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Announcement to Noteholders of Athlon Securitisation B.V.

Date: 9 March 2010

Dear Noteholders,

Except so far as the context otherwise requires, words, expressions and capitalised terms used herein shall have the meanings defined or construed in the master definitions agreement between, among others the Issuer and yourself dated 27 May 2003 as the same may be amended, supplemented, restated or otherwise modified from time to time.

Reference is made to Condition 6(e), clause 21 of the Trust Deed and clause 7 of the Paying Agency Agreement.

Pursuant to clause 7.1 of the Paying Agency Agreement, we hereby give you notice of our intention to exercise the Clean-up Call Option and redeem all of the Notes, in accordance with Condition 6(e) ( Optional redemption ) and clause 21 of the Trust Deed, before their stated maturity date at their Principal Amount Outstanding on the Notes Quarterly Payment Date falling on 26 March 2010 (being the Optional Redemption Date).

When exercising the Clean-up Call Option we will comply with all relevant terms and conditions of the Transaction Documents.

on behalf of Athlon Securitisation B.V.,

ATC Management B.V.

Announcement to the Noteholders regarding the intended early redemption of the Notes relating to the Athlon Securitisation B.V. transaction closed on 28 May 2003
Private Wealth Services