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

Copenhagen, 4 November 2009 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 November 4, 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 not affect the Outstanding Principal Amount of the Notes  
IV.                                                                             

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