Kalmar Structured Finance A/S - Secured Credit-Linked Notes II due 2010 - Credit Event Notice

Copenhagen, 4 November 2009 1(1)

     Kalmar Structured Finance A/S     
Secured Credit-Linked Notes II due 2010

Class Security Code Initial Principal       Interest Rate         Maturity Date 
                          Amount 
A      XS0218335502 SEK 130,000,000             4.48 %          28 September
2010 
B1    NO0010269160  NOK 80,000,000     3 month NIBOR + 1.85 %   28 September
2010 
B2     XS0218336492  EUR 8,500,000    3 month EURIBOR + 1.60 %  28 September
2010 
C      XS0218336906  EUR 8,000,000    3 month EURIBOR + 3.40 %  28 September
2010 
D      XS0218337466  EUR 6,000,000    3 month EURIBOR + 11.50 % 28 September
2010 

CREDIT EVENT NOTICE

Nordea Bank Danmark A/S, acting as the Arranger and Calculation Agent of the    
above mentioned issue, has on 4 November 2009 become aware of an occurrence of a
Credit Event (as defined in the Offering Circular) concerning the following     
Reference Entity:                                                               

- CIT Group Inc.

On 1 November 2009, CIT Group Inc. filed voluntary petitions for relief under   
Chapter 11 of the United States Bankruptcy Code. The petitions were filed in the
US Bankruptcy Court for the Southern District of New York. Such action qualified
as Bankruptcy according to the definitions and provisions contained in Section  
4.2 of the 2003 ISDA Credit Derivatives Definitions published by the            
International Swaps and Derivatives Association (“ISDA”).                       

The Credit Event will affect the Outstanding Principal Amount of the Class D    
Notes II.                                                                       

This credit event notification is effective on 4 November 2009.

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