To the Copenhagen Stock Exchange Executive Board Parallelvej 17 DK-2800 Kgs. Lyngby www.rd.dk Tel. +45 7012 5300 Fax +45 45149624 3 July 2007 Stock Exchange announcement No. 15 - 2007 Realkredit Danmark to launch mortgage covered bonds On 13 July 2007, Realkredit Danmark (RD) will begin to issue mortgage covered bonds (Særligt dækkede realkredit obligationer (SDRO)), under Danish Act No. 577 effective from 1 July 2007. The new bonds will be funding FlexLån®. SDROs to fund other loan types will be launched before the end of 2007. New capital centre: Capital Centre S RD will issue SDROs from a new capital centre in accordance with the statutory requirements. The new capital centre will be called Realkredit Danmark A/S Capital Centre S (Capital Centre S). Under Capital Centre S, RD will open series with the common series description S for the issuance of SDROs in DKK and series with the common series description Q for the issuance of SDROs in EUR. Standard & Poor's and Moody's Investors Service have indicated that SDROs issued from Capital Centre S will be rated AAA and Aaa, respectively. The final ratings have not been communicated to RD as yet. As from 13 July 2007, FlexLån® will be funded by SDRO issues RD will begin to issue SDROs to fund FlexLån® as from 13 July 2007. Funding raised through the issu-ance of SDROs will comprise all disbursements and price hedging (by fixed-price agreements entered into) of FlexLån®, including disbursements based on loan offers already made. However, FlexLån® offered for subsidised construction will not be funded through the issuance of SDROs until the existing guarantee scheme has been amended. SDROs will moreover be issued to fund the interest-rate reset of FlexLån® as at 1 January 2008. RD will launch a bloc issue for this purpose as soon as possible. Other loan types RD will begin to issue SDROs for the funding of other loan types before the end of 2007. Until RD opens SDROs to fund other loan types, funding will be provided through issues in already open series with the common series descriptions D or E. RD's decision to open SDROs to fund other loan types will be communicated in a Stock Exchange an-nouncement. Series 10S and 10Q SDROs to fund FlexLån® will be issued from the 10S series (SDROs in DKK) or the 10Q series (SDROs in EUR), respectively. SDROs in series 10S and 10Q will be non-callable bullet bonds with annual interest payment. SDROs in series 10S and 10Q will be issued with maturities from 1 to 11 years. A list of securities codes is enclosed (Appendix 1). For further information, please see the base prospectus and the series conditions of the bonds. Closing of bond series D and E By 27 December 2007, Realkredit Danmark will close issuance in bond series with the common series descriptions D and E. The Executive Board For further information, please contact Sven Holm, Chairman of the Executive Board and Chief Executive Officer, on tel. + 45 45 13 20 81. Appendix 1: List of new securities codes RO Previous securities name RO Previous securities code SDRO New securities name SDRO New securities code FlexLån® -DKK bonds 4% 10D 2008 0926116 4% 10S 2008 0927597 4% 10D 2009 0926213 4% 10S 2009 0927600 4% 10D 2010 0926299 4% 10S 2010 0927619 4% 10D 2011 0926612 4% 10S 2011 0927627 4% 10D 2012 0926825 4% 10S 2012 0927635 4% 10D 2013 0926868 4% 10S 2013 0927643 4% 10D 2014 0926981 4% 10S 2014 0927651 4% 10D 2015 0927201 4% 10S 2015 0927678 4% 10D 2016 0927244 4% 10S 2016 0927686 4% 10D 2017 0927473 4% 10S 2017 0927694 4% 10D 2018 0927554 4% 10S 2018 0927708 FlexLån® - EUR bonds 4% 10E 2008 0926442 4% 10Q 2008 0927716 4% 10E 2009 0926450 4% 10Q 2009 0927724 4% 10E 2010 0926469 4% 10Q 2010 0927732 4% 10E 2011 0926620 4% 10Q 2011 0927740 4% 10E 2012 0926817 4% 10Q 2012 0927759 4% 10E 2013 0926841 4% 10Q 2013 0927767 4% 10E 2014 0926973 4% 10Q 2014 0927775 4% 10E 2015 0927171 4% 10Q 2015 0927783 4% 10E 2016 0927252 4% 10Q 2016 0927791 4% 10E 2017 0927481 4% 10Q 2017 0927805 4% 10E 2018 0927562 4% 10Q 2018 0927813