Chapel 2003-I B.V.
THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION
This notice is made pursuant to the Act on Financial Supervision (Wet op het financieel toezicht).
If you are in any doubt as to the action you should take, you are recommended to seek your own financial, legal or other advice immediately from your stockbroker, bank manager, solicitor, accountant or other appropriately authorised independent financial adviser.
Capitalised terms used herein have the meanings defined or construed in the Master Definitions Agreement relating to the Notes (as defined below).
CHAPEL 2003-I B.V.
Notice is hereby given with respect to notes of each of the following classes:
euro 47,500,000 floating rate Subordinated Class D Asset-Backed Notes 2003 due November 2064, issue price 100 per cent. ISIN: XS 0181842146
(the "Notes" and each class of Notes, a "Class of Notes" and together the "Classes of Notes" and the holders thereof the "Noteholders")
Amsterdam, 20 August 2013
Stichting Security Trustee Chapel 2003-I (the "Security Trustee") hereby informs the Noteholders that it has received notice from the Issuer that the Swap Counterparty no longer meets the Moody's Required Rating I. The Swap Counterparty and the Issuer are therefore required to take such action as is prescribed by the Swap Agreement and the Trust Deed. In accordance with the Swap Agreement the Swap Counterparty has transferred all of its rights and obligations with respect to the Swap Agreement to DSB Bank N.V. ("DSB") and simultaneously procured that Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. ("Rabobank") became guarantor in respect of the obligations so transferred to DSB (the "Replacement").
Moody's and S&P have confirmed in writing that the Replacement will not negatively affect the rating of the Notes.
The Replacement took effect as per 15 August 2013.
Stichting Security Trustee Chapel 2003-I
Claude Debussylaan 24
1082 MD Amsterdam
ANT Trust & Corporate Services N.V.