2011052001

Credit Event

NTC S.A. (formerly Angel Lux Common S.A.)

Event Publicly Available Information:

The Reference Entity was incorporated under Luxembourg law. On 11 May 2011 the Reference Entity passed a resolution to close its voluntary liquidation, and submitted this to the Registre de Commerce et des Sociétés of Luxembourg. The Registre de Commerce et des Sociétés published the dépôt de radiation of the Reference Entity on 16 May 2011. The resolution is available on its website http://www.rcsl.lu. More specifically we therefore wish to ask whether by virtue of the above events a Bankruptcy Credit Event under Section 4.2(a) or Section 4.2(h) (by reference to Section 4.2(a)) of the 2003 ISDA Credit Derivatives Definitions has occurred with respect to the Reference Entity. In this regard, we understand that the legal personality which a Luxembourg company has under Luxembourg law in order to complete its voluntary liquidation ceases to exist when the liquidation is closed.