Company Announcement No. 12, 2016 - Auction of covered mortgage bonds in Nordea Kredit Realkreditaktieselskab

The refinancing of Nordea Kredit’s adjustable rate mortgages maturing on 1 April
2016 will be carried out by an auction of covered mortgage bonds (SDRO).

The dates of the auction and the terms and conditions were published in company
announcement No. 3 to the NASDAQ Copenhagen on 8 January 2016.

The auctions will take place during the period Tuesday 9 February through
Thursday 11 February 2016.

The auctioned bonds are rated Aaa by Moody’s and AAA by Standard & Poor’s,

The auctions will open daily at 10:00 and close at 11:30 and 13:00 respectively,
with allocation of accepted bids at 11:40 and 13:10, respectively.

Bids in bonds with 1-year maturity denominated in DKK and EUR can be placed with
3 decimals.
Bids in other auctioned bonds can be placed with up to 2 decimals.

Nordea Kredit is not obliged to sell the full amounts announced.

The settlement date is 1 April 2016. Amounts for sale will be issued in VP
Friday 5 February 2016.

Auction results as well as calculated interest rates will be published daily at:
nordeakredit.dk, “Investor Information” and at: Nordea.dk/nyrente.

The auctions will be executed according to the timetable on the following page
(see attached PDF-fil).

The investors are offered the option of delivery of the bonds purchased at the
action with spot settlement provided that the investors deliver maturing Nordea
Kredit non-callable bullets. Investors who wish to make use of this option
should contact Peter Brag or Juho-Pekka Jääskeläinen on the auction day before
14.00.

For more detailed information please contact Nordea Group Treasury & ALM, Peter
Brag phone no. +45 3333 1663 or Juho-Pekka Jääskeläinen phone no. +45 3333 1626.

Yours faithfully

Nordea Kredit Realkreditaktieselskab