SECURITIZATION - LUX.

"I have looked at your case with our cooperation partner for Luxembourg securitizations. In terms of an issuance program, they can accommodate you with the following terms:

• First issue EUR 35k incl. paying agent & 35 bps or EUR 40k p.a. ongoing fees incl. paying agent and then a minimum fee reduction on subsequent notes.
  

• From the second issue EUR 28k incl. paying agent & 35 bps or EUR 32k p.a. ongoing fees incl. paying agent
  

• External Audits of the compartments are not included in the above prices (each approx. EUR 5k p.a., must be charged separately to the external manager)

Issuance Program: The service provider must cover initial due diligence costs on the first note. Subsequently, a simplified procedure will be applied.

In the first year, ongoing fees must be retained through the note or billed upfront directly to the external manager (due after cash release).

In subsequent years, we could debit the running fees from the escrow account or send an invoice to the external manager. The first option is probably easier for everyone if you accept a potentially decreasing collateral for the managed account.

The notes will be classified as a bond (onshore) and can reflect any payoff.

If you wish to proceed, we can request a formal proposal based on the 8-10 notes you have announced over a 24 month period.

I am at your disposal should you have any further questions or wish to arrange another meeting."