Kalmar Structured Finance A/S, Credit Event Notice

Nordea Bank Danmark A/S, acting as the Arranger of the above mentioned issue,
has on 6 January 2010 become aware of an occurrence of a Credit Event (as
defined in the Offering Circular) concerning the following Reference Entity: 

AIFUL Corporation

On 24 December 2009, the AIFUL Corporation entered into an agreement whereby
they defer payments and change payment dates. Such action qualifies as
Restructuring according to the definitions and provisions contained in Section
4.7 of the 2003 ISDA Credit Derivatives Definitions published by the
International Swaps and Derivatives Association (“ISDA”). 

The Credit Event will not affect the Outstanding Principal Amount of the Notes
IV. 

This credit event notification is effective on 7 January 2010.