Nykredit will hold covered bond auctions for DKK 47bn from Friday 3 September to Friday 17 September 2010, both dates included. The auctions are conducted for the purpose of refinancing Nykredit and Totalkredit's ARMs (Tilpasningslån and BoligXlån). The auction schedule is provided below. Detailed information will be published at a later date. Auction schedule The auctions will be held according to the following time schedule: Auction type Dates Auction times Interest rate 3 September - 1st auction: Bidding until adjustment 9 September 10:30/allotment at 10:40 based on and 2nd auction: Bidding until 10-day average 13 September - 11:30/allotment at 11:40 prices 17 September Interest rate 10 September 1st auction: Bidding until adjustment 10:30/allotment at 10:40 based on 2nd auction: Bidding until the auction price 11:30/allotment at 11:40 principle Preliminary amounts Nykredit expects to sell covered bonds (SDOs) for a total of DKK 47bn. The main part will consist of 1-year SDOs. As in previous years, the auction amounts for the refinancing will be affected by prepayments and refinancing changes. Accordingly, the final amounts may differ from expected amounts. Expected auction amounts will be published at end-August. Subsequently, the expected auction amounts will be updated on an ongoing basis at nykredit.com/ir. Questions may be addressed to Lars Mossing Madsen, Head of Mortgage Finance, tel +45 44 55 11 66, or Nels Petersen, Head of Corporate Communications, tel +45 44 55 14 70/+45 20 22 22 72.