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E-MAC Program B.V. Compartment NL 2007-I



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 Schedule attached as Schedule 1 to the Programme Agreement


E-MAC Program B.V.-Compartment NL 2007-I
(the "Issuer")

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

€ 447,100,000 Senior Class A2 notes 2007 due 2046, issue price 100 per cent. ISIN XS0292255758

€ 20,400,000 Mezzanine Class B Notes 2007 due 2046, issue price 100 per cent. ISIN XS0292256301

€ 11,100,000 Junior Class C Notes 2007 due 2046, issue price 100 per cent. ISIN XS0292258695

€ 9,600,000 Subordinated Class D Notes 2007 due 2046, issue price 100 per cent. ISIN XS0292260162

€ 2,700,000 Subordinated Class E Notes 2007 due 2046, issue price 100 per cent. ISIN XS0292260675

 ( the "Notes" and each class of Notes, a "Class of Notes" and together the "Classes of Notes", the Class A2 Notes, the Class B Notes, Class C Notes and Class D Notes together the "Put Option Notes" and the holders thereof the "Put Option Noteholders" )

Amsterdam,   22 January 2014

Notice is hereby given by the Issuer that, with reference to Condition 6 (d) (iv) (d) of the Terms and Conditions of the Notes, all of the Rating Agencies S&P, Fitch and Moody’s have confirmed the ratings currently assigned to the Put Option Notes.

The Issuer expects not to receive the Servicing Advance on the First Put Date and as a consequence will not have funds available to redeem the Notes which are subject to redemption on the First Put Date, i.e. the 27th of January 2014. Therefore, none of the Notes will be redeemed on the First Put Date, in accordance with and subject to the Terms and Conditions of the Notes and, consequently, the Extension Margins will apply as from the First Put Date as published on the 6th of January 2014.



Intertrust Management B.V.

Director of the Issuer

Prins Bernhardplein 200

1097   JB Amsterdam, the Netherlands



Put Option Notice
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