ELM BV - Reference Portfolio Adjustment Notice

23 February 2012

ELM B.V.(the ''Issuer'')

Reference Portfolio Adjustment Notice

ELM B.V. Series 57 EUR 22,500,000 Leveraged Asset Backed Securities due 2026 (ISIN: XS0258939486) (the "Notes")

Notice is hereby given to the holders of the Notes of the receipt by the Issuer of a Reference Portfolio Adjustment Notice in respect of the Notes, a conformed copy of which is annexed hereto.

For and on behalf of

ELM B.V.

Prins Bernhardplein 200
1097 JB Amsterdam
The Netherlands

Attn: The Managing Director
Fax: +31 20 521 4832
Tel: +31 20 521 4838

To: The holders of the Notes

To: ELM B.V.

Prins Bernhardplein 200

1097 JB Amsterdam

The Netherlands

Attn: The Managing Director

Fax: +31 20 521 4832

Email: richelle.rossieau@intertrustgroup.com

paula.geerts@intertrustgroup.com

patricia.haverkamp@intertrustgroup.com

sarah.hamami@intertrustgroup.com

lisa.mcdermott@intertrustgroup.com

To: The Law Debenture Trust Corporation p.l.c.

Fifth Floor

100 Wood Street

London EC2V 7EX

Attn: The Manager, Commercial Trusts

Fax: +44 20 7606 0643

Email: trust.support@lawdeb.co.uk

To: Wells Fargo Securitisation Services Limited

Wells Fargo Bank, NA

Corporate Trust Services

9062 Old Annapolis Road

Columbia, MD 21045

Attn: Brian McCollum

Phone: +1 460 884 6419

Fax : +1 410 997 9617

Email: brian.mccollum@wellsfargo.com

alexander.j.pashley@wellsfargo.com

heather.truszkowski@wellsfargo.com

gerard.p.colman@wellsfargo.com

Date: 22 February 2012

ELM B.V. Series 57 EUR 22,500,000 Leveraged Asset Backed Securities due 2026 (ISIN: XS0258939486) (the "Notes")

REFERENCE PORTFOLIO ADJUSTMENT NOTICE

Reference is made to the Notes. Any capitalised term not otherwise defined in this notice will have the meaning, if any, assigned to such term in the terms and conditions of the Notes.

Notice is hereby given that a Reference Portfolio Adjustment occurred on 6 February 2012 (the "February 2012 Reference Portfolio Adjustment").

Pursuant to the February 2012 Reference Portfolio Adjustment, the Reference Issuers and Reference Securities in the Reference Portfolio as of 6 February 2012 were removed and replaced by the Reference Issuers and Reference Securities set out in the Schedule hereto.

In connection with the February 2012 Reference Portfolio Adjustment, the R∓P Agent and the Sole Investor agreed the Credit Exposure Amount in respect of each Reference Issuer and Reference Security added to the Reference Portfolio (as set out in the Schedule hereto) and confirmed that the February 2012 Reference Portfolio Adjustment did not cause the Aggregate Credit Exposure Amount to exceed the Maximum Aggregate Credit Exposure Amount.

Nothing in this notice shall be construed as a waiver of any rights that UBS (NYSEArca: DJCI - news) may have with respect to the Notes.

If you have any questions in respect of the above, please contact: Joshua Krasner (joshua.krasner@ubs.com) or Piero Grieco (piero.grieco@ubs.com).

Yours sincerely

By Joshua Krasner - authorised signatory

By Piero Grieco - authorised signatory

For and on behalf of UBS AG, London Branch as R∓P Agent.

SCHEDULE