TEXT-Fitch:No rtg impact on VCL Master S.A. Compartment 1 from increase of existing notes

(The following statement was released by the rating agency)

May 25 - Fitch Ratings says that VCL Master S.A.'s Compartment 1 notes' ratings will not be affected by the increase in the amounts of the existing series of notes to a total of EUR934.3m. Fitch notes that the series amounts will be increased effective 25 May 2012.

The volumes of the newly issued notes are as follows:

Series 2010-1: EUR45,500,000, resulting in an aggregate total of EUR201,000,000

Series 2010-2: EUR45,500,000, resulting in an aggregate total of EUR201,000,000

Series 2010-4: EUR45,500,000, resulting in an aggregate total of EUR201,000,000

Series 2011-1: EUR30,000,000, resulting in an aggregate total of EUR132,900,000

Series 2011-2: EUR22,000,000, resulting in an aggregate total of EUR98,900,000

Following the top-up, the total amounts of the series are still below the maximum issuance amounts of the series established in the programme (see 'Fitch Affirms VCL Master S.A.'s Compartment 1 Notes at 'AAAsf'; Outlook Stable', dated 25 November 2011, available on www.fitchratings.com).

Further transaction research is available at www.fitchratings.com.