Company Announcement No. 52, 2015 – Negative interest rate

Nordea Kredit publishes a supplementary prospectus for covered mortgage bonds.

Bonds opened before 19 May 2015
The supplement specifies that covered mortgage bonds with adjustable rates
opened for issuance before 19 May 2015 will have an interest rate floor of 0% in
the event of negative interest.

This applies to the following bonds:

Security ID   Reference rate
DK0002015106  CIBOR6
DK0002015296  CIBOR6
DK0002021427  CIBOR6
DK0002021500  CIBOR6
DK0002026731  CIBOR6
DK0002026814  CIBOR6
DK0002029248  CIBOR6
DK0002029594  CITA6
DK0002032549  CITA6
DK0002032622  CIBOR6
DK0002032705  CIBOR6
LU1110205314  EURIBOR3

In addition to the covered mortgage bonds shown, Nordea Kredit in 2007 opened a
mortgage bond with adjustable rate based on Euribor3, with security ID
DK0002017078. This bond will also have an interest rate floor of 0% in the event
of negative interest.

Bonds opened on 19 May 2015 and later
For new covered mortgage bonds with adjustable rates opened on 19 May 2015 or
later, it is specified that no interest rate floor is applicable and that any
negative interest will be charged to investors. In practice, this will be
effected by means of offsetting or by the drawing of bonds for an amount
equivalent to the negative interest. All security IDs, both existing open
security IDs and security IDs opened after 19 May 2015, are still subject to the
specific balance principle.

Borrowers and negative interest
Any negative interest on bond loans with adjustable rates and adjustable-rate
mortgage loans will benefit borrowers by means of offsetting against the
mortgage payment – see Nordea Kredit’s company announcement no 24 of 20 February
2015.

For new bond loans with adjustable rates Nordea Kredit may choose at a later
stage that negative interest will benefit borrowers in the form of an additional
principal payment on their loan.

For further information: Stephan Ghisler-Solvang, telephone +45 61 22 93 92.