Auction of mortgage covered bond series 10S and 10Q for the refinancing of FlexLån®

Realkredit Danmark will hold an auction on mortgage covered bonds for the refinancing of FlexLån® as of 1 January 2011.

The auction of 1-year bonds denominated in DKK or EUR and the 3-year and 5-year bonds denominated in DKK will be held over ten trading days from 25 November 2010 through 8 December 2010.

The auction of 2-year and 4-year bonds denominated in DKK will be held on one trading day - Tuesday 7 December 2010.

The auction of 2-year, 3-year, 4-year and 5-year denominated in EUR will be held on one trading day – Wednesday 8 December 2010.

The preliminary amount of bonds are updated weekly on rd.

dk/Investor from week 40.

The preliminary amount of bonds to be auctioned and the exact terms and conditions of the auctions are set out in the appendices to this announcement.

The final amount of each ISINs to be auctioned will be announced in week 46.

The Executive Board

Any additional questions should be addressed to Senior Dealer Søren Gravgaard,

phone +45 45 13 20 19.