048	10.233
Capital after other mitigating measures (A+B1+C1+D+E+F1)	1.374	1.524	1,318	1.395
Supervisory recognised capital ratio (%) (15)	13.7%	15.2%	13.1%	13.6%

Notes and definitions

(1) The stress test was carried using the EBA common methodology, which includes a static balance sheet assumption (see http://www.eba.europa.eu/EU-widestress-testing/2011.aspx for the details on the EBA methodology).

(2) All capital elements and ratios are presented in accordance with the EBA definition of Core Tier 1 capital set up for the purposes of the EU-wide stress test, and therefore may differ from the definitions used by national supervisory authorities and/or reported by institutions in public disclosures

(3) Neither baseline scenario nor the adverse scenario and results of the stress test should in any way be construed as a bank's forecast or directly compared to bank's other published information.

(4) Regulatory transitional floors are applied where binding. RWA for credit risk have been calculated in accordance with the EBA methodology assuming an
additional floor imposed at a level of RWA, before regulatory transi

(5) Banks are required to provide explanations of what "Other operating income" and "Other income" constitutes for.
Composition of "Other operating income" and "Other income":

Other income: Rental income regarding real property

(6) If under the national legislation, the release of countercyclical provisions and/or other similar reserves is allowed, this figure for 2010 could be included either in rows "Impairments on financial assets in the banking book" or "Other income" for 2010, whereas under the EU-wide stress test methodology such release for
2011-2012 should be reported in Section D as other mitigating mea

(7) Net profit includes profit attributable to minority interests.

(8) Deferred tax assets as referred to in paragraph 69 of BCBS publication dated December 2010 : "Basel 3 - a global regulatory framework for more resilient

(9) Stock of provisions includes collective and specific provisions as well as countercyclical provisions, in the jurisdictions, where required by the national legislation

(10) Provisions for non-defaulted exposures to sovereigns and financial institutions have been computed taking into account benchmark risk parameters (PDs and
LGDs) provided by the EBA and referring to external credit rati

(11) For definition of commercial real estate please refer to footnote (5) in the worksheet "4 - EADs".
(12) Coverage ratio = stock of provisions on defaulted assets / stock of defaulted assets expressed in EAD for the spe

(13) Loss rate = total impairment flow (specific and collective impairment flow) for a year / total EAD for the specific portfolio (including defaulted and non-defaulted assets but excluding securitisation and counterparty credit risk exposures).

(14) All elements are be reported net of tax effects.

(15) The supervisory recognised capital ratio computed on the basis of additional mitigating measures oresented in this section. The ratio is based primarily on the EBA definition, but may include other mitigating measures not recognised by the EBA methodology as having impacts in the Core Tier 1 capital, but which are considered by the national supervisory authorities as appropriate mitigating measures for the stressed conditions. Where applicable, such measures are explained
In the additional announcements issued by banks/national supe measures).

Results of the 2011 EBA EU-wide stress test: Composition of capital as of 31 December 2010

Name of the bank: Sydbank

		December 2010
Situation at December 2010	Million EUR	% RWA	References to COREP reporting
A) Common equity before deductions (Original own funds without hybrid instruments and government support measures other than ordinary shares) (+)	1,280	12.9%	COREP CA 1.1 - hybrid instruments and government support measures other than ordinary shares
Of which: (+) eligible capital and reserves	1,282	13.0%	COREP CA 1.1.1 + COREP line 1.1.2.1
Of which: (-) intangibles assets (including goodwill)	Ņ	0.0%	Net amount included in T1 own funds (COREP line 1.1.5.1)
Of which: (-/+) adjustment to valuation differences in other AFS assets (1)	$\overline{\circ}$	0.0%	Prudential filters for regulatory capital (COREP line 1.1.2.6.06)
Ξ B) Deductions from common equity (Elements deducted from original own funds)	49	$-0.5%$	COREP CA 1.3.T1* (negative amount)
Of which: (-) deductions of participations and subordinated claims	$-22$	$-0.2%$	and deducted from original own funds (COREP lines from 1.3.1 to 1.3.5 included in line Total of items as defined by Article 57 (I), (m), (n) (o) and (p) of Directive 2006/48/EC $1.3.71*$
Of which: (-) securitisation exposures not included in RWA	$\circ$	0.0%	COREP line 1.3.7 included in line 1.3.T1*
Of which: (-) IRB provision shortfall and IRB equity expected loss amounts (before tax)	c	0.0%	As defined by Article 57 (q) of Directive 2006/48/EC (COREP line 1.3.8 included in $1.3.11^{*}$
C) Common equity (A+B)	1,231	12.4%
Of which: ordinary shares subscribed by government		0.0%	Paid up ordinary shares subscribed by government
D) Other Existing government support measures (+)	$\circ$	0.0%
E) Core Tier 1 including existing government support measures (C+D)	1,231	12.4%	Common equity + Existing government support measures included in T1 other than ordinary shares
Difference from benchmark capital threshold (CT1 5%)	736	7.4%	Core tier 1 including government support measures - (RWA*5%)
F) Hybrid instruments not subscribed by government	186	1.9%	1.1.2.201 to 1.1.2.205 + COREP line 1.1.5.2a (negative amount)) not subscribed Net amount included in T1 own funds (COREP line 1.1.4.1a + COREP lines from by government
Tier 1 Capital (E+F) (Total original own funds for general solvency purposes)	1,417	14.3%	COREP CA 1.4 = COREP CA 1.1 + COREP CA 1.3.T1* (negative amount)
Tier 2 Capital (Total additional own funds for general solvency purposes)	103	1.0%	COREP CA 1.5
Tier 3 Capital (Total additional own funds specific to cover market risks)	o	0.0%	COREP CA 1.6
Total Capital (Total own funds for solvency purposes)	1,520	15.4%	COREP CA1
Memorandum items
institutions not deducted for the computation of core tier 1 but deducted for the computation of Amount of holdings, participations and subordinated claims in credit, financial and insurance total own funds	$\overline{22}$	0.2%	Total of items as defined by Article 57 (i), (m), (n) (o) and (p) of Directive 2006/48/EC not deducted for the computation of original own funds
Amount of securitisation exposures not included in RVVA and not deducted for the computation of core tier 1 but deducted for the computation of total own funds	$\circ$	0.0%	Total of items as defined by Article 57 (r) of Directive 2006/48/EC not deducted for the computation of original own funds
Deferred tax assets (2)		0.0%	As referred to in paragraph 69 of BCBS publication dated December 2010 : "Basel 3- a global regulatory framework for more resilient banks and banking systems"
Minority interests (excluding hybrid instruments) (2)	$\circ$	$0.0\%$	Gross amount of minority interests as defined by Article 65 1. (a) of Directive 2006/48/EC
Valuation differences eligible as original own funds (-/+) (3)		0.0%	COREP line 1.1.2.6

Notes and definitions
(1) The amount is already included in the computation of the eligible capital and reserves and it is provided separately for information purposes.
(2) According to the Basel 3 framework specific rules

Results of the 2011 EBA EU-wide stress test: Overview of mitigating measures (1-2)

Name of the bank: Sydbank

I.

Use of countercyclical provisions, divestments and other management actions

Please fill in the table using a separate row for each measure	Narrative description	Date of completion Capital / P&L for future issuances) (actual or planned	(in million EUR) impact	RWA impact (in million EUR)	impact (as of 31 December 2012) Capital ratio $\frac{9}{9}$
A) Use of provisions and/or other reserves (including release of countercyclical provisions), (3)
B) Divestments and other management actions taken by 30 April 2011
	C) Other disinvestments and restructuring measures, including also future mandatory restructuring not yet approved with the EU Commission under the EU State Aid rules
ನ

Future capital raisings and other back stop measures

	Date of issuance			Loss absorbency	Flexibility of	Permanence		Conversion clause (where appropriate)
Please fill in the table using a separate row for each measure	(actual or planned for future	Amount	Maturity	in going concern	payments (capacity to	Undated and without incentive to redeem)	conversion Nature of	Date of conversion	Triggers	common equity Conversion in
	dd/mm/yy) issuances	(in million EUR)	undated) (4) (dated/	(Yes/No)	(Yes/No)	(Yes/No)	(mandatory/ discretionary)	(at any time/from a specific date: dd/mm/yy)	(description of the triggers)	(Yes/No)
D) Future planned issuances of common equity instruments (private issuances)
E) Future planned government subscriptions of capital instruments (including hybrids)
1) Denomination of the instrument
ಸ
F) Other (existing and future) instruments recognised as back stop measures by national super $\,$		visory authorities (including hybrids)
1) Denomination of the instrument
ಸ

Notes and definitions
(1) The order of the measures follows the order of miligating measures reported in the Section D of the workshee! "1 - Aggregate information".
(2) All elements are be reported net of tax effects.

(3) If under the national begisation, the rebase of countercyclical provisions and/or other similar reserves is allowed, this figure for 2010 could be inhouted in the worksheet, in the banking book" or "Other income" for 2

Results of the 2011 EBA EU-wide stress test: Credit risk exposures (EAD - exposure at default), as of 31 December 2010, min EUR, ⁽¹⁴⁾

Name of the bank:
Sydbank

All values in million EUR, or %

3,040 72 197 Institutions Liechtenstein Luxembourg Lithuania Bulgaria Belgium Austria	Corporate
			Retall (excluding commercial real estate)						Commercial Real Estate	Defaulted
	(excluding commercial real estate)			Loan to Value of which Residential mortgages	of which Revolving		of which SME of which other		$(LTV)$ ratio $(%)$ (8) Loan to Value	(excluding exposures sovereign)	Total exposures (7)
				$(1 \, \text{TV})$ ratio $( \% )$ , (6)
		$\circ$
Cyprus Czech Republic Denmark Estonia Finland France Italy Latvia
		$\circ$
Germany Greece Hungary Iceland Ireland
	LL'9	4,315	2,075	63		407	1,833	605	64	270	15,278
		$\circ$ $\circ$
	359		ö	ŞΑ			$\overline{9}$	18 MA		$\overline{10}$	687
	946										946
Malta Netherlands Norway
Poland Portugal
		s
Romania
Slovakia
Stovenia Spain Sweden United Kingdom
65
173											173
United States
Japan
		$\circ$
Other non EEA non Emerging countries Maidie and South America Eastern Europe non Eastern Otal
		$\overline{\circ}$
123	295	$\overline{\bullet}$	$\frac{24}{2.105}$			$\sim$	206	5 MA
3,670	8.377	232								$\overline{2}$	669
					ō	et.	2,131	628		292	17,890

Note and effinitions
(2) The EAD reproduction exposure value in the meaning of the CRD.
(2) The EAD reproduction are based on the methodologies and productions the 2011 EU-wide stress, and here may differ from the FMs in t

(I) Breakdom by courty and macro are (e.g. Asia) when EAD >=5%. In any case coverage 100% a that EAD should be newered (if exact mapping of some exposure to georgraphins in role and the englanger to the group "chere").

(4) The alsoation of countries and exposures to mercy and areas the former of the MPV of the MPV of the MPV of DD MPV of 2010 MPV of DD MPV of DD MPV of DD MPV of DD MPV of DD MPV of DD MPV of DD MPV of DD MPV of DD MPV of

(b) the risk of the bost and rasheligh depend upon the ensignment of the undering properly, by the underlying capacity of the bortower to realy the dealth on the such, repayment of the finally desent.
material on any cash

(6) Loan to value about EXD to the market value of real estables used as such as the model of the company of the company of the compution of the compution of the compution of the compution of the compution of real distance

Definition of Loan is Value ratio used:
Resolucioal Reague: The recolated value is based on the values from the first model that estimates the present market value of the real estate.
Resolucioal Reague: The recolated valu

(7) Tolal exposures is to botal EAD acording to the ORD definiton based on which the entity of the Conduct Substitution in the exposures by control of the profit of a model in the base in the BAD for securities for the sta

Results of the 2011 EBA EU-wide stress test: Exposures to sovereigns (central and local governments), as of 31 December 2010, min EUR ^(1,2)

Name of the bank: Sydbank
All values in million EUR

		GROSS DIRECT LONG EXPOSURES (accounting value gross of specific provisions)			NET DIRECT POSITIONS	(gross exposures (long) net of cash short position of sovereign debt to other counterparties only) where there is maturity matching)	DIRECT SOVEREIGN
Country/Region							EXPOSURES IN DERIVATIVES	INDIRECT SOVEREIGN EXPOSURES IN THE TRADING BOOK
		of which: loans and advances		of which: AFS banking	(designated at fair value through profit&loss) banking book of which: FVO	of which: Trading book (3)	Net position at fair values (Derivatives with positive fair value + Derivatives with negative fair value)	Net position at fair values (Derivatives with positive fair value + Derivatives with negative fair value)
Austria
	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	c	$\circ$	$\circ$
Belgium	$\circ$	$\circ$	0	$\circ$	$\circ$	c	0
Bulgaria	$\circ$	$\circ$	o	$\circ$	0	$\circ$	c
Cyprus
	$\circ$	۰	$\circ$	$\circ$	$\circ$	Þ	$\circ$	$\subset$
Czech Republic
	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$
Denmark	$ \cdot \cdot \cdot \cdot \cdot \cdot \cdot \cdot \cdot \cdot \cdot \cdot \cdot \$ ÷		$ \frac{1}{3}$ $\frac{2}{3}$ $\frac{1}{3}$ $\frac{1}{3}$ $\frac{1}{3}$ $\frac{1}{3}$ $\frac{1}{3}$ $\frac{1}{3}$ $\frac{1}{3}$ $\frac{1}{3}$ $\overline{\phantom{0}}$			$\frac{4}{36}$ $-855$		56
		0		$\circ$	$\circ$		$\circ$	95
Estonia	$\bullet$	$\circ$	$\circ$	$\circ$	$\circ$	0	$\circ$	$\circ$
Finland

Country/Region Residual Maturity		$\frac{18}{18}$		≋≥☆☆☆☆☆	France		∥≌≥≥≥≥≥≥	Germany				Greece			Hungary ≅ ≍ ≍ ≍ ≊ ≊		$\frac{1}{2} \sum_{i=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{$	Iceland		$\begin{tabular}{ l l l l l l l l l l l l l l l l l l l$	Ireland		ৠ≍ ४ ३ इ इ	Italy			Latvia ∣≋ ≿∣≿∣≿∣ই
			lo			$\circ$				$\circ$						$\epsilon$			c
GROSS DIRECT LONG EXPOSURES (accounting value gross of specific provisions)	of which: loans and advances		$\circ$													$\circ$			٥
			$\circ$			$\circ$				$\circ$			$\circ$			$\circ$			$\circ$			$\circ$
	of which: AFS banking		lo			$\circ$				$\circ$						$\circ$			$\circ$			0
NET DIRECT POSITIONS	(designated at fair value) through profit&loss) of which: FVO banking book					$\overline{c}$				$\circ$									$\circ$			$\circ$
(gross exposures (long) net of cash short position of sovereign debt to other counterparties only) Where there is maturity matching)	of which: Trading book (3)		۰			$\epsilon$				$\circ$			$\circ$						$\circ$			$\circ$
DIRECT SOVEREIGN EXPOSURES IN DERIVATIVES	Net position at fair values (Derivatives with positive fair value + Derivatives with negative fair value)		$\circ$							$\circ$			$\circ$						G			Ċ
INDIRECT SOVEREIGN EXPOSURES IN THE TRADING BOOK	Net position at fair values (Derivatives with positive fair value + Derivatives with negative fair value)		$\overline{C}$				270		32	384			$\circ$						c			C

		GROSS DIRECT LONG value gross of s	EXPOSURES (accounting pecific provisions)			NET DIRECT POSITIONS	(gross exposures (long) net of cash short position of sovereign debt to other counterparties only) Where there is maturity matching)	DIRECT SOVEREIGN EXPOSURES IN DERIVATIVES	INDIRECT SOVEREIGN EXPOSURES IN THE TRADING BOOK
Residual Maturity	Country/Region		of which: loans and advances		of which: AFS banking	of which: FVO designated at fair value through profit&loss) banking book	of which: Trading book (3)	Net position at fair values (Derivatives with positive fair value + Derivatives with negative fair value)	Net position at fair values (Derivatives with positive fair value + Derivatives with negative fair value)
$\frac{15Y}{2}$		C	$\circ$
				$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$
불차회원회회	Liechtenstein
		c	$\circ$	$\circ$	c
当立223回	Lithuania
		$\circ$	lo	$\circ$		$\circ$	$\circ$	lo	$\subset$
	Luxembourg
32222		-1
			$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$
불차회원회	Malta
		$\circ$	C	$\circ$
							۰	$\circ$
$\frac{1}{2} \sum_{i=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N$	Netherlands
		∣⇔	$\circ$	$\epsilon$	0	$\circ$
불차회원회
	Norway
		$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$
불차회회회	Poland
				0	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$
불차회원회
	Portugal
		$\circ$					$\circ$	$\circ$	$\circ$

INDIRECT SOVEREIGN EXPOSURES IN THE TRADING BOOK DIRECT SOVEREIGN EXPOSURES IN DERIVATIVES	Net position at fair values (Derivatives with positive fair value + Derivatives with negative fair value) Net position at fair values (Derivatives with positive fair value + Derivatives with negative fair value)			$\subset$ $\circ$			c $\circ$			$\circ$ $\circ$						c				C þ	440 e				c $\circ$
(gross exposures (long) net of cash short position of sovereign debt to other counterparties only). Where there is maturity matching)	of which: Trading book (3)			$\circ$			$\circ$			۰						$\circ$				$\circ$	631			$\sim$	S
NET DIRECT POSITIONS	of which: FVO (designated at fair value through profit&loss) banking book			$\circ$			$\circ$			$\circ$			$\circ$			$\circ$				$\circ$	۱۹				$\circ$
	which: AFS banking ð			$\circ$			$\circ$						$\circ$			$\circ$				$\circ$	$\mid \circ$				$\circ$
				$\circ$			$\circ$			10			$\circ$			$\circ$				$\circ$	631			S	$\omega$
	of which: loans and advances									$\circ$			$\epsilon$			$\circ$				$\circ$	$\circ$				$\circ$
GROSS DIRECT LONG EXPOSURES (accounting value gross of specific provisions)				$\circ$			c			$\circ$			$\circ$			10				$\circ$	661			S	$\overline{c}$
Country/Region Residual Maturity		≌≍ 의≥ 일	Romania		∥≌≍∣≍⊯≌∣ই∣ই	Slovakia		$\frac{1}{2} \sum_{i=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{j=1}^{n} \sum_{$	Slovenia		3222	Spain		≌≍খ≌≌ ই	Sweden			United Kingdom	$\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$		TOTAL EEA 30		United States	$\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$		ਬ੍ਰੋਖੋਬ ਬ੍ਰਿੰਬ	Japan

INDIRECT SOVEREIGN EXPOSURES IN THE TRADING BOOK	(Derivatives with positive fair Net position at fair values value + Derivatives with negative fair value)	$\circ$	0	$\circ$	$\circ$		$\circ$ $\circ$	440
DIRECT SOVEREIGN EXPOSURES IN DERIVATIVES	(Derivatives with positive fair Net position at fair values value + Derivatives with negative fair value)	$\circ$	$\circ$	C	$\circ$	$\circ$	$\circ$	۰
	of which: Trading book (3)	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	634
(gross exposures (long) net of cash short position of sovereign debt to other counterparties only where there is maturity matching) NET DIRECT POSITIONS	(designated at fair value through profit&loss) of which: FVO banking book	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	$\bullet$
	of which: AFS banking book	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	$\bullet$
		$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	634
	of which: loans and advances	$\circ$	$\circ$	$\circ$	c	$\circ$	$\circ$	$\circ$
GROSS DIRECT LONG EXPOSURES (accounting value gross of specific provisions)		$\circ$	$\circ$	$\bullet$	$\circ$	$\circ$	$\circ$	664
Country/Region Residual Maturity			Emerging countries Other non EEA non $\frac{27}{37}$ AST AOT 월	Asia $\frac{2}{3} \frac{2}{3} \frac{1}{3} \frac{1}{3} \frac{1}{3}$ 3M 1Y	Middle and South America $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$	Eastern Europe non EA $\frac{2}{3}$ $\frac{2}{3}$ $\frac{2}{3}$ $\frac{2}{3}$ $\frac{3M}{11}$	Others খনখখখ	Notes and definitions тота.

(1) The allocation of counties and exposures to maso areas and emerging/rom-emerging is according to the IMF WEO country groupings. See: http://www.int.org/externalipubs/fix/weo/201001/weodat/groups.htm

(2) The exposures reported in this worksheet cover only exposures to central and local governmental assess, and do not include exposures to other counterparts with full or partal government guarantees (such exposures are h

(3) According to the EBA methodologies, for the trading book assets banks have been allowed only cash short positions having the same maturities (paragraph 202 of the Methodological note).