Kalmar Structured Finance A/S, Credit Event Notice

Nordea Bank Danmark A/S, acting as the Arranger of the above mentioned issue,
has on 1 October 2010 become aware of an occurrence of a Credit Event (as
defined in the Offering Circular) concerning the following X Reference Entity: 

- Takefuji Corporation

On 28 September 2010, Takefuji Corporation filed for bankruptcy protection.
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”). 

The Credit Event will affect the Outstanding Principal Amount of the Class D
Notes III. 

This credit event notification is effective on 1 October 2010.