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Rating Action:

Moody's Places EMEA RMBS Transactions with Lehman Exposure on Review For Possible Downgrade

17 Sep 2008
Moody's Places EMEA RMBS Transactions with Lehman Exposure on Review For Possible Downgrade

40 European RMBS transactions affected.

London, 17 September 2008 -- On 15 September 2008, Lehman Brothers Holdings Inc ("LBHI") announced that it intends to file a petition under Chapter 11 of the U.S. Bankruptcy Code. Also, on 15 September, Moody's Investors Service downgraded the senior ratings of LBHI, and those of certain guaranteed subsidiaries, to B3 under Review for further downgrade from A2. The short-term ratings for all rated LBHI entities were lowered to Not-Prime from Prime-1.

As a result of LBHI's bankruptcy and rating downgrade, Moody's has today placed the following EMEA RMBS ratings on review for downgrade (amounts reflect initial outstanding tranche balance):

BERICA 6 RESIDENTIAL MBS S.R.L.:

- EUR 1,185,000,000 Class A2 Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade,

- EUR 42,800,000 Class B Mortgage Backed Floating Rate Notes, current rating: A1, on review for possible downgrade,

- EUR Euro 28,600,000 Class C Mortgage Backed Floating Rate Notes, current rating: Baa2, on review for possible downgrade, and

- EUREuro 8,570,000 Class D Mortgage Backed Floating Rate Notes, current rating: B1, on review for possible downgrade.

Last rating action date for Berica 6 Residential MBS S.r.l.: For Class A and B notes: 16 Febuary 2006, for Class C notes: 29 Febuary 2008; for Class D notes: 20 December 2007.

EMF-NL 2008-2 B.V.

- EUR 173,850,000 Class A1 Mortgage-Backed Notes due July 2041, current rating: Aaa, on review for possible downgrade.

Last rating action date for EMF-NL 2008-2 B.V.: 29 August 2008.

EMF-NL PRIME 2008-A B.V.:

- EUR 50,000,000 Class A1 Mortgage-Backed Notes due April 2041, current rating: Aaa, on review for possible downgrade, and

- EUR 110,000,000 Class A2 Mortgage-Backed Notes due April 2041, current rating: Aaa, on review for possible downgrade.

Last rating action date for EMF-NL Prime 2008-A B.V.: 28 May 2008.

EMF-UK 2008-1 PLC:

- EUR 87,982,000 Class A1 Mortgage Backed Floating Rate Notes due March 2026, current rating: Aaa, on review for possible downgrade,

- EUR 51,322,000 Class A2 Mortgage Backed Floating Rate Notes due March 2046, current rating: Aaa, on review for possible downgrade, and

- EUR 295,229,000 Class A3 Mortgage Backed Floating Rate Notes due March 2046, current rating: Aaa, on review for possible downgrade.

Last rating action date for EMF-UK 2008-1 Plc: 18 March 2008.

EUROSAIL 2006-1:

- EUR 437,500,000 Class A1b Mortgage Backed Floating Rate Notes due 2025, current rating: Aaa, on review for possible downgrade,

- GBP 100,000,000 Class A1c Mortgage Backed Floating Rate Notes due 2025, current rating: Aaa, on review for possible downgrade,

- GBP 321,200,000 Class A2c Mortgage Backed Floating Rate Notes due 2044, current rating: Aaa, on review for possible downgrade,

- EUR 20,700,000 Class B1a Mortgage Backed Floating Rate Notes due 2044, current rating: Aa3, on review for possible downgrade,

- GBP 17,500,000 Class B1c Mortgage Backed Floating Rate Notes due 2044, current rating: Aa3, on review for possible downgrade,

- EUR 13,600,000 Class C1a Mortgage Backed Floating Rate Notes due 2044, current rating: Baa2, on review for possible downgrade,

- GBP 16,500,000 Class C1c Mortgage Backed Floating Rate Notes due 2044, current rating: Baa2, on review for possible downgrade,

- EUR 26,400,000 Class D1a Mortgage Backed Floating Rate Notes due 2044, current rating: Ba3, on review for possible downgrade,

- GBP 3,000,000 Class D1c Mortgage Backed Floating Rate Notes due 2044, current rating: Ba3, on review for possible downgrade, and

- GBP 4,778,000 Class E Mortgage Backed Floating Rate Notes due 2044, current rating: B3, on review for possible downgrade.

Last rating action date for Eurosail 2006-1: For Class A and B notes: 1 June 2006; for Class C, D and E notes: 23 May 2008.

EUROSAIL 2006-2BL PLC:

- USD 300,000,000 Class A1b Mortgage Backed Floating Rate Notes due 2030, current rating: Aaa, on review for possible downgrade,

- GBP 100,000,000 Class A1c Mortgage Backed Floating Rate Notes due 2030, current rating: Aaa, on review for possible downgrade,

- GBP 269,060,000 Class A2c Mortgage Backed Floating Rate Notes due 2044, current rating: Aaa, on review for possible downgrade,

- EUR 27,000,000 Class B1a Mortgage Backed Floating Rate Notes due 2044, current rating: Aa3, on review for possible downgrade,

- USD 18,000,000 Class B1b Mortgage Backed Floating Rate Notes due 2044, current rating: Aa3, on review for possible downgrade,

- EUR 24,800,000 Class C1a Mortgage Backed Floating Rate Notes due 2044, current rating: A3, on review for possible downgrade,

- GBP 11,000,000 Class C1c Mortgage Backed Floating Rate Notes due 2044, current rating: A3, on review for possible downgrade,

- EUR 9,000,000 Class D1a Mortgage Backed Floating Rate Notes due 2044, current rating: Ba1, on review for possible downgrade,

- GBP 17,300,000 Class D1c Mortgage Backed Floating Rate Notes due 2044, current rating: Ba1, on review for possible downgrade,

- GBP 7,380,000 Class E1c Mortgage Backed Floating Rate Notes due 2044, current rating: B3, on review for possible downgrade, and

- GBP 1,538,000 Class F1c Mortgage Backed Floating Rate Notes due 2044, current rating: Caa1, on review for possible downgrade.

Last rating action date for Eurosail 2006-2BL Plc: For Class A Notes: 11 October 2006; for Class B, C, D, E and F notes: 23 May 2008.

EUROSAIL 2006-3NC PLC:

- EUR 25,000,000 Class A1a Mortgage Backed Floating Rate Notes due Sept 2024, current rating: Aaa, on review for possible downgrade,

- USD 60,000,000 Class A1b Mortgage Backed Floating Rate Notes due Sept 2024, current rating: Aaa, on review for possible downgrade,

- GBP 110,000,000 Class A1c Mortgage Backed Floating Rate Notes due Sept 2024, current rating: Aaa, on review for possible downgrade,

- USD 145,000,000 Class A2b Mortgage Backed Floating Rate Notes due Sept 2044, current rating: Aaa, on review for possible downgrade,

- GBP 35,250,000 Class A2c Mortgage Backed Floating Rate Notes due Sept 2044, current rating: Aaa, on review for possible downgrade,

- EUR 128,000,000 Class A3a Mortgage Backed Floating Rate Notes due Sept 2044, current rating: Aaa, on review for possible downgrade,

- GBP 80,200,00 Class A3c Mortgage Backed Floating Rate Notes due Sept 2044, current rating: Aaa, on review for possible downgrade,

- Class A3c Detachable Coupons payable until Dec 2009, current rating: Aaa, on review for possible downgrade,

- EUR 48,800,000 Class B1a Mortgage Backed Floating Rate Notes due Sept 2044, current rating: Aa3, on review for possible downgrade,

- EUR 20,000,000 Class C1a Mortgage Backed Floating Rate Notes due Sept 2044, current rating: Baa2, on review for possible downgrade,

- GBP 9,850,000 Class C1c Mortgage Backed Floating Rate Notes due Sept 2044, current rating: Baa2, on review for possible downgrade,

- EUR 6,050,000 Class D1a Mortgage Backed Floating Rate Notes due Sept 2044, current rating: B1, on review for possible downgrade,

- GBP 11,000,000 Class D1c Mortgage Backed Floating Rate Notes due Sept 2044, current rating: B1, on review for possible downgrade, and

- GBP 4,080,000 Class E1c Mortgage Backed Floating Rate Notes due Sept 2044, current rating: B3, on review for possible downgrade.

Last rating action date for Eurosail 2006-3NC Plc: For Class A notes: 9 November 2006; for Class B, C, D and E: 23 May 2008.

EUROSAIL 2006-4NP PLC:

- EUR 100,000,000 Class A1a Mortgage Backed Floating Rate Notes due June 2024, current rating: Aaa, on review for possible downgrade,

- USD 64,000,000 Class A1b Mortgage Backed Floating Rate Notes due June 2024, current rating: Aaa, on review for possible downgrade,

- GBP 133,000,000 Class A1c Mortgage Backed Floating Rate Notes due June 2024, current rating: Aaa, on review for possible downgrade,

- GBP 171,300,000 Class A2c Mortgage Backed Floating Rate Notes due December 204,4 current rating: Aaa, on review for possible downgrade,

- EUR 98,500,000 Class A3a Mortgage Backed Floating Rate Notes due December 2044, current rating: Aaa, on review for possible downgrade,

- GBP 150,000,000 Class A3c Mortgage Backed Floating Rate Notes due December 2044, current rating: Aaa, on review for possible downgrade,

- EUR 34,000,000 Class M1a Mortgage Backed Floating Rate Notes due December 2044, current rating: Aa1, on review for possible downgrade, and

- GBP 12,000,000 Class M1c Mortgage Backed Floating Rate Notes due December 2044, current rating: Aa1, on review for possible downgrade.

Last rating action date for Eurosail 2006-4NP Plc: 27 November 2006.

EUROSAIL PRIME-UK 2007-A PLC:

- EUR 270,000,000 Class A Notes due September 2045, current rating: Aaa, on review for possible downgrade.

Last rating action date for Eurosail Prime-UK 2007-A Plc: 15 November 2007.

EUROSAIL-NL 2007-1 B.V.:

- EUR 306,250,000 Class A Mortgage-Backed Notes due April 2040, current rating: Aaa, on review for possible downgrade,

- EUR 14,525,000 Class B Mortgage-Backed Notes due April 2040, current rating: Aa1, on review for possible downgrade,

- EUR 14,000,000 Class C Mortgage-Backed Notes due April 2040, current rating: Aa3, on review for possible downgrade,

- EUR 12,775,000 Class D Mortgage-Backed Notes due April 2040, current rating: Baa2, on review for possible downgrade,

- EUR 2,450,000 Class E1 Mortgage-Backed Notes due April 2040, current rating: Ba2, on review for possible downgrade, and

- EUR 11,200,000 Class ET Notes due April 2040, current rating: Ba3, on review for possible downgrade.

Last rating action date for Eurosail-NL 2007-1 B.V.: 31 July 2007.

EUROSAIL-NL 2007-2 B.V.:

- EUR 280,000,000 Class A Mortgage-Backed Notes due 2040, current rating: Aaa, on review for possible downgrade.

Last rating action date for Eurosail-NL 2007-2 B.V.: 29 November 2007.

EUROSAIL-UK 2007-1NC PLC:

- EUR 102,600,00 million Class A1a Mortgage Backed Floating Rate Notes due 2026 current rating: Aaa, on review for possible downgrade,

- GBP 148,000,000 million Class A1c Mortgage Backed Floating Rate Notes due 2026 current rating: Aaa, on review for possible downgrade,

- EUR 152,500,000 Class A2a Mortgage Backed Floating Rate Notes due 2045 current rating: Aaa, on review for possible downgrade,

- GBP 50,000,000 Class A2c Mortgage Backed Floating Rate Notes due 2045 current rating: Aaa, on review for possible downgrade,

- EUR 194,800,000 Class A3a Mortgage Backed Floating Rate Notes due 2045 current rating: Aaa, on review for possible downgrade,

- GBP 100,000,000 Class A3c Mortgage Backed Floating Rate Notes due 2045 current rating: Aaa, on review for possible downgrade,

- GBP Class A3c Detachable Coupons due 2010 current rating: Aaa, on review for possible downgrade,

- EUR 36,900,000 Class B1a Mortgage Backed Floating Rate Notes due 2045 current rating: Aa2, on review for possible downgrade,

- GBP 20,000,000 Class B1c Mortgage Backed Floating Rate Notes due 2045 current rating: Aa2, on review for possible downgrade,

- 42,100,000 Class C1a Mortgage Backed Floating Rate Notes due 2045 current rating: A2, on review for possible downgrade,

- EUR 23,250,000 Class D1a Mortgage Backed Floating Rate Notes due 2045 current rating: Ba1, on review for possible downgrade,

- GBP 5,000,000 Class D1c Mortgage Backed Floating Rate Notes due 2045 current rating: Ba1, on review for possible downgrade, and

- GBP 5,600,00 Class E1c Mortgage Backed Floating Rate Notes due 2045 current rating: Ba3, on review for possible downgrade.

Last rating action dates for Eurosail-UK 2007-1NC Plc: For the Class A notes: 1 March 2007; Class B, M, C, D and E notes: 4 June 2008.

EUROSAIL-UK 2007-2NP PLC:

- EUR 116,800,000 Class A1a Mortgage Backed Floating Rate Notes due September 2029, current rating: Aaa, on review for possible downgrade,

- GBP 105,000,000 Class A1c Mortgage Backed Floating Rate Notes due September 2029, current rating: Aaa, on review for possible downgrade,

- EUR 127,500,000 Class A2a Mortgage Backed Floating Rate Notes due March 2045, current rating: Aaa, on review for possible downgrade,

- GBP 48,000,000 Class A2c Mortgage Backed Floating Rate Notes due March 2045, current rating: Aaa, on review for possible downgrade,

- EUR 139,500,000 Class A3a Mortgage Backed Floating Rate Notes due March 2045, current rating:Aaa, on review for possible downgrade, and

- GBP 75,000,000 Class A3c Mortgage Backed Floating Rate Notes due March 2045, current rating: Aaa, on review for possible downgrade.

Last rating action date for Eurosail-UK 2007-2NP Plc: 13 March 2007.

EUROSAIL-UK 2007-3BL PLC

- USD 200,000,000 Class A1b Notes due September 2027, current rating: Aaa, on review for possible downgrade,

- GBP 102,500,000 Class A1c Notes due September 2027, current rating: Aaa, on review for possible downgrade,

- EUR 64,500,000 Class A2a Notes due June 2045, current rating: Aaa, on review for possible downgrade,

- USD 100,000,000 Class A2b Notes due June 2045, current rating: Aaa, on review for possible downgrade,

- GBP 63,000,000 Class A2c Notes due June 2045, current rating: Aaa, on review for possible downgrade,

- EUR 215,000,000 Class A3a Notes due June 2045, current rating: Aaa, on review for possible downgrade,

- GBP 64,500,000 Class A3c Notes due June 2045, current rating: Aaa, on review for possible downgrade,

- EUR 15,000,000 Class B1a Notes due June 2045, current rating: Aa2, on review for possible downgrade,

- GBP 23,000,000 Class B1c Notes due June 2045, current rating: Aa2, on review for possible downgrade,

- EUR 25,000,000 Class C1a Notes due June 2045, current rating: A2, on review for possible downgrade,

- GBP 10,000,000 Class C1c Notes due June 2045, current rating: A2, on review for possible downgrade,

- EUR 25,500,000 Class D1a Notes due June 2045, current rating: Baa1, on review for possible downgrade, and

- GBP 5,525,000 Class E1c Notes due June 2045, current rating: Baa3, on review for possible downgrade.

Last rating action date for Eurosail-UK 2007-3BL Plc: 18 July 2007.

EUROSAIL-UK 2007-4BL PLC:

- EUR 173,000,000 Class A1a Mortgage Backed Floating Rate Notes due September 2028, current rating: Aaa, on review for possible downgrade,

- GBP 100,000,000 Class A1c Mortgage Backed Floating Rate Notes due September 2028, current rating: Aaa, on review for possible downgrade,

- EUR 230,000,000 Class A2a Mortgage Backed Floating Rate Notes due June 2045, current rating: Aaa, on review for possible downgrade,

- EUR 150,000,000 Class A3a Mortgage Backed Floating Rate Notes due June 2045, current rating: Aaa, on review for possible downgrade,

- GBP 111,690,000 Class A3c Mortgage Backed Floating Rate Notes due June 2045, current rating: Aaa, on review for possible downgrade,

- EUR 52,000,000 Class B1a Mortgage Backed Floating Rate Notes due June 2045, current rating: Aa2, on review for possible downgrade,

- EUR 55,000,000 Class C1a Mortgage Backed Floating Rate Notes due June 2045, current rating: A1, on review for possible downgrade,

- EUR 36,000,000 Class D1a Mortgage Backed Floating Rate Notes due June 2045, current rating: Baa1, on review for possible downgrade, and

- GBP 10,220,000 Class E1c Mortgage Backed Floating Rate Notes due June 2045, current rating: Ba1, on review for possible downgrade.

Last rating action date for Eurosail-UK 2007-4BL Plc: 17 August 2007.

EUROSAIL-UK 2007-5NP PLC:

- EUR 626,300,000 Class A1a Mortgage Backed Floating Rate Notes due September 2045, current rating: Aaa, on review for possible downgrade,

- GBP 75,000,000 Class A1c Mortgage Backed Floating Rate Notes due September 2045, current rating: Aaa, on review for possible downgrade,

- GBP 29,040,000 Class B1c Mortgage Backed Floating Rate Notes due September 2045, current rating: Aa3, on review for possible downgrade,

- GBP 18,690,000 Class C1c Mortgage Backed Floating Rate Notes due September 2045, current rating: A3, on review for possible downgrade, and

- GBP 13,220,000 Class D1c Mortgage Backed Floating Rate Notes due September 2045, current rating: Baa3, on review for possible downgrade.

Last rating action date for Eurosail-UK 2007-5NP Plc: 19 November 2007.

EUROSAIL-UK 2007-6NC PLC:

- EUR 158,040,000 Class A1a Mortgage Backed Floating Rate Notes due December 2029, current rating: Aaa, on review for possible downgrade,

- EUR 111,140,000 Class A2a Mortgage Backed Floating Rate Notes due September 2045, current rating: Aaa, on review for possible downgrade,

- EUR 170,530,000 Class A3a Mortgage Backed Floating Rate Notes due September 2045, current rating: Aaa, on review for possible downgrade,

- EUR 30,330,000 Class B1a Mortgage Backed Floating Rate Notes due September 2045, current rating: Aa2, on review for possible downgrade,

- EUR 21,670,000 Class C1a Mortgage Backed Floating Rate Notes due September 2045, current rating: A2, on review for possible downgrade, and

- EUR 18,100,000 Class D1a Mortgage Backed Floating Rate Notes due September 2045, current rating: Baa3, on review for possible downgrade.

Last rating action date for Eurosail-UK 2007-6NC Plc: 28 November 2007.

GAZPROMBANK MORTGAGE BACKED SECURITIES SERIES 2007-1:

- EUR 147,200,000 Class A1 Mortgage Backed Floating Rate Notes Due June 2047, current rating: A3, on review for possible downgrade,

- RUB 850,000,000 Class A2 Mortgage Backed Fixed Rate Notes Due June 2047, current rating: A3, on review for possible downgrade,

- RUB 311,800,000 Class B Mortgage Backed Fixed Rate Notes Due June 2047, current rating: Baa3, on review for possible downgrade, and

- RUB 329,000,000 Class C Mortgage Backed Fixed Rate Notes Due June 2047, current rating: Ba2, on review for possible downgrade.

Last rating action date for Gazprombank Mortgage Backed Securities Series 2007-1: 25 June 2007.

LUSITANO MORTGAGE NO. 3 PLC:

- EUR 1,140,000,000 Class A Mortgage Backed Floating Rate Notes due 2047, current rating: Aaa, on review for possible downgrade,

- EUR 27,000,000 Class B Mortgage Backed Floating Rate Notes due 2047, current rating: Aa2, on review for possible downgrade,

- EUR 18,600,000 Class C Mortgage Backed Floating Rate Notes due 2047, current rating: A2, on review for possible downgrade, and

- EUR 14,400,000 Class D Mortgage Backed Floating Rate Notes due 2047, current rating: Baa2, on review for possible downgrade.

Last rating action date for Lusitano Mortgage No. 3 plc: 10 December 2004.

LUSITANO MORTGAGE NO. 4 PLC:

- EUR 1,134,000,000 Class A Mortgage Backed Floating Rate Notes due 2048, current rating: Aaa, on review for possible downgrade,

- EUR 22,800,000 Class B Mortgage Backed Floating Rate Notes due 2048, current rating: Aa2, on review for possible downgrade,

- EUR 19,200,000 Class C Mortgage Backed Floating Rate Notes due 2048, current rating: A1, on review for possible downgrade, and

- EUR 24,000,000 Class D Mortgage Backed Floating Rate Notes due 2048, current rating: Baa1, on review for possible downgrade.

Last rating action date for Lusitano Mortgage No. 4 Plc: 30 September 2005.

LUSITANO MORTGAGES NO. 5 PLC:

- EUR 1,323,000,000 Class A Mortgage-Backed Floating-Rate Notes due 2059, current rating: Aaa, on review for possible downgrade,

- EUR 26,600,00 Class B Mortgage-Backed Floating-Rate Notes due 2059, current rating: A2, on review for possible downgrade,

- EUR 22,400,000 Class C Mortgage-Backed Floating-Rate Notes due 2059, current rating: Baa2, on review for possible downgrade, and

- EUR 28,000,000 Class D Mortgage-Backed Floating-Rate Notes due 2059, current rating: B1, on review for possible downgrade.

Last rating action date for Lusitano Mortgage No. 5 Plc: 31 July 2008.

MARBLE ARCH RESIDENTIAL SECURITISATION NO. 2 LIMITED:

- GBP 105,000,000 Class A1a Mortgage Backed Floating Rate Notes due 2036, current rating: Aaa, on review for possible downgrade,

- EUR 229,000,000 Class A1b Mortgage Backed Floating Rate Notes due 2036, current rating: Aaa, on review for possible downgrade,

- EUR 40,500,000 Class M Mortgage Backed Floating Rate Notes due 2036, current rating: A1, on review for possible downgrade, and

- GBP 22,500,000 Class B Mortgage Backed Floating Rate Notes due 2036, current rating: Baa2, on review for possible downgrade.

Last rating action dates for Marble Arch Residential Securitisation No. 2 Limited: 19 March 2004.

MARBLE ARCH RESIDENTIAL SECURITISATION NO. 3 LIMITED:

- GBP 132,000,000 Class A1a Mortgage Backed Floating Rate Notes due 2037, current rating: Aaa, on review for possible downgrade,

- EUR 221,000,000 Class A1b Mortgage Backed Floating Rate Notes due 2037, current rating: Aaa, on review for possible downgrade,

- GBP 16,250,000 Class M1 Mortgage Backed Floating Rate Notes due 2037, current rating: Aa2, on review for possible downgrade,

- GBP 13,800,000 Class M2 Mortgage Backed Floating Rate Notes due 2037, current rating: A2, on review for possible downgrade, and

- GBP 10,550,000 Class B1 Mortgage Backed Floating Rate Notes due 2037, current rating:Baa3, on review for possible downgrade.

Last rating action dates for Marble Arch Residential Securitisation No. 3 Limited: For Class A and M notes: 16 March 2005. Class B notes: 20 March 2008.

MARBLE ARCH RESIDENTIAL SECURITISATION NO. 4 PLC:

- USD 250,500,000 Class A2b Mortgage Backed Floating Rate Notes due 2040, current rating: Aaa, on review for possible downgrade,

- GBP 56,000,000 Class A2c Mortgage Backed Floating Rate Notes due 2040, current rating: Aaa, on review for possible downgrade,

- GBP 231,000,000 Class A3c Mortgage Backed Floating Rate Notes due 2040, current rating: Aaa, on review for possible downgrade,

- GBP 0 the Detachable A3c DAC Coupons due 2040, current rating: Aaa, on review for possible downgrade,

- EUR 36,400,000 Class B1a Mortgage Backed Floating Rate Notes due 2040, current rating: Aa3, on review for possible downgrade,

- USD 27,100,000 Class B1b Mortgage Backed Floating Rate Notes due 2040, current rating: Aa3, on review for possible downgrade,

- GBP 20,000,000 Class B1c Mortgage Backed Floating Rate Notes due 2040, current rating: Aa3, on review for possible downgrade,

- EUR 43,450,000 Class C1a Mortgage Backed Floating Rate Notes due 2040, current rating: A2, on review for possible downgrade,

- GBP 15,000,000 Class C1c Mortgage Backed Floating Rate Notes due 2040, current rating: A2, on review for possible downgrade,

- EUR 20,700,000 Class D1a Mortgage Backed Floating Rate Notes due 2040, current rating: Baa3, on review for possible downgrade,

- GBP 26,000,000 Class D1c Mortgage Backed Floating Rate Notes due 2040, current rating: Baa3, on review for possible downgrade, and

- GBP 25,200,000 Class E1c Mortgage Backed Floating Rate Notes due 2040, current rating: B2, on review for possible downgrade.

Last rating action date for Marble Arch Residential Securitisation No. 4 Plc: For Class A, B, and C: 1 November 2006; for Class D and E: 18 April 2008.

PREFERRED RESIDENTIAL SECURITIES 7 PLC:

- GBP 206,400,000 Class A1 Mortgage Backed Floating Rate Notes due 2025, current rating: Aaa, on review for possible downgrade,

- GBP 309,600,000 Class A2 Mortgage Backed Floating Rate Notes due 2041, current rating: Aaa, on review for possible downgrade,

- GBP 0 Class A2 DC Detachable Coupons due 2041, current rating: Aaa, on review for possible downgrade,

- GBP 40,500,000 Class B Mortgage Backed Floating Rate Notes due 2041, current rating: Aa3, on review for possible downgrade,

- GBP 37,500,000 Class C Mortgage Backed Floating Rate Notes due 2041, current rating: Baa2, on review for possible downgrade, and

- GBP 6,000,000 Class D Mortgage Backed Floating Rate Notes due 2041, current rating: Ba2, on review for possible downgrade.

Last rating action date for Preferred Residential Securities 7 Plc: 9 January 2004.

PREFERRED RESIDENTIAL SECURITIES 8 PLC:

- GBP 181,000,000 Class A1a1 Mortgage Backed Floating Rate Notes due 2042, current rating: Aaa, on review for possible downgrade,

- GBP 0 Class A1a1 DC Detachable Coupons due 2042, current rating: Aaa, on review for possible downgrade,

- GBP 100,000,000 Class A1a2 Mortgage Backed Floating Rate Notes due 2042, current rating: Aaa, on review for possible downgrade,

- GBP 0 Class A1a2 DC Detachable Coupons due 2042, current rating: Aaa, on review for possible downgrade,

- USD 100,000,000 Class A1b Mortgage Backed Floating Rate Notes due 2042, current rating: Aaa, on review for possible downgrade,

- EUR 100,000,000 Class A1c Mortgage Backed Floating Rate Notes due 2042, current rating: Aaa, on review for possible downgrade,

- GBP 18,500,000 Class B1a Mortgage Backed Floating Rate Notes due 2042, current rating: Aa3, on review for possible downgrade,

- EUR 8,500,000 Class B1c Mortgage Backed Floating Rate Notes due 2042, current rating: Aa3, on review for possible downgrade,

- GBP 5,900,000 Class C1a Mortgage Backed Floating Rate Notes due 2042, current rating: A2, on review for possible downgrade,

- EUR 5,000,000 Class C1c Mortgage Backed Floating Rate Notes due 2042, current rating: A2, on review for possible downgrade,

- GBP16,200,000 Class D1a Mortgage Backed Floating Rate Notes due 2042, current rating: Baa2, on review for possible downgrade,

- EUR 5,000,000 Class D1c Mortgage Backed Floating Rate Notes due 2042, current rating: Baa2, on review for possible downgrade, and

- GBP 4,600,000 Class E Mortgage Backed Floating Rate Notes due 2042, current rating: Ba2, on review for possible downgrade.

Last rating action date for Preferred Residential Securities 8 Plc: 19 August 2004.

PREFERRED RESIDENTIAL SECURITIES 05-1 PLC:

- GBP 218,600,000 Class A2c Mortgage Backed Floating Rate Notes Due 2043, current rating: Aaa, on review for possible downgrade,

- EUR 7,000,000 Class B1a Mortgage Backed Floating Rate Notes Due 2043, current rating: Aa3, on review for possible downgrade,

- GBP 22,600,000 Class B1c Mortgage Backed Floating Rate Notes Due 2043, current rating: Aa3, on review for possible downgrade,

- GBP 10,800,000 Class C1c Mortgage Backed Floating Rate Notes Due 2043, current rating: A2, on review for possible downgrade,

- GBP 15,800,000 Class D1c Mortgage Backed Floating Rate Notes Due 2043, current rating: Baa2, on review for possible downgrade, and

- GBP 3,400,000 Class E Mortgage Backed Floating Rate Notes Due 2043, current rating:Ba2, on review for possible downgrade.

Last rating action date for Preferred Residential Securities 05-1 Plc: 27 April 2005.

PREFERRED RESIDENTIAL SECURITIES 05-2 PLC:

- EUR 100,000,000 Class A2a Mortgage Backed Floating Rate Notes due 2040, current rating: Aaa, on review for possible downgrade,

- GBP 96,000,000 Class A2c Mortgage Backed Floating Rate Notes due 2040, current rating: Aaa, on review for possible downgrade,

- USD 0 Class A2c DC Detachable Coupons due 2008, current rating: Aaa, on review for possible downgrade,

- EUR 13,000,000 Class B1a Mortgage Backed Floating Rate Notes due 2040, current rating: Aa3, on review for possible downgrade,

- GBP 10,000,000 Class B1c Mortgage Backed Floating Rate Notes due 2040, current rating: Aa3, on review for possible downgrade,

- EUR 12,000,000 Class C1a Mortgage Backed Floating Rate Notes due 2040, current rating: A2, on review for possible downgrade,

- GBP 4,000,000 Class C1c Mortgage Backed Floating Rate Notes due 2040, current rating: A2, on review for possible downgrade, and

- GBP 12,600,000 Class D1c Mortgage Backed Floating Rate Notes due 2040, current rating: Baa3, on review for possible downgrade.

Last rating action date for Preferred Residential Securities 05-2 Plc: 9 November 2005.

PREFERRED RESIDENTIAL SECURITIES 06-1 PLC:

- EUR 70.0 million Class A2a Mortgage Backed Floating Rate Notes due 2043, current rating: Aaa, on review for possible downgrade,

- USD 20.0 million Class A2b Mortgage Backed Floating Rate Notes due 2043, current rating: Aaa, on review for possible downgrade,

- GBP 167.1 million Class A2c Mortgage Backed Floating Rate Notes due 2043, current rating: Aaa, on review for possible downgrade,

- GBP 0 Class A2c DAC-1 Detachable Coupons due 2009, current rating: Aaa, on review for possible downgrade,

- EUR 5.5 million Class B1a Mortgage Backed Floating Rate Notes due 2043, current rating: Aa2, on review for possible downgrade,

- GBP 26.0 million Class B1c Mortgage Backed Floating Rate Notes due 2043, current rating: Aa2, on review for possible downgrade,

- EUR 17.0 million Class C1a Mortgage Backed Floating Rate Notes due 2043, current rating: A2, on review for possible downgrade,

- GBP 6.5 million Class C1c Mortgage Backed Floating Rate Notes due 2043, current rating: A2, on review for possible downgrade,

- EUR 15.1 million Class D1a Mortgage Backed Floating Rate Notes due 2043, current rating: Baa2, on review for possible downgrade,

- GBP 10.0 million Class D1c Mortgage Backed Floating Rate Notes due 2043, current rating: Baa2, on review for possible downgrade, and

- GBP 8.1 million Class E1c Mortgage Backed Floating Rate Notes due 2043, current rating: Ba3, on review for possible downgrade.

Last rating action date for Preferred Residential Securities 06-1 Plc: 23 Febuary 2006.

SESTANTE FINANCE S.R.L. SERIES 2004:

- EUR 575,300,000 Class A Notes due 2042, current rating: Aaa, on review for possible downgrade,

- EUR 34,400,000 Class B Notes due 2042, current rating: Aa3, on review for possible downgrade,

- EUR 15,600,000 Class C1 Notes due 2042, current rating: A3, on review for possible downgrade, and

- EUR 21,900,000 Class C2 Notes due 2042, current rating: Baa3, on review for possible downgrade.

Last rating action date for Sestante Finance S.r.l.: 6 December 2004.

SESTANTE FINANCE S.R.L. SERIES 2005:

- EUR 791,900,000 Class A Notes due 2045, current rating: Aaa, on review for possible downgrade,

- EUR 47,350,000 Class B Notes due 2045, current rating: Aa3, on review for possible downgrade,

- EUR 21,500,000 Class C1 Notes due 2045, current rating: A3, on review for possible downgrade, and

- EUR 30,150,000 Class C2 Notes due 2045, current rating: Baa3, on review for possible downgrade.

Last rating action date for Sestante Finance S.r.l. Series 2005: 16 December 2005.

SESTANTE FINANCE S.R.L. SERIES 2006:

- EUR 342,250,000 Class A1 Asset Backed Floating Rate Notes due 2046, current rating: Aaa, on review for possible downgrade,

- EUR 228,150,000 Class A2 Asset Backed Floating Rate Notes due 2046, current rating: Aaa, on review for possible downgrade,

- EUR 34,100,000 Class B Asset Backed Floating Rate Notes due 2046, current rating: Aa3, on review for possible downgrade,

- EUR 15,500,000 Class C1 Asset Backed Floating Rate Notes due 2046, current rating: A3, on review for possible downgrade, and

- EUR 21,700,000 Class C2 Asset Backed Floating Rate Notes due 2046, current rating: Baa3, on review for possible downgrade.

Last rating action date for Sestante Finance S.r.l. Series 2006: 21 December 2006.

SOUTHERN PACIFIC FINANCING 06-A PLC:

- GBP 372,960,000 Class A Mortgage Backed Floating Rate Notes due 2044, current rating: Aaa, on review for possible downgrade,

- GBP 14,700,000 Class B Mortgage Backed Floating Rate Notes due 2044, current rating: Aa2, on review for possible downgrade,

- GBP 19,110,000 Class C Mortgage Backed Floating Rate Notes due 2044, current rating: A2, on review for possible downgrade,

- GBP 9,450,000 Class D1 Mortgage Backed Floating Rate Notes due 2044, current rating: Baa2, on review for possible downgrade, and

- GBP 3,780,000 Class E Mortgage Backed Floating Rate Notes due 2044, current rating: Ba2, on review for possible downgrade.

Last rating action date for Southern Pacific Securities 06-A Plc: 22 Febuary 2006.

SOUTHERN PACIFIC FINANCING 05-B PLC:

- GBP 397,440,000 Class A Mortgage Backed Floating Rate Notes due 2043, current rating: Aaa, on review for possible downgrade,

- GBP 34,560,000 Class B Mortgage Backed Floating Rate Notes due 2043, current rating: Aa2, on review for possible downgrade,

- GBP 19,200,000 Class C Mortgage Backed Floating Rate Notes due 2043, current rating: A2, on review for possible downgrade,

- GBP 21,600,000 Class D Mortgage Backed Floating Rate Notes due 2043, current rating: Baa2, on review for possible downgrade, and

- GBP 7,200,000 Class E Mortgage Backed Floating Rate Notes due 2043, current rating: Ba2, on review for possible downgrade.

Last rating action date for Southern Pacific Financing 05-B Plc: 4 July 2005.

SOUTHERN PACIFIC SECURITIES 04-1 PLC:

- GBP 177,700,000 Class A2 Mortgage Backed Floating Rate Notes due 2042, current rating: A2, on review for possible downgrade,

- GBP 31,500,000 Class M Mortgage Backed Floating Rate Notes due 2042, current rating: Baa2, on review for possible downgrade, and

- GBP 6,000,000 Class B Mortgage Backed Floating Rate Notes due 2042, current rating: Ba2, on review for possible downgrade.

Last rating action date for Southern Pacific Securities 04-1 Plc: 26 Febuary 2004.

SOUTHERN PACIFIC SECURITIES 04-2 PLC:

- EUR 100,000,000 Class A2a Mortgage Backed Floating Rate Notes due 2042, current rating: Aaa, on review for possible downgrade,

- GBP 235,200,000 Class A2c Mortgage Backed Floating Rate Notes due 2042, current rating: Aaa, on review for possible downgrade,

- GBP 3,700,000 Class A2c DC Detachable Coupons payable until September 2007, current rating: Aaa, on review for possible downgrade,

- USD 22,500,000 Class B1b Mortgage Backed Floating Rate Notes due 2042, current rating: Aa3, on review for possible downgrade,

- GBP 31,600,000 Class B1c Mortgage Backed Floating Rate Notes due 2042, current rating: Aa3, on review for possible downgrade,

- EUR 5,000,000 Class C1a Mortgage Backed Floating Rate Notes due 2042, current rating: A3, on review for possible downgrade,

- GBP 19,400,000 Class C1c Mortgage Backed Floating Rate Notes due 2042, current rating: A3, on review for possible downgrade,

- EUR 5,000,000 Class D1a Mortgage Backed Floating Rate Notes due 2042, current rating: Baa2, on review for possible downgrade,

- GBP 19,400,000 Class D1c Mortgage Backed Floating Rate Notes due 2042, current rating: Baa2, on review for possible downgrade, and

- GBP 7,000,000 Class E Mortgage Backed Floating Rate Notes due 2042, current rating: Ba1, on review for possible downgrade.

Last rating action date for Southern Pacific Securities 04-2 Plc: 9 August 2004.

SOUTHERN PACIFIC SECURITIES 05-1 PLC:

- EUR 153,000,000,000 Class A2a Mortgage Backed Floating Rate Notes due 2043, current rating: Aaa, on review for possible downgrade,

- GBP 230,850,000 Class A2c Mortgage Backed Floating Rate Notes due 2043, current rating: Aaa, on review for possible downgrade,

- GBP 45,500,000 Class B1c Mortgage Backed Floating Rate Notes due 2043, current rating: Aa2, on review for possible downgrade,

- GBP 26,250,000 Class C1c Mortgage Backed Floating Rate Notes due 2043, current rating: A2, on review for possible downgrade,

- GBP 22,750,000 Class D1c Mortgage Backed Floating Rate Notes due 2043, current rating: Baa2, on review for possible downgrade, and

- GBP 3,500,000 Class E Mortgage Backed Floating Rate Notes due 2043, current rating:rated Ba1, on review for possible downgrade.

Last rating action date for Southern Pacific Securities 05-1 Plc: 24 Febuary 2005.

SOUTHERN PACIFIC SECURITIES 05-2 PLC:

- GBP 244,800,000 Class A2c Mortgage Backed Floating Rate Notes due 2043, current rating: Aaa, on review for possible downgrade,

- EUR 26,000,000 Class B1a Mortgage Backed Floating Rate Notes due 2043, current rating: Aa2, on review for possible downgrade,

- GBP 17,700,000 Class B1c Mortgage Backed Floating Rate Notes due 2043, current rating: Aa2, on review for possible downgrade,

- EUR 22,000,000 Class C1a Mortgage Backed Floating Rate Notes due 2043, current rating: A2, on review for possible downgrade,

- GBP 7,750,000 Class C1c Mortgage Backed Floating Rate Notes due 2043, current rating: A2, on review for possible downgrade,

- EUR 25,800,000 Class D1a Mortgage Backed Floating Rate Notes due 2043, current rating: Baa2, on review for possible downgrade,

- GBP 6,375,000 Class E1c Mortgage Backed Floating Rate Notes due 2043, current rating: Ba2, on review for possible downgrade, and

- GBP 19,125,000 Class E2c Mortgage Backed Floating Rate Notes due 2043, current rating: Ba2, on review for possible downgrade.

Last rating action date for Southern Pacific Securities 05-2 Plc: 10 August 2005.

SOUTHERN PACIFIC SECURITIES 05-3 PLC:

- EUR 130.0 million Class A2a Mortgage Backed Floating Rate Notes due December 2043, current rating:Aaa, on review for possible downgrade,

- GBP 105.0 million Class A2c Mortgage Backed Floating Rate Notes due December 2043, current rating:Aaa, on review for possible downgrade,

- GBP 0 Class A2c DC Detachable Coupons due December 2008, current rating: Aaa, on review for possible downgrade,

- EUR 24.0 million Class B1a Mortgage Backed Floating Rate Notes due December 2043, current rating: Aa3, on review for possible downgrade,

- GBP 11.0 million Class B1c Mortgage Backed Floating Rate Notes due December 2043, current rating: Aa3, on review for possible downgrade,

- EUR 9.0 million Class C1a Mortgage Backed Floating Rate Notes due December 2043, current rating: A3, on review for possible downgrade,

- GBP 12.0 million Class C1c Mortgage Backed Floating Rate Notes due December 2043, current rating: A3, on review for possible downgrade,

- EUR 10.3 million Class D1a Mortgage Backed Floating Rate Notes due December 2043, current rating: Baa3, on review for possible downgrade,

- GBP 3.0 million Class D1c Mortgage Backed Floating Rate Notes due December 2043, current rating: Baa3, on review for possible downgrade,

- GBP 9.2 million Class DTc Mortgage Backed Floating Rate Notes due December 2043, current rating: Baa3, on review for possible downgrade, and

- GBP 4.0 million Class E1c Mortgage Backed Floating Rate Notes due December 2043, current rating: Ba2, on review for possible downgrade.

Last rating action date for Southern Pacific Securities 05-3 Plc: 28 November 2005.

SOUTHERN PACIFIC SECURITIES 06-1 PLC:

- EUR 108.70 million Class A2a Mortgage Backed Floating Rate Notes due March 2044, current rating: Aaa, on review for possible downgrade,

- GBP 100.00 million Class A2c Mortgage Backed Floating Rate Notes due March 2044, current rating: Aaa, on review for possible downgrade,

- GBP 0 Class A2c DAC Detachable Coupons due March 2009, current rating: Aaa, on review for possible downgrade,

- GBP 24.59 million Class B1c Mortgage Backed Floating Rate Notes due March 2044, current rating: Aa3, on review for possible downgrade,

- EUR 16.15 million Class C1a Mortgage Backed Floating Rate Notes due March 2044, current rating: A3, on review for possible downgrade,

- GBP 3.15 million Class C1c Mortgage Backed Floating Rate Notes due March 2044, current rating: A3, on review for possible downgrade,

- EUR 3.00 million Class D1a Mortgage Backed Floating Rate Notes due March 2044, current rating:Ba2, on review for possible downgrade,

- GBP 6.95 million Class D1c Mortgage Backed Floating Rate Notes due March 2044, current rating: Ba2, on review for possible downgrade, and

- GBP 8.28 million Class DTc Mortgage Backed Floating Rate Notes due March 2044, current rating: Ba3, on review for possible downgrade.

Last rating action date for Southern Pacific Securities 06-1 Plc: For Class A and B: 21 Febuary 2006; for Classes C, D and DTc: 11 July 2008.

Moody's review will focus on the degree of exposure that each of these transactions has to LBHI or its subsidiaries. This exposure may arise in a variety of ways. For example, in some of the transactions listed above, Lehman Brothers Special Financing Inc., a guaranteed subsidiary of LBHI, acts as counterparty of the respective Issuer under hedge agreements. In addition, for most of these transactions, entities ultimately owned by LBHI are performing the servicing and cash management functions. Capstone Mortgage Services, a wholly-owned subsidiary of LBHI, is the primary administrator for all the transactions of the EMF, Eurosail, Southern Pacific, Preferred and Marble Arch series. ELQ Hypotheken N.V., another wholly-owned subsidiary of LBHI, is the master servicer for the Eurosail NL and EMF NL series.

Moody's initially analysed and monitors these transactions using the rating methodology for EMEA RMBS as described in the Rating Methodology reports: "Moody's Approach to Rating UK RMBS" published in April 2005, "Moody's Updated Methodology for Rating UK RMBS" published in November 2007, "Moody's Approach to Rating Italian RMBS", published in December 2004, "Moody's Approach to Rating Dutch RMBS", published in December 2004.

For more information on Moody's framework that applies when reviewing hedges in connection with highly-rated structured finance cash-flow transactions, please refer to the Rating Methodology report "Framework for De-Linking Hedge Counterparty Risks from Global Structured Finance Cashflow Transactions", May 2007. For further information on the respective transactions, please refer to www.moodys.com or contact Moody's Client Service Desk on +44-20 7772 5454.

Frankfurt
Marie-Jeanne Kerschkamp
Managing Director
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Barbara Rismondo
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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