KBN EUR 1 billion 10-year benchmark

16 May KBN priced their third EUR benchmark. Indications of Interest were in excess of 1 billion. Orderbook momentum continued with over EUR 1.3 billion of orders from a range of high quality accounts. KBN finances its lending to the local government
sector by borrowing in the capital markets.

- KBN experienced a robust demand with books closing just after two hours. We believe it is the result of continued efforts on our part to engage the international investor community. Many of the investors in the EUR market know us well by now, says Thomas Møller, Head of Funding & IR. - A diversified funding base covering many regions and diverse investor categories, makes us less vulnerable to changes in single markets and ensures that we can provide the local government sector with stable, low cost and long-term funding.

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