British RMBS

29 May 2014
Fixed Income Research

http://www.credit-suisse.com/researchandanalytics
FOR INSTITUTIONAL CLIENT USE ONLY
The Credit Suisse UK RMBS

Tracker: May 2014
Structured Products Research
Contributors Month-on-month change: Performance Stable

Carlos Diaz
+44 20 7888 2414
Refer to Exhibit 1 for the latest performance data for the UK RMBS master
carlos.diaz@credit-suisse.com trusts and standalone deals. From page 3 we provide performance
comparisons as well as historical performance data for each of the UK RMBS
master trusts. From page 28 we provide similar performance stats for each UK
RMBS standalone deal.
Exhibit 1: UK RMBS master trust and standalone performance snapshot

WA Indexed Indexed
1- 3-months In possession CPR including removals Quarterly losses LTV LTV >90%
arrears (%) 3+-month arrears (%) (%) (%) annualised (%) (%) (%)
Master Trusts Curr. 1-mth ch. Current 1-mth ch. Current 1-mth ch. Current 1-mth ch. Current 1-mth ch. Current Current
Aire Valley 1.92% Δ +0.09% 0.97% Δ +0.01% 0.14% Δ -0.01% 4.4% Δ -1.59% 0.17% Δ +0.02% 76.5% 23.57%
Arkle 1.74% Δ +0.09% 1.44% Δ -0.02% 0.04% Δ +0.00% 15.1% Δ +0.76% 0.01% Δ -0.02% 58.9% 9.30%
Fosse 0.97% Δ -0.01% 0.61% Δ +0.02% 0.02% Δ -0.01% 22.6% Δ +0.89% 0.03% Δ -0.02% 61.9% 14.21%
Gracechurch 1.00% Δ -0.06% 1.02% Δ +0.01% 0.60% Δ +0.02% 16.6% Δ -0.53% 0.01% Δ +0.00% 54.1% 4.36%
Granite 4.84% Δ +0.08% 4.14% Δ -0.11% 0.34% Δ +0.00% 13.8% Δ -0.40% 0.23% Δ -0.02% 78.3% 31.32%
Holmes 1.86% Δ -0.04% 0.07% Δ +0.05% - Δ 0.00% 44.5% Δ +29.01% 0.03% Δ -0.01% 62.6% 10.29%
Lanark 0.73% Δ +0.25% 0.61% Δ -0.14% 0.03% Δ -0.01% 17.2% Δ -7.90% 0.01% Δ -0.02% 57.5% 1.46%
Permanent 2.67% Δ +0.06% 3.25% Δ -0.00% 0.12% Δ +0.01% 15.9% Δ +0.19% 0.04% Δ -0.03% NA 7.32%
Silverstone 0.64% Δ -0.00% 0.37% Δ +0.01% 0.01% Δ -0.00% 15.2% Δ +0.63% 0.00% Δ -0.00% 54.4% 2.35%
AVERAGE 1.82% Δ +0.05% 1.39% Δ -0.02% 0.14% Δ +0.00% 18.4% Δ +2.25% 0.06% Δ -0.01% 63.0% 11.58%
Standalones Curr. 3-mth ch. Current 3-mth ch. Current 3-mth ch. Current 3-mth ch. Current 3-mth ch. Current Current
Arran 2010-1 0.71% Δ +0.09% 0.82% Δ -0.01% 0.22% Δ +0.06% 22.0% Δ +7.63% 0.01% Δ +0.00% 61.03% 0.90%
Arran 2011-1 0.72% Δ +0.02% 0.64% Δ +0.04% 0.02% Δ +0.00% 13.2% Δ -0.98% 0.01% Δ -0.00% 60.17% 0.80%
Arran 2011-2 0.41% Δ +0.14% 0.33% Δ +0.13% 0.00% Δ +0.00% 14.7% Δ -10.64% 0.00% Δ +0.00% 55.83% 0.20%
Brass 2011-1 0.93% Δ -0.10% 0.59% Δ +0.03% 0.02% Δ +0.02% 8.4% Δ -14.82% - - 56.00% 0.02%^^
Brass 2012-1 0.58% Δ -0.03% 0.24% Δ +0.02% - - 21.1% Δ +2.18% 0.01% Δ +0.01% 58.80% 0.10%^^
Brunel 2007-1 3.09% Δ -0.21% 1.81% Δ +0.09% 0.13% Δ +0.01% 12.0% Δ +0.69% 0.08% Δ +0.04% 72.10%* 7.70%
Darrowby 2011-1 0.64% Δ -0.19% 0.65% Δ -0.01% 0.34% Δ +0.05% 15.1% Δ -1.03% 0.00% Δ -0.00% 57.07% 0.89%
Gosforth 2011-1 1.08% Δ -0.04% 0.95% Δ +0.08% - - 19.2%^ Δ +0.18% - - 46.06% 0.55%
Gosforth 2012-1 0.43% Δ +0.04% 0.17% Δ +0.03% - - 44.2%^ Δ +5.75% 0.00% Δ +0.00% 49.14% -
Gosforth 2012-2 0.35% Δ +0.09% 0.08% Δ +0.01% - - 45.5%^ Δ +3.03% - - 52.87% 0.06%
Headingley 11-1 1.84% Δ +0.17% 1.10% Δ 0.00% 0.01% Δ -0.04% 29.5%**^ Δ -2.19% 0.02% Δ +0.02% 68.53% 6.75%
Silk Road 2010-1 0.28% Δ +0.03% 0.19% Δ +0.05% - - 16.8%**^ Δ +1.90% - - 55.63% 15.15%
Silk Road 2011-1 0.08% Δ +0.01% - Δ -0.06% 0.01% Δ +0.01% 23.2%^ Δ +6.59% - - 56.22% 0.52%
Silk Road 2012-1 0.13% Δ +0.04% 0.04% Δ -0.01% - - 18.5%^ Δ +0.40% - - 50.83% 0.40%
AVERAGE 0.81% Δ +0.00% 0.54% Δ +0.03% 0.05% Δ +0.01% 21.7% Δ -0.09% 0.01% Δ +0.00% 57.16% 2.83%
Performance data is from the latest available trustee reports.
* non-indexed; ** PPR (principal payment rate); ^ 3-month average; ^^ >85% LTV
Source: Trustee Reports, Credit Suisse
DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES AND
ANALYST CERTIFICATIONS.
CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION®

Client-Driven Solutions, Insights, and Access
29 May 2014
Table of Contents
UK Prime RMBS Master Trust Deal Performance 3
UK RMBS Master Trust Comparison 4
Aire Valley 6
Arkle Finance 8
Fosse Master Trust 10
Gracechurch Mortgage Financing 12
Granite Finance 14
Holmes Financing and Master Issuer 20
Lanark Master Trust 22
Permanent Master Issuer 24
Silverstone Master Issuer 26
UK Prime RMBS Standalone Deal Performance 28
Arran Residential Mortgages Funding 2010-1 29
Brass No. 1 34
Brass No. 2 35
Brunel Residential Mortgage Securitisation No. 1 36
Darrowby No. 1 38
Gosforth Funding 2011-1 40
Headingley RMBS 2011-1 44
Silk Road Finance Number One (2010-1) 46
Silk Road Finance Number Two (2011-1) 47
Silk Road Finance Number Three (2012-1) 48
The Credit Suisse UK RMBS Tracker: May 2014 2

29 May 2014
UK Prime RMBS Master Trust

Deal Performance

U.K. RMBS Master Trust Index
Country of Assets Asset Type Next Report Date (approx.)

Performance Monitor United Kingdom Master Trust Residential Mortgages 29-Jun-14
May-2014 Apr-2014 Mar-2014 Feb-2014 Jan-2014 Dec-2013 Current Credit Enhancement Trust Sizes
Mortgage Balance (total - £000s) 124,031,200 125,121,380 127,312,987 129,117,648 130,613,850 132,328,666 AAA AA BBB
Aire Valley 9,724,377 9,772,466 9,824,996 9,864,113 9,905,568 9,958,042 24.59% 18.64% 9.25% Lanark
Arkle 17,063,229 17,296,282 17,519,709 17,776,583 18,000,448 18,229,261 29.72% 26.51% 24.14% 2.7% Perm
Holmes 18.0%
Fosse 13,631,395 13,913,811 14,194,371 14,481,425 14,760,896 15,089,408 30.43% 28.27% NA 9.1%
Gracechurch 7,558,254 7,662,804 7,770,534 7,886,247 8,003,991 8,158,253 19.88% NA NA
Silver
Granite 14,949,159 15,131,289 15,322,236 15,505,008 15,692,854 15,879,084 46.18%* 34.31%* 8.07%*
19.4%
Holmes 11,279,112 11,529,004 12,179,343 12,417,669 12,681,464 12,949,129 27.39% 26.12% NA Granite
Lanark 3,350,023 2,709,720 2,778,299 2,843,316 2,926,024 3,013,396 19.40% NA NA 12.1%
Permanent 22,363,283 22,685,136 23,006,684 23,328,732 23,623,617 23,999,812 26.61% NA NA
Silverstone 24,112,368 24,420,868 24,716,813 25,014,555 25,018,989 25,052,281 18.07% NA NA Gchurch
6.1% Aire V
7.8%
Fosse
11.0% Arkle
13.8%
*Funding 2
1-month CPR annualised (average) 18.36% 16.11% 15.43% 16.28% 17.43% 18.71%
Aire Valley 4.37% 6.46% 4.28% 4.89% 5.97% 6.85% 50%
CPR (1-month annualised)
Arkle 15.07% 14.31% 16.07% 14.00% 14.09% 14.54% 45% Arkle
Fosse 22.58% 22.01% 22.29% 21.05% 23.80% 24.18% 40% Fosse
Gracechurch 16.61% 17.14% 15.96% 19.94% 19.40% 23.16% 35%
Gracechurch
Granite 13.81% 14.21% 13.53% 13.80% 14.23% 14.11% 30%
Holmes 44.54% 15.53% 15.98% 18.55% 18.07% 21.70% Granite
25%
Lanark 17.20% 25.10% 21.00% 25.80% 28.40% 31.10% Holmes
20%
Permanent 15.89% 15.70% 15.39% 14.15% 17.40% 17.09% Permanent
15%
Silverstone 15.16% 14.53% 14.34% 14.38% 15.52% 15.66%
10% Lanark
5% Silverstone
0%
Apr-12 Oct-12 Apr-13 Oct-13 Apr-14
WA Indexed LTV (average) 63.0% 63.7% 64.0% 64.1% 64.2% 64.4%

Aire Valley 76.5% 78.6% 78.6% 78.7% 79.2% 79.2% 100%
WA indexed LTV Arkle
Arkle 58.9% 60.3% 60.3% 60.4% 60.8% 60.8%
90% Fosse^
Fosse 61.9% 62.0% 62.0% 62.6% 62.7% 62.7%
Gracechurch 54.1% 54.2% 54.3% 53.2% 53.2% 53.4% Gracechurch
80%
Granite 78.3% 80.0% 80.1% 80.2% 80.3% 80.3%
Granite
Holmes 62.6% 62.6% 63.0% 63.1% 63.1% 63.1% 70%
Lanark 57.5% 57.4% 58.0% 59.0% 58.7% 59.0% Holmes
Permanent NA NA NA NA NA NA 60% Permanent
Silverstone 54.4% 54.5% 55.7% 55.8% 55.8% 57.0%
50% Lanark
Silverstone
40%
1- 3 months arrears (average) 1.82% 1.77% 1.97% 1.94% 1.93% 1.99%

Aire Valley 1.92% 1.83% 1.87% 1.90% 2.01% 2.06% 8% Arkle
1-3 months arrears
Arkle 1.74% 1.65% 1.74% 1.79% 1.75% 1.74% 7% Fosse
Fosse 0.97% 0.98% 1.03% 0.88% 0.92% 0.90%
6% Gracechurch
Gracechurch 1.00% 1.06% 1.01% 0.97% 1.07% 0.96%
Granite 4.84% 4.76% 5.11% 5.05% 5.21% 5.39% 5% Granite
Holmes 1.86% 1.90% 2.82% 2.74% 2.63% 2.57% 4%
Holmes
Lanark 0.73% 0.47% 0.85% 0.74% 0.40% 0.90%
3%
Permanent 2.67% 2.61% 2.67% 2.71% 2.73% 2.75% Permanent
Silverstone 0.64% 0.64% 0.66% 0.67% 0.67% 0.67% 2%
Lanark
1%
Silverstone
0%
3 months+ arrears (average) 1.39% 1.41% 1.68% 1.69% 1.71% 1.70%

Aire Valley 0.97% 0.95% 0.99% 1.01% 1.05% 1.05% 8%
3+ months arrears Arkle
Arkle 1.44% 1.47% 1.53% 1.54% 1.55% 1.55% 7%
Fosse 0.61% 0.60% 0.60% 0.58% 0.56% 0.54% Fosse
6%
Gracechurch 1.02% 1.01% 0.97% 0.94% 0.94% 0.89% Gracechurch
Granite 4.14% 4.25% 4.36% 4.46% 4.60% 4.62% 5%
Granite
Holmes 0.07% 0.02% 2.19% 2.16% 2.11% 2.10% 4%
Lanark 0.61% 0.75% 0.78% 0.84% 0.82% 0.78% Holmes
3%
Permanent 3.25% 3.25% 3.30% 3.32% 3.36% 3.36%
Permanent
Silverstone 0.37% 0.37% 0.38% 0.37% 0.37% 0.40% 2%
Lanark
1%
Silverstone
0%
12 months + Arrears (average) 0.28% 0.29% 0.33% 0.33% 0.34% 0.33%

Aire Valley 0.25% 0.24% 0.24% 0.24% 0.26% 0.27% 1.5%
12+ months arrears Arkle
Arkle 0.32% 0.31% 0.33% 0.33% 0.34% 0.34%
Fosse 0.10% 0.09% 0.09% 0.09% 0.08% 0.07% Fosse
Gracechurch NA NA NA NA NA NA 1.0% Gracechurch
Granite 0.72% 0.75% 0.77% 0.80% 0.82% 0.81% Granite
Holmes 0.00% 0.00% 0.28% 0.27% 0.27% 0.26% Holmes
Lanark 0.18% 0.24% 0.23% 0.22% 0.22% 0.22% 0.5% Permanent
Permanent 0.62% 0.63% 0.64% 0.63% 0.63% 0.63%
Lanark
Silverstone 0.06% 0.06% 0.06% 0.06% 0.06% 0.06%
Silverstone
0.0%
% properties in possession (average) 0.14% 0.14% 0.15% 0.15% 0.14% 0.15%

Aire Valley 0.14% 0.15% 0.15% 0.14% 0.13% 0.16% % in possession
0.70%
Arkle 0.04% 0.03% 0.03% 0.04% 0.03% 0.05% 0.60%
Fosse 0.02% 0.03% 0.03% 0.02% 0.03% 0.03% 0.50%
Gracechurch 0.60% 0.58% 0.57% 0.56% 0.55% 0.53% 0.40%
Granite 0.34% 0.33% 0.35% 0.36% 0.34% 0.37%
0.30%
Holmes 0.00% 0.00% 0.05% 0.06% 0.06% 0.05%
0.20%
Lanark 0.03% 0.03% 0.04% 0.04% 0.05% 0.06%
0.10%
Permanent 0.12% 0.11% 0.10% 0.09% 0.07% 0.09%
0.00%
Silverstone 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
Average
Aire Valley
Arkle
Fosse
Gchurch
Granite
Holmes
Lanark
Perm
Silver
Page Updated: 29 May 2014 Sources: Trustee Reports, the BLOOMBERG PROFESSIONAL™ Service, S&P, Moody's, Fitch, Credit Suisse 4
U.K. RMBS Master Trust Index
May-2014 Apr-2014 Mar-2014 Feb-2014 Jan-2014 Dec-2013 Nov-2013 Oct-2013 Sep-2013

% of balance with indexed LTV > 80% (average) 23.90% 25.45% 25.85% 25.96% 26.29% 26.60% 27.73% 28.63% 29.18% % of mortgages with LTV >80% & >90%
Aire Valley 43.79% 48.86% 48.81% 48.82% 49.79% 49.78% 49.76% 53.36% 53.32%
Arkle 20.90% 23.52% 23.55% 23.61% 24.46% 24.46% 24.46% 27.01% 27.07%
> 80% Current indexed LTV > 90% Current indexed LTV
Fosse 25.10% 25.11% 25.10% 25.55% 25.51% 25.48% 27.65% 27.61% 29.94%
Gracechurch 12.49% 12.51% 12.54% 8.43% 8.44% 8.40% 14.55% 14.43% 14.40% 70%
Granite* 59.42% 59.76% 60.05% 60.45% 60.63% 60.89% 61.17% 61.40% 61.70%
Holmes* 14.36% 14.27% 14.68% 14.62% 14.58% 14.47% 14.36% 14.27% 14.20% 60%
Lanark 11.47% 14.83% 16.14% 16.73% 17.47% 17.86% 19.26% 20.97% 20.48%
Permanent 18.17% 20.72% 20.87% 24.39% 24.56% 24.78% 24.99% 25.15% 25.32%
Silverstone 9.37% 9.50% 10.92% 11.05% 11.16% 13.26% 13.35% 13.49% 16.19% 50%
40%
*non-indexed values
30%
% of balance with indexed LTV > 90% (average) 10.53% 11.41% 11.54% 11.59% 11.92% 12.03% 12.71% 13.40% 13.70%
Aire Valley 23.57% 26.87% 26.84% 26.84% 28.83% 28.82% 28.82% 32.29% 32.27%
Arkle 9.30% 11.22% 11.20% 11.22% 11.65% 11.65% 11.63% 13.55% 13.57% 20%
Fosse 14.21% 14.15% 14.14% 14.46% 14.41% 14.35% 16.07% 15.97% 17.53%
Gracechurch 4.36% 4.35% 4.38% 2.05% 2.04% 2.03% 5.42% 5.37% 5.37%
10%
Granite* 25.15% 25.27% 25.38% 25.59% 25.71% 25.80% 25.92% 26.06% 26.24%
Holmes* 7.01% 6.93% 7.22% 7.17% 7.13% 7.07% 6.99% 6.90% 6.82%
Lanark 1.46% 2.54% 2.83% 2.95% 3.34% 3.62% 4.46% 5.25% 5.07% 0%
Permanent 7.32% 8.93% 8.97% 11.10% 11.14% 11.22% 11.29% 11.35% 11.39%
Average
Aire Valley
Arkle
Fosse
Gracechurch
Granite*
Holmes*
Lanark
Permanent
Silverstone
Silverstone 2.35% 2.39% 2.88% 2.92% 3.01% 3.67% 3.77% 3.85% 5.05%
*non-indexed values *unindexed bands

Seller's Share %
Seller's Share
Aire Valley 28.76% 28.73% 28.54% 28.45% 28.33% 28.18% 27.92% 27.94% 27.80% Seller's share
Minimum Seller's Share
Minimum 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
60%
Arkle 54.43% 54.11% 53.22% 52.63% 51.95% 49.82% 48.93% 47.29% 43.90%
Minimum 6.02% 6.02% 6.02% 6.02% 6.03% 6.03% 6.03% 6.03% 6.03%
Fosse 21.13% 22.72% 23.98% 23.40% 24.85% 26.48% 19.23% 18.72% 18.24% 50%
Minimum 6.03% 6.01% 5.99% 5.97% 5.95% 5.93% 5.90% 5.87% 5.85%
Gracechurch 31.05% 31.94% 31.92% 32.83% 33.76% 34.04% 35.08% 36.41% 36.45% 40%
Minimum 13.67% 13.58% 13.50% 13.36% 13.26% 13.13% 13.03% 12.85% 12.75%
Granite 28.84% 28.47% 28.09% 27.74% 27.37% 26.95% 26.59% 26.23% 25.91% 30%
Minimum NA NA NA NA NA NA NA NA NA
Holmes 14.59% 10.84% 13.46% 13.05% 12.89% 12.55% 14.37% 14.87% 14.45%
20%
Minimum 8.76% 8.68% 8.49% 8.41% 8.31% 8.22% 8.14% 8.05% 8.38%
Lanark 15.76% 17.18% 18.46% 20.17% 21.90% 23.97% 25.88% 28.44% 29.93%
Minimum 10.33% 10.20% 10.22% 10.24% 10.10% 9.92% 9.81% 9.57% 9.57% 10%
Permanent 37.10% 36.56% 36.03% 35.53% 35.06% 34.50% 33.95% 33.43% 32.95%
Minimum 10.61% 10.61% 10.61% 10.61% 10.61% 10.61% 10.63% 10.63% 10.63% 0%
Silverstone 27.31% 26.87% 27.55% 28.41% 28.42% 28.52% 28.62% 23.73% 23.61%
Aire Valley
Arkle
Fosse
Gracechurch
Granite
Holmes
Lanark
Permanent
Silverstone
Minimum 5.93% 5.91% 5.88% 5.86% 5.84% 5.83% 5.81% 5.79% 5.78%
Seasoning (months)
110
Arkle
100
WA Seasoning (Months) - average 88.3 88.4 87.4 86.1 85.3 84.3 83.4 82.4 81.4 Fosse
90
Aire Valley 107.0 106.0 105.0 104.1 103.1 102.1 101.1 100.1 99.2 Gracechurch
Arkle 103.5 102.5 101.4 100.5 99.6 98.5 97.6 97.6 96.7 80
Granite
Fosse 93.6 92.5 91.4 88.2 88.1 87.9 86.7 85.5 84.3 70
Gracechurch 78.0 76.9 75.8 74.7 73.6 72.4 71.2 69.8 68.8 Holmes
60 Permanent
Granite 100.4 99.4 98.5 97.5 96.5 95.5 94.5 93.6 92.6
Holmes 83.2 82.0 81.1 79.9 78.7 77.6 76.3 75.1 73.9 50 Lanark
Lanark 49.8 59.0 58.0 56.9 55.8 54.8 53.8 52.7 51.3 Silverstone
40
Permanent 98.0 97.0 96.0 95.1 94.1 93.1 92.1 91.1 90.2
Silverstone 81.0 80.0 79.0 78.0 78.0 77.0 77.0 76.0 76.0 30
20
Sources: Trustee Reports, the BLOOMBERG PROFESSIONAL™ Service, S&P, Moody's, Fitch, Credit Suisse 5
Aire Valley Mortgages plc
Country of Bloomberg Next Report

Assets Deal Size Asset Type Originator Trustee Ticker Date (approx.)
Near-Prime
Performance Monitor United Kingdom £6,706,011,652 Bradford & Bingley The Bank of New York Mellon Co. AIREM 28-Jun-14
RMBS
Performance Report Contact Details Investor_reporting@bbg.co.uk http://corporate.bbg.co.uk/financial-information/debt-investors/securitisations.aspx
Capital Structure
Origination Current Ratings
Capital Structure Capital Structure Pool Credit Enhancement S&P / Moodys / Fitch
Currency Amount % Amount % Factor Current Origination Current Watch Coupon Legal Maturity ISIN
AIREM 2004-1 GBP 2,000,000,000 542,316,503 Closing 05-Oct-2004
3A1 Notes GBP 215,000,000 10.75% 176,063,299 32.47% 0.818899064 24.59% AAA/Aaa/AAA A+/Aaa/AAA - 3m Libor + 40 Sep-2066 XS0201883328
3A2 Notes EUR 460,000,000 15.75% 376,693,568 47.57% 0.818899061 24.59% AAA/Aaa/AAA A+/Aa1/AAA - 3m Euribor + 42 Sep-2066 XS0201883674
3B1 Notes GBP 20,000,000 1.00% 20,000,000 3.69% 1.000000000 18.64% AA/Aa3/AA A+/Aa1/AA - 3m Libor + 80 Sep-2066 XS0201883914
3B2 Notes EUR 25,000,000 0.85% 25,000,000 3.13% 1.000000000 18.64% AA/Aa3/AA A+/Aa2/AA - 3m Euribor + 76 Sep-2066 XS0201884300
3C1 Notes GBP 20,000,000 1.00% 20,000,000 3.69% 1.000000000 9.25% BBB/Baa2/BBB A/A2/BBB- - 3m Libor + 205 Sep-2066 XS0201884649
3C2 Notes EUR 31,000,000 1.07% 31,000,000 3.93% 1.000000000 9.25% BBB/Baa2/BBB A/A2/BBB- - 3m Euribor + 205 Sep-2066 XS0201885026
3D1 Notes GBP 15,000,000 0.75% 15,000,000 2.77% 1.000000000 5.67% BB/Ba1/BB BBB/Baa2/BB - 3m Libor + 425 Sep-2066 XS0201885455
3D2 Notes EUR 22,000,000 0.75% 22,000,000 2.77% 1.000000000 5.67% BB/Ba1/BB BBB/Baa2/BB - 3m Euribor + 425 Sep-2066 XS0202219258
AIREM 2005-1 GBP 998,531,319 349,946,315 Closing 28-Apr-2005
2A2 Notes EUR 276,000,000 18.96% 183,444,399 35.96% 0.664653620 24.59% AAA/Aaa/AAA A+/Aa1/AAA - 3m Euribor + 36 Sep-2066 XS0217568061
2A3 Notes USD 50,000,000 2.63% 33,232,681 4.99% 0.664653620 24.59% AAA/Aaa/AAA A+/Aa1/AAA - 3m $Libor + 34 Sep-2066 XS0217568145
AIREM 2006-1 GBP 2,430,001,287 1,777,902,791 Closing 21-Aug-2006
1A Notes USD 1,500,000,000 32.34% 858,511,912 25.30% 0.572341275 24.59% AAA/Aaa/AAA A+/Aa1/AAA - 3m $Libor + 22 Sep-2066 XS0264186585
2A1 Notes EUR 854,000,000 23.72% 657,923,587 24.98% 0.770402327 24.59% AAA/Aaa/AAA A+/Aa2/*-/AAA - 3m Euribor + 30 Sep-2066 XS0264192989
1B1 Notes USD 70,000,000 1.51% 70,000,000 2.06% 1.000000000 18.64% AA/Aa3/AA A+/Aa2/AA - 3m $Libor + 40 Sep-2066 XS0264187393
AIREM 2007-1 GBP 2,495,130,000 1,172,109,201 Closing 09-May-2007
1B Notes GBP 62,500,000 2.50% 62,500,000 5.33% 1.000000000 18.64% AA/Aa3/AA A/Aa1/AA - 3m Libor + 36 Sep-2066 XS0298410126
1C Notes GBP 62,500,000 2.50% 62,500,000 5.33% 1.000000000 9.25% BBB/Baa2/BBB A/A2/BBB- - 3m Libor + 102 Sep-2066 XS0298410555
2A1 Notes USD 700,000,000 14.03% 599,305,592 25.57% 0.856150846 24.59% AAA/Aaa/AAA A/Aa1/AAA - 3m $Libor + 24 Sep-2066 XS0298411017
2A2 Notes EUR 575,000,000 15.65% 492,286,736 28.53% 0.856150846 24.59% AAA/Aaa/AAA A/Aa1/AAA - 3m Euribor + 26 Sep-2066 XS0298412841
2A3 Notes GBP 300,000,000 12.02% 256,845,254 21.91% 0.856150846 24.59% AAA/Aaa/AAA A/Aaa/AAA - 3m Libor + 26 Sep-2066 XS0298413229
2B Notes GBP 75,000,000 3.01% 75,000,000 6.40% 1.000000000 18.64% AA/Aa3/AA A/Aa1/AA - 3m Libor + 44 Sep-2066 XS0298413658
2C Notes GBP 81,250,000 3.26% 81,250,000 6.93% 1.000000000 9.25% BBB/Baa2/BBB A/A2/BBB- - 3m Libor + 110 Sep-2066 XS0298415273
AIREM 2007-2 GBP 1,065,342,575 583,291,749 Closing 14-Nov-2007
A1 Notes GBP 500,000,000 46.93% 255,744,236 43.84% 0.511488472 24.59% AAA/Aaa/AAA AA-/Aaa/AAA - 3m Libor + 156 Oct-2066 XS0329886526
A2 Notes GBP 299,280,000 19.56% 244,988,139 29.24% 0.818591749 24.59% AAA/Aaa/AAA AA-/Aaa/AAA - 3m Libor + 100 Oct-2066 XS0329904956
A3 Notes GBP 200,000,000 18.77% - - - 24.59% AAA/Aaa/AAA NR/WR/PIF - 3m Libor + 53 Apr-2030 XS0329905508
B Notes GBP 73,000,000 6.85% 73,000,000 12.52% 1.000000000 18.64% AA/Aa3/AA AA-/Aa1/AA - 3m Libor + 170 Oct-2066 XS0329906225
C Notes GBP 84,000,000 7.88% 84,000,000 14.40% 1.000000000 9.25% BBB/Baa2/BBB A/A2/BBB- - 3m Libor + 350 Oct-2066 XS0329907116
AIREM 2008-1 GBP 2,643,750,000 2,280,445,093 Closing 23-Jul-2008
1A1 Notes GBP 625,000,000 23.64% 505,949,179 22.19% 0.511488472 24.59% AAA/Aaa/AAA AA-/Aaa/AAA - 3m Libor + 60 Oct-2066 XS0378258833
2C Notes GBP 190,000,000 7.19% 190,000,000 8.33% 0.511488472 9.25% BBB/Baa2/BBB A/A2/BBB- - 3m Libor + 100 Oct-2066 XS0378269871
2D Notes GBP 210,000,000 7.94% 210,000,000 9.21% 0.511488472 5.67% BB/Ba1/BB BBB/Baa2/BB - 3m Libor + 200 Oct-2066 XS0378270887
Reserve Fund GBP 380,000,000 5.67%

Total Notes GBP 6,706,011,652
Lead Managers
AIREM 2005-1 ABN Amro, RBS
AIREM 2006-1 Citigroup, Credit Suisse, Deutsche Bank
AIREM 2007-1 Citigroup, Barclays Capital, UBS, RBS
AIREM 2007-2 Deutsche Bank, Lehman Brothers, RBS
AIREM 2008-1 UBS, RBS
Page Updated: 29 May 2014 Sources: Trustee Reports, the BLOOMBERG PROFESSIONAL™ Service, Fitch, Moody's, S&P, Credit Suisse 6
Aire Valley Mortgages PLC
Transaction Summary
Performance Information (All balances in £000s) Chart Data
Report Date May-2014 Apr-2014 Mar-2014 Feb-2014 Jan-2014 Dec-2013 Nov-2013 Oct-2013
Total Outstanding Balance (000s) 9,724,377 9,772,466 9,824,996 9,864,113 9,905,568 9,958,042 10,005,080 10,050,764 Chart 1: Arrears as % of Outstanding Principal Balance
No loans 80,056 80,378 80,756 81,045 81,354 81,724 82,047 82,395
Average Loan Balance 121,470 121,581 121,663 121,712 121,759 121,850 121,943 121,983 1 to < 3 months 3 to < 6 months 6 to < 9 months
WA HPI LTV 76.51% 78.59% 78.59% 78.67% 79.21% 79.20% 79.21% 81.13%
WA Indexed LTV >80% (% of balance) 43.79% 48.86% 48.81% 48.82% 49.79% 49.78% 49.76% 53.36% 9 to < 12 months 12 months or more
WA Indexed LTV >90% (% of balance) 23.57% 26.87% 26.84% 26.84% 28.83% 28.82% 28.82% 32.29% 6%
WA Remaining Term (Months) 162 162 163 164 165 166 167 168
WA Seasoning (Months) 107 106 105 104 103 102 101 100 5%
Seller Share % 28.76% 28.73% 28.54% 28.45% 28.33% 28.18% 27.92% 27.94%
Minimum Seller Share % 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 4%
First Reserve Fund (000s) - 380mm required 380,000 380,000 380,000 380,000 380,000 380,000 380,000 380,000
Arrears (% of Outstanding Principal) Total 2.88% 2.78% 2.87% 2.91% 3.06% 3.12% 3.00% 3.08%
3%
1 to < 3 months 1.92% 1.83% 1.87% 1.90% 2.01% 2.06% 1.93% 1.95%
3 to < 6 months 0.44% 0.42% 0.45% 0.45% 0.47% 0.47% 0.46% 0.50%
6 to < 9 months 0.18% 0.18% 0.18% 0.20% 0.21% 0.22% 0.23% 0.22% 2%
9 to < 12 months 0.10% 0.11% 0.12% 0.13% 0.11% 0.09% 0.11% 0.13%
12 months or more 0.25% 0.24% 0.24% 0.24% 0.26% 0.27% 0.28% 0.28% 1%
3 months or more 0.97% 0.95% 0.99% 1.01% 1.05% 1.05% 1.08% 1.13%
Arrears (000s Outstanding Principal) 0%
1 to < 3 months 186,459,487 178,592,622 184,003,673 187,356,893 198,773,485 205,294,999 192,634,158 195,891,102
May-11
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
3 to < 6 months 42,818,081 40,680,638 44,247,765 44,605,569 46,078,733 46,694,889 45,938,824 50,489,583
6 to < 9 months 17,353,555 17,649,266 17,951,884 19,282,000 21,048,708 22,127,747 23,021,354 22,044,913
9 to < 12 months 9,709,957 10,965,598 12,206,137 12,398,652 10,708,847 9,251,036 10,712,776 12,773,924
12 months or more 23,992,377 23,849,500 23,181,768 23,504,197 26,185,712 26,856,199 28,143,062 27,898,991 10%
Chart 2: Annualised CPR
3 months or more 93,873,970 93,145,002 97,587,555 99,790,418 104,021,999 104,929,872 107,816,016 113,207,412 1-month CPR (annualised)
9%
CPR - excl. Loan Repurchases
1-month CPR (annualised) 4.37% 5.96% 4.28% 4.89% 5.10% 6.85% 3.46% 4.82% 8%
3-month CPR (annualised) 4.87% 5.04% 4.76% 5.61% 5.14% 5.04% 4.69% 4.60%
7%
CPR - incl. Loan Repurchases
Property Ownership
4%
% Owner occupied properties 20.71% 20.74% 20.77% 20.78% 20.79% 20.82% 20.83% 20.83%
% Investment properties 79.29% 79.26% 79.23% 79.22% 79.21% 79.18% 79.17% 79.17% 3%
Breakdown by Interest Payment Type 2%
Fixed 0.48% 0.49% 0.49% 0.49% 0.63% 0.63% 0.64% 0.71%
Tracker 99.52% 99.51% 99.51% 99.51% 99.37% 99.37% 99.36% 99.29% 1%
House Purchase 56.97% 56.97% 56.96% 57.01% 57.00% 57.01% 57.05% 57.07% 0%
Remortgage 43.03% 43.03% 43.04% 42.99% 43.00% 42.99% 42.95% 42.93%
May-11
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Write-offs and Loss Severities
Monthly Write-off (000s) 822 1,631 1,651 1,093 1,179 1,354 2,049 1,842
Chart 3: Current Indexed LTV
Current month loss severity (excl. LPA receiver) 25.65% 29.56% 33.34% 20.46% 29.65% 22.66% 34.58% 37.34%
Life average loss severity (excl. LPA receiver) 27.16% 27.17% 27.14% 27.08% 27.11% 27.08% 27.13% 27.02% Up to 10%
Properties in Possession (% by balance) 0.14% 0.15% 0.15% 0.14% 0.13% 0.16% 0.15% 0.16% 8.6% 10 - 20%
No. of Properties in Possession 109 118 127 123 117 127 129 140 20.2%
20 - 30%
Current Arrears Analysis By Product Type By Indexed LTV 30 - 40%
15.0%
Arrears Analysis Buy To Let Self Cert Other <=95% >95% 40 - 50%
Less than 1 Month 97.91% 93.38% 94.66% 97.65% 93.15% 50 - 60%
2.0%
From 1 to < 3 months 1.31% 4.29% 3.19% 1.64% 3.47% 60 - 70%
20.9%
From 3 > to 6 months 0.26% 1.15% 0.31% 0.37% 0.83% 4.2% 70 - 80%
From 6 to 9 months 0.13% 0.37% 0.93% 0.12% 0.51%
80 - 90%
From 9 to 12 months 0.06% 0.26% 0.33% 0.05% 0.35%
9.5% 90 - 95%
12 months or more 0.20% 0.44% 0.58% 0.12% 0.96%
95% +
In Possession 0.15% 0.13% 0.00% 0.04% 0.71% 18.2%
Current Balance (000s) 7,710,008 1,959,611 54,759 8,268,756 1,455,621
TRIGGERS
Non Asset Trigger - This has been breached as of May-2012 due to minimum trust size falling below the £10.7bn trigger. Event Occurred Step-Up Trigger Event Occurred
Insolvency event occurs in relation to Seller; Seller's role as administrator terminated & new administrator not appointed within 60 days No / No A step up trigger will occur if the issuing entity fails to exercise its option to redeem any of its notes on the relevant step-up date Yes
The current Seller Share is equal to or less than the Minimum Seller Share for more than 2 consecutive Trust Determination Dates No pursuant to the terms and conditions of such notes. In the event of such an event, no sale of new loans may occur.
Breach in Minimum Trust Size (£10.7bn until March 2013) Yes This trigger occured following the partial redemption of the 2007-2 1 A1 note in October 2008
Deferral of repayment of notes Low CPR Trigger
Until all of the following circumstances are cured or cease to exist payments to subordinated notes are deferred whilst notes of a higher class remain outstanding No On or before relevant step-up dates, repayments to controlled amortisation notes are subject to restrictions under following circumstances: Yes
The aggregate current balance of loans in respect of which 3+ monthly payments have been missed is more than 5% of the aggregate current balance of loans No If one or more bullet notes are within a cash accumulation period AND either: The quarterly CPR is less than 4% ; OR Yes / No
There is a debit balance on any of the Class D, Class C, Class M or Class B Principal Deficiency Sub-Ledgers after the application of revenue receipts No Both the quarterly CPR is between 4% and 7% AND the annualised CPR is less than 4%. No
The General Reserve Fund Level is less than the General Reserve Fund Threshold No Asset - Amount debited to AAA principal deficiency sub ledger No
Sources: Trustee Reports, the BLOOMBERG PROFESSIONAL™ Service, Fitch, Moody's, S&P, Credit Suisse 7
Arkle Master Issuer plc
Country of Current Notes Next Report

Assets Outstanding Asset Type Originator Trustee Bloomberg Ticker Date (approx.)
Performance Monitor United Kingdom £7,166,157,678 Prime RMBS Lloyds TSB Bank plc. The Bank of New York Mellon Co. ARKLE 200x-xX 20-Jun-14
Performance Report Contact Details Contact: Gary Staines. Tel: +44 207 1581932. Email: Gary.Staines@lloydstsb.co.uk
Capital Structure
Currency Amount % Amount % Factor Current* Origination Current Watch Coupon Principal Window Legal Maturity ISIN
ARKLE 2010-1 GBP 3,366,920,201 1,828,357,938 Closing 10-May-2010
2A Notes USD 1,850,000,000 35.97% - - - 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 115 Feb-2013 May-2060 XS0506554152
3A1 Notes EUR 650,000,000 16.82% 650,000,000 30.98% 1.000000000 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 125 Feb-2015 May-2060 XS0506556793
3A2 Notes USD 400,000,000 7.78% 400,000,000 14.32% 1.000000000 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 125 Feb-2015 May-2060 XS0506557411
4A Notes GBP 200,000,000 5.94% 200,000,000 10.94% 1.000000000 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 125 Feb-2015 May-2060 XS0506559110
5A Notes GBP 400,000,000 12.64% 400,000,000 17.02% 1.000000000 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 4.681% Feb-2017 Feb-2017 XS0506560399
5B Notes GBP 230,000,000 6.83% 230,000,000 12.58% 1.000000000 26.51% AA/Aa3/AA AA/Aa3/AA - 3m Libor + 12 Feb-2017 May-2060 XS0506561108
5M Notes GBP 45,000,000 1.34% 45,000,000 2.46% 1.000000000 25.88% A/A2/A A/A2/A - 3m Libor + 12 Feb-2017 May-2060 XS0506562171
5C Notes GBP 125,000,000 3.71% 125,000,000 6.84% 1.000000000 24.14% BBB/Baa2/BBB BBB/Baa2/BBB - 3m Libor + 12 Feb-2017 May-2060 XS0506562924
ARKLE 2010-2 GBP 3,165,582,540 2,349,600,000 Closing 21-Oct-2010
1A1 Notes USD 700,000,000 13.80% - - - 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 140 Aug-2013 May-2060 XS0551621401
1A2 Notes JPY 20,080,000,000 4.87% - - - 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - NA Aug-2013 May-2060 XS0551623365
1A3 Notes GBP 225,000,000 7.11% - - - 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 140 Aug-2013 May-2060 XS0551697302
2A Notes EUR 800,000,000 22.10% 800,000,000 29.78% 1.000000000 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 150 Aug-2015 May-2060 XS0551623951
3A Notes GBP 1,250,000,000 39.49% 1,250,000,000 53.20% 1.000000000 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 155 Aug-2016 May-2060 XS0551624330
4A Notes GBP 400,000,000 12.64% 400,000,000 17.02% 1.000000000 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3.986% Aug-2017 Aug-2017 XS0551624926
ARKLE 2011-1 GBP 2,424,538,291 839,337,602 Closing 27-Jul-2011
1A Notes USD 1,000,000,000 25.39% - - - 29.72% A-1+/P-1/F1+ A-1+/P-1/F1+ - 1m $Libor + 13 Aug-2012 Aug-2012 US041239CK84
3A1 Notes USD 470,000,000 11.93% 470,000,000 34.47% 1.000000000 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 145 Aug-2015 May-2060 XS0651278060
3A2 Notes GBP 300,000,000 12.37% 300,000,000 35.74% 1.000000000 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 145 Aug-2015 May-2060 XS0651278144
3A3 Notes GBP 250,000,000 10.31% 250,000,000 29.79% 1.000000000 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 145 Aug-2015 May-2060 XS0651278490
ARKLE 2012-1 GBP 250,000,000 12.37% 250,000,000 3m Libor + 145 14-Feb-2012
1A Notes USD 750,000,000 12.04% - - - 29.72% A-1+/P-1/F1+ A-1+/P-1/F1+ - 1m $Libor + 20 Feb-2013 Feb-2013 US041239CN24
2A1 Notes USD 1,100,000,000 17.66% 733,333,333 21.62% 0.666666667 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 170 May-14,-15, Nov-15 May-2060 XS0743625088
2A2 Notes EUR 1,300,000,000 27.34% 866,666,667 33.47% 0.666666667 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 150 May-14,-15, Nov-15 May-2060 XS0744002212
2A3 Notes JPY 60,000,000,000 12.61% 40,000,000,002 15.44% 0.666666667 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m JPY Libor + 125 May-14,-15, Nov-15 May-2060 XS0743625674
2A4 Notes GBP 200,000,000 5.07% 133,333,333 6.20% 0.666666667 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 175 May-14,-15, Nov-15 May-2060 XS0744002998
3A1 Notes GBP 300,000,000 7.60% 300,000,000 13.96% 1.000000000 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 185 Aug-17-Nov-17 May-2060 XS0744002139
3A2 Notes EUR 600,000,000 12.62% - - - 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 150 Aug-17-Nov-17 May-2060 XS0744003376
4A Notes GBP 200,000,000 5.07% 200,000,000 9.31% 1.000000000 29.72% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 185 Aug-21-Nov-21 May-2060 XS0744003020

Z Loan GBP 1,438,600,000 20.07%
Lead Managers
Arkle Master Issuer plc - Series 2006-1 Citigroup, Lloyds TSB, Lehman Brothers Arkle Master Issuer 2010-1 Lloyds TSB
Arkle Master Issuer plc - Series 2006-2 Citigroup, Lloyds TSB, Merrill Lynch Arkle Master Issuer 2011-1 Lloyds TSB and JP Morgan
Arkle Master Issuer plc - Series 2008-1 Lloyds TSB Arkle Master Issuer 2012-1 Lloyds TSB, Citigroup, JP Morgan
Arkle Master Issuer plc - Series 2008-2 Lloyds TSB
Arkle Master Issuer plc
Transaction Summary
Performance Information (balances in £000s where stated) Chart Data
Chart 1: Arrears as % of Outstanding Principal Balance
Total Outstanding Balance (£000s) 17,063,229 17,296,282 17,519,709 17,776,583 18,000,448 18,229,261 18,469,084 18,331,990
>1 <3 Months >3 < 6 Months >6 < 9 Months
No loans 184,877 187,087 189,294 191,715 193,850 196,028 198,388 197,483
Average Loan Balance 92,295 92,450 92,553 92,724 92,858 92,993 93,096 92,828 4% >9 <12 Months 12+ Months
WA Current Indexed LTV 58.93% 60.32% 60.33% 60.37% 60.80% 60.83% 60.84% 62.05%
WA Indexed LTV >90% (% of balance) 9.30% 11.22% 11.20% 11.22% 11.65% 11.65% 11.63% 13.55%
WA Remaining Term (Years) 14 14 14 14 14 14 14 14
Seller Share % 54.43% 54.11% 53.22% 52.63% 51.95% 49.82% 48.93% 47.29%
Reserve Fund (£000s) - £291mm required 291,300 291,300 291,300 291,300 291,300 291,300 291,300 291,300
>1 <3 Months 1.74% 1.65% 1.74% 1.79% 1.75% 1.74% 1.71% 1.76% 0%
May-11
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
>3 < 6 Months 0.69% 0.69% 0.73% 0.74% 0.75% 0.73% 0.72% 0.74%
>6 < 9 Months 0.31% 0.32% 0.31% 0.32% 0.30% 0.32% 0.34% 0.36%
>9 <12 Months 0.13% 0.15% 0.16% 0.16% 0.16% 0.16% 0.16% 0.17%
12+ Months 0.32% 0.31% 0.33% 0.33% 0.34% 0.34% 0.33% 0.35% Chart 2: CPR Analysis
3+ Months 1.44% 1.47% 1.53% 1.54% 1.55% 1.55% 1.55% 1.62% 20%
Current Month CPR Annualised
18%
Excess Spread - current month 0.25% 0.30% 0.35% 0.42% 0.44% 0.39% 0.48% 0.52% 16%
Current Month CPR Annualised 15.07% 14.31% 16.07% 14.00% 14.09% 14.54% 17.10% 13.93%
CPR - Removals % NA NA NA NA NA NA NA NA 14%
CPR - Non Removals % NA NA NA NA NA NA NA NA 12%

Properties in Possession 10%
Properties in Possession (£000s) 6,388 5,861 5,551 6,466 5,959 8,288 8,932 10,948
8%
Repossessed current month (£000s) 1,715 2,142 987 2,033 707 1,661 1,520 2,141
Sold current month (£000s) - - - - - - - - 6%
Properties in Possession (% by bal.) 0.04% 0.03% 0.03% 0.04% 0.03% 0.05% 0.05% 0.06% 4%
Current month loss severity - - - - - - - -
2%
Life average loss severity 47.04% 46.87% 46.66% 46.53% 46.45% 46.00% 45.55% 45.31%
May-11
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Fixed Rate 3.76% 4.20% 4.18% 4.72% 4.69% 5.46% 5.77% 5.58%
C&G Variable Rate based 83.85% 83.42% 83.46% 82.94% 83.01% 82.27% 81.98% 81.80%
Tracker Rate 12.39% 12.37% 12.36% 12.34% 12.30% 12.27% 12.24% 12.61% Chart 3: Current Indexed LTV
Repayment Terms
Interest only 55.65% 55.47% 55.30% 55.17% 55.02% 54.88% 54.71% 55.43% 11.61%
Repayment 44.35% 44.53% 44.70% 44.83% 44.98% 45.12% 45.29% 44.57% 15.12% Up to 50%
Geographical Analysis by Region
3.67% 50 - 60%
London + South East 30.47% 30.49% 30.52% 30.55% 30.58% 30.58% 30.56% 30.64%
15.69% 60 - 70%
South West 4.56% 4.55% 4.54% 4.53% 4.53% 4.53% 4.53% 4.51% 5.62%
West Midlands 5.87% 5.86% 5.86% 5.86% 5.85% 5.84% 5.84% 5.85% 70 - 80%
Substitutions 13.01% 80 - 90%
Substituted current period (£000s) - - - - - - - -
35.28%
Losses 90 - 95%
Net Losses for month (£000s) 255 311 196 120 675 668 360 551 >95%
Net Losses - To Date (£000s) 70,225 69,970 69,660 69,464 69,344 68,669 68,001 67,641 67089.217
TRIGGERS Substitution and Other Tests Limit at which action needs to be taken Breached
Rating Triggers Name Breached Interest only percentage Must not exceed 55% No
Account Bank Lloyds TSB Bank plc No Post Swap Yield Must exceed 3m LIBOR + 145bp No
Servicer Lloyds TSB Bank plc No Arrears trigger 3 Total arrears as a percentage of gross interest must not exceed 2% No
Funding 1 Swap Provider Lloyds TSB Bank plc No S&P (at AAA level) Must not exceed the product of the WAFF and WALS as at the most recent closing date, plus 0.25% No
Issuer Swap Providers Barclays Bank plc No Fitch WA OLTV Must not exceed the value as at the most recent closing date, plus 4% No
Lloyds TSB Bank plc No Fitch OLTV >80% Must not exceed the value as at the most recent closing date, plus 3% No
Fitch WA CLTV Must not exceed the value as at the most recent closing date, plus 2% No
Asset and Non Asset Triggers Trigger Event Breached Consequences WA Debt to Income Ratio Must not exceed the value as at the most recent closing date, plus 0.2% No
Asset Trigger: Debit to the AAA PDL No Moody’s portfolio variation test Must not exceed the most recent value calculated by Moodys, plus 0.30% No
Non Asset Triggers: Insolvency of Seller No
Servicer Termination No If there is a trigger event, principal and interest are General Reserve Step Up Triggers Level Breached
Seller Share below minimum No paid monthly and all series of notes become pass- Step Up Trigger Any notes not paid on step up date No
Trust size below minimum No through. In the event of a non asset trigger event, Arrears trigger 1 90+ days arrears exceeds 3% No
all principal receipts are diverted to Funding 1 until Arrears trigger 2 Total arrears as a percentage of gross interest exceeds 3% No
it's share in the Trust is reduced to zero.
Fosse Master Issuer plc

Assets Outstanding Asset Type Originator Trustee Bloomberg Ticker Date (approx.)
Performance Monitor United Kingdom £10,752,042,222 Prime RMBS Alliance & Leicester PLC Law Debenture Trust Co. of New York FOSSM 200x-xX 28-May-14
Performance Report Contact Details Tom Ranger, tel. +44 207 756 6303, Tom.Ranger@abbey.com
Capital Structure
Currency Amount % Amount % Factor Current Origination Current Watch Coupon Principal Window Legal Maturity ISIN
FOSSM 2010-1 GBP 1,819,850,325 1,564,303,479 Closing Mar-2010 Reset Date 18-Jul-2014
A1 Notes GBP 205,000,000 11.26% 147,168,036 9.41% 0.717892859 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 120 07/13-01/15 Sch Am Oct-2054 XS0493851298
A2 Notes EUR 775,000,000 38.51% 556,366,965 32.16% 0.717892859 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 120 07/13-01/15 Sch Am Oct-2054 XS0493852858
A3 Notes GBP 525,000,000 28.85% 525,000,000 33.56% 1.000000000 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 4.635% Jan-2017 P/T Oct-2054 XS0493854631
Z Notes GBP 389,000,000 21.38% 389,000,000 24.87% 1.000000000 22.07% NR/NR/NR NR/NR/NR - 3m Libor + 90 Jan-2017 P/T Oct-2054 XS0493858202
FOSSM 2010-3 GBP 4,000,000,000 2,561,902,447 Closing Jul-2010 Reset Date 18-Jul-2014
A1 Notes GBP 1,250,000,000 31.25% - - - 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 304 04/12-10/13 Sch Am Oct-2054 XS0525763420
A2 Notes GBP 1,250,000,000 31.25% 1,061,902,447 41.45% 0.849521958 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 163 10/13-04/15 Sch Am Oct-2054 XS0525763859
A3 Notes GBP 1,000,000,000 25.00% 1,000,000,000 39.03% 1.000000000 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 4.635% 01/15-07/16 Sch Am Oct-2054 XS0525764071
Z Notes GBP 500,000,000 12.50% 500,000,000 19.52% 1.000000000 22.07% NR/NR/NR NR/NR/NR - 3m Libor + 90 Jul-2016 P/T Oct-2054 XS0525764154
FOSSM 2011-1 GBP 4,718,535,501 3,385,565,536 Closing May-2011 Reset Date 18-Jul-2014
A1 Notes USD 500,000,000 6.50% - - - 30.43% A-1+/P-1/F1+ NR/WR/F1+ - 1m $Libor + 13 01/12-04/12 Sch Am Apr-2012 XS0629511170
A2 Notes USD 3,000,000,000 39.15% 1,894,176,137 34.45% 0.631392046 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 140 07/12-07/14 Sch Am Oct-2054 XS0629516211
A5 Notes USD 275,000,000 3.61% 275,000,000 5.04% 1.000000000 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 150 10/14-07/16 Sch Am Oct-2054 XS0630101979
Z Notes GBP 965,000,000 20.45% 965,000,000 28.50% 1.000000000 22.07% NR/NR/NR NR/NR/NR - 3m Libor + 70 Jul-2016 P/T Oct-2054 XS0629519587
FOSSM 2011-2 GBP 1,350,083,266 1,054,056,237 Closing Dec-2011 Reset Date 18-Jul-2014
A1 Notes USD 350,000,000 16.62% - - - 30.43% A-1+/P-1/F1+ A-1+/P-1/F1+ - 1m $Libor + 20 Jul-12 - Oct-12 Oct-2012 XS0715270855
A2 Notes USD 700,000,000 33.28% 606,707,205 36.94% 0.866724579 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 160 Jan-14 - Jan-15 Oct-2054 XS0715271150
A3 Notes EUR 100,000,000 6.55% 86,672,458 7.27% 0.866724575 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 150 Jan-14 - Jan-15 Oct-2054 XS0715271234
A4 Notes USD 300,000,000 14.24% 300,000,000 18.24% 1.000000000 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 165 Apr-15 - Jan-16 Oct-2054 XS0715271580
A5 Notes USD 250,000,000 11.98% 250,000,000 15.34% 1.000000000 28.27% AAA/Aaa/AAA AAA/Aaa/AAA - 4.250% Jan-2022 NA XS0715271663
Z Notes GBP 233,965,000 17.33% 233,965,000 22.20% 1.000000000 22.07% NR/NR/NR NR/NR/NR - 3m Libor + 70 N/A Oct-2054 XS0715271747
FOSSM 2012-1 GBP 2,560,153,133 2,186,214,523 Closing May-2012 Reset Date 18-Jun-2014
1A1 Notes USD 250,000,000 6.09% - - - 30.43% A-1+/P-1/F1+ A-1+/P-1/F1+ - 3m Euribor + 18 Jan-13 and Apr-13 Apr-2013 XS0785596163
2A1 Notes AUD 150,000,000 3.65% 121,508,778 3.46% 0.810058520 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 205 Oct-13 to Oct-15 Oct-2054 AU0000FOBHA4
2A2 Notes USD 750,000,000 18.36% 607,543,890 17.41% 0.810058520 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 140 Oct-13 to Oct-15 Oct-2054 XS0784926353
2A3 Notes GBP 300,000,000 11.72% 243,017,556 11.12% 0.810058520 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 145 Oct-13 to Oct-15 Oct-2054 XS0784926437
2A4 Notes EUR 200,000,000 6.24% 162,011,704 5.92% 0.810058520 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 110 Oct-13 to Oct-15 Oct-2054 XS0784926510
2A5 Notes JPY 16,000,000,000 4.88% 12,960,936,325 4.63% 0.810058520 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 70 Oct-13 to Oct-15 Oct-2054 XS0784928300
3A1 Notes USD 700,000,000 17.18% 700,000,000 20.12% 1.000000000 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 150 Jan-16 to Jul-17 Oct-2054 XS0784928482
3A2 Notes GBP 300,000,000 11.72% 300,000,000 13.72% 1.000000000 30.43% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 155 Jan-16 to Jul-17 Oct-2054 XS0784928649
2B1 Notes USD 50,000,000 1.23% 50,000,000 1.44% 1.000000000 28.27% AA/Aa3/AA AA/Aa3/AA - 3m Euribor + 195 Jul-15 and Oct-15 Oct-2054 XS0784929290
2B2 Notes GBP 200,000,000 7.81% 200,000,000 9.15% 1.000000000 28.27% AA/Aa3/AA AA/Aa3/AA - 3m Euribor + 210 Jul-15 and Oct-15 Oct-2054 XS0784929530
Z Notes GBP 285,000,000 11.13% 285,000,000 13.04% 1.000000000 22.07% NR/NR/NR NR/NR/NR - 3m Euribor + 70 NA Oct-2054 XS0784929613

Z Notes GBP 2,372,965,000 22.07%
Lead Managers
FOSSM 2006-1 Barclays Capital and Citigroup Global Markets Limited FOSSM 2010-1 JP Morgan FOSSM 2011-2 Barclays, JP Morgan, Santander
FOSSM 2007-1 Barclays Capital, Citigroup Global Markets Limited, Lehman Brothers FOSSM 2010-2 Barclays Capital, JP Morgan, Santander FOSSM 2012-1 Barclays, Citi, Credit Suisse, JP Morgan
FOSSM 2008-1 Goldman Sachs, Royal Bank of Scotland FOSSM 2010-3 JP Morgan
FOSSM 2010-1 Barclays Capital, Credit Suisse, Deutsche Bank AG, Santander FOSSM 2010-4 JP Morgan, Barclays, Santander
FOSSM 2010-2 Barclays Capital, Credit Suisse, Deutsche Bank AG, Santander FOSSM 2011-1 JP Morgan, Morgan Stanley, Barclays, Santander
Fosse Master Issuer plc
Transaction Summary
Report Date Apr-2014 Mar-2014 Feb-2014 Jan-2014 Dec-2013 Nov-2013 Oct-2013 Sep-2013
No loans 169,202 172,009 174,643 177,298 179,894 182,938 186,091 189,263 >12 Months >9<=12 Months >6<=9 Months
Average Loan Balance 80,563 80,890 81,276 81,678 82,053 82,484 82,903 83,365 >3<=6 Months 1<=3 Months
1.6%
WA Current Indexed LTV 61.92% 61.98% 62.03% 62.62% 62.68% 62.71% 64.09% 64.10%
1.4%
WA Indexed LTV >90% (% of balance) 14.21% 14.15% 14.14% 14.46% 14.41% 14.35% 16.07% 15.97% 1.2%
WA Remaining Term (Months) 190 191 192 195 195 198 196 197 1.0%
WA Seasoning (Months) 94 92 91 88 88 88 87 85 0.8%
Seller's Share % 21.13% 22.72% 23.98% 23.40% 24.85% 26.48% 19.23% 18.72% 0.6%
Minimum Seller Share % 6.03% 6.01% 5.99% 5.97% 5.95% 5.93% 5.90% 5.87%
0.4%
0.2%
Standard Variable Rate 4.99% 4.99% 4.99% 4.99% 4.99% 4.99% 4.99% 4.99%
Arrears (% of Outstanding Principal) Total 1.59% 1.58% 1.63% 1.47% 1.48% 1.44% 1.45% 1.40% 0.0%
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
1<=3 Months 0.97% 0.98% 1.03% 0.88% 0.92% 0.90% 0.92% 0.90%
>3<=6 Months 0.29% 0.31% 0.31% 0.32% 0.30% 0.29% 0.30% 0.28%
>6<=9 Months 0.15% 0.13% 0.13% 0.12% 0.12% 0.12% 0.11% 0.10%
>9<=12 Months 0.07% 0.06% 0.06% 0.06% 0.06% 0.06% 0.06% 0.06% Chart 2: CPR Analysis
>12 Months 0.10% 0.09% 0.09% 0.09% 0.08% 0.07% 0.07% 0.06%
>3 Months 0.61% 0.60% 0.60% 0.58% 0.56% 0.54% 0.53% 0.51% 40%
12-month CPR (annualised -
unscheduled)
35%
Excess Spread - annualised, reported quarterly 0.67% 0.67% 0.67% 0.58% 0.58% 0.58% 0.66% 0.66%
12-month CPR (annualised - unscheduled) 22.83% 19.97% 20.19% 20.24% 20.27% 20.52% 20.69% 21.01% 30%
1-month CPR (annualised - unscheduled) 19.78% 18.89% 18.30% 21.14% 21.43% 21.72% 21.82% 22.29%
25%
Breakdown by Interest Payment Type
Tracker Rate 61.67% 61.29% 60.99% 60.65% 60.37% 60.02% 59.74% 59.34% 20%
Fixed Rate 6.16% 6.39% 6.68% 7.14% 7.51% 8.04% 8.30% 9.01% 15%
Discounted SVR - - - - 0.01% 0.01% 0.01% 0.01%
10%
0%
Repossessed current month (£000s) 813 1,354 1340 542 1325 1,060 1,473 1,168
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Sold current month (£000s) 2,462 915 450 1897 1327 1,267 2,520 1,308
Properties in Possession (%) 0.02% 0.03% 0.03% 0.02% 0.03% 0.03% 0.03% 0.04%
Life loss severity 25.19% 24.87% 25.19% 24.88% 24.75% 24.06% 22.93% 23.09% Chart 3: Current Indexed LTV
No. of Properties in Possession 26 40 37 29 41 39 39 45
Repayment Terms 5.14%
Repayment 54.48% 54.70% 54.90% 55.13% 55.35% 55.59% 55.80% 56.04% 6.90% 5.75% =<25%
4.30%
Interest Only 45.52% 45.30% 45.10% 44.87% 44.65% 44.41% 44.20% 43.96% >25% =<50%
Use Of Proceeds 33.48% 3.41%
>50% =<75%
House Purchase 64.29% 64.32% 64.34% 64.40% 64.46% 64.48% 64.52% 64.49%
6.50% >75% =<80%
Remortgage 35.71% 35.68% 35.66% 35.60% 35.54% 35.52% 35.48% 35.51%
Losses from Properties in Possession >80% =<85%
9.73%
Cumulative Losses (£000s) 10,990 10,236 10,140 9,900 9,382 8,801 8,095 7,570 >85% =<90%
Monthly Losses (£000s) 753 96 240 518 581 706 524 100 >90% =<95%
Substitutions
24.81% >95% =<100%
Substitution & Top up (£000s) - - - - - - - -
>100%
TRIGGER EVENTS
Asset Event Occurred An arrears trigger Event Occurred
Amount debited to AAA principal deficiency sub ledger (Funding programme notes outstanding) No The outstanding principal balance of the loans in arrears for more than 3 times the monthly payment then due No
Non Asset divided by the outstanding principal balance of all of the loans in the mortgages trust (expressed as a percentage)
Insolvency event occurs in relation to Seller No exceeds 2 per cent.
Sellers role as administrator terminated & new administrator is not appointed within 60 days No
The then current Seller Share is less than the adjusted Minimum Seller Share for 2 consecutive Trust Calculation Dates No
The aggregate outstanding principal balance of loans in the Trust is less than the required loan balance amount specified in the most recent No
final terms
Gracechurch Mortgage Financing Plc
Country of Current Notes Bloomberg Next Report

Assets Outstanding Asset Type Originator Trustee Ticker Date (approx.)
Performance Monitor United Kingdom £5,578,067,443 Prime RMBS Barclays Bank plc The Bank of New York Mellon Co. GMFM 200x-x 28-May-14
Performance Report Contact Details Stuart Aiken, Barclays Treasury, Tel:+44 (0)20 777 35584 Email: Stuart.Aiken@barclaystreasury.com
Capital Structure
Capital Structure Capital Structure Pool Credit Enhancement S&P / Moodys / Fitch Principal
Currency Amount Amount % Factor Current Origination Current Watch Coupon Window Legal Maturity ISIN
GMFM 2011-1 GBP 2,384,341,372 2,304,068,474 Closing 21-Nov-2011 Reset Date 20-08-2014
1A Notes USD 500,000,000 - - 19.88% A-1+/P-1/F1+ A-1+/P-1/WD - 1m $Libor + 20 Nov-2012 Nov-2007 XS0701039157
2A1 Notes USD 2,400,000,000 1,764,342,948 0.735142895 19.88% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 155 Feb-2015 Nov-2007 XS0701039744
2A2 Notes EUR 400,000,000 294,057,158 0.735142895 19.88% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 150 Feb-2015 Nov-2007 XS0706688826
3A Notes GBP 220,000,000 220,000,000 1.000000000 19.88% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 165 Feb-2017 Nov-2007 XS0701040676
2Z Notes GBP 657,000,000 657,000,000 1.000000000 0.00% NR/NR/NR NR/NR/NR - 3m Libor + 90 Feb-2015 Nov-2007 XS0705553443
3Z Notes GBP 67,000,000 67,000,000 1.000000000 0.00% NR/NR/NR NR/NR/NR - 3m Libor + 90 Feb-2017 Nov-2007 XS0705556974
GMFM 2012-1 GBP 3,273,998,970 3,273,998,970 Closing 14-Jun-2012 Reset Date 20-08-2014
1A Notes GBP 654,000,000 654,000,000 1.000000000 19.88% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 120 Aug-2015 Nov-2007 XS0793289959
2A Notes GBP 654,000,000 654,000,000 1.000000000 19.88% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 120 Feb-2016 Nov-2007 XS0793290379
5A Notes GBP 327,000,000 327,000,000 1.000000000 19.88% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 120 Aug-2016 Nov-2007 XS0793290023
6A Notes USD 500,000,000 500,000,000 1.000000000 19.88% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 120 Aug-2015 Nov-2007 XS0793290619
Z Notes GBP 185,000,000 185,000,000 1.000000000 - NR/NR/NR NR/NR/NR - 3m Euribor + 70 Feb-2017 Nov-2007 XS0793290700
Z Note (Total) GBP 909,000,000 16.30%

Lead Managers
GMFM 2006-1 Barclays Capital
GMFM 2011-1 Barclays Capital, Lloyds TSB
Page Updated: 29 May 2014 Sources: Trustee Reports, the BLOOMBERG PROFESSIONAL™ Service, Moody's, Fitch, Credit Suisse 12
Gracechurch Mortgage Financing Plc
Transaction Summary
Total Outstanding Balance (£000s) 7,558,254 7,662,804 7,770,534 7,886,247 8,003,991 8,158,253 8,297,464 8,484,733 Chart 1: Arrears as % of Outstanding Principal Balance
No loans 82,216 82,977 83,793 84,645 85,509 86,605 87,638 88,973 3.0%
Average Loan Balance 91,932 92,349 92,735 93,168 93,604 94,201 94,679 95,363 >1 and <=3 Months >3 and <=6 Months >6 Months
WA Current LTV 51.25% 51.33% 51.43% 51.51% 51.60% 51.72% 51.81% 51.94% 2.5%
WA Indexed LTV 54.12% 54.19% 54.27% 53.17% 53.25% 53.35% 55.97% 56.03%
2.0%
1.5%
WA Remaining Term (Months) 162 162 162 174 174 175 175 175
Seller Share % 31.05% 31.94% 31.92% 32.83% 33.76% 34.04% 35.08% 36.41%
Minimum Seller Share % 13.67% 13.58% 13.50% 13.36% 13.26% 13.13% 13.03% 12.85% 0.5%
Arrears (% of Outstanding Principal) Total 2.02% 2.07% 1.98% 1.91% 2.00% 1.86% 1.87% 1.87% 0.0%
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
>1 and <=3 Months 1.00% 1.06% 1.01% 0.97% 1.07% 0.96% 0.97% 0.96%
>3 and <=6 Months 0.45% 0.46% 0.43% 0.42% 0.43% 0.41% 0.43% 0.42%
>6 Months 0.57% 0.55% 0.54% 0.52% 0.50% 0.48% 0.47% 0.49%
Chart 2: CPR Analysis
>3 Months 1.02% 1.01% 0.97% 0.94% 0.94% 0.89% 0.90% 0.91%
25% CPR (1-month annualised) including repurchases
Excess Spread - current month - annualised NA NA 0.77% NA NA 0.76% NA NA CPR (1-month annualised) excluding repurchases
CPR (1-month annualised) including repurchases 16.61% 17.14% 15.96% 19.94% 19.40% 23.16% 18.93% 19.02% 20%
CPR (1-month annualised) excluding repurchases 13.44% 13.19% 12.90% 13.94% 15.05% 14.82% 15.33% 14.38%
Discount Rate - - - - - - - -
Fixed Rate 13.10% 13.14% 13.15% 13.23% 13.31% 13.91% 14.01% 15.23% 10%
Tracker Rate 85.70% 85.64% 85.63% 85.55% 85.46% 84.85% 84.75% 83.53% 5%
Properties in Possession
0%
Repossessed current month (£000s) 699 413 344 0 556 232 348 330
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Sold this month (£000s) 448 241 605 0 431 261 896 316
Current loss severity 35.75% 17.56% 6.67% #DIV/0! 22.57% 41.30% 9.36% 6.63% Chart 3: Current Indexed LTV Breakdown
Life loss severity 16.88% 16.62% 16.60% 16.85% 16.85% 16.76% 16.57% 16.72%
No. of Properties in Possession 436 433 428 424 424 417 414 409 17.07%
13.87%
Repayment Terms Up to 49.99%
Interest Only 44.04% 43.88% 43.68% 43.45% 43.23% 42.91% 42.68% 42.22%
Repayment 55.96% 56.12% 56.32% 56.55% 56.77% 57.10% 57.32% 57.78% 8.13% 50 - 59.99%
Principal Losses
60 - 69.99%
Cumulative Losses (£000s) 7,476 7,316 7,273 7,233 7,233 7,136 7,028 6,944
4.36%
Monthly Losses (£000s) 160 42 40 - 97 108 84 21 70 - 79.99%
17.57%
Self-employed
No 74.39% 74.46% 74.56% 74.65% 74.71% 74.80% 74.90% 75.10% 80 - 89.99%
Yes 25.61% 25.54% 25.44% 25.35% 25.29% 25.20% 25.10% 24.90% >90%
46.16%
TRIGGER EVENTS
Non-asset trigger events: Asset trigger events:
(i) an insolvency event occurs in relation to Barclays; and/or Allocation of Losses: All realised losses experienced on the mortgage loans in the mortgage loan portfolio (‘‘mortgage loan losses’’) will, save as
(ii) a MRCLN event of default occurs (and which is continuing and not waived by the mortgages trustee); and/or otherwise provided in the mortgages trust deed, be applied in reducing proportionately the funding share of the trust property, the funding (no.2)
(iii) Barclays role as administrator is terminated and a new administrator is not appointed in accordance with the terms of the administration agreement within 60 days; and/or share of the trust property and the seller share of the trust property.
(iv) the then current seller share is equal to or less than the minimum seller share for two consecutive distribution dates. Allocation of Mortgage Reserve Principal Loss Reductions: Write downs on the MRCLN (‘‘mortgage reserve principal loss reductions’’) as a result
of losses experienced by the seller on reference mortgage reserves (‘‘mortgage reserve losses’’) will, save as otherwise provided in the mortgages
trust deed, be applied in reducing proportionately the funding share of the trust
property, the funding (no.2) share of the trust property and the seller share of the trust property.
Granite Mortgages plc / Granite Master Issuer plc

Residential The Bank of New York Mellon Co.
Performance Monitor United Kingdom £10,691,988,022 Northern Rock GRAN 200X-X 26-Jun-14
Mortgages Contact: Helen Kim, Email: helenkim@bankofny.com
Performance Report Contact Details Andy McClean +44 (0) 191 436 0599 andy.mcclean@ukar.co.uk
Capital Structure
Capital Structure Capital Structure Pool Credit Enhancement S&P / Moody's / Fitch
GRAN 2003-2 GBP 2,491,941,491 267,773,148 Closing 21-May-2003 Reset Date 21-Jul-2014
1A3 Notes USD 500,000,000 12.46% 57,159,413 13.26% 0.114318826 62.81% AAA/Aaa/AAA A/Aa2/AAA - 3m $Libor + 50 Jul-2043 US38741QAC06
2A Notes EUR 300,000,000 8.60% 34,295,648 9.15% 0.114318827 62.81% AAA/Aaa/AAA A/Aa2/AAA - 3m Euribor + 50 Jul-2043 XS0168665718
3A Notes GBP 352,280,000 14.14% 64,980,854 24.27% 0.184457971 62.81% AAA/Aaa/AAA A/Aaa/AAA - 3m Libor + 48 Jul-2043 XS0168666526
1B Notes USD 76,500,000 1.91% 48,961,154 11.36% 0.640015085 39.01% AA/Aa3/AA A/Aa3/AAA - 3m $Libor + 98 Jul-2043 US38741QAD88
2B Notes EUR 72,900,000 2.09% 46,657,100 12.45% 0.640015089 39.01% AA/Aa3/AA A/Aa3/AAA - 3m Euribor + 98 Jul-2043 XS0168666013
2M Notes EUR 52,300,000 1.50% 33,472,789 8.93% 0.640015086 30.08% A/A2/A A/Aa3/AA+ - 3m Euribor + 150 Jul-2043 XS0168771748
1C Notes USD 10,500,000 0.26% 6,720,158 1.56% 0.640015048 13.07% BBB/Baa2/BBB A/Baa1/*+/BBB+ - 3m $Libor + 255 Jul-2043 US38741QAE61
2C1 Notes EUR 16,000,000 0.46% 16,000,000 4.27% 1.000000000 13.07% BBB/Baa2/BBB A/Baa1/*+/BBB+ - 3m Euribor + 255 Jul-2043 XS0168666104
2C2 Notes EUR 65,500,000 1.88% 41,920,988 11.18% 0.640015084 13.07% BBB/Baa2/BBB A/Baa1/*+/BBB+ - 3m Euribor + 255 Jul-2043 XS0168666443
3C Notes GBP 15,000,000 0.60% 9,600,226 3.59% 0.640015067 13.07% BBB/Baa2/BBB A/Baa1/*+/BBB+ - 3m Libor + 255 Jul-2043 XS0168666872
First Reserve Fund GBP 35,000,000 1.40% 35,000,000 13.07%
GRAN 2003-3 GBP 2,226,469,522 234,401,749 Closing 24-Sep-2003 Reset Date 21-Jul-2014
1A3 Notes USD 500,000,000 13.92% 29,528,581 7.81% 0.059057162 69.17% AAA/Aaa/AAA A/Aaa/AAA - 3m $Libor + 40 Jan-2044 US38741UAC18
2A Notes EUR 640,000,000 20.07% 37,796,584 11.26% 0.059057163 69.17% AAA/Aaa/AAA A/Aa1/AAA - 3m Euribor + 38 Jan-2044 XS0176409927
3A Notes GBP 340,000,000 15.27% 60,958,597 26.01% 0.179289991 69.17% AAA/Aaa/AAA A/Aaa/AAA - 3m Libor + 38 Jan-2044 XS0176410693
1B Notes USD 72,000,000 2.00% 46,442,845 12.28% 0.645039514 44.63% AA/Aa3/AA A/Aaa/AAA - 3m $Libor + 90 Jan-2044 US38741UAD90
2B Notes EUR 23,000,000 0.72% 14,835,909 4.42% 0.645039522 44.63% AA/Aa3/AA A/Aa2/AAA - 3m Euribor + 90 Jan-2044 XS0176410180
3B Notes GBP 28,500,000 1.28% 18,383,626 7.84% 0.645039509 44.63% AA/Aa3/AA A/Aaa/AAA - 3m Libor + 90 Jan-2044 XS0176410776
1M Notes USD 27,000,000 0.75% 17,416,067 4.61% 0.645039519 35.41% A/A2/A A/Aaa/AA+ - 3m $Libor + 140 Jan-2044 US38741UAE73
2M Notes EUR 7,500,000 0.24% 4,837,796 1.44% 0.645039467 35.41% A/A2/A A/Aa2/AA+ - 3m Euribor + 140 Jan-2044 XS0176410347
3M Notes GBP 11,500,000 0.52% 7,417,954 3.16% 0.645039478 35.41% A/A2/A A/Aaa/AA+ - 3m Libor + 140 Jan-2044 XS0176410859
1C Notes USD 50,000,000 1.39% 32,251,976 8.53% 0.645039520 14.25% BBB/Baa2/BBB A/Aa3/BBB+ - 3m $Libor + 245 Jan-2044 US38741UAF49
2C Notes EUR 55,000,000 1.73% 35,477,173 10.57% 0.645039509 14.25% BBB/Baa2/BBB A/Aa3/BBB+ - 3m Euribor + 245 Jan-2044 XS0176410420
3C Notes GBP 7,500,000 0.34% 4,837,796 2.06% 0.645039467 14.25% BBB/Baa2/BBB A/Aa3/BBB+ - 3m Libor + 245 Jan-2044 XS0176411071
GRAN 2004-1 GBP 3,471,661,953 399,042,172 Closing 28-Jan-2004 Reset Date 20-Jun-2014
2A1 Notes USD 1,185,000,000 18.61% 138,202,010 18.88% 0.116626169 62.19% AAA/Aaa/AAA A/Aa3/AAA - 3m $Libor + 32 Mar-2044 US38741VAF22
2A2 Notes EUR 900,000,000 17.88% 100,104,128 17.30% 0.111226809 62.19% AAA/Aaa/AAA A/Aa2/AAA - 3m Euribor + 32 Mar-2044 XS0184562816
3A Notes GBP 600,000,000 17.28% 66,476,916 16.66% 0.110794860 62.19% AAA/Aaa/AAA A/Aaa/AAA - 3m Libor + 32 Mar-2044 XS0184565249
2B Notes EUR 91,000,000 1.81% 91,000,000 15.73% 1.000000000 40.70% AA/Aa3/AA A/Aa2/AAA - 3m Euribor + 68 Mar-2044 XS0184563111
3B Notes GBP 23,000,000 0.66% 23,000,000 5.76% 1.000000000 40.70% AA/Aa3/AA A/Aaa/AAA - 3m Libor + 68 Mar-2044 XS0184566130
2M Notes EUR 45,000,000 0.89% 45,000,000 7.78% 1.000000000 30.42% A/A2/A A/Aa2/AA+ - 3m Euribor + 114 Mar-2044 XS0184563541
3M Notes GBP 10,000,000 0.29% 10,000,000 2.51% 1.000000000 30.42% A/A2/A A/Aa2/AA+ - 3m Libor + 114 Mar-2044 XS0184566569
2C Notes EUR 60,000,000 1.19% 60,000,000 10.37% 1.000000000 15.04% BBB/Baa2/BBB A/Aa3/BBB+ - 3m Euribor + 207 Mar-2044 XS0184563897
3C Notes GBP 20,000,000 0.58% 20,000,000 5.01% 1.000000000 15.04% BBB/Baa2/BBB A/Aa3/BBB+ - 3m Libor + 207 Mar-2044 XS0184567534
GRAN 2004-2 GBP 3,650,288,662 435,819,009 Closing 26-May-2004 Reset Date 20-Jun-2014
2A1 Notes EUR 1,340,000,000 24.97% 113,886,886 17.78% 0.084990213 54.43% AAA/Aaa/AAA A/Aa3/AAA - 3m Euribor + 28 Jun-2044 XS0193212825
2A2 Notes GBP 244,000,000 6.68% 20,690,282 4.75% 0.084796238 54.43% AAA/Aaa/AAA A/Aaa/AAA - 3m Libor + 28 Jun-2044 XS0193213807
3A Notes GBP 752,100,000 20.60% 160,216,796 36.76% 0.213025922 54.43% AAA/Aaa/AAA A/Aaa/AAA - 3m Libor + 32 Jun-2044 XS0193218350
2B Notes EUR 92,000,000 1.71% 36,677,882 5.73% 0.398672630 39.78% AA/Aa3/AA A/Aa3/AAA - 3m Euribor + 54 Jun-2044 XS0193215414
3B Notes GBP 38,900,000 1.07% 38,900,000 8.93% 1.000000000 39.78% AA/Aa3/AA A/Aaa/AAA - 3m Libor + 64 Jun-2044 XS0193218863
2M Notes EUR 53,500,000 1.00% 21,324,350 3.33% 0.398585981 30.38% A/A2/A A/A2/*+/AA+ - 3m Euribor + 80 Jun-2044 XS0193216578
3M Notes GBP 26,500,000 0.73% 26,500,000 6.08% 1.000000000 30.38% A/A2/A A/A1/*+/AA+ - 3m Libor + 94 Jun-2044 XS0193219754
2C Notes EUR 89,000,000 1.66% 35,398,421 5.53% 0.397735067 13.72% BBB/Baa2/BBB A/Baa2/*+/BBB+ - 3m Euribor + 160 Jun-2044 XS0193217030
3C Notes GBP 48,500,000 1.33% 48,500,000 11.13% 1.000000000 13.72% BBB/Baa2/BBB A/Baa1/*+/BBB+ - 3m Libor + 170 Jun-2044 XS0193220927
Lead Managers
GRAN 2003-2 Lehman Brothers , Merrill Lynch GRANM 2005-4 Credit Suisse, Deutsche Bank, Lehman Brothers, Citigroup
GRAN 2003-3 Barclays Capital , JPMorgan, Lehman Brothers GRANM 2006-1 Barclays Capital, Deutsche Bank, Merrill Lynch
GRAN 2004-1 Barclays Capital , JPMorgan, Citigroup GRANM 2006-2 Barclays Capital, JPMorgan, Morgan Stanley
GRAN 2004-2 Citigroup, Credit Suisse, Lehman Brothers GRANM 2006-3 Citigroup, Lehman Brothers, UBS
GRAN 2004-3 Deutsche Bank, Lehman Brothers, UBS Warburg GRANM 2006-4 Deutsche Bank, Lehman Brothers, Merrill Lynch
GRANM 2005-1 Citigroup, Barclays Capital, Merrill Lynch GRANM 2007-1 Deutsche Bank, Morgan Stanley, Citigroup
GRANM 2005-2 Lehman Brothers, Merrill Lynch, UBS GRANM 2007-2 Lehman Brothers, Barclays Capital, Merrill Lynch
Capital Structure
GRAN 2004-3 GBP 4,000,009,814 514,212,072 Closing 22-Sep-2004 Reset Date 20-Jun-2014
2A1 Notes USD 713,700,000 9.93% 49,273,516 5.34% 0.069039535 64.78% AAA/Aaa/AAA A/Aaa/AAA - 3m $Libor + 28 Sep-2044 US38741SAF92
2A2 Notes EUR 800,150,000 13.65% 55,241,984 7.33% 0.069039535 64.78% AAA/Aaa/AAA A/Aa1/AAA - 3m Euribor + 28 Sep-2044 XS0201483228
2B Notes EUR 74,400,000 1.27% 28,548,768 3.79% 0.383720000 50.42% AA/Aa3/AA A/Aa2/AAA - 3m Euribor + 56 Sep-2044 XS0201483657
3B Notes GBP 54,350,000 1.36% 54,350,000 10.57% 1.000000000 50.42% AA/Aa3/AA A/Aaa/AAA - 3m Libor + 70 Sep-2044 XS0201486833
2M Notes EUR 57,900,000 0.99% 22,217,388 2.95% 0.383720000 39.26% A/A2/A A/Aa2/AA+ - 3m Euribor + 74 Sep-2044 XS0201484036
3M Notes GBP 42,250,000 1.06% 42,250,000 8.22% 1.000000000 39.26% A/A2/A A/Aaa/AA+ - 3m Libor + 90 Sep-2044 XS0201487211
2C Notes EUR 139,050,000 2.37% 53,356,267 7.08% 0.383720007 12.84% BBB/Baa2/BBB A/Aa3/BBB+ - 3m Euribor + 160 Sep-2044 XS0201485355
3C Notes GBP 99,450,000 2.49% 99,450,000 19.34% 1.000000000 12.84% BBB/Baa2/BBB A/Aa3/BBB+ - 3m Libor + 176 Sep-2044 XS0201487567
GRANM 2005-1 GBP 4,530,967,967 831,964,705 Closing 26-Jan-2005 Reset Date 20-Jun-2014
A4 Notes USD 1,100,000,000 12.91% 192,936,748 12.34% 0.175397044 46.18% AAA/Aaa/AAA A/Aa2/AAA - 1m $Libor + 20 Dec-2054 US38741YAC30
A5 Notes EUR 1,500,000,000 23.05% 263,095,647 22.02% 0.175397098 46.18% AAA/Aaa/AAA A/Aa3/AAA - 1m Euribor + 18 Dec-2054 XS0210929161
A6 Notes GBP 750,000,000 16.55% 168,603,645 20.27% 0.224804860 46.18% AAA/Aaa/AAA A/Aaa/AAA - 1m Libor + 24 Dec-2054 XS0210925847
B2 Notes EUR 80,000,000 1.23% 80,000,000 6.70% 1.000000000 34.31% AA/Aa3/AA A/Aa3/AA+ - 1m Euribor + 38 Dec-2054 XS0210929591
B3 Notes GBP 55,000,000 1.21% 55,000,000 6.61% 1.000000000 34.31% AA/Aa3/AA A/Aaa/AA+ - 1m Libor + 38 Dec-2054 XS0210925920
M2 Notes EUR 79,000,000 1.21% 79,000,000 6.61% 1.000000000 22.59% A/A2/A A/A2/*+/A - 1m Euribor + 56 Dec-2054 XS0210929757
M3 Notes GBP 55,000,000 1.21% 55,000,000 6.61% 1.000000000 22.59% A/A2/A A/Aa1/A - 1m Libor + 56 Dec-2054 XS0210926225
C2 Notes EUR 139,000,000 2.14% 139,000,000 11.63% 1.000000000 8.07% BBB/Baa2/BBB BBB-/A3/BBB - 1m Euribor + 112 Dec-2054 XS0210929914
C3 Notes GBP 60,000,000 1.32% 60,000,000 7.21% 1.000000000 8.07% BBB/Baa2/BBB BBB-/A3/BBB - 1m Libor + 112 Dec-2054 XS0210926571
GRANM 2005-2 GBP 4,027,096,739 655,508,987 Closing 25-May-2005 Reset Date 20-Jun-2014
A5 Notes EUR 800,000,000 13.69% 152,733,119 16.06% 0.190916399 46.18% AAA/Aaa/AAA A/Aaa/AAA - 1m Euribor + 28 Dec-2054 XS0220174543
A6 Notes USD 1,250,000,000 16.89% 238,645,499 19.81% 0.190916399 46.18% AAA/Aaa/AAA A/Aa2/AAA - 1m $Libor + 26 Dec-2054 US38741YAH27
B2 Notes EUR 62,000,000 1.06% 62,000,000 6.52% 1.000000000 34.31% AA/Aa3/AA A/Aaa/AA+ - 1m Euribor + 40 Dec-2054 XS0220173909
M2 Notes EUR 70,000,000 1.20% 70,000,000 7.36% 1.000000000 22.59% A/A2/A A/Aa1/A - 1m Euribor + 60 Dec-2054 XS0220172927
GRANM 2005-4 GBP 3,750,048,553 607,452,063 Closing 21-Sep-2005 Reset Date 20-Jun-2014
B2 Notes USD 38,500,000 0.56% 20,716,933 1.87% 0.538102156 34.31% AA/Aa3/AA A/Aa3/AA+ - 1m $Libor + 36 Dec-2054 US38741YAS81
M2 Notes USD 36,300,000 0.53% 19,533,108 1.76% 0.538102149 22.59% A/A2/A A/A2/*+/A - 1m $Libor + 56 Dec-2054 US38741YAU38
C2 Notes USD 44,600,000 0.65% 23,999,357 2.17% 0.538102175 8.07% BBB/Baa2/BBB BBB-/A3/BBB - 1m $Libor + 110 Dec-2054 US38741YAW93
Lead Managers
Capital Structure
GRANM 2006-1 GBP 6,000,136,699 1,268,976,908 Closing 25-Jan-2006 Reset Date 20-Jun-2014
A1 Notes USD 776,100,000 7.33% 106,452,628 4.75% 0.137163546 46.18% AAA/Aaa/AAA A/Aa2/AAA - 1m $Libor 7 Dec-2054 USG41441BE89
A5 Notes USD 1,552,200,000 14.66% 212,905,256 9.51% 0.137163546 46.18% AAA/Aaa/AAA A/Aaa/AAA - 1m $Libor + 14 Dec-2054 USG41441BG38
B2 Notes USD 84,100,000 0.79% 84,100,000 3.75% 1.000000000 34.31% AA/Aa3/AA A/Aaa/AA+ - 1m $Libor + 34 Dec-2054 USG41441BJ76
M2 Notes USD 79,200,000 0.75% 79,200,000 3.54% 1.000000000 22.59% A/A2/A A/Aa1/A - 1m $Libor + 58 Dec-2054 USG41441BL23
C2 Notes USD 132,400,000 1.25% 132,400,000 5.91% 1.000000000 8.07% BBB/Baa2/BBB BBB-/A3/BBB - 1m $Libor + 120 Dec-2054 USG41441BM06
GRANM 2006-2 GBP 3,019,749,435 604,847,287 Closing 24-May-2006 Reset Date 20-Jun-2014
A4 Notes USD 1,275,000,000 22.46% 193,612,716 17.03% 0.151853111 46.18% AAA/Aaa/AAA A/Aa2/AAA - 1m $Libor + 8 Dec-2054 US38741YBR99
B2 Notes USD 36,000,000 0.63% 36,000,000 3.17% 1.000000000 34.31% AA/Aa3/AA A/Aa2/*-/AA+ - 1m $Libor + 28 Dec-2054 US38741YBT55
M2 Notes USD 25,000,000 0.44% 25,000,000 2.20% 1.000000000 22.59% A/A2/A A/Aa2/*-/A - 1m $Libor + 46 Dec-2054 US38741YBV02
C1 Notes USD 75,000,000 1.32% 75,000,000 6.60% 1.000000000 8.07% BBB/Baa2/BBB BBB-/A3/BBB - 1m $Libor + 94 Dec-2054 US38741YBW84
GRANM 2006-3 GBP 5,498,426,569 1,200,297,749 Closing 19-Sep-2006 Reset Date 20-Jun-2014
A3 Notes USD 1,800,000,000 17.48% 345,268,793 15.36% 0.191815996 46.18% AAA/Aaa/AAA A/Aa2/AAA - 1m $Libor + 8 Dec-2054 US38741YBZ16
A4 Notes USD 1,000,000,000 9.71% 224,804,860 10.00% 0.224804860 46.18% AAA/Aaa/AAA A/Aa2/AAA - 1m $Libor + 8 Dec-2054 US38741YCA55
A7 Notes USD 1,750,000,000 16.99% 393,408,505 17.50% 0.224804860 46.18% AAA/Aaa/AAA A/Aa2/AAA - 1m $Libor + 20 Dec-2054 US38741YCD94
B2 Notes USD 182,000,000 1.77% 182,000,000 8.10% 1.000000000 34.31% AA/Aa3/AA A/Aa2/AA+ - 1m $Libor + 34 Dec-2054 US38741YCF43
M2 Notes USD 100,000,000 0.97% 100,000,000 4.45% 1.000000000 22.59% A/A2/A A/Aa2/A - 1m $Libor + 56 Dec-2054 US38741YCK38
M3 Notes EUR 47,000,000 0.58% 47,000,000 2.66% 1.000000000 22.59% A/A2/A A/A2/*+/A - 1m Euribor + 54 Dec-2054 XS0268038451
C2 Notes USD 60,000,000 0.58% 60,000,000 2.66% 1.000000000 8.07% BBB/Baa2/BBB BBB-/A3/BBB - 1m $Libor + 100 Dec-2054 US38741YCP25
GRANM 2006-4 GBP 3,245,365,643 721,253,274 Closing 29-Nov-2006 Reset Date 20-Jun-2014
A4 Notes USD 704,300,000 11.39% 158,330,063 11.52% 0.224804860 46.18% AAA/Aaa/AAA A/Aa2/AAA - 1m $Libor + 10 Dec-2054 US38741YDB20
A5 Notes CAD 350,000,000 4.94% 78,681,701 5.00% 0.224804860 46.18% AAA/Aaa/AAA A/Aa2/AAA - 1m CADLibor + 13 Dec-2054 CA38741YDD81
A6 Notes USD 1,130,000,000 18.27% 254,029,492 18.48% 0.224804860 46.18% AAA/Aaa/AAA A/Aa2/AAA - 1m $Libor + 18 Dec-2054 US38741YDC03
B1 Notes USD 60,600,000 0.98% 60,600,000 4.41% 1.000000000 34.31% AA/Aa3/AA A/Aa2/AA+ - 1m $Libor + 18 Dec-2054 US38741YCV92
M1 Notes USD 47,800,000 0.77% 47,800,000 3.48% 1.000000000 22.59% A/A2/A A/Aa2/A - 1m $Libor + 34 Dec-2054 US38741YCX58
M2 Notes USD 10,000,000 0.16% 10,000,000 0.73% 1.000000000 22.59% A/A2/A A/Aa2/A - 1m $Libor + 58 Dec-2054 US38741YCY32
C1 Notes USD 32,600,000 0.53% 32,600,000 2.37% 1.000000000 8.07% BBB/Baa2/BBB BBB-/A3/BBB - 1m $Libor + 76 Dec-2054 US38741YCZ07
C2 Notes USD 15,000,000 0.24% 15,000,000 1.09% 1.000000000 8.07% BBB/Baa2/BBB BBB-/A3/BBB - 1m $Libor + 96 Dec-2054 US38741YDA47
Lead Managers
Capital Structure
GRANM 2007-1 GBP 6,111,657,895 1,677,657,737 Closing 24-Jan-2007 Reset Date 20-Jun-2014
2A1 Notes USD 1,450,000,000 12.10% 325,967,047 9.91% 0.224804860 46.18% AAA/Aaa/AAA A/Aaa/AAA - 1m $Libor + 14 Dec-2054 US38741YDF34
3A1 Notes USD 1,500,000,000 12.52% 337,207,290 10.26% 0.224804860 46.18% AAA/Aaa/AAA A/Aaa/AAA - 1m $Libor + 20 Dec-2054 US38741YDG17
3A2 Notes EUR 1,650,000,000 17.76% 370,928,019 14.55% 0.224804860 46.18% AAA/Aaa/AAA A/Aaa/AAA - 1m Euribor + 20 Dec-2054 XS0284071908
4A1 Notes USD 1,000,000,000 8.35% 224,804,860 6.84% 0.224804860 46.18% AAA/Aaa/AAA A/Aaa/AAA - 1m $Libor + 22 Dec-2054 US38741YDH99
5A1 Notes GBP 650,000,000 10.64% 146,123,159 8.71% 0.224804860 46.18% AAA/Aaa/AAA A/Aaa/AAA - 1m Libor + 22 Dec-2054 XS0284076295
6A1 Notes GBP 500,000,000 8.18% 112,402,430 6.70% 0.224804860 46.18% AAA/Aaa/AAA A/Aaa/AAA - 5.600% - XS0284077186
1B1 Notes USD 84,000,000 0.70% 84,000,000 2.55% 1.000000000 34.31% AA/Aa3/AA A/Aaa/AA+ - 1m $Libor + 14 Dec-2054 US38741YDJ55
2B1 Notes USD 80,000,000 0.67% 80,000,000 2.43% 1.000000000 34.31% AA/Aa3/AA A/Aaa/AA+ - 1m $Libor + 24 Dec-2054 US38741YDK29
3B1 Notes EUR 167,000,000 1.80% 167,000,000 6.55% 1.000000000 34.31% AA/Aa3/AA A/Aaa/AA+ - 1m Euribor + 34 Dec-2054 XS0284072468
3B2 Notes GBP 25,000,000 0.41% 25,000,000 1.49% 1.000000000 34.31% AA/Aa3/AA A/Aaa/AA+ - 1m Libor + 34 Dec-2054 XS0284073193
1M1 Notes USD 84,000,000 0.70% 84,000,000 2.55% 1.000000000 22.59% A/A2/A A/Aa1/A - 1m $Libor + 30 Dec-2054 US38741YDL02
2M1 Notes USD 80,000,000 0.67% 80,000,000 2.43% 1.000000000 22.59% A/A2/A A/Aa1/A - 1m $Libor + 50 Dec-2054 US38741YDM84
3M1 Notes EUR 131,000,000 1.41% 131,000,000 5.14% 1.000000000 22.59% A/A2/A A/Aa1/A - 1m Euribor + 54 Dec-2054 XS0284073607
3M2 Notes GBP 40,000,000 0.65% 40,000,000 2.38% 1.000000000 22.59% A/A2/A A/Aa1/A - 1m Libor + 54 Dec-2054 XS0284074167
1C1 Notes USD 94,600,000 0.79% 94,600,000 2.88% 1.000000000 8.07% BBB/Baa2/BBB BBB-/A3/BBB - 1m $Libor + 60 Dec-2054 US38741YDN67
2C1 Notes USD 30,000,000 0.25% 30,000,000 0.91% 1.000000000 8.07% BBB/Baa2/BBB BBB-/A3/BBB - 1m $Libor + 86 Dec-2054 US38741YDP16
2C2 Notes EUR 30,000,000 0.32% 30,000,000 1.18% 1.000000000 8.07% BBB/Baa2/BBB BBB-/A3/BBB - 1m Euribor + 90 Dec-2054 XS0284071221
3C2 Notes GBP 36,000,000 0.59% 36,000,000 2.15% 1.000000000 8.07% BBB/Baa2/BBB BBB-/A3/BBB - 1m Libor + 100 Dec-2054 XS0284075560
GRANM 2007-2 GBP 4,611,268,525 1,272,781,163 Closing 23-May-2007 Reset Date 17-Jun-2014
1B1 Notes USD 66,500,000 0.73% 66,500,000 2.63% 1.000000000 34.31% AA/Aa3/AA A/Aaa/*-/AA+ - 1m $Libor + 16 Dec-2054 US38741YDU01
1M1 Notes USD 64,000,000 0.70% 64,000,000 2.53% 1.000000000 22.59% A/A2/A A/Aa1/A - 1m $Libor + 32 Dec-2054 US38741YDX40
2A1 Notes USD 1,025,000,000 11.19% 230,424,982 9.12% 0.224804860 46.18% AAA/Aaa/AAA A/Aaa/*-/AAA - 1m $Libor + 8 Dec-2054 US38741YDR71
2A2 Notes CAD 500,000,000 4.97% 112,402,430 4.05% 0.224804860 46.18% AAA/Aaa/AAA A/Aaa/*-/AAA - 1m CADLibor + 18 Dec-2054 CA38741YEC99
2B1 Notes USD 53,500,000 0.58% 53,500,000 2.12% 1.000000000 34.31% AA/Aa3/AA A/Aaa/*-/AA+ - 1m $Libor + 24 Dec-2054 US38741YDV83
2M1 Notes USD 52,000,000 0.57% 52,000,000 2.06% 1.000000000 22.59% A/A2/A A/Aa1/A - 1m $Libor + 48 Dec-2054 US38741YDY23
2C1 Notes USD 50,000,000 0.55% 50,000,000 1.98% 1.000000000 8.07% BBB/Baa2/BBB BBB-/A3/BBB - 1m $Libor + 86 Dec-2054 US38741YEA38
3A1 Notes USD 1,100,000,000 12.01% 247,285,346 9.78% 0.224804860 46.18% AAA/Aaa/AAA A/Aaa/*-/AAA - 1m $Libor + 18 Dec-2054 US38741YDS54
3A2 Notes EUR 1,000,000,000 14.85% 224,804,860 12.09% 0.224804860 46.18% AAA/Aaa/AAA A/Aaa/AAA - 1m Euribor + 20 Dec-2054 XS0298974840
3B1 Notes USD 35,000,000 0.38% 35,000,000 1.38% 1.000000000 34.31% AA/Aa3/AA A/Aaa/*-/AA+ - 1m $Libor + 32 Dec-2054 US38741YDW66
3B2 Notes EUR 100,000,000 1.48% 100,000,000 5.38% 1.000000000 34.31% AA/Aa3/AA A/Aaa/AA+ - 1m Euribor + 32 Dec-2054 XS0298975813
3B3 Notes GBP 53,000,000 1.15% 53,000,000 4.16% 1.000000000 34.31% AA/Aa3/AA A/Aaa/AA+ - 1m Libor + 32 Dec-2054 XS0298980813
3M2 Notes EUR 162,000,000 2.40% 162,000,000 8.71% 1.000000000 22.59% A/A2/A A/Aa1/A - 1m Euribor + 58 Dec-2054 XS0298976621
3M3 Notes GBP 20,000,000 0.43% 20,000,000 1.57% 1.000000000 22.59% A/A2/A A/Aa1/A - 1m Libor + 58 Dec-2054 XS0298981621
3C3 Notes GBP 60,000,000 1.30% 60,000,000 4.71% 1.000000000 8.07% BBB/Baa2/BBB BBB-/A3/BBB - 1m Libor + 98 Dec-2054 XS0298984641
4A1 Notes USD 1,000,000,000 10.92% 224,804,860 8.89% 0.224804860 46.18% AAA/Aaa/AAA A/Aaa/AAA - 1m $Libor + 9 Dec-2054 US38741YDT38
4A2 Notes GBP 650,000,000 14.10% 146,123,159 11.48% 0.224804860 46.18% AAA/Aaa/AAA A/Aaa/AAA - 1m Libor + 22 Dec-2054 XS0298980060
Granite Funding Limited GBP 1,851,248,149

Funding Reserve Fund GBP 40,614,012
Granite Funding 2 Limited GBP 8,840,739,873

Funding 2 & Master Issuer Reserve GBP 713,425,000
Lead Managers
Transaction Summary
Report Date May-2014 Apr-2014 Mar-2014 Feb-2014 Jan-2014 Dec-2013 Nov-2013 Oct-2013 Sep-2013 Aug-2013 Jul-2013 Jun-2013 May-2013 Apr-2013 Mar-2013
Granite Mortgages 03-2
Reserve Fund Requirement 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000
Current Balance 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000 35,000,000
Current Balance 33,400,000 33,400,000 33,400,000 33,400,000 33,400,000 33,400,000 33,400,000 33,400,000 33,400,000 33,400,000 33,400,000 33,400,000 33,400,000 33,400,000 33,400,000
Current Balance 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000
Current Balance 59,800,000 59,800,000 59,800,000 59,800,000 59,800,000 59,800,000 59,800,000 59,800,000 59,800,000 59,800,000 59,800,000 59,800,000 59,800,000 59,800,000 59,800,000
Current Balance 66,000,000 66,000,000 66,000,000 66,000,000 66,000,000 66,000,000 66,000,000 66,000,000 66,000,000 66,000,000 66,000,000 66,000,000 66,000,000 66,000,000 66,000,000
Funding 2 & Granite Master Issuer Reserve Fund
Funding 2 Reserve (£000s) - £713mm required 713,425,000 713,425,000 713,425,000 713,425,000 713,425,000 713,425,000 713,425,000 713,425,000 713,425,000 713,425,000 713,425,000 713,425,000 713,425,000 713,425,000 713,425,000
Funding Reserve Balance
Current Balance 40,614,012 40,880,497 41,592,383 41,592,383 41,877,314 42,605,160 42,605,160 42,877,202 43,607,932 43,607,932 43,848,228 44,427,278 44,427,278 44,636,676 45,209,098
Transaction Summary
> = 1 < 3 Months > = 3 < 6 Months > = 6 < 9 Months
No loans 150,500 152,056 153,791 155,406 157,241 158,840 160,643 162,439
> = 9 < 12 Months > = 12 Months
Average Loan Balance 99,330 99,511 99,630 99,771 99,801 99,969 100,078 100,229 14%
WA Current LTV 78.46% 78.52% 78.59% 78.67% 78.72% 78.76% 78.82% 78.86%
WA Current LTV >80% (% of balance) 59.42% 59.76% 60.05% 60.45% 60.63% 60.89% 61.17% 61.40% 12%
WA Indexed LTV 78.34% 80.04% 80.09% 80.16% 80.27% 80.29% 80.33% 82.01%
Weighted Average Remaining Term (Years) 17 17 17 17 17 17 18 18
6%
Seller Share % 28.84% 28.47% 28.09% 27.74% 27.37% 26.95% 26.59% 26.23%
Funding 2 Reserve (£000s) - £713mm required 713,425 713,425 713,425 713,425 713,425 713,425 713,425 713,425 4%
Arrears (% Outstanding Principal) Total 8.98% 9.02% 9.47% 9.51% 9.81% 10.01% 9.98% 10.29%
> = 1 < 3 Months 4.84% 4.76% 5.11% 5.05% 5.21% 5.39% 5.27% 5.45% 2%
> = 3 < 6 Months 2.05% 2.09% 2.12% 2.16% 2.25% 2.27% 2.27% 2.36%
0%
> = 6 < 9 Months 0.91% 0.93% 0.98% 1.00% 1.01% 1.02% 1.09% 1.09%
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
> = 9 < 12 Months 0.46% 0.49% 0.50% 0.50% 0.52% 0.52% 0.53% 0.55%
> = 12 Months 0.72% 0.75% 0.77% 0.80% 0.82% 0.81% 0.83% 0.84%
> = 3 Months 4.14% 4.25% 4.36% 4.46% 4.60% 4.62% 4.72% 4.84% Chart 2: Arrears (£ 000s)
Arrears (£000s) Total 1,342,507 1,364,267 1,451,010 1,475,030 1,539,374 1,589,986 1,605,029 1,675,543 > = 1 < 3 Months > = 3 < 6 Months > = 6 < 9 Months
> = 1 < 3 Months 724,175 721,004 782,284 783,253 817,968 856,563 846,758 888,134 > = 9 < 12 Months > = 12 Months
> = 3 < 6 Months 306,049 316,480 324,783 335,641 353,386 361,142 364,732 384,638 3,000,000
> = 6 < 9 Months 135,659 140,020 150,639 155,531 158,305 161,546 174,523 177,243
> = 9 < 12 Months 69,359 74,020 76,028 76,793 81,185 81,880 85,208 88,891 2,500,000
> = 12 Months 107,265 112,743 117,276 123,812 128,531 128,856 133,808 136,636
2,000,000
> = 3 Months 618,333 643,262 668,726 691,777 721,406 733,423 758,271 787,408
1,500,000
Excess Spread (1-month ann.) - Funding 2 1.17% 0.80% 0.93% 1.07% 0.86% 0.89% 0.82% 0.98%
CPR (1-month annualised) 13.81% 14.21% 13.53% 13.80% 14.23% 14.11% 14.36% 12.55%
1,000,000
CPR represented by removals (%) - RHS - 0.16% - - 0.24% - 0.03% 0.03%
CPR represented by non-removals (%) - RHS 100.00% 99.84% 100.00% 100.00% 99.76% 100.00% 99.97% 99.97% 500,000
Interest Payment Type (by Balance)
Fixed Rate 3.17% 3.18% 3.20% 3.23% 3.28% 3.35% 3.43% 3.51% 0
Together Rate 46.12% 46.07% 46.06% 46.01% 45.96% 45.93% 45.89% 45.82%
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Variable Rate 46.14% 46.19% 46.22% 46.26% 46.29% 46.27% 46.25% 46.26%
Tracker Rate 4.57% 4.56% 4.53% 4.50% 4.48% 4.46% 4.44% 4.41%
Chart 3: CPR Analysis
Average Time from Possession to Sale in days 138 138 138 138 138 138 138 139 CPR (1-month annualised)
Properties in Possession (%) 0.34% 0.33% 0.35% 0.36% 0.34% 0.37% 0.35% 0.39% 18%
No. of Properties in Possession (Current) 418 425 456 456 441 483 463 514 16%
Losses
14%
Cumulative loss (£000s) 527,244 525,241 522,244 518,694 515,911 512,775 509,097 503,583
Monthly loss (£000s) 2,003 2,997 3,550 2,783 3,136 3,678 5,495 5,201 12%
Average Principal Loss (Since inception) 24,473 24,499 24,514 24,500 24,497 24,495 24,459 24,420 10%
Average Principal Loss (current month) 19,078 22,198 26,695 25,073 24,888 30,647 28,618 30,958
8%
Product type
Endowment 9.46% 9.45% 9.42% 9.41% 9.40% 9.37% 9.37% 9.39% 6%
Interest Only 37.48% 37.39% 37.33% 37.27% 37.22% 37.16% 37.05% 36.98% 4%
Pension Policy - - - - - - - -
2%
Personal Equity Plan - - - - - - - -
Repayment 52.87% 52.96% 53.02% 53.07% 53.10% 53.16% 53.25% 53.29% 0%
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Substitution
Substituted current period - - - - - - - -
TRIGGERS
Chart 4: Current LTV Breakdown
As advised via RNS dated 20 November 2008 an arrears trigger event has occurred. As the Granite Mortgages 03-3 plc notes were not redeemed on the January 2009 payment date
10.98% 0% -25%
a Funding step up trigger event has occurred.
1.79% 25%- 50%
As advised via RNS dated 20 November 2008 a non-asset trigger event has occurred. Following the occurrence of the non-asset trigger the distribution of Trust principal 2.28%
11.89% 50%-60%
changes with all principal allocated to Funding and Funding 2 in proportion to their respective shares. The bonds will be paid sequentially by rating class. Within the AAA Step Up Trigger has occurred 34.27%
6.46% 60%-70%
class bonds will be paid in order of legal final maturity. A step up trigger event will occur if any issuer is not called on its step up and call date. In the event of a
Funding issuer non call trigger the Granite Mortgages 04-2 issuer reserve fund target will step up by 70%-80%
5.28%
No asset trigger event has occurred £8.9mn, the Granite Mortgages 04-3 issuer reserve fund target by £10.8mn, and the Funding reserve 80%-90%
8.79%
A "non-asset trigger event" means any of the following events: target will step up by £22.1mn. 90%-95%
• an insolvency event occurs in relation to the seller; • the seller's role as administrator is terminated and a new administrator is not appointed within 60 days; or 95%-100%
• on the distribution date immediately succeeding a seller share event distribution date, the current seller share is equal to or less than the minimum seller share 18.25%
In the event of a Funding 2 series not being called the Funding 2 reserve fund required amount > = 100%
(determined using the amounts of the current seller share and minimum seller share that would exist after making the distributions of mortgages trustee principal receipts increases by £37.5 million.
due on that distribution date). In each case the increase is targeted by trapping excess spread.
Holmes Master Issuer plc

Assets Outstanding Asset Type Originator Trustee Date (approx.)
Residential
Performance Tracker United Kingdom £9,686,178,661 Abbey National The Bank of New York Mellon Co. 28-May-14
Mortgages
Performance Report Contact Details Telephone : +44 (0)20 7756 6165 Facsimilie : +44 (0)20 7756 5862 Email : MBF@santander.co.uk www.holmesreporting.com
Capital Structure
Currency Amount % Amount % Factor Current Origination Current Watch Coupon Principal Window Legal Maturity ISIN
HMI 2010-1 GBP 2,330,012,324 1,032,150,000 Closing 12-Nov-2010
A2 Notes USD 900,000,000 23.73% - - - 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 140 Oct-12 - Apr-14 Oct-2054 XS0557834628
A3 Notes EUR 500,000,000 18.80% - - - 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 140 Oct-12 - Apr-14 Oct-2054 XS0557834891
A4 Notes EUR 750,000,000 28.20% 750,000,000 63.67% 1.00000000 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 150 Jul-14 - Jan-16 Oct-2054 XS0557835195
A5 Notes GBP 375,000,000 16.09% 375,000,000 36.33% 1.00000000 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 4.009% Oct-2017 Oct-2054 NA
HMI 2011-1 GBP 2,046,736,468 1,117,276,503 Closing 09-Feb-2011
A1 Notes USD 500,000,000 15.08% - - - 27.39% A-1+/P-1/F1+ NR/WR/PIF - 1m $Libor + 14 Jan-2012 Jan-2012 XS0590150362
A2 Notes USD 700,000,000 21.11% 259,527,596 14.34% 0.37075371 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 135 Jul-2014 Oct-2054 XS0590150529
A3 Notes EUR 650,000,000 27.09% 240,989,911 18.40% 0.37075371 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 135 Jul-2014 Oct-2054 XS0590402276
A4 Notes EUR 500,000,000 20.84% 500,000,000 38.17% 1.00000000 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 145 Apr-2016 Oct-2054 XS0590150792
A5 Notes GBP 325,000,000 15.88% 325,000,000 29.09% 1.00000000 27.39% AAA/Aaa/NR AAA/Aaa/AAA - 3m Libor + 145 Apr-2016 Oct-2054 XS0590150875
HMI 2011-2 GBP 250,000,000 116,188,415 Closing 25-Mar-2011
A1 Notes GBP 250,000,000 100.00% 116,188,415 100.00% 0.46475366 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 116 Jan-13 - Jul-14 Oct-2054 XS0608362058
HMI 2011-3 GBP 2,399,231,360 1,600,964,590 Closing 21-Sep-2011
A1 Notes USD 500,000,000 13.19% - - - 27.39% A-1+/P-1/F1+ NR/WR/PIF - 1m $Libor + 13 Jul-2012 Jul-2012 XS0679914787
A2 Notes USD 2,000,000,000 52.87% 1,332,362,806 52.78% 0.66618140 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 155 Jul-13 - Jan-15 Oct-2054 XS0679914860
A3 Notes EUR 200,000,000 7.27% 133,236,281 7.26% 0.66618140 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 140 Jul-13 - Jan-15 Oct-2054 XS0679918853
A4 Notes GBP 165,000,000 6.88% 165,000,000 10.31% 1.00000000 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 165 Apr-15 - Oct-16 Oct-2054 XS0679914944
A5 Notes USD 500,000,000 13.19% 500,000,000 19.77% 1.00000000 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 361.5 Jan-2019 Oct-2054 XS0679915081
A6 Notes USD 250,000,000 6.59% 250,000,000 9.88% 1.00000000 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 175 Jan-2019 Oct-2054 XS0679915164
HMI 2012-1 GBP 2,206,749,434 1,416,582,858 Closing 25-Jan-2012
A1 Notes USD 500,000,000 14.70% - - - 27.39% A-1+/P-1/F1+ NR/WR/PIF - 1m $Libor + 20 Jan-2013 Jan-2013 XS0736418459
A2 Notes USD 500,000,000 14.73% 360,341,151 16.54% 0.72068230 27.39% AAA/Aaa/AAA AAA/Aaa/*-/AAA - 3m $Libor + 165 Oct-13 - Apr-15 Oct-2054 XS0736397604
A3 Notes EUR 1,200,000,000 45.21% 864,818,763 50.76% 0.72068230 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 155 Oct-13 - Apr-15 Oct-2054 XS0736398834
A4 Notes GBP 175,000,000 7.93% 126,119,403 8.90% 0.72068230 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 175 Oct-13 - Apr-15 Oct-2054 XS0736398917
A5 Notes JPY 20,000,000,000 7.68% 14,413,646,056 8.62% 0.72068230 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - NA Oct-13 - Apr-15 Oct-2054 XS0736399055
A6 Notes GBP 215,000,000 9.74% 215,000,000 15.18% 1.00000000 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 185 Jan-16 - Jul-17 Oct-2054 XS0736399139
Z Notes GBP 610,000,000 610,000,000 1.00000000 - NR/NR/NR NR/NR/NR - 3m Libor + 90 NA Oct-2054 NA
HMI 2012-2 GBP 785,175,879 785,175,879 Closing 19-Apr-2012
A Notes USD 1,250,000,000 100.00% 1,250,000,000 100.00% 1.00000000 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 155 Apr-16 to Oct-17 Oct-2054 XS0773322606
Z Notes GBP 175,000,000 175,000,000 1.00000000 - NR/NR/NR NR/NR/NR - 3m $Libor + 90 NA Oct-2054 XS0773322788
HMI 2012-3 GBP 638,177,134 638,177,134 Closing 08-Jun-2012
A1 Notes GBP 515,000,000 80.70% 515,000,000 80.70% 1.00000000 27.39% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 155 Apr-16 to Oct-17 Oct-2054 XS0790113475
B1 Notes USD 140,000,000 14.13% 140,000,000 14.13% 1.00000000 26.12% AA/Aa3/AA AA/Aa3/AA - 3m $Libor + 220 Jul-17 to Oct-17 Oct-2054 XS0790113558
B2 Notes GBP 33,000,000 5.17% 33,000,000 5.17% 1.00000000 26.12% NR/Aa3/AA NR/Aa3/AA - 3m Libor + 235 Jul-17 to Oct-17 Oct-2054 XS0790188055
HMI 2012-4 GBP 510,528,595 364,663,282 Closing 28-Aug-2012
A Notes EUR 650,000,000 100.00% 464,285,714 100.00% 0.71428571 27.39% AAA/Aaa/AAA AAA/Aaa/*-/AAA - 3m Euribor + 75 Jan-14 - Jul-15 Oct-2054 XS0816608755
Z Notes GBP 180,000,000 180,000,000 1.00000000 - NR/NR/NR NR/NR/NR 3m Libor + 90
HMI 2013-1 GBP 1,096,853,263 600,000,000 Closing 30-May-2013
A1 Notes USD 750,000,000 77.86% - - - 27.39% A-1+/P-1/F1+ NR/WR/PIF - 1m $Libor + 8 04/16 to 10/17-Bullet Apr-2014 XS0938279378
A2 Notes GBP 500,000,000 78.35% 500,000,000 78.35% 1.00000000 26.12% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 40 Jul-17 to Oct-17 Oct-2054 XS0938012704
A3 Notes GBP 100,000,000 15.67% 100,000,000 15.67% 1.00000000 26.12% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 40 Jul-17 to Oct-17 Oct-2054 XS0938091575
Z Notes GBP 2,015,000,000 20.80%

First Reserve GBP 515,000,000 5.32%
Total Funding Notes GBP 9,686,178,661
Lead Managers
HMI 2010-1 Santander, Bank of America ML, Barclays, JP Morgan HMI 2012-1 Santander, Barclays Capital, Deutsche Bank AG, JP Morgan HMI 2013-1 Bank of America Merrill Lynch, Credit Suisse, Lloyds TSB, Santander
HMI 2011-1 BNP Paribas, Deutsche Bank, JP Morgan, Santander HMI 2012-2 JP Morgan
HMI 2011-2 JP Morgan Securities Ltd HMI 2012-3 Barclays, Santander
HMI 2011-3 Banco Santander, Bank of America, Citigroup, JP Morgan Securities Ltd HMI 2012-4 Deutsche Bank, Santander
Holmes Master Issuer plc
Transaction Summary
Chart 1: Arrears as % of Outstanding Principal Balance*
Balance
No loans 114,075 116,185 121,680 123,668 125,771 127,968 130,449 132,913 12.00
12.00 Months
Months + + 6.00 -11.996.00 -11.995.00
Months Months
- 5.99 Months5.00 4.00
- 5.99 Months
- 4.99 Months
Average Loan Balance 98,875 99,230 100,093 100,411 100,830 101,190 101,502 101,927 6% 4.00
3.00 - 4.99
- 3.99 Months2.00 - 2.993.00
Months - 3.99 Months
Months 1.00 - 1.99 Months2.00 - 2.99 Months
6% 1.00 - 1.99 Months
WA Indexed LTV 60.40% 60.24% 62.52% 63.32% 62.07% 62.84% 63.42% 63.72%
WA LTV 62.58% 62.62% 63.01% 63.07% 63.12% 63.14% 63.13% 63.13% 5%
5%
WA Current LTV >80% (% of balance) 19.74% 19.74% 20.12% 20.18% 20.21% 20.14% 20.08% 19.95%
4%
WA Seasoning (Months) 83 82 81 80 79 78 76 75
WA maturity (years) 15 15 15 15 15 15 15 15 3%
3%
Seller Share(%) 14.59% 10.84% 13.46% 13.05% 12.89% 12.55% 14.37% 14.87%
2%
First Reserve (£000s) - £515mm required 515,000 515,000 515,000 515,000 515,000 515,000 515,000 515,000
Minimum Seller Share 8.76% 8.68% 8.49% 8.41% 8.31% 8.22% 8.14% 8.05% 1%
Arrears (% Outstanding Principal) Total 1.93% 1.92% 5.01% 4.90% 4.74% 4.67% 4.62% 4.60% 0%
1.00 - 1.99 Months 1.52% 1.68% 1.87% 1.81% 1.69% 1.67% 1.65% 1.63%
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
2.00 - 2.99 Months 0.34% 0.22% 0.95% 0.93% 0.94% 0.90% 0.89% 0.91%
3.00 - 3.99 Months 0.05% 0.01% 0.61% 0.60% 0.60% 0.62% 0.59% 0.62%
4.00 - 4.99 Months 0.01% 0.00% 0.38% 0.43% 0.38% 0.35% 0.37% 0.34% Chart 2: CPR Analysis*
Analysis
5.00 - 5.99 Months 0.00% 0.00% 0.31% 0.24% 0.24% 0.27% 0.27% 0.25% Current Annualised
Current AnnualisedCPR
CPR -- Redemptions
Repurchases
6.00 -11.99 Months 0.01% 0.01% 0.61% 0.62% 0.62% 0.60% 0.60% 0.60% Current Annualised CPR - Redemptions
45%
12.00 Months + 0.00% 0.00% 0.28% 0.27% 0.27% 0.26% 0.25% 0.25% Current Annualised CPR - Redemptions
40%
60%
Excess Spread Funding 1 (reported qtrly) 1.83% 1.83% 1.83% 1.59% 1.59% 1.59% 1.57% 1.57%
Excess Spread Funding 2 (reported qtrly) NA NA NA NA NA NA NA NA 35%
50%
Current Annualised CPR - Redemptions 44.54% 15.53% 15.98% 18.55% 18.07% 21.70% 23.28% 17.84% 30%
40%
25%
Mortgage Rate 20%
30%
Variable Rate 46.86% 46.71% 47.84% 47.75% 47.56% 47.51% 47.29% 46.68%
Fixed Rate 15.12% 15.53% 15.54% 15.90% 16.17% 16.31% 16.69% 17.18% 15%
20%
Tracker Rate 37.80% 37.54% 36.39% 36.12% 36.03% 35.94% 35.79% 35.90%
10%
10%
Properties in possession (£000s) - - 6,609 7,293 7,370 6,622 8,752 9,545 5%
Properties in possession (number) - - 45 44 50 53 63 66
0%
Properties in Possession (%) - - 0.05% 0.06% 0.06% 0.05% 0.07% 0.07%
Apr-11
Jul-11
Oct-11
Jan-11
Jan-12
Apr-12
Jul-12
Jan-12
Oct-12
Jan-13
Apr-13
Jan-13
Jul-13
Oct-13
Jan-14
Jan-14
Apr-14
Apr-10
Oct-10
Apr-11
Oct-11
Apr-12
Oct-12
Apr-13
Oct-13
Apr-14
Jul-10
Jul-11
Jul-12
Jul-13
Repossessed in period (number) - 37 15 8 13 14 15 17
Life average loss severity 13.52% 13.52% 13.47% 13.47% 13.47% 13.46% 13.43% 13.41%
Current month loss severity #DIV/0! 28.39% 14.57% 13.39% 16.06% 16.15% 18.69% 12.81%
Average principal loss (since inception) 32,154 32,154 32,017 31,996 32,013 32,039 31,920 31,874 Chart3:3:Current
Chart CurrentLTV LTV Breakdown
Breakdown
Average principal loss (current month) - 82,607 37,291 27,764 27,316 49,293 40,912 33,954 7.91%
Loan Purpose Analysis 7.35%
10.21%
10.21%
Purchase 45.41% 45.56% 45.37% 45.48% 45.65% 45.76% 45.87% 45.93% 7.91% 25.01 - 50.00
0.00 - 25.00
Remortgage 53.31% 53.18% 53.33% 53.23% 53.08% 52.98% 52.88% 52.82% 50.01
25.01 -- 50.00
75.00
Loss 7.35%
4.48% 4.48% 75.01
50.01 -- 75.00
80.00
Cumulative loss (£000s) 71,478 71,478 70,983 70,647 70,397 70,070 69,330 68,880 2.53%
Current loss (£000s) - 496 336 250 328 739 450 441 40.46% 6.22% 80.01
75.01 -- 80.00
85.00
40.46% 85.01
80.01 -- 85.00
90.00
Endowment - - - - - - - - 20.83%
Interest Only 57.76% 57.52% 57.62% 57.45% 57.28% 57.06% 56.88% 56.72% 20.83% 90.01
85.01 -- 90.00
95.00
Repayment 42.24% 42.48% 42.38% 42.55% 42.72% 42.94% 43.12% 43.28% >95
90.01 - 95.00
Trigger Events
Asset Event Occurred An arrears trigger event will occur if: Event Occurred
Amount debited to the AAA principal deficiency sub ledger (Funding programme notes outstanding) None (i) the outstanding principal balance of the loans in arrears for more than 90 days divided by the None - The arrears trigger has been cured and it is expected the £50m will
outstanding principal balance of all of the loans in the mortgages trust (expressed as a percentage) be repaid to Santander UK on the April Interest payment date
Non Asset exceeds 2 per cent. or
Insolvency event occurs in relation to seller None (ii) the issuing entity does not exercise its option to redeem the issuing entity notes on the relevant None
Seller's role as servicer terminated & new servicer appointed within 60 days None step-up date pursuant to the terms and conditions of the issuing entity notes (but only where such
The then current Seller Share is less than the minimum seller's share None right of redemption arises on or after a particular specified date and not as a result of the occurrence
of any event specified in the terms and conditions of the relevant issuing entity notes)
Full details of all trigger events can be found within the Holmes Master Issuer plc offering circular
* In Feb-2014 all mortgages that were >=2 months in arrears were purchased out of the pool. Due to a lack of recent new issuance and the re-purchasing of performing assets thanks to mortgage amendments, Santander UK wanted to reallign the HMI pool with the bank's general mortgage
performance. As a result this re-purchase appears in the CPR figure for the latest month.
Lanark Master Issuer plc

Assets Outstanding Asset Type Originator Lead Manager Trustee Ticker Closing Date Date (approx.)
Residential Yorkshire Bank Home Loans Barclays Capital and Deutsche
Performance Monitor United Kingdom £2,250,536,030 Deutsche Trustee Co. Ltd. LAN 2007-1X 6-Aug-07 6-Apr-14
Mortgages Limited, Clydesdale Bank PLC Bank
Performance Report Contact Details Contact: Graham Conway. Tel: +44 207 710 2454. Email: graham.j.conway@eu.nabgroup.com
Capital Structure
Capital Structure Capital Structure Pool Credit Enhancement S&P / Moody's / Fitch Principal
Currency Amount % Amount % Factor Current Origination Current Watch Coupon Window Legal Maturity ISIN
LAN 2012-1X GBP 769,000,000 660,571,487 Closing 27-Feb-2012 Reset Date 22-Aug-2014
1A1 Notes EUR 615,000,000 66.64% 484,885,785 61.17% 0.788432171 19.40% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 195 May-13 - Aug-15 22/12/2054 XS0717741630
Z Note GBP 256,500,000 - 256,500,000 - - - NR/NR/NR NR/NR/NR
LAN 2012-2X GBP 1,111,018,844 1,039,216,155 Closing 27-Jul-2012 Reset Date 22-Aug-2014
1A1 Notes USD 800,000,000 66.45% 687,592,891 66.49% 0.859491114 19.40% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 140 Nov-13 - May-16 22/12/2054 USG53590AW82
1A1 Notes GBP 525,000,000 68.27% 525,000,000 79.48% 1.000000000 19.40% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 163 May-16 - Feb-18 22/12/2054 XS0810073576
LAN 2013-1X GBP 550,748,387 550,748,387 Closing 13-Jun-2013 Reset Date 22-Aug-2014
1A1 Notes USD 300,000,000 25.17% 300,000,000 29.30% 1.000000000 19.40% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 50 Aug-14 - Aug-16 22/12/2054 XS0943881556
1A1 Notes GBP 350,000,000 45.51% 350,000,000 52.98% 1.000000000 19.40% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 45 Aug-14 - Aug-16 22/12/2054 XS0943884493

Z notes GBP 338,700,000 15.05%
Total Notes GBP 2,250,536,030 -
Lead Managers
LAN 2007-1X Barclays Capital, Deutsche Bank
LAN 2012-1X Barclays Capital, Deutsche Bank, JPMorgan, RBS
LAN 2013-1X Barclays Capital, Deutsche Bank, Lloyds TSB, National Australia Bank
Lanark Master Issuer plc
Transaction Summary
Report Date Mar-2014 Feb-2014 Jan-2014 Dec-2013 Nov-2013 Oct-2013 Sep-2013 Aug-2013
Mortgage principal balance (£000s) 3,350,023 2,709,720 2,778,299 2,843,316 2,926,024 3,013,396 3,118,994 3,223,941 2.00%
Number of loans 36,592 32,536 33,245 33,921 34,847 35,939 37,054 37,847 >3M <=4M >2M <=3M >1M <=2M
Average Loan Size 97,546 89,247 89,576 89,865 90,070 89,923 90,259 91,369 1.75%
Weighted Average Current LTV (indexed) 57.48% 57.40% 58.01% 59.03% 58.74% 59.02% 59.65% 60.48%
1.50%
1.25%
Weighted Average Seasoning (months) 50 59 58 57 56 55 54 53
Seller's Share % 15.76% 17.18% 18.46% 20.17% 21.90% 23.97% 25.88% 28.44% 1.00%
Minimum sellers share (%) 10.33% 10.20% 10.22% 10.24% 10.10% 9.92% 9.81% 9.57%
Reserve Fund (000s) - 97.98mm required 97,978 97,978 79,577 79,577 79,577 79,577 79,577 79,577 0.75%
>1M <=2M 0.64% 0.33% 0.60% 0.53% 0.16% 0.65% 0.19% 0.56% 0.50%
>2M <=3M 0.08% 0.14% 0.25% 0.21% 0.24% 0.25% 0.24% 0.27%
0.25%
>3M <=4M 0.10% 0.18% 0.15% 0.19% 0.20% 0.16% 0.14% 0.17%
3M + 0.61% 0.75% 0.78% 0.84% 0.82% 0.78% 0.80% 0.86% 0.00%
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Annualised CPR (incl repurchases) 17.2% 25.1% 21.0% 25.8% 28.4% 31.1% 30.6% 37.3%
Annualised CPR (excl repurchases) 8.8% 12.1% 11.9% 10.6% 10.8% 15.9% 19.2% 16.5%
Annualised Excess Spread % 0.96% 1.76% 1.38% 1.28% 1.59% 1.32% 1.55% 1.48% Chart 2: CPR Analysis
40%
Possession and Loss Information
Annualised CPR (excl repurchases)
Properties in possession (000s) 906 943 981 1,223 1,422 1,715 2,162 2,486 35%
Annualised CPR (incl repurchases)
Sold this period (000s) 113 493 245 98 525 408 829 138
30%
Losses this period (000s) 31 12 24 29 46 115 289 6
Losses since inception (000s) 2,322 2,291 2,278 2,255 2,226 2,180 2,065 1,910 25%
Monthly Average Loss Severity 67.96% 13.31% 13.99% 45.05% 17.82% 39.25% 34.44% 4.06%
Total Average Loss Severity 20.15% 19.84% 20.03% 20.12% 19.97% 20.04% 19.55% 18.73% 20%
15%
Average time from possession to sale (days) 192 191 192 191 191 192 193 185
Repayment Profile 10%
Repayment 72.16% 67.58% 67.79% 68.03% 68.15% 68.46% 68.57% 68.71%
Interest Only 27.84% 32.42% 32.21% 31.97% 31.85% 31.54% 31.43% 31.29% 5%
Product Type 0%
Discounted 5.81% 4.11% 4.27% 4.37% 4.59% 4.80% 5.00% 5.48%
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Fixed 37.32% 24.66% 24.92% 25.65% 26.01% 26.10% 26.36% 26.79%
Tracker 25.83% 32.12% 31.67% 31.24% 31.05% 30.73% 30.42% 30.18%
Variable 31.04% 39.10% 39.15% 38.74% 38.35% 38.36% 38.23% 37.55% Chart 3: Current Indexed LTV
Loan Characteristics > 0 < 26
London, Outer Metro and South East 27.04% 22.77% 22.51% 22.36% 22.29% 22.13% 22.17% 22.06% >= 26 < 51
9.89% 10.00%
Yorks and Humber 21.07% 23.14% 23.32% 23.42% 23.53% 23.57% 23.74% 23.70% >= 51 < 56
10.07%
Scotland 22.56% 23.06% 23.13% 23.14% 23.17% 23.31% 23.13% 23.17% >= 56 < 61
Buy-to-Let - - - - - - - - >= 61 < 66
7.10%
Substitutions 9.53%
2.91%
>= 66 < 71
Substituted current period 693,109,343 - - - - - - - 1.42%
7.62% >= 71 < 76
7.93% 0.04%
>= 76 < 81
7.79% >= 81 < 86
25.69%
>= 86 < 91
>= 91 < 95
>= 95
Trigger Events
Asset Trigger Event Occurred Non-Asset Trigger Event Occurred
An amount is debited to the AAA principal deficiency sub-ledger to the Funding principal deficiency ledger. NO 1) An insolvency event in relation to the seller. NO
2) Seller's role as servicer is terminated and a new servicer is not appointed within 60 days. NO
Arrears Trigger Event 3) On any distribution date and following the exercise of the right of set-off available to the mortgages trustee, the seller fails to pay to the mortgages trustee NO
The current principal balance of the mortgage loans in the mortgages portfolio in arrears for more than 90 days divided by the current principal NO any offset benefit or non-cash redraw contribution amount, where such failure, in the opinion of the Funding security trustee, is materially prejudicial to the
amount of the mortgage pool exceeds 2%. interests of the note holders of the notes issued by all Funding issuers.
NO
4) The current sellers share is equal to or less than the minimum sellers share on any two consecutive trust distribution dates "sellers share event".
Permanent Financing plc / Permanent Master Issuer plc

Residential
Performance Monitor United Kingdom £12,975,098,139 Halifax The Bank of New York Mellon Co. PERMM 18-Jun-14
Mortgages
Performance Report Contact Details Contact: Tracey Hill. Tel: +44 (0) 113 235 2176. e-mail: traceyhill@halifax.co.uk
Capital Structure
Capital Structure Capital Structure Pool Credit Enhancement S&P / Moody's / Fitch Principal
Funding 2
PERMM 2009-1 GBP 3,975,375,000 3,975,375,000 Closing Sep-2009 Reset Date 15-Jul-14
A1 Notes GBP 1,650,000,000 41.51% 1,650,000,000 41.51% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 170 Oct-2014 Jul-2042 XS0454741272
A2 Notes GBP 1,650,000,000 41.51% 1,650,000,000 41.51% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 170 Oct-2014 Jul-2042 XS0454744375
A3 Notes EUR 750,000,000 16.99% 750,000,000 16.99% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 170 Oct-2014 Jul-2042 XS0454744458
PERMM 2010-1 GBP 2,471,211,626 1,850,325,000 Feb-2010 Reset Date 15-Jul-14
2A1 Notes GBP 200,000,000 8.09% 200,000,000 10.81% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 130 Apr-2015 Jul-2042 XS0484703359
2A2 Notes EUR 750,000,000 26.32% 750,000,000 35.15% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 125 Apr-2015 Jul-2042 XS0484703516
3A Notes GBP 600,000,000 24.28% 600,000,000 32.43% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 4.805% Jan-2017 Jul-2042 XS0484703433
4A Notes GBP 400,000,000 16.19% 400,000,000 21.62% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 130 Jan-2017 Jul-2042 XS0484703862
PERMM 2010-2 GBP 2,484,128,000 1,988,096,000 Closing Jul-2010 Reset Date 15-Jul-14
2A Notes USD 750,000,000 19.97% 750,000,000 24.95% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 150 Jul-2015 Jul-2042 XS0520953950
3A Notes USD 750,000,000 19.97% 750,000,000 24.95% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 150 Jan-2016 Jul-2042 XS0520954255
4A Notes USD 750,000,000 19.97% 750,000,000 24.95% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 150 Apr-2016 Jul-2042 XS0520954412
5A Notes GBP 500,000,000 20.13% 500,000,000 25.15% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 150 Jul-2016 Jul-2042 XS0520954768
PERMM 2011-1 GBP 3,663,784,708 876,680,006 Closing Apr-2011 Reset Date 15-Jul-14
2A1 Notes EUR 200,000,000 4.82% 200,000,000 20.15% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 140 Jan-2016 Jul-2042 XS0617235790
2A2 Notes GBP 200,000,000 5.46% 200,000,000 22.81% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 150 Jan-2016 Jul-2042 XS0617235956
2A3 Notes GBP 500,000,000 13.65% 500,000,000 57.03% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 150 Jan-2016 Jul-2042 XS0617236251
PERMM 2011-2 GBP 3,098,602,582 2,534,622,133 Closing Nov-2011 Reset Date 15-Jul-14
1A1 Notes USD 900,000,000 18.20% - - - 26.61% AAA/Aaa/AAA NR/WR/PIF - 3m $Libor + 120 Oct-2013 Jul-2042 XS0700165672
1A2 Notes USD 1,000,000,000 20.22% 1,000,000,000 24.72% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 155 Oct-2014 Jul-2042 XS0700166134
1A3 Notes USD 1,050,000,000 21.23% 1,050,000,000 25.96% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 160 Oct-2015 Jul-2042 XS0700166720
2A Notes GBP 750,000,000 24.20% 750,000,000 29.59% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/NR - 3m Libor + 165 07/16-10/16 Jul-2042 XS0700016750
3A Notes GBP 500,000,000 16.14% 500,000,000 19.73% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/NR - 2.850% 07/21-10/21 Jul-2042 XS0700016834
PERMM 2013-1 GBP 1,750,000,000 1,750,000,000 Closing Apr-2013 Reset Date 15-Jul-14
1A Notes GBP 1,250,000,000 40.34% 1,250,000,000 49.32% 1.000000000 26.61% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 45 Jan-2016 Jul-2042 XS0909782764
1M Notes GBP 500,000,000 16.14% 500,000,000 19.73% 1.000000000 22.76% A/A2/A A/A2/A - 3m Libor + 110 Jan-2016 Jul-2042 XS0909783143
Funding 2 Reserve Fund GBP 405,000,000 3.12%

Funding 2 Z Loan GBP 2,548,000,000 19.64%
Funding 2 Total Notes GBP 12,975,098,139
Lead Managers
PERMM 2006-1 ABN Amro, Citigroup, UBS PERMM 2010-2 Lloyds TSB Bank PLC
PERMM 2007-1 Deutsche Bank, Lehman Brothers, UBS PERMM 2011-1 Lloyds TSB Bank PLC
PERMM 2008-2 Bank of Scotland Treasury PERMM 2011-2 Lloyds TSB Bank PLC
PERMM 2009-1 Barclays Bank Plc, JP Morgan Securities Ltd, Lloyds TSB Bank PLC PERMM 2013-1 Lloyds TSB Bank PLC
PERMM 2010-1 Bank Of America Merrill Lynch, JP Morgan Securities Ltd, Lloyds TSB Bank PLC
Page Updated: 29 May 2014 Sources: Trustee Reports, the BLOOMBERG PROFESSIONAL™ Service, Fitch, Moody's, S&P, Credit Suisse 24
Permanent Financing plc / Permanent Master Issuer plc
Transaction Summary
Performance Information Chart Data
No loans 295,082 298,361 301,767 305,094 308,315 312,295 316,431 320,587 >= 12 months 6 - < 12 months 3 - < 6 months
Average Loan Balance 75,787 76,033 76,240 76,464 76,622 76,850 77,031 77,162 2 - < 3 months 1 - < 2 months
WA LTV at Origination 72.90% 72.87% 72.84% 72.81% 72.78% 72.75% 72.72% 72.68% 7%
WA Current HPI LTV NA NA NA NA NA NA NA NA
6%
WA Seasoning (Months) 98 97 96 95 94 93 92 91
Standard Variable Rate 3.40% 3.40% 3.40% 3.40% 3.40% 3.40% 3.40% 3.40% 4%
Seller Share % 37.10% 36.56% 36.03% 35.53% 35.06% 34.50% 33.95% 33.43%
Reserve Fund 1 (£000s) - £0,028mm required 27,800 27,800 27,800 27,800 27,800 27,800 27,800 27,800
Reserve Fund 2 (£000s) - £0,405mm required 405,000 405,000 405,000 405,000 405,000 405,000 405,000 405,000 2%
1%
1 - < 2 months 1.74% 1.64% 1.71% 1.75% 1.78% 1.81% 1.71% 1.65%
2 - < 3 months 0.93% 0.97% 0.95% 0.96% 0.95% 0.93% 0.94% 0.85% 0%
3 - < 6 months 1.54% 1.53% 1.52% 1.51% 1.52% 1.50% 1.56% 1.56%
May-11
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
6 - < 12 months 1.10% 1.10% 1.15% 1.17% 1.21% 1.24% 1.23% 1.27%
>= 12 months 0.62% 0.63% 0.64% 0.63% 0.63% 0.63% 0.63% 0.63%
1 - < 3 months 2.67% 2.61% 2.67% 2.71% 2.73% 2.75% 2.65% 2.50% Chart 2: CPR Analysis
>= 3 months 3.25% 3.25% 3.30% 3.32% 3.36% 3.36% 3.42% 3.45%
CPR (1-month annualised) CPR (3-month annualised)
CPR (12-month annualised)
Excess Spread Funding 2 (annualised) 0.79% 0.79% 0.42% 0.42% 0.42% 0.41% 0.41% 0.41% 30%
25%
CPR (12-month annualised) 15.71% 15.55% 15.35% 15.27% 15.21% 14.97% 14.91% 14.89% 20%
Breakdown by Interest Payment Type
15%
Fixed Rate 26.13% 26.52% 26.12% 25.17% 25.13% 24.52% 24.37% 23.55%
Tracker Rate 6.78% 6.85% 6.88% 6.91% 7.71% 7.88% 8.53% 8.78% 10%
Other Variable Rate 66.06% 65.59% 65.97% 66.89% 67.17% 67.59% 67.10% 67.67%
5%
Properties in Possession (£000s) 25,998 23,826 23,724 20,053 17,571 21,103 22,117 21,356 0%
Average Time from Possession to Sale in days 88 98 111 100 107 105 108 113
May-11
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
No. of Properties in Possession 233 216 224 197 179 203 220 202
Loss severity NA NA NA NA NA NA NA NA Chart 3: Current Indexed LTV
Repayment Terms
7.64% 0% - 24.99%
Repayment 54.57% 54.65% 54.73% 54.76% 69.40% 54.97% 54.99% 55.02% 6.23%
25% - 49.99%
Interest-only 45.43% 45.35% 45.27% 45.24% 30.60% 45.03% 45.01% 44.98% 4.62%
Use of proceeds 50% - 74.99%
3.12%
Purchase 63.24% 63.26% 63.29% 63.32% 63.32% 66.55% 63.35% 63.38% 2.02% 75% - 79.99%
38.91%
Remortgage 36.76% 36.74% 36.71% 36.68% 36.68% 33.45% 36.65% 36.62% 2.18% 80% - 84.99%
Substitution 9.67%
85% - 89.99%
Substituted current period - - - - - - - - 90% - 94.99%
Loss 25.61%
95% - 99.99%
Cumulative Losses (£000s) 134,689 134,241 133,106 132,234 131,179 129,510 128,103 126,927
>=100%
Monthly Losses (£000s) 449 1,135 872 1,055 1,669 1,407 1,176 1,441
Trigger Events
Non-asset trigger events: Event Occurred
1) If the Seller suffers an Insolvency Event. No
2) If the role of the Seller as Servicer is terminated and a new Servicer is not appointed within 30 days. No
3) If the current Seller's Share at any time is equal to or less than the Minimum Seller Share. No
4) The outstanding principal balance of the loans comprising the trust property is less than the required amount specified in the latest Final No
Terms, currently £25bn until 9 Dec 2012
Asset trigger events: No

Principal losses on the loans in the portfolio reach a level causing an amount to be debited to the Funding 2 AAA Principal Deficiency Sub-
ledger or the Funding 1 AAA Principal Deficiency Sub-ledger
Other Triggers relate to the Mortgage Sale Agreement Breach - please refer to the latest invesot report for full details.
Silverstone Master Issuer plc

Residential
Performance Monitor United Kingdom £19,460,078,410 Nationwide Building Society Citicorp Trustee Company Limited SMI 20xx-x 15-Jun-14
Mortgages
Performance Report Contact Details Jo Claydon Contact: Tel: +44 (0)845 602 9053 Email: Jo.Claydon@nationwide.co.uk
Capital Structure
Capital Structure Capital Structure Pool Credit Enhancement S&P / Moodys / Fitch Principal
SMI 2009-1 GBP 4,982,200,000 3,732,200,000 Closing 03-Nov-2009
A1 Notes GBP 1,250,000,000 25.09% - - - 18.07% AAA/Aaa/AAA NR/WR/AAA - 3m Libor + 145 Oct-2014 Jan-2055 XS0462896332
A2 Notes GBP 1,600,000,000 32.11% 1,600,000,000 42.87% 1.000000000 18.07% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 145 Oct-2014 Jan-2055 XS0462896415
A3 Notes GBP 650,000,000 13.05% 650,000,000 17.42% 1.000000000 18.07% AAA/Aaa/AAA AAA/Aaa/AAA - 5.063% Oct-2016 Oct-2016 XS0462896688
Z Notes GBP 1,482,200,000 9.00% 1,482,200,000 39.71% 1.000000000 3.73% NR/NR/NR NR/NR/NR - 3m Libor + 150 Jan-2017 Jan-2055 N/A
SMI 2010-1 GBP 1,640,621,882 1,290,749,109 Closing 28-Oct-2010
A1 Notes USD 550,000,000 21.33% - - - 18.07% AAA/Aaa/AAA NR/WR/PIF - 3m $Libor + 140 Oct-2013 Jan-2055 XS0552146465
A2 Notes EUR 1,100,000,000 59.55% 1,100,000,000 75.69% 1.000000000 18.07% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Euribor + 150 Oct-2015 Jan-2055 XS0552150228
A3 Notes USD 300,000,000 11.63% 300,000,000 14.79% 1.000000000 18.07% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 150 Oct-2015 Jan-2055 XS0553809533
Z Notes GBP 123,000,000 7.50% 123,000,000 9.53% 1.000000000 3.73% NR/NR/NR NR/NR/NR - 3m Libor + 150 Jan-2016 Jan-2055 NA
SMI 2011-1 GBP 12,743,336,000 12,743,336,000 Closing 21-Oct-2011
1A Notes USD 2,750,000,000 13.81% 2,750,000,000 13.81% 1.000000000 18.07% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 155 07/14 - 10/14 Jan-2055 XS0692717589
2A Notes GBP 170,000,000 1.33% 170,000,000 1.33% 1.000000000 18.07% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 165 04/16 - 10/16 Jan-2055 XS0692717746
3A1 Notes GBP 1,500,000,000 11.77% 1,500,000,000 11.77% 1.000000000 18.07% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 175 Oct-2018 Jan-2055 XS0692718470
4A Notes USD 500,000,000 2.51% 500,000,000 2.51% 1.000000000 18.07% AAA/Aaa/AAA AAA/Aaa/AAA - 4.150% Oct-2020 Jan-2055 XS0693096587
1Z Notes GBP 148,789,000 1.17% 148,789,000 1.17% 1.000000000 3.73% NR/NR/NR NR/NR/NR - 3m Libor + 150 N/A Jan-2055 NA
3Z1 Notes GBP 126,809,000 1.00% 126,809,000 1.00% 1.000000000 3.73% NR/NR/NR NR/NR/NR - 3m Libor + 150 N/A Jan-2055 NA
SMI 2012-1 GBP 1,693,793,302 1,693,793,302 Closing 22-Mar-2012
1A Notes USD 1,000,000,000 4.98% 1,000,000,000 37.49% 1.000000000 18.07% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 155 Jan-15 and Oct-15 Jan-2055 XS0758797509
2A1 Notes USD 1,050,000,000 5.23% 1,050,000,000 39.36% 1.000000000 18.07% AAA/Aaa/AAA AAA/Aaa/AAA - 3m $Libor + 165 Oct-16 - Jul-17 Jan-2055 XS0758797764
2A2 Notes GBP 200,000,000 1.57% 200,000,000 11.81% 1.000000000 18.07% AAA/Aaa/AAA AAA/Aaa/AAA - 3m Libor + 160 Oct-16 - Jul-17 Jan-2055 XS0758797848
1Z Notes GBP 81,270,000 0.64% 81,270,000 4.80% 1.000000000 - NR/NR/NR NR/NR/NR - 3m Libor + 150 N/A Jan-2055 NA
2Z1 Notes GBP 85,335,000 0.67% 85,335,000 5.04% 1.000000000 - NR/NR/NR NR/NR/NR - 3m Libor + 150 N/A Jan-2055 NA
2Z2 Notes GBP 25,601,000 0.20% 25,601,000 1.51% 1.000000000 - NR/NR/NR NR/NR/NR - 3m Libor + 150 N/A Jan-2055 NA

Z notes GBP 2,790,742,000 14.34%
Lead Managers
Silverstone Master Issuer PLC - 2008-1 Nationwide Building Society
Silverstone Master Issuer PLC - 2008-2 Nationwide Building Society
Silverstone Master Issuer PLC - 2009-1 Barclays, Citibank NA, Bank of America ML, Lloyds TSB
Page Updated: 29 May 2014 Sources: Trustee Reports, the BLOOMBERG PROFESSIONAL™ Service, S&P, Moody's, Credit Suisse 26
Silverstone Master Issuer plc
Transaction Summary
No loans 263,766 266,202 268,554 270,934 270,683 270,679 270,713 270,731 >1<=3 Months >3<=6 Months >6<=9 Months
Average Loan Balance 91,416 91,738 92,037 92,327 92,429 92,553 92,675 92,787 >9<=12 Months >12 Months
1.2%
WA Original LTV 69.5% 69.5% 69.5% 69.5% 69.4% 69.4% 69.4% 69.3%
WA Indexed LTV 54.4% 54.5% 55.7% 55.8% 55.8% 57.0% 57.0% 57.1% 1.0%
WA Indexed LTV >90% (% of balance) 2.4% 2.4% 2.9% 2.9% 3.0% 3.7% 3.8% 3.9% 0.8%
WA remaining term (months) 210 210 211 212 212 212 213 213 0.6%
WA seasoning (months) 81 80 79 78 78 77 77 76
Seller Share % 27.31% 26.87% 27.55% 28.41% 28.42% 28.52% 28.62% 23.73% 0.4%
Reserve Fund - £725mm required 725,000 725,000 725,000 725,000 725,000 725,000 725,000 725,000 0.2%
1<=2 Months 0.48% 0.48% 0.50% 0.52% 0.51% 0.52% 0.49% 0.49% 0.0%
May-11
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
>2<=3 Months 0.15% 0.16% 0.15% 0.15% 0.16% 0.15% 0.16% 0.16%
>3<=6 Months 0.18% 0.18% 0.19% 0.19% 0.18% 0.20% 0.19% 0.20%
>6<=9 Months 0.09% 0.08% 0.09% 0.08% 0.08% 0.09% 0.09% 0.10%
>9<=12 Months 0.04% 0.04% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% Chart 2: Annualised CPR
18%
>12 Months 0.06% 0.06% 0.06% 0.06% 0.06% 0.06% 0.06% 0.05%
>3 Months 0.37% 0.37% 0.38% 0.37% 0.37% 0.40% 0.39% 0.40% 16%
14%
Excess Spread - quarterly annualised 0.76% 0.78% 0.81% 0.84% 0.82% 0.78% 0.78% 0.77% 12%
1-month CPR average (annualised) 15.16% 14.53% 14.34% 14.38% 15.52% 15.66% 15.71% 14.63% 10%
% of CPR - technical` 0.4% 0.5% 0.9% 0.6% 0.8% 0.6% 0.7% 0.8%
8%
% of CPR - natural` 99.6% 99.5% 99.1% 99.4% 99.2% 99.4% 99.3% 99.2%
6%
Properties in Possession 2,766 2,820 2,731 2,451 2,981 3,435 3,194 3,823 4%
Possessed (Current Month) 422 955 638 650 312 936 442 844 2%
Sold current month (£000s) 486 872 322 1,141 687 475 1,077 1,089 0%
No. of properties in possession 31 29 28 27 34 35 30 35
May-11
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
No. of properties sold since inception 443 476 429 423 411 406 401 391
Life loss severity 18.98% 18.86% 19.21% 19.19% 19.32% 19.18% 19.09% 19.05%
Current loss severity 31.19% - 22.41% 14.10% 28.21% 27.54% 20.57% 34.01% Chart 3: Current Indexed LTV
Repayment Terms
Combination 8.1% 8.1% 8.1% 8.1% 8.2% 8.2% 8.3% 8.4% 7.0%
<25.00%
Interest Only 16.8% 16.8% 16.8% 16.8% 16.9% 17.0% 17.1% 17.1%
Repayment 75.2% 75.1% 75.1% 75.1% 75.0% 74.8% 74.7% 74.5% 44.2% 1.2%
25% - 49.99%
4.5%
Product type 50% - 74.99%
0.3% 75% - 79.99%
Fixed 20.7% 20.5% 20.2% 19.9% 19.3% 18.8% 18.6% 18.6% 0.3%
0.6%2.5%
Tracker 5.0% 5.1% 5.2% 5.3% 5.3% 5.4% 5.5% 5.5% 80% - 84.99%
Variable 74.3% 74.4% 74.7% 74.8% 75.4% 75.8% 75.9% 75.9% 85% - 89.99%
10.0%
Substitutions 90% - 94.99%
Substitutions for current period (£000s) - - - 297,875 297,842 297,793 297,553 346,409 95% - 96.99%
29.5%
Losses 97% - 100%
Cumulative Losses (£000s) 9,140 8,988 8,988 8,916 8,755 8,561 8,430 8,209 100+ %
Monthly Losses (£000s) 152 - 72 161 194 131 222 370
Asset Trigger - No asset trigger event has occured as at the reporting date Arrears Trigger - No arrears trigger event has occured
An asset trigger event will occur when an amount is debited to the AAA principal deficiency sub-ledger of Funding 1. An arrears trigger event occurs when when the aggregate true balance of the loans
in the mortgages trust in arrears for more than 3 times the monthly payments then
Non-Asset Trigger - No non-asset trigger event has occured as at the reporting date due divided by the aggregate true balance of all the loans in the mortgages trust
A non-asset trigger event will occur on a trust calculation date if: (expressed as a percentage) exceeds 3%.
(a) an insolvency event occurs in relation to the seller on or before that trust calculation date;
(b) Nationwide’s role as servicer is terminated and a new servicer is not appointed within 60 days;
(c) the current seller share of the trust property being less than or equal to the minimum seller share as calculated on any trust calculation date, where such situation is not cured by the next following trust calculation date; or
(d) the aggregate true balance of loans comprising Step-Up Trigger - No step-up trigger event has occured
A step-up trigger event occurs if the issuer fails to exercise its option to redeem any
of its notes on the relevant step-up date pursuant to the terms and conditions of
such notes.
*non-annualised; `technical prepayments are loaned purchased from the trust, natural are scheduled and unscheduled prepayments.
29 May 2014
UK Prime RMBS Standalone

Deal Performance

Arran Residential Mortgages Funding 2010-1 Plc
Current Notes Next Report Date

Country of Assets Outstanding Asset Type Closing Date Originator Lead Manager Trustee Reset date Bloomberg Ticker (approx.)
Performance Monitor United Kingdom £1,369,706,644 RMBS 29-Sep-10 National Westminster Home Loans Limited and RBS The Royal Bank of Scotland Citicorp Trustee Company Limited 18-Aug-14 ARRMF 2010-1X 1-Sep-14
Performance Report Contact Details Emete Hassan Tel: +44 (0)20 7672 2422 e-mail: emete.hassan@rbs.com www.rbs.com
Capital Structure
Currency Amount % Amount % Factor Origination Current Origination Current Watch Coupon Step-up Date Legal Maturity ISIN
A1B Notes EUR 450,000,000 8.35% - - - 18.01% 28.66% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m Euribor + 120 16-Nov-15 May-2047 XS0543386600
A1C Notes USD 1,150,000,000 15.98% - - - 18.01% 28.66% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m $Libor + 120 16-Nov-15 May-2047 XS0543390032
A2B Notes EUR 975,000,000 18.08% 629,463,845 18.94% 0.645603943 18.01% 28.66% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m Euribor + 140 16-Nov-15 May-2047 XS0543398522
A2C Notes USD 1,550,000,000 21.54% 1,000,686,112 22.56% 0.645603943 18.01% 28.66% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m $Libor + 140 16-Nov-15 May-2047 XS0543402068
A3A Notes GBP 665,000,000 14.48% 665,000,000 23.49% 1.000000000 18.01% 28.66% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m Libor + 150 16-Nov-15 May-2047 XS0543405590
A3B Notes EUR 300,000,000 5.56% 300,000,000 9.03% 1.000000000 18.01% 28.66% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m Euribor + 150 16-Nov-15 May-2047 XS0543408347
MB Notes EUR 170,000,000 3.15% 170,000,000 5.12% 1.000000000 14.51% 23.54% NR/Aa1/AA NR/Aa1/*-/AA * Mdy's Neg- 3m Euribor + 210 16-Nov-15 May-2047 XS0543410160
MC Notes USD 25,000,000 0.35% 25,000,000 0.56% 1.000000000 14.51% 23.54% NR/Aa1/AA NR/Aa1/*-/AA * Mdy's Neg- 3m $Libor + 210 16-Nov-15 May-2047 XS0543411051
N Notes GBP 69,000,000 1.50% 69,000,000 2.44% 1.000000000 13.01% 21.10% NR/Aa2/A NR/Aa2/A - 3m Libor + 100 16-Nov-15 May-2047 XS0543411481
B Notes GBP 505,500,000 11.01% 505,500,000 17.86% 1.000000000 2.00% 3.25% NR/NR/NR NR/NR/NR - 3m Libor + 100 16-Nov-15 May-2047 XS0543417413
Reserve Fund GBP 91,852,628 2.00% 91,852,628 3.25%

Total Notes GBP 4,592,631,397 2,830,564,937
Page Updated: 19 February 2014 Sources: Trustee Reports, the BLOOMBERG PROFESSIONAL(TM) Service, S&P, Moody's, Fitch 29
Transaction Summary
Performance Information (All amounts in GBP) Chart Data
Report Date May-2014 Feb-2014 Nov-2013 Aug-2013 May-2013 Feb-2013 Nov-2012 Aug-2012
Outstanding principal balance 2,738,712,309 2,875,345,673 3,025,168,659 3,155,902,225 3,286,695,012 3,401,359,856 3,519,895,295 3,630,436,860 Chart 1: Arrears as % of Outstanding Principal Balance
Number of Mortgage Loans in Pool 22,777 23,609 24,527 25,330 26,120 26,784 27,503 28,102 2.0%
Weighted Average Seasoning (Months) 52 49 46 43 40 37 34 31 12 months + 6 - <=12 Months in Arrears 5 - <=6 Months in Arrears
Weighted Average Remaining Term (Months) 19 20 20 20 20 21 21 21 4 - <=5 Months in Arrears 3 - <=4 Months in Arrears 2 - <=3 Months in Arrears
Average Loan Size (£) 120,585 122,149 123,696 124,937 126,160 127,371 128,331 129,537 1.5% 1 - <=2 Months in Arrears
Reserve Fund - £91.85mm required 91,852,628 91,852,628 91,852,628 91,852,628 91,852,628 91,852,628 91,852,628 91,852,628
Weighted Average Indexed LTV 61.03% 62.78% 63.17% 65.04% 68.26% 68.83% 69.74% 69.44%
Weighted Average Yield of Loans Above LIBOR (bps) NA NA NA NA NA NA NA NA 1.0%
Current SVR rate 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Arrears (% of Outstanding Principal)
1 - <=2 Months in Arrears 0.50% 0.42% 0.43% 0.40% 0.39% 0.45% 0.36% 0.39%
0.5%
0.0%
Feb-11
May-11
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
12 months + 0.18% 0.18% 0.18% 0.19% 0.20% 0.19% 0.14% 0.10%
3 months + 0.82% 0.83% 0.71% 0.69% 0.66% 0.58% 0.59% 0.49% Chart 2: CPR Analysis
Constant Prepayment Rate CPR (1-month) CPR (1-month annualised)
CPR (1-month) 2.05% 1.28% 1.39% 1.43% 1.33% 1.09% 1.02% 1.40% 25%
Type of Rate 20%
Fixed 62.2% 58.1% 54.8% 53.7% 53.0% 54.2% 57.2% 57.7%
Tracker 4.9% 10.9% 14.6% 16.4% 16.3% 16.1% 15.9% 15.4%
15%
Variable 32.9% 31.0% 30.6% 29.9% 30.7% 29.6% 27.0% 27.0%
Repayment Type
10%
Annuity/Repayment Mortgages 72.6% 72.7% 72.9% 72.9% 73.0% 73.3% 73.5% 73.5%
Interest Only Mortgages 27.4% 27.3% 27.1% 27.1% 27.0% 26.7% 26.5% 26.5%
Mixed - - - - - - - - 5%
Occupancy Status
Investment Property (BTL) 9.7% 9.3% 8.9% 8.5% 8.2% 7.8% 7.4% 7.1% 0%
Owner Occupied 89.6% 90.0% 90.4% 90.8% 91.2% 91.5% 91.9% 92.3%
Feb-11
May-11
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Right to Buy 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.6%
Loan Purpose (by Value)
House Purchase 75.7% 75.8% 75.9% 75.9% 75.8% 75.9% 75.8% 75.8%
Remortgage 23.0% 22.9% 22.9% 22.9% 23.0% 23.0% 23.0% 23.1%
Renovation 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
Equity Release - - 0.0% 0.0% - - - - 10.6% <=10% 10% - 20%
Other 0.6% 0.6% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
Employment Status 20% - 30% 30% - 40%
12.4% 8.9%
Employed 82.0% 82.2% 82.3% 82.4% 82.6% 82.7% 82.9% 83.0%
Self-Employed 17.2% 17.1% 16.9% 16.8% 16.6% 16.5% 16.3% 16.2%
5.8% 40% - 50% 50% - 60%
Possessions 1.7%
Repossessed (In Quarter) 1,336,249 153,068 994,113 600,042 926,990 190,607 1,248,128 429,070 14.0% 1.1%
1.2%
Sold (In Quarter) 588,700 773,390 665,390 312,665 375,503 558,050 335,549 280,551 60% - 70% 70% - 80%
Current Number Carried Forward 60 50 48 37 33 25 22 14 3.1%
9.9%
Possessions Since Inception c/f 6,123,617 4,787,368 4,634,300 3,640,187 4,096,294 3,169,304 2,978,697 1,730,569 80% - 90% 90% - 95%
Properties Sold Since Inception 4,011,716 3,423,016 2,649,626 1,984,236 1,776,494 1,400,991 842,941 507,392 16.0%
Average Time from Possession to Sale (days) 125 121 124 127 113 115 94 91
Properties in Possession (%) 0.22% 0.17% 0.15% 0.12% 0.12% 0.09% 0.08% 0.05% 15.2% 95% - 100% > 100%
Losses from Properties in Possession
Monthly Losses 103,138 89,448 134,093 518,626 72,868 766,048 76,674 30,885
Loss On Sale Of Properties To Date - 767,541 678,093 544,000 996,276 923,407 157,359 80,685
Sources: Trustee Reports, the BLOOMBERG PROFESSIONAL(TM) Service, S&P, Moody's, Fitch 30

Performance Monitor United Kingdom £2,979,834,916 RMBS 13-Apr-11 National Westminster Home Loans Limited and RBS The Royal Bank of Scotland & RBS Citicorp Trustee Company Limited 19-Aug-14 ARRMF 2011-1X 2-Sep-14
Performance Report Contact Details Emete Hassan Tel: +44 (0)20 7672 2422 e-mail: emete.hassan@rbs.com www.rbs.com
Capital Structure
A1B Notes EUR 893,000,000 17.21% - - - 19.41% 29.64% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m Euribor + 120 19-May-16 Nov-2047 XS0566755079
A1C Notes USD 660,000,000 8.90% - - - 19.41% 29.64% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m $Libor + 120 19-May-16 Nov-2047 XS0609431415
A2A Notes GBP 644,700,000 14.17% 463,745,843 15.56% 0.719320371 19.41% 29.64% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m Libor + 145 19-May-16 Nov-2047 XS0609431845
A2B Notes EUR 538,000,000 10.37% 386,994,360 11.39% 0.719320371 19.41% 29.64% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m Euribor + 145 19-May-16 Nov-2047 XS0566756556
A2C Notes USD 400,000,000 5.39% 287,728,148 5.92% 0.719320371 19.41% 29.64% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m $Libor + 145 19-May-16 Nov-2047 XS0609432223
A3A Notes GBP 1,208,000,000 26.55% 1,208,000,000 40.54% 1.000000000 19.41% 29.64% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m Libor + 155 19-May-16 Nov-2047 XS0609432652
M Notes GBP 86,500,000 1.90% 86,500,000 2.90% 1.000000000 17.51% 26.73% NR/Aa1/AA NR/Aa1/*-/AA * Mdy's Neg- 3m Libor + 210 19-May-16 Nov-2047 XS0566758172
B Notes GBP 477,900,000 10.50% 477,900,000 16.04% 1.000000000 7.00% 10.70% NR/NR/NR NR/NR/NR - 3m Libor + 100 19-May-16 Nov-2047 XS0566758412
R Notes GBP 227,700,000 5.00% 227,700,000 7.64% 1.000000000 2.00% 3.05% NR/NR/NR NR/NR/NR - 3m Libor + 100 19-May-16 Nov-2047 XS0615605481
Reserve Fund GBP 91,022,405 2.00% 91,022,405 3.05%

Total Notes GBP 4,550,369,906 2,979,834,916
Page Updated: 4 February 2014 Sources: Trustee Reports, the BLOOMBERG PROFESSIONAL(TM) Service, S&P, Moody's, Fitch 31
Transaction Summary
Report Date May-2014 Feb-2014 Nov-2013 Aug-2013 May-2013 Feb-2013 Nov-2012 Aug-2012 Chart 1: Arrears as % of Outstanding Principal Balance
Outstanding principal balance 2,889,015,630 3,005,076,166 3,134,912,234 3,271,694,029 3,410,960,980 3,531,453,389 3,698,932,105 3,903,488,926 2.5%
Number of Mortgage Loans in Pool 23,609 24,329 25,169 26,034 26,870 27,544 28,535 29,813 1 - <=2 Months in Arrears 2 - <=3 Months in Arrears 3 - <=4 Months in Arrears 4 - <=5 Months in Arrears
Weighted Average Seasoning (Months) 47 44 41 38 35 32 29 26
Weighted Average Remaining Term (Years) 19 19 20 20 20 20 21 21 2.0% 5 - <=6 Months in Arrears 6 - <=12 Months in Arrears 12 months +
Average Loan Size (£) 122,666 123,830 124,865 125,976 127,236 128,536 129,943 131,250
Reserve Fund - £91.02mm required 91,022,405 91,022,405 91,022,405 91,022,405 91,022,405 91,022,405 91,022,405 91,022,405 1.5%
Weighted Average Yield of Loans Above LIBOR (bps) NA NA NA NA NA NA NA 0.00%
1.0%
Current SVR rate 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
1 - <=2 Months in Arrears 0.43% 0.45% 0.38% 0.96% 0.94% 0.37% 0.35% 0.32% 0.5%
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
3 months + 0.64% 0.60% 0.55% 0.73% 0.70% 0.42% 0.30% 0.23%
Constant Prepayment Rate CPR (1-month) CPR (1-month annualised)
CPR (1-month) 1.2% 1.3% 1.4% 1.5% 1.3% 1.2% 1.5% 2.0% 25%
Type of Rate 20%
Fixed 57.6% 53.9% 51.5% 50.4% 49.9% 50.2% 49.4% 52.9%
Tracker 10.4% 14.5% 15.8% 16.4% 16.2% 16.0% 20.5% 24.7% 15%
Variable 32.0% 31.6% 32.7% 33.2% 33.9% 33.8% 30.1% 22.3%
Repayment Type 10%
Capital and Interest 69.9% 70.3% 70.5% 70.8% 71.1% 71.2% 71.1% 71.2%
Interest Only 30.1% 29.7% 29.5% 29.2% 28.9% 28.8% 28.9% 28.8% 5%
Part and Part - - - - - - - -
Occupancy Status 0%
Investment Property (BTL) 9.0% 8.7% 8.3% 7.9% 7.5% 7.2% 6.8% 6.3%
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Owner Occupied 90.5% 90.8% 91.1% 91.6% 91.9% 92.3% 92.7% 93.2%
Right to Buy 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
Loan Purpose (by Value) Chart 3: Current Indexed LTV
<=30%
House Purchase 68.4% 68.5% 68.6% 68.8% 68.8% 68.7% 68.2% 68.0% >30% - <=35%
Remortgage 29.9% 29.8% 29.7% 29.5% 29.5% 29.7% 30.1% 30.4% >35% - <= 40%
Renovation 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 12.30% >40% - <=45%
Equity Release - - 0.0% 0.0% - - - - 14.80% >45% - <=50%
Other 0.9% 0.9% 1.0% 1.0% 0.9% 0.9% 0.9% 0.9% 9.40% >50% - <=55%
Employment Status 0.10% >55% - <=60%
Employed 80.1% 80.3% 80.5% 80.7% 81.0% 81.0% 81.1% 81.3% 0.00% >60% - <=65%
5.60%
14.50% 0.00% >65% - <=70%
Self-Employed 19.0% 18.8% 18.6% 18.5% 18.2% 18.2% 18.1% 17.9%
>70% - <=75%
3.70%
>75% - <=80%
Repossessed (In Quarter) 379,744 413,161 374,768 301,770 - 78,437 32,505 91,733 2.10%
>80% - <=85%
Sold (In Quarter) 302,929 268,284 189,276 - 79,066 69,101 - - 11.90% >85% - <=90%
2.90%
Current Number Carried Forward 19 15 11 7 4 2 3 - 3.50% >90% - <=95%
6.60%
Possessions Since Inception c/f 1,734,248 1,354,504 941,343 566,575 264,806 264,806 186,369 153,864 4.60% >95% - <=100%
Properties Sold Since Inception 908,655 605,727 337,443 148,167 148,167 69,101 - - >100%
7.90%
Average Time from Possession to Sale 113 122 124 168 168 182 - -
Losses from Properties in Possession
Monthly Losses 47,773 75,214 34,868 - 93,891 29,278 - -
Loss On Sale Of Properties To Date 281,024 233,252 158,037 123,170 123,170 29,278 - -
Arran Residential Mortgages Funding 2011-2 plc.

Performance Monitor United Kingdom £2,491,854,095 RMBS 18-Oct-11 National Westminster Home Loans Ltd Citigroup Citicorp Trustee Co Ltd 21-Jul-14 ARRMF 2011-2X 4-Jul-14
Performance Report Contact Details Greg Case (Group Investor Relations) Tel: +44 (0)20 7672 1759 e-mail: greg.case@rbs.com http://www.investors.rbs.com/securitisation
Capital Structure
A1C Notes USD 725,000,000 13.13% - - - 22.40% 31.70% NR/Aaa/AAA NR/WR/PIF - 3m $Libor + 135 Jan-17 Oct-2048 XS0685394123
A2A Notes GBP 70,000,000 1.98% 11,939,912 0.48% 0.170570168 22.40% 31.70% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m Libor + 160 Jan-17 Oct-2048 XS0685394396
A2B Notes EUR 220,000,000 5.42% 37,525,437 1.31% 0.170570168 22.40% 31.70% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m Euribor + 155 Jan-17 Oct-2048 XS0685394479
A2C Notes USD 670,000,000 12.14% 114,282,013 2.93% 0.170570168 22.40% 31.70% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m $Libor + 160 Jan-17 Oct-2048 XS0685394636
A3A Notes GBP 150,000,000 4.25% 150,000,000 6.02% 1.000000000 22.40% 31.70% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m Libor + 175 Jan-17 Oct-2048 XS0685394800
A3C Notes USD 500,000,000 9.06% 500,000,000 12.82% 1.000000000 22.40% 31.70% NR/Aaa/AAA NR/Aaa/*-/AAA * Mdy's Neg- 3m $Libor + 175 Jan-17 Oct-2048 XS0685395286
A4C1 Notes USD 900,000,000 16.30% 900,000,000 23.07% 1.000000000 22.40% 31.70% NR/Aaa/AAA NR/Aa1/*-/AAA * Mdy's Neg- 3m $Libor + 180 Jan-17 Oct-2048 XS0688842847
A4C2 Notes USD 250,000,000 4.53% 250,000,000 6.41% 1.000000000 22.40% 31.70% NR/Aaa/AAA NR/Aa1/*-/AAA * Mdy's Neg- 3m $Libor + 182.5 Jan-17 Oct-2048 XS0691908718
A4C4 Notes USD 250,000,000 4.53% 250,000,000 6.41% 1.000000000 22.40% 31.70% NR/Aaa/AAA NR/Aa1/*-/AAA * Mdy's Neg- 3m $Libor + 177.5 Jan-17 Oct-2048 XS0691926538
M Notes GBP 66,900,000 1.90% 66,900,000 2.68% 1.000000000 20.50% 29.02% NR/Aa1/AA NR/A1/*/AA - 3m Libor + 240 Jan-17 Oct-2048 XS0685622879
B Notes GBP 440,900,000 12.50% 440,900,000 17.69% 1.000000000 - - NR/NR/NR NR/NR/NR - 3m Libor + 100 Jan-17 Oct-2048 XS0685623257
R Notes GBP 176,400,000 5.00% 176,400,000 7.08% 1.000000000 - - NR/NR/NR NR/NR/NR - 3m Libor + 100 Jan-17 Oct-2048 XS0685623687
Reserve Fund GBP 21,932,500 2.50% 21,932,500 3.96%

Total Notes GBP 877,300,000 - 554,198,802 -
Transaction Summary
Report Date Apr-2014 Jan-2014 Oct-2013 Jul-2013 Jun-2013 May-2013 Apr-2013 Mar-2013 Chart 1: Arrears as % of Outstanding Principal Balance
Outstanding principal balance 2,421,320,565 2,512,463,408 2,656,791,666 2,848,111,411 2,918,239,441 3,079,905,429 3,119,538,966 3,203,578,412
Weighted Average Seasoning (Months) 34 31 28 25 24 23 22 21 1 - <=2 Months in Arrears 2 - <=3 Months in Arrears 3 - <=4 Months in Arrears 4 - <=5 Months in Arrears
Weighted Average Remaining Term (Years) 18 19 19 19 19 19 19 19
0.8%
Average Loan Size (£) 119,631 120,967 122,569 124,217 124,844 125,854 126,431 127,318 5 - <=6 Months in Arrears 6 - <=12 Months in Arrears 12 months +
0.6%
Weighted Average Yield of Loans Above LIBOR (bps) - - - - - - - -
Current SVR rate 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
0.4%
0.2%
12 months + 0.07% 0.05% 0.05% 0.03% 0.03% 0.02% 0.02% 0.02%
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
3 months + 0.33% 0.28% 0.25% 0.20% 0.21% 0.21% 0.18% 0.16%
Constant Prepayment Rate
CPR (1-month) 1.3% 1.8% 3.2% 2.4% 5.3% 1.3% 2.6% 0.6%
CPR (1-month annualised) 14.7% 19.7% 32.5% 25.3% 47.6% 14.2% 27.3% 6.5% Chart 2: CPR Analysis
Type of Rate CPR (1-month) CPR (1-month annualised)
Fixed 67.9% 64.9% 59.5% 64.1% 61.2% 73.5% 72.5% 73.0%
Tracker 5.3% 5.4% 5.4% 10.3% 10.2% 18.2% 18.2% 23.4% 50%
Variable 26.8% 29.7% 35.2% 25.6% 28.6% 8.2% 9.3% 3.7% 45%
Repayment Type 40%
Capital and Interest 70.6% 70.8% 71.2% 71.4% 71.5% 71.6% 71.5% 71.1% 35%
Interest Only 29.4% 29.2% 28.8% 28.6% 28.5% 28.4% 28.5% 28.9% 30%
Part and Part - - - - - - - - 25%
Occupancy Status 20%
Investment Property (BTL) 2.8% 2.6% 2.4% 2.0% 2.0% 1.8% 1.7% 1.6% 15%
Owner Occupied 96.8% 97.0% 97.2% 97.6% 97.7% 97.9% 98.0% 98.1% 10%
Right to Buy 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 5%
Loan Purpose (by Value) 0%
House Purchase 45.8% 45.8% 45.8% 46.1% 46.0% 46.0% 45.9% 45.5%
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Remortgage 51.7% 51.7% 51.7% 51.5% 51.6% 51.6% 51.8% 52.1%
Renovation 1.0% 1.0% 1.0% 1.0% 0.9% 0.9% 0.9% 0.9%
Equity Release - - 0.0% - - 0.0% 0.0% 0.0%
Other 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4%
Employment Status
<=30% >30% - <=35%
Employed 79.6% 79.7% 80.0% 80.3% 80.3% 80.8% 80.7% 80.7%
Self-Employed 19.5% 19.3% 19.1% 18.8% 18.7% 18.3% 18.3% 18.3%
>35% - <= 40% >40% - <=45%
10.70% 10.10%
Repossessed (In period) 155,254 150,518 156,779 139,260 139,260 - 492,881 338,860
6.30%
>45% - <=50% >50% - <=55%
Sold (In period) 275,325 145,672 - 142,536 - - 338,860 -
10.20%
Current Number Carried Forward 7 5 4 3 3 2 2 1 0.10% >55% - <=60% >60% - <=65%
Possessions Since Inception c/f 1,094,692 939,437 788,920 632,140 632,140 492,881 492,881 - 8.30% 0.00%
Properties Sold Since Inception 902,393 627,068 481,396 481,396 338,860 338,860 338,860 - 7.60% 0.00% >65% - <=70% >70% - <=75%
Average Time from Possession to Sale 107 76 71 71 65 65 65 -
Properties in Possession (% ) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% >75% - <=80% >80% - <=85%
8.30%
Losses from Properties in Possession 7.60%
Monthly Losses 19,501 14,193 - 13,187 - - - - 7.70% >85% - <=90% >90% - <=95%
4.30%
Loss On Sale Of Properties To Date 46,881 27,380 13,187 13,187 - - - -
>95% - <=100% >100%
6.90% 6.60% 5.30%
Page Updated: 4 April 2014 Sources: Trustee Reports, the BLOOMBERG PROFESSIONAL(TM) Service, S&P, Moody's, Fitch 33
BRASS NO. 1 PLC

Performance Monitor United Kingdom £394,545,134 RMBS 06-Jun-11 Accord Mortgages Limited Barclays Bank Plc Capita Trust Co 16-Jun-14 Brass 2011-1 16-May-14
Performance Report Contact Details Richard Driver - Head of Financial Structuring - Tel - 01274 472667 - rjdriver@ybs.co.uk - www.ybs.co.uk/your_society/treasury/wholesale_funding/securitisation.html
Capital Structure
A Notes GBP 750,000,000 87.00% 282,345,134 71.56% 0.376460178 15.71% 49.19% NR/Aaa/AAA NR/Aaa/AAA - 3m Libor + 145 Jun-16 Dec-2048 XS0615237236
Z Notes GBP 112,100,000 13.00% 112,100,000 28.44% 1.000000000 - - NR/NR/NR NR/NR/NR - 3m Libor + 0 Jun-16 Dec-2048 NA
Reserve Fund GBP 23,300,000 2.70% 23,300,000 4.57%

Total Notes GBP 862,100,000 - 394,545,134 -
Transaction Summary
Number of Mortgages in Pool 3,705 3,739 3,806 3,833 3,900 4,038 4,104 4,222
1-2 months 2-3 months 3-4 months 4-5 months 5-6 months 6+ months
Current Balance of Mortgages 393,063,950 397,059,592 403,802,850 412,656,851 423,005,975 441,988,379 450,950,127 467,462,719
1.80%
Average Loan Balance 106,090 106,194 106,096 107,659 108,463 109,457 109,881 110,721 1.60%
Weighted average Seasoning 61 60 59 58 57 56 55 53 1.40%
Weighted average Remaining Term (years) 16.70 16.80 16.90 17.00 17.10 17.20 17.30 17.40 1.20%
Weighted average Indexed LTV 56.00% 56.09% 56.01% 57.34% 57.51% 57.76% 59.23% 59.34% 1.00%
Weighted average Unindexed LTV 57.45% 57.54% 57.48% 57.88% 58.09% 58.37% 58.51% 58.69% 0.80%
0.60%
WA pre-swap yield: 4.48% 4.50% 4.51% 4.54% 4.56% 4.63% 4.66% 4.65%
0.40%
Arrears (% of Outstanding Principal) 0.20%
1-2 months 0.61% 0.60% 0.65% 0.74% 0.80% 0.73% 0.91% 0.70% 0.00%
2-3 months 0.32% 0.32% 0.39% 0.28% 0.22% 0.33% 0.19% 0.23%
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
3-4 months 0.26% 0.26% 0.13% 0.20% 0.18% 0.13% 0.15% 0.07%
4-5 months 0.01% 0.02% 0.14% 0.08% 0.08% 0.04% 0.13% 0.20%
5-6 months 0.08% 0.08% 0.02% 0.02% 0.04% 0.11% 0.08% - Chart 2: CPR Analysis
6+ months 0.24% 0.25% 0.26% 0.25% 0.23% 0.23% 0.17% 0.19%
Excess Spread (annualised) 2.03% 2.03% 2.02% 2.02% 2.02% 1.89% 1.89% 1.89% CPR (1-month annualised) CPR (3-month annualised)
CPR Analysis - annualised 40%
Loan Purpose 30%
Mortgage 50.23% 50.18% 50.23% 50.39% 50.53% 50.13% 50.23% 50.73% 25%
Remortgage 49.77% 49.82% 49.77% 49.61% 49.47% 49.87% 49.77% 49.27%
20%
Repayment Method
Interest-Only 29.53% 29.36% 29.29% 29.26% 29.29% 29.31% 29.42% 29.33% 15%
Repayment 70.47% 70.64% 70.71% 70.74% 70.71% 70.69% 70.58% 70.67% 10%
Type of Rate
5%
Fixed 87.04% 86.84% 86.47% 85.96% 84.69% 87.26% 86.59% 87.57%
SVR 12.94% 13.16% 13.49% 14.04% 15.29% 12.70% 13.41% 12.43% 0%
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
Other 0.02% - 0.04% - 0.02% 0.04% - -
Loss
Total Principal Loss (current quarter) - - - - - - - -
Total Principal Loss (since inception) 58,293 58,293 58,293 58,293 58,293 58,293 58,293 58,293
Properties in Possession < 45
Repossessed (In Month) 68,312 67,928 - - - - - - 28.04%
45 - 55
Sold (In Month) - - - - - 43,799 - - 29.94%
Current Carried Forward 1 1 - - - - 1 1 55 - 65
Average Time from Possession to Sale (days) 103 103 103 103 103 103 96 96 3.45%
Properties in Possession (%) 0.02% 0.02% - - - - - - 0.02% 65 - 75

0.00%
75 - 85
21.35% 85 - 95
17.20% >95
BRASS NO. 2 PLC

Performance Monitor United Kingdom £789,946,393 RMBS 01-Oct-12 Accord Mortgages Limited Barclays Deutsche Trustee Company Limited 16-Jul-14 Brass 2012-1 16-May-14
Performance Report Contact Details Richard Driver - Head of Financial Structuring - Tel - 01274 472667 - rjdriver@ybs.co.uk - www.ybs.co.uk/your_society/treasury/wholesale_funding/securitisation.html
Capital Structure
A1 Notes GBP 600,000,000 45.50% 71,241,393 9.02% 0.118735656 11.70% 42.18% NR/(P)Aaa/AAA NR/Aaa/AAA - 3m Libor + 58 Oct-17 Jul-2050 XS0832874381
A2 Notes GBP 600,000,000 45.50% 600,000,000 75.95% 1.000000000 11.70% 42.18% NR/(P)Aaa/AAA NR/Aaa/AAA - 3m Libor + 50 Oct-17 Jul-2050 XS0832874464
Z Notes GBP 118,705,000 9.00% 118,705,000 15.03% 1.000000000 - - NR/NR/NR NR/NR/NR - 3m Libor + 0 Oct-17 Jul-2050 NA
Reserve Fund GBP 35,610,000 2.70% 23,960,249 2.14%

Total Notes GBP 1,318,705,000 - 789,946,393 -
Transaction Summary
1-2 months 2-3 months 3-6 months 6-9 months 9-12 months 12 months+
Current Balance of Mortgages 790,580,770 808,236,981 868,791,837 892,158,191 910,339,365 975,058,259 998,197,421 1,078,077,656
1.20%
Average Loan Balance 155,534 156,393 158,887 159,742 160,412 162,808 162,626 164,441
Weighted average Seasoning 40 39 38 37 35 34 33 31 1.00%
Weighted average Remaining Term (years) 19.60 19.70 19.90 20.00 20.10 20.20 20.30 20.50 0.80%
Weighted average Indexed LTV 58.80% 58.98% 59.08% 60.29% 60.53% 60.64% 62.21% 62.49% 0.60%
Weighted average Unindexed LTV 62.36% 62.55% 62.72% 62.80% 63.04% 63.20% 63.33% 63.64%
0.40%
WA pre-swap yield: 3.94% 3.98% 3.86% 3.87% 3.90% 3.81% 3.85% 3.67%
1-2 months 0.30% 0.42% 0.28% 0.40% 0.24% 0.43% 0.27% 0.26% 0.00%
2-3 months 0.28% 0.27% 0.17% 0.21% 0.23% 0.07% 0.06% 0.16%
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
3-6 months 0.07% 0.06% 0.11% 0.10% 0.07% 0.16% 0.15% 0.06%
6-9 months 0.03% 0.03% 0.06% 0.03% 0.01% 0.02% 0.04% 0.03%
9-12 months 0.01% 0.08% 0.02% 0.01% 0.04% 0.03% 0.03% - Chart 2: CPR Analysis
12 months+ 0.13% 0.09% 0.08% 0.07% 0.04% 0.02% 0.02% 0.02%
Excess Spread (annualised) 1.82% 1.70% 1.70% 1.70% 1.66% 1.66% 1.66% 1.62% CPR (1-month annualised) CPR (3-month annualised)
CPR Analysis - annualised 65%
55%
50%
Loan Purpose 45%
Mortgage 61.60% 61.60% 61.32% 61.60% 61.43% 61.55% 61.90% 62.30% 40%
Remortgage 38.40% 38.40% 38.68% 38.40% 38.57% 38.45% 38.10% 37.70% 35%
Repayment Method 30%
Interest-Only 29.90% 30.00% 29.58% 29.48% 29.46% 29.42% 29.40% 28.60% 25%
20%
Repayment 70.10% 70.00% 70.42% 70.52% 70.54% 70.58% 70.60% 71.40%
15%
Type of Rate 10%
Fixed 86.90% 85.50% 81.20% 81.09% 79.88% 78.08% 76.50% 75.40% 5%
SVR 6.10% 7.70% 5.92% 6.12% 7.51% 5.98% 7.70% 3.80% 0%
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
Other 6.90% 6.80% 12.87% 12.78% 12.61% 15.94% 15.80% 20.80%
Loss
Total Principal Loss (current quarter) 21,657 - - - - - - -
Total Principal Loss (since inception) 21,657 - - - - - - -
Repossessed (In Month) - - - - - - - -
Sold (In Month) 151,469 - - - - - - - < 45
28.20%
Current Carried Forward - 68,133 67,966 67,621 67,066 - - -
Average Time from Possession to Sale 106 - - - - - - - 45 - 55
Properties in Possession (%) - - - - - - - -
3.70% 55 - 65
40.70%
0.10%
0.00% 65 - 75
12.20% 75 - 85
85 - 95
15.10% >95
Brunel Residential Mortgage Securitisation No. 1 plc

Performance Monitor United Kingdom £1,611,920,454 RMBS 13-Mar-07 Citicorp Trustee Company Limited Barclays Capital and Citigroup Citigroup 14-Jul-14 BRNL 2007-1X 25-Jul-14
Performance Report Contact Details Andrew Davies. Tel: +44 (0)117 943 7234. Email: andrew.davies@boiukfs.co.uk
Capital Structure
1A Notes EUR 1,090,000,000 13.38% - - - 9.39% 20.68% AAA/Aaa/AAA NR/WR/PIF - 3m Euribor + 8 Apr-12 Jan-2039 XS0289253527
1B Notes GBP 195,000,000 3.54% - - - 9.39% 20.68% AAA/Aaa/AAA NR/WR/PIF - 3m Libor + 8 Apr-12 Jan-2039 XS0289260225
1C Notes USD 1,400,000,000 13.08% - - - 9.39% 20.68% AAA/Aaa/AAA NR/WR/PIF - 3m $Libor + 8 Apr-12 Jan-2039 XS0289262783
2 Notes USD 1,115,000,000 10.41% - - - 9.39% 20.68% AAA/Aaa/AAA NR/WR/PIF - 3m $Libor + 12 Apr-12 Jan-2039 XS0289293580
3 Notes USD 1,158,000,000 10.82% - - - 9.39% 20.68% AAA/Aaa/AAA NR/WR/PIF - 1m $Libor + 4 Apr-12 Jan-2039 XS0289298621
4A Notes EUR 1,025,000,000 12.58% 418,405,058 17.54% 0.408200057 9.39% 20.68% AAA/Aaa/AAA AA-/Aa2/AAA - 3m Euribor + 20 Apr-12 Jan-2039 XS0289300898
4B Notes GBP 742,500,000 13.49% 742,500,000 46.06% 1.000000000 9.39% 20.68% AAA/Aaa/AAA AA-/Aa2/AAA - 3m Libor + 22 Apr-12 Jan-2039 XS0289303215
4C Notes USD 1,575,000,000 14.71% 642,915,093 20.50% 0.408200059 9.39% 20.68% AAA/Aaa/AAA AA-/Aa2/AAA - 3m $Libor + 20 Apr-12 Jan-2039 XS0289307398
4A Notes EUR 127,000,000 1.56% 74,030,334 3.10% 0.582916016 7.39% 16.70% AA/Aa3/AA AA-/Aa3/AA - 3m Euribor + 34 Apr-12 Jan-2039 XS0289324138
4B Notes GBP 24,000,000 0.44% 13,989,984 0.87% 0.582916000 7.39% 16.70% AA/Aa3/AA AA-/Aa3/AA - 3m Libor + 34 Apr-12 Jan-2039 XS0289324484
4A Notes EUR 201,000,000 2.47% 117,166,118 4.91% 0.582916010 4.10% 10.15% A/A2/A A/A2/A - 3m Euribor + 54 Apr-12 Jan-2039 XS0289326265
4B Notes GBP 30,000,000 0.55% 17,487,481 1.08% 0.582916033 4.10% 10.15% A/A2/A A/A2/A - 3m Libor + 54 Apr-12 Jan-2039 XS0289326935
4C Notes USD 30,000,000 0.28% 17,487,481 0.56% 0.582916033 4.10% 10.15% A/A2/A A/A2/A - 3m $Libor + 54 Apr-12 Jan-2039 XS0289327156
4A Notes EUR 157,000,000 1.93% 91,517,815 3.84% 0.582916019 1.40% 4.78% BBB/Baa2/BBB BBB/Baa2/BBB - 3m Euribor + 104 Apr-12 Jan-2039 XS0289327313
4B Notes GBP 27,000,000 0.49% 15,738,732 0.98% 0.582916000 1.40% 4.78% BBB/Baa2/BBB BBB/Baa2/BBB - 3m Libor + 104 Apr-12 Jan-2039 XS0289327826
4C Notes USD 30,000,000 0.28% 17,487,481 0.56% 0.582916033 1.40% 4.78% BBB/Baa2/BBB BBB/Baa2/BBB - 3m $Libor + 104 Apr-12 Jan-2039 XS0289368853
Reserve Fund GBP 77,053,308 1.40% 77,053,308 4.78%

Total Notes GBP 5,503,807,715 1,611,920,454
Brunel Residential Mortgage Securitisation No. 1 plc
Transaction Summary
Report Date Apr-2014 Jan-2014 Oct-2013 Jul-2013 Apr-2013 Jan-2013 Oct-2012 Jul-2012
Mortgage Loans Outstanding as of Current Period 1,611,288,034 1,662,833,497 1,718,372,261 1,775,530,679 1,831,800,471 1,875,738,165 1,925,449,640 1,983,809,000 Chart 1: Arrears as % of Outstanding Principal Balance (Reverse Stack)
Number of Loans as of Current Period 15,861 16,287 16,795 17,297 17,850 18,231 18,668 19,204 6.0% 1 - 2 months
Reserve Fund - £77.05mm required 77,053,308 77,053,308 77,053,308 77,053,308 77,053,308 77,053,308 77,053,308 77,053,308 2 - 3 months
Av Loan Size 101,588 102,096 102,315 102,650 102,622 102,887 103,142 103,302 3+ months
5.0% Repossession Rate (as % of current deal size)
12m CPR (annualised) 12.04% 11.35% 10.75% 10.50% 10.14% 12.42% 10.10% 9.84%
3+ months plus repossessions pro-rata arrears trigger
Weighted Average Current LTV 72.10% 72.11% 72.06% 71.99% 71.91% 71.83% 71.75% 71.60%
Weighted Average Seasoning (months) 106 103 100 97 94 91 88 85 4.0%
Weighted Average Remaining Term (months) 13 13 14 14 14 14 14 15
Arrears of Non Repossessed Mortgages (% of Outstanding Principal)
1 - 2 months 2.42% 2.34% 2.60% 2.53% 2.59% 2.74% 2.52% 2.45% 3.0%
2 - 3 months 0.67% 0.96% 0.78% 0.94% 1.00% 0.80% 0.66% 0.48%
3 - 4 months 0.49% 0.45% 0.45% 0.36% 0.33% 0.43% 0.36% 0.32% 2.0%
4 (+) months 1.32% 1.27% 1.29% 1.18% 1.16% 1.07% 0.95% 1.09%
3+ months 1.81% 1.72% 1.74% 1.54% 1.48% 1.50% 1.31% 1.41%
Current Interest Rate Type by sub account 1.0%
Fixed 0.9% 0.9% - 0.2% 0.1% - 0.4% 0.4%
SVR 36.4% 36.4% 37.5% 37.7% 38.1% 38.8% 39.4% 40.3% 0.0%
Tracker 62.7% 62.7% 62.5% 62.1% 61.8% 61.2% 60.3% 59.3%
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Loan Type
Buy To Let 60.0% 59.6% 59.1% 58.7% 58.3% 57.6% 56.9% 55.9%
Prime 13.4% 13.6% 14.1% 14.4% 14.9% 15.5% 16.1% 16.9%
Self Cert 26.6% 26.7% 26.9% 26.9% 26.8% 26.9% 27.1% 27.2% Chart 2: CPR Analysis
Repayment Method 12m CPR (annualised)
Repayment 16.5% 16.8% 17.2% 17.6% 18.0% 18.5% 19.1% 29.6% 20%
Interest Only 79.5% 79.1% 78.7% 78.2% 77.6% 77.1% 76.4% 65.1% 18%
Part/Part 4.0% 4.1% 4.2% 4.3% 4.3% 4.5% 4.6% 5.3% 16%
Tenure Type
Freehold 66.4% 66.4% 66.5% 66.7% 66.8% 67.0% 67.2% 67.5% 14%
Leasehold 33.6% 33.6% 33.5% 33.3% 33.2% 33.0% 32.8% 32.5% 12%
Possessions 10%
Number in Repossession 17 11 13 9 16 11 12 22
8%
Amount in Repossession 2,165,529 2,015,109 1,866,895 1,113,036 2,260,673 1,878,095 1,942,170 3,601,420
Number of Properties Sold 19 8 5 5 5 6 11 4 6%
Amount of Property Sold 4,165,774 1,552,636 331,919 1,990,035 713,130 1,162,569 1,309,886 427,007 4%
Cumulative Number of Properties Sold 288 269 261 256 251 246 240 229
2%
Cumulative Amount Sold 43,239,336 39,073,563 37,520,927 37,189,007 35,198,972 34,485,842 33,323,273 32,013,387
Repossession Rate (as % of current deal size) 0.13% 0.12% 0.11% 0.06% 0.12% 0.10% 0.10% 0.18% 0%
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Average Loss Severity % (since inception) - calculated 15.68% 16.49% 16.71% 16.53% 16.92% 16.16% 16.21% 15.84%
Losses
Principal Losses 332,912 173,852 124,841 190,063 381,550 173,302 330,006 72,009
Cumulative Loss 6,778,044 6,445,133 6,271,281 6,146,439 5,955,000 5,573,450 5,400,147 5,070,141 Chart 3: Current Indexed LTV
Cumulative Losses (as % of original deal size) 0.12% 0.12% 0.11% 0.11% 0.11% 0.10% 0.10% 0.09%
CDR data
3-month CDR (annualised) 1.00% 0.36% 0.07% 0.43% 0.15% 0.24% 0.26% 0.08%
12-month CDR (annualised) 0.44% 0.24% 0.22% 0.26% 0.18% 0.19% 0.17% 0.20% less than 50%
50% to less than 55%
18.50%
16.50%
Pro Rata Triggers Required Current 60% to less than 65%
Trigger Ratio is satisfied (X/Y < P/2Q)* Min 5.76% 5.29%
90+ days Arrears (including repossession) Less than 2.5% 1.81% 7.00%
12.10%
Principal Deficieny Ledger Must be Zero - 0.30% 0.40% 70% to less than 75%
A1Notes Repaid True/False True 75% to less than 80%
11.60%
Reserve Support 77,053,308 77,053,308
Liquidity Fund Must be Zero - 11.00% 80% to less than 85%
Outstanding Notes are not less than 10% of original amount 10.00% 29.29% 85% to less than 90%
ALL PRO-RATA TRIGGERS SATISFIED; DEAL IS PAYING PRINCIPAL PRO-RATA 7.80% 4.00%
5.80%
4.80%
greater than 100%
Darrowby No. 1 Plc

Performance Monitor United Kingdom £441,762,222 RMBS 31-Mar-11 Skipton Building Society The Royal Bank of Scotland plc Citicorp Trustee Company Limited 20-Jun-14 DRWBY 2011-1 20-Jun-14
Performance Report Contact Details Lyndon Horwell Tel: 01756 705978 e-mail: lyndon.horwell@skipton.co.uk www.skipton.co.uk
Capital Structure
A1 Notes GBP 295,000,000 24.58% - - - 16.50% 44.82% NR/Aaa/AAA NR/WR/AAA - 3m Libor + 125 Mar-16 Dec-2043 XS0607048641
A2 Notes GBP 737,000,000 61.42% 441,762,222 100.00% 0.599406000 16.50% 44.82% NR/Aaa/AAA NR/Aaa/AAA - 3m Libor + 150 Mar-16 Dec-2043 XS0607053641
B Notes GBP 168,000,000 14.00% 168,000,000 38.03% 1.000000000 2.50% 6.79% NR/NR/NR NR/NR/NR - NA NA Dec-2043 XS0607049029
Reserve Fund GBP 30,000,000 2.50% 30,000,000 6.79%

Total Notes GBP 1,200,000,000 441,762,222
Darrowby No. 1 Plc
Transaction Summary
Report Date May-2014 Apr-2014 Mar-2014 Feb-2014 Jan-2014 Dec-2013 Nov-2013
Outstanding principal balance at period end date 589,362,395 599,447,530 611,208,864 622,297,171 633,464,953 646,577,795 659,294,830 Chart 1: Arrears as % of Outstanding Principal Balance
Number of Mortgage Loans in Pool 8,765 8,883 9,050 9,173 9,318 9,462 9,597
Reserve Fund - £30.000mm required 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 12 months + 6 - <=12 Months in Arrears 5 - <=6 Months in Arrears
Current Weighted Average Yield or Coupon 4.24% 4.25% 4.29% 4.34% 4.35% 4.37% 4.41%
4 - <=5 Months in Arrears 3 - <=4 Months in Arrears 2 - <=3 Months in Arrears
Current Loan to Value (LTV) Ratio 57.07% 57.20% 57.33% 57.45% 57.53% 57.71% 57.89%
Current Indexed Loan to Value (LTV) Ratio 57.07% 58.28% 58.39% 58.58% 58.65% 58.82% 59.00% 1 - <=2 Months in Arrears
Current Weighted Average Seasoning (months) 77 76 75 74 73 72 71 1.6%
Current WA Remaining Term to Legal Maturity (years) 15 15 15 15 15 15 16 1.5%
Current SVR rate 4.95% 4.95% 4.95% 4.95% 4.95% 4.95% 4.95% 1.4%
Cumulative Losses 1.3%
Monthly Losses (120) (120) 17,058 (120) (120) 48,538 11,641 1.2%
Average Loss Severity for current period - - 16.98% - - 12.07% 15.64% 1.1%
1.0%
Average Loss Severity for current period - - - - - - -
0.9%
0.2%
6 - <=12 Months in Arrears 0.09% 0.17% 0.16% 0.20% 0.20% 0.18% 0.12%
0.1%
12 months + 0.02% 0.02% 0.02% - - - - 0.0%
3 months + 0.65% 0.63% 0.66% 0.65% 0.64% 0.51% 0.52%
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Constant Prepayment Rate
CPR (1-month annualised) 15.14% 17.12% 14.74% 16.17% 18.66% 17.70% 17.96%
CPR (3-month annualised) 15.61% 15.96% 16.50% 17.47% 18.06% 18.10% 18.25%
Employment Status Chart 2: CPR Analysis
Employed 78.51% 78.57% 78.61% 78.60% 78.60% 78.69% 78.86%
CPR (1-month annualised) CPR (3-month annualised)
Self-employed 15.04% 15.02% 15.06% 15.07% 15.09% 14.94% 14.82% 30%
Other 2.75% 2.75% 2.72% 2.70% 2.70% 2.76% 2.75%
Student 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
25%
Unknown 3.68% 3.65% 3.61% 3.62% 3.60% 3.59% 3.56%
Property Type
House 90.46% 90.47% 90.48% 90.54% 90.61% 90.54% 90.52% 20%
Flat 9.54% 9.53% 9.52% 9.46% 9.39% 9.46% 9.48%
Type of Rate 15%
Fixed 52.26% 53.55% 53.11% 51.63% 52.42% 51.70% 51.66%
Capped (Inc. Collars) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Discounted 0.57% 0.53% 0.53% 0.50% 0.45% 0.43% 0.37% 10%
Variable 30.02% 28.95% 29.30% 30.21% 29.32% 29.63% 29.97%
Base Rate Tracker 17.15% 16.98% 17.06% 17.66% 17.81% 18.23% 18.00% 5%
Loan Purpose
Purchase 55.51% 55.54% 55.46% 55.52% 55.58% 55.60% 55.74%
0%
Remortgage 40.18% 40.17% 40.30% 40.26% 40.22% 40.27% 40.13%
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Debt Consolidation 4.31% 4.30% 4.24% 4.22% 4.20% 4.13% 4.13%
Property Ownership
Owner Occupied 98.38% 98.39% 98.43% 98.47% 98.51% 98.43% 98.50%
Non-Owner Occupied 1.62% 1.61% 1.57% 1.53% 1.49% 1.57% 1.50% Chart 3: Current Indexed LTV
Repossessed (In Quarter) 2 - 2 - - - 1 Up to 40%
Sold (In Quarter) - - 1 - - 2 - 11.41% 40.01% - 50%
Current Number Carried Forward 5 3 3 2 2 2 4 11.52%
50.01% - 60%
Possessions Since Inception c/f - - - - - - - 7.17% 60.01% - 70%
Properties Sold Since Inception 1,994,747 1,994,747 1,994,747 1,815,342 1,815,342 1,815,342 1,415,952 18.72% 3.10%
70.01% -75%
Average Time from Possession to Sale - - - - - - - 0.28% 0.61%
75.01% - 80%
Average Arrears at Sale (days) - - - - - - -
23.39% 80.01% - 85%
Loss On Sale Of Properties To Date - - - - - - - 13.34% 85.01% - 90%
Properties in Possession (%) 0.34% 0.33% 0.33% 0.29% 0.29% 0.28% 0.21% 10.46% 90.01% - 95%
Over 95%
Gosforth Funding 2011-1 plc

Performance Monitor United Kingdom £485,991,922 RMBS 18-Apr-11 Northern Rock (Asset Management) PLC Deutsche Bank AG,JP Morgan Gosforth Mortgages Trustee Limited 24-Jul-14 GFUND 2011-1 2-May-14
Performance Report Contact Details D Wheeler Tel:+44 (0) 191 2794022 e-mail: dianne.wheeler@northernrock.co.uk
Capital Structure
A1A Notes GBP 200,000,000 15.60% - - - 12.99% 32.50% NR/Aaa/AAA NR/WR/PIF - 3m Libor + 130 Apr-16 Apr-2047 XS0615973285
A1B Notes EUR 450,000,000 30.81% - - - 12.99% 32.50% NR/Aaa/AAA NR/WR/PIF - 3m Euribor + 130 Apr-16 Apr-2047 XS0615974093
A2 Notes GBP 546,100,000 42.60% 345,091,922 71.01% 0.631920751 12.99% 32.50% NR/Aaa/AAA NR/Aaa/AAA - 3m Libor + 145 Apr-16 Apr-2047 XS0615975652
M Notes GBP 38,400,000 3.00% 38,400,000 7.90% 1.000000000 10.00% 24.60% NR/Aa2/AA NR/Aa2/AA - 3m Libor + 200 Apr-16 Apr-2047 XS0615976031
Z Notes GBP 102,500,000 8.00% 102,500,000 21.09% 1.000000000 - - NR/NR/NR NR/NR/NR - 3m Libor + 200 N/A Apr-2047 XS0615984217
Reserve Fund GBP 25,640,000 2.00% 17,068,365 3.51%

Total Notes GBP 1,282,000,000 485,991,922
Page Updated: 2 March 2014 Sources: Trustee Reports, the BLOOMBERG PROFESSIONAL(TM) Service, S&P, Moody's, Fitch 40
Gosforth Funding 2011-1 plc
Transaction Summary
12 months+ 9-12 months 6-9 months 3-6 months 2-3 months 1-2 months
Scheduled principal 3,726,914 3,814,523 3,983,694 3,929,614 4,238,063 4,035,981 4,115,126 4,509,617 2.5%
Unscheduled principal 10,149,066 10,140,522 10,801,310 10,526,336 10,536,053 16,843,617 13,185,752 13,788,408
Interest 2,197,207 2,260,668 2,290,393 2,360,514 2,456,042 2,517,880 2,570,571 2,682,326
Seller Share 89,215,304 88,772,957 87,770,965 86,543,397 85,713,302 84,088,765 83,396,949 81,739,598 2.0%
Seller Share Percentage 15.89% 15.45% 14.93% 14.39% 13.94% 13.37% 12.85% 12.30%
Minimum Seller Share (amount) 37,259,323 37,354,768 37,547,907 37,571,106 37,872,610 38,029,887 38,176,463 38,492,742
Minimum Seller Share (% of Total) 6.64% 6.50% 6.39% 6.25% 6.16% 6.05% 5.88% 5.79% 1.5%
Weighted average Indexed LTV 46.06% 46.26% 46.31% 46.42% 46.53% 46.63% 48.16% 49.18%
Weighted average LTV 47.33% 47.55% 47.71% 47.81% 47.92% 48.04% 48.26% 48.36%
Average Weighted Mortgage Yield over BBR (including swap payments) 1.92% 1.92% 1.93% 1.93% 1.93% 1.94% 1.94% 1.95% 1.0%
Current SVR rate 4.79% 4.79% 4.79% 4.79% 4.79% 4.79% 4.79% 4.79%
1-2 months 0.73% 0.77% 0.94% 1.10% 1.34% 1.07% 1.14% 1.05% 0.5%
2-3 months 0.34% 0.35% 0.50% 0.25% 0.22% 0.38% 0.35% 0.35%
3-6 months 0.63% 0.49% 0.51% 0.52% 0.46% 0.52% 0.61% 0.60%
6-9 months 0.20% 0.20% 0.18% 0.19% 0.24% 0.19% 0.16% 0.22% 0.0%
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
9-12 months 0.06% 0.11% 0.08% 0.08% 0.05% 0.04% 0.04% 0.03%
12 months+ 0.06% 0.07% 0.06% 0.07% 0.07% 0.07% 0.08% 0.08%
3 months + 0.95% 0.87% 0.84% 0.86% 0.81% 0.82% 0.88% 0.93%
CPR Analysis - annualised
CPR (3-month annualised) 19.22% 19.04% 18.87% 21.38% 22.26% 23.39% 20.74% 19.74% Chart 2: CPR Analysis
Type of Rate CPR (1-month annualised) CPR (3-month annualised)
30%
Fixed 44.45% 45.18% 45.00% 45.28% 45.86% 46.78% 47.91% 48.40%
Variable 46.22% 45.52% 45.86% 45.54% 45.13% 44.17% 43.12% 42.61%
Tracker 9.34% 9.30% 9.14% 9.18% 9.02% 9.05% 8.97% 8.99% 25%
Repayment Method
Endowment 22.02% 21.93% 21.95% 21.78% 21.67% 21.63% 21.48% 21.18% 20%
Interest Only 19.43% 19.33% 19.32% 19.19% 19.01% 18.81% 18.79% 18.63%
Pension Policy 0.13% 0.13% 0.13% 0.13% 0.12% 0.12% 0.12% 0.12% 15%
Personal Equity Plan 0.19% 0.19% 0.19% 0.19% 0.19% 0.19% 0.18% 0.18%
Repayment 58.23% 58.42% 58.41% 58.71% 59.01% 59.25% 59.43% 59.89%
10%
Employment Status
Full Time 69.03% 69.18% 69.49% 69.76% 69.95% 70.01% 70.17% 70.24%
Part Time 1.76% 1.74% 1.71% 1.80% 1.79% 1.82% 1.84% 1.87% 5%
Retired 4.26% 4.19% 4.11% 4.07% 4.01% 3.96% 3.86% 3.83%
Self Employed 24.04% 23.97% 23.78% 23.48% 23.37% 23.34% 23.25% 23.18% 0%
other 0.92% 0.92% 0.91% 0.89% 0.89% 0.87% 0.87% 0.88%
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Loss
Total Principal Loss (since inception) 13,584 13,584 13,584 13,584 13,584 13,584 13,584 13,584
Total Principal Loss (current quarter) - - - - - - - -
Properties in Possession Chart 3: Current Indexed LTV
Repossessed (In Month) - - - - 47,140 46,779 - 162,551
9.99%
Repossessed (In Month) - Number - - - - - 1 - 1 8.02%
Sold (In Month) - - - 49,657 - 162,862 - - 0% < 25%
Sold (In Month) - Number - - - 1 - 1 - - > = 25% < 50%
Current Carried Forward - - - - 1 1 1 1 7.05% > = 50% < 55%
Average Time from Possession to Sale - - - - - - - - > = 55% < 60%
9.44% 5.02% 3.81%
Properties in Possession (%) - - - - 0.01% 0.01% - 0.02% 0.85% > = 60% < 65%
0.08% 0.28%
> = 65% < 70%
0.13% > = 70% < 75%
0.14%
> = 75% < 80%
> = 80% < 85%
15.97%
> = 85% < 90%
39.23% > = 90% < 95%
> = 95% < 100%
> = 100%
GOSFORTH MORTGAGES TRUSTEE 2012-1 LIMITED

Performance Monitor United Kingdom £532,408,688 RMBS 09-Jul-12 NA Bank Of America Merrill Lynch Citicorp Trustee Co Ltd 19-Jun-14 GFUND 2012-1 2-May-14
Performance Report Contact Details Dianne Wheeler Tel: +44 (0) 191 2794022 e-mail: dianne.wheeler@northernrock.co.uk http://companyinfo.northernrock.co.uk/treasury/securitisation/
Capital Structure
A Notes GBP 950,000,000 88.99% 414,908,688 77.93% 0.436745988 13.01% 26.08% NR/Aaa/AAA NR/Aaa/AAA - 3m Libor + 155 Sep-17 Dec-2047 XS0800625674
M Notes GBP 32,100,000 3.01% 32,100,000 6.03% 1.000000000 10.00% 20.05% NR/Aa2/AA NR/Aa2/AA - 3m Libor + 200 Sep-17 Dec-2047 XS0800631649
Z Notes GBP 85,400,000 8.00% 85,400,000 16.04% 1.000000000 - - NR/NR/NR NR/NR/NR - 3m Libor + 200 Sep-17 Dec-2047 NA
Reserve Fund GBP 21,350,000 2.00% 21,350,000 4.01%

Total Notes GBP 1,067,500,000 - 532,408,688 -
Transaction Summary
Number of Mortgages in Pool 5,689 5,954 6,230 6,474 6,653 6,941 7,301 7,579 Chart 1: Arrears as % of Outstanding Principal Balance
0.70%
12 months+
9-12 months
Scheduled principal 5,300,649 4,300,512 4,443,833 3,928,427 4,544,726 4,746,940 4,630,112 4,646,423 0.60%
Unscheduled principal 27,212,904 28,444,720 27,166,230 17,330,334 31,956,736 40,383,881 32,215,565 36,963,910 6-9 months
Interest 2,090,013 2,237,065 2,341,211 2,393,425 2,545,429 2,662,750 2,785,419 2,912,334 3-6 months
0.50%
Seller Share 52,267,995 51,496,697 50,548,449 49,889,299 49,163,629 48,939,653 48,351,783 47,218,719 2-3 months
Seller Share Percentage 10.06% 9.34% 8.67% 8.13% 7.75% 7.30% 6.76% 6.29% 1-2 months
Minimum Seller Share (amount) 24,934,233 25,337,719 25,945,043 26,259,782 26,652,504 26,694,482 27,214,027 27,523,315 0.40%
Minimum Seller Share (% of Total) 4.80% 4.60% 4.45% 4.28% 4.20% 3.98% 3.80% 3.66%
0.30%
Weighted average LTV 51.44% 51.64% 51.69% 51.98% 52.12% 52.27% 52.43% 52.59%
Average Weighted Mortgage Yield over LIBOR (including swap payments) 2.07% 2.07% 2.09% 2.08% 2.08% 2.08% 2.06% 2.06%
Current SVR rate 4.79% 4.79% 4.79% 4.79% 4.79% 4.79% 4.79% 4.79% 0.20%
1-2 months 0.28% 0.25% 0.21% 0.15% 0.17% 0.28% 0.28% 0.17%
0.10%
2-3 months 0.16% 0.15% 0.14% 0.08% 0.05% 0.12% 0.07% 0.14%
3-6 months 0.10% 0.07% 0.09% 0.13% 0.09% 0.07% 0.04% 0.05%
6-9 months 0.03% 0.03% 0.06% 0.02% 0.05% 0.04% 0.03% - 0.00%
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
9-12 months 0.04% 0.03% 0.03% 0.03% - - 0.01% -
12 months+ - - - - - - - -
CPR Analysis - annualised CPR (1-month annualised) CPR (3-month annualised)
60%
Type of Rate
40%
Fixed 59.60% 63.00% 64.40% 64.06% 65.60% 65.50% 66.63% 66.59%
Variable 35.81% 32.13% 30.02% 29.50% 27.88% 26.95% 24.14% 23.15% 30%
Tracker 4.59% 4.88% 5.58% 6.43% 6.52% 7.54% 9.23% 10.26%
Endowment 23.58% 23.53% 23.66% 23.28% 23.21% 23.01% 23.20% 23.47% 10%
Interest Only 17.25% 17.13% 16.92% 17.18% 17.23% 17.30% 17.20% 17.05%
Pension Policy 0.03% 0.03% 0.03% 0.03% 0.02% 0.02% 0.02% 0.02% 0%
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
Repayment 59.15% 59.31% 59.40% 59.51% 59.54% 59.66% 59.58% 59.46%
Loss
Total Principal Loss (since inception) 6,016 6,016 6,016 6,016 6,016 - - - 11.49% Chart 3: Current Indexed LTV
Total Principal Loss (current quarter) 6,016 6,016 6,016 6,016 6,016 - - -
Properties in Possession 9.39% 0% < 25%
9.71% 5.87% > = 25% < 50%
Repossessed (In Month) - - - - - - - 50,763
3.65% > = 50% < 55%
Repossessed (In Month) - Number - - - - - - - 1 10.19%
1.46% > = 55% < 60%
Sold (In Month) - - - - 54,428 - - - 0.09% 0.00% > = 60% < 65%
0.00% > = 65% < 70%
Sold (In Month) - Number - - - - 1 - - - 0.00% > = 70% < 75%
Current Carried Forward - - - - - 1 1 1 11.32% > = 75% < 80%
> = 80% < 85%
Properties in Possession (%) - - - - - - - 0.01% > = 90% < 95%
36.83%
GOSFORTH MORTGAGES TRUSTEE 2012-2 LIMITED

Performance Monitor United Kingdom £1,253,637,311 RMBS 19-Nov-12 Northern Rock PLC Deutsche Bank AG Citicorp Trustee Co Ltd #N/A Field Not GFUND 2012-2 2-May-14
Performance Report Contact Details Dianne Wheeler Tel: +44 (0) 191 2794022 e-mail: dianne.wheeler@northernrock.co.uk http://companyinfo.northernrock.co.uk/treasury/securitisation/
Capital Structure
A1A Notes GBP 1,000,000,000 34.07% - - - 10.00% 23.42% NR/(P)Aaa/AAA NR/Aaa/AAA - 3m Libor + 47 Nov-17 Nov-2049 XS0851841139
A1B Notes GBP 678,700,000 23.13% - - - 10.00% 23.42% NR/(P)Aaa/AAA NR/Aaa/AAA - 3m Libor + 47 Nov-17 Nov-2049 XS0851843184
A2 Notes GBP 1,021,300,000 34.80% 1,018,737,311 81.26% 0.997490758 10.00% 23.42% NR/(P)Aaa/AAA NR/Aaa/AAA - 3m Libor + 80 Nov-17 Nov-2049 NA
Reserve Fund GBP 58,698,000 2.00% 58,698,000 4.68%

Total Notes GBP 2,934,900,000 - 1,253,637,311 -
Transaction Summary
Number of Mortgages in Pool 12,125 12,657 13,180 13,894 14,353 15,126 16,265 17,372 0.5%
Current Balance of Mortgages 1,330,161,545 1,401,409,027 1,474,433,969 1,573,231,872 1,636,491,493 1,753,429,318 1,929,492,076 2,093,687,750 12 months+
Reserve Fund - £58.698mm required 58,698,000 58,698,000 58,698,000 58,698,000 58,698,000 58,698,000 58,698,000 58,698,000 9-12 months
Scheduled principal 7,645,804 8,731,149 6,670,050 8,866,268 9,995,010 9,872,529 11,086,320 11,554,104
6-9 months
Unscheduled principal 64,427,752 64,693,229 92,366,257 55,778,167 108,175,634 167,008,099 153,664,897 156,480,978 0.4%
Interest 4,901,287 5,171,247 5,458,644 5,652,317 5,952,742 6,512,966 6,949,232 7,405,707 3-6 months
Seller Share 76,475,256 75,662,051 75,186,953 74,796,201 73,461,008 72,296,618 71,458,118 70,876,706 2-3 months
Seller Share Percentage 5.75% 5.40% 5.10% 4.76% 4.49% 4.12% 3.70% 3.39% 0.3% 1-2 months
Minimum Seller Share (amount) 30,342,103 31,003,543 31,527,039 31,930,177 32,306,088 32,829,360 34,313,761 34,908,708
Minimum Seller Share (% of Total) 2.28% 2.21% 2.14% 2.03% 1.97% 1.87% 1.78% 1.67%
Weighted average LTV 56.22% 56.43% 56.57% 56.77% 56.94% 57.21% 57.60% 58.02% 0.2%
Average Weighted Mortgage Yield over LIBOR (including swap payments) 2.10% 2.10% 2.10% 2.09% 2.08% 2.08% 2.04% 2.01%
Current SVR rate 4.79% 4.79% 4.79% 4.79% 4.79% 4.79% 4.79% 4.79%
1-2 months 0.28% 0.20% 0.25% 0.35% 0.27% 0.25% 0.25% 0.20%
2-3 months 0.07% 0.06% 0.07% 0.05% 0.08% 0.07% 0.05% 0.03%
3-6 months 0.08% 0.05% 0.05% 0.05% 0.06% 0.04% 0.03% 0.03%
6-9 months - 0.02% 0.01% - - - 0.01% 0.01% 0.0%
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
9-12 months - - 0.00% 0.00% 0.00% 0.01% - -
12 months+ - - - - - - - -
CPR Analysis - annualised 70% CPR (1-month annualised) CPR (3-month annualised)
60%
Type of Rate 50%
Fixed 68.50% 69.48% 70.16% 69.34% 69.94% 69.74% 69.24% 68.82%
40%
Variable 24.48% 23.34% 22.06% 22.03% 21.30% 19.88% 17.45% 15.89%
Tracker 7.02% 7.18% 7.78% 8.63% 8.76% 10.37% 13.31% 15.29% 30%
Endowment 26.10% 26.19% 26.22% 26.31% 26.17% 26.17% 26.22% 26.02%
10%
Interest Only 11.40% 11.47% 11.50% 11.83% 11.74% 11.78% 12.14% 12.45%
Repayment 62.50% 62.34% 62.28% 61.86% 62.09% 62.05% 61.64% 61.53% 0%
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
Pension Policy - - - - - - - -
Loss
Total Principal Loss (since inception) - - - - - - - - Chart 3: Current Indexed LTV
Total Principal Loss (current quarter) - - - - - - - - 14.53%
Properties in Possession 0% < 25%
Repossessed (In Month) - - - - - - - - 13.19% > = 25% < 50%
> = 50% < 55%
Repossessed (In Month) - Number - - - - - - - - 8.01% 3.48% > = 55% < 60%
0.23% > = 60% < 65%
Sold (In Month) - - - - - - - - 0.03% 0.00%
11.35% 0.02% > = 65% < 70%
Sold (In Month) - Number - - - - - - - - 0.04% > = 70% < 75%
Current Carried Forward - - - - - - - - 13.15% 7.71% > = 75% < 80%
> = 80% < 85%
Properties in Possession (%) - - - - - - - - > = 90% < 95%
> = 95% < 100%
28.27%
Headingley RMBS 2011-1 Plc

Performance Monitor United Kingdom £507,621,890 RMBS 31-Mar-11 Bank of Scotland PLC/Halifax Lloyds TSB Bank PLC The Bank of New York Mellon #N/A Field Not HEADI 2011-1 16-May-14
Performance Report Contact Details Mark Unsworth Tel: +44 (0) 113 235 7699 e-mail: markunsworth@lloydsbanking.com www.lloydsbankinggroup.com/investors/debt_investors/securitisation.asp
Capital Structure
A1A Notes AUD 275,000,000 13.96% - - - 20.51% 50.67% AAA/Aaa/NR AAA/Aaa/NR - 3m BBSW + 150 Mar-18 Mar-2051 AU3FN0012803
A1B Notes EUR 500,000,000 35.12% - - - 20.51% 50.67% AAA/Aaa/NR AAA/Aaa/NR - 3m Euribor + 125 Mar-18 Mar-2051 XS0605183606
A2 Notes GBP 225,200,000 17.95% 94,121,890 18.54% 0.417948000 20.51% 50.67% AAA/Aaa/NR AAA/Aaa/NR - 3m Libor + 145 Mar-18 Mar-2051 XS0605184919
A3 Notes GBP 225,300,000 17.96% 225,300,000 44.38% 1.000000000 20.51% 50.67% AAA/Aaa/NR AAA/Aaa/NR - 3m Libor + 155 Mar-18 Mar-2051 XS0605185569
B Notes GBP 112,900,000 9.00% 112,900,000 22.24% 1.000000000 11.50% 28.43% AA+/Aa1/NR AA+/Aa1/NR - 0.010% Mar-18 Mar-2051 XS0605186021
C Notes GBP 75,300,000 6.00% 75,300,000 14.83% 1.000000000 5.50% 13.59% AA/Aa3/NR AA+/Aa3/NR - 0.010% Mar-18 Mar-2051 XS0605187342
Reserve Fund GBP 69,000,000 5.50% 69,000,000 13.59%

Total Notes GBP 1,254,276,375 507,621,890
Headingley RMBS 2011-1 Plc
Transaction Summary
Outstanding principal balance 606,094,574 619,790,403 638,230,092 661,856,346 681,942,326 704,836,932 722,394,170 741,250,202 Chart 1: Arrears as % of Outstanding Principal Balance
Current number of loans in Pool 5,437 5,551 5,710 5,909 6,062 6,250 6,381 6,518
Average Loan Balance 111,476 111,654 111,774 112,008 112,495 112,774 113,210 113,724 1 - <2 months 2 - <3 months 3 - <6 months 6 - <12 months 12 months +
Reserve Fund - £69mm required 69,000,000 69,000,000 69,000,000 69,000,000 69,000,000 69,000,000 69,000,000 69,000,000 4.0%
WA Original LTV 77.00% 76.96% 76.92% 76.77% 76.78% 76.70% 76.68% 76.64%
WA Current Indexed LTV 68.53% 70.05% 70.06% 71.94% 71.98% 71.96% 72.09% 72.12% 3.5%
WA Remaining Term (Years) 17 17 17 17 17 17 17 17
Current SVR rate 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%
Seller Share 130,608,201 130,608,201 130,608,201 130,487,228 130,487,228 130,487,228 130,349,590 130,349,590 2.5%
Seller Share % 21.55% 21.07% 20.46% 19.72% 19.13% 18.51% 18.04% 17.59%
Minimum Seller Share 42,849,117 42,849,117 42,849,117 42,849,117 42,849,117 42,849,117 42,849,117 42,849,117 2.0%
Excess Spread (annualised) 1.22% 1.22% 1.30% 1.30% 1.19% 1.10% 1.10% 1.5%
1 - <2 months 1.22% 1.12% 1.46% 1.48% 1.07% 1.15% 0.99% 0.15% 1.0%
2 - <3 months 0.62% 0.55% 0.59% 0.60% 0.62% 0.47% 0.44% 0.47%
3 - <6 months 0.29% 0.84% 0.98% 0.85% 0.98% 1.07% 1.09% 1.14% 0.5%
6 - <12 months 0.81% 0.26% 0.28% 0.32% 0.30% 0.38% 0.44% 0.94%
12 months + 0.24% 0.27% 0.26% 0.23% 0.25% 0.20% 0.19% 0.61% 0.0%
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
3 months + 1.10% 1.10% 1.26% 1.17% 1.28% 1.45% 1.53% 2.08%
PPR Analysis
PPR (1-month annualised) 23.55% 29.73% 35.35% 30.12% 32.81% 24.67% 26.73% 24.90%
PPR (3-month annualised) 29.54% 31.73% 32.76% 29.37% 28.23% 25.43% 24.73% 22.91% Chart 2: PPR Analysis
PPR (12-month annualised) 26.36% 25.90% 25.31% 23.77% 22.71% 21.45% 21.23% 20.92%
Cumulative Losses 936,127 903,600 903,600 876,226 873,851 873,851 826,436 820,762 40%
Monthly Losses 32,527 - 27,374 2,375 - 47,415 5,673 209,017 PPR (1-month annualised) PPR (3-month annualised)
Type of Rate 35%
Discounted variable rate loans - - - - - - - -
Fixed rate loans 8.93% 11.62% 12.12% 12.19% 14.80% 15.78% 17.78% 17.73% 30%
Tracker rate loans 5.39% 5.41% 5.30% 5.29% 6.85% 6.94% 7.42% 7.47%
25%
Standard variable rate loans 85.68% 82.97% 82.57% 82.52% 78.35% 77.28% 74.81% 74.80%
Property type 20%
Detached house 22.59% 22.49% 22.34% 22.45% 22.39% 22.50% 22.47% 22.61%
Semi-detached house 27.14% 27.27% 27.33% 27.32% 27.46% 27.40% 27.45% 27.44% 15%
Terraced house 30.55% 30.57% 30.71% 30.61% 30.46% 30.43% 30.32% 30.05%
House: det type unknown5 - - - - - - - - 10%
Flat or maisonette 15.34% 15.27% 15.15% 15.12% 15.19% 15.21% 15.28% 15.25%
5%
Bungalow 4.38% 4.40% 4.47% 4.49% 4.50% 4.47% 4.48% 4.64%
Use of proceeds
0%
Purchase 61.13% 61.23% 61.34% 61.33% 61.42% 61.69% 61.92% 61.85%
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
Remortgage 38.87% 38.77% 38.66% 38.67% 38.58% 38.31% 38.08% 38.15%
0
Repayment 48.95% 49.14% 49.44% 49.87% 49.76% 50.27% 50.43% 50.72%
Interest only 51.05% 50.86% 50.56% 50.13% 50.24% 49.73% 49.57% 49.28% Chart 3: Current Indexed LTV
12.69%
Brought Forward 191,889 247,344 305,434 326,062 324,063 167,816 185,064 752,473
Repossessed - - - 2 - 3 2 6 2.89%
0% - 24.99%
Sold 2 - 1 1 - 2 2 4 0.98%
Relinquished - - - - - - - - 0.92% 25% - 49.99%
0.77%
Balance of properties in possession 59,473 191,889 247,344 305,434 326,062 324,063 167,816 185,064 41.19% 50% - 74.99%
Properties in Possession (%) 0.01% 0.03% 0.04% 0.05% 0.05% 0.05% 0.02% 0.02% 4.08% 75% - 79.99%
80% - 84.99%
8.57%
85% - 89.99%
90% - 94.99%
14.17%
95% - 96.99%
97% - 99.99%
>100%
13.74%
Silk Road Finance Number One (2010-1) plc

Performance Monitor United Kingdom £1,401,289,310 RMBS 25-Feb-10 The Co-operative Bank p.l.c. The Co-operative Bank p.l.c. Capita IRG Trustees Ltd 23-Jun-14 SLKRD 2010-1 24-Jun-14
Performance Report Contact Details Angela Bailey Tel: +44 (0)1538 393 829 e-mail: silk.info@britannia.co.uk http://www.britannia.co.uk/_site/microsite/bts/index.html
Capital Structure
A1 Notes GBP 2,500,000,000 86.00% 994,300,000 70.96% 0.397720000 18.00% 37.34% NR/(P)Aaa/AAA NR/Aaa/AAA - 3m Libor + 140 Mar-15 Dec-2052 XS0488420893
Class B1 VFN GBP 406,989,310 14.00% 406,989,310 29.04% 1.000000000
Class B2 VFN GBP 50,000,000 1.72% 50,000,000 3.57% 1.000000000
Class C VFN GBP 135,227,000 4.65% 135,227,000 9.65% 1.000000000
Class D VFN GBP - - - - -
Reserve Fund GBP 116,279,573 4.00% 116,279,573 8.30%

Total Notes GBP 2,906,989,310 - 1,401,289,310 -
Transaction Summary
Report Date Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 Sep-2012 Jun-2012
Outstanding principal balance 1,416,279,683 1,496,143,073 1,570,701,894 1,642,782,611 1,711,505,401 1,790,904,091 1,890,348,744 1,982,835,168 0.45% 1.01 <= 2 Months in Arrears 2.01 <= 3 Months in Arrears 3 months +
Current Average Loan Size 92,038 93,328 94,416 95,394 96,423 97,677 98,976 100,032 0.40%
Reserve Fund - £116.28mm required 116,279,573 116,279,573 116,279,573 116,279,573 116,279,573 116,279,573 116,279,573 116,279,573 0.35%
Current Weighted Average Seasoning (Months) 70 67 64 62 59 56 54 51
0.30%
Original Loan to Value Ratio (at Issuance) 60.78% 60.78% 60.78% 60.78% 60.78% 60.78% 60.78% 60.78%
0.25%
Current Indexed Loan to Value Ratio 55.63% 56.42% 57.80% 60.80% 61.57% 61.85% 61.74% 52.15%
0.20%
Current Non-Indexed Loan to Value Ratio 55.48% 55.97% 56.36% 56.74% 57.10% 57.49% 57.84% 58.27%
Current SVR Rate 4.74% 4.74% 4.74% 4.74% 4.74% 4.74% 4.74% 4.24% 0.15%
1.01 <= 2 Months in Arrears 0.19% 0.15% 0.17% 0.21% 0.15% 0.09% 0.14% 0.17% 0.05%
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
3 months + 0.19% 0.14% 0.16% 0.15% 0.12% 0.15% 0.14% 0.17%
Excess Spread (annualised) 0.22% 0.19% 0.15% 0.23% 0.22% 0.29% 0.28% 0.62%
PPR Analysis Chart 2: PPR Analysis
Principal Payment Rate - 3 Months Average 1.81% 1.61% 1.48% 1.36% 1.50% 1.79% 4.66% 3.92%
Annualised PPR Speed 21.50% 19.60% 16.89% 15.62% 18.35% 19.57% 17.26% 14.67%
Principal Payment Rate - 3 Months Average Annualised PPR Speed
Principal Payment Rate - Monthly Average 1.84% 1.78% 1.56% 1.43% 1.54% 1.77% - -
20%
CPR Analysis
Constant Prepayment Rate - 3 Months Average 1.38% 1.28% 1.08% 0.97% 1.11% 1.41% 3.58% 2.86%
Constant Prepayment Rate - Annualised 16.76% 15.43% 12.83% 11.63% 13.64% 15.78% 13.47% 10.86% 15%
Constant Prepayment Rate - Monthly Average 1.40% 1.37% 1.16% 1.04% 1.12% 1.40% - -
Property Type
Detached House 35.70% 35.63% 35.47% 35.28% 35.18% 35.27% 35.33% 35.25% 10%
Flat/ Maisonnette 7.93% 7.98% 8.04% 8.09% 8.14% 8.14% 8.18% 8.30%
Semi- Detached House 30.33% 30.36% 30.23% 30.19% 30.12% 30.05% 29.95% 29.78%
Terraced House 22.01% 22.04% 22.21% 22.38% 22.48% 22.48% 22.43% 22.60% 5%
Other 4.04% 3.99% 4.04% 4.06% 4.08% 4.06% 4.10% 4.07%

Interest Payment Type 0%
Capital & Interest 66.07% 66.16% 66.29% 66.39% 66.45% 66.48% 66.63% 66.73%
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Interest Only 22.70% 22.40% 22.32% 22.12% 22.02% 21.95% 21.74% 21.58%
Mixed (Part & Part) 11.24% 11.44% 11.39% 11.49% 11.53% 11.57% 11.62% 11.69%
Loss Chart 3: Current Indexed LTV
Net Loss - - - - 32,533 - 175,564 7,661
Cumulative Net Loss 336,546 336,546 336,546 336,546 336,546 304,014 304,014 136,111
Average Loss Severity (In Period) - - - - 30.25% - 53.49% 0
6.70% 0% - 25% 25% - 50%
Average Loss Severity (Cumulative) 13.39% 13.91% 13.91% 13.91% 13.91% 13.18% 15.98% 0
7.76% 5.02%
Properties in Possession 50% - 55% 55% - 60%
7.46% 3.43%
Possessed properties (current period) - - - - 65,069 - 410,509 564,622
Possessed properties (to date) 2,512,795 2,418,832 2,418,832 2,418,832 2,418,832 2,306,023 2,023,809 1,743,178 7.42% 2.34% 60% - 65% 65% - 70%
1.82%
Sales (current period) 54,152 - - - 107,547 410,509 405,637 230,641 1.94% 70% - 75% 75% - 80%
Sales (to date) 2,490,313 2,436,160 2,436,160 2,371,092 2,306,023 2,023,809 1,302,042 1,034,434 7.44%
7.33% 80% - 85% 85% - 90%
Properties in Possession (%) - - - - 0.00% - 0.02% 0.03% 9.78%
No. of Properties in Possession - - - - 1 - 1 3 90% - 95% 95% - 100%
Over 100%
31.56%
Silk Road Finance Number Two (2011-1) plc

Performance Monitor United Kingdom £554,198,802 RMBS 07-Jul-11 The Co-operative Bank p.l.c. Barclays Capital, JP Morgan Securities Capita IRG Trustees Ltd 23-Jun-14 SLKRD 2011-1 24-Jun-14
Performance Report Contact Details Angela Bailey Tel: +44 (0)1538 393 829 e-mail: silk.info@britannia.co.uk http://www.britannia.co.uk/_site/microsite/bts/index.html
Capital Structure
AA Notes EUR 500,000,000 46.31% 262,885,000 38.55% 0.525770000 24.84% 39.32% NR/(P)Aaa/AAA NR/Aaa/AAA - 3m Euribor + 155 Sep-14 Mar-2054 XS0615237400
AB Notes GBP 275,000,000 31.35% 144,586,750 26.09% 0.525770000 24.84% 39.32% NR/(P)Aaa/AAA NR/Aaa/AAA - 3m Libor + 155 Sep-14 Mar-2054 XS0615236691
B1 Notes GBP 149,550,000 17.05% 149,550,000 26.98% 1.000000000 - - NR/NR/NR NR/NR/NR - 3m Libor + 21 NA Mar-2054 NA
B2 Notes GBP 19,000,000 2.17% 19,000,000 3.43% 1.000000000 - - NR/NR/NR NR/NR/NR - 3m Libor + 21 NA Mar-2054 NA
C Notes GBP 27,432,500 3.13% 27,432,500 4.95% 1.000000000 - - NR/NR/NR NR/NR/NR - 3m Libor + 21 NA Mar-2054 NA
Reserve Fund GBP 21,932,500 2.50% 21,932,500 3.96%

Total Notes GBP 877,300,000 - 554,198,802 -
Transaction Summary
Report Date Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 Sep-2012 Jun-2012
Number of Mortgage Loans in Pool 4,862 5,195 5,461 5,645 5,801 5,988 6,240 6,424 0.01 <= 1 Months in Arrears 1.01 <= 2 Months in Arrears
Outstanding principal balance 531,678,172 582,534,410 623,887,158 653,414,085 678,350,063 711,277,218 755,379,677 788,643,556 2.01 <= 3 Months in Arrears > 3 Months
0.60%
Current Average Loan Size 109,354 112,134 114,244 115,751 116,937 118,784 121,054 122,765
Current Weighted Average Seasoning (Months) 51 48 45 42 40 37 34 31 0.50%
Weighted Average Yield 4.03% 4.08% 4.06% 4.01% 4.04% 4.10% 4.13% 4.05% 0.40%
Current Indexed Loan to Value Ratio 56.22% 57.60% 59.22% 61.78% 63.28% 63.36% 64.71% 58.00% 0.30%
0.20%
Current SVR Rate 4.74% 4.74% 4.74% 4.74% 4.74% 4.74% 4.74% 4.74%
1.01 <= 2 Months in Arrears 0.02% 0.05% 0.04% 0.07% 0.04% 0.02% 0.04% 0.03%
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
> 3 Months - 0.06% 0.06% 0.05% 0.05% 0.05% 0.03% 0.02%
Excess Spread (annualised) 0.59% 0.57% 0.51% 0.55% 0.50% 0.51% 0.69% 0.72% Chart 2: CPR Analysis
CPR Analysis
Constant Prepayment Rate ("CPR") 2.57% 2.72% 1.17% 0.88% 1.20% 1.64% 3.28% 0.91% Constant Prepayment Rate ("CPR") Annualised CPR (Based on periodic CPR)
25%
Annualised CPR (Based on periodic CPR) 23.21% 16.62% 18.27% 11.13% 11.45% 12.34% 12.41% 5.45%
Property Type
20%
Detached House 33.61% 33.28% 33.18% 33.18% 32.97% 32.59% 32.48% 32.47%
15%
Terraced House 30.74% 23.33% 23.36% 23.32% 23.55% 23.72% 23.68% 23.58%
10%
Other 23.17% 3.98% 3.85% 3.93% 3.93% 3.85% 3.90% 3.88%
Interest Rate Type
5%
Base 19.50% 19.00% 21.30% 25.87% 25.67% 25.18% 23.46% 22.17%
Fixed- reverting to SVR 62.54% 60.11% 61.04% 60.28% 59.24% 55.88% 59.01% 69.25% 0%
SVR 17.96% 20.89% 17.66% 13.85% 15.09% 18.94% 17.52% 8.57%
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Loss
Net Loss - - - - - - - -
Cumulative Net Loss - - - - - - - -
Average Loss Severity (In Period) - - - - - - - - 0% - 25% 25% - 50%
Average Loss Severity (Cumulative) - - - - - - - - 10.52%
9.06%
Properties in Possession 11.71% 50% - 55% 55% - 60%
Possessed properties (current period) 66,166 - - - - - - - 5.10% 1.83%
10.46% 60% - 65% 65% - 70%
Possessed properties (to date) 66,166 - - - - - - - 0.16%
0.20%
Sales (current period) 66,166 - - - - - - - 0.16%
70% - 75% 75% - 80%
Sales (to date) 66,166 - - - - - - - 7.23%
Properties in Possession (%) 0.01% - - - - - - - 7.37% 80% - 85% 85% - 90%
8.14%
90% - 95% 95% - 100%
28.06% Over 100%
Silk Road Finance Number Three (2012-1) plc

Performance Monitor United Kingdom £560,339,500 RMBS 02-Aug-12 Co-operative Bank PLC Barclays Bank Plc HSBC Corporate Trustee Company Ltd 23-Jun-14 SLKRD 2012-1 24-May-14
Performance Report Contact Details Randika Vithanage Tel: +44 (0)1538 397 883 e-mail: randika.vithanage@cfs.coop http://www.britannia.co.uk/_site/microsite/bts/index.html
Capital Structure
A Notes GBP 650,000,000 85.75% 452,322,000 80.72% 0.695880000 16.75% 22.66% NR/(P)Aaa/AAA NR/Aaa/AAA - 3m Libor + 135 Sep-16 Jun-2055 XS0811595130
B1 Notes GBP 108,017,500 14.25% 108,017,500 19.28% 1.000000000 - - NR/NR/NR NR/NR/NR - 3m Libor + 21 Sep-16 Jun-2055 NA
B2 Notes GBP 14,000,000 1.85% 14,000,000 2.50% 1.000000000 - - NR/NR/NR NR/NR/NR - 3m Libor + 21 Sep-16 Jun-2055 NA
C Notes GBP 27,450,400 3.62% 23,936,559 4.27% 0.871993082 - - NR/NR/NR NR/NR/NR - 3m Libor + 21 Sep-16 Jun-2055 NA
Reserve Fund GBP 18,950,400 2.50% 18,950,400 3.38%

Total Notes GBP 758,017,500 - 560,339,500 -
Transaction Summary
Number of Mortgage Loans in Pool 5,803 5,886 5,973 6,053 6,136 6,203 6,277 6,340 0.01 <= 1 Months in Arrears 1.01 <= 2 Months in Arrears
Outstanding principal balance 547,564,432 559,691,207 571,088,559 583,124,395 596,057,811 606,417,422 616,264,334 625,003,920 2.01 <= 3 Months in Arrears > 3 Months
0.60%
Current Average Loan Size 94,359 95,089 95,612 96,336 97,141 97,762 98,178 98,581
Current Weighted Average Seasoning (Months) 69 68 67 66 65 64 63 62 0.50%
Weighted Average Yield 3.92% 3.95% 3.96% 3.97% 3.98% 3.96% 3.96% 3.97% 0.40%
Current Indexed Loan to Value Ratio 50.83% 51.16% 51.49% 51.78% 52.19% 53.23% 53.37% 53.48% 0.30%
0.20%
Current SVR Rate 4.74% 4.74% 4.74% 4.74% 4.74% 4.74% 4.74% 4.74%
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
> 3 Months 0.04% 0.05% 0.06% 0.06% 0.03% 0.05% 0.03% 0.04%
Excess Spread (annualised) 1.41% 1.41% 1.49% 1.49% 1.49% 1.44% 1.44% 1.44% Chart 2: CPR Analysis
CPR Analysis
Constant Prepayment Rate ("CPR") 1.61% 1.60% 1.52% 1.86% 1.61% 0.89% 0.96% 0.81% Constant Prepayment Rate ("CPR") Annualised CPR (Based on periodic CPR)
20%
Annualised CPR (Based on periodic CPR) 18.48% 18.08% 17.30% 18.20% 14.42% 11.07% 11.07% 8.76%
Property Type
Detached House 38.84% 38.90% 38.86% 38.89% 38.87% 38.86% 38.80% 38.79% 15%
10%
Terraced House 28.45% 28.46% 20.30% 20.33% 20.57% 20.61% 20.73% 20.76%
Other 20.47% 20.36% 4.65% 4.61% 4.57% 4.54% 4.56% 4.58%
Interest Rate Type 5%
Base 26.31% 26.06% 26.35% 26.42% 26.08% 27.60% 27.36% 27.18%
Fixed- reverting to SVR 57.75% 57.20% 57.86% 58.10% 57.40% 58.76% 58.94% 58.75% 0%
SVR 15.94% 16.73% 15.79% 15.49% 16.52% 13.65% 13.70% 14.07%
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
Loss
Net Loss - - - - - - - -
Cumulative Net Loss - - - - - - - -
Average Loss Severity (In Period) - - - - - - - -
Average Loss Severity (Cumulative) - - - - - - - - 7.92%
0% - 25% 25% - 50% 50% - 55%
Properties in Possession 8.80%
Possessed properties (current period) - - - - - - - - 8.07% 6.57%
55% - 60% 60% - 65% 65% - 70%
Possessed properties (to date) - - - - - - - - 7.61%
Sales (current period) - - - - - - - - 5.24% 1.03% 70% - 75% 75% - 80% 80% - 85%
0.33%
Sales (to date) - - - - - - - - 0.00% 0.04%
Properties in Possession (%) - - - - - - - - 85% - 90% 90% - 95% 95% - 100%
7.27%
11.67%
Over 100%
35.42%
GLOBAL FIXED INCOME AND ECONOMICS RESEARCH
Ric Deverell
Global Head of Fixed Income and Economics Research
+1 212 538 8964
ric.deverell@credit-suisse.com
GLOBAL SECURITIZED PRODUCTS RESEARCH

Roger Lehman
Global Head of Securitized Products Research
+1 212 325 2123
roger.lehman@credit-suisse.com
RESIDENTIAL MORTGAGES CMBS

Mahesh Swaminathan Roger Lehman, Managing Director
Group Head Group Head
+1 212 325 8789 +1 212 325 2123
mahesh.swaminanthan@credit-suisse.com roger.lehman@credit-suisse.com
AGENCY MBS NON-AGENCY MBS

Qumber Hassan Marc Firestein Serif Ustun, CFA Sylvain Jousseaume, CFA
+1 212 538 4988 +1 212 325 4379 +1 212 538 4582 +1 212 325 1356
qumber.hassan@credit-suisse.com marc.firestein@credit-suisse.com serif.ustun@credit-suisse.com sylvain.jousseaume@credit-suisse.com
Glenn Russo
+1 212 538 6881
glenn.russo@credit-suisse.com
EUROPE JAPAN
Carlos Diaz Tomohiro Miyasaka

+44 20 7888 2414 +81 3 4550 7171
carlos.diaz@credit-suisse.com tomohiro.miyasaka@credit-suisse.com
MODELING AND ANALYTICS
David Zhang Tony Tang Yihai Yu

Group Head +1 212 325 2804 +1 212 325 7922
+1 212 325 2783 tony.tang@credit-suisse.com yihai.yu@credit-suisse.com
david.zhang@credit-suisse.com
Taek Choi Oleg Koriachkin Joy Zhang Andrew Zhang

+1 212 538 0525 +1 212 325 0578 +1 212 325 5702 +1 212 538 4181
taek.choi@credit-suisse.com oleg.koriachkin@credit-suisse.com joy.zhang@credit-suisse.com andrew.zhang@credit-suisse.com
Glenn Russo
+1 212 538 6881
glenn.russo@credit-suisse.com
..
Disclosure Appendix
Analyst Certification
I, Carlos Diaz, certify that (1) the views expressed in this report accurately reflect my personal views about all of the subject companies and
securities and (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in
this report.
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Buy: Indicates a recommended buy on our expectation that the issue will deliver a return higher than the risk-free rate.
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Corporate Bond Fundamental Recommendation Definitions
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29 May 2014

Fixed Income Research

The Credit Suisse UK RMBS

Contributors Month-on-month change: Performance Stable

Exhibit 1: UK RMBS master trust and standalone performance snapshot

CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION®

The Credit Suisse UK RMBS Tracker: May 2014 2

UK Prime RMBS Master Trust

The Credit Suisse UK RMBS Tracker: May 2014 3

Country of Assets Asset Type Next Report Date (approx.)

WA Indexed LTV (average) 63.0% 63.7% 64.0% 64.1% 64.2% 64.4%

1- 3 months arrears (average) 1.82% 1.77% 1.97% 1.94% 1.93% 1.99%

3 months+ arrears (average) 1.39% 1.41% 1.68% 1.69% 1.71% 1.70%

12 months + Arrears (average) 0.28% 0.29% 0.33% 0.33% 0.34% 0.33%

% properties in possession (average) 0.14% 0.14% 0.15% 0.15% 0.14% 0.15%

May-2014 Apr-2014 Mar-2014 Feb-2014 Jan-2014 Dec-2013 Nov-2013 Oct-2013 Sep-2013

*non-indexed values *unindexed bands

Country of Bloomberg Next Report

Reserve Fund GBP 380,000,000 5.67%

Country of Current Notes Next Report

Reserve Fund GBP 291,300,000 4.06%

Total Notes GBP 7,166,157,678

CPR - Non Removals % NA NA NA NA NA NA NA NA 12%

Country of Current Notes Next Report

Reserve Fund GBP 667,000,000 6.20%

Total Notes GBP 10,752,042,222

Country of Current Notes Bloomberg Next Report

Z Note (Total) GBP 909,000,000 16.30%

Total Notes GBP 5,578,067,443

Country of Current Notes Bloomberg Next Report

Granite Funding Limited GBP 1,851,248,149

Granite Funding 2 Limited GBP 8,840,739,873

Country of Current Notes Next Report

Z Notes GBP 2,015,000,000 20.80%

Total Funding Notes GBP 9,686,178,661

Country of Current Notes Bloomberg Next Report

Reserve Fund GBP 97,977,847 4.35%

Total Notes GBP 2,250,536,030 -

Country of Current Notes Bloomberg Next Report

Funding 2 Reserve Fund GBP 405,000,000 3.12%

Asset trigger events: No

Country of Current Notes Bloomberg Next Report

Reserve Fund GBP 725,000,000 3.73%

Total Notes GBP 19,460,078,410

UK Prime RMBS Standalone

The Credit Suisse UK RMBS Tracker: May 2014 28

Current Notes Next Report Date

Reserve Fund GBP 91,852,628 2.00% 91,852,628 3.25%

Current Notes Next Report Date

Reserve Fund GBP 91,022,405 2.00% 91,022,405 3.05%

Current Notes Next Report Date

Reserve Fund GBP 21,932,500 2.50% 21,932,500 3.96%

Current Notes Next Report Date

Reserve Fund GBP 23,300,000 2.70% 23,300,000 4.57%

Properties in Possession (%) 0.02% 0.02% - - - - - - 0.02% 65 - 75

Current Notes Next Report Date

Reserve Fund GBP 35,610,000 2.70% 23,960,249 2.14%

Current Notes Next Report Date

Reserve Fund GBP 77,053,308 1.40% 77,053,308 4.78%

50% to less than 55%

greater than 100%

Current Notes Next Report Date

Reserve Fund GBP 30,000,000 2.50% 30,000,000 6.79%

Current Notes Next Report Date

non-indexed values unindexed bands