Kalmar Structured Finance A/S - Secured Credit-Linked Notes IV

Copenhagen, 7 October 2008 1(1)

     Kalmar Structured Finance A/S     
Secured Credit-Linked Notes IV due 2013

Class Security Code Initial Principal Interest Rate   Maturity Date  
                          Amount                                     
   A  XS0277784376  EUR 56,350,000    Credit Linked 30 September 2013

CREDIT EVENT NOTICE

Nordea Bank Danmark A/S, acting as the Arranger of the above mentioned issue,   
has on October 7th, 2008 become aware of an occurrence of a Credit Event (as    
defined in the Offering Circular) concerning the following Reference Entity:    

- Landsbanki Island HF

The Reference Entity is part of the IO CLN (as defined in the Offering          
Circular).                                                                      

This credit event notification is effective on October 7th, 2008.

For further information please contact Morten Husted Permin, Nordea Markets, on 
+45 33 33 56 55.                                                                

Nordea is the leading financial services group in the Nordic and Baltic Sea     
region and operates through three business areas: Retail                        

Banking, Corporate and Institutional Banking and Asset Management & Life. The   
Nordea Group has almost 11 million customers and                                

1,150 branch offices. The Nordea Group is a world leader in Internet banking,   
with 4.1 million e-customers. The Nordea share is listed                        

in Stockholm, Helsinki and Copenhagen.

www.nordea.com