Notice of Valuation Obligations

06 May 2016

ELM B.V. (the ''Issuer'')

Notice of Valuation Obligations: Deco 6 -- UK Large Loan 2 plc

ELM B.V. Series 41 EUR 200,000,000 Floating Rate Credit Linked Secured Notes due 2056 (ISIN: XS0247902587) (the "Notes")

Notice is hereby given that on 04 May 2016 the Issuer delivered a Notice of Valuation Obligations in relation to Deco 6 -- UK Large loan 2 plc in respect of the Notes, a conformed copy of which is annexed hereto.    

For and on behalf of

ELM B.V.

Prins Bernhardplein 200
1097 JB Amsterdam
The Netherlands

Attn:     The Managing Director          
Fax:     +31 20 521 4832
Tel:      +31 20 521 4838

Conformed Copy

To:        The holders of the Notes

To:        UBS AG, London Branch as Calculation Agent

100 Liverpool Street

London EC2M 2RH

Attn:     Securitised Derivatives Calculation Agent

Email:   SH-Ops-Structured@ubs.com

The Law Debenture Trust Corporation p.l.c.

Fifth Floor

100 Wood Street

London EC2V 7EX

Facsimile No: +44 (0) 20 7606 0643

Attention: The Manager, Commercial Trusts

04 May 2016

ELM B.V. Series 41 EUR 200,000,000 Floating Rate Credit Linked Secured Notes due 2056 (ISIN: XS0247902587) (the "Notes")

NOTICE OF VALUATION OBLIGATIONS:

DECO 6 --  UK LARGE LOAN 2 PLC

Reference is made to the Notes. Any capitalised term not otherwise defined in this notice will have the meaning, if any, assigned to such term in the terms and conditions of the Notes. Reference is made to the Credit Event Notice and Notice of Publicly Available Information in respect of Deco 6 -- UK Large Loan 2 plc ("Deco") dated 21 April 2016 previously delivered by us to you in respect of the Notes. The Credit Event Determination Date in respect of Deco is 21 April 2016

This letter is our Notice of Valuation Obligations in respect of the Notes.  For your information, the below-referenced bond is the Valuation Obligation that will comprise the Valuation Reference Portfolio:

The estimated outstanding principal balance of the Valuation Obligation as of the date of this notice is GBP 29,416,120.

The Valuation Date on which the determination of the Credit Loss Amount in respect of Deco will commence shall be 23 April 2018, or any earlier time on which the final cash proceeds of the relevant Reference Securities are distributed.

In accordance with the terms and conditions of the Notes, subsequent Notices of Valuation Obligations may be delivered and the last Notice of Valuation Obligations served shall override all previous such notices.

Nothing in this letter shall be construed as a waiver of any rights that we may have with respect to the Notes.

Yours sincerely

SIGNED for and on behalf of

ELM B.V., having its seat (zetel) in Amsterdam, the Netherlands.

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange