Nykredit offers DKK 4.3bn-worth of Aaa-/AAA-rated DKK-denominated covered bonds ("særligt dækkede obligationer" - SDOs) in connection with the interest rate adjustment of Nykredit's Tilpasningslån and Totalkredit's BoligXlån (ARMs) subject to annual interest rate adjustment on 1 April. Offering and auction terms The auctions take place from Monday 9 March to Friday 20 March this year (both dates included). For the ISIN offered, please refer to Appendix 1, while the specific times and terms of the different auctions appear from Appendices 2 and 3. Questions regarding the bond sale as well as technical issues may be addressed to Lars Mossing Madsen, Head of Trading, tel +45 44 55 11 66. Other inquiries may be addressed to Henrik Hjortshøj-Nielsen, Executive Vice Presi-dent, 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