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Denmark Central Bank Lending Rate: Bloomberg Survey

The following table shows economists’ forecasts for Denmark’s benchmark central bank rate as surveyed by Bloomberg News from May 10 to May 15. All figures are as of the end of the quarter.

================================================================================
                                   2Q     3Q     4Q     1Q     2Q     3Q     4Q
                                 2013   2013   2013   2014   2014   2014   2014
================================================================================
# of replies                        6      6      7      6      3      3      3
Median                          0.20%  0.20%  0.20%  0.20%  0.30%  0.30%  0.50%
Average                         0.20%  0.18%  0.23%  0.23%  0.28%  0.28%  0.47%
High Forecast                   0.20%  0.20%  0.40%  0.40%  0.35%  0.35%  0.70%
Low Forecast                    0.20%  0.10%  0.10%  0.20%  0.20%  0.20%  0.20%
Previous median                 0.30%  0.28%  0.30%  0.18%  0.23%  0.20%  0.30%
Change in median               -0.10% -0.08% -0.10%  0.02%  0.07%  0.10%  0.20%
----------------------------------------------------------------------------
ABN Amro:                       0.20%  0.20%  0.20%  0.20%  0.20%  0.20%  0.20%
Citibank: T. Mortensen          0.20%  0.10%  0.10%  0.20%  0.30%  0.30%    n/a
================================================================================
                                   2Q     3Q     4Q     1Q     2Q     3Q     4Q
                                 2013   2013   2013   2014   2014   2014   2014
================================================================================
Danske Bank:                    0.20%  0.20%  0.30%  0.40%    n/a    n/a    n/a
Deka Bank:                      0.20%  0.20%  0.20%  0.20%    n/a    n/a    n/a
Deutsche Bank: G. Buckley       0.20%  0.20%  0.20%  0.20%    n/a    n/a    n/a
Jyske Bank: N. Rønholt            n/a    n/a  0.40%    n/a    n/a    n/a  0.70%
Nordea: J. Nielsen              0.20%  0.20%  0.20%  0.20%  0.35%  0.35%  0.50%
================================================================================

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