Nykredit’s financed emissions are based on tonnes of CO2-equivalents (tCO2e) and are aligned with the standards of Finance Denmark’s Framework for Financed Emissions Accounting model. The financed emissions have been estimated on a best effort basis.

Estimated tCO2e assigned to green bonds (ISINs) in Danish kroner (DKK) is based on estimated emissions for the loans that have been funded by the bond. However, estimated financed emissions for the remaining bonds in Danish kroner are based on total tCO2 for the cover pool and distributed proportionately according to the outstanding volume in the bond.

tCO2e is not assigned to ISINs in foreign currencies, and these ISINs are excluded entirely from the calculation.

Please see a more detailed explanation below:

• tCO2e/DKK of a cover pool is calculated as the sum total of tCO2e of all ISINs in the cover pool divided by the total outstanding amount of bonds in the cover pool.
• tCO2e/DKK 100% coverage is calculated for a cover pool as follows:
 - tCO2e is upscaled to 100% coverage for all ISINs.
 - tCO2e 100% coverage is summed up for all ISINs in the cover pool and divided by the total outstanding amount of bonds in a cover pool.
• tCO2e and tCO2e 100% coverage of an ISIN is calculated by multiplying tCO2e/DKK and tCO2e/DKK 100% coverage, respectively, per cover pool by the outstanding amount in the ISIN.
• ISINs with a coverage of 0% are excluded from the total outstanding amount of a cover pool.
• tCO2e of ISINs in DKK with 0% coverage are calculated by multiplying the tCO2e/DKK of a cover pool by the outstanding amount in an ISIN.
• tCO2e is not assigned to ISINs in foreign currencies, and these ISINs are excluded entirely from the calculation.
• Green bonds are not included in the calculation of tCO2e/DKK and tCO2e/DKK for the cover pool. Actual tCO2e is indicated for green bonds based on the loans funded in the ISIN.