The refinancing of Nordea Kredit ARMs with annual refinancing on 1 January
2019
will be conducted via auctions of covered mortgage bonds (SDRO). The
covered
mortgage bonds are rated Aaa and AAA by Moody´s and Standard &
Poor´s,
respectively.

The auctions will be performed by Nordea Bank and they
will be held at the
NASDAQ Copenhagen auction market on Tuesday, 20 November
and Wednesday, 21
November 2018.

The auctions will open daily at 9.00 a.m. and
close either by 10.00 a.m. or
11.00 a.m., see the table on page 3 for details.
Investors will be notified of
accepted bids as soon as possible but no later
than by 10.09 a.m. or 11.09 a.m.,
respectively.

Bids with up to three decimals
will be accepted for 1-year maturities. In other
ISINs only bids with up to two
decimals will be accepted. The auctions will be
performed using the Dutch
auction principle and the auction type hidden call.
This means that all bids
above the cut off price will be allocated in full at
the cut-off price. Bids at
the cut-off price may be allocated pro rata. Bids
below the cut-off price will
not be allocated any bonds.2

The auction amounts and time schedules can be
seen in the table in the pdf-file.
Nordea Kredit is not obliged to sell the
full offered auction amount at the
auctions.

The new covered bonds will be
allocated to investor bond accounts on Wednesday,
2 January 2019.

The covered
bonds to be auctioned by 20 November and 21 November 2018 will be
registered at
VP Securities on Friday, 16 November 2018.

The auction results and provisional
interest rates can be seen at
www.nordeakredit.dk press” Investor information”
and
     at
https://www.nordea.dk/privat/produkter/boliglaan/foelg-auktionen.html

Invest
     ors
have the option of receiving new covered mortgage bonds allocated at
the
auction with spot settlement provided that the investor delivers
maturing
non-callable Nordea Kredit covered mortgage bonds to Nordea Bank. This
exchange
of bonds can be arranged by contacting either Peter Brag or Finn
Nicolaisen at
the day of the auction no later than 1.00 p.m. Their contact
phones numbers
appear below.

In case of technical problems bids can be made to
Nordea Markets. Please contact
either Brian Christophersen at +45 33 33 16 93
or Frank Klahsen at +45 33 33 14
44.

The new covered mortgage bonds are
subject to the provisions on the regulation
of the refinancing risk in the
Mortgage-Credit-Loans & Mortgage-Credit-Bonds
etc. Act. The auction trigger
applies to all the new covered mortgage bonds. For
the covered mortgage bonds
maturing no later than 1 October 2021 the interest
rate trigger applies as
well.

The following applies to covered mortgage bonds subject to the auction
trigger:
In case of a failed auction the provisions of the law, pls cf. above,
lay down
restrictions on the final sale and allocation of covered mortgage
bonds.

The following applies to covered mortgage bonds subject to the interest
rate
trigger:
In connection with the refinancing of covered mortgage bonds a
ceiling for the
increase of the effective interest rate applies. The effective
interest rate
cannot increase by more than 5 percentage points. This limit on
the rise of the
effective interest rate is a condition for the final sale and
allocation of new
covered mortgage bonds subject to the interest rate trigger
at the auctions.

Questions in connection with the auctions may be directed to
Nordea, Long Term
Funding, Peter Brag at +45 33 33 16 63 or Finn Nicolaisen at
+45 33 33 16 25.


Yours faithfully

Nordea Kredit Realkreditaktieselskab