In order to refinance Nordea Kredit EURIBOR3-based loans as per 1 January 2019
Nordea Kredit will conduct an electronic auction on 21 November 2018.

Nordea Kredit will refinance the (EURIBOR3-based) loans by issuing a new covered
mortgage bond (SDRO). The refinancing auction will be performed by Nordea Bank.

Covered           ISIN: DK0002043231
mortgage bond     Name: NDAEURIBOR3 OA22RF


The auction       The auction will take place at the auction market at NASDAQ
                  Copenhagen. The participant code for the offer is NOA.
                  The bonds will be offered at price 100.20. Bids should be
                  made for the margin to be added to the reference interest
                  rate at the recurring fixings of the coupon.
                  The coupon as per 1 January 2019 will be fixed in this way: 3
                  month EURIBOR per 19 December 2018 multiplied by 365/360 plus
                  the margin set at the auction. The interest rate is rounded
                  to two decimals.
                  Investors should note that the margin set at the auction on
                  21 November 2018 will apply for the full maturity of the
                  bond.
                  The auction will be conducted using the Dutch auction
                  principle and the “hidden call” auction type. This means that
                  all bids below the margin set at the auction will be fully
                  allocated. For bids at the margin set at the auction, pro
                  rata allocation may apply. Bids above the margin set at the
                  auction will not be allocated.

Auction date      The auction will take place on Wednesday 21 November 2018.

Rating            The offered covered mortgage bonds are rated Aaa by Moody’s
                  and AAA by Standard & Poor’s, respectively.

LCR category      2A

Auction           EUR 450m. The amount will be issued with VP Securities on 16
volume            November 2018

Price             The bonds are offered at price 100.20.

Additional        Nordea Kredit is not obliged to sell the full offered amount
terms             at the auction. Nordea Kredit may change the announced sales
                  period including postponing or cancelling the scheduled
                  auction.

Bids/Allocation   The auction will open at 9 a.m. and close at 13.00 p.m.
                  Accepted bids will be allocated latest at 13.09 p.m.
                  Bids must be made for the margin on the reference interest
                  rate and bids with up to two decimals will be accepted.

Settlement        The settlement date is 2 January 2019.
date              Investors have the option of receiving the new covered
                  mortgage bond allocated at the auction with spot settlement
                  provided that the investor delivers ISIN LU1110205314 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 3.00 p.m.

Participants      Anyone with access to the auction market at NASDAQ OMX may
                  place a bid.
                  In case of technical problems bids may be placed with Nordea
                  Markets. Please contact Brian Christophersen at phone +45
                  3333 1693 or Frank Klahsen at phone +45 3333 1444.

If you have questions please contact Nordea, Long Term Funding, Peter Brag at
phone

+45 3333 1663 or Finn Nicolaisen at phone +45 3333 1625.

Kind regards

Nordea Kredit Realkreditaktieselskab