TRANSLATION FROM DANISH THE DANISH VERSION PREVAILS

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1 Supplement No 1 to Prospectus on bonds issued in Captital Centre T pursuant to section 15 of the Danish Mortgage-Credit Loans and Mortgage-Credit Bonds etc. Act issued by 18 December March 2014 TRANSLATION FROM DANISH THE DANISH VERSION PREVAILS CVR nr , Copenhagen

2 Loans and Mortgage-Credit Bonds etc. Act issued by In connection with the announcement of the Supplement No 1 to Prospectus on bonds issued in Capital Centre T pursuant to section 15 of the Danish Mortgage-Credit Loans and Mortgage-Credit Bonds etc. Act issued by Realkredit Danmark A/S 18 December 2013 is hereby announced. The prospectus is amended as follows: Page 4, Summary, item B9 is replaced by new item B.9: B.9 Profit forecast Not applicable; Realkredit Danmark assesses that the profit forecast published in will not have a material impact on any assessment of the bonds. Page 4, Summary, item B12 is replaced by new item B.12: B.12 Significant changes in Realkredit Danmark A/S s financial or trading position Selected important historical financial information for Realkredit Danmark A/S extracted from the most recent annual report (DKKm): Year Net profit 2,612 2,454 1,874 1,721 2,594 Total assets 848, , , , ,343 Return on equity 5.6 % 5.4% 4.3% 4.1% 6.5% Cost/income ratio 14.7 % 15.9% 20.8% 21.5% 17.2% Total capital ratio 34.0 % 34.3% 35.8% 39.4% 44.6% Tier 1 capital 33.5 % 33.7% 35.4% 38.8% 44.2% Note: Return on equity = net profit for the year as % of average shareholders' equity, cost/income ratio = costs as % of income, and tier 1 capital = tier 1 capital ratio. hereby states: - that there has been no adverse material change in the prospects of since the date of its last published financial statements; and - that there have been no significant changes in the financial or trading position subsequent to the period covered by the historical financial information. CVR nr , Copenhagen Page 2 af 8

3 Loans and Mortgage-Credit Bonds etc. Act issued by Page 18, Registration Document, item 3.1 is replaced by new item 3.1: 3.1 Selected important historical financial information for extracted from the most recent annual report (DKKm): Year Net profit 2,612 2,454 1,874 1,721 2,594 Total assets 848, , , , ,343 Return on equity 5.6 % 5.4% 4.3% 4.1% 6.5% Cost/income ratio 14.7 % 15.9% 20.8% 21.5% 17.2% Total capital ratio 34.0 % 34.3% 35.8% 39.4% 44.6% Tier 1 capital 33.5 % 33.7% 35.4% 38.8% 44.2% Note: Return on equity = net profit for the year as % of average shareholders' equity, cost/income ratio = costs as % of income, and tier 1 capital = tier 1 capital ratio. hereby states: - that there has been no adverse material change in the prospects of Realkredit Danmark A/S since the date of its last published financial statements; and - that there have been no significant changes in the financial or trading position subsequent to the period covered by the historical financial information. Page 20, Registration Document, item is replaced by new item 5.1.5: As per today, no events has occured which are relevant to the assessment of solvency since the financial report last published by. Page 20, Registration Document, item is replaced by new item 5.2.1: As per today, no significant investments have been made since the financial report last published by. Page 20, Registration Document, item is replaced by new item 5.2.2: Since the last published financial report, has not committed to make any significant future investments. Page 21, Registration Document, item 6.3 is replaced by new item 6.3: 6.3 For comments on principal markets and its competitive position, se the last published financial report for. See Appendix 1. CVR nr , Copenhagen Page 3 af 8

4 Loans and Mortgage-Credit Bonds etc. Act issued by Page 21, Registration Document, item 9.1 is replaced by new item 9.1: 9.1 Not relevant; Realkredit Danmark assesses that the profit forecasts published in Annual Report 2013 for will not have a material impact on any assessment of the bonds Page 23, Registration Document, item 13.1 is replaced by new item 13.1: 13.1 Historical financial information For audited financial information covering the last two financial years and the most recent year s audited historical financial information, see the annual reports for 2012 and 2013 for. See Appendix 1. The financial information referred to has been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the EU and presented in a form complying with the expected accounting policies of the next annual report. The financial information provided in these reports has been audited by s independent auditors. The last published profit announcements and the historical financial information for all contain a balance sheet, an income statement, a cash flow statement and accounting policies as well as notes. The annual reports for 2012 and 2013 for were audited by s independent auditors. Page 23, Registration Document, item 13.2 is replaced by new item 13.2: 13.2 Financial statements s financial statements include both unconsolidated and consolidated financial statements. For further information, see Realkredit Danmark A/S. See Appendix 1. Page 24, Registration Document, item is replaced by new item : The company hereby declares that the historical financial information has been audited by s independent auditors. The audit report, which is unqualified, is included in Annual Report 2012 and. See Appendix 1. Page 24, Registration Document, item is replaced by new item : Not applicable. has not published any interim financial information since the publication of the annual report 2013 for Realkredit Danmark A/S CVR nr , Copenhagen Page 4 af 8

5 Loans and Mortgage-Credit Bonds etc. Act issued by Page 24, Registration Document, item is replaced by new item : Not applicable. has not published any interim financial 2 information since the publication of the annual report 2013 for Realkredit Danmark A/S Page 25, Registration Document, item 17 is replaced by new item 17: 17 Documents The Board of Directors and the Executive Board of hereby declare that the following documents are available for inspection during the life of the prospectus: Articles of association of as well as any regulations issued in pursuance thereof; Annual Report 2012 for No financial reports are published for s subsidiary home a/s. home a/s financial statements are consolidated in s financial statements. The documents are available for inspection in person by request to Realkredit Danmark A/S or may be inspected in electronic form on New Appendix 1: As a consequence of the announcement of the the following Appendix 1: List of documents included in the prospectus by reference is revised. The revised appendix 1 is attached. CVR nr , Copenhagen Page 5 af 8

6 Loans and Mortgage-Credit Bonds etc. Act issued by Statement by the Board of Directors and the Executive Board The Executive Board today reviewed and approved this Supplement to the Prospectus on bonds issued in Capital Centre T pursuant to section 15 of the Danish Mortgage-Credit Loans and Mortgage-Credit Bonds etc. Act issued by in pursuance of the Board of Director s authority to the Executive Board as of May 27, We, the members of the Executive Board of, hereby declare that, to the best of our knowledge and belief, the information contained in the prospectus (the registration document, the securities note, the supplements and appendix) is in accordance with the facts and does not omit anything likely to affect the import of such information, and that all relevant information contained in the minutes of the Board of Directors, long-form audit reports and any other internal documents is contained herein. The persons responsible for the information provided in this prospectus hereby declare to have taken all reasonable care to ensure that, to the best of their knowledge and belief, the information provided in the prospectus is in accordance with the facts and contains no omissions likely to affect the import thereof. The company s Executive Board hereby declare that there are no potential conflicts of interest between the company s Board of Directors and the Executive Board, between the obligations that the members of the Board of Directors and the Executive Board of have in respect of and their private interests and/or other obligations. Copenhagen, 19 March 2014 The Executive Board Carsten Nøddebo Rasmussen Chief Executive Officer Henrik Blavnsfeldt Senior Vice President Under powers of procuration CVR nr , Copenhagen Page 6 af 8

7 Loans and Mortgage-Credit Bonds etc. Act issued by New Appendix 1: List of documents incorporated in the prospectus by reference Documents to which reference is made in the prospectus Last published historical financial information Last published financial information Type of document Annual Report 2012 for Date of publication 7 February February February 2014 Where in the prospectus is the reference? Registration document 18, item , item Registration document Page 20, item , item , item , item , item 13.1 Document Annual Report 2012 for Annual Report 2012 for Where in the document is the reference? Income statement and Comprehensive income, page 15 Balance Sheet and Statement of Capital, page Income statement and Comprehensive income, page 15 Balance Sheet and Statement of Capital, page The full report The full report Property Market, page 5 Lending and distribution, page 6-8 Financial Review, page 3-4 Directorships, page 60 Management s report, page 2-14 Income statement, page 15 Cash flow statement, page 20 Accounting policies, page CVR nr , Copenhagen Page 7 af 8

8 Loans and Mortgage-Credit Bonds etc. Act issued by Where in the prospectus is the reference? Document Where in the document is the reference? Notes, page Statement by the management, page 57 Auditor s report, page , item , item , item , item , item , item 17 Annual Report 2012 for Annual Report 2012 and 2013 for Management s report, page 2-14 Income statement, page 15 Cash flow statement, page 21 Accounting policies, page Notes, page Statement by the management, page 57 Auditor s report, page Accounting policies, page Auditors' report, page Auditors' report, page Statement of capital, page 18 text below table The full report CVR nr , Copenhagen Page 8 af 8