DBRS Discontinues the Ratings on Notes Issued by iARENA B.V.

DBRS Ratings Limited (DBRS) has today discontinued the ratings on the Class A1, Class A2, Class A3 and Class A4 Notes (the Notes) issued by iArena B.V.

The rating action reflects the payment in full of the Notes on the payment date of 30 November 2015.

The remaining balance and the rating of the Notes prior to their full redemption were as follows:

-- €312,758,400.00 Class A1 Notes: A (sf)
-- €200,000.00 Class A2 Notes: A (sf)
-- €200,000.00 Class A3 Notes: A (sf)
-- €200,000.00 Class A4 Notes: A (sf)

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable is the “Master European Structured Finance Surveillance Methodology”.
This rating action derives from an acknowledgement of fact, and DBRS conducted no analysis. Other methodologies and criteria referenced in this transaction are listed at the end of this press release.

This may be found on www.dbrs.com at:
http://www.dbrs.com/about/methodologies.

For a more detailed discussion of sovereign risk impact on Structured Finance ratings, please refer to DBRS’s “The Effect of Sovereign Risk on Securitisations in the Euro Area” commentary on http://www.dbrs.com/industries/bucket/id/10036/name/commentaries/.

The sources of information used for this rating include information provided by Intertrust Administrative Services B.V.

DBRS does not rely upon third-party due diligence in order to conduct its analysis.

DBRS was not supplied with third-party assessments. However, this did not impact the rating analysis.

DBRS considers the information made available to it for the purposes of providing this rating to have been of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

The previous rating action on this transaction took place on 29 May 2015, when the ratings of the Notes were confirmed at A (sf). The lead responsibilities for this transaction have been transferred to Kevin Ma.

Information regarding DBRS ratings, including definitions, policies and methodologies is available on www.dbrs.com.

As this is a Discontinued-Repaid rating action, sensitivity analysis is not applicable.

For further information on DBRS’s historic default rates published by the European Securities and Markets Administration (ESMA) in a central repository see
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.
Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Initial Lead Analyst: Alastair Bigley
Initial Rating Date: 28 May 2014
Initial Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Kevin Ma

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The rating methodologies and criteria used in the analysis of this transaction can be found at: http://www.dbrs.com/about/methodologies.

-- Legal Criteria for European Structured Finance Transactions
-- Master European Structured Finance Surveillance Methodology
-- Operational Risk Assessment for European Structured Finance Servicers
--Master European Residential Mortgage-Backed Securities Rating Methodology and Jurisdictional Addenda

A description of how DBRS analyses structured finance transactions and how its methodologies are collectively applied can be found at http://www.dbrs.com/research/278375.