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

Copenhagen, 29 March 2010 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 29 March 2010 become aware of the occurrence of a Credit Event (as       
defined in the Offering Circular) concerning the following Reference Entity:    

Ambac Assurance Corp

A Bankruptcy Credit Event has occurred with respect to Ambac Assurance Corp on  
or about March 25, 2010. For further information we refer to                    
www.isda.org/credit.                                                            

As a result of this Credit Event, the Notes IV will be redeemed on Maturity Date
at (assuming no additional Credit Events):                                      

EUR 56,350,000 - EUR 11,270,000 = EUR 45,080,000

This credit event notification is effective on 29 March 2010.

For further information please contact Theis Nygaard, Nordea Markets, on +45 33 
33 14 78.                                                                       

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