As announced, Nykredit will conduct two test auctions prior to the refinancing auctions in December to test systems and settlement procedures. The first test auction will be held on Thursday, 20 November 2008, in DKK-denominated bonds and the second on Wednesday, 26 November 2008, in EUR-denominated bonds. Both auctions will be held through NASDAQ OMX, Copenhagen's submarket for mortgage bond issuers subject to long settlement on 2 January 2009 and order book ID: ILS, submarket: 61 - OMX CPH FI Issuer for Mortgage Bonds LS. At both auctions, bids will be accepted correct to three decimals. Bonds offered: Date ISIN: Name: Currency: Thursday 20 Nov DK000976709-7 4NYKE B ja10 nc DKK Wednesday 26 Nov LU039200295-1 5NYKE B 10 nclu EUR On both dates, the auctions will open for bidding at 10.00am CET, close at 10.30am CET, and allotment of accepted bids will take place at 10.40am CET. In line with the December auctions, the amounts offered will be published at nykredit.com/ir. If you are interested in participating in the test auctions, please contact Lene Kjer Rasmussen, tel +45 44 55 10 63 or Christian Mauritzen, tel +45 44 55 10 14. Yours sincerely Nykredit Realkredit A/S