Emerald Mortgs No 1 - Notice

RNS Number:8325L
Emerald Mortgages No 1 PLC
15 January 2008

Announcement from Emerald Mortgages No. 1 p.l.c. (the "Issuer") in respect of
the Emerald Mortgages No. 1 securitisation transaction (the "Transaction")

Date : 15 January 2008

The Issuer has received notice from EBS that EBS intends to refinance the EBS
Loan Notes in accordance with the transaction documents. Such notice is
irrevocable and binding. The refinancing will occur on the Interest Payment
Date in April 2008 on which date the EBS Loan Notes will be repaid in full.

The Issuer, as EBS Loan Notes Holder, may pursuant to Condition 5(c) of the
Notes, give not more than 60 nor less than 30 days' written notice to the Note
Trustee and the Noteholders of its intention to exercise its option to repay the
Notes.

Any notice served in accordance with Condition 5(c) of the Notes shall be
irrevocable and upon the expiration of such notice, the Issuer shall be bound to
redeem the Notes at the amounts specified in the Condition of the Notes.

The Issuer intends to make a decision within the next 30 days as to whether it
will redeem the Notes. The Issuer will notify the Noteholders of any decision
to redeem the Notes in accordance with Condition 5(c) of the Notes.

Even if the Issuer decides not to redeem the Notes, the Issuer will be obliged
to distribute any principal repayments received on the EBS Loan Notes as
principal under the Notes, in accordance with the priority of payments set out
in the Issuer Deed of Charge and the Conditions of the Notes. The distribution
is likely to reduce the principal amount of the Notes to zero in any event.

Terms defined in the offering circular dated 3rd July 2000 relating to the
Transaction have the same meanings herein.

For information contact: Mark Whelan

EBS Building Society (in its capacity as Servicer)

01 - 6659164

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange.

This information is provided by RNS
The company news service from the London Stock Exchange
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