Nykredit and Totalkredit today conducted a stand-alone auction in connection with the refinancing of BoligXlån mortgage loans with a 5-year interest rate cap. At the auction, a nominal amount of DKK 3,760m in a 5-year SDO with an interest rate cap of 5.15% was offered. The bond was sold at par (100), and bids were made in terms of the interest rate spread of the bond. At the auction, bids totalled DKK 10,575m, and the bond's interest rate spread was fixed at 0.19% pa. The results mean that homeowners whose loans are refinanced by the bond sold obtain an interest rate cap of 5.15% against payment of an interest rate spread of 0.19% pa. The interest rate of the loans refinanced for H1/2008 will be fixed on 20 December 2007 based on a simple average of 6M Cibor quoted in the last five banking days up to and including 20 December plus the spread of 0.19% multiplied by 365/360. The final bond terms have been updated with the interest rate spread, cf attached final terms for series 31E. Inquiries may be addressed to Henrik Hjortshøj-Nielsen, Executive Vice President, Group Treasury, tel +45 44 55 10 40, or Nels Petersen, Head of Corporate Communications, tel +45 44 55 14 70/+45 20 22 22 72. Yours sincerely Nykredit Realkredit A/S