Results of stand-alone auctions based on the auction price principle

On 4 December, Nykredit and Totalkredit have conducted a number of stand-alone  
auctions of covered bonds (SDOs) and mortgage bonds (ROs) in connection with the
interest rate reset of ARMs (Nykredit's Tilpasningslån and Totalkredit's        
BoligXlån) based on the auction price principle. The interest rates will be     
reset on 1 January 2010.                                                        

The auctions had an average bid-to-cover rate of 3.7, and bond sales totalled   
DKK 18.4bn and EUR 0.6bn in nominal terms.                                      

For a retail borrower with a 30Y annuity loan of DKK 1m (33% tax allowance), the
interest rate reset of SDOs to be effected on 1 January will result in the      
following cash rates and monthly net payments:                                  

                                         ARMs      ARMs      ARMs      ARMs   
                                       funded by funded by funded by funded by
                                       1Y bonds  3Y bonds  5Y bonds  1Y bonds 
                                        (F1/X1)   (F3/X3)   (F5/X5)    (F1)   
                                          DKK       DKK       DKK       EUR   
Key figures for 2008                                                          
- Cash rate, with repayments               5.22%     4.52%     4.63%     4.12%
- Monthly net payment, with repayments DKK 4,362 DKK 4,130 DKK 4,164   EUR 537
Key figures for 2009                                                          
- Cash rate, with repayments               1.65%     2.75%     3.29%     1.31%
- Monthly net payment, with repayments DKK 3,355 DKK 3,617 DKK 3,760   EUR 442
- Cash rate, interest-only                 1.63%     2.75%     3.29%     1.30%
- Monthly net payment, interest-only   DKK 1,191 DKK 1,813 DKK 2,115   EUR 135

For detailed information on the bond sales, please refer to Appendix 1 and
nykredit.com/ir.                                                          

Enquiries may be addressed to Henrik Hjortshøj-Nielsen, Executive Vice          
President, Group Treasury, tel +45 44 55 10 40, or Nels Petersen, Head of       
Corporate Communications, tel +45 44 55 14 70/+45 20 22 22 72.