Untitled

STRUCTURED FINANCE RESEARCH
U.K. RMBS Index Report Q4 2013: Improved Performance Reflects The Housing Market's Recovery And Strong Economic Upturn
Primary Credit Analyst: Anne-Marie Lam, London (44) 20-7176-2981; anne-marie.lam@standardandpoors.com Secondary Contact: Neil Monro, London (44) 20-7176-6733; neil.monro@standardandpoors.com Data Analyst: Shilpi Purkayastha, Data Analyst, London (44) 20-7176-3940; shilpi.purkayastha@standardandpoors.com
Table Of Contents
Related Criteria And Research
WWW.STANDARDANDPOORS.COM/RATINGSDIRECT
FEBRUARY 26, 2014 1

1264406 | 300051529
Table 1
Performance Indicators
(%) Q4 2013 Q3 2013 Q2 2013 Q1 2013 Q4 2012
Total delinquencies (including repossessions) U.K. nonconforming U.K. prime U.K. buy-to-let 23.20 4.40 5.70 23.58 4.41 5.72 24.16 4.51 5.77 25.06 4.55 5.92 25.54 4.25 5.91
90+ day delinquencies (including repossessions) U.K. nonconforming U.K. prime U.K. buy-to-let Prepayment rate U.K. nonconforming U.K. prime U.K. buy-to-let House price growth* Halifax Nationwide Economic data Real GDP growth* Unemployment rate 0.70 7.10 0.80 7.70 0.70 7.80 0.40 7.80 (0.30) 7.80 1.90 2.70 1.96 2.20 2.12 0.70 1.40 0.80 0.60 0.40 5.80 17.70 5.00 4.95 17.69 4.42 4.67 15.77 4.27 4.79 14.40 3.07 4.97 13.75 3.66 14.60 2.20 3.10 15.07 2.29 3.07 15.49 2.32 3.07 16.19 2.35 3.20 16.65 2.22 3.18
*Quarter-on-quarter, seasonally-adjusted. Source: Office for National Statistics.
Table 2
Scenarios For U.K. RMBS Collateral: 2013 To 2015

Baseline effect on collateral credit quality
Actual 2012 Real GDP (year-on-year growth; %) Unemployment rate (annual average; %) House prices (year-on-year growth; %) 0.1 2013 1.5
Baseline 2014 2.3 2015 2.0
Downside 2014 2.8 2015 0.3
Comment
The U.K. is one of the few European countries that has seen growth in 2013, with a further pick-up likely in 2014 Unemployment is gradually declining from its peak, but will remain relatively elevated Government measures to support homebuyers and lenders will continue to support house prices
Somewhat favorable Neutral
8.0
7.7
7.5
7.2
7.0
8.2
2.3
4.0
5.0
5.0
N/A
N/A
Somewhat favorable
FEBRUARY 26, 2014 2

1264406 | 300051529
Table 2
Scenarios For U.K. RMBS Collateral: 2013 To 2015 (cont.)

Net mortgage lending (year-on-year growth in balances, %) 1.6 0.9 1.4 3.1 N/A N/A Lending growth is gaining momentum as the Bank of England's very accomodative monetary policy is keeping interest rates at a historically low level. No changes likely in the short term Somewhat favorable
Bank of England policy rate (annual average; %)
0.5
0.5
0.5
1.0
N/A
N/A
Neutral
Sources: Office for National Statistics, OECD, Bank of England, Standard & Poor's. N/A--Not available.
In Q4 2013, 90+ day and total delinquencies continued to decline in Standard & Poor's Ratings Services' U.K. nonconforming residential mortgage-backed securities (RMBS) index. Delinquencies in our prime and buy-to-let indices were stable quarter-on-quarter, while prepayment rates increased across all of our three indices. U.K. unemployment decreased to 7.1% in Q4 2013, close to the 7.0% level highlighted by the Bank of England as a threshold for its policy guidance. In its February inflation report, the Bank of England Monetary Policy Committee indicated that interest rates may need to remain at low levels for some time to come. GDP rose by 0.7% quarter-on-quarter and by 1.9% in 2013. In our opinion, further growth is likely in 2014. However, our downside scenario for the U.K. economy is a boom and bust cycle, with an increase of 2.8% followed by a 0.3% increase in 2015 (see table 2 and "Credit Conditions: Europe Sees A Slight Improvement, But Structural Weaknesses Persist," published on Dec. 9, 2013). Overview In Q4 2013, delinquencies in our U.K. nonconforming RMBS index continued to decline, while they remained flat in our buy-to-let and prime indices. U.K. unemployment decreased to 7.1% and GDP rose by 0.7% quarter-on-quarter. Despite relatively tight mortgage affordability standards, we forecast that the housing market will continue its revival. With U.K. interest rates remaining at historic lows and attractive mortgage rates available, prepayments continue to increase. We rated three new transactions.
House prices and net mortgage lending have increased in the U.K. as the government continues with measures to support homebuyers. Despite relatively tight mortgage affordability standards, we forecast that the housing market will continue its revival. We have raised our house price forecast to an average increase of 5% in both 2014 and 2015 (see "Europe's Housing Markets May Be On A Slow Path To Recovery," published on Jan. 22, 2014). Delinquencies in our nonconforming index totaled 23.2%, down from 23.6% in Q3 2013 and 25.5% in Q4 2012. This decline largely occurred in the 90+ day category, which saw a quarter-on-quarter decline to 14.6% from 15.1%, and from 16.6% a year ago. Total delinquencies in our prime and buy-to-let indices have remained at 4.4% and 5.7%, respectively.
FEBRUARY 26, 2014 3

1264406 | 300051529
We took various rating actions in 12 transactions for performance and counterparty reasons (see "Related Criteria And Research"). In addition, following the lowering of our long- and short-term issuer credit ratings on The Royal Bank of Scotland PLC, we took various rating actions in a number of European RMBS transactions (see "Ratings Lowered On 45 European RMBS Tranches After RBS Downgrade, 33 Tranches Placed On CreditWatch Negative," and "Ratings Lowered On 91 U.K. RMBS Tranches In Granite Master Issuer After RBS Downgrade," both published on Nov. 25, 2013). We have recently resolved eight of these CreditWatch placements. We rated three new transactions: Rochester Financing No. 1 PLC, Residential Mortgage Securities 27 PLC, and Precise Mortgage Funding No. 1 PLC. We also rated newly issued tranches from Mortgage Funding 2008-1 PLC (see "Related Criteria And Research"). Counterparty scenario analysis. In order to provide further transparency on the components of our ratings, at the end of this report, we have set out a scenario analysis using the assumption that all supporting parties are rated 'AAA' in order to demonstrate the likely ratings, were counterparties not a constraining factor (see charts 17 to 19 and table 3).
Chart 1
FEBRUARY 26, 2014 4

1264406 | 300051529
Chart 2
FEBRUARY 26, 2014 5

1264406 | 300051529
Chart 3
FEBRUARY 26, 2014 6

1264406 | 300051529
Chart 4
FEBRUARY 26, 2014 7

1264406 | 300051529
Chart 5
FEBRUARY 26, 2014 8

1264406 | 300051529
Chart 6
FEBRUARY 26, 2014 9

1264406 | 300051529
Chart 7
FEBRUARY 26, 2014 10

1264406 | 300051529
Chart 8

1264406 | 300051529
Chart 9

1264406 | 300051529
Chart 10

1264406 | 300051529
Chart 11

1264406 | 300051529
Chart 12

1264406 | 300051529
Chart 13

1264406 | 300051529
Chart 14

1264406 | 300051529
Chart 15

1264406 | 300051529
Chart 16
Counterparty scenario analysis. We have carried out a scenario analysis using the assumption that all supporting parties are rated 'AAA' in order to demonstrate the likely ratingswere counterparties not a constraining factor. The results of this analysis are intended to provide transparency on the components of our ratings and are not credit ratings in themselves. Note that the ratings list provided in table 3 is current as of the date of this report, and as we take further rating actions, it may be subject to change.

1264406 | 300051529
Chart 17

1264406 | 300051529
Chart 18

1264406 | 300051529
Chart 19
Table 3
Estimated Ratings Under A Scenario Where All Counterparties Are Rated 'AAA' (Right-Hand Column)
Transaction Aire Valley Mortgages 2004-1 PLC 3 Aire Valley Mortgages 2004-1 PLC 3 Aire Valley Mortgages 2004-1 PLC 3 Aire Valley Mortgages 2004-1 PLC 3 Aire Valley Mortgages 2004-1 PLC 3 Aire Valley Mortgages 2004-1 PLC 3 Aire Valley Mortgages 2004-1 PLC 3 Aire Valley Mortgages 2004-1 PLC 3 Aire Valley Mortgages 2005-1 PLC 2 Aire Valley Mortgages 2005-1 PLC 2 Aire Valley Mortgages 2005-1 PLC 2 Aire Valley Mortgages 2005-1 PLC 2 Aire Valley Mortgages 2005-1 PLC 2 Aire Valley Mortgages 2005-1 PLC 2 Class A1 A2 B1 B2 C1 C2 D1 D2 A1 A2 A3 B1 B2 C2 Current rating A+ (sf) A+ (sf) A+ (sf) A+ (sf) A (sf) A (sf) BBB (sf) BBB (sf) A+ (sf) A+ (sf) A+ (sf) A+ (sf) A+ (sf) A (sf) Estimated scenario rating if all counterparties were rated 'AAA' AAA AAA AA+ AA+ A A BBB BBB AAA AAA AAA AA+ AA+ A

1264406 | 300051529
Table 3
Estimated Ratings Under A Scenario Where All Counterparties Are Rated 'AAA' (Right-Hand Column) (cont.)
Aire Valley Mortgages 2006-1 PLC 1 Aire Valley Mortgages 2006-1 PLC 1 Aire Valley Mortgages 2006-1 PLC 1 Aire Valley Mortgages 2006-1 PLC 1 Aire Valley Mortgages 2006-1 PLC 1 Aire Valley Mortgages 2006-1 PLC 2 Aire Valley Mortgages 2006-1 PLC 2 Aire Valley Mortgages 2006-1 PLC 2 Aire Valley Mortgages 2006-1 PLC 2 Aire Valley Mortgages 2006-1 PLC 2 Aire Valley Mortgages 2006-1 PLC 2 Aire Valley Mortgages 2007-1 PLC 2007-1 Aire Valley Mortgages 2007-1 PLC 2007-1 Aire Valley Mortgages 2007-1 PLC 2007-2 Aire Valley Mortgages 2007-1 PLC 2007-2 Aire Valley Mortgages 2007-1 PLC 2007-2 Aire Valley Mortgages 2007-1 PLC 2007-2 Aire Valley Mortgages 2007-1 PLC 2007-2 Aire Valley Mortgages 2007-2 PLC Aire Valley Mortgages 2007-2 PLC Aire Valley Mortgages 2007-2 PLC Aire Valley Mortgages 2007-2 PLC Aire Valley Mortgages 2008-1 PLC Aire Valley Mortgages 2008-1 PLC Aire Valley Mortgages 2008-1 PLC Aire Valley Mortgages 2008-1 PLC Aire Valley Mortgages 2008-1 PLC Aire Valley Mortgages 2008-1 PLC ALBA 2005-1 PLC ALBA 2005-1 PLC ALBA 2005-1 PLC ALBA 2005-1 PLC ALBA 2005-1 PLC ALBA 2006 - 1 PLC ALBA 2006 - 1 PLC ALBA 2006 - 1 PLC ALBA 2006 - 1 PLC A B1 B2 B3 C2 A1 A2 A3 B2 B3 C2 1B 1C 2A1 2A2 2A3 2B 2C A1 A2 B C 1-A1 1-A2 2-A1 2-A2 2-C 2-D A3 B C D E A3a A3b B C A+ (sf) A+ (sf) A+ (sf) A+ (sf) A (sf) A+ (sf) A+ (sf) A+ (sf) A+ (sf) A+ (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) AA- (sf) AA- (sf) AA- (sf) A (sf) AA- (sf) AA- (sf) AA- (sf) AA- (sf) A (sf) BBB (sf) AAA (sf) A+ (sf) BBB- (sf) BB (sf) B (sf) AAA (sf) AAA (sf) A+ (sf) BBB+ (sf) AAA AA+ AA+ AA+ A AAA AAA AAA AA+ AA+ A AA+ A AAA AAA AAA AA+ A AAA AAA AA+ A AAA AAA AAA AAA A BBB AAA A+ BBBBB B AAA AAA A+ BBB+

1264406 | 300051529
Table 3
ALBA 2006 - 1 PLC ALBA 2006 - 1 PLC ALBA 2006 - 2 PLC ALBA 2006 - 2 PLC ALBA 2006 - 2 PLC ALBA 2006 - 2 PLC ALBA 2006 - 2 PLC ALBA 2006 - 2 PLC ALBA 2006 - 2 PLC ALBA 2007 - 1 PLC ALBA 2007 - 1 PLC ALBA 2007 - 1 PLC ALBA 2007 - 1 PLC ALBA 2007 - 1 PLC ALBA 2007 - 1 PLC Alba 2013-1 PLC Arkle Master Issuer PLC 2010-1 Arkle Master Issuer PLC 2010-1 Arkle Master Issuer PLC 2010-1 Arkle Master Issuer PLC 2010-1 Arkle Master Issuer PLC 2010-1 Arkle Master Issuer PLC 2010-1 Arkle Master Issuer PLC 2010-1 Arkle Master Issuer PLC 2010-2 Arkle Master Issuer PLC 2010-2 Arkle Master Issuer PLC 2010-2 Arkle Master Issuer PLC 2010-2 Arkle Master Issuer PLC 2010-2 Arkle Master Issuer PLC 2010-2 Arkle Master Issuer PLC 2011-1 Arkle Master Issuer PLC 2011-1 Arkle Master Issuer PLC 2011-1 Arkle Master Issuer PLC 2011-1 Arkle Master Issuer PLC 2012-1 Arkle Master Issuer PLC 2012-1 Arkle Master Issuer PLC 2012-1 Arkle Master Issuer PLC 2012-1 Arkle Master Issuer PLC 2012-1 Arkle Master Issuer PLC 2012-1 Arkle Master Issuer PLC 2012-1 Auburn Securities 3 PLC D E A3a B C D E F A3b A2 A3 B C D E A 5A 3A2 4A 3A1 5B 5M 5C 2A 3A 1A3 1A1 4A 1A2 3A2 3A3 3A1 2A 2A3 2A1 2A2 2A4 3A1 3A2 4A A2 BB (sf) B (sf) A (sf) A- (sf) BBB- (sf) BB (sf) B (sf) B- (sf) A (sf) AAA (sf) AAA (sf) A- (sf) BBB (sf) BB- (sf) B (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AA (sf) A (sf) BBB (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) BB B AAA ABBBBB B BAAA AAA AAA ABBB BBB AAA AAA AAA AAA AAA AA A BBB AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA

1264406 | 300051529
Table 3
Auburn Securities 3 PLC Auburn Securities 4 PLC Auburn Securities 4 PLC Auburn Securities 4 PLC Auburn Securities 4 PLC Auburn Securities 4 PLC Auburn Securities 4 PLC Auburn Securities 5 PLC Auburn Securities 5 PLC Auburn Securities 5 PLC Auburn Securities 5 PLC Auburn Securities 5 PLC Auburn Securities 5 PLC Bluestone Securities PLC 2005-01 Bluestone Securities PLC 2005-01 Bluestone Securities PLC 2005-01 Bluestone Securities PLC 2005-01 Bluestone Securities PLC 2006-01 Bluestone Securities PLC 2006-01 Bluestone Securities PLC 2006-01 Bluestone Securities PLC 2006-01 Bluestone Securities PLC 2006-01 Bluestone Securities PLC 2006-01 Bluestone Securities PLC 2007-01 Bluestone Securities PLC 2007-01 Bluestone Securities PLC 2007-01 Bluestone Securities PLC 2007-01 Bluestone Securities PLC 2007-01 Bluestone Securities PLC 2007-01 Brunel Residential Mortgage Securitisation No. 1 PLC Brunel Residential Mortgage Securitisation No. 1 PLC Brunel Residential Mortgage Securitisation No. 1 PLC Brunel Residential Mortgage Securitisation No. 1 PLC Brunel Residential Mortgage Securitisation No. 1 PLC Brunel Residential Mortgage Securitisation No. 1 PLC Brunel Residential Mortgage Securitisation No. 1 PLC M A2 B M C D E A2 M B C D E A B C D A1 B C D E A2 A2 Az B C Da Db A4a A4b A4c B4a B4b C4a C4b AA- (sf) AAA (sf) AAA (sf) AAA (sf) AA (sf) BBB (sf) BB- (sf) AAA (sf) AAA (sf) AA (sf) A (sf) BBB- (sf) BB- (sf) A (sf) A (sf) BBB (sf) BB (sf) A (sf) A (sf) BB (sf) B- (sf) B- (sf) A (sf) A (sf) A (sf) A (sf) B (sf) B- (sf) B- (sf) A+ (sf) A+ (sf) A+ (sf) A+ (sf) A+ (sf) A (sf) A (sf) AAAAA AAA AAA AA BBB BBAAA AAA AA A BBBBBAAA AA BBB BB AAA A BB BBAAA AA+ AA A B BBAAA AA AAA AAAAA A

1264406 | 300051529
Table 3
Brunel Residential Mortgage Securitisation No. 1 PLC Brunel Residential Mortgage Securitisation No. 1 PLC Brunel Residential Mortgage Securitisation No. 1 PLC Brunel Residential Mortgage Securitisation No. 1 PLC Clavis Securities PLC 2006-01 Clavis Securities PLC 2006-01 Clavis Securities PLC 2006-01 Clavis Securities PLC 2006-01 Clavis Securities PLC 2006-01 Clavis Securities PLC 2006-01 Clavis Securities PLC 2006-01 Clavis Securities PLC 2006-01 Clavis Securities PLC 2007-01 Clavis Securities PLC 2007-01 Clavis Securities PLC 2007-01 Clavis Securities PLC 2007-01 Clavis Securities PLC 2007-01 Clavis Securities PLC 2007-01 Clavis Securities PLC 2007-01 Clavis Securities PLC 2007-01 Clavis Securities PLC 2007-01 Clavis Securities PLC 2007-01 Colston No. 1 PLC Deva Financing PLC Deva Financing PLC Deva Financing PLC Deva Financing PLC EMF-UK 2008-1 PLC Eurohome UK Mortgages 2007-1 PLC Eurohome UK Mortgages 2007-1 PLC Eurohome UK Mortgages 2007-1 PLC Eurohome UK Mortgages 2007-1 PLC Eurohome UK Mortgages 2007-1 PLC Eurohome UK Mortgages 2007-1 PLC C4c D4a D4b D4c A3a M1a M2a B1a B2a A3b M1b B1b A3a M1a M2a B1a B2a AZa A3b M1b M2b B1b A A1 A2 A3 A4 A3 A M1 M2 B1 B2 C A (sf) BBB (sf) BBB (sf) BBB (sf) A (sf) A- (sf) BB+ (sf) B+ (sf) B- (sf) A (sf) A- (sf) B+ (sf) A (sf) BB+ (sf) B+ (sf) B (sf) B- (sf) BBB+ (sf) A (sf) BB+ (sf) B+ (sf) B (sf) AAA (sf)/Watch Neg AAA (sf) AA+ (sf) AA+ (sf) AA (sf) CCC (sf) A (sf) BBB+ (sf) BB (sf) B (sf) B- (sf) B- (sf) A BBB BBB BBB AAABB+ B+ BAAAB+ AA+ BB+ B+ B BBBB+ AA+ BB+ B+ B AAA AAA AAA AAA AA+ CCC AA BBB+ BB B BB-

1264406 | 300051529
Table 3
Eurohome UK Mortgages 2007-2 PLC Eurohome UK Mortgages 2007-2 PLC Eurohome UK Mortgages 2007-2 PLC Eurohome UK Mortgages 2007-2 PLC Eurohome UK Mortgages 2007-2 PLC Eurohome UK Mortgages 2007-2 PLC Eurohome UK Mortgages 2007-2 PLC Eurohome UK Mortgages 2007-2 PLC Eurohome UK Mortgages 2007-2 PLC EuroMASTR PLC 2007-1V EuroMASTR PLC 2007-1V EuroMASTR PLC 2007-1V EuroMASTR PLC 2007-1V EuroMASTR PLC 2007-1V Eurosail 2006-1 PLC Eurosail 2006-1 PLC Eurosail 2006-1 PLC Eurosail 2006-1 PLC Eurosail 2006-1 PLC Eurosail 2006-1 PLC Eurosail 2006-1 PLC Eurosail 2006-1 PLC Eurosail 2006-2BL PLC Eurosail 2006-2BL PLC Eurosail 2006-2BL PLC Eurosail 2006-2BL PLC Eurosail 2006-2BL PLC Eurosail 2006-2BL PLC Eurosail 2006-2BL PLC Eurosail 2006-2BL PLC Eurosail 2006-2BL PLC Eurosail 2006-3NC PLC Eurosail 2006-3NC PLC Eurosail 2006-3NC PLC Eurosail 2006-3NC PLC A2 A3 M1 M2 B1 B2 C A1(A) A1(B) A2 B C D E A2c B1a B1c C1a C1c D1a D1c E A2c B1a B1b C1a C1c D1a D1c E1c F1c A3a A3c B1a C1a A (sf) BBB+ (sf) BBB (sf) BB (sf) B (sf) B- (sf) B- (sf) AAA (sf) AAA (sf) A- (sf) A- (sf) BBB (sf) B (sf) B- (sf) A+ (sf) A (sf) A (sf) BB (sf) BB (sf) B (sf) B (sf) B- (sf) A+ (sf) A+ (sf) A+ (sf) A+ (sf) A+ (sf) B (sf) B (sf) B- (sf) B- (sf) A+ (sf) A+ (sf) BBB- (sf) B+ (sf) AAA BBB+ BBB BB B BBAAA AAA AA+ AA BBB B BAA+ A A BB BB B B BAAA AA+ AA+ A+ A+ B B BBAAA AAA BBBB+

1264406 | 300051529
Table 3
Eurosail 2006-3NC PLC Eurosail 2006-3NC PLC Eurosail 2006-3NC PLC Eurosail 2006-3NC PLC Eurosail 2006-3NC PLC Eurosail 2006-4 NP PLC Eurosail 2006-4 NP PLC Eurosail 2006-4 NP PLC Eurosail 2006-4 NP PLC Eurosail 2006-4 NP PLC Eurosail 2006-4 NP PLC Eurosail 2006-4 NP PLC Eurosail 2006-4 NP PLC Eurosail 2006-4 NP PLC Eurosail 2006-4 NP PLC Eurosail PRIME-UK 2007-A PLC Eurosail PRIME-UK 2007-A PLC Eurosail PRIME-UK 2007-A PLC Eurosail PRIME-UK 2007-A PLC Eurosail PRIME-UK 2007-A PLC Eurosail -UK 2007-1NC PLC Eurosail -UK 2007-1NC PLC Eurosail -UK 2007-1NC PLC Eurosail -UK 2007-1NC PLC Eurosail -UK 2007-1NC PLC Eurosail -UK 2007-1NC PLC Eurosail -UK 2007-1NC PLC Eurosail -UK 2007-1NC PLC Eurosail -UK 2007-1NC PLC Eurosail -UK 2007-1NC PLC Eurosail -UK 2007-2NP PLC Eurosail -UK 2007-2NP PLC Eurosail -UK 2007-2NP PLC Eurosail -UK 2007-2NP PLC Eurosail -UK 2007-2NP PLC Eurosail -UK 2007-2NP PLC Eurosail -UK 2007-2NP PLC Eurosail -UK 2007-2NP PLC Eurosail -UK 2007-2NP PLC Eurosail -UK 2007-2NP PLC Eurosail -UK 2007-2NP PLC C1c D1a D1c E1c FTc A3a A3c M1a M1c B1a C1a C1c D1a D1c E1c A B C D M A3a A3c B1a B1c C1a D1a D1c E1c ETc FTc A2a A2c A3a A3c M1a M1c B1a B1c C1a D1a D1c B+ (sf) B- (sf) B- (sf) CCC (sf) BB+ (sf) A- (sf) A- (sf) A- (sf) A- (sf) BBB (sf) BB (sf) BB (sf) B (sf) B (sf) B- (sf) B (sf) B- (sf) B- (sf) CCC (sf) B- (sf) A+ (sf) A+ (sf) BBB (sf) BBB (sf) BB (sf) B- (sf) B- (sf) B- (sf) B- (sf) CCC (sf) A- (sf) A- (sf) A- (sf) A- (sf) A- (sf) A- (sf) A- (sf) A- (sf) BBB (sf) B (sf) B (sf) B+ BBCCC BB+ AAA AAA AAAABBB BB BB B B BB BBCCC BAA+ AA+ BBB BBB BB BBBBCCC AAA AAA AAA AAA AAA AAA A+ A+ BBB B B

1264406 | 300051529
Table 3
Eurosail -UK 2007-2NP PLC Eurosail -UK 2007-4BL PLC Eurosail -UK 2007-4BL PLC Eurosail -UK 2007-4BL PLC Eurosail -UK 2007-4BL PLC Eurosail -UK 2007-4BL PLC Eurosail -UK 2007-4BL PLC Eurosail -UK 2007-4BL PLC Eurosail -UK 2007-6NC PLC Eurosail -UK 2007-6NC PLC Eurosail -UK 2007-6NC PLC Eurosail -UK 2007-6NC PLC Eurosail -UK 2007-6NC PLC Eurosail-UK 2007-3BL PLC Eurosail-UK 2007-3BL PLC Eurosail-UK 2007-3BL PLC Eurosail-UK 2007-3BL PLC Eurosail-UK 2007-3BL PLC Eurosail-UK 2007-3BL PLC Eurosail-UK 2007-3BL PLC Eurosail-UK 2007-3BL PLC Eurosail-UK 2007-3BL PLC Eurosail-UK 2007-3BL PLC Eurosail-UK 2007-3BL PLC Eurosail-UK 2007-5NP PLC Eurosail-UK 2007-5NP PLC Farringdon Mortgages No. 1 PLC Farringdon Mortgages No. 1 PLC Farringdon Mortgages No. 1 PLC Farringdon Mortgages No. 2 PLC Farringdon Mortgages No. 2 PLC Farringdon Mortgages No. 2 PLC Farringdon Mortgages No. 2 PLC Farringdon Mortgages No. 2 PLC First Flexible (No. 7) PLC First Flexible (No. 7) PLC First Flexible (No. 7) PLC First Flexible No. 4 PLC First Flexible No. 4 PLC First Flexible No. 4 PLC First Flexible No. 5 PLC E1c A2a A3a A3c B1a C1a D1a E1c A2a A3a B1a C1a D1a A2a A2b A2c A3a A3c B1a B1c C1a C1c D1a E1c A1a A1c M2a B1a B2a A2a A2a DAC M2a B1a B2a A B C A B M A B- (sf) BB+ (sf) B (sf) B (sf) B- (sf) B- (sf) CCC (sf) CCC (sf) B (sf) B (sf) CCC (sf)/Watch Neg CCC (sf)/Watch Neg CCC (sf)/Watch Neg BB- (sf) BB- (sf) BB- (sf) B- (sf) B- (sf) B- (sf) B- (sf) CCC (sf) CCC (sf) CCC (sf) CCC (sf) B (sf)/Watch Pos B (sf)/Watch Pos A- (sf) A- (sf) B- (sf) A- (sf) A- (sf) A- (sf) BBB+ (sf) B- (sf) AAA (sf) B- (sf) B- (sf) AAA (sf) A (sf) AA (sf) AAA (sf) BBB+ B B BBCCC CCC B B CCC CCC CCC BBBBBBBBBBCCC CCC CCC CCC B B AA+ A+ BAAA AAA AA BBB+ BAAA BBAAA A AA AAA

1264406 | 300051529
Table 3
First Flexible No. 5 PLC First Flexible No. 5 PLC First Flexible No. 6 PLC First Flexible No. 6 PLC First Flexible No. 6 PLC First Flexible No. 6 PLC First Flexible No. 6 PLC Fosse Master Issuer PLC 2010-1 Fosse Master Issuer PLC 2010-3 Fosse Master Issuer PLC 2010-3 Fosse Master Issuer PLC 2010-3 Fosse Master Issuer PLC 2010-4 Fosse Master Issuer PLC 2010-4 Fosse Master Issuer PLC 2011-1 Fosse Master Issuer PLC 2011-1 Fosse Master Issuer PLC 2011-1 Fosse Master Issuer PLC 2011-1 Fosse Master Issuer PLC 2011-1 Fosse Master Issuer PLC 2011-1 Fosse Master Issuer PLC 2011-2 Fosse Master Issuer PLC 2011-2 Fosse Master Issuer PLC 2011-2 Fosse Master Issuer PLC 2011-2 Fosse Master Issuer PLC 2012-1 Fosse Master Issuer PLC 2012-1 Fosse Master Issuer PLC 2012-1 Fosse Master Issuer PLC 2012-1 Fosse Master Issuer PLC 2012-1 Fosse Master Issuer PLC 2012-1 Fosse Master Issuer PLC 2012-1 Fosse Master Issuer PLC 2012-1 Fosse Master Issuer PLC 2012-1 Gemgarto 2012-1 PLC series 1 Gemgarto 2012-1 PLC series 1 Gemgarto 2012-1 PLC series 1 Gemgarto 2012-1 PLC series 1 Gemgarto 2012-1 PLC series 1 Gosforth Funding PLC Gracechurch Mortgage Financing PLC 2011-1 Gracechurch Mortgage Financing PLC 2011-1 B M A1 A2 A3 M1 M2 A2 A3 A2 A1 A1 A2 A2 A3 A5 A4 A6 A7 A3 A5 A4 A2 2A1 2A2 2A3 2A4 2A5 2B1 2B2 3A1 3A2 B1 B2 M1 M2 A1 A4 2A1 3A BBB+ (sf) AA (sf) AA- (sf) AA- (sf) AA- (sf) BB- (sf) BB- (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AA (sf) AA (sf) AAA (sf) AAA (sf) BBB (sf) BB (sf) A+ (sf) A (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) BBB+ AA AA AA AA BBBBAAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AA AA AAA AAA BBB BB A+ A AAA AAA AAA AAA

1264406 | 300051529
Table 3
Gracechurch Mortgage Financing PLC 2011-1 Gracechurch Mortgage Financing PLC 2012-1 Gracechurch Mortgage Financing PLC 2012-1 Gracechurch Mortgage Financing PLC 2012-1 Gracechurch Mortgage Financing PLC 2012-1 Gracechurch Mortgage Financing PLC 2012-1 Gracechurch Mortgage Financing PLC 2012-1 Granite Master Issuer PLC 2005-1 Granite Master Issuer PLC 2005-1 Granite Master Issuer PLC 2005-1 Granite Master Issuer PLC 2005-1 Granite Master Issuer PLC 2005-1 Granite Master Issuer PLC 2005-1 Granite Master Issuer PLC 2005-1 Granite Master Issuer PLC 2005-1 Granite Master Issuer PLC 2005-1 Granite Master Issuer PLC 2005-2 Granite Master Issuer PLC 2005-2 Granite Master Issuer PLC 2005-2 Granite Master Issuer PLC 2005-2 Granite Master Issuer PLC 2005-2 Granite Master Issuer PLC 2005-2 Granite Master Issuer PLC 2005-2 Granite Master Issuer PLC 2005-2 Granite Master Issuer PLC 2005-2 Granite Master Issuer PLC 2005-4 Granite Master Issuer PLC 2005-4 Granite Master Issuer PLC 2005-4 Granite Master Issuer PLC 2005-4 Granite Master Issuer PLC 2005-4 Granite Master Issuer PLC 2005-4 Granite Master Issuer PLC 2005-4 Granite Master Issuer PLC 2005-4 Granite Master Issuer PLC 2005-4 Granite Master Issuer PLC 2005-4 Granite Master Issuer PLC 2005-4 Granite Master Issuer PLC 2006-01 2A2 1A 2A 3A 4A 5A 6A A4 A5 A6 B2 B3 M2 M3 C2 C3 A5 A6 A7 B2 B3 M2 M3 C2 A8 A5 A6 B2 B4 M2 M3 M4 C2 C3 B3 C4 A1 AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) BBB- (sf) BBB- (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) BBB- (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) BBB- (sf) BBB- (sf) A (sf) BBB- (sf) A (sf) AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAAABBBBBBAAA AAA AAA AAA AAA AAAABBBAAA AAA AAA AAA AAA AAAAAABBBBBBAAA BBBAAA

1264406 | 300051529
Table 3
Granite Master Issuer PLC 2006-01 Granite Master Issuer PLC 2006-01 Granite Master Issuer PLC 2006-01 Granite Master Issuer PLC 2006-01 Granite Master Issuer PLC 2006-01 Granite Master Issuer PLC 2006-01 Granite Master Issuer PLC 2006-01 Granite Master Issuer PLC 2006-01 Granite Master Issuer PLC 2006-01 Granite Master Issuer PLC 2006-01 Granite Master Issuer PLC 2006-01 Granite Master Issuer PLC 2006-01 Granite Master Issuer PLC 2006-01 Granite Master Issuer PLC 2006-2 Granite Master Issuer PLC 2006-2 Granite Master Issuer PLC 2006-2 Granite Master Issuer PLC 2006-2 Granite Master Issuer PLC 2006-2 Granite Master Issuer PLC 2006-2 Granite Master Issuer PLC 2006-2 Granite Master Issuer PLC 2006-2 Granite Master Issuer PLC 2006-2 Granite Master Issuer PLC 2006-2 Granite Master Issuer PLC 2006-2 Granite Master Issuer PLC 2006-3 Granite Master Issuer PLC 2006-3 Granite Master Issuer PLC 2006-3 Granite Master Issuer PLC 2006-3 Granite Master Issuer PLC 2006-3 Granite Master Issuer PLC 2006-3 Granite Master Issuer PLC 2006-3 Granite Master Issuer PLC 2006-3 Granite Master Issuer PLC 2006-3 Granite Master Issuer PLC 2006-3 Granite Master Issuer PLC 2006-3 Granite Master Issuer PLC 2006-3 Granite Master Issuer PLC 2006-4 Granite Master Issuer PLC 2006-4 Granite Master Issuer PLC 2006-4 Granite Master Issuer PLC 2006-4 Granite Master Issuer PLC 2006-4 A5 A6 A7 A8 B2 B3 B4 M2 M3 M4 C2 C3 C4 A4 A5 A6 B2 B3 M2 M3 M4 C1 C2 C3 A3 A4 A5 A6 A7 B2 B3 M2 M3 M4 C3 C2 A4 A5 A6 A7 B1 A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) BBB- (sf) BBB- (sf) BBB- (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) BBB- (sf) BBB- (sf) BBB- (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) BBB- (sf) BBB- (sf) A (sf) A (sf) A (sf) A (sf) A (sf) AAA AAA AAA AAA AAA AAA AAA AAAAAABBBBBBBBBAAA AAA AAA AAA AAA AAAAAABBBBBBBBBAAA AAA AAA AAA AAA AAA AAA AAAAAABBBBBBAAA AAA AAA AAA AAA

1264406 | 300051529
Table 3
Granite Master Issuer PLC 2006-4 Granite Master Issuer PLC 2006-4 Granite Master Issuer PLC 2006-4 Granite Master Issuer PLC 2006-4 Granite Master Issuer PLC 2006-4 Granite Master Issuer PLC 2006-4 Granite Master Issuer PLC 2006-4 Granite Master Issuer PLC 2006-4 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-1 Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 B3 M1 M2 M3 C1 C2 C3 A8 2A1 3A1 3A2 4A1 5A1 6A1 1B1 2B1 3B1 3B2 1M1 2M1 3M1 3M2 1C1 2C1 2C2 3C1 3C2 2A1 2A2 3A1 3A2 4A1 4A2 1B1 2B1 3B1 3B2 3B3 1M1 2M1 3M2 A (sf) A (sf) A (sf) A (sf) BBB- (sf) BBB- (sf) BBB- (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) BBB- (sf) BBB- (sf) BBB- (sf) BBB- (sf) BBB- (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) AAA AAAAAABBBBBBBBBAAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAAAAAAABBBBBBBBBBBBBBBAAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAAAAA-

1264406 | 300051529
Table 3
Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 Granite Master Issuer PLC 2007-2 Granite Mortgages 03-2 PLC series 1 Granite Mortgages 03-2 PLC series 1 Granite Mortgages 03-2 PLC series 1 Granite Mortgages 03-2 PLC series 2 Granite Mortgages 03-2 PLC series 2 Granite Mortgages 03-2 PLC series 2 Granite Mortgages 03-2 PLC series 2 Granite Mortgages 03-2 PLC series 2 Granite Mortgages 03-2 PLC series 3 Granite Mortgages 03-2 PLC series 3 Granite Mortgages 03-3 PLC series 1 Granite Mortgages 03-3 PLC series 1 Granite Mortgages 03-3 PLC series 1 Granite Mortgages 03-3 PLC series 1 Granite Mortgages 03-3 PLC series 2 Granite Mortgages 03-3 PLC series 2 Granite Mortgages 03-3 PLC series 2 Granite Mortgages 03-3 PLC series 2 Granite Mortgages 03-3 PLC series 3 Granite Mortgages 03-3 PLC series 3 Granite Mortgages 03-3 PLC series 3 Granite Mortgages 03-3 PLC series 3 Granite Mortgages 04-1 PLC series 2 Granite Mortgages 04-1 PLC series 2 Granite Mortgages 04-1 PLC series 2 Granite Mortgages 04-1 PLC series 2 Granite Mortgages 04-1 PLC series 2 Granite Mortgages 04-1 PLC series 3 Granite Mortgages 04-1 PLC series 3 Granite Mortgages 04-1 PLC series 3 Granite Mortgages 04-1 PLC series 3 Granite Mortgages 04-2 PLC series 2 Granite Mortgages 04-2 PLC series 2 Granite Mortgages 04-2 PLC series 2 Granite Mortgages 04-2 PLC series 2 Granite Mortgages 04-2 PLC series 2 3M3 2C1 2C2 3C2 3C3 A3 B C A B C1 C2 M A C A3 B M C A B M C A B M C A1 A2 B M C A B M C A1 B M C A2 A (sf) BBB- (sf) BBB- (sf) BBB- (sf) BBB- (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) AABBBBBBBBBBBBAAA AAA AA+ AAA AAA AA+ AA+ AAA AAA AA+ AAA AAA AAA AA+ AAA AAA AAA AA+ AAA AAA AAA AA+ AAA AAA AAA AAA AA+ AAA AAA AAA AA+ AAA AAA AAA AA+ AAA

1264406 | 300051529
Table 3
Granite Mortgages 04-2 PLC series 3 Granite Mortgages 04-2 PLC series 3 Granite Mortgages 04-2 PLC series 3 Granite Mortgages 04-2 PLC series 3 Granite Mortgages 04-3 PLC series 2 Granite Mortgages 04-3 PLC series 2 Granite Mortgages 04-3 PLC series 2 Granite Mortgages 04-3 PLC series 2 Granite Mortgages 04-3 PLC series 2 Granite Mortgages 04-3 PLC series 3 Granite Mortgages 04-3 PLC series 3 Granite Mortgages 04-3 PLC series 3 Granite Mortgages 04-3 PLC series 3 Granite Mortgages 04-3 PLC series 3 Great Hall Mortgages No. 1 PLC 2006-01 Great Hall Mortgages No. 1 PLC 2006-01 Great Hall Mortgages No. 1 PLC 2006-01 Great Hall Mortgages No. 1 PLC 2006-01 Great Hall Mortgages No. 1 PLC 2006-01 Great Hall Mortgages No. 1 PLC 2006-01 Great Hall Mortgages No. 1 PLC 2006-01 Great Hall Mortgages No. 1 PLC 2006-01 Great Hall Mortgages No. 1 PLC 2006-01 Great Hall Mortgages No. 1 PLC 2007-01 Great Hall Mortgages No. 1 PLC 2007-01 Great Hall Mortgages No. 1 PLC 2007-01 Great Hall Mortgages No. 1 PLC 2007-01 Great Hall Mortgages No. 1 PLC 2007-01 Great Hall Mortgages No. 1 PLC 2007-01 Great Hall Mortgages No. 1 PLC 2007-01 A B M C A1 A2 B M C A1 A2 B M C A2a A2b Ba Bb Ca Cb Da Db Ea A2a A2b Ba Bb Ca Cb Da A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A- (sf) A- (sf) A- (sf) A- (sf) A- (sf) A- (sf) BBB- (sf) BBB- (sf) B- (sf) A- (sf) A- (sf) A- (sf) A- (sf) A- (sf) A- (sf) BB+ (sf) AAA AAA AAA AA+ AAA AAA AAA AAA AA+ AAA AAA AAA AAA AA+ AAA AAA AA AA A A BBBBBBBAAA AAA AA AA A A BB+

1264406 | 300051529
Table 3
Great Hall Mortgages No. 1 PLC 2007-01 Great Hall Mortgages No. 1 PLC 2007-01 Great Hall Mortgages No.1 PLC 2007-2 Great Hall Mortgages No.1 PLC 2007-2 Great Hall Mortgages No.1 PLC 2007-2 Great Hall Mortgages No.1 PLC 2007-2 Great Hall Mortgages No.1 PLC 2007-2 Great Hall Mortgages No.1 PLC 2007-2 Great Hall Mortgages No.1 PLC 2007-2 Great Hall Mortgages No.1 PLC 2007-2 Great Hall Mortgages No.1 PLC 2007-2 Great Hall Mortgages No.1 PLC 2007-2 Greenock Funding No. 5 PLC Greenock Funding No. 5 PLC Greenock Funding No. 5 PLC Greenock Funding No. 5 PLC Greenock Funding No. 5 PLC Greenock Funding No. 5 PLC Headingley RMBS 2011-1 PLC Headingley RMBS 2011-1 PLC Headingley RMBS 2011-1 PLC Headingley RMBS 2011-1 PLC Holmes Master Issuer PLC 2010-1 Holmes Master Issuer PLC 2010-1 Holmes Master Issuer PLC 2010-1 Holmes Master Issuer PLC 2010-1 Holmes Master Issuer PLC 2011-1 Holmes Master Issuer PLC 2011-1 Holmes Master Issuer PLC 2011-1 Holmes Master Issuer PLC 2011-1 Holmes Master Issuer PLC 2011-2 Holmes Master Issuer PLC 2011-3 Holmes Master Issuer PLC 2011-3 Db Ea Aa Ba Ca Da Ea Ab Ac Cb Db Eb A4 A5 A2 A VFN A1 A3 A2 A3 B C 1A4 1A5 1A3 1A2 1A2 1A3 1A4 1A5 1A1 1A6 1A5 BB+ (sf) B- (sf) A- (sf) A- (sf) BBB (sf) BB- (sf) B- (sf) A- (sf) A- (sf) BBB (sf) BB- (sf) B- (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AA+ (sf) AA+ (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) BB+ BAAA A BBB BBBAAA AAA BBB BBBAAA AAA AAA AAA AAA AAA AAA AAA AA+ AA+ AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA

1264406 | 300051529
Table 3
Holmes Master Issuer PLC 2011-3 Holmes Master Issuer PLC 2011-3 Holmes Master Issuer PLC 2011-3 Holmes Master Issuer PLC 2012-1 Holmes Master Issuer PLC 2012-1 Holmes Master Issuer PLC 2012-1 Holmes Master Issuer PLC 2012-1 Holmes Master Issuer PLC 2012-1 Holmes Master Issuer PLC 2012-2 Holmes Master Issuer PLC 2012-3 Holmes Master Issuer PLC 2012-3 Holmes Master Issuer PLC 2012-3 Holmes Master Issuer PLC 2013-1 Holmes Master Issuer PLC 2013-1 Holmes Master Issuer PLC 2013-1 Kensington Mortgage Securities PLC 2007-1 Kensington Mortgage Securities PLC 2007-1 Kensington Mortgage Securities PLC 2007-1 Kensington Mortgage Securities PLC 2007-1 Kensington Mortgage Securities PLC 2007-1 Kensington Mortgage Securities PLC 2007-1 Kensington Mortgage Securities PLC 2007-1 Kensington Mortgage Securities PLC 2007-1 Kensington Mortgage Securities PLC 2007-1 Lanark Master Issuer PLC 2012-1 Lanark Master Issuer PLC 2012-2 Lanark Master Issuer PLC 2012-2 Lanark Master Issuer PLC 2013-1 Lanark Master Issuer PLC 2013-1 Landmark Mortgage Securities No. 1 PLC Landmark Mortgage Securities No. 1 PLC Landmark Mortgage Securities No. 1 PLC Landmark Mortgage Securities No. 1 PLC 1A2 1A3 1A4 1A2 1A3 1A4 1A5 1A6 A B1 B2 A A1 A2 A3 A3a M1a M2b B1a B2 A3b A3c M1b B1b 1A1 1A 2A 1A1 1A2 Aa B Ca D AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AA (sf) AA (sf) AAA (sf) A-1+ (sf) AAA (sf) AAA (sf) A+ (sf) A+ (sf) BBB (sf) B (sf) B- (sf) A+ (sf) A+ (sf) A+ (sf) B (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) A+ (sf) A+ (sf) BB+ (sf) B (sf) AAA AAA AAA AAA AAA AAA AAA AAA AAA AA AA AAA A-1+ AAA AAA AAA AA BBB B BAAA AAA AA B AAA AAA AAA AAA AAA AAA A+ BB+ B

1264406 | 300051529
Table 3
Landmark Mortgage Securities No. 1 PLC Landmark Mortgage Securities No. 1 PLC Landmark Mortgage Securities No. 2 PLC Landmark Mortgage Securities No. 2 PLC Landmark Mortgage Securities No. 2 PLC Landmark Mortgage Securities No. 2 PLC Landmark Mortgage Securities No. 2 PLC Landmark Mortgage Securities No. 2 PLC Leek Finance Number Twenty One PLC Leek Finance Number Twenty PLC Leek Finance Number Twenty Two PLC Ludgate Funding PLC 2006-FF1 Ludgate Funding PLC 2006-FF1 Ludgate Funding PLC 2006-FF1 Ludgate Funding PLC 2006-FF1 Ludgate Funding PLC 2006-FF1 Ludgate Funding PLC 2006-FF1 Ludgate Funding PLC 2006-FF1 Ludgate Funding PLC 2006-FF1 Ludgate Funding PLC 2007-FF1 Ludgate Funding PLC 2007-FF1 Ludgate Funding PLC 2007-FF1 Ludgate Funding PLC 2007-FF1 Ludgate Funding PLC 2007-FF1 Ludgate Funding PLC 2007-FF1 Ludgate Funding PLC 2007-FF1 Ludgate Funding PLC 2007-FF1 Ludgate Funding PLC 2007-FF1 Ludgate Funding PLC 2008-W1 Ludgate Funding PLC 2008-W1 Ludgate Funding PLC 2008-W1 Ludgate Funding PLC 2008-W1 Ludgate Funding PLC 2008-W1 Ludgate Funding PLC 2008-W1 Mansard Mortgages 2006-1 PLC Ac Cc Aa Ac Ba Bc C D A 0 A A2a A2b Ba Bb C D E S A2a A2b Bb Cb Da Db E Ma Mb A1 A2b Bb Cb D E A2a A+ (sf) BB+ (sf) A+ (sf) A+ (sf) BB (sf) BB (sf) B (sf) B- (sf) AAA (sf) AA+ (sf) AAA (sf) A (sf) A (sf) A (sf) A (sf) BBB (sf) B (sf) B- (sf) B+ (sf) A+ (sf) A+ (sf) BB (sf) B+ (sf) B- (sf) B- (sf) B- (sf) BBB (sf) BBB (sf) A+ (sf) A- (sf) BBB- (sf) BB- (sf) B (sf) B- (sf) A- (sf) AAA BB+ AAAABB BB B BAAA AA+ AAA AA AA A+ A+ BBB B BB+ A+ A+ BB B+ BBBBBB BBB AA+ A BBBBBB BAAA

1264406 | 300051529
Table 3
Mansard Mortgages 2006-1 PLC Mansard Mortgages 2006-1 PLC Mansard Mortgages 2006-1 PLC Mansard Mortgages 2006-1 PLC Mansard Mortgages 2007-1 PLC Mansard Mortgages 2007-1 PLC Mansard Mortgages 2007-1 PLC Mansard Mortgages 2007-1 PLC Mansard Mortgages 2007-1 PLC Mansard Mortgages 2007-2 PLC Mansard Mortgages 2007-2 PLC Mansard Mortgages 2007-2 PLC Mansard Mortgages 2007-2 PLC Mansard Mortgages 2007-2 PLC Mansard Mortgages 2007-2 PLC Marble Arch Residential Securitisation No. 3 Ltd. Marble Arch Residential Securitisation No. 3 Ltd. Marble Arch Residential Securitisation No. 3 Ltd. Marble Arch Residential Securitisation No. 3 Ltd. Marble Arch Residential Securitisation No. 3 Ltd. Marble Arch Residential Securitisation No. 4 Ltd. Marble Arch Residential Securitisation No. 4 Ltd. Marble Arch Residential Securitisation No. 4 Ltd. Marble Arch Residential Securitisation No. 4 Ltd. Marble Arch Residential Securitisation No. 4 Ltd. Marble Arch Residential Securitisation No. 4 Ltd. Marble Arch Residential Securitisation No. 4 Ltd. Marble Arch Residential Securitisation No. 4 Ltd. Marble Arch Residential Securitisation No. 4 Ltd. Money Partners Securities 1 PLC Money Partners Securities 1 PLC Money Partners Securities 1 PLC M1a M2a B1a B2a A2a M1a M2a B1a B2a A1a A2a B1a B2a M1a M2a A1a A1b M1 M2 B1 A3c B1a B1b B1c C1a C1c D1a D1c E1c M1 M2a B1 A- (sf) BB+ (sf) B+ (sf) B- (sf) A- (sf) A- (sf) BB+ (sf) B (sf) B- (sf) AA (sf) AA- (sf) B (sf) B- (sf) BBB+ (sf) BB (sf) A- (sf) A- (sf) A- (sf) A- (sf) BB+ (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) BB (sf) BB (sf) B- (sf) AA- (sf) A+ (sf) A- (sf) AABB+ B+ BAAA ABB+ B BAA AAB BBBB+ BB AAA AAA AAA AA BB+ AAA AA AA AA AAAABB BB BAAA AAA A-

1264406 | 300051529
Table 3
Money Partners Securities 1 PLC Money Partners Securities 1 PLC Money Partners Securities 2 PLC Money Partners Securities 2 PLC Money Partners Securities 2 PLC Money Partners Securities 2 PLC Money Partners Securities 2 PLC Money Partners Securities 2 PLC Money Partners Securities 2 PLC Money Partners Securities 3 PLC Money Partners Securities 3 PLC Money Partners Securities 3 PLC Money Partners Securities 3 PLC Money Partners Securities 3 PLC Money Partners Securities 3 PLC Money Partners Securities 3 PLC Money Partners Securities 3 PLC Money Partners Securities 3 PLC Money Partners Securities 3 PLC Money Partners Securities 3 PLC Money Partners Securities 4 PLC Money Partners Securities 4 PLC Money Partners Securities 4 PLC Money Partners Securities 4 PLC Money Partners Securities 4 PLC Money Partners Securities 4 PLC Money Partners Securities 4 PLC Money Partners Securities 4 PLC Money Partners Securities 4 PLC Mortgage Funding 2008-1 PLC Mortgages No. 6 PLC Mortgages No. 6 PLC Mortgages No. 6 PLC Mortgages No. 6 PLC Mortgages No. 6 PLC Mortgages No. 7 PLC Mortgages No. 7 PLC Mortgages No. 7 PLC Mortgages No. 7 PLC Mortgages No. 7 PLC Newgate Funding PLC 2006-1 B2 M2b A2a M1a M2a B1 M2b M1b A2c A2a M1a M2a B1a B2a A2b A2c M1b M2b B1b B2b A1a A1b M1a M1b M2a M2b B1a B1b B2 A1 A2 B C D E A2 B C D E A4 BBB+ (sf) A+ (sf) A (sf) A (sf) A- (sf) BB- (sf) A- (sf) A (sf) A (sf) A (sf) A (sf) A- (sf) BBB- (sf) B- (sf) A (sf) A (sf) A (sf) A- (sf) BBB- (sf) B- (sf) A (sf) A (sf) A (sf) A (sf) BBB (sf) BBB (sf) B+ (sf) B+ (sf) B- (sf) AA (sf) A (sf) A (sf) A (sf) BBB (sf) B- (sf) A (sf) A (sf) A- (sf) BB (sf) B- (sf) A (sf) BBB+ AAA AAA AA ABBAAA AAA AAA AA ABBBBAAA AAA AA ABBBBAAA AAA AAA AAA BBB BBB B+ B+ BAA AAA AA AABBB BAAA AA+ ABB B+ AAA

1264406 | 300051529
Table 3
Newgate Funding PLC 2006-1 Newgate Funding PLC 2006-1 Newgate Funding PLC 2006-1 Newgate Funding PLC 2006-1 Newgate Funding PLC 2006-1 Newgate Funding PLC 2006-1 Newgate Funding PLC 2006-1 Newgate Funding PLC 2006-1 Newgate Funding PLC 2006-2 Newgate Funding PLC 2006-2 Newgate Funding PLC 2006-2 Newgate Funding PLC 2006-2 Newgate Funding PLC 2006-2 Newgate Funding PLC 2006-2 Newgate Funding PLC 2006-2 Newgate Funding PLC 2006-2 Newgate Funding PLC 2006-2 Newgate Funding PLC 2006-2 Newgate Funding PLC 2006-2 Newgate Funding PLC 2006-3 Newgate Funding PLC 2006-3 Newgate Funding PLC 2006-3 Newgate Funding PLC 2006-3 Newgate Funding PLC 2006-3 Newgate Funding PLC 2006-3 Newgate Funding PLC 2006-3 Newgate Funding PLC 2006-3 Newgate Funding PLC 2006-3 Newgate Funding PLC 2006-3 Newgate Funding PLC 2007-1 Newgate Funding PLC 2007-1 Newgate Funding PLC 2007-1 Newgate Funding PLC 2007-1 Newgate Funding PLC 2007-1 Newgate Funding PLC 2007-1 Newgate Funding PLC 2007-1 Newgate Funding PLC 2007-1 Newgate Funding PLC 2007-1 Newgate Funding PLC 2007-1 Newgate Funding PLC 2007-2 Newgate Funding PLC 2007-2 Ma Ba Ca D E Mb Bb Cb A3a M Ba Ca Da E Q A3b Bb Cb Db A2 A3a Mb Ba Cb Da E A3b Bb Db A2 A3 Ma Ba Cb Db E F Mb Bb A2 A3 A (sf) A (sf) A (sf) B (sf) B- (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A- (sf) BB (sf) B- (sf) B- (sf) BB+ (sf) A (sf) A- (sf) BB (sf) B- (sf) A (sf) A (sf) A (sf) BBB- (sf) B+ (sf) B (sf) B- (sf) A (sf) BBB- (sf) B (sf) A (sf) A (sf) A (sf) BB (sf) B (sf) B- (sf) B- (sf) B- (sf) A (sf) BB (sf) A (sf) A (sf) AAA AA+ A B BAAA AA+ A AA+ AAABB BBBB+ AA+ ABB BAAA A A BBBB+ B BA BBBB AAA AA+ AA BB B BBBAA BB AAA AA-

1264406 | 300051529
Table 3
Newgate Funding PLC 2007-2 Newgate Funding PLC 2007-2 Newgate Funding PLC 2007-2 Newgate Funding PLC 2007-2 Newgate Funding PLC 2007-2 Newgate Funding PLC 2007-2 Newgate Funding PLC 2007-3 Newgate Funding PLC 2007-3 Newgate Funding PLC 2007-3 Newgate Funding PLC 2007-3 Newgate Funding PLC 2007-3 Newgate Funding PLC 2007-3 Newgate Funding PLC 2007-3 Newgate Funding PLC 2007-3 Paragon Mortgages (No. 10) PLC Paragon Mortgages (No. 10) PLC Paragon Mortgages (No. 10) PLC Paragon Mortgages (No. 10) PLC Paragon Mortgages (No. 10) PLC Paragon Mortgages (No. 10) PLC Paragon Mortgages (No. 10) PLC Paragon Mortgages (No. 11) PLC Paragon Mortgages (No. 11) PLC Paragon Mortgages (No. 11) PLC Paragon Mortgages (No. 11) PLC Paragon Mortgages (No. 11) PLC Paragon Mortgages (No. 11) PLC Paragon Mortgages (No. 12) PLC 12 Paragon Mortgages (No. 12) PLC 12 Paragon Mortgages (No. 12) PLC 12 Paragon Mortgages (No. 12) PLC 12 Paragon Mortgages (No. 12) PLC 12 Paragon Mortgages (No. 12) PLC 12 Paragon Mortgages (No. 12) PLC 12 Paragon Mortgages (No. 12) PLC 12 Paragon Mortgages (No. 13) PLC Paragon Mortgages (No. 13) PLC Paragon Mortgages (No. 13) PLC Paragon Mortgages (No. 13) PLC Paragon Mortgages (No. 13) PLC Paragon Mortgages (No. 13) PLC M Bb Cb Db E F A1 A2b A3 Ba Bb Cb D E A1 A2a A2b B1a B1b C1a C1b A1 A2a A2b B1a B1b C1b A1 A2a A2b A2c B1a B1b C1a C1b A1 A2a A2b A2c B1a B1b BBB+ (sf) BB- (sf) B (sf) B- (sf) B- (sf) B- (sf) A (sf) A (sf) BBB+ (sf) BB (sf) BB (sf) B (sf) B- (sf) B- (sf) A-1 (sf) AA (sf) AA (sf) AA- (sf) AA- (sf) A- (sf) A- (sf) AA (sf) AA (sf) AA (sf) A (sf) A (sf) BBB (sf) AA+ (sf) AA+ (sf) AA+ (sf) AA+ (sf) A (sf) A (sf) BBB (sf) BBB (sf) AA (sf) AA (sf) AA (sf) AA (sf) A- (sf) A- (sf) A BBB BBBAAA AAA BBB+ BB BB B BBA-1+ AA+ AA+ AAAAAAAA AA AA A A BBB AA+ AA+ AA+ AA+ A A BBB BBB AA AA AA AA A A

1264406 | 300051529
Table 3
Paragon Mortgages (No. 13) PLC Paragon Mortgages (No. 13) PLC Paragon Mortgages (No. 14) PLC Paragon Mortgages (No. 14) PLC Paragon Mortgages (No. 14) PLC Paragon Mortgages (No. 14) PLC Paragon Mortgages (No. 14) PLC Paragon Mortgages (No. 14) PLC Paragon Mortgages (No. 14) PLC Paragon Mortgages (No. 14) PLC Paragon Mortgages (No. 15) PLC Paragon Mortgages (No. 15) PLC Paragon Mortgages (No. 15) PLC Paragon Mortgages (No. 15) PLC Paragon Mortgages (No. 15) PLC Paragon Mortgages (No. 15) PLC Paragon Mortgages (No. 15) PLC Paragon Mortgages (No. 17) PLC Paragon Mortgages (No. 17) PLC Paragon Mortgages (No. 17) PLC Paragon Mortgages (No. 18) PLC Paragon Mortgages (No. 18) PLC Paragon Mortgages (No. 18) PLC Paragon Mortgages (No. 7) PLC Paragon Mortgages (No. 7) PLC Paragon Mortgages (No. 7) PLC Paragon Mortgages (No. 7) PLC Paragon Mortgages (No. 7) PLC Paragon Mortgages (No. 8) PLC Paragon Mortgages (No. 8) PLC Paragon Mortgages (No. 8) PLC Paragon Mortgages (No. 8) PLC Paragon Mortgages (No. 9) PLC Paragon Mortgages (No. 9) PLC Paragon Mortgages (No. 9) PLC Paragon Mortgages (No. 9) PLC Paragon Mortgages (No. 9) PLC Paragon Mortgages (No. 9) PLC Paragon Mortgages (No. 9) PLC C1a C1b A1 A2a A2b A2c B1a B1b C1a C1b A1 A2a A2b A2c B1a B1b C1b A B C A B C A1a A1b A1c B1a B1b A2a A2b B1a B1b Aa Ab Ac Ba Bb Ca Cb BBB (sf) BBB (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AA- (sf) AA- (sf) BBB- (sf) BBB- (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) A+ (sf) A+ (sf) BB (sf) AAA (sf) AA (sf) A (sf) AAA (sf) AA (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) AA (sf) AA (sf) A- (sf) A- (sf) A (sf) A (sf) A (sf) A (sf) A (sf) BBB+ (sf) BBB+ (sf) AAA (sf) AAA (sf) BBB BBB AAA AAA AAA AAA AAAABBBBBBAAA AAA AAA AAA A+ A+ BB AAA AA A AAA AA A AAA AAA AAA A A AAA AAA AAAA+ AA+ AA+ AAAABBB+ BBB+ AAA AAA
Permanent Master Issuer PLC 2009-1 1A Ser 1 Permanent Master Issuer PLC 2009-1 3A Ser 3

1264406 | 300051529
Table 3
Permanent Master Issuer PLC 2009-1 2A Ser 2 Permanent Master Issuer PLC 2010-1 2A2 Permanent Master Issuer PLC 2010-1 2A1 Permanent Master Issuer PLC 2010-1 3A Permanent Master Issuer PLC 2010-1 4A Permanent Master Issuer PLC 2010-2 2A Permanent Master Issuer PLC 2010-2 3A Permanent Master Issuer PLC 2010-2 4A Permanent Master Issuer PLC 2010-2 5A Permanent Master Issuer PLC 2010-2 1A Permanent Master Issuer PLC 2011-1 1A2 Permanent Master Issuer PLC 2011-1 1A1 Permanent Master Issuer PLC 2011-1 2A2 Permanent Master Issuer PLC 2011-1 1A3 Permanent Master Issuer PLC 2011-1 2A1 Permanent Master Issuer PLC 2011-1 2A3 Permanent Master Issuer PLC 2011-2 1A1 Permanent Master Issuer PLC 2011-2 3A Permanent Master Issuer PLC 2011-2 1A2 Permanent Master Issuer PLC 2011-2 2A Permanent Master Issuer PLC 2011-2 1A3 Permanent Master Issuer PLC 2013-1 1M Permanent Master Issuer PLC 2013-1 1A Preferred Residential Securities 05-1 PLC Preferred Residential Securities 05-1 PLC Preferred Residential Securities 05-1 PLC Preferred Residential Securities 05-1 PLC Preferred Residential Securities 05-1 PLC Preferred Residential Securities 05-1 PLC Preferred Residential Securities 05-2 PLC Preferred Residential Securities 05-2 PLC Preferred Residential Securities 05-2 PLC Preferred Residential Securities 05-2 PLC Preferred Residential Securities 05-2 PLC A2c B1a B1c C1c D1c E A2a A2c B1a B1c C1a AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) A (sf) AAA (sf) A (sf) A (sf) A (sf) A (sf) BB- (sf) B- (sf) A (sf) A (sf) A (sf) A (sf) A (sf) AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA A AAA AAA AA AA A BBBAAA AAA AA AA A

1264406 | 300051529
Table 3
Preferred Residential Securities 05-2 PLC Preferred Residential Securities 05-2 PLC Preferred Residential Securities 05-2 PLC Preferred Residential Securities 06-1 PLC Preferred Residential Securities 06-1 PLC Preferred Residential Securities 06-1 PLC Preferred Residential Securities 06-1 PLC Preferred Residential Securities 06-1 PLC Preferred Residential Securities 06-1 PLC Preferred Residential Securities 06-1 PLC Preferred Residential Securities 06-1 PLC Preferred Residential Securities 06-1 PLC Preferred Residential Securities 06-1 PLC Preferred Residential Securities 06-1 PLC Preferred Residential Securities 7 PLC Preferred Residential Securities 7 PLC Preferred Residential Securities 7 PLC Preferred Residential Securities 7 PLC Preferred Residential Securities 8 PLC Preferred Residential Securities 8 PLC Preferred Residential Securities 8 PLC Preferred Residential Securities 8 PLC Preferred Residential Securities 8 PLC Preferred Residential Securities 8 PLC Preferred Residential Securities 8 PLC C1c D1c E1c A2a A2b A2c B1a B1c C1a C1c D1a D1c E1c FTc A2 B C D A1a1 B1a C1a D1a E A1a2 A1b A (sf) B (sf) B- (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) B (sf) B (sf) B- (sf) CCC (sf) A (sf) A (sf) A (sf) BBB (sf) A (sf) A (sf) A (sf) BB- (sf) B- (sf) A (sf) A (sf) A B BAAA AAA AAA AA AA A A B B BCCC AAA AAA AA BBB AAA AAA AABBBAAA AAA

1264406 | 300051529
Table 3
Preferred Residential Securities 8 PLC Preferred Residential Securities 8 PLC Preferred Residential Securities 8 PLC Preferred Residential Securities 8 PLC Residential Mortgage Securities 19 PLC Residential Mortgage Securities 19 PLC Residential Mortgage Securities 19 PLC Residential Mortgage Securities 19 PLC Residential Mortgage Securities 19 PLC Residential Mortgage Securities 19 PLC Residential Mortgage Securities 19 PLC Residential Mortgage Securities 19 PLC Residential Mortgage Securities 20 PLC Residential Mortgage Securities 20 PLC Residential Mortgage Securities 20 PLC Residential Mortgage Securities 20 PLC Residential Mortgage Securities 20 PLC Residential Mortgage Securities 20 PLC Residential Mortgage Securities 20 PLC Residential Mortgage Securities 20 PLC Residential Mortgage Securities 21 PLC Residential Mortgage Securities 21 PLC Residential Mortgage Securities 21 PLC Residential Mortgage Securities 21 PLC Residential Mortgage Securities 21 PLC A1c B1c C1c D1c A2a A2c M1a M1c M2a M2c B1a B1c A2a A2c M1a M1c M2a M2c B1a B1c A3a A3c M1a M1c M2a A (sf) A (sf) A (sf) BB- (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) BBB- (sf) BBB- (sf) A+ (sf) A+ (sf) A+ (sf) A+ (sf) A+ (sf) A+ (sf) BB+ (sf) BB+ (sf) A+ (sf) A+ (sf) A+ (sf) A+ (sf) A (sf) AAA AAA AABBAAA AAA AAA AAA AAA AAA BBBBBBAAA AAA AAA AAA AA+ AA+ BB+ BB+ AAA AAA AAA AAA A

1264406 | 300051529
Table 3
Residential Mortgage Securities 21 PLC Residential Mortgage Securities 21 PLC Residential Mortgage Securities 21 PLC Residential Mortgage Securities 21 PLC Residential Mortgage Securities 22 PLC Residential Mortgage Securities 22 PLC Residential Mortgage Securities 22 PLC Residential Mortgage Securities 22 PLC Residential Mortgage Securities 22 PLC Residential Mortgage Securities 22 PLC Residential Mortgage Securities 22 PLC Residential Mortgage Securities 22 PLC Residential Mortgage Securities 22 PLC Residential Mortgage Securities 23 PLC Residential Mortgage Securities 25 PLC Residential Mortgage Securities 25 PLC Residential Mortgage Securities 25 PLC Residential Mortgage Securities 25 PLC Residential Mortgage Securities 25 PLC Residential Mortgage Securities 25 PLC Residential Mortgage Securities 25 PLC Residential Mortgage Securities 26 PLC Residential Mortgage Securities 26 PLC Residential Mortgage Securities 26 PLC Residential Mortgage Securities 26 PLC M2c B1a B1c B2a A3a A3c M1a M1c M2a M2c B1a B1c B2 A B2-Dfrd M1-Dfrd B1-Dfrd M2-Dfrd B3-Dfrd A1 A2 M1 M2 B1 B2 A (sf) BB (sf) BB (sf) B- (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) BBB (sf) BBB (sf) B- (sf) AAA (sf) B (sf) AA (sf) BBB (sf) A (sf) B- (sf) AAA (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BB (sf) A BB BB BAAA AAA AAA AAA AA AA BBB BBB BAAA B AA BBB A BAAA AAA AA A BBB BB

1264406 | 300051529
Table 3
Residential Mortgage Securities 26 PLC ResLoc U.K. 2007-1 PLC ResLoc U.K. 2007-1 PLC ResLoc U.K. 2007-1 PLC ResLoc U.K. 2007-1 PLC ResLoc U.K. 2007-1 PLC ResLoc U.K. 2007-1 PLC ResLoc U.K. 2007-1 PLC ResLoc U.K. 2007-1 PLC ResLoc U.K. 2007-1 PLC ResLoc U.K. 2007-1 PLC ResLoc U.K. 2007-1 PLC ResLoc U.K. 2007-1 PLC ResLoc U.K. 2007-1 PLC ResLoc U.K. 2007-1 PLC RMAC 2003-NS1 PLC RMAC 2003-NS2 PLC RMAC 2003-NS3 PLC RMAC 2003-NS4 PLC RMAC 2004-NS1 PLC RMAC 2004-NS3 PLC RMAC 2004-NS3 PLC RMAC 2004-NS3 PLC RMAC 2004-NS3 PLC RMAC 2004-NS3 PLC RMAC 2004-NSP2 PLC RMAC 2004-NSP4 PLC RMAC 2004-NSP4 PLC RMAC 2004-NSP4 PLC RMAC 2004-NSP4 PLC RMAC 2005-NS1 PLC RMAC 2005-NS1 PLC RMAC 2005-NS1 PLC RMAC 2005-NS1 PLC RMAC 2005-NS1 PLC RMAC 2005-NS3 PLC RMAC 2005-NS3 PLC RMAC 2005-NS3 PLC RMAC 2005-NS3 PLC RMAC 2005-NS3 PLC A1 A3a M1a B1a C1a D1a E1b E2b F1b Defer A3b A3c M1b B1b C1b D1b A3 A3 A3 A3 A3 A2a M1 M2 B A2c A3 A2 M1 M2 B1 A2a M1 M2 B1 A2c A2a M1a M2a B1a A2c AAA (sf) BBB- (sf) BB (sf) BB- (sf) B (sf) B- (sf) B- (sf) CCC (sf) CCC (sf) BBB- (sf) BBB- (sf) BB (sf) BB- (sf) B (sf) B- (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) BBB (sf) A (sf) A (sf) A (sf) A (sf) A- (sf) BBB- (sf) A (sf) A (sf) BBB- (sf) B+ (sf) A (sf) A (sf) A (sf) BBB (sf) B- (sf) A (sf) AAA BBBBB BBB BBCCC CCC BBBBBBBB BBB BAAA AAA AAA AA+ AAAAA AA A BBB AAA AAAAA AAABBBAAA A BBBB+ AAA AAA AAA BBB BAAA

1264406 | 300051529
Table 3
RMAC 2005-NS3 PLC RMAC 2005-NS3 PLC RMAC 2005-NS3 PLC RMAC 2005-NS4 PLC RMAC 2005-NS4 PLC RMAC 2005-NS4 PLC RMAC 2005-NS4 PLC RMAC 2005-NSP2 PLC RMAC 2005-NSP2 PLC RMAC 2005-NSP2 PLC RMAC 2005-NSP2 PLC RMAC 2005-NSP2 PLC RMAC 2005-NSP2 PLC RMAC 2005-NSP2 PLC RMAC 2005-NSP2 PLC RMAC 2005-NSP2 PLC RMAC Securities No. 1 PLC 2006-NS1 RMAC Securities No. 1 PLC 2006-NS1 RMAC Securities No. 1 PLC 2006-NS1 RMAC Securities No. 1 PLC 2006-NS1 RMAC Securities No. 1 PLC 2006-NS1 RMAC Securities No. 1 PLC 2006-NS1 RMAC Securities No. 1 PLC 2006-NS1 RMAC Securities No. 1 PLC 2006-NS2 RMAC Securities No. 1 PLC 2006-NS2 RMAC Securities No. 1 PLC 2006-NS2 RMAC Securities No. 1 PLC 2006-NS2 RMAC Securities No. 1 PLC 2006-NS2 RMAC Securities No. 1 PLC 2006-NS2 RMAC Securities No. 1 PLC 2006-NS2 RMAC Securities No. 1 PLC 2006-NS2 M1c M2c B1c A3 M1 M2 B1 A2a M1a M2a B1a A2b A2c M1c M2c B1c A2a A2c M1a M1c M2a M2c B1c A2a A2c M1a M1c M2c B1a B1c B2a A (sf) BBB (sf) B- (sf) A (sf) A (sf) A (sf) B- (sf) A (sf) BBB+ (sf) BB+ (sf) B- (sf) A (sf) A (sf) BBB+ (sf) BB+ (sf) B- (sf) A (sf) A (sf) A (sf) A (sf) BBB (sf) BBB (sf) BB (sf) A (sf) A (sf) A (sf) A (sf) BBB- (sf) B (sf) B (sf) B- (sf) AAA BBB BAAA AAA A BAAA BBB+ BB+ BAAA AAA BBB+ BB+ BAAA AAA A+ A+ BBB BBB BB AAA AAA AA AA BBBB B B-

1264406 | 300051529
Table 3
RMAC Securities No. 1 PLC 2006-NS3 RMAC Securities No. 1 PLC 2006-NS3 RMAC Securities No. 1 PLC 2006-NS3 RMAC Securities No. 1 PLC 2006-NS3 RMAC Securities No. 1 PLC 2006-NS3 RMAC Securities No. 1 PLC 2006-NS4 RMAC Securities No. 1 PLC 2006-NS4 RMAC Securities No. 1 PLC 2006-NS4 RMAC Securities No. 1 PLC 2006-NS4 RMAC Securities No. 1 PLC 2006-NS4 RMAC Securities No. 1 PLC 2006-NS4 RMAC Securities No. 1 PLC 2006-NS4 RMAC Securities No. 1 PLC 2007-NS1 RMAC Securities No. 1 PLC 2007-NS1 RMAC Securities No. 1 PLC 2007-NS1 RMAC Securities No. 1 PLC 2007-NS1 RMAC Securities No. 1 PLC 2007-NS1 RMAC Securities No. 1 PLC 2007-NS1 RMAC Securities No. 1 PLC 2007-NS1 RMAC Securities No. 1 PLC 2007-NS1 Rochester Financing No.1 PLC Rochester Financing No.1 PLC Rochester Financing No.1 PLC Rochester Financing No.1 PLC Rochester Financing No.1 PLC Rochester Financing No.1 PLC A2a M1a M1c M2c B1c A3a M1a M2a B1a M1c M2c B1c A2a M1a M2c B1a A2b A2c M1c B1c B C D E A1 A2 A+ (sf) BBB (sf) BBB (sf) BB- (sf) B- (sf) A (sf) BBB+ (sf) BB+ (sf) B- (sf) BBB+ (sf) BB+ (sf) B- (sf) A+ (sf) BB (sf) B (sf) B- (sf) A+ (sf) A+ (sf) BB (sf) B- (sf) AA+ (sf) AA- (sf) A- (sf) BBB+ (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA BBB BBB BBBAAA BBB+ BB+ BBBB+ BB+ BAA+ BB B BAA+ AA+ BB BAA+ AAABBB+ AAA AAA AAA AAA
Silverstone Master Issuer PLC 2009-1 A1 Silverstone Master Issuer PLC 2009-1 A2

1264406 | 300051529
Table 3
Silverstone Master Issuer PLC 2009-1 A3 Silverstone Master Issuer PLC 2010-1 A2 Silverstone Master Issuer PLC 2010-1 A3 Silverstone Master Issuer PLC 2010-1 A1 Silverstone Master Issuer PLC 2011-1 3A3 Silverstone Master Issuer PLC 2011-1 3A1 Silverstone Master Issuer PLC 2011-1 3A2 Silverstone Master Issuer PLC 2011-1 1A Silverstone Master Issuer PLC 2011-1 2A Silverstone Master Issuer PLC 2011-1 4A Silverstone Master Issuer PLC 2012-1 2A2 Silverstone Master Issuer PLC 2012-1 1A Silverstone Master Issuer PLC 2012-1 2A1 Southern Pacific Financing 04-A PLC Southern Pacific Financing 04-A PLC Southern Pacific Financing 04-A PLC Southern Pacific Financing 04-A PLC Southern Pacific Financing 04-A PLC Southern Pacific Financing 05-B PLC Southern Pacific Financing 05-B PLC Southern Pacific Financing 05-B PLC Southern Pacific Financing 05-B PLC Southern Pacific Financing 05-B PLC Southern Pacific Financing 06-A PLC Southern Pacific Financing 06-A PLC Southern Pacific Financing 06-A PLC Southern Pacific Financing 06-A PLC Southern Pacific Financing 06-A PLC Southern Pacific Securities 04-1 PLC Southern Pacific Securities 04-1 PLC Southern Pacific Securities 04-1 PLC Southern Pacific Securities 04-2 plc Southern Pacific Securities 04-2 plc Southern Pacific Securities 04-2 plc Southern Pacific Securities 04-2 plc Southern Pacific Securities 04-2 plc Southern Pacific Securities 05-1 PLC Southern Pacific Securities 05-1 PLC Southern Pacific Securities 05-1 PLC Southern Pacific Securities 05-1 PLC Southern Pacific Securities 05-2 PLC A B C D E A B C D E A B C D1 E A2 M B C1a C1c D1a D1c E B1c C1c D1c E B1a AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) A (sf) A (sf) A (sf) A- (sf) B (sf) A (sf) A (sf) A (sf) BB- (sf) B- (sf) AA- (sf) A+ (sf) BBB- (sf) B (sf) B- (sf) AA (sf) A+ (sf) BBB+ (sf) A (sf) A (sf) A (sf) A (sf) BB- (sf) AA (sf) A+ (sf) B+ (sf) B- (sf) A (sf) AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AA+ AB AAA AAA BBBAAA+ BBBB BAA A+ BBB+ AAA AAA A+ A+ BBAA A+ B+ BAAA

1264406 | 300051529
Table 3
Southern Pacific Securities 05-2 PLC Southern Pacific Securities 05-2 PLC Southern Pacific Securities 05-2 PLC Southern Pacific Securities 05-2 PLC Southern Pacific Securities 05-2 PLC Southern Pacific Securities 05-2 PLC Southern Pacific Securities 05-3 PLC Southern Pacific Securities 05-3 PLC Southern Pacific Securities 05-3 PLC Southern Pacific Securities 05-3 PLC Southern Pacific Securities 05-3 PLC Southern Pacific Securities 05-3 PLC Southern Pacific Securities 05-3 PLC Southern Pacific Securities 05-3 PLC Southern Pacific Securities 05-3 PLC Southern Pacific Securities 05-3 PLC Southern Pacific Securities 06-1 PLC Southern Pacific Securities 06-1 PLC Southern Pacific Securities 06-1 PLC Southern Pacific Securities 06-1 PLC Southern Pacific Securities 06-1 PLC Southern Pacific Securities 06-1 PLC Southern Pacific Securities 06-1 PLC Southern Pacific Securities 06-1 PLC Southern Pacific Securities 06-1 PLC Southern Pacific Securities 06-1 PLC Tenterden Funding PLC Trinity Financing PLC Trinity Financing PLC Uropa Securities PLC 2007-1B Uropa Securities PLC 2007-1B Uropa Securities PLC 2007-1B Uropa Securities PLC 2007-1B Uropa Securities PLC 2007-1B Uropa Securities PLC 2007-1B Uropa Securities PLC 2007-1B Uropa Securities PLC 2007-1B Uropa Securities PLC 2007-1B Uropa Securities PLC 2007-1B Uropa Securities PLC 2007-1B Uropa Securities PLC 2008-1 B1c C1a C1c D1a E1c E2c A2a A2c B1a B1c C1a C1c D1a D1c E1c FTc A2a A2c B1c C1a C1c D1a D1c E1c ETc FTc A A3 A4 A2b A3a A3b A4a A4b M1a M1b M2a B1a B1b B2a M1 A (sf) A (sf) A (sf) BBB- (sf) B- (sf) BB- (sf) A (sf) A (sf) A (sf) A (sf) A (sf) A (sf) B+ (sf) B+ (sf) B- (sf) CCC (sf) A (sf) A (sf) A (sf) A- (sf) A- (sf) B (sf) B (sf) B- (sf) B- (sf) CCC (sf) AAA (sf) AAA (sf) AAA (sf) A- (sf) A- (sf) A- (sf) A- (sf) A- (sf) BBB- (sf) BBB- (sf) BB- (sf) B (sf) B (sf) B- (sf) AA (sf) AAA AAA AAA BBBBBBAAA AAA AAA AAA AAAAB+ B+ BCCC AAA AAA AAA AAB B BBCCC AAA AAA AAA AAA AAA AAA AAA AAA BBBBBBBBB B BAA

1264406 | 300051529
Table 3
Uropa Securities PLC 2008-1 Uropa Securities PLC 2008-1 Uropa Securities PLC 2008-1 Uropa Securities PLC 2008-1 Virgil Mortgage No.1 PLC Residential Mortgage Securities 27 PLC Precise Mortgage Funding No.1 PLC Precise Mortgage Funding No.1 PLC Precise Mortgage Funding No.1 PLC Precise Mortgage Funding No.1 PLC Precise Mortgage Funding No.1 PLC Mortgage Funding 2008-1 PLC Mortgage Funding 2008-1 PLC Uropa Securities PLC 2007-1B Uropa Securities PLC 2007-1B Uropa Securities PLC 2007-1B Uropa Securities PLC 2007-1B Uropa Securities PLC 2007-1B Uropa Securities PLC 2007-1B Uropa Securities PLC 2007-1B Uropa Securities PLC 2008-1 Uropa Securities PLC 2008-1 Uropa Securities PLC 2008-1 Uropa Securities PLC 2008-1 Uropa Securities PLC 2008-1 Virgil Mortgage No.1 PLC Trinity Financing PLC Trinity Financing PLC Uropa Securities PLC series 2007-1B Uropa Securities PLC series 2007-1B Uropa Securities PLC series 2007-1B Uropa Securities PLC series 2007-1B Uropa Securities PLC series 2007-1B Uropa Securities PLC series 2007-1B Uropa Securities PLC series 2007-1B Uropa Securities PLC series 2007-1B Uropa Securities PLC series 2007-1B Uropa Securities PLC series 2007-1B Uropa Securities PLC series 2007-1B Uropa Securities PLC series 2008-1 M2 B C A A A A B C D E A2 A3 A4b M1a M1b M2a B1a B1b B2a M1 M2 B C A A A3 A4 A2b A3a A3b A4a A4b M1a M1b M2a B1a B1b B2a A A+ (sf) BBB+ (sf) BB- (sf) AAA (sf) AA (sf) AAA (sf) AAA (sf) AA (sf) AA- (sf) BBB (sf) BB+ (sf) A (sf) BB (sf) A- (sf) BBB- (sf) BBB- (sf) BB- (sf) B (sf) B (sf) B- (sf) AA (sf) A+ (sf) BBB+ (sf) BB- (sf) AAA (sf) AA (sf) AAA (sf) AAA (sf) A- (sf) A- (sf) A- (sf) A- (sf) A- (sf) BBB- (sf) BBB- (sf) BB- (sf) B (sf) B (sf) B- (sf) AAA (sf) A+ BBB+ BBAAA AA AAA AAA AA AABBB BB+ A BB AAA BBBBBBBBB B BAA A+ BBB+ BBAAA AA AAA AAA AAA AAA AAA AAA AAA BBBBBBBBB B BAAA

1264406 | 300051529
Table 3
Uropa Securities PLC series 2008-1 Uropa Securities PLC series 2008-1 Uropa Securities PLC series 2008-1 Uropa Securities PLC series 2008-1 Virgil Mortgage No.1 PLC M1 M2 B C A AA (sf) A+ (sf) BBB+ (sf) BB- (sf) AA (sf) AA A+ BBB+ BBAA
Related Criteria And Research

Europe's Housing Markets May Be On A Slow Path To Recovery, Jan. 22, 2014 Rating Lowered On Marble Arch Residential Securitisation No. 3's Class B1 U.K. RMBS Notes; All Other Ratings Affirmed, Dec. 20, 2013 Credit Conditions: Europe Sees A Slight Improvement, But Structural Weaknesses Persist, Dec. 9, 2013 Ratings On Eurosail-UK 2007-5NP's Junior Notes Lowered To 'D (sf)'; Classes A1a And A1c Placed On CreditWatch Positive, Dec. 5, 2013 New Issue: Precise Mortgage Funding No.1 PLC, Dec. 5, 2013 Various Rating Actions Taken In Four Eurosail U.K. Nonconforming RMBS Transactions, Nov. 29, 2013 Ratings Lowered On 45 European RMBS Tranches After RBS Downgrade, 33 Tranches Placed On CreditWatch Negative, Nov. 25, 2013 Ratings Lowered On 91 U.K. RMBS Tranches In Granite Master Issuer After RBS Downgrade, Nov. 25, 2013 Ratings Raised And Assigned In U.K. RMBS Transaction Mortgage Funding 2008-1 Following Restructuring, Nov. 21, 2013 Rating Raised On Southern Pacific Securities 05-2's Class E2c U.K. RMBS Notes; Ratings On All Other Classes Affirmed, Nov. 19, 2013 Various Rating Actions Taken In U.K. Nonconforming RMBS Transactions Preferred Residential Securities 7, 8, And 05-2, Oct. 31, 2013 New Issue: Residential Mortgage Securities 27 PLC, Oct. 31, 2013 Ratings Lowered On Southern Pacific Securities 05-3's Class D1a And D1c U.K. RMBS Notes; Remaining Classes Affirmed, Oct. 29, 2013 New Issue: Rochester Financing No.1 PLC, Oct. 16, 2013 U.K. RMBS Methodology And Assumptions, Dec. 9, 2011 Methodology Behind European RMBS Indices, Nov. 8, 2004 Under Standard & Poor's policies, only a Rating Committee can determine a Credit Rating Action (including a Credit Rating change, affirmation or withdrawal, Rating Outlook change, or CreditWatch action). This commentary and its subject matter have not been the subject of Rating Committee action and should not be interpreted as a change to, or affirmation of, a Credit Rating or Rating Outlook.
Additional Contact: Structured Finance Europe; StructuredFinanceEurope@standardandpoors.com

1264406 | 300051529
Copyright 2014 Standard & Poor's Financial Services LLC, a part of McGraw Hill Financial. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P's opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription) and www.spcapitaliq.com (subscription) and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

1264406 | 300051529

Untitled

Hochgeladen von

Dokumentinformationen

Originalbeschreibung:

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Untitled

Hochgeladen von

Copyright:

Verfügbare Formate

STRUCTURED FINANCE RESEARCH

FEBRUARY 26, 2014 1

*Quarter-on-quarter, seasonally-adjusted. Source: Office for National Statistics.

Scenarios For U.K. RMBS Collateral: 2013 To 2015

Baseline 2014 2.3 2015 2.0

Downside 2014 2.8 2015 0.3

Somewhat favorable Neutral

FEBRUARY 26, 2014 2

Scenarios For U.K. RMBS Collateral: 2013 To 2015 (cont.)

Bank of England policy rate (annual average; %)

FEBRUARY 26, 2014 3

FEBRUARY 26, 2014 4

FEBRUARY 26, 2014 5

FEBRUARY 26, 2014 6

FEBRUARY 26, 2014 7

FEBRUARY 26, 2014 8

FEBRUARY 26, 2014 9

FEBRUARY 26, 2014 10

FEBRUARY 26, 2014 11

FEBRUARY 26, 2014 12

FEBRUARY 26, 2014 13

FEBRUARY 26, 2014 14

FEBRUARY 26, 2014 15

FEBRUARY 26, 2014 16

FEBRUARY 26, 2014 17

FEBRUARY 26, 2014 18

FEBRUARY 26, 2014 19

FEBRUARY 26, 2014 20

FEBRUARY 26, 2014 21

FEBRUARY 26, 2014 22

FEBRUARY 26, 2014 23

FEBRUARY 26, 2014 24

FEBRUARY 26, 2014 25

FEBRUARY 26, 2014 26

FEBRUARY 26, 2014 27

FEBRUARY 26, 2014 28

FEBRUARY 26, 2014 29

FEBRUARY 26, 2014 30

FEBRUARY 26, 2014 31

FEBRUARY 26, 2014 32

FEBRUARY 26, 2014 33

FEBRUARY 26, 2014 34

FEBRUARY 26, 2014 35

FEBRUARY 26, 2014 36

FEBRUARY 26, 2014 37

FEBRUARY 26, 2014 38

FEBRUARY 26, 2014 39

FEBRUARY 26, 2014 40

FEBRUARY 26, 2014 41

FEBRUARY 26, 2014 42

FEBRUARY 26, 2014 43

FEBRUARY 26, 2014 44

FEBRUARY 26, 2014 45

FEBRUARY 26, 2014 46

FEBRUARY 26, 2014 47

FEBRUARY 26, 2014 48

FEBRUARY 26, 2014 49

FEBRUARY 26, 2014 50

FEBRUARY 26, 2014 51

FEBRUARY 26, 2014 52

FEBRUARY 26, 2014 53

Related Criteria And Research

FEBRUARY 26, 2014 54