Terms for Nykredit and Totalkredit fixed bullet auctions December 2008

For the period Thursday 4 December to Thursday 18 December, Nykredit has
scheduled auctions in connection with the interest rate adjustment of
Nykredit's Tilpasningslån and Totalkredit's BoligXlån (ARMs). The bonds offered
as well as auction schedules, terms and further technical information appear
from the en-closed appendices. 

The auctions in connection with the 10-day average are scheduled for Thursday 4
December to Wednesday 10 December and Friday 12 December to Thursday 18
December - all days included. This year, the stand-alone auction is scheduled
for Thursday 11 December, ie within the 10-day period. 

The refinancing and interest rate adjustments are generally based on "særligt
dæk-kede obligationer" (SDOs), but for certain property categories in the
commercial customers segment, the interest rate adjustment of ARMs funded by 1Y
bullets is based on "realkreditobligationer" (ROs). 

Nykredit will publish the expected offering in the individual ISINs at a later
date. 

It should be noted that:
•	The value date of bond sales from 4 to 18 December irrespective of auction
type is 2 January 2009. Nykredit offers a reverse facility to auction
participants who require the bonds after only three days. 
•	The 10-day sale of 1Y ROs scheduled for 4-18 December will take place by
ordinary tap issuance. 
•	Only fixed-rate bullet bonds are offered this year.

Questions regarding the bond sale as well as technical issues may be addressed
to Lene Kjer Rasmussen, tel +45 44 55 10 63. 

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. 


Yours sincerely 
Nykredit Realkredit A/S