Kalmar Structured Finance A/S Secured Notes III due 2011

Copenhagen, 9 September 2008 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 September 8, 2008 become aware of an occurrence of a Credit Event (as    
defined in the Offering Circular) concerning the following X2 Reference         
Entities:                                                                       

Federal Home Loan Mortgage Corporation

Federal National Mortgage Association

The U.S. Treasury has announced that the above mentioned Reference Entities have
been placed under conservatorship conducted by their regulator, the Federal     
Housing Finance Agency. Such action qualified as Bankruptcy according to the    
definitions and provisions contained in Section 4.2 f) of the 2003 ISDA Credit  
Derivatives Definitions published by the International Swaps and Derivatives    
Association (“ISDA”).                                                           

This credit event notification is effective on September 9, 2008.

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