Kalmar Structured Finance A/S - Credit Event Notice

Copenhagen, 10 November 2010 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 10 November 2010 become aware of an occurrence of a Credit Event (as     
defined in the Offering Circular) concerning the following X Reference Entity:  

- Ambac Financial Group Inc.

On 8 November 2010, Ambac Financial Group Inc. filed for bankruptcy protection. 
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 10 November 2010.

For further information please contact Mads Ibsen, Nordea Markets, on +45 33 33 
53 71.                                                                          

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