TOTALKREDIT AND NYKREDIT LAUNCH PRE-ISSUE OF MORTGAGE BONDS WORTH DKK 71BN

In connection with Totalkredit and Nykredit's transition from funding mortgage
lending with mortgage bonds (ROs) to funding mortgage lending with the new
Dan-ish covered bonds (”særligt dækkede obligationer” - SDOs), Totalkredit and
Nyk-redit have obtained permission by the Danish Financial Supervisory
Authority to pre-issue ROs on the basis of loan offers already issued. 

Totalkredit and Nykredit have therefore launched a pre-issue of DKK 71bn on the
basis of RO-based loan offers granted up to and including 21 December 2007. DKK
59.5bn worth of DKK-denominated bonds and EUR 1.5bn worth of EUR-denominated
bonds have been issued. Please refer to the attached appendix 
for a distribution of the issue by ISIN.

Nearly half of the issue relates to offers granted for fixed-rate callable
loans, and capped floating-rate loans (RenteMax and BoligXlån), while the
remainder relates to offers for variable-rate loans granted chiefly to
commercial customers. 

Loan offers may be effected and funded by the pre-issued ROs up to and
including 20 June 2008. Experience shows that only part of the loan offers are
exercised. Nykredit therefore expects an excess of bonds to remain upon expiry
of the offer term. Totalkredit and Nykredit will cancel all bonds not used to
fund mortgage lending after 20 June 2008. 

To ensure market transparency, Nykredit will keep the market updated on the
amount of pre-issued bonds used to fund lending. Market participants will
therefore be updated as to the development in the amount of pre-issued bonds
used to fund mortgage loans, which are de facto outstanding, and the amount of
bonds still not used to fund mortgage lending. The figures will be published at 
nykredit.com/ir.

In continuation of the pre-issue, Totalkredit and Nykredit will close for RO
issuance at year-end. The only exception is the newly opened 10-year
floating-rate ISIN (DK000977098-4). 
The RO series will be registered with closing date at 31 December 2007 on the
OMX, in the price list and in the bond data pages of Nykredit.com/ir. The
closing date registered with VP Securities Services will be updated in January
2008. 

OMX key figures will be adjusted for the new closing date. In practice, this
means that the transition from estimated to actual cash flows based on
underlying loans will be moved up from Q4/2008 to Q1/2008. Actual cash flows
from Totalkredit and Nykredit will be available on the OMX and at
nykredit.com/ir in mid-January 2008 and will subsequently change on a current
basis as a result of loans being granted in H1/2008 as well as repayments and
prepayments. 

Questions may be directed to Henrik Hjortshøj-Nielsen, Executive Vice
President, Group Treasury, tel +45 44 55 10 40, Morten Bækmand, Head of
Funding, Group Treasury, tel +45 44 55 15 21, or Nels Petersen, Head of
Corporate Communica-tions, tel +45 44 55 14 70 / +45 20 22 22 72. 


Yours sincerely
Nykredit Realkredit A/S