Company Announcement No. 113, 2014 – Change to Nordea Kredits final terms

In company announcement no. 92, 2014, the following security code was added to
the final terms of variable interest rate callable and non-callable covered
mortgage bonds (SDRO):

Variable interest rate annuity bond with option for interest-only period of 1-10
years, non-callable

ISIN code    Nom.interest   Name         Openingdate  Closingdate  Maturity
Currency
             rate/Maturity                                         date

LU111020531  Variable/2019  NDAEURIBOR3  17/09-2014   31/10-2018   01/01     EUR
-4                          OA19                                   -2019

The change concerns negative interest rates
For covered mortgage bonds with adjustable rates in euro, the interest rate can
also become negative.
In this event Nordea Kredit will fix the interest rate at 0%. Reference is
otherwise made to the attached final terms.

This change makes the bonds in euro applicable as collateral when borrowing via
the ECB.

Questions can be directed to Jakob Dueholm Bach on phone no. +45 33 33 58 58

Yours faithfully
Nordea Kredit Realkreditaktieselskab