January 23, 2012

To: ELVA Funding Plc

75 St Stephen's Green

Dublin 2

Ireland (Xetra: A0Q8L3 - news)

Attn: The Directors

Fax Number: +353 1 619 2001

Cc: BNY Mellon Corporate Trustee Services Limited

The Bank of New York Mellon

One Canada Square

London E14 5AL

Attention: Institutional Trust Services, Operations

By Email

CREDIT EVENT NOTICE AND NOTICE OF PUBLICLY AVAILABLE INFORMATION

Re: Credit Default Swap Transaction between Morgan Stanley Capital Services LLC with Morgan Stanley (EUREX: DWDF.EX - news) ∓ Co. International Plc acting as introducing broker and Elva Funding Plc with respect to series 2004-6 (A1: XS0194839592, A2: XS0194849418, A3: XS0194840921, B1: XS0194841499, B2: XS0194841812, B3: XS0196418130, C1: XS0196418643, C2: XS0196419021, C3: XS0196419377, D1: XS0196419534, D2: XS0196419880, D3:XS0196420383, E1 (KSE: 017940.KS - news) : XS0196421191, E2: XS0196421431) relating to Eastman Kodak Company (Xetra: 850937 - news) (the "Transaction").

This Notice is given pursuant to the terms of the referenced Transaction. Capitalized terms used and not defined herein shall have the meanings given them in the confirmation.

This letter is our Credit Event Notice to you that a "Bankruptcy" Credit Event occurred with respect to a Reference Entity of the Transaction when Eastman Kodak Company filed a voluntary petition on January 19, 2012 under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York (Frankfurt: A0DKRK - news) .

This letter also comprises our Notice of Publicly Available Information with respect to this Credit Event. Accordingly, we provide the Publicly Available Information attached hereto.

Nothing in this letter shall be construed as a waiver of any rights we may have with respect to the Transaction.

Please address all correspondence relating to this matter to: mscreditevent@morganstanley.com.

Very truly yours,

MORGAN STANLEY CAPITAL SERVICES LLC (with Morgan Stanley ∓ Co. International Plc acting as introducing broker)

By: _________________________

Name: Brian Neer

Title: Authorized Signatory

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.