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EMF-NL 2008-1 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 entered into by the Issuer in connection with the issue of the Notes on 21 April 2008 as amended and restated.

 

EMF-NL 2008-1 B.V.
(the "Issuer")

Notice is hereby given with respect to notes of each of the following class(es):

EUR 124,550,000 Class A2 Mortgage Backed Floating Rate Notes due October 2041,

ISIN: XS0352315526/US268689AB24

 EUR 30,740,000 Class A3 Mortgage Backed Floating Rate Notes due October 2041,

ISIN: XS0359127387 / US268689AC07

EUR 56,710,000 Class B Mortgage Backed Floating Rate Notes due October 2041,

ISIN: XS0352317654

 

(the "Put Option Notes" and each class of Notes, a "Class of Put Option Notes" and the holders thereof the "Put Option Noteholders")

 

Amsterdam,   8 November 2013

 

 

Notice is hereby given by the Issuer that in accordance with the Terms and Conditions of the Notes, each Put Option Noteholder has the option (a " Put Option " ) to offer any or all of the Put Option Notes held by it to the Issuer for redemption on the Quarterly Instruments Payment Date falling on 17 January 2014 (the " Put Option Date " ) and provided that there is no Principal Deficiency on any Class of Put Option Notes, in accordance with the provisions of the Note Condition 5(f).

 

To exercise the Put Option the Put Option Noteholder must during the period starting on 8 November 2013 and ending on 3 December 2013, give notice to the Issuer and the Principal Paying Agent of such exercise through its custodian and in accordance with the standard procedures of Euroclear and Clearstream, Luxembourg (which may include notice being given on his instruction by Euroclear or Clearstream, Luxembourg to the Principal Paying Agent by electronic means) in a form acceptable to Euroclear and Clearstream, Luxembourg from time to time.

 

The Issuer informs the Put Option Noteholders that it has received a letter from the Seller stating that the Seller, until further notice, does neither purchase nor accept assignment of any Mortgage Receivables on the First Put Option Date and/or on any subsequent Put Option Date.

 

In the current market circumstances, the Issuer does not expect to succeed in finding any third party which would be interested in purchasing Mortgage Receivables outstanding against the Redemption Repurchase Price as defined in the Transaction Documents on or before the upcoming Put Option Date. Consequently, the Issuer expects not to have sufficient funds available to redeem the Put Option Notes on the upcoming Put Option Date.

 

In order to avoid that the Put Option Notes of the Put Option Noteholders who wish to exercise the Put Option would unnecessarily be blocked for trading, it has been decided that these Put Option Notes will not be blocked.

 

Pursuant to the Terms and Conditions of the Notes, Lehman Brothers International (Europe) or any company belonging to the same group of companies as Lehman Brothers International (Europe) holding any Put Option Notes does not have the right to exercise the Put Option.

 

HSBC Bank plc is the Principal Paying Agent

 

HSBC Bank plc

Level 27, 8 Canada Square

London E14 5HQ, the United Kingdom

Attention: The Manager, Repack Client Services, Corporate Trust and Loan Agency, Security Services

Fax: +44 (0) 20 7260 8932

 

 EMF-NL 2008-1 B.V.

 Fred. Roeskestraat 123

 1076   EE Amsterdam, the Netherlands

 Attention : ATC Management B.V., Director of the Issuer

 Fax: +31 20 577 1188

Put Option Notice
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