IMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR TO ANY PERSON OR ADDRESS IN THE U.S. IMPORTANT: You must read the following before continuing. The following applies to the prospectus attached to this electronic transmission and you are therefore advised to read this carefully before reading, accessing or making any other use of the prospectus. In accessing the prospectus, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY THE SECURITIES OF THE ISSUER. THE FOLLOWING PROSPECTUS MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER, AND IN PARTICULAR, MAY NOT BE FORWARDED TO ANY U.S. PERSON OR TO ANY U.S. ADDRESS. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. This prospectus has been delivered to you on the basis that you are a person into whose possession this prospectus may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located. By accessing the prospectus, you shall be deemed to have confirmed and represented to us that (a) you have understood and agree to the terms set out herein, (b) you consent to delivery of the prospectus by electronic transmission, (c) you are not a U.S. person (within the meaning of Regulation S under the Securities Act) or acting for the account or benefit of a U.S. person and the electronic mail address that you have given to us and to which this e-mail has been delivered is not located in the United States, its territories and possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands) or the District of Columbia and (d) if you are a person in the United Kingdom, then you are a person who (i) has professional experience in matters relating to investments or (ii) is a high net worth entity falling within Article 49(2)(a) to (d) of the Financial Services and Markets Act (Financial Promotion) Order 2001. This prospectus has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently none of EPIC OPERA (ARLINGTON) LIMITED, EUROHYPO AKTIENGESELLSCHAFT, LONDON BRANCH, THE ROYAL BANK OF SCOTLAND PLC or CALYON (nor any person who controls it nor any director, officer, employee nor agent of it or affiliate of any such person) accepts any liability or responsibility whatsoever in respect of any difference between the prospectus distributed to you in electronic format and the hard copy version available to you on request from THE ROYAL BANK OF SCOTLAND PLC or CALYON. epic OPERA Epic Opera (Arlington) Limited (incorporated with limited liability in Ireland with registration number 442207) £800,000,000 Commercial Mortgage Backed Floating Rate Notes due July 2016 Epic Opera (Arlington) Limited (the Issuer) will issue the £483,200,000 Class A Commercial Mortgage Backed Floating Rate Notes due 2016 (the Class A Notes), the £83,350,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2016 (the Class B Notes), the £69,200,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2016 (the Class C Notes), the £72,250,000 Class D Commercial Mortgage Backed Floating Rate Notes due 2016 (the Class D Notes), the £67,500,000 Class E Commercial Mortgage Backed Floating Rate Notes due 2016 (the Class E Notes), and the £24,500,000 Class F Commercial Mortgage Backed Floating Rate Notes due 2016 (the Class F Notes and together with the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes the Notes) on 3 August 2007 (or such later date as the Issuer may agree with Eurohypo Aktiengesellschaft, London Branch and The Royal Bank of Scotland pic (together, the Joint Arrangers) and The Royal Bank of Scotland pic and Calyon (together, the Lead Managers) (the Closing Date)). Application has been made to the Irish Financial Services Regulatory Authority (the Financial Regulator in Ireland), as competent authority under Directive 2003/71/EC for this prospectus to be approved. The approval from the Financial Regulator in Ireland relates only to the Notes which are to be admitted to trading on the regulated market of the Irish Stock Exchange Limited (the Irish Stock Exchange) or other regulated markets for the purposes of Directive 93/22/EEC or which are to be offered to the public in any member slate of the European Economic Area. Application has been made to the Irish Stock Exchange for the Notes to be admitted to the Official List of the Irish Stock Exchange and to trading on its regulated market. There can be no assurance that such a listing will be obtained. This prospectus (the Prospectus) constitutes a prospectus for the purposes of Article 5.4 of the Directive 2003/71/EC (the Prospectus Directive) in respect of asset backed securities within the meaning of Article 2(5) of the Commission Regulation (EC) No. 809/2004 of 29 April 2004. The Notes are expected, on issue, to be assigned the relevant ratings set out opposite the relevant Class in the table below by Fitch Ratings Ltd. (Fitch), Moody's Investors Service Limited (Moody's) and Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. (S&P and, together with Fitch and Moody's, the Rating Agencies). A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by one or more of the assigning rating organisations. The ratings from the Rating Agencies only address the likelihood of timely receipt by any Noteholder of interest on the Notes and the likelihood of receipt by any Noteholder of principal of the Notes by the Final Maturity Date. Initial Principal Margin Anticipated Ratings Class Amount (%) Fitch Moody's S&P Class A £483,200,000 0.25 AAA Aaa AAA Class B £83,350,000 0.35 AAA NR AAA Class C £69,200,000 0.45 AA NR AA Class D £72,250,000 0.70 A NR A Class E £67,500,000 1.20 BBB NR BBB Class F £24,500,000 1.50 BBB- NR BBB- Interest on the Notes will be payable quarterly in arrear in pounds sterling on 28 January, 28 April, 28 July and 28 October in each year (subject to adjustment for non—business days) (each, an Interest Payment Date). The first Interest Payment Date will be the Interest Payment Date falling in October 2007. The interest rate applicable to each Class of Notes from time to time will be determined by reference to the London interbank offered rate for three month sterling deposits (or, in the case of the first Interest Period, the linear interpolation of two month and three month sterling deposits) (LI BOR, as further defined in Condition 5.3 (Rates of ínteres!)) plus the relevant Margin. Each Margin will be as set out in the table above. If any withholding or deduction for or on account of tax is applicable to the Notes, payment of interest on, and principal in respect of, the Notes will be made subject to such withholding or deduction. In such circumstances, neither the Issuer nor any other party will be obliged to pay any additional amounts as a consequence. All Notes will be secured by the same security, subject to the priorities described in this Prospectus. Notes of each Class will rank pari passa with other Notes of the same Class. Unless previously redeemed in full, the Notes of each Class will mature on the Interest Payment Date falling in July 2016 (the Final Maturity Date). The Notes will be subject to mandatory redemption before such date in the specific circumstances and subject to the conditions more fully set out under "Transaction Summary — Principal Features of the Notes". The Notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the Securities Act), or any state securities laws, and are subject to U.S. tax law requirements. The Notes are being offered by the Issuer only to persons who are not U.S. Persons (as defined in Regulation S under the Securities Act (Regulation S)) in offshore transactions in reliance on Regulation S (or otherwise pursuant to transactions exempt from the registration requirements of the Securities Act) and in accordance with applicable laws. Subject to certain exceptions, the Notes may not be offered, sold or delivered, directly or indirectly, within the United States or to, or for the account or benefit of, any U.S. Persons (as defined in Regulation S under the Securities Act). See "Risk Factors" for a discussion of certain factors which should be considered by prospective investors in connection with an investment in any of the Notes. Joint Arrangers EUROHYPO THE ROYAL BANK OF SCOTLAND Lead Managers CALYON THE ROY AL BANK OF SCOTLAND The date of this Prospectus is 1 August 2007 THE NOTES AND INTEREST THEREON WILL BE OBLIGATIONS OF THE ISSUER ONLY.