Kalvebod plc Series 3 Fixed/Floating Rate Secured Notes due 2014 (ISIN: DK0030033378) (the “Notes”)


To:
NASDAQ OMX Copenhagen A/S
Nikolaj Plads 6
Postbox 1040
1007 Copenhagen

With a copy to:

Kalvebod plc.
5 Harbourmaster Place
Dublin 1
Ireland
(the "Issuer")

Deutsche Trustee Company Limited
Winchester House
1 Great Winchester Street
London EC2N 2DB
United Kingdom

Deutsche Bank AG, London Branch
Winchester House
1 Great Winchester Street
London EC2N 2DB

Finanstilsynet (The Danish FSA)
Århusgade 110
2100 Copenhangen

VP Securities A/S
Weidekampsgade 14
2300 Copenhagen


Dear Sirs

Kalvebod plc Series 3 Fixed/Floating Rate Secured Notes due 2014 (ISIN: DK0030033378)
(the “Notes”)


We refer to the Notes and the Prospectus in respect of the Notes dated 22 August 2006. On behalf of the Issuer, in our capacity as Listing Agent, we hereby notify you that certain securities forming the Collateral of the Notes will be redeemed 1 November 2011 at the option of each relevant issuer in accordance with the terms and conditions thereof.

Questions regarding this notice may be addressed to Jan K. Villadsen and Torben Jensen, Debt Capital Markets, Nykredit Bank A/S, Kalvebod Brygge 47, 1780 Copenhagen V, +45 44 55 12 90 and +45 44 55 19 49.


Yours faithfully
NYKREDIT BANK A/S


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