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

On 11 March, Nykredit and Totalkredit have conducted stand-alone auctions of
covered bonds (SDOs) in connection with the interest rate reset of ARMs
(Nykredit's Tilpasningslån (F1-F3) and Totalkredit's BoligXlån (X1-X3)) based
on the auction price principle. The interest rates will be reset on 1 April
2010.

The auctions had an average bid-to-cover rate of 6.0, and bond sales
totalled DKK 1.0bn and EUR 20m in nominal terms. 

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

                                          ARMs        ARMs        ARMs
                                        funded by   funded by   funded by
                                        1Y bonds    3Y bonds    1Y bonds
                                        (F1/X1)     (F3/X3)      (F1)
                                          DKK         DKK         EUR

Cash rate, with repayments              1.64%       2.45%       1.27%
Monthly net payments, with repayments   DKK 3,350   DKK 3,570   DKK 3,280
Cash rate, interest-only                1.62%       2.44%       1.26%
Monthly net payment, interest-only      DKK 1,220   DKK 1,670   DKK 980


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.