To NASDAQ Copenhagen A/S

                                                                               
              21st of November 2016 

                                                                               
              Announcement no 100/2016 





Fixing of interest rate spreads



BRFkredit has conducted auctions in floating-rate bonds.

The results of the auctions are shown below.



ISIN                                              DK0009391963                 
           DK0009392185 

Maturity                                        01- July – 2020                
             1. juli 2021 

Reference rate                             Cibor 3M                            
           Cibor 3M 

Cover pool                                    E (SDO)                          
              E (SDO) 

Series                                           422E                          
                    422E 



Interest rate spread                   + 0,12%                                 
         + 0,23% 



The final terms for the bonds will be updated with the interest rate spread,
and will be available on www.brf.com/ 



Questions regarding the auctions may be directed to:

  -- Head of Investments,  André Hauberg på telefon (+45) 45 26 29 18
  -- Group Treasurer, Anders Lund Hansen på telefon (+45) 45 26 22 80





Yours sincerely,

BRFkredit a/s



Søren Winkler

Head of Analysis



Direct phone (+45) 45 26 29 30

E-mail swi@brf.dk

Web: brf.dk