Company announcement no. 41, 2016 – Auctions of covered mortgage bonds in Nordea Kredit Realkreditaktieselskab.

In order to refinance “Kort rente” (CITA-based) and CIBOR-based loans as per 1
July 2016 Nordea Kredit will conduct two electronic auctions on 24 and 25 May
2016.
Nordea Kredit will refinance both the “Kort rente” (CITA based) and the CIBOR
-based loans   by issuing new covered mortgage bonds (SDRO). The refinancing
auctions will be performed by Nordea Bank Danmark.

Covered        DK0002036458 NDACITA6OA19RF
mortgage
bonds

               DK0002036375 NDACIBOR619RF (bullet bond)
               DK0002036532 NDACIBOR6OA19RF


The auctions   The auctions will take place at the Auction market for covered
               bonds at NASDAQ Copenhagen. The participant code for the offer
               is NOA.

               The NDACITA6OA19RF bond (ISIN-code DK0002036458) will be offered
               at 100.20. Bids should be made for the margin to be added to the
               reference interest rate at the recurring fixings of the coupon.

               The coupon as per 1 July 2016 is fixed in this way: 6 month CITA
               per 27 June multiplied by 365/360 plus the margin set at the
               auction. The interest rate is rounded to two decimals.

               The NDACIBOR619RF (ISIN-code DK0002036375) and the
               NDACIBOR6OA19RF (ISIN-code DK0002036532) bonds are likewise
               offered at 100.20. For these bonds bids should be made the same
               way i.e. for the margin to be added to the reference interest
               rate at the recurring fixings of coupons.

               The coupons as per 1 July 2016 are fixed in this way: 6 month
               CIBOR per 27 June multiplied by 365/360 plus the margin set at
               the auction. The interest rate is rounded to two decimals.

               Investors should note that the margins set at the auctions on 24
               and 25 May 2016 will apply for the full maturity of the bonds.

               The auctions will be conducted using the Dutch auction principle
               and the “hidden call” auction type. This means that all bids
               below the margin set at the auctions will be fully allocated.
               For bids at the margin set at the auctions, pro rata allocation
               may apply. All bids above the margin set at the auctions will
               not be allocated.


Auction        The auctions will take place on Tuesday 24 and Wednesday 25 May
dates          2016.


Rating         The offered covered mortgage bonds are rated Aaa with Moody’s
               and AAA with Standard & Poor’s, respectively.


Auction        Auction volumes and specific dates for the auctions of
volumes        individual bonds are expected to be published during week 19.
               The three new bonds will probably be used to finance new loans
               later on. This means that the amounts of bonds in circulation
               will likely increase.


Additional     Nordea Kredit is not obliged to sell the full published amounts
terms          at the auctions.
               Nordea Kredit may change the planned sales period including
               postponement or cancellation of the planned sale of bonds.


Bids/Allocati  The auctions will open at 10 a.m. and close at either 10.30 or
on             11.30 a.m. Accepted bids will be allocated at 10.40 or 11.40
               a.m.
               Bids must be made for the margin on the reference interest rate
               and bids with up to two decimals will be accepted.


Settlement     1 July 2016.
date

               The bonds in circulation at VP Securities will be increased by
               the auction amounts on 20 May 2016.

Participants   Anyone with access to the market for covered bonds at NASDAQ OMX
               may place a bid.

               In case of technical problems bids may be placed with Nordea
               Markets. Please contact Bjarne Hammeken at phone +45 33 33 17 07
               or Kim Bek Petersen at phone +45 33 33 16 44.

If you have further questions please contact Nordea Group Treasury & ALM, Peter
Brag at phone +45 33 33 16 63 or Finn Nicolaisen at phone +45 33 33 16 25.
Kind regards
Nordea Kredit Realkreditaktieselskab