Let A and B be
C∗-algebras. We show that, under reasonable assumptions (A unital, nuclear and
separable, B with a strictly positive element), the groups Exti(A,B) of Kasparov are
isomorphic—up to a shift of dimension—to the K-theory groups of some commutant
of A in the outer multiplier algebra of B ⊗𝒦. The main tool to prove this is
Kasparov’s “generalized theorem of Voiculescu”. Following an idea of Paschke, we use
our result to get a part of the “generalized Pimsner-Voiculescu exact sequence” for
crossed products.