Kalmar Structured Finance A/S - Secured Notes III due 2011 - CREDIT EVENT NOTICE

Copenhagen, 4 November 2009 1(1)

Kalmar Structured Finance A/S
 Secured Notes III due 2011  

Class Security Code Initial              Interest Rate      Final Maturity Date
                    Principal                                                  
                       Amount                                                  
  A1   XS0234117504 EUR 4,250,000  3 month EURIBOR + 0.60%     20 April 2011   
  A2   XS0234119112 SEK140,000,000 3 month STIBOR + 0.70%      20 April 2011   
  B1   XS0234128709 EUR 6,015,000  3 month EURIBOR + 1.75%     20 April 2011   
  B2   XS0234131083 SEK65,000,000  4.97%                       20 April 2011   
  C    XS0234134004 EUR 8,255,000  3 month EURIBOR + 3.60%     20 April 2011   
  D    XS0234134772 EUR 5,940,000  3 month EURIBOR + 15.00%    20 April 2011   

CREDIT EVENT NOTICE

Nordea Bank Danmark A/S, acting as the Arranger 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 X and X2 Reference   
Entitiy:                                                                        

- 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 III.                                                                      

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