Kalvebod Series 2 - Notice to the CSE - Adjusted Recovery Amount as of May 2014

Notice: Kalvebod plc Series 2 DKK 314,034,558.82 Fixed/Floating Rate Secured Notes due 2106 (consisting of an initial issue of DKK 928,450,000 and reduced to DKK 791,913,235.29 as of 01 May 2009 and reduced to DKK 655,376,470.58 as of 03 August 2009 and reduced to DKK 518,839,705.88 as of 06 February 2011 and reduced to DKK 382,302,941.17 as of 02 May 2012 and further reduced to DKK 314,034,558.82 as of 01 May 2014) (ISIN: DK0030029269) (the “Notes”)

Pursuant to the Terms of the Notes as set out in the Prospectus relating to the admission to trading of the Notes on the regulated market of the NASDAQ OMX Copenhagen A/S dated 01 May 2006, we hereby notify you of the Adjusted Recovery Amount payable following the occurrence of a Bond Collateral Default on 01 May 2014 in respect of the Notes, as such amount has been notified by the Issuer to each of the Noteholders, the Trustee and the Swap Counterparty pursuant to the notices
annexed hereto.

In all other respects the Prospectus shall remain unchanged and in full force and effect.

On behalf of the Issuer, in our capacity as Listing Agent, we hereby give you notice of the Adjusted Recovery Amount payable following the occurrence of a Bond Collateral Default on 01 May 2014 in respect of the Notes.

Any capitalised term not otherwise defined in this letter will have the meaning, if any, assigned to such term in the Prospectus.

Questions regarding this notice may be addressed to Torben Jensen, Debt Capital Markets, Nykredit Bank A/S, Kalvebod Brygge 47, 1780 DK-Copenhagen V, +45 44 55 19 49, or Ditte Sveidahl, Debt Capital Markets, Nykredit Bank A/S, Kalvebod Brygge 47, 1780 DK-Copenhagen V, +45 44 55 19 94.