Amendment to final terms for the prospectus for the offering of mortgage bonds in Nykredit Realkredit A/S in series 01D, 05D, 02D and 03D

Amendment to "Final terms for the prospectus for the offering of mortgage
bonds in Nykredit Realkredit A/S in series 01D, 05D, 02D and 03D 
(DKKdenominated callable annuity bonds)"

In connection with the opening of a new ISIN code by Nykredit Realkredit A/S, 
the "Final terms for the prospectus for the offering of mortgage bonds in 
Nykredit Realkredit A/S in series 01D, 05D, 02D and 03D (DKK-denominated 
callable annuity bonds)" has been amended.

Amendments to the final terms
The following has been modified to Clause 11 "Tax":

“In connection with the opening of an ISIN, it will be determined whether the 
nominal coupon of the bonds shall meet the terms for tax exemption of capital 
gains, cf the Danish act on the treatment of gains and losses on claims, debt 
and financial contracts for tax purposes ("blue-stamped" or "black-stamped" 
bonds pursuant to the minimum coupon rules of the Danish Gains on Securities 
and Foreign Currency Act).

Please note that the Danish government has tabled a bill effective as of 27 
January 2010 which is expected to be adopted and which will consequently
abolish 
the distinction between blue- and black-stamped bonds and make all capital 
gains on bonds bought by private investors on 27 January 2010 or later subject 
to taxation.

Interest due and possession, redemption and transfer of bonds will be 
reported to the Danish tax authorities in compliance with current legislation.

Tax at source will not be withheld in Denmark pursuant to current legislation.
Nykredit shall not be liable for any changes in the tax treatment of the bonds 
or in the tax position of the bondholders - including any withholding of tax 
of any kind or collection of tax at source imposed by public authorities.

All bondholders, including those not domiciled in Denmark, are recommended to
seek separate and individual advice on their tax positions.”

The following ISINs have been added to the tables in the attached file.

ISIN DK000977829-2 is not grandfathered as a covered bond as defined by the EU
Capital Requirements Directive.

The prospectus and final terms for mortgage bonds issued out of Capital 
Centre D in Nykredit Realkredit A/S are available at nykredit.com/ir.

Questions may be addressed to Group Treasury, Lars Mossing Madsen,
Head of Realkreditfinans, tel +45 44 55 11 66, or Pernille Bach Ladevig, 
Economist, tel +45 44 55 10 63.