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Monday 18 May, 2009

Asset Repackaging

Notice of Amendment

RNS Number : 4526S
Asset Repackaging Trust Five B.V.
18 May 2009

        Deutsche Bank AG, London Branch

Winchester House

1 Great Winchester Street

London EC2N 2DB

18 May 2009

For the attention of: Roisin Keaveney

The Irish Stock Exchange

28 Anglesea Street

Dublin 2


With a copy to:

Asset Repackaging Trust Five B.V.


7th Floor

Strawinskylaan 3105

1077 ZX Amsterdam

The Netherlands

 (the 'Issuer')

Deutsche Trustee Company Limited

Winchester House

1 Great Winchester Street

London EC2N 2DB

United Kingdom

(the 'Trustee')

Dear Ms Keaveney,

Notice of Amendment: Asset Repackaging Trust Five B.V. Series 161 Tranche A EUR 80,775,291 Credit Linked Secured Notes due 2009 (ISIN: XS0359726097) issued pursuant to the Issuer's U.S.$ 10,000,000,000 Secured Note Programme (the 'Notes')

We refer to (i) the Notes constituted and secured by a trust instrument dated 5 May 2008 entered into, between, inter aliathe Issuer and the Trustee (the 'Trust Instrument') and (ii) the prospectus relating to the admission to trading of the Notes on the regulated market of the Irish Stock Exchange, dated 27 June 2008 (the 'Prospectus')

A Bond Collateral Early Redemption has occurred in respect of EUR 57,607.75 in nominal amount of the EUR 207,000,000 Class A-1 Senior Secured Floating Rate Notes due 2021 issued by Halcyon Structured Asset Management European CLO 2006-1 B.V. (XS0255769266) (the 'Redeemed Bond Collateral').

The aggregate Outstanding Principal Amount of the Notes shall therefore be reduced by EUR 57,607.75 (which reflects the Bond Collateral Early Redemption Proceeds in respect of the Redeemed Bond Collateral) to EUR 80,717,683.25 on 25 May 2009 (the 'Bond Collateral Early Redemption Date'). Accordingly, the Outstanding Principal Amount of each Note shall be reduced by its pro rata share of the reduction in the aggregate Outstanding Principal Amount of the Notes on the Bond Collateral Early Redemption Date. 

In addition, there has been a corresponding partial termination of the Asset Swap (as per paragraph 3.5 of the Asset Swap Confirmation) and the Default Swap (as per paragraph 9(d) of the Default Swap Confirmation) in accordance with their terms.

In all other respects the Prospectus shall remain unchanged and in full force and effect.

In our capacity as Listing Agent, we hereby give you notice of these amendments.

Any capitalised term not otherwise defined in this letter shall have the meaning, if any, assigned to such term in the Prospectus

Yours sincerely,


By:                        By:

Name:                        Name:



This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.

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