Notice: Kalvebod plc Series 2 DKK 791,913,235.29 Fixed/Floating Rate Secured Notes due 2106

Pursuant to the Terms of the Notes as set out in the prospectus relating to the
admission to trading of the Notes on the regulated market of the Copenhagen
Stock Exchange dated 16 May 2006 (the "Prospectus"), we hereby notify you of
the occurrence of a Bond Collateral Default, as such event has been notified by
the Issuer to each of the Noteholders, the Trustee and the Swap Counterparty
pursuant to the notices annexed hereto. 

In all other respects the Prospectus shall remain unchanged and in full force
and effect. 

On behalf of the Issuer, in our capacity as Listing Agent, we hereby give you
notice of such Bond Collateral Default. 

Any capitalised term not otherwise defined in this letter will have the
meaning, if any, assigned to such term in the Prospectus. 

Yours sincerely,
NYKREDIT BANK A/S