DBRS Discontinues the Rating for Panorama Alpha B.V.

DBRS has today discontinued the A (sf) rating for the EUR 555,000,000 Class A Senior Deferrable Interest Floating-Rate Notes for Panorama Alpha B.V.

DBRS has been notified by the Issuer that the notes will be fully redeemed at the next payment date. At the request of the Issuer, DBRS has discontinued the rating as mentioned above.

The rating was recently confirmed by DBRS on April 19, 2012. Please see the press release dated April 19, 2012 on www.dbrs.com for more information on that rating action.

Note:
The applicable methodologies are European CMBS Methodology, CMBS European Surveillance Methodology, Legal Criteria for European Structured Finance Transactions, Unified Interest Rate Model for European Securitisations and Swap Criteria for European Structured Finance Transactions.