Interest rate spread of BoligXlån with 5-year interest rate cap

Nykredit and Totalkredit today conducted a stand-alone auction in connection
with the refinancing of BoligXlån mortgage loans with a 5-year interest rate
cap. 

At the auction, a nominal amount of DKK 3,760m in a 5-year SDO with an interest
rate cap of 5.15% was offered. The bond was sold at par (100), and bids were
made in terms of the interest rate spread of the bond.

At the auction, bids totalled DKK 10,575m, and the bond's interest rate spread
was fixed at 0.19% pa.

The results mean that homeowners whose loans are refinanced by the bond sold
obtain an interest rate cap of 5.15% against payment of an interest rate spread
of 0.19% pa.

The interest rate of the loans refinanced for H1/2008 will be fixed on 20
December 2007 based on a simple average of 6M Cibor quoted in the last five
banking days up to and including 20 December plus the spread of 0.19%
multiplied by 365/360. 

The final bond terms have been updated with the interest rate spread, cf
attached final terms for series 31E.

Inquiries 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. 

Yours sincerely
Totalkredt A/S