When you calculate the PV of expected loss the rate which you apply to discount is the ‘risk free’ rate and “d1/d2” to calculate the probablity is the ‘risk-neutral’ probablity, meaning (the way I understood) is that the generic default probablity in the market (and not specific to the debt you are analysing). So this calculation would give you the expected loss (for the given K (face value of debt) and A (asset value)) under normal conditions.
Now, when you calculate Expected loss, the parameters are specific to the debt you are analysing. Refer to CFA material, Reading 45, page 203, Example 4. It describes the same scenario which you have specified above. In that example just substitute the values of “-d1” and “-d2” instead of “-e1” and “-e2”, and the rate of interest as 1% (and not 3%), in the equation for expected loss. The value you will arrive at will be $13.41, which is greater than PV of expected loss, which is what you would expect under normal conditions.