Kalmar Structured Finance A/S, Secured Notes III due 2011

Nordea Bank Danmark A/S, acting as the Arranger of the above mentioned issue,
has on 31 March 2009 become aware of an occurrence of a Credit Event (as
defined in the Offering Circular) concerning the following X2 Reference
Entitiy: 

Idearc Inc. (formerly part of Verizon Global Funding Corp.)

Idearc Inc. announced on 31 March 2009 that it had filed voluntary petitions to
reorganize under Chapter 11 of the US Bankruptcy Code. 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”). 

This credit event notification is effective on 3 April 2009.

The Credit Event will not affect the Outstanding Principal Amount or the coupon
of any of the Notes III.