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E-MAC Program III B.V.

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This notice is made pursuant to the Act on Financial Supervision ( Wet op het financieel toezicht), pursuant to which inside information should be made forthwith available .

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 III B.V.

Compartment NL 2008-I  
(the " Issuer")

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

€ 72,500,000   Senior Class A1 Notes due 2048, issue price 100 per cent. ISIN: XS0348427955

€ 160,000,000   Senior Class A2 Notes due 2048, issue price 100 per cent. ISIN: XS0344800957

€ 7,500,000   Mezzanine Class B Notes due 2048, issue price 100 per cent. ISIN XS0344801765

€ 3,900,000   Junior Class C Notes due 2048, issue price 100 per cent. ISIN XS0344801922

€ 6,100,000 Subordinated Class D Notes due 2048, issue price 100 per cent. ISIN XS0344802060

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

Amsterdam,   20 January 2012

Notice is hereby given by the Issuer that, with reference to Condition 6 (iv) (d) of the Terms and Conditions of the Notes under the Program and the Final Terms of Compartment NL 2008-I, all of the Rating Agencies S&P, Fitch and Moody’s have confirmed the ratings currently assigned to the Put Option Notes.

The Issuer does not have funds available to redeem the Put Option Notes which are subject to redemption on the upcoming Put Date i.e. 25 January 2012. Therefore, with reference to Condition 6(d)(vi) none of the Put Option Notes will be redeemed on the upcoming Put Date and, consequently, the Extension Margins will apply as from the First Put Date as published on 25 February 2011.


ATC_Logo_blackcopy ATC Management B.V.

Director of the Issuer

Fred. Roeskestraat 123

1076   EE Amsterdam, the Netherlands


Notice regarding the Put Date
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