Test auctions - refinancing of ARMs in March 2010 12 February 2010

To test systems and settlement procedures, Nykredit will conduct two test       
auctions, one in DKK-denominated bonds and one in EUR-denominated bonds on      
Monday, 1 March 2010 through NASDAQ OMX Copenhagen A/S's submarket for mortgage 
bond issuers subject to long settlement (order book ID: ILS, submarket: 61 - OMX
CPH FI Issuer for Mortgage Bonds LS).                                           

The test auctions will be held with 6 April 2010 as value date, and bids will be
accepted correct to three decimals at either auction.                           

The following covered bond will be offered:                      
ISIN:         Name:                            Currency: Offer:  
DK000977446-5 4% Nykredit 12E SDO B ap nc 2011 DKK       DKK 100m

• 10:00 - Auction will open for bidding.
• 10:30 - Auction will close.           
• 10:40 - Allotment of accepted bids.   

The following covered bond will be offered:                 
ISIN:         Name:                         Currency: Offer:
LU048355145-2 1% Nykredit 12E B apnclu 2011 EUR       EUR 5m

• 10:00 - Auction will open for bidding.
• 11:30 - Auction will close.           
• 11:40 - Allotment of accepted bids.   

If you are interested in participating in the test auctions, please contact     
Nykredit Realkredit A/S, Group Treasury, tel +45 44 55 10 14 (Christian         
Mauritzen), tel +45 44 55 10 63 (Pernille Bach Ladevig) or tel +45 44 55 11 66  
(Lars Mossing Madsen).                                                          

Other 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.