Kalmar Structured Finance A/S, Secured Notes due 2013

Nordea Bank Danmark A/S, acting as the Arranger of the above mentioned issue,
hereby informs Noteholders IV of the occurrence of the following Credit Event
(as defined in the Offering Circular): 

- Syncora Guarantee Inc.

The Reference Entity is part of the IO CLN (as defined in the Offering
Circular). 

The Credit Events will affect the Interest Amount to be paid on the Notes IV
but not the Outstanding Principal Amount. The actual reduction of Interest
Amount to be paid will be published after it has been calculated.