Kalmar Structured Finance A/S, Calculation of Final Price Notice

Class D Notes II Outstanding Principal Amount Reduction Notice

Following the Credit Event of Washington Mutual Inc. informed to Noteholders
the 29th September 2008; Nordea Bank Danmark A/S as Calculation Agent of the
Notes II has calculated the Final Price for the mentioned entity according the
Offering Circular of the Notes II. As a result; 

(i) the Final Price is equal to 73%. 
The Final Price reflects the arithmetic mean of the highest quotes received by
the Calculation Agent on each Valuation Date (5th, 13th and 20th January 2009). 

(ii) the Cash Settlement Amount is equal to EUR 491,400.

(iii) pursuant to the calculation of the Cash Settlement Amount the Outstanding
Principal Amount of the Class D Notes II will be reduced by EUR 491,400 on 3rd
February 2009. Following the reduction the new Outstanding Principal Amount of
the Class D Notes II will be equal to EUR 5,508,600 and each Class D Notes II
will have a face value of EUR 9,181. Interest will be calculated on the new
Outstanding Principal Amount from 3rd February 2009.