Company Announcement No. 45, 2011 - Change in the final terms

Change in the final terms (Appendix 1) of the Base Prospectus of Nordea Kredit
Realkreditaktieselskab for covered mortgage bonds (SDRO) dated 14 April 2011 for
the following bonds:

Non-callable floating-rate (CIBOR) annuity bonds with option for interest-only
period of 1-10 years, DKK

The change occurs is the section "Interest rate and number of annual payment
dates". The new terms are attached.

Reference is otherwise made to the entire Base Prospectus.

Questions can be directed to René Boesen on phone no. +45 33 33 25 26


Yours faithfully
Nordea Kredit Realkreditaktieselskab

[HUG#1516494]