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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 following this page, 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 IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), OR THE SECURITIES LAWS OF ANY STATE OF THE U.S. OR OTHER JURISDICTION AND THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE U.S. OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS.

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 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 2005.

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 Grand Union Group Funding plc, Banco Santander, S.A. or The Royal Bank of Scotland plc, or any person who controls any of them or any director, officer, employee or agent of any of them 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 Banco Santander, S.A. or The Royal Bank of Scotland plc.

GRAND UNION GROUP FUNDING PLC (incorporated in England and Wales with limited liability under the Companies Act 2006, registered number 8757850) £150,000,000 4.625 per cent. Secured Bonds due 2043 Issue Price: 99.422 per cent. The £150,000,000 4.625 per cent. Secured Bonds due 2043 (the Bonds) are issued by Grand Union Group Funding plc (the Issuer). Application has been made to the Financial Conduct Authority in its capacity as competent authority (the UK Listing Authority) for the Bonds to be admitted to the Official List of the UK Listing Authority and to the London Stock Exchange plc (the London Stock Exchange) for the Bonds to be admitted to trading on the London Stock Exchange's regulated market. The London Stock Exchange's regulated market is a regulated market for the purposes of Directive 2004/39/EC (the Markets in Financial Instruments Directive). An investment in the Bonds involves certain risks. For a discussion of these risks see "Risk Factors". Subject as set out below, the net proceeds from the issue of the Bonds, or in the case of £35,000,000 in principal amount of the Bonds (the Retained Bonds) which will be immediately purchased by the Issuer on the Issue Date (as defined below) the net proceeds of the sale of the Bonds to a third party, will be advanced by the Issuer to Aragon Housing Association Limited (the Original Borrower) pursuant to a bond loan agreement made between the Issuer and the Original Borrower to be dated on or around the Issue Date (the Original Loan Agreement) to be applied in accordance with the Original Borrower's charitable objects. The Original Aragon Commitment (as defined below) may be drawn in one or more drawings, each in a principal amount up to an amount which corresponds to the sum of (i) the Minimum Value of the Initial Properties (as defined below) and (ii) the Minimum Value of any Additional Properties (as defined below) which have been charged in favour of the Security Trustee, for the benefit of the Issuer, less the principal amount of all previous drawings in respect of the Original Aragon Commitment. For so long as insufficient security has been granted (or procured to be granted) by the Original Borrower in favour of the Issuer and the Security Trustee to permit the drawing of the Original Aragon Commitment in full or the Original Borrower has not otherwise drawn any part of the Original Aragon Commitment, the amount of the Original Aragon Commitment that remains undrawn shall be retained in a charged account (the Initial Cash Security Account) of the Issuer in accordance with the terms of the Account Agreement (and may be invested in Permitted Investments (as defined below)) (the Retained Proceeds). Any Retained Proceeds (and any net sale proceeds from a sale by the Issuer of Retained Bonds (less any Retained Bond Premium Amount (as defined below)) and any net issue proceeds from a further issue of Bonds pursuant to Condition 19 (Further Issues)) shall be advanced to the Original Borrower and/or any other charitable Registered Providers of Social Housing of the Group (as defined below) that have acceded to the Security Trust Deed as a borrower in accordance with the terms thereof (together, the Additional Borrowers and each an Additional Borrower and, together with the Original Borrower, the Borrowers and each a Borrower) at a later date pursuant to the Original Loan Agreement or an additional bond loan agreement between an Additional Borrower and the Issuer (each an Additional Loan Agreement and, together with the Original Loan Agreement, the Loan Agreements and each a Loan Agreement), as applicable, to the extent that Properties of a corresponding value have been charged in favour of the Issuer and, if applicable, subject to the sale by the Issuer of Retained Bonds and/or the issue by the Issuer of further Bonds. Interest on the Bonds is payable semi-annually in arrear in equal instalments on 4th June and 4th December in each year at the rate of 4.625 per cent. per annum, commencing on 4th June, 2014, all as described in Condition 7 (Interest). Payments of principal of, and interest on, the Bonds will be made without withholding or deduction on account of United Kingdom taxes unless required by law. In the event that any such withholding or deduction is so required, the Issuer may opt to gross up payments due to the Bondholders in respect thereof as described in Condition 10 (Taxation). The Bonds may be redeemed at any time upon the prepayment by a Borrower of its loan (each a Loan) in whole or in part in accordance with the terms of its Loan Agreement at the higher of their principal amount and an amount calculated by reference to the sum of (i) the yield on the relevant outstanding United Kingdom government benchmark gilt having the nearest maturity date to that of the Bonds and (ii) 0.20 per cent., together with accrued interest. The Bonds will also be redeemed (a) at their principal amount, plus accrued interest, in an aggregate principal amount equal to the principal amount of the relevant Loan in the event of a mandatory prepayment of a Loan following the relevant Borrower ceasing to be a Registered Provider of Social Housing (other than if such Borrower regains its status as a Registered Provider of Social Housing within 180 days) or a Loan becoming repayable as a result of a Borrower Default (as defined in each Loan Agreement) or (b) at their principal amount, plus accrued interest, in full in the event of any withholding or deduction on account of United Kingdom taxes being required and the Issuer not opting to pay (or having so opted to pay having notified the Bond Trustee (as defined below) of its intention to cease to pay) additional amounts in respect of such withholding or deduction. Unless previously redeemed, or purchased and cancelled, the Bonds will be redeemed at their principal amount on 4th December, 2043 (the Maturity Date). It is expected that the Bonds will be rated "A2", by Moody's Investors Service Limited (Moody's). A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. Moody's is established in the European Union and is registered under Regulation (EC) No. 1060/2009 (as amended). As such Moody's is included in the list of credit rating agencies published by the European Securities and Markets Authority on its website in accordance with such Regulation. The Bonds will be issued in denominations of £100,000 and integral multiples of £1,000 in excess thereof. The Bonds will initially be represented by a temporary global bond (the Temporary Global Bond), without interest coupons, which will be deposited on or about 4th December, 2013 (the Closing Date) with a common safekeeper for Euroclear Bank S.A./N.V. (Euroclear) and Clearstream Banking, société anonyme (Clearstream, Luxembourg). Interests in the Temporary Global Bond will be exchangeable for interests in a permanent global bond (the Permanent Global Bond and, together with the Temporary Global Bond, the Global Bonds), without interest

coupons, on or after 13th January, 2014 (the Exchange Date), upon certification as to non-U.S. beneficial ownership. Interests in the Permanent Global Bond will be exchangeable for definitive Bonds only in certain limited circumstances. See "Form of the Bonds and Summary of Provisions relating to the Bonds while in Global Form". Joint Bookrunners Santander Global Banking & Markets The Royal Bank of Scotland The date of this Prospectus is 2nd December, 2013.

This Prospectus comprises a prospectus for the purposes of Directive 2003/71/EC (the Prospectus Directive).

The Issuer accepts responsibility for the information contained in this Prospectus. To the best of the knowledge of the Issuer (having taken all reasonable care to ensure that such is the case) the information contained in this Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. The figures relating to the Nationwide House Price Index referred to in the risk factor entitled "Housing Market Downturn Risk" in the section "Risk Factors" were obtained from www.nationwide.co.uk/hpi/. The Issuer confirms that such figures have been accurately reproduced and that, as far as the Issuer is aware and is able to ascertain from information published by Nationwide, no facts have been omitted which would render the reproduced figures inaccurate or misleading.

The Original Borrower accepts responsibility for:

(a) the information under the heading "Factors which may affect the Borrowers' ability to fulfil their obligations under the Loan Agreements" in the section entitled "Risk Factors";

(b) the information under the heading "Guarantee and Indemnity" in the sections entitled "Overview" and "Description of the Loan Agreements";

(c) the information under the heading "Aragon Housing Association Limited" in the section entitled "Description of the Group and the Original Borrower";

(d) the information in the section entitled "Financial Statements of the Original Borrower";

(e) the information relating to the security created by it pursuant to the Security Agreement (as defined below) under the heading "Underlying Security" in the section entitled "Overview", under the heading "Considerations relating to the Issuer Security and the Underlying Security" in the section entitled "Risk Factors" and in the section "Description of the Security Agreements and the Security Trust Deed"; and

(f) the information relating to it contained under the headings "Material or Significant Change" and "Litigation" in the section entitled "General Information", and, to the best of its knowledge (having taken all reasonable care to ensure that such is the case), such information is in accordance with the facts and does not omit anything likely to affect the import of such information.

Savills Advisory Services Limited (the Valuer) accepts responsibility for the information contained in the section entitled "Valuation Report" and, to the best of its knowledge (having taken all reasonable care to ensure that such is the case), such information is in accordance with the facts and does not omit anything likely to affect the import of such information.

Save for the Issuer, the Original Borrower and the Valuer, no other person has independently verified any information contained herein. No representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by Banco Santander, S.A. or The Royal Bank of Scotland plc (together, the Joint Bookrunners) or Prudential Trustee Company Limited (the Bond Trustee) as to the accuracy or completeness of the information contained in this Prospectus or any other information provided by the Issuer in connection with the offering of the Bonds. Neither the Joint Bookrunners nor the Bond Trustee accepts any liability in relation to the information contained in this Prospectus or any other information provided by the Issuer in connection with the issue of the Bonds.

No person is or has been authorised by the Issuer, the Joint Bookrunners or the Bond Trustee to give any information or to make any representation not contained in or not consistent with this Prospectus or any other information supplied in connection with the offering of the Bonds and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer, the Joint Bookrunners or the Bond Trustee.

To the fullest extent permitted by law, neither the Joint Bookrunners nor the Bond Trustee accepts any responsibility for the contents of this Prospectus or for any other statement made or purported to be made by it or on its behalf in connection with the Issuer or the Original Borrower, or the issue and offering of the Bonds. Each of the Joint Bookrunners and the Bond Trustee accordingly disclaims all and any liability whether arising in tort or contract or otherwise (save as referred to above) which it might otherwise have in respect of this Prospectus or any such statement.

Neither this Prospectus nor any other information supplied in connection with the Bonds (a) is intended to provide the basis of any credit or other evaluation or (b) should be considered as a recommendation by the Issuer, the Joint Bookrunners or the Bond Trustee that any recipient of this Prospectus or any other information supplied in connection with the Bonds should purchase any Bonds. Each investor contemplating purchasing any Bonds should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer and the Original Borrower. Neither this Prospectus nor any other information supplied in connection with the offering of the Bonds constitutes an offer or invitation by or on behalf of the Issuer, the Joint Bookrunners or the Bond Trustee to any person to subscribe for or to purchase the Bonds.

Neither the delivery of this Prospectus nor the offering, sale or delivery of the Bonds shall in any circumstances imply that the information contained herein concerning the Issuer or the Original Borrower is correct at any time subsequent to the date hereof or that any other information supplied in connection with the offering of the Bonds is correct as of any time subsequent to the date indicated in the document containing the same. The Joint Bookrunners and the Bond Trustee expressly do not undertake to review the financial condition or affairs of the Issuer or the Original Borrower during the life of the Bonds or to advise any investor in the Bonds of any information coming to their attention.

The Bonds have not been and will not be registered under the United States Securities Act of 1933, as amended (the Securities Act) and are subject to U.S. tax law requirements. Subject to certain exceptions, the Bonds may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons (see "Subscription and Sale").

This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any Bonds in any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The distribution of this Prospectus and the offer or sale of Bonds may be restricted by law in certain jurisdictions. The Issuer, the Joint Bookrunners and the Bond Trustee do not represent that this Prospectus may be lawfully distributed, or that any Bonds may be lawfully offered or sold, in compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by the Issuer, the Joint Bookrunners or the Bond Trustee which is intended to permit a public offering of any Bonds or distribution of this Prospectus in any jurisdiction where action for that purpose is required. Accordingly, no Bonds may be offered or sold, directly or indirectly, and neither this Prospectus nor any advertisement or other offering material may be distributed or published in any jurisdiction, except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession this Prospectus or any Bonds may come must inform themselves about, and observe,

any such restrictions on the distribution of this Prospectus and the offering and sale of Bonds. In particular, there are restrictions on the distribution of this Prospectus and the offer or sale of Bonds in the United States and the United Kingdom (see "Subscription and Sale").

Prospective purchasers of Bonds should ensure that they understand the nature of the Bonds and the extent of their exposure to risk, that they have sufficient knowledge, experience and access to professional advisers to make their own legal, tax, accounting and financial evaluation of the merits and the risks of investment in the Bonds and that they consider the suitability of the Bonds as an investment in light of their own circumstances and financial condition.

IN CONNECTION WITH THE ISSUE OF THE BONDS, BANCO SANTANDER, S.A. AS STABILISING MANAGER (THE STABILISING MANAGER) (OR PERSONS ACTING ON BEHALF OF THE STABILISING MANAGER) MAY OVER-ALLOT BONDS OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE BONDS AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL. HOWEVER, THERE IS NO ASSURANCE THAT THE STABILISING MANAGER (OR PERSONS ACTING ON BEHALF OF THE STABILISING MANAGER) WILL UNDERTAKE STABILISATION ACTION. ANY STABILISATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE BONDS IS MADE AND, IF BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS AFTER THE ISSUE DATE OF THE BONDS AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE BONDS. ANY STABILISATION ACTION OR OVER- ALLOTMENT MUST BE CONDUCTED BY THE STABILISING MANAGER (OR PERSONS ACTING ON BEHALF OF THE STABILISING MANAGER) IN ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES.

All references in this Prospectus to Sterling and £ refer to pounds sterling.

CONTENTS

Clause Page

Overview ...... 7 Structure Diagram of Transaction ...... 22 Risk Factors ...... 23 Form of the Bonds and Summary of Provisions relating to the Bonds while in Global Form ...... 38 Terms and Conditions of the Bonds ...... 41 Use of Proceeds ...... 61 Description of the Loan Agreements ...... 62 Description of the Security Agreements and the Security Trust Deed ...... 76 Description of the Account Agreement, the Custody Agreement and the Retained Bond Custody Agreement ...... 81 Description of the Issuer ...... 87 Description of the Group and the Original Borrower ...... 89 Financial Statements of the Original Borrower ...... 95 Valuation Report ...... 182 Council Warranties ...... 270 Taxation ...... 271 Subscription and Sale ...... 275 General Information ...... 277

OVERVIEW

The following overview does not purport to be complete and is taken from, and is qualified in its entirety by, the remainder of this Prospectus.

This overview must be read as an introduction to this Prospectus and any decision to invest in the Bonds should be based on a consideration of this Prospectus as a whole.

Words and expressions defined in "Form of the Bonds and Summary of Provisions relating to the Bonds while in Global Form", "Terms and Conditions of the Bonds" and "Description of the Loan Agreements" shall have the same meanings in this overview.

Issuer: Grand Union Group Funding plc

Description of the Bonds: £150,000,000 4.625 per cent. Secured Bonds due 2043 (the Bonds), to be issued by the Issuer on 4th December, 2013 (the Issue Date). £35,000,000 in principal amount of the Bonds will be immediately purchased by or on behalf of the Issuer on the Issue Date (the Retained Bonds).

Use of Proceeds: The net proceeds of the issue of the Bonds (or, in the case of the Retained Bonds, the net proceeds of the sale of the Bonds to a third party (after deduction of expenses payable by the Issuer)) will be on-lent by the Issuer to the Original Borrower or (to the extent that the Original Borrower has reduced the Original Aragon Commitment) to an Additional Borrower.

Subject as described in "Initial Cash Security Account" below, the Issuer will lend such proceeds to the Original Borrower and/or one or more Additional Borrowers pursuant to the relevant Loan Agreement, to be applied in accordance with the respective charitable objects of the Original Borrower or such Additional Borrower, as the case may be.

The Issuer may from time to time invest the funds held in the Initial Cash Security Account and the Disposal Proceeds Account in Permitted Investments (as defined below) until such time as such funds are on-lent, or returned, to the Borrower pursuant to the relevant Loan Agreement.

Issue Price: 99.422 per cent.

Form of Bonds: The Bonds will be issued in bearer form as described in "Form of the Bonds and Summary of Provisions relating to the Bonds while in Global Form".

Interest: The Bonds will bear interest at a fixed rate of 4.625 per cent. per annum payable semi-annually in arrear in equal instalments on 4th June and 4th December of each year, from (and including) the Issue Date to (but excluding) 4th December, 2043 (the Maturity Date), subject to adjustment in accordance with Condition 8.5 (Payment Day) (each, an

Interest Payment Date).

Final Redemption: Unless previously redeemed or purchased and cancelled in accordance with Condition 9 (Redemption and Purchase), the Bonds will be redeemed at their principal amount on the Maturity Date.

Early Redemption: Subject as described in "Mandatory Early Redemption" below, the Bonds may be redeemed at any time prior to the Maturity Date upon the optional prepayment by a Borrower of its loan (each a Loan) in accordance with the terms of the relevant Loan Agreement at the higher of their principal amount and an amount calculated by reference to the sum of (i) the yield on the relevant outstanding UK Government benchmark conventional gilt having the nearest maturity date to that of the Bonds and (ii) 0.20 per cent., together with accrued interest.

Early Redemption for Tax Reasons: The Issuer shall redeem the Bonds in whole, but not in part, at their principal amount, together with any interest accrued, if, as a result of any actual or proposed change in tax law, the Issuer determines that it would be required to make a withholding or deduction on account of tax in respect of payments to be made by it in respect of the Bonds and the Issuer does not opt to pay additional amounts pursuant to Condition 10.2 (No obligation to pay additional amounts) or, having so opted, notifies the Bond Trustee of its intention to cease paying such additional amounts.

Mandatory Early Redemption: The Bonds shall be redeemed at their principal amount, plus accrued interest, in an aggregate principal amount equal to the principal amount of the relevant Loan upon the mandatory prepayment of a Loan following the relevant Borrower ceasing to be a Registered Provider of Social Housing (other than if such Borrower regains its status as a Registered Provider of Social Housing within 180 days).

In addition, if a Loan becomes repayable as a result of a Borrower Default the Bonds shall be redeemed at their principal amount, plus accrued interest, in an aggregate principal amount equal to the principal amount of the relevant Loan.

A Borrower Default includes non-payment, breach of other obligations, cross-acceleration, winding-up, cessation of business, insolvency, unlawfulness and breach of the asset cover ratio, in each case as set out in Clause 14 (Borrower Default) of the Original Loan Agreement (or as will be set out in the corresponding clause of each Additional Loan Agreement) and described further in "Description of the Loan Agreements".

Purchase: The Retained Bonds will be immediately purchased by the Issuer on the Issue Date.

The Issuer and any Borrower or any other member of the Group may also purchase Bonds at any time in the open market or otherwise at any price.

Any Bonds so purchased by a Borrower or another member of the Group may be surrendered to the Issuer for cancellation in consideration for an amount equal to the principal amount of the Bonds being surrendered being deemed to be prepaid under the Loan Agreement specified by such Borrower or such other member of the Group or, to the extent that the relevant Loan is not then outstanding, an amount of the Undrawn Commitment (as defined below) in respect of such Loan Agreement equal to the Outstanding Balance of the Bonds surrendered being deemed to be cancelled.

Retained Bonds: Pursuant to the terms of the Retained Bond Custody Agreement, the Retained Bond Custodian will hold the Retained Bonds on the Issuer's behalf (see "Account Agreement, Custody Agreement and Retained Bond Custody Agreement" below), and the Issuer has instructed the Retained Bond Custodian to waive its rights to receive payments (of interest, principal or otherwise) on the Retained Bonds for so long as the Retained Bonds are held on the Issuer's behalf. Such waiver may not be revoked without the consent of the Bond Trustee.

Pursuant to the Bond Trust Deed, the Issuer has covenanted with the Bond Trustee that it will, immediately prior to a sale of any Retained Bonds by the Issuer, deliver to the Bond Trustee a certificate in writing signed by two directors of the Issuer addressed to the Bond Trustee confirming that, immediately following the sale of such Retained Bonds, the Borrowers will be in compliance with the Asset Cover Test. For the purpose of giving such confirmation, the Issuer will require the Borrowers to deliver a Retained Bond Compliance Certificate pursuant to the Loan Agreements, as described further in "Description of the Loan Agreements".

The Retained Bonds may only be held on the Issuer's behalf until (but not including) the date falling three years after the Issue Date, and the Issuer must therefore sell the Retained Bonds within that three year period, or else any Retained Bonds that have not been so sold will be cancelled in accordance with Condition 9.9 (Cancellation of purchased or redeemed Bonds).

Events of Default: Following an Event of Default, the Bond Trustee may, and if so requested by the holders of at least one-fourth in principal amount of the Bonds then outstanding shall (subject to it being secured and/or indemnified and/or pre-funded to its satisfaction and, upon certain events, the Bond Trustee having certified to the Issuer that such event is, in its opinion, materially prejudicial to the interests of the Bondholders), give

notice to the Issuer and the Bonds shall become immediately due and repayable.

The Events of Default include, inter alia, non-payment of any principal and interest due in respect of the Bonds, failure of the Issuer to perform or observe any of its other obligations under the Conditions and the Bond Trust Deed, insolvency, unlawfulness and acceleration, or non-payment, in respect of other indebtedness in an aggregate amount equal to or in excess of £10,000,000 (or its equivalent).

Upon the Bonds becoming repayable prior to the Maturity Date (other than as a result of a prepayment or termination of a Loan Agreement), each Borrower is required to prepay its Loan in full together with accrued interest and commitment fee to and including the date of redemption. Each Borrower is also required to pay to the Issuer, within three Business Days of demand, its pro rata share of the Issuer's reasonable costs, expenses and liabilities throughout the life of the Bonds.

Issuer Security: The Issuer's obligations in respect of the Bonds are secured pursuant to the Bond Trust Deed in favour of the Bond Trustee for the benefit of itself and the Bondholders and the other Secured Parties by the following (the Issuer Security):

(a) an assignment by way of security of the Issuer's rights, title and interest arising under each Loan Agreement, the Security Agreements, the Security Trust Deed, the Agency Agreement, the Account Agreement and the Custody Agreement, in each case to the extent they relate to the Bonds;

(b) a charge by way of first fixed charge over all moneys and/or securities from time to time standing to the credit of the Transaction Account, the Disposal Proceeds Account, the Initial Cash Security Account and the Custody Account and all debts represented thereby; and

(c) a charge by way of first fixed charge over all sums held from time to time by the Paying Agents for the payment of principal or interest in respect of the Bonds.

Initial Cash Security Account: For so long as insufficient security has been granted (or procured to be granted) by the Borrowers in favour of the Issuer to permit the drawing of the Original Aragon Commitment in full or the Original Borrower has not otherwise drawn any part of the Original Aragon Commitment, the amount of the Original Aragon Commitment that remains undrawn shall be retained in a charged account (the Initial Cash Security Account) of the Issuer (and may be invested in Permitted Investments) in accordance with the terms of the Account Agreement and the Custody Agreement

(the Retained Proceeds).

Any Retained Proceeds shall be advanced to one or more Borrowers at a later date pursuant to the relevant Loan Agreement to the extent that Properties of a corresponding value have been charged in favour of the Issuer and, if applicable, subject to the sale by the Issuer of Retained Bonds.

Funds standing to the credit of the Initial Cash Security Account may: (a) be held on deposit, in which case they shall accrue interest at a rate to be agreed from time to time between the Issuer and the Account Bank pursuant to the Account Agreement or (b) be invested in Permitted Investments in accordance with the Custody Agreement. See "Permitted Investments" below.

Pursuant to the Loan Agreements, each Borrower shall pay to the Issuer a commitment fee in respect of its Undrawn Commitment on each Loan Payment Date in an amount equal to its pro rata share of (a) the aggregate of the interest payable by the Issuer under the Bonds on the following Interest Payment Date less (b) the aggregate amount of interest received from the Borrowers under the Loan Agreements on such Loan Payment Date and the interest otherwise received by the Issuer in respect of the Retained Proceeds during that period (including, but not limited to, any income received in respect of any Permitted Investments in which any Retained Proceeds are, for the time being, invested).

See "Description of the Loan Agreements" below.

Disposal Proceeds Account: Pursuant to the Loan Agreements, each Borrower is (or will be) required to procure that the specified asset cover ratio is maintained (see "Description of the Loan Agreements" below). In the event that the value of any Charged Property is insufficient to maintain the relevant asset cover ratio, the Borrowers may deposit moneys into the Disposal Proceeds Account. Such moneys will be charged in favour of the Bond Trustee pursuant to the terms of the Bond Trust Deed.

Funds standing to the credit of the Disposal Proceeds Account may: (a) be held on deposit, in which case they shall accrue interest at a rate to be agreed from time to time between the Issuer and the Account Bank pursuant to the Account Agreement or (b) be invested in Permitted Investments in accordance with the Custody Agreement. See "Permitted Investments" below.

Moneys standing to the credit of the Disposal Proceeds Account may be withdrawn (a) to be applied in the acquisition of Property to be charged in favour of the Security Trustee for the benefit of the Issuer or (b) to the extent that the relevant asset cover ratio would not be breached immediately after such withdrawal.

Permitted Investments: Permitted Investments shall consist of:

(a) triple-A rated off-shore money market funds;

(b) direct obligations of the United Kingdom or of any agency or instrumentality of the United Kingdom which are guaranteed by the United Kingdom;

(c) demand and time deposits in, certificates of deposit of and bankers' acceptances issued by any depositary institution or trust company with a maturity of no more than 360 days subject to, inter alia, such debt obligation having a long term debt credit rating of not less than "AA" from Standard & Poor's Ratings Services (S&P) and "Aa2" from Moody's or a short term debt or issuer (as applicable) credit rating of not less than "A-1" from S&P and "P-1" from Moody's (or, in each case, any other equivalent rating given by a credit rating agency registered under the CRA Regulation (an Equivalent Rating));

(d) securities bearing interest or sold at a discount to the face amount thereof issued by any corporation having a long term credit rating of not less than "AA" from S&P and "Aa2" from Moody's (or an Equivalent Rating); and

(e) commercial paper or other short-term obligations which, inter alia, have a short term credit rating of not less than "A-1" from S&P and "P-1" from Moody's (or an Equivalent Rating),

provided that, in the case of (b) to (e) above, such investment shall be an investment which is an obligation of the United Kingdom or a company incorporated in the United Kingdom, and (i) in all cases, such investment shall be an investment which is denominated in Sterling and (ii) in all cases other than where the Permitted Investment is the Benchmark Gilt (as defined in Condition 9.2 (Early Redemption)), such investment shall have a maturity which is not later than 4th December, 2043.

In the event that any Permitted Investments are sold to fund a drawing by a Borrower pursuant to a Loan Agreement and such sale results in a loss realised by the Issuer, such drawing to be made by the Issuer to such Borrower pursuant to such Loan Agreement shall be advanced at a discount in an amount equal to the Actual Advance Amount (as defined in each Loan Agreement).

In the event that any Permitted Investments are sold to fund an advance to a Borrower pursuant to a Loan Agreement and such sale results in a gain realised by the Issuer (such gain, the

Permitted Investment Profit), the Issuer shall advance moneys to such Borrower in an amount equal to the Actual Advance Amount and shall make a gift aid payment to a charitable member of the Group (a Charitable Group Member) in an amount equal to the Permitted Investment Profit.

Immediately prior to the end of each accounting period, to the extent that the Issuer would otherwise be required to recognise a profit for tax purposes in respect of its Permitted Investments and/or Retained Bonds as a result of the movement in the fair value recognised in its accounts of such Permitted Investments and/or Retained Bonds for that accounting period, the Issuer shall sell Permitted Investments in an aggregate amount equal to the Accounting Profit (as defined in each Loan Agreement) and shall, in the same accounting period, make a gift aid payment to any Charitable Group Member in an amount equal to the Accounting Profit.

See "Description of the Loan Agreements – Facility".

Account Agreement, Custody The Issuer has appointed Elavon Financial Services Limited as Agreement and Retained Bond its Account Bank pursuant to the Account Agreement, its Custody Agreement: Custodian pursuant to the Custody Agreement and its Retained Bond Custodian in respect of the Retained Bonds pursuant to the Retained Bond Custody Agreement.

Pursuant to the Account Agreement, the Account Bank shall maintain three accounts for the Issuer in respect of the Bonds: the Transaction Account, the Initial Cash Security Account and the Disposal Proceeds Account. Pursuant to the Account Agreement and the Bond Trust Deed, the Issuer has entered into certain covenants in respect of the moneys which may be credited to and debited from each Account.

Pursuant to the Custody Agreement, the Custodian shall, subject to receipt of such documents as it may require, open the Custody Account (consisting of the Disposal Proceeds Custody Sub-Account, the Initial Cash Security Custody Sub- Account, the Disposal Proceeds Cash Sub-Account and the Initial Cash Security Cash Sub-Account). The Issuer has authorised the Custodian to make payments and delivery out of the Custody Account only for the purpose of any acquisition or sale of Permitted Investments or as set out therein as directed by the Issuer.

Pursuant to the Retained Bond Custody Agreement, the Retained Bond Custodian shall, subject to receipt of such documents as it may require, open the Retained Bond Custody Account (consisting of the Retained Bond Custody Sub- Account and the Retained Bond Cash Sub-Account). The Retained Bond Custodian has agreed not to effect a transfer of any Retained Bonds except with the prior written consent of the Bond Trustee, and the Issuer has authorised the Retained

Bond Custodian to make other payments and delivery out of the Retained Bond Custody Account only as set out therein.

See "Description of the Account Agreement, the Custody Agreement and the Retained Bond Custody Agreement" below.

Guarantee and Indemnity: Pursuant to the Loan Agreements, the Original Borrower has (and each Additional Borrower will have) irrevocably and unconditionally:

(a) guaranteed to the Issuer the punctual performance by each other Borrower of all such Borrowers' obligations under, inter alia, their respective Loan Agreements, the Security Trust Deed and their respective Security Agreements, other than each other Borrowers' obligations to repay principal and any prepayment premium thereon pursuant to their respective Loan Agreements (such amounts being, the Guaranteed Interest and Fee Amounts);

(b) undertaken with the Issuer that, whenever any other Borrower does not pay any Guaranteed Interest and Fee Amounts when due under its respective Loan Agreement, the Security Trust Deed or its respective Security Agreement(s), it must, immediately on demand by the Security Trustee and/or the Issuer, pay the Guaranteed Interest and Fee Amounts as is if it were the principal obligor;

(c) undertaken with the Issuer that, to the extent that the proceeds of the enforcement of the Underlying Security are insufficient to satisfy the Borrowers' obligations under their respective Loan Agreements in full (the shortfall being, the Guaranteed Principal Amount), it must, immediately on demand by the Security Trustee and/or the Issuer, pay the Guaranteed Principal Amount as if it were the principal obligor; and

(d) agreed to indemnify the Issuer immediately on demand against any loss or liability suffered by the Issuer if any obligation guaranteed by it is or becomes illegal or invalid.

Underlying Security: Pursuant to the Security Agreements and the Security Trust Deed, the Original Borrower has (and each of the Borrowers other than the Original Borrower will have, upon such entities becoming Borrowers in accordance with the terms of the Security Trust Deed) created or procured the creation by an Eligible Group Member (as defined in the Security Trust Deed) of the following security in favour of the Security Trustee for the benefit of itself and the Issuer:

(a) first fixed legal mortgages over all of the right, title

and interest from time to time in the Mortgaged Property (as defined in the Security Agreements) of the relevant Borrower or Eligible Group Member; and

(b) first fixed charges over, inter alia, all plant and machinery of the relevant Borrower or Eligible Group Member which form part of the Mortgaged Property and the benefit of the Insurances (as defined in the Security Agreements) and all present and future licences, consents and authorisations in respect thereof,

and has (or will have) also covenanted that it will, following an Enforcement Event (as defined in the Security Agreements) which has occurred and is continuing unremedied or unwaived and has not been remedied within any applicable grace period, assign or procure the assignment to the Security Trustee, for the benefit of itself and the Issuer, of all the rights, title and interest in and to certain agreements and covenants held by the relevant Borrower or the applicable Eligible Group Member as more particularly described in the Security Agreements, together, the Underlying Security, provided that it shall be entitled to exercise all its rights and claims under or in connection therewith until a Borrower Default has occurred and is outstanding.

The Issuer has secured its rights, title and interest in respect of the Underlying Security in favour of the Bond Trustee pursuant to the Bond Trust Deed.

See "Description of the Security Agreements and the Security Trust Deed" below.

Addition, substitution and release of Pursuant to the Security Trust Deed, on or prior to entering Charged Properties: into a Security Agreement in respect of any Property for the benefit of the Issuer, the relevant Borrower or Eligible Group Member must, in respect of such security, provide the conditions precedent documents specified therein. In addition, pursuant to the Loan Agreements, the Borrowers must provide a completed Additional Property Certificate confirming that, inter alia, the proposed Additional Properties are residential properties of a type and nature that are usually owned by Registered Providers of Social Housing, Valuation Reports in respect of each Additional Property and a Certificate of Title in respect of each tranche of Additional Properties charged.

At the request and expense of a Borrower or Eligible Group Member, the Security Trustee shall (subject to receiving an amended Security Certificate from the Borrowers and the Issuer in accordance with the Security Trust Deed) release from the relevant Security Documents (and/or reallocate, if applicable) such of the Properties forming part of the Issuer's Designated Security and substitute such of the Properties as may be selected by such Borrower or Eligible Group Member,

provided that the relevant Borrower satisfies the conditions precedent specified in its respective Loan Agreement in relation to the Substitute Properties. Such conditions precedent include, inter alia, a completed Substitute Property Certificate certifying, inter alia, that the relevant Substitute Property is a residential property of a type and nature that is usually owned by Registered Providers of Social Housing and that, immediately following such release (and/or reallocation, if applicable) and substitution, the Asset Cover Test will not be breached as a result of the substitution of the relevant Charged Properties and that no Event of Default or Potential Event of Default has occurred and is continuing, Valuation Reports in respect of each Substitute Property and a Certificate of Title in respect of the Substitute Properties.

At the request and expense of a Borrower or Eligible Group Member, the Security Trustee shall release (subject to receiving an amended Security Certificate from the Borrowers and the Issuer in accordance with the Security Trust Deed) from the relevant Security Documents (and/or reallocate, if applicable) such Charged Properties as may be selected by such Borrower or Eligible Group Member provided that such Borrower or Eligible Group Member delivers to the Issuer and the Security Trustee a completed Property Release Certificate, certifying that, immediately following such release (and/or reallocation, if applicable), the Asset Cover Test will not be breached as a result of the release (and/or reallocation, if applicable) of such part of the security and that no Event of Default or Potential Event of Default has occurred and is continuing.

Notwithstanding the above, where any disposal is a Statutory Disposal, a Borrower or an Eligible Group Member shall have the right to withdraw such Property from the Issuer's Designated Security. In such circumstances such Borrower or Eligible Group Member is obliged to deliver (or procure the delivery), as soon as reasonably practicable after it has received notice of such Statutory Disposal, a completed Statutory Disposal Certificate to the Issuer and the Security Trustee confirming that the relevant withdrawal relates to a Statutory Disposal and, if the Statutory Disposal would result in a breach of the Asset Cover Test, confirming that it shall procure that additional Properties are charged pursuant to the Security Trust Deed and/or moneys are deposited into the Disposal Proceeds Account, in accordance with the Loan Agreements, such that any breach of the Asset Cover Test will be cured.

Enforcement of the Underlying Following a Borrower Default, the Issuer may declare the Security and the Issuer Security: Underlying Security immediately enforceable and/or declare the relevant Loan immediately repayable. Pursuant to the Security Trust Deed, the Security Trustee shall only be required to take action to enforce or protect the security in

respect of the Loan Agreements if so instructed by the Issuer (and then only if it has been indemnified and/or secured to its satisfaction).

The Issuer has assigned its rights under, inter alia, the Security Agreements and the Security Trust Deed, and, pursuant to Condition 6.3, has covenanted not to take any action or direct the Security Trustee to take any action pursuant thereto except with the prior consent of the Bond Trustee. The Bond Trustee may, but is not obliged to, seek the consent of the Bondholders in accordance with the Bond Trust Deed prior to giving any such consent.

In enforcing the Issuer Security (including the Issuer's rights, title and interests in the Security Agreements and the Security Trust Deed insofar as they relate to the Bonds) the Bond Trustee may act in its discretion. It is, however, required to take action, pursuant to Condition 12.2, where so directed by the requisite majority of the Bondholders provided, however, that it is secured and/or indemnified and/or pre-funded to its satisfaction.

See "Description of the Security Agreements and the Security Trust Deed" below.

Priorities of Payments: Prior to the enforcement of the Issuer Security, the Issuer shall apply the moneys standing to the credit of the Transaction Account on each Interest Payment Date and such other dates on which a payment is due in respect of the Bonds in the following order of priority (the Pre-enforcement Priority of Payment):

(a) first, in payment of any taxes due and owing by the Issuer to any taxing authority (insofar as they relate to the Bonds);

(b) second, in payment of any unpaid fees, costs, charges, expenses and liabilities incurred by the Bond Trustee and any Appointee (including remuneration payable to it and any Appointee) in carrying out its functions under the Bond Trust Deed;

(c) third, in payment of any unpaid fees and expenses of the Issuer owing to the Paying Agents under the Agency Agreement, the Account Bank under the Account Agreement, the Custodian under the Custody Agreement and the Retained Bond Custodian under the Retained Bond Custody Agreement on a pro rata and pari passu basis;

(d) fourth, in payment of any other unpaid fees, expenses and liabilities of the Issuer (in so far as they relate to the Bonds) on a pro rata and pari passu basis;

(e) fifth, in payment, on a pro rata and pari passu basis, to the Bondholders of any interest due and payable in respect of the Bonds;

(f) sixth, in payment, on a pro rata and pari passu basis, to the Bondholders of any principal due and payable in respect of the Bonds;

(g) seventh, in payment, on a pro rata and pari passu basis, to the Borrowers of any amounts due and payable under the terms of the Loan Agreements; and

(h) eighth, in payment of any Permitted Investment Profit, Accounting Profit or Retained Bond Premium Amount, as the case may be, to any Charitable Group Member.

Following the enforcement of the Issuer Security, all moneys standing to the credit of the Transaction Account, the Disposal Proceeds Account and the Initial Cash Security Account and the net proceeds of enforcement of the Issuer Security shall be applied in the following order of priority (the Post- enforcement Priority of Payment):

(a) first, in payment of any unpaid fees, costs, charges, expenses and liabilities incurred by the Bond Trustee or any Appointee in preparing and executing the trusts under the Bond Trust Deed (including the costs of realising any Issuer Security and the Bond Trustee's and such the Appointee's remuneration);

(b) second, in payment of all amounts owing to the Paying Agents under the Agency Agreement, the Account Bank under the Account Agreement, the Custodian under the Custody Agreement and the Retained Bond Custodian under the Retained Bond Custody Agreement on a pro rata and pari passu basis;

(c) third, in payment, on a pro rata and pari passu basis, to the Bondholders of any interest due and payable in respect of the Bonds;

(d) fourth, in payment, on a pro rata and pari passu basis, to the Bondholders of any principal due and payable in respect of the Bonds;

(e) fifth, in payment of any other unpaid fees and expenses of the Issuer (insofar as they relate to the Bonds) on a pro rata and pari passu basis;

(f) sixth, in payment on a pro rata and pari passu basis, to the Borrowers of any amounts due and payable

under the terms of the Loan Agreements; and

(g) seventh, in payment of any Permitted Investment Profit, Accounting Profit or Retained Bond Premium Amount, as the case may be, to any Charitable Group Member.

Status of the Bonds: The Bonds and Coupons will constitute direct, secured, unsubordinated obligations of the Issuer and will rank pari passu among themselves.

Covenants: Pursuant to Condition 6 (Covenants), the Issuer has covenanted not to engage in any activity or do anything other than carry out the business of a company which has as its purpose raising finance and on-lending such finance for the benefit of the Borrowers or perform any act incidental to or necessary in connection with the aforesaid, without the consent of the Bond Trustee.

The Issuer has also covenanted to deliver to the Bond Trustee and, upon request by a Bondholder to the Issuer, to make available to any of the Bondholders, a copy of the Compliance Certificates received from the Borrowers pursuant to the terms of the Loan Agreements and a copy of the consolidated annual reports of the Group Parent following publication of the same. In addition to the rights of Bondholders to convene a meeting pursuant to Condition 17 (Meetings of Bondholders, Modification and Waiver), at the request of the requisite majority of the Bondholders, the Issuer shall hold a meeting of the Bondholders to discuss the financial position of the Issuer and the Group, provided that the Issuer shall not be required to hold any such meeting more than once in any calendar year.

In addition, the Issuer has covenanted that, for so long as any of the Bonds remain outstanding, it shall not consent to any waiver, amendment or modification of, or take any action or direct the Security Trustee to take any action pursuant to, the Loan Agreements, the Security Agreements or the Security Trust Deed except with the prior consent of the Bond Trustee. The Bond Trustee may seek the consent of the Bondholders in accordance with the Bond Trust Deed prior to giving any such consent.

Taxation: All payments in respect of the Bonds will be made without withholding or deduction for or on account of any taxes unless a tax deduction is required by law. In the event that any such withholding or deduction is required, the Issuer may at its option, but will not be obliged to, pay to Bondholders such additional amounts as may be necessary in order that the net amounts received by the Bondholders after such withholding or deduction will equal the amounts of principal and interest which would have been received in respect of the Bonds in the absence of such withholding or deduction. In the event that the Issuer does not opt to pay, or opts to pay and thereafter

notifies the Bond Trustee and the Bondholders of its intention to cease paying, such additional amounts the Bonds shall be redeemed at their principal amount, together with any accrued interest, in accordance with Condition 9.3 (Early Redemption for Tax Reasons).

Meetings of Bondholders: The Terms and Conditions of the Bonds and the Bond Trust Deed contain provisions for calling meetings of Bondholders to consider matters affecting their interests generally. These provisions permit defined majorities to bind all Bondholders including Bondholders who did not attend and vote at the relevant meeting and Bondholders who voted in a manner contrary to the majority.

Risk Factors: There are certain factors that may affect the Issuer's ability to fulfil its obligations under the Bonds. These are set out under "Risk Factors" below and include factors which may affect the Issuer's and/or a Borrower's and/or an Eligible Group Member's ability to fulfil their obligations under the Bonds, the Loan Agreements and/or Security Agreements, respectively, factors which are material for the purpose of assessing the market risks associated with the Bonds, risks relating to the security for the Bonds and risks relating to the market generally.

See "Risk Factors" below.

Rating: It is expected that the Bonds will be rated "A2" by Moody's. Moody's is established in the European Union and is registered under Regulation (EC) No. 1060/2009 (as amended). As such Moody's is included in the list of credit rating agencies published by the European Securities and Markets Authority on its website in accordance with such Regulation.

Listing and admission to trading: Application has been made to the UK Listing Authority for the Bonds to be admitted to the Official List and to the London Stock Exchange for the Bonds to be admitted to trading on the London Stock Exchange's regulated market.

Joint Bookrunners: Banco Santander, S.A. The Royal Bank of Scotland plc

Principal Paying Agent: Elavon Financial Services Limited

Account Bank: Elavon Financial Services Limited

Custodian: Elavon Financial Services Limited

Retained Bond Custodian: Elavon Financial Services Limited

Bond Trustee: Prudential Trustee Company Limited

Security Trustee: Prudential Trustee Company Limited

Original Borrower: Aragon Housing Association Limited

Borrowers: The Original Borrower and any other member of the Group that is a charity and a Registered Provider of Social Housing and has acceded to the Security Trust Deed as an Additional Borrower.

Eligible Group Member: Any entity which has created (and which is subsisting) or will create security pursuant to the Security Trust Deed. Unless otherwise approved by the Security Trustee, each acceding Eligible Group Member must be a member of the Group and a Registered Provider of Social Housing.

Selling Restrictions: There are restrictions on the offer and sale of the Bonds in the United States and the United Kingdom, see "Subscription and Sale".

Governing Law: The Bonds and any non-contractual obligations arising out of or in connection with them shall be governed by, and construed in accordance with, English law.

STRUCTURE DIAGRAM OF TRANSACTION

BONDHOLDERS Benefit of Issuer Security

Bonds

Bond Trust GRAND UNION GROUP Deed FUNDING PLC BOND TRUSTEE (Issuer)

Benefit of Loan Underlying Security Agreements Security ARAGON HOUSING ADDITIONAL BORROWERS ASSOCIATION LIMITED Cash flows (Borrower)

Security Trust Deed and Security Agreements

SECURITY TRUSTEE ELIGIBLE GROUP MEMBER

NOTE: On the Issue Date Aragon Housing Association Limited will be the only Borrower and there will be no Eligible Group Members. However, Additional Borrowers and/or Additional Eligible Group Members to accede to the structure at a future date.

RISK FACTORS

The Issuer believes that the following factors (which include factors which may affect the ability of the Borrowers to fulfil their obligations under the Loan Agreements) may affect its ability to fulfil its obligations under the Bonds. Most of these factors are contingencies which may or may not occur and the Issuer is not in a position to express a view on the likelihood of any such contingency occurring.

In addition, factors which are material for the purpose of assessing the market risks associated with the Bonds issued are also described below.

The Issuer believes that the factors described below represent the principal risks inherent in investing in the Bonds, but the inability of the Issuer to pay interest, principal or other amounts on or in connection with the Bonds may occur for other reasons which may not be considered significant risks by the Issuer based on information currently available to it or which it may not currently be able to anticipate. This section is not intended to be exhaustive and prospective investors should also read the detailed information set out elsewhere in this Prospectus and reach their own views prior to making any investment decision. If any of the following risks actually materialise, the Issuer's and/or the Borrowers' business, financial condition and prospects could be materially and adversely affected. No assurance can be given that prospective Bondholders will receive full and/or timely payment of interest and principal or ultimate recovery in relation to the Bonds.

Factors which may affect the Issuer's ability to fulfil its obligations under the Bonds

Special Purpose Vehicle Issuer: The Issuer is a special purpose finance entity with no business operations other than the incurrence of financial indebtedness, including the issuance of the Bonds. As such the Issuer is entirely dependent upon receipt of funds received from the Borrowers in order to fulfil its obligations under the Bonds.

Credit Risk: The Issuer, and therefore payments by the Issuer in respect of the Bonds, will be subject to the credit risk of the Borrowers. The Issuer will be subject to the risk of delays in the receipt, or risk of defaults in the making, of payments due from the Borrowers in respect of the Loan Agreements. Delays in the receipt of payments due from the Borrowers under the Loan Agreements could adversely affect the ability of the Issuer to fulfil its payment obligations under the Bonds.

Effect of Losses on Loan on Interest Payments and Repayments on the Bonds: There can be no assurance that the levels or timeliness of payments of collections received in respect of the Loans will be adequate to ensure fulfilment of the Issuer's obligations in respect of the Bonds on each Interest Payment Date or on the Maturity Date. In addition, a default under a Loan Agreement could ultimately result in the enforcement of the Underlying Security. The proceeds of any such enforcement may be insufficient to cover the full amount due from the Borrowers resulting in a shortfall in funds available to repay the Bonds.

Factors which may affect the Borrowers' ability to fulfil their obligations under the Loan Agreements

Rental Income and Housing Benefit: A proportion of the rent received by the Borrowers is derived from housing benefit payable by local authorities. If the UK government were to reduce or cease to pay housing benefit, then this may accordingly have an adverse impact on the payment of rent, as the tenants would have to pay a higher proportion of the rent themselves. Payments of housing benefit by local authorities may be delayed as a result of, among other things, the need to establish a new claimant's entitlement thereto. The receipt of rental payments by a Borrower, as landlord, may be delayed by the failure of the claimant to regularly pay rent which is due in addition to the housing

benefit and/or, in circumstances where the housing benefit is not paid directly to the landlord, a failure to pass on the housing benefit payments to the landlord.

The Welfare Reform Act 2012, which received royal assent on 8th March, 2012, sets out significant changes in the provision of welfare benefits. Universal Credit, which is currently in an extended pathfinder stage with its original October 2013 national roll-out being postponed and no revised roll out date currently proposed, will be a single means-tested benefit paid to those of working age (in and out of work) that will include an amount in respect of housing costs which will replace housing benefit. Currently it is possible for tenants to consent to their housing benefit being paid directly to their landlord and it has been acknowledged by the Government that some households may go into rent arrears as a consequence of the introduction of Universal Credit and the related plans to introduce payment of the housing element of Universal Credit directly to claimants as the default position. Universal Credit will be paid to tenants in a single monthly payment in arrears.

From mid-April 2013, certain welfare benefits are (and Universal Credit, once introduced, will be) capped at a maximum level of around £26,000 per year for couples and lone parents or £18,200 per year for single people without children. The Government's updated impact assessment on the introduction of the benefit cap indicates that around 56,000 households will have their benefits reduced by the new policy in 2013/2014 and 58,000 households will have their benefits reduced by the new policy in 2014/2015.

Caps have already been introduced to the Local Housing Allowance, which applies to those living in the private rented sector and this is primarily affecting those living in central London and the South East. Currently these caps do not apply directly to tenants living within social housing, but Registered Providers of Social Housing are anticipating that, in practice, local authorities may not pay out benefit above the level of the caps and are setting their Affordable Rent accordingly.

New occupation size criteria apply to working age applicants' housing benefit claims relating to social housing as from 1st April, 2013. Initially, the change is being implemented by an amendment to the existing Housing Benefit Regulations, but there are provisions with the same effect contained within the draft Universal Credit Regulations (and, as such, no change to the operation of the occupation size criteria would occur if the Housing Benefit Regulations come into force as drafted). The new arrangements allow each of certain defined categories of people (such defined categories being, (a) a couple, (b) an adult (over 16), (c) two children of the same sex, (d) two children under the age of 10, (e) any other child and (f) a non-resident overnight carer) to be entitled to one bedroom. Where a household has one extra bedroom, their housing benefit will be reduced by 14 per cent. Where there are two or more extra rooms, the reduction will be 25 per cent. The Government's impact assessment published in mid-2012 indicated that around 660,000 claimants were expected to be affected by the new measure and some households are expected to go into arrears as a result of this reduction in housing benefit entitlement, which may have a knock-on effect on levels of rent arrears for Registered Providers of Social Housing.

The Original Borrower estimates that only two of its tenants will be affected by the benefit cap and 373 tenants are affected by the "under occupation" measures outlined above.

In order to allay the fears of Registered Providers of Social Housing and their lenders, the Department of Work and Pensions (the DWP) has agreed to safeguard landlords' income by putting in place protection mechanisms to allow for the payment of rent directly to landlords if tenants are vulnerable or fall into arrears of rent above a certain level. The DWP has set up a support and exceptions working group to look at which vulnerable claimants will fall within the support group and will be assessing the results of the pilot projects to identify the approach to arrears, which could be based on the length of time for which arrears have been outstanding or the amount of arrears. Changes to the structure of the benefit system (including the system of monthly in arrear payments to tenants which will require tenants to budget for their own expenditure) may affect the ability of claimants of housing

benefit to pay their rent and also affect the ability of a Borrower to meet its payment obligations under its Loan Agreement.

Around 27 per cent. of the Original Borrower's tenants will be affected by the new proposals on Universal Credit. The Original Borrower has implemented a number of measures in the last two years to deal with the anticipated effects of the changes in policies described above. Over the last twelve months, as a result of these measures, the Original Borrower's tenants have been able to claim entitled benefits (for which they were not claiming before) of around £300,000. £50,000 of this sum is Housing Benefit which has directly impacted on rent payments and reduced arrears.

As a result of the reforms proposed by the Government, certain rating agencies have published reports which comment on the likely effects, and Moody's has downgraded the credit ratings of many Registered Providers of Social Housing and some councils. The reports highlight that changes to the sector and proposed changes to the benefits system are significant. These changes may increase the risks associated with an investment in the Bonds.

While existing social tenancies and rent levels remain unchanged, the regulatory framework for social housing in England from April 2012 issued by the Homes and Communities Agency (HCA) introduced a new category of social housing rent which allows Registered Providers of Social Housing to charge rents of up to a maximum of 80 per cent. of the market rent level on both newly developed stock and on new lettings of a proportion of existing stock as long as there is a delivery agreement in place with the HCA. This new rent and tenancy combination is known as Affordable Rent. To date the Group has not implemented Affordable Rent on its existing housing stock and has only implemented it on a handful (around 200) of newly developed properties. The Group does intend to let new development properties in the future on Affordable Rent. On these properties there is a risk that those tenants on Affordable Rent will find it harder to pay their rent and that this may have a corresponding effect on the ability of a Borrower to meet its payment obligations under its Loan Agreement on a timely basis.

The Affordable Rent framework is only available to Registered Providers of Social Housing who have been awarded a grant for development and have entered into a Framework Delivery Agreement or short form agreement with the HCA. The Group submitted a bid to the HCA during May 2011 under the Affordable Rent funding regime (the Bid). The Group was awarded a grant funding allocation of £3 million to develop 189 housing units. The Bid included 146 Affordable Rent units, which is expected to bring the Group's total Affordable Rent homes programme to 226 units. As demand for housing is very high in the area in which the Original Borrower operates, it is expected that these units will be mainly let to a mixture of working tenants and those receiving full or partial benefits. Of the Affordable Rent properties which have been let, around 40 per cent. have been let to tenants who are not in receipt of housing benefit. Forty three of the housing units in the Bid are for shared ownership, where purchasers are expected to be in employment and not in receipt of housing benefit.

The HCA published a standard form of Framework Delivery Agreement which formed the basis of contractual agreements between the HCA and the selected bidders. The Original Borrower entered into a contract with the HCA on 14th November, 2011 (the Contract).

The new delivery model assumes significant reductions in capital grant funding that will be offset by increased debt funding, which in turn will be funded by higher rents. The Original Borrower modelled its use of the Affordable Rent delivery model and the programme proposed in the Bid as part of its long term financial planning process. As part of the Bid, the Original Borrower did not rely on the conversion of existing properties which become vacant each year to Affordable Rent tenancies.

The Group has also undertaken extensive modelling of affordability when setting its affordable rent levels and has bid for and been awarded levels of grant which can sustain rents at levels below 80 per cent. of market rent where appropriate.

Non-Payment Risk: The tenants of a Borrower's properties are personally responsible for the rental payments on the relevant occupied properties. There is currently a greater risk of non-payment for those tenants who are not in receipt of full or partial housing benefit or housing credit. This risk increases if payment of housing benefit directly to tenants becomes the default position, as there is a risk that tenants will fail to pass on such housing benefit payments to their landlord. In the event that any such tenants fail to pay rent in full on a timely basis, this could also affect the ability of the relevant Borrower to meet its payment obligations on a timely basis under its Loan Agreement, which in turn would impact the Issuer's ability to fulfil its obligations under the Bonds.

The Original Borrower currently has systems in place which would identify any non-payment by tenants in a timely manner. If tenants were to fail to pay rent in full on a timely basis, the Original Borrower would take action to recover the debt up to and including eviction and so the likely outcome would be an increase in tenant turnover and hence higher voids. The Original Borrower also has other income streams not built into its base business plan (for example, VAT shelter moneys and future Right-to-Buy sales income) which could mitigate a certain level of non-payments and reduce the risk to investors.

Furthermore, the risk of tenants failing to pass on housing benefit payments to their landlord is mitigated by the DWP's protection mechanisms which allow for payments of rent to be made directly to landlords if tenants are vulnerable or if they fall into arrears above a certain level.

Rental Growth Risk: Levels of rental income are currently impacted each year by the Retail Price Index (RPI) which refers back to the figure published in the October (for the year to September) of the preceding year. The Chancellor presented the 2013 Spending Review to the House of Commons on 26th June, 2013. The Government announced that, for the 10-year period between 2015-16 to 2024-25, social rents can rise annually by a maximum of the Consumer Price Index (CPI) plus 1 per cent. The detail that has been published to date, and notably the consultation documents published by the Government on 31st October, 2013, on the new rental formula does not include the provision of +/- £2 per week to allow convergence towards target rents, which is included in the current formula. The Government consultation document states that it is intended that Registered Providers of Social Housing with properties currently under target rent level, will nevertheless be expected to comply with the new lower rent increase limits, unless these limits will impact on the provider's financial viability, in which case a waiver should be sought from the Regulator (as defined below). The Government consultation, is to close on 24th December, 2013. Ten years of certainty on the future rent regime is of considerable value to Registered Providers of Social Housing in developing their business. However, the CPI is typically lower than RPI and does not currently include housing costs. Historic and forecast future differences between the old and new rent setting regimes does not suggest that rental income will fall when the new regime is introduced in April 2015. The impact of the removal of the provision to adjust the increase by +/- £2 per week to allow convergence towards target rents will differ for different Registered Providers of Social Housing, depending upon the number of tenancies where target rents will not be reached by March 2015. 66 per cent. of the Original Borrower's social rented tenancies were at or above target rent as at 31st March, 2013. The Government consultation also contains proposals for the possible abolition of rent caps (which would then cease to cap target rent), and for charging market rents to households earning more than £60,000 per year (including proposals around the treatment of any grant funding in the original provision of those dwellings). If introduced, such changes would potentially increase the Original Borrower's rental income but could result in increased level of arrears as tenants may have difficulty in paying the resulting higher rents. The overall impact of the changes and further possible changes is difficult to assess but it is possible that they could materially affect the Original Borrower's ability to fulfil its obligations under its Loan Agreement and, therefore, the corresponding payments under the Bonds.

Shared Ownership and Outright Sales Risk: The Original Borrower also generates revenue from its shared ownership sales programme. These units are sold directly by the Original Borrower. Shared

ownership income is generated on the initial sale of the "first tranche" and subsequent sales of further "tranches" or "staircasings" at the instigation of the shared ownership tenant. A rent is charged by the Original Borrower based on a percentage of the unsold equity.

The risks include lack of demand for these properties at the dates that they come onto the market. There is also the risk that if a tenant of a shared ownership property borrows moneys through a mortgage from a commercial lender (having obtained consent from the relevant Borrower) then that lender's mortgage may take priority ahead of the security arrangements in place under the Security Trust Deed. However, if that commercial lender were to enforce its security following a tenant defaulting on its mortgage, such lender could staircase (i.e. purchase a portion of the freehold property) up to 100 per cent. in order to be able to sell the whole leasehold interest in which case the relevant Borrower as landlord would receive such staircasing payments from the commercial lender. If the price for the full 100 per cent. receivable on sale is not sufficient to meet the principal outstanding (plus 12 months' interest and other statutorily permitted costs) then the shortfall will remain as a debt due to the landlord from the defaulting leaseholder. Under current HCA rules, any shortfall not recovered is borne first by the provider of any grant in respect of the property, and thus the relevant Borrower is only affected to the extent that the shortfall cannot be covered by grant moneys.

The Original Borrower has exposure to housing market downturn risk through its shared ownership sales, and redemptions and staircasings of shared equity and shared ownership properties. The latest figures from the Nationwide House Price Index show that, while there are few signs that the supply of housing is increasing significantly, housing prices continued to grow modestly in October 2013, rising by 1.0 per cent. over the month, maintaining the momentum that has been building in the second half of 2013. The smoother 3 month on 3 month rate of change has increased slightly from an increase of 2.2 per cent. in September 2013 to an increase of 2.5 per cent. in October 2013. On an annual basis, house prices are 5.8 per cent. higher than for the same period last year. House price growth has accelerated as buyer demand has increased more quickly than the supply of new homes. However, while house price growth has picked up, the rate of growth at a national level, remains around 7 per cent. below their 2007 peak.

Housing Market and Development Risk: Residential property investment is subject to varying degrees of market and development risk. Market risks which may impact upon both the rental market and the development of residential properties include the risk of changes to Government regulation, including, but not limited to, regulation relating to planning, taxation, landlords and tenants and welfare benefits. Furthermore, the maintenance of existing properties, development of existing sites and acquisition of additional sites may be subject to the availability of finance facilities and the cost of borrowing, interest rates and inflation (in particular house price inflation) may also have an effect.

Among other things, these market risks may impact upon the expenses incurred by a Borrower associated with existing residential properties, rental income produced by these properties, the value of its existing investments, its ability to develop land that it has acquired, its ability to sell shared ownership properties, its ability to acquire additional sites and its ability to obtain vacant possession of occupied properties required for redevelopment. These could, in turn, impact upon the relevant Borrower's cash flow and its ability to meet its obligations under its Loan Agreement. Furthermore, these factors could also impact on the ability of a Borrower to comply with any asset cover covenants which such Borrower is required to maintain pursuant to the terms of its Loan Agreement and other facility arrangements. A breach of the Loan Agreement asset cover covenant may result in a default by the relevant Borrower occurring and, if the relevant loan becomes repayable as a result of such default, the Bonds shall be redeemed in full at their principal amount, plus accrued interest.

Operational Risk: Operational risks may result from major systems failure or breaches in systems security (although the Original Borrower has prepared business continuity plans in order to mitigate against this, as it is dependent upon its technology in order to deliver business processes) and the

consequences of theft, fraud, health and safety and environmental issues, natural disaster, acts of terrorism, anti-social behaviour and delays in letting empty properties. These events could result in financial loss to a Borrower and impact on its ability to fulfil its obligations under its Loan Agreement. Notwithstanding anything in this risk factor, this risk factor should not be taken as implying that the Issuer will be unable to comply with its obligations as an entity with securities admitted to the Official List.

Regulatory Risk: The Housing and Regeneration Act 2008, as amended by the Localism Act 2011, (the Act) makes provision for the regulation of social housing provision in England.

Pursuant to the Act, the HCA acts as the regulator of Registered Providers of Social Housing (the Regulator). The HCA exercises its functions as Regulator acting through a separate committee established to undertake this regulatory role (the Regulation Committee). This arrangement came into force on 1st April, 2012. The statutory powers available to the Regulator are largely unchanged from those previously in place between April 2010 and April 2012, during which time the Tenant Services Authority (TSA) acted as the regulator of Registered Providers of Social Housing. The Regulator continues to provide economic regulation for Registered Providers of Social Housing in order to ensure they are financially viable and well governed and to support the confidence of private lenders to provide funds at competitive rates. It is intended that there will be a greater role for tenants' panels, councillors, MPs and the Ombudsmen in dealing with consumer issues than prior to 1st April, 2012.

The Regulator regulates Registered Providers of Social Housing in accordance with the publication entitled "The regulatory framework for social housing in England from April 2012" (the Regulatory Framework), setting out the standards which apply to Registered Providers of Social Housing from 1st April, 2012. The standards cover: governance and financial viability; value for money; rent; quality of accommodation; repairs and maintenance; allocations, mutual exchanges and tenure; neighbourhood management, local area co-operation and anti-social behaviour; and tenant involvement and empowerment. Registered Providers of Social Housing are expected to comply with the standards and to establish arrangements to ensure that they are accountable to their tenants, the Regulator and relevant stakeholders.

The enforcement by the Regulator of the standards other than those relating to governance and financial viability, rent and value for money is restricted to cases in which there is, or there is a risk of, serious detriment to tenants. The Regulatory Framework includes guidance as to how the Regulator will assess whether serious detriment may arise.

On 9th April, 2013 the Regulator issued a discussion paper called "Protecting social housing assets in a more diverse sector". This was an informal document seeking responses from the sector and relevant stakeholders such as investors. It set out some ideas for changes in the way the Regulator regulates, which are aimed to ensure that social housing assets are not put at risk, to protect the public value in those assets and to ensure that the sector can continue to attract the necessary finance to build new homes. Following feedback, the Chair of the Regulation Committee has indicated that it will be proceeding with and developing some of those proposals, but not others. The Regulator has indicated that it will be seeking to strengthen its expectations of Registered Providers of Social Housing in relation to risk management and planning for adverse events. Formal consultation on regulation in relation to the management of risk and protection of social housing assets is anticipated later in 2013 or early in 2014 and is likely to lead to further changes in regulation. Such changes will be designed to underpin the financial viability of Registered Providers of Social Housing including the Borrowers, but it is possible that compliance may result in increased costs and may restrict the ability of Borrowers to engage in diversified activities which could have increased their income. The Regulator has also indicated that it intends to consult on proposals to charge fees to Registered Providers of Social Housing for regulation. Any breach of new regulations could lead to the exercise of the Regulator's statutory powers.

Permitted Reorganisations: Each Loan Agreement permits the relevant Borrower to undertake Permitted Reorganisations. In such circumstances, the resulting entity's credit risk may change and may therefore result in delays in the receipt, or defaults in the making, of payments due from the relevant Borrower in respect of its Loan Agreement. The Loan Agreements offer some protection against the risk of reorganisations as it restricts reorganisations to those where the entity to be created as a result of the reorganisation will be a Registered Provider of Social Housing and where, following any reorganisation in respect of which the property of the relevant Borrower (including, for the avoidance of doubt, any liabilities) shall become vested in another party or a new amalgamated entity, such other party or such new amalgamated entity will thereafter be responsible for all the liabilities of the relevant Borrower pursuant to the Industrial and Provident Societies Act 1965.

Capital Resources and Treasury Risk: To mitigate liquidity risk and augment its capital resources, the Original Borrower currently relies on financing through committed lines of credit from major banks and building societies and through secured term and revolving credit facilities. However, a Borrower could find itself unable to access sources of financing if bank or building society lines become unavailable to such Borrower (for example, if banks and building societies are unable to provide new facilities, or extend existing facilities, or are unable to meet commitments to provide funds under existing committed lines) or if a reduction in such Borrower's credit rating makes the cost of accessing the public and private debt markets prohibitive. The Original Borrower has committed long-term facilities in place with its lenders and therefore has no requirement to re-finance or renew its facilities during the timeline of its business plan.

The Original Borrower is also subject to interest rate risk in respect of its variable rate borrowing, although the Original Borrower's hedging strategy seeks to reduce interest rate risk volatility and uncertainty by allowing for a balance of fixed and floating rate debt. As at March 2013, approximately 77.9 per cent. of the Original Borrower's borrowings of £171 million were subject to fixed rates of interest. Following the issue of the Bonds, 100 per cent. of the Original Borrower's drawn borrowings are anticipated to be at fixed rates of interest.

Housing Grant Risk: The Original Borrower receives development grant funding from the HCA. Due to the nature of grant funding, there is a risk that the amount of funding available and the terms of grants will vary. Following approval of a grant there is a risk that the HCA may revise the terms of a grant and reduce entitlement, or suspend or cancel any instalment of such a grant. In certain circumstances, set out in the HCA regulatory framework (including but not limited to failure to comply with conditions associated with the grant or a disposal of the property funded by a grant) the grant may be required to be repaid or reused. Any such reduction in, withdrawal, repayment or re-use of grant funding could adversely impact the future development of a Borrower.

The Original Borrower's grant allocation for 2011-2015 is £3 million for 189 new homes, of which £1.8 million has already been received. The Original Borrower is not relying on any housing grant income beyond 2015.

Pensions Risk: The Original Borrower participates in the following pension schemes:

 the Local Government Pension Scheme (LGPS) administered by Bedfordshire County Council; and

 the Grand Union Defined Contribution Pension Scheme (GUPS) which is administered by Aviva Pensions.

In accordance with the Government's regulations, all eligible employees will soon have to be auto- enrolled into a qualifying pension scheme. Employers can choose the qualifying scheme they use, which could include the National Employment Savings Trust (NEST). Each qualifying scheme must meet minimum standards in respect of the benefits it provides or the amount of contributions paid to

it. The scheme must also provide auto-enrolment for all eligible workers, and for all new workers when they become eligible. As at November 2013, out of 288 employees of the Group, around 16 per cent. (45 employees) were not enrolled in a pension scheme. Automatic enrolment for each Borrower's employees will become required from 1st February, 2014 and, consequently, the number of employees participating in GUPS will increase, together with the cost of the employers' contributions. It is expected that the costs of the Original Borrower will increase by up to £85,000 per annum, assuming all those automatically enrolled remain in the scheme.

The LGPS is a public-sector pension scheme independently administered by through various regional pension funds. The LGPS is a defined benefit scheme which is currently based on final pensionable salary and the scheme is contracted out of the State Second Pension Scheme. The LGPS is currently based on final pensionable salary and only open to staff transferred from local authorities or who joined the scheme before 31st March, 2013. Employer participation in the LGPS is subject to the rules of the LGPS which are set out in legislation.

Contributions to the LGPS are charged to the profit and loss account so as to spread the cost of pensions over employees' working lives with the company. The contributions are determined by a qualified actuary, on the basis of triennial valuations, using the projected unit method. The most recent triennial actuarial valuation of the LGPS was carried out as at 31st March, 2010 and the next triennial valuation is currently being carried out as at 31st March, 2013. The assumptions which have the most significant effect on the results of the valuation are those relating to the rate of return on investments and the rates of increase in salaries and pensions.

The most recent annual actuarial valuation assumed that, as at 31st March, 2013 investment returns would be 5.0 per cent. per annum, that salaries would increase at 5.1 per cent. per annum and pensions, present and future, would increase at the rate of 2.8 per cent. per annum. The valuation showed that the market value of the Original Borrower's share of the scheme was £10.639 million and the actuarial value of those assets represented 58.1 per cent. of the benefits that had accrued to members, after allowing for expected future increases in earnings.

As a result of the legislation governing the LGPS, there is a potential debt due from the Original Borrower when it leaves the LGPS, for example, if it ceases to employ active members of the LGPS. The debt due from the Original Borrower would be calculated by comparing the liabilities of the Original Borrower with the assets of the Original Borrower as at the date the Original Borrower leaves the LGPS. The current funding strategy statement published by Bedfordshire County Council states that such a debt could be calculated on a "minimum risk" rather than on an ongoing basis to minimise the risk of deficits arising after the date the Original Borrower leaves the LGPS.

The amount of the debt depends on a number of factors, including LGPS investment performance, the liabilities in respect of current and former employees of the Original Borrower, financial conditions at the time the Original Borrower leaves the LGPS and the actuarial basis used to calculate termination debts. The actuarial basis to be used to calculate termination debt is set out in the LPFA's funding strategy statement in place at the date the Original Borrower leaves the LGPS.

The Original Borrower has been notified by Bedfordshire County Council that, as at 31st March, 2013, the deficit in respect of the Original Borrower's participation in the LGPS has been estimated to be £7.669 million, calculated in accordance with Financial Reporting Standard 17.

Changes are being made to the LGPS which will come into effect from 1st April, 2014. The current benefit structure of the LGPS from a final salary benefit structure to a career average re-valued earnings benefit structure and, in addition, the accrual rate will change from 1/60th to 1/49th and normal pension age will be linked to state pension age (and will therefore rise when state pension age increases).

In addition, a cost cap mechanism will be introduced from the 2016 valuation, the target future service cost cap will be 19.5 per cent. of pensionable payroll, with employer contributions of 13 per cent. Any movement of 2 per cent. above or below the target cost will lead to obligatory corrective benefit adjustments. Existing past service deficits or surpluses will not be covered by the cost cap mechanism.

Under the Pensions Act 2004, a person that is an employer in relation to certain occupational pension schemes, or 'connected with' or an 'associate' of such an employer, can be subject to either a contribution notice or a financial support direction in relation to that occupational pension scheme issued by the Pensions Regulator (contribution notices and financial support directions require financial support to be given to a pension scheme). As the LGPS is a public sector pension scheme, the legislation on contribution notices and financial support directions does not apply to the Original Borrower's participation in the LGPS.

Litigation Risk: To date, claims made against the Original Borrower have not had a material impact on the revenue or business of the Original Borrower, although there can be no assurance that the Original Borrower will not, in the future, be subject to a claim which may have a material impact upon its revenue or business.

The Original Borrower has the benefit of insurance for, among others, employer's liability, public liability and directors' and officers' liability at levels which the management of the Original Borrower considers to be prudent for the type of business in which the Original Borrower is engaged and commensurate with Registered Providers of Social Housing of a similar size.

Factors which are material for the purpose of assessing the market risks associated with the Bonds

Exchange rate risks and exchange controls: The Issuer will pay principal and interest on the Bonds in Sterling. This presents certain risks relating to currency conversions if an investor's financial activities are denominated principally in a currency or currency unit (the Investor's Currency) other than Sterling. These include the risk that exchange rates may significantly change (including changes due to devaluation of Sterling or revaluation of the Investor's Currency) and the risk that authorities with jurisdiction over the Investor's Currency may impose or modify exchange controls. An appreciation in the value of the Investor's Currency relative to Sterling would decrease (1) the Investor's Currency-equivalent yield on the Bonds, (2) the Investor's Currency-equivalent value of the principal payable on the Bonds and (3) the Investor's Currency-equivalent market value of the Bonds.

Government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable exchange rate. As a result, investors may receive less interest or principal than expected, or no interest or principal.

Legal investment considerations may restrict certain investments: The investment activities of certain investors are subject to legal investment laws and regulations, or review or regulation by certain authorities. Each potential investor should consult its legal advisers to determine whether and to what extent (1) the Bonds are legal investments for it, (2) the Bonds can be used as collateral for various types of borrowing and (3) other restrictions apply to its purchase or pledge of the Bonds. Financial institutions should consult their legal advisers or the appropriate regulators to determine the appropriate treatment of the Bonds under any applicable risk-based capital or similar rules.

Interest rate risks: The Bonds bear interest at a fixed rate and therefore involve the risk that subsequent changes in market interest rates may adversely affect the value of the Bonds.

European Monetary Union: It is possible that, prior to the repayment in full of the Bonds, the United Kingdom may become a participating member state in the European Economic and Monetary Union and that the Euro will become the lawful currency of the United Kingdom. The introduction of the

Euro could be accompanied by a volatile exchange rate and/or interest rate environment which could adversely affect holders of the Bonds. It cannot be said with certainty what effect the adoption of the Euro by the United Kingdom (if it occurs) will have on the holders of the Bonds.

Modification, waivers and substitution: The Terms and Conditions of the Bonds and the Bond Trust Deed contain provisions for calling meetings of Bondholders to consider matters affecting their interests generally. These provisions permit defined majorities to bind all Bondholders, including Bondholders who did not attend and vote at the relevant meeting and Bondholders who voted in a manner contrary to the majority.

The Terms and Conditions of the Bonds and the Bond Trust Deed also provide that the Bond Trustee may, without the consent of Bondholders (i) agree to any modification (except as stated in the Bond Trust Deed) of, or to the waiver or authorisation of any breach or proposed breach of, any of the provisions of Bonds or any Transaction Document (to which it is a party) or (ii) determine without the consent of the Bondholders that any Potential Event of Default or Event of Default shall not be treated as such or (iii) agree to the substitution of another company, industrial and provident society or other entity as principal debtor under the Bonds in place of the Issuer, in the circumstances described in the Terms and Conditions, provided, in each case, that the Bond Trustee is of the opinion that to do so would not be materially prejudicial to the interest of Bondholders.

Denominations involve integral multiples: definitive Bonds: The Bonds have denominations consisting of a minimum of £100,000 plus one or more higher integral multiples of £1,000. It is possible that the Bonds may be traded in amounts that are not integral multiples of £100,000. In such a case a holder who, as a result of trading such amounts, holds an amount which is less than £100,000 in his account with the relevant clearing system at the relevant time may not receive a definitive Bond in respect of such holding (should definitive Bonds be printed) and would need to purchase a principal amount of Bonds such that its holding amounts to £100,000.

If definitive Bonds are issued, holders should be aware that definitive Bonds which have a denomination that is not an integral multiple of £100,000 may be illiquid and difficult to trade.

Taxation: Under the Terms and Conditions of the Bonds (see Condition 10 (Taxation)) below), the Issuer may, but will not be obliged to, gross up payments in respect of the Bonds if any deduction or withholding on account of tax is imposed. In the event that any deduction or withholding on account of tax is imposed and the Issuer does not opt to gross up payments in respect of the Bonds (or, if having previously opted to gross up, notifies the Bond Trustee and the Bondholders of its intention to cease grossing up payments in respect of the Bonds), the Bonds will be redeemed in accordance with Condition 9.3 (Early Redemption for Tax Reasons). In such circumstances an investor may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of the Bonds. In addition, any amounts in respect of accrued interest which fall due on any such redemption of the Bonds (and, where the redemption follows the next following Interest Payment Date, such Interest Payment Date) shall be paid subject to the required withholding or deduction and the Issuer shall not be obliged to pay any additional amounts in respect thereof. The Bondholders will therefore bear the risk of any such withholding or deduction in respect of the period from the previous Interest Payment Date to the date of redemption.

The Original Loan Agreement requires, and each Additional Loan Agreement will require, that if any withholding or deduction is required by law to be made by the relevant Borrower thereunder, the amount of the payment due from such Borrower shall be increased to an amount which (after making the tax deduction) leaves an amount equal to the payment which would have been due if no tax deduction had been required.

For a description of the current United Kingdom law and practice relating to withholding tax treatment of the Bonds, see below in "Taxation".

Change in Law: The structure of the issue of the Bonds is based on English law, regulatory and administrative practice in effect as at the date of this Prospectus, and has due regard to the expected tax treatment of all relevant entities under United Kingdom tax law and the published practice of HM Revenue & Customs in force or applied in the United Kingdom as at the date of this Prospectus. No assurance can be given as to the impact of any possible change to English law, regulatory or administrative practice in the United Kingdom, or to United Kingdom tax law, or the interpretation or administration thereof, or to the published practice of HM Revenue & Customs as applied in the United Kingdom after the date of this Prospectus.

Potential Conflicts of Interest: Each of the Transaction Parties (other than the Issuer) and their affiliates in the course of each of their respective businesses may provide services to other Transaction Parties and to third parties and in the course of the provision of such services it is possible that conflicts of interest may arise between such Transaction Parties and their affiliates or between such Transaction Parties and their affiliates and such third parties. Each of the Transaction Parties (other than the Issuer) and their affiliates may provide such services and enter into arrangements with any person without regard to or constraint as a result of any such conflicts of interest arising as a result of it being a Transaction Party.

EU Savings Directive: Under EC Council Directive 2003/48/EC (the Directive) on the taxation of savings income, Member States are required to provide to the tax authorities of another Member State details of payments of interest (or similar income) paid by a person within its jurisdiction to an individual resident in that other Member State or to certain limited types of entities established in that other Member State. However, for a transitional period, Luxembourg and Austria are instead required (unless during that period they elect otherwise) to operate a withholding system in relation to such payments (the ending of such transitional period being dependent upon the conclusion of certain other agreements relating to information exchange with certain other countries). A number of non-EU countries and territories including Switzerland have adopted similar measures (a withholding system in the case of Switzerland). In April 2013, the Luxembourg Government announced its intention to abolish the withholding system with effect from 1st January, 2015, in favour of automatic information exchange under the Directive.

The European Commission has proposed certain amendments to the Directive, which may, if implemented, amend or broaden the scope of the requirements described above.

If a payment were to be made or collected through a Member State which has opted for a withholding system and an amount of, or in respect of, tax were to be withheld from that payment, neither the Issuer nor any Paying Agent nor any other person would be obliged to pay additional amounts with respect to any Bond as a result of the imposition of such withholding tax. The Issuer is required to maintain a Paying Agent in a Member State that is not obliged to withhold or deduct tax pursuant to the Directive.

Redemption prior to maturity: In the event that the Bonds become repayable prior to maturity either following a Loan becoming repayable as a result of a Borrower Default (which includes, inter alia, failure by the relevant Borrower to make payments of interest under the relevant Loan Agreement) or an Event of Default (as defined in Condition 12 (Events of Default and Enforcement)) or due to taxation (pursuant to Condition 9.3 (Early Redemption for Tax Reasons)), the Bonds will be redeemed in full at their principal amount, plus accrued interest. In such circumstances it may not be possible for an investor to reinvest the redemption proceeds at an effective rate of interest as high as the interest rate on the Bonds. Furthermore, the optional redemption feature of the Bonds is likely to limit their market value as the market value generally will not rise substantially above the price at which they can be redeemed.

Liability under the Bonds: The Bonds are obligations of the Issuer only and do not establish any liability or other obligation of any other person mentioned in this Prospectus. The Bonds will constitute direct, general, secured obligations of the Issuer and will rank equally among themselves.

Risks Relating to the Security of the Bonds

Fixed charges may take effect under English law as floating charges: Pursuant to the Bond Trust Deed, the Issuer has purported to grant fixed charges over, amongst other things, all rights and benefits under the Transaction Account, the Disposal Proceeds Account and the Initial Cash Security Account. The law of England and Wales relating to the characterisation of fixed charges is unsettled. The fixed charges purported to be granted by the Issuer (other than assignment of security) may take effect under English law only as floating charges if, for example, it is determined that the Bond Trustee does not exert sufficient control over the charged assets for the security to be said to "fix" over those assets. If the charges take effect as floating charges instead of fixed charges, then the claims of the Bond Trustee will be subject to claims which are given priority over a floating charge by law, including, amongst other things, prior charges, certain subsequent charges, the expenses of any winding up or administration and the claims of preferential creditors.

Claims of Creditors of the Issuer other than Secured Parties: Under English law, any creditor (who has not entered into non-petition clauses) would (save where an administrator has been appointed) be able to commence insolvency or winding up proceedings against the Issuer in respect of any unpaid debt.

Considerations relating to the Issuer Security and the Underlying Security: The Bonds will be secured by the Issuer Security granted in favour of the Bond Trustee for the benefit of itself, the Bondholders and the other Secured Parties. Such Issuer Security will include security over the Loan Agreements, the Security Trust Deed and the Security Agreements. The Underlying Security to be created pursuant to the Security Trust Deed and the Security Agreements will include first legal mortgages, first fixed charges and assignments over the property and rights set out in the relevant Security Agreement given by the Borrowers and the Eligible Group Members in favour of the Security Trustee for the benefit of itself and, inter alios, the Issuer.

The validity of any security given by the Borrowers and the Eligible Group Members in connection with additions and substitutions of Charged Properties may depend on the solvency of the relevant Borrower or Eligible Group Member at the time of the grant.

Environmental Considerations: Under relevant UK environmental legislation, liability for environmental matters can be imposed on the "owner" or "person in control" of land. The term "owner" is not specifically defined and could include anyone with a proprietary interest in a property, which could include a representative of a trustee as a mortgagee in possession (in respect of which see the risk factor entitled "Mortgagee in Possession Liability" below). Environmental laws may impose liability on the owner for clean-up costs if a property is or becomes contaminated. The Borrowers and the Eligible Group Members may therefore be liable for the entire amount of the clean-up and redemption costs for a contaminated site regardless of whether the contamination was caused by it or not. These costs may be significant and may affect the ability of the Borrowers to meet their payment obligations under their respective Loan Agreements.

In addition, the presence of hazardous or toxic substances, or the failure to adequately remedy adverse environmental conditions at a Charged Property, may adversely affect the market value of the Charged Property, as well as the Borrowers' or the Eligible Group Members' ability to sell, lease or refinance the Charged Property. Any environmental liability imposed on the Borrowers could also affect the ability of the Borrowers to meet their payment obligations under their respective Loan Agreements.

Sufficiency of Insurance: Although each Charged Property is required to be insured at appropriate levels and against customary risks, there can be no assurance that any loss incurred will be of a type covered by such insurance, nor can there be any assurance that the loss will not exceed the limits of such insurance. Any reduction in income or any loss or damage caused to a Charged Property not adequately covered by insurance could result in a shortfall in funds available to meet the Borrowers' payment obligations under the Loan Agreements.

Investment of Retained Proceeds in Permitted Investments: For so long as any part of the net proceeds of the issue of the Bonds remains undrawn pursuant to the Loan Agreements, the Issuer may invest such amounts in Permitted Investments in accordance with the Custody Agreement. The Issuer may also invest the Charged Disposal Proceeds in Permitted Investments in accordance with the Custody Agreement.

Although Permitted Investments are limited to highly rated securities which satisfy certain specified criteria (which, other than with respect to any investment in money market funds or deposits, includes a requirement that the investments have a maturity date which is no later than 4th December, 2048), the Issuer may be required to liquidate such Permitted Investments (a) prior to the enforcement of the Issuer Security, (in the case of the Permitted Investments purchased with Retained Proceeds) to fund advances to a Borrower pursuant to a Loan Agreement or to fund redemptions of the Bonds in accordance with the Conditions or (b) following the enforcement of the Issuer Security, to make payments in accordance with the Post-enforcement Priority of Payment, in either case at a time when the disposal proceeds of such Permitted Investments is less than the price paid by the Issuer upon the acquisition thereof.

Prior to the enforcement of the Issuer Security, any losses realised by the Issuer in respect of a sale of Permitted Investments purchased with Retained Proceeds is passed on to the Borrowers pursuant to the terms of the Loan Agreements as a result of (i) the Issuer's obligation to fund a principal amount of an advance being such that it may be satisfied by funding such advance at a discount in proportion to any such losses and (ii) each Borrower's obligation to make further payments to the Issuer in respect of any prepayment of the loan in full to enable the Issuer to fund any shortfall on a redemption of the Bonds. However, following the enforcement of the Issuer Security, any losses in respect of the Permitted Investments will reduce the amounts available to the Issuer to satisfy its payment obligations in respect of the Bonds. For the purpose of calculating the Borrowers' compliance with the Asset Cover Test, the value of such Permitted Investments will be the purchase price thereof and the Borrowers shall not be required to monitor the market value of such Permitted Investments. Consequently, the value attributed to the Permitted Investments for this purpose may be more than the realisable value from time to time.

In the event that the enforcement of the Issuer Security takes place prior to the Initial Properties and the Additional Properties being charged, with an aggregate Minimum Value equal to the principal amount of the Bonds, and/or at a time when the Permitted Investments have been acquired with the Disposal Proceeds or otherwise charged by a Borrower as security, the value of the proceeds of enforcement of the Underlying Security, together with such amounts, may be insufficient to enable the Issuer to pay its obligations under the Bonds in full.

The Issuer's ability to meet its obligations under the Bonds after enforcement under a Loan: Following default by a Borrower, the Security Trustee shall be entitled to call for payments of any unpaid sums by such Borrower to be made by one or more of the other Borrowers (if any) under and in accordance with the guarantee given by such other Borrowers pursuant to their respective Loan Agreement (subject to the limitations of each guarantee). If there are no other Borrowers or the other Borrowers do not make payment (or are not required to make payment as a result of the limitation of the relevant guarantee) of such amounts to the Issuer pursuant to their respective Loan Agreements, the Security Trustee may enforce the Underlying Security and appoint a Receiver pursuant to its powers under the Security Trust Deed.

The Issuer's ability to continue to pay principal and interest on the Bonds following default by a Borrower under a Loan is dependent upon the ability of the Issuer to receive from the Security Trustee pursuant to the collection of rental income or a disposal of the Underlying Security, sufficient funds to make such payment.

Mortgagee in Possession Liability: There is a risk that the Security Trustee may be deemed to be a mortgagee in possession if it physically enters into possession of a Charged Property or performs an act of control or influence which may amount to possession, such as submitting a demand direct to tenants requiring them to pay rents to the Security Trustee. The consequence of being a mortgagee in possession would be that the Security Trustee may be obliged to account to a Borrower or an Eligible Group Member for the income obtained from the Charged Property, be liable for any damage to the Charged Property, have a limited liability to repair the Charged Property and, in certain circumstances, be obliged to make improvements or incur financial liabilities in respect of the Charged Property. A mortgagee in possession may also be liable to a tenant for any mis-management of the relevant property and may incur liabilities to third parties in nuisance and negligence and, under certain statutes (including environmental legislation), the liabilities of a property owner. Pursuant to the Security Trust Deed the Issuer, the Borrowers and the Eligible Group Members, respectively, are required to indemnify the Security Trustee against all liabilities and expenses suffered or incurred by it and, pursuant to the Loan Agreements, the Borrowers are (or will be) required to indemnify the Issuer and the Security Trustee on demand against any loss or liability incurred in connection with their respective Loan Agreement. The obligation to indemnify the Security Trustee may mean that there is a shortfall in funds available to pay all amounts due and owing under the Bonds and/or the Loan Agreements.

Moratorium: In order to protect the interest of tenants and to preserve the housing stock of a Registered Provider of Social Housing within the social housing sector and within the regulatory regime, a 28 working day moratorium on the disposal of land (including the enforcement of any security) by an insolvent non-profit Registered Provider of Social Housing will apply, upon certain steps being taken in relation to that provider such as presenting a winding up petition or appointing an administrator. The Regulator will then seek to agree proposals about the future ownership and management of the provider's land with its secured creditors. The moratorium procedure may adversely affect the Issuer's ability to enforce its security over the Charged Properties, as the procedure stipulates actions that must be taken by a secured creditor prior to that secured creditor being able to enforce its security and gives powers to the Regulator in respect of certain secured assets. This, in turn, could affect the Bond Trustee's ability to enforce its security against the Issuer under the Bond Trust Deed.

Risks Relating to the Market Generally

Potential Limited Liquidity: The Bonds may not have an established market when issued. There can be no assurance of a secondary market for the Bonds or the continued liquidity of such market if one develops. The development or continued liquidity of any secondary market for the Bonds will be affected by a number of factors such as the state of credit markets in general and the creditworthiness of the Borrowers and Eligible Group Members, as well as other factors such as the time remaining to the maturity of the Bonds.

Global economic disruption: In addition, Bondholders should be aware of the prevailing and widely reported global credit market conditions (which continue at the date hereof), whereby there is a general lack of liquidity in the secondary market for instruments similar to the Bonds, concerns over the liquidity of major banks and building societies and the consequent effects on the general economy and the housing market. The Issuer cannot predict when these circumstances will change and, if and when they do, whether conditions of general market illiquidity for the Bonds and instruments similar to the Bonds will be available in the future.

Credit ratings may not reflect all risks: It is expected that the Bonds will be rated "A2" by Moody's. This rating may not reflect the potential impact of all risks related to the structure, market and other factors that may affect the value of the Bonds. A credit rating is not a recommendation to buy, sell or hold securities and may be revised, suspended or withdrawn by the assigning rating agency at any time. In particular, on 15th February, 2012, Moody's took action in respect of selected European sub- sovereign issuers (including amending the outlook for rated Registered Providers of Social Housing) due to influences on them from financial, operational and economic linkages with sovereign debt; the relevant ratings themselves remain unchanged. As with any rated entity, the rating of the Group (and, accordingly, the rating of the Bonds) may be susceptible to further adjustments (whether upward or downward) and, in particular, any adjustments which may be made as a result of a rating agency's methodology as applied to the Group.

Moody's is established in the European Union and is registered under Regulation (EC) No. 1060/2009 (as amended). As such, Moody's is included in the list of credit rating agencies published by the European Securities and Markets Authority on its website in accordance with such Regulation.

FORM OF THE BONDS AND SUMMARY OF PROVISIONS RELATING TO THE BONDS WHILE IN GLOBAL FORM

Form of the Bonds

Form, Exchange and Payments

The Bonds will be in bearer new global note (NGN) form and will be initially issued in the form of a temporary global bond (a Temporary Global Bond) which will be delivered on or prior to the issue date of the Bonds to a common safekeeper for Euroclear Bank S.A./N.V. (Euroclear) and/or Clearstream Banking, société anonyme (Clearstream, Luxembourg).

The Bonds are intended to be held in a manner which will allow Eurosystem eligibility. This means that the Bonds are intended upon issue to be deposited with Euroclear or Clearstream, Luxembourg as common safekeeper and does not necessarily mean that the Bonds will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon issue or at any or all times during their life. Bondholders should note that the European Central Bank has applied a temporary extension of Eurosystem eligibility to Sterling denominated securities, the effective date for this temporary extension being 9th November, 2012. However, should this extension cease at any time during the life of the Bonds, the Bonds will not be in a form which can be recognised as eligible collateral.

Whilst the Bonds are represented by the Temporary Global Bond, payments of principal, interest (if any) and any other amount payable in respect of the Bonds due prior to the Exchange Date (as defined below) will be made only to the extent that certification (in a form to be provided) to the effect that the beneficial owners of interests in the Temporary Global Bond are not U.S. persons or persons who have purchased for resale to any U.S. person, as required by U.S. Treasury regulations, has been received by Euroclear and/or Clearstream, Luxembourg and Euroclear and/or Clearstream, Luxembourg, as applicable, has given a like certification (based on the certifications it has received) to the Principal Paying Agent.

On and after the date (the Exchange Date) which is 40 days after the Temporary Global Bond is issued, interests in the Temporary Global Bond will be exchangeable (free of charge) upon a request as described therein for interests recorded in the records of Euroclear or Clearstream, Luxembourg, as the case may be, in a permanent global bond (the Permanent Global Bond and, together with the Temporary Global Bond, the Global Bonds), against certification of beneficial ownership as described above unless such certification has already been given. The holder of the Temporary Global Bond will not be entitled to collect any payment of interest, principal or other amount due on or after the Exchange Date unless, upon due certification, exchange of the Temporary Global Bond for an interest in the Permanent Global Bond is improperly withheld or refused.

Payments of principal, interest (if any) or any other amounts on the Permanent Global Bond will be made through Euroclear and/or Clearstream, Luxembourg without any requirement for certification.

On each occasion of a payment in respect of a Global Bond the Principal Paying Agent shall instruct Euroclear and Clearstream, Luxembourg to make appropriate entries in their records to reflect such payment.

The Global Bonds will be exchangeable (free of charge), in whole but not in part, for definitive Bonds with interest coupons and talons attached only upon the occurrence of an Exchange Event. For these purposes, Exchange Event means that (i) an Event of Default (as defined in Condition 12 (Events of Default and Enforcement)) has occurred and is continuing, or (ii) the Issuer has been notified that both Euroclear and Clearstream, Luxembourg have been closed for business for a continuous period of 14

days (other than by reason of holiday, statutory or otherwise) or have announced an intention permanently to cease business or have in fact done so and no successor clearing system satisfactory to the Bond Trustee is available or (iii) the Issuer has or will become subject to adverse tax consequences which would not be suffered were the Bonds represented by the relevant Global Bond in definitive form. The Issuer will promptly give notice to Bondholders in accordance with Condition 15 (Notices) if an Exchange Event occurs. In the event of the occurrence of an Exchange Event, Euroclear and/or Clearstream, Luxembourg (acting on the instructions of any holder of an interest in such Global Bond) or the Bond Trustee may give notice to the Principal Paying Agent requesting exchange and, in the event of the occurrence of an Exchange Event as described in (iii) above, the Issuer may also give notice to the Principal Paying Agent requesting exchange. Any such exchange shall occur not later than 45 days after the date of receipt of the first relevant notice by the Principal Paying Agent.

Legend concerning United States persons

The following legend will appear on all Bonds and on all interest coupons relating to the Bonds:

"ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE."

The sections referred to provide that United States holders, with certain exceptions, will not be entitled to deduct any loss on the Bonds or interest coupons and will not be entitled to capital gains treatment of any gain on any sale, disposition, redemption or payment of principal in respect of the Bonds or interest coupons.

Summary of Provisions relating to the Bonds while in Global Form

Notices

For so long as all of the Bonds are represented by one or both of the Global Bonds and such Global Bond(s) is/are held on behalf of Euroclear and/or Clearstream, Luxembourg, notices to Bondholders (which includes, for this purpose, any Compliance Certificate or annual reports required to be made available pursuant to a request by any of the Bondholders pursuant to Condition 6.2 (Information Covenants)) may be given by delivery of the relevant notice to Euroclear and/or Clearstream, Luxembourg (as the case may be) for communication to the relative Accountholders (as defined below) rather than by publication as required by Condition 15 (Notices). Any such notice shall be deemed to have been given to the holders of the Bonds on the second day after the day on which such notice was delivered to Euroclear and/or Clearstream, Luxembourg (as the case may be) as aforesaid.

For so long as all of the Bonds are represented by one or both of the Global Bonds and such Global Bond(s) is/are held on behalf of Euroclear and/or Clearstream, Luxembourg, notices to be given by any Bondholder may be given to the Principal Paying Agent through Euroclear and/or Clearstream, Luxembourg and otherwise in such manner as the Principal Paying Agent and Euroclear and/or Clearstream, Luxembourg, as the case may be, may approve for this purpose.

Accountholders

For so long as any of the Bonds is represented by a Global Bond held on behalf of Euroclear and/or Clearstream, Luxembourg, each person (other than Euroclear or Clearstream, Luxembourg) who is for the time being shown in the records of Euroclear or of Clearstream, Luxembourg as the holder of a particular principal amount of such Bonds (the Accountholder) (in which regard any certificate or other document issued by Euroclear or Clearstream, Luxembourg as to the principal amount of such

Bonds standing to the account of any person shall be conclusive and binding for all purposes save in the case of manifest error) shall be treated as the holder of such principal amount of such Bonds for all purposes other than with respect to the payment of principal or interest on such principal amount of such Bonds, for which purpose the bearer of the relevant Global Bond shall be treated as the holder of such principal amount of such Bonds in accordance with and subject to the terms of the relevant Global Bond and the expressions Bondholder and holder of Bonds and related expressions shall be construed accordingly. In determining whether a particular person is entitled to a particular principal amount of Bonds as aforesaid, the Bond Trustee may rely on such evidence and/or information and/or certification as it shall, in its absolute discretion, think fit and, if it does so rely, such evidence and/or information and/or certification shall, in the absence of manifest error, be conclusive and binding on all concerned.

Bonds which are represented by a Global Bond will be transferable only in accordance with the rules and procedures for the time being of Euroclear and Clearstream, Luxembourg, as the case may be.

Prescription

Claims against the Issuer in respect of principal and interest on the Bonds represented by a Global Bond will be prescribed after 10 years (in the case of principal) and five years (in the case of interest) from the Relevant Date.

Cancellation

Cancellation of any Bond represented by a Global Bond and required by the Conditions of the Bonds to be cancelled following its redemption or purchase will be effected by entry in the records of Euroclear or Clearstream, Luxembourg, as the case may be.

Partial Redemption

For so long as all of the Bonds are represented by one or both of the Global Bonds and such Global Bond(s) is/are held on behalf of Euroclear and/or Clearstream, Luxembourg, no selection of Bonds will be required under Condition 9.5 (Notice of Early Redemption) in the event that the Bonds are to be redeemed in part pursuant to Condition 9.2 (Early Redemption) or Condition 9.4 (Mandatory Early Redemption). In such event, the standard procedures of Euroclear and/or Clearstream, Luxembourg shall operate to determine which interests in the Global Bond(s) are to be subject to such redemption.

TERMS AND CONDITIONS OF THE BONDS

The following are the Terms and Conditions of the Bonds which will be endorsed on each Bond in definitive form (if issued).

The £150,000,000 4.625 per cent. Secured Bonds due 2043 (the Bonds, which expression shall in these Conditions, unless the context otherwise requires, include any further bonds issued pursuant to Condition 19 (Further Issues) and forming a single series with the Bonds) of Grand Union Group Funding plc (the Issuer) are constituted by a Bond Trust Deed (such Bond Trust Deed as modified and/or amended and/or supplemented and/or restated from time to time, the Bond Trust Deed) dated 4th December, 2013 made between the Issuer and Prudential Trustee Company Limited (the Bond Trustee, which expression shall include any successor as Bond Trustee) as trustee for the holders of the Bonds (the Bondholders) and the holders of the interest coupons appertaining to the Bonds (the Couponholders and the Coupons respectively, which expressions shall, unless the context otherwise requires, include the talons for further interest coupons (the Talons) and the holders of the Talons).

The Bonds have the benefit of an Agency Agreement (such Agency Agreement as amended and/or supplemented and/or restated from time to time, the Agency Agreement) dated 4th December, 2013 and made between the Issuer, the Bond Trustee, Elavon Financial Services Limited as principal paying agent (the Principal Paying Agent, which expression shall include any successor agent) and the other paying agents named therein (together with the Principal Paying Agent, the Paying Agents, which expression shall include any additional or successor paying agents).

Copies of the Bond Trust Deed, the Agency Agreement, the Loan Agreements, the Security Agreements and the Security Trust Deed are available for inspection during normal business hours at the registered office for the time being of the Bond Trustee being at the date of the issue of the Bonds at Laurence Pountney Hill, London EC4R 0HH and at the specified office of each of the Paying Agents. The Bondholders and the Couponholders are deemed to have notice of, and are entitled to the benefit of, all the provisions of the Bond Trust Deed and the Agency Agreement. The statements in these Conditions include summaries of, and are subject to, the detailed provisions of and definitions in the Bond Trust Deed, which includes the form of the Bonds.

1. DEFINITIONS

Words and expressions defined in the Bond Trust Deed or the Agency Agreement shall have the same meanings where used in the Conditions unless the context otherwise requires or unless otherwise stated.

In these Conditions:

Account Agreement means the Account Agreement dated 4th December, 2013 and made between the Issuer, the Bond Trustee and the Account Bank, as amended and/or supplemented and/or restated from time to time;

Account Bank means Elavon Financial Services Limited as account bank pursuant to the Account Agreement or any successor account bank appointed thereunder;

Accounting Profit has the meaning given to it in the Loan Agreements;

Additional Borrower means any entity which (i) is a charity; (ii) is a Registered Provider of Social Housing; (iii) is a member of the Group; and (iv) has acceded to the Security Trust Deed as a borrower;

Additional Loan Agreement means a loan agreement between the Issuer, an Additional Borrower and the Security Trustee;

Appointee means any attorney, manager, agent, delegate, nominee, custodian, receiver or other person appointed by the Bond Trustee under, or pursuant to, these Conditions or the Bond Trust Deed;

Asset Cover Test has the meaning given to it in the Loan Agreements;

Bondholder Specific Withholding means any withholding or deduction of Taxes which is required in respect of any payment in respect of any Bond or Coupon:

(a) presented for payment by or on behalf of a holder who is liable to the Taxes in respect of the Bond or Coupon by reason of his having some connection with the Relevant Jurisdiction other than the mere holding of the Bond or Coupon; or

(b) where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC or any law implementing or complying with, or introduced in order to conform to, such Directive; or

(c) presented for payment by or on behalf of a holder who would have been able to avoid such withholding or deduction by presenting the relevant Bond or Coupon to another Paying Agent in a Member State of the European Union; or

(d) presented for payment more than 30 days after the Relevant Date except to the extent that a holder would have been entitled to additional amounts on presenting the same for payment on the last day of the period of 30 days assuming, whether or not such is in fact the case, that day to have been a Payment Day (as defined in Condition 8.5 (Payment Day));

Borrowers means the Original Borrower and any Additional Borrower, in each case for so long as it is a borrower under a Loan Agreement;

Borrower Default has the meaning given to it in the Loan Agreements;

Business Day means, for the purpose of Condition 9 (Redemption and Purchase), a day (other than a Saturday, Sunday or public holiday) on which commercial banks are open for general business in London;

Cancelled Retained Proceeds has the meaning given to it in the Loan Agreements;

Charged Disposal Proceeds means, at any time, the aggregate of all amounts (whether representing proceeds of disposal or other moneys) standing to the credit of the Disposal Proceeds Account and, to the extent invested in Permitted Investments in accordance with the Custody Agreement, such Permitted Investments and any income received by the Issuer in respect of such Permitted Investments, provided however that, for the purpose of determining the compliance of the Borrowers with the Asset Cover Test, the value to be attributed to such Permitted Investments shall be the purchase price thereof;

Charitable Group Member means a charitable member of the Group;

Commitment has the meaning given to it in the Loan Agreements;

Compliance Certificate has the meaning given to it in the Loan Agreements;

Custodian means Elavon Financial Services Limited as custodian pursuant to the Custody Agreement or any successor custodian appointed thereunder;

Custody Account means the account of the Issuer set up with the Custodian in respect of the Permitted Investments in accordance with the Custody Agreement;

Custody Agreement means the Custody Agreement dated 4th December, 2013 and made between the Issuer, the Bond Trustee and the Custodian, as amended and/or supplemented and/or restated from time to time;

Disposal Proceeds Account means the account of the Issuer set up with the Account Bank in respect of the Charged Disposal Proceeds in accordance with the Account Agreement;

Eligible Group Member means any entity which, unless otherwise approved by the Security Trustee, is (i) a member of the Group; and (ii) a Registered Provider of Social Housing and which, in each case, has created (and which is subsisting) or will create security pursuant to the Security Trust Deed;

Group means the Group Parent and any other present or future, direct or indirect, subsidiaries of the Group Parent (which includes, for the avoidance of doubt, any entity with which any Borrower and/or any Eligible Group Member may merge or be consolidated with at any time including as a result of a Permitted Reorganisation);

Group Parent means Grand Union Housing Group Limited and any entity with which the Group Parent may merge or be consolidated with at any time;

Initial Cash Security Account means the account of the Issuer set up with the Account Bank in respect of the Retained Proceeds in accordance with the Account Agreement;

Issue Date means 4th December, 2013;

Issuer Charged Property has the meaning given to it in Condition 4;

Issuer Security has the meaning given to it in Condition 4;

Loans means the principal amount of each Commitment which has been advanced to a Borrower pursuant to the terms of a Loan Agreement or the outstanding balance thereof for the time being (ignoring, for these purposes, any Actual Advance Amount or Retained Bond Actual Advance Amount (each as defined in the Loan Agreements));

Loan Agreements means the Original Loan Agreement and each Additional Loan Agreement;

Loan Payment Day means a day on which principal or interest in respect of a Loan is due and payable by a Borrower to the Issuer in accordance with the terms of a Loan Agreement;

Original Borrower means Aragon Housing Association Limited;

Original Loan Agreement means the loan agreement dated the Issue Date between the Issuer, the Original Borrower and the Security Trustee;

Permitted Investments has the meaning given to it in the Loan Agreements;

Permitted Investment Profit means, in respect of any sale of Permitted Investments, the amount by which the sale price of such Permitted Investments exceeds the original purchase price of such Permitted Investments (if any);

Permitted Reorganisation has the meaning given to it in the Loan Agreements;

Potential Event of Default means any act, event or circumstance which with the expiry of a grace period, the giving of notice, determination of materiality or other determination would constitute an Event of Default;

Registered Provider of Social Housing means a person listed in the register of providers of social housing established under Chapter 3 of Part 2 of the Housing and Regeneration Act 2008 (as amended from time to time) or a person having a status which, in the opinion of the Issuer and the Bond Trustee, is substantially equivalent under any replacement or successor legislation thereto;

Relevant Date means, in respect of a payment, the date on which the payment first becomes due but, if the full amount of the money payable has not been received by the Principal Paying Agent or the Bond Trustee on or before the due date, it means the date on which, the full amount of the money having been so received, notice to that effect has been duly given to the Bondholders by the Issuer in accordance with Condition 15 (Notices);

Relevant Jurisdiction means the United Kingdom or any political subdivision or any authority thereof or therein having power to tax or any other jurisdiction or any political subdivision or any authority thereof or therein having power to tax to which the Issuer becomes subject in respect of payments made by it of principal and interest on the Bonds or Coupons;

Retained Bond Custodian means Elavon Financial Services Limited as custodian pursuant to the Retained Bond Custody Agreement or any successor custodian appointed thereunder;

Retained Bond Custody Agreement means the custody agreement relating to the Retained Bonds dated 4th December, 2013 and made between the Issuer, the Bond Trustee and the Retained Bond Custodian, as amended and/or supplemented and/or restated from time to time;

Retained Bond Premium Amount means, in respect of any sale by the Issuer of Retained Bonds, the amount by which the net sale price of such Retained Bonds exceeds the principal amount of such Retained Bonds (if any);

Retained Bonds means £35,000,000 in principal amount of the Bonds purchased by the Issuer on the Issue Date;

Retained Proceeds means, at any time, (a) an amount of the net issue proceeds of the Bonds (other than the Retained Bonds) which have not been advanced to a Borrower pursuant to a Loan Agreement at such time (if any) plus (b) an amount of the net sale proceeds of the Retained Bonds (less any Retained Bond Premium Amount) which are not advanced to a Borrower pursuant to a Loan Agreement immediately following receipt thereof by the Issuer and have not subsequently been advanced to a Borrower (if any);

Secured Parties means the Bond Trustee (for itself and on behalf of the Bondholders and Couponholders), any Appointee, the Principal Paying Agent, the other Paying Agents, the Account Bank, the Custodian and the Retained Bond Custodian;

Security Agreements means: (a) the Security Agreement dated 4th December, 2013 and made between the Original Borrower and the Security Trustee pursuant to which the Original Borrower provides security in respect of its obligations under the Original Loan Agreement; and (b) any additional security agreement entered into between a Borrower or an Eligible Group Member and the Security Trustee substantially in the form set out in the Security Trust Deed pursuant to which such Borrower or Eligible Group Member provides security in respect of a Borrower's obligations under a Loan Agreement;

Security Trust Deed means the Security Trust Deed dated 4th December, 2013 between the Issuer, the Original Borrower and the Security Trustee (as amended from time to time);

Security Trustee means Prudential Trustee Company Limited as security trustee under the Security Trust Deed for, inter alios, the Issuer;

Taxes has the meaning given to it in Condition 10.1 (Payments without withholding);

Transaction Account means the account of the Issuer set up with the Account Bank in respect of the Bonds in accordance with the Account Agreement;

Transaction Documents means the Loan Agreements, the Bond Trust Deed, the Security Trust Deed, the Agency Agreement, the Account Agreement, the Custody Agreement and the Retained Bond Custody Agreement;

Transaction Parties means any person who is party to a Transaction Document;

UK Government Gilt means Sterling denominated gilts or stock issued by or on behalf of Her Majesty's Treasury; and

Undrawn Commitment has the meaning given to it in the Loan Agreements.

2. FORM, DENOMINATION AND TITLE

The Bonds are in bearer form, serially numbered, in the denomination of £100,000 and integral multiples of £1,000 in excess thereof up to and including £199,000, with Coupons and Talons attached on issue. No Bonds will be issued with a denomination above £199,000.

Title to the Bonds and Coupons will pass by delivery. The Issuer, any Paying Agent and the Bond Trustee will (except as otherwise required by law) deem and treat the bearer of any Bond or Coupon as the absolute owner thereof (whether or not overdue and notwithstanding any notice of ownership or writing thereon or notice of any previous loss or theft thereof) for all purposes.

3. STATUS

The Bonds and Coupons are direct obligations of the Issuer, secured in the manner set out in Condition 4 (Security), and rank pari passu without preference or priority amongst themselves.

4. SECURITY

The Issuer's obligations in respect of the Bonds are secured (subject as provided in these Conditions and the Bond Trust Deed) pursuant to the Bond Trust Deed in favour of the Bond Trustee for the benefit of itself and the Bondholders and the other Secured Parties as follows:

(a) by an assignment by way of security of the Issuer's rights, title and interest arising under the Loan Agreements, the Security Trust Deed, the Security Agreements, the Agency Agreement, the Custody Agreement and the Account Agreement, in each case to the extent they relate to the Bonds;

(b) by a charge by way of first fixed charge over all moneys and/or securities from time to time standing to the credit of the Transaction Account, the Disposal Proceeds Account, the Initial Cash Security Account and the Custody Account and all debts represented thereby; and

(c) by a charge by way of first fixed charge over all sums held from time to time by the Paying Agents for the payment of principal or interest in respect of the Bonds.

The property charged and assigned pursuant to the Bond Trust Deed listed in (a) to (c) above, together with any other property or assets held by and/or assigned to the Bond Trustee and/or any deed or document supplemental thereto, is referred to herein as the Issuer Charged Property and the security created thereby, the Issuer Security.

5. ORDER OF PAYMENTS

5.1 Pre-enforcement

Prior to the enforcement of the Issuer Security, the Issuer shall apply the moneys standing to the credit of the Transaction Account on each Interest Payment Date and such other dates on which a payment is due in respect of the Bonds in the following order of priority (the Pre- enforcement Priority of Payment):

(a) first, in payment of any taxes due and owing by the Issuer to any taxing authority (insofar as they relate to the Bonds);

(c) third, in payment of any unpaid fees, expenses and liabilities of the Issuer owing to the Paying Agents under the Agency Agreement, the Account Bank under the Account Agreement, the Custodian under the Custody Agreement and the Retained Bond Custodian under the Retained Bond Custody Agreement on a pro rata and pari passu basis;

(d) fourth, in payment of any other unpaid fees, expenses and liabilities of the Issuer (in so far as they relate to the Bonds) on a pro rata and pari passu basis;

(e) fifth, in payment, on a pro rata and pari passu basis, to the Bondholders of any interest due and payable in respect of the Bonds;

(f) sixth, in payment, on a pro rata and pari passu basis, to the Bondholders of any principal due and payable in respect of the Bonds;

(g) seventh, in payment, on a pro rata and pari passu basis, to the Borrowers of any amounts due and payable under the terms of the Loan Agreements; and

(h) eighth, in payment of any Permitted Investment Profit, Accounting Profit or Retained Bond Premium Amount, as the case may be, to any Charitable Group Member.

5.2 Post-enforcement

(a) first, in payment or satisfaction of the fees, costs, charges, expenses and liabilities incurred by the Bond Trustee or any Appointee in preparing and executing the trusts under the Bond Trust Deed (including the costs of realising any Issuer Security and the Bond Trustee's and such Appointee's remuneration);

(c) third, in payment, on a pro rata and pari passu basis, to the Bondholders of any interest due and payable in respect of the Bonds;

(d) fourth, in payment, on a pro rata and pari passu basis, to the Bondholders of any principal due and payable in respect of the Bonds;

(e) fifth, in payment of any other unpaid fees and expenses of the Issuer (in each case insofar as they relate to the Bonds) on a pro rata and pari passu basis;

(f) sixth, in payment, on a pro rata and pari passu basis, to the Borrowers of any amounts due and payable under the terms of the Loan Agreements; and

(g) seventh, in payment of any Permitted Investment Profit, Accounting Profit or Retained Bond Premium Amount, as the case may be, to any Charitable Group Member.

6. COVENANTS

6.1 General Covenants

In addition to the covenants of the Issuer set out in the Bond Trust Deed, for so long as any of the Bonds remain outstanding, the Issuer covenants that it will not, without the consent in writing of the Bond Trustee, engage in any activity or do anything other than:

(a) carry out the business of a company which has as its purpose raising finance and on- lending such finance for the benefit of the Borrowers (including, without limitation, as envisaged by the Transaction Documents); and

(b) perform any act incidental to or necessary in connection with (a) above.

The Issuer also covenants, for so long as any of the Bonds remain outstanding, not to create or permit to subsist, over any of the security constituted by or created pursuant to the Bond Trust Deed, any mortgage or charge or any other security interest ranking in priority to, or pari passu with, the security created by or pursuant to the Bond Trust Deed.

6.2 Information Covenants

For so long as any of the Bonds remain outstanding, the Issuer shall:

(a) send to the Bond Trustee and, upon request by any Bondholder to the Issuer, make available to such Bondholder at the Issuer's registered office during normal business hours, a copy of the Compliance Certificates promptly upon receipt of the same from the Borrowers pursuant to the terms of their respective Loan Agreements;

(b) send to the Bond Trustee and, upon request by any Bondholder to the Issuer, make available to such Bondholder at the Issuer's registered office during normal business hours, a copy of the consolidated annual reports of the Group Parent promptly upon publication of the same by the Group Parent; and

(c) at the request of Bondholders holding not less than 33 per cent. in principal amount of the Bonds for the time being outstanding, convene a meeting of the Bondholders to discuss the financial position of the Issuer and the Group, provided, however that the Issuer shall not be required to convene any such meeting pursuant to this Condition 6.2(c) more than once in any calendar year. Upon the request of Bondholders to convene any such meeting, as aforesaid, the Issuer shall notify all Bondholders of the date (which such date shall be no more than 21 days following such request), time and place of the meeting in accordance with Condition 15 (Notices). The Issuer shall act in good faith in addressing any questions regarding the financial position of itself or any other member of the Group raised at any such meeting, provided, however, that the Issuer shall not be obliged to disclose any information which it, in its absolute discretion, considers to be of a confidential nature. For the avoidance of doubt, the provisions of this Condition 6.2(c) are in addition to the meetings provisions set out in Condition 17 (Meetings of Bondholders, Modification and Waiver).

6.3 Loan Agreements, Security Agreements and Security Trust Deed Consents Covenant

For so long as any of the Bonds remain outstanding, the Issuer covenants that it shall not consent to any waiver, amendment or modification of, or take any action or direct the Security Trustee to take any action pursuant to, the Loan Agreements, the Security Agreements or the Security Trust Deed except with the prior consent of the Bond Trustee. The Bond Trustee may seek the consent of the Bondholders in accordance with the Bond Trust Deed prior to giving any such consent.

7. INTEREST

7.1 Interest Rate and Interest Payment Dates

The Bonds bear interest from (and including) 4th December, 2013 at the rate of 4.625 per cent. per annum, payable semi-annually in arrear in equal instalments on 4th June and 4th December in each year (each, an Interest Payment Date).

7.2 Interest Accrual

Each Bond will cease to bear interest from (and including) its due date for redemption unless, upon due presentation, payment of the principal in respect of the Bond is improperly withheld or refused or unless default is otherwise made in respect of payment, in which event interest shall continue to accrue as provided in the Bond Trust Deed.

7.3 Calculation of Broken Interest

When interest is required to be calculated in respect of a period of less than a full half year, it shall be calculated on the basis of (a) the actual number of days in the period from (and including) the date from which interest begins to accrue (the Accrual Date) to (but excluding) the date on which it falls due divided by (b) the actual number of days from and including the Accrual Date to (but excluding) the next following Interest Payment Date multiplied by 2, and multiplying this by the rate of interest specified in Condition 7.1 above and the relevant principal amount of the Bonds.

8. PAYMENTS

8.1 Payments in respect of Bonds and Coupons

Payments of principal and interest in respect of each Bond will be made against presentation and surrender (or, in the case of part payment only, endorsement) of the Bond, except that payments of interest on an Interest Payment Date will be made against presentation and surrender (or in the case of part payment only, endorsement) of the relevant Coupon, in each case at the specified office outside the United States of any of the Paying Agents.

8.2 Method of Payment

Payments will be made by credit or transfer to an account in Sterling maintained by the payee with, or, at the option of the payee, by a cheque in Sterling drawn on, a bank in London.

8.3 Missing Unmatured Coupons

Each Bond should be presented for payment together with all relative unmatured Coupons (which expression shall, for the avoidance of doubt, include Coupons falling to be issued on exchange of matured Talons), failing which the full amount of any relative missing unmatured Coupon (or, in the case of payment not being made in full, that proportion of the full amount of the missing unmatured Coupon which the amount so paid bears to the total amount due) will be deducted from the amount due for payment. Each amount so deducted will be paid in the manner mentioned above against presentation and surrender (or, in the case of part payment only, endorsement) of the relative missing Coupon at any time before the expiry of 10 years after the Relevant Date in respect of the relevant Bond (whether or not the Coupon would otherwise have become void pursuant to Condition 11 (Prescription)) or, if later, five years after the date on which the Coupon would have become due, but not thereafter.

8.4 Payments subject to Applicable Laws

Payments in respect of principal and interest on the Bonds are subject in all cases to any fiscal or other laws and regulations applicable thereto in the place of payment.

8.5 Payment Day

If the date for payment of any amount in respect of any Bond or Coupon is not a Payment Day, the holder thereof shall not be entitled to payment until the next following Payment Day in the relevant place and shall not be entitled to further interest or other payment in respect of such delay.

For these purposes, Payment Day means any day which (subject to Condition 11 (Prescription)):

(a) is, or falls after, the relevant due date;

(b) is, or falls at least one Business Day after, the corresponding Loan Payment Day;

(c) is a Business Day in the place of the specified office of the Paying Agent at which the Bond or Coupon is presented for payment; and

(d) in the case of payment by a credit or transfer to a Sterling account in London as referred to above, is a Business Day in London.

In this Condition, Business Day means, in relation to any place, a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in that place.

8.6 Initial Paying Agents

The names of the initial Paying Agents and their initial specified offices are set out at the end of these Conditions. The Issuer reserves the right, subject to the prior written approval of the Bond Trustee and prior written notice to such Paying Agent, at any time to vary or terminate the appointment of any Paying Agent and to appoint additional or other Paying Agents provided that:

(a) there will at all times be a Principal Paying Agent;

(b) there will at all times be at least one Paying Agent (which may be the Principal Paying Agent) having its specified office in a European city which so long as the Bonds are admitted to official listing on the London Stock Exchange shall be London or such other place as the UK Listing Authority may approve; and

(c) the Issuer undertakes to maintain a Paying Agent in a Member State of the European Union that is not obliged to withhold or deduct tax pursuant to European Council Directive 2003/48/EC or any law implementing or complying with, or introduced in order to conform to, such Directive.

Notice of any termination or appointment and of any changes in specified offices will be given to the Bondholders promptly by the Issuer in accordance with Condition 15 (Notices).

In acting under the Agency Agreement, the Paying Agents act solely as agents of the Issuer and, in certain circumstances specified therein, of the Bond Trustee and do not assume any obligation to, or relationship of agency or trust with, any Bondholders or Couponholders. The Agency Agreement contains provisions permitting any entity into which any Paying Agent is merged or converted or with which it is consolidated or to which it transfers all or substantially all of its assets to become the successor paying agent.

8.7 Interpretation of principal and interest

Any reference in these Conditions to principal in respect of the Bonds shall be deemed to include, as applicable:

(a) any additional amounts which may be payable with respect to principal under Condition 10 (Taxation); and

(b) any specific redemption price referred to in Condition 9 (Redemption and Purchase) which may be payable by the Issuer under or in respect of the Bonds.

Any reference in these Conditions to interest in respect of the Bonds shall be deemed to include, as applicable, any additional amounts which may be payable with respect to interest under Condition 10 (Taxation).

9. REDEMPTION AND PURCHASE

9.1 Redemption at Maturity

Unless previously redeemed, or purchased and cancelled as specified in these Conditions, the Bonds will be redeemed by the Issuer at their principal amount on 4th December, 2043.

9.2 Early Redemption

If, in accordance with a Loan Agreement, a Borrower elects to prepay its Loan in whole or in part prior to the repayment date specified in the relevant Loan Agreement, then, (if no replacement Commitment is put in place with another Borrower), the Issuer shall redeem the Bonds in whole or, in respect of a prepayment in part, in an aggregate principal amount equal to the principal amount of the relevant Loan to be repaid on the date which is two Business Days after that on which payment is made by the relevant Borrower under the relevant Loan Agreement (the Loan Prepayment Date).

Redemption of the Bonds pursuant to this Condition 9.2 shall be made at the higher of the following:

(a) par; and

(b) the amount (as calculated by a financial adviser nominated by the Issuer and approved by the Bond Trustee (the Nominated Financial Adviser) and reported in writing to the Issuer and the Bond Trustee) which is equal to the principal amount of the Bonds to be redeemed multiplied by the price (expressed as a percentage and calculated by the Nominated Financial Adviser) (rounded to three decimal places (0.0005 being rounded upwards)) at which the Gross Redemption Yield on the Bonds (if the Bonds were to remain outstanding until their original maturity) on the Determination Date would be equal to the sum of (i) the Gross Redemption Yield at 3:00 pm (London time) on the Determination Date of the Benchmark Gilt and (ii) 0.20 per cent.,

together with any interest accrued up to (but excluding) the Loan Prepayment Date.

For the purposes of this Condition:

Benchmark Gilt means the 4½% Treasury Gilt 2042 or such other conventional (i.e. not index-linked) UK Government Gilt as the Issuer (with the advice of the Nominated Financial Adviser) may determine (failing such determination, as determined by the Bond Trustee with such advice) to be the most appropriate benchmark conventional UK Government Gilt;

Determination Date means three Business Days prior to the Loan Prepayment Date; and

Gross Redemption Yield means a yield calculated by the Nominated Financial Adviser on the basis set out by the United Kingdom Debt Management Office in the paper "Formulae for Calculating Gilt Prices from Yields" page 5, Section One: Price/Yield Formulae (Conventional Gilts; Double-dated and Undated Gilts with Assumed (or Actual) Redemption on a Quasi-Coupon Date) (published on 8th June, 1998 and updated on 15th January, 2002 and 16th March, 2005) (as amended or supplemented from time to time).

9.3 Early Redemption for Tax Reasons

If as a result of any actual or proposed change in tax law, the Issuer determines (in its reasonable commercial judgement), and certifies to the Bond Trustee, that it would, on the next following Interest Payment Date, be required to make a withholding or deduction in respect of payments to be made on such Interest Payment Date (other than in respect of a Bondholder Specific Withholding) and the Issuer does not opt to pay additional amounts pursuant to Condition 10.2 (No obligation to pay additional amounts) or, having so opted, notifies the Bond Trustee and the Bondholders, in accordance with Condition 15 (Notices), of its intention to cease paying such additional amounts, the Issuer shall redeem the Bonds in whole, but not in part, at their principal amount, plus accrued interest to (but excluding) the date of redemption, as soon as reasonably practicable prior to the next following Interest Payment Date or, if it is not reasonably practicable for the Issuer to redeem the Bonds prior to the next following Interest Payment Date, within three Business Days thereafter. For the avoidance of doubt, any amounts in respect of accrued interest which fall due on any such redemption of the Bonds (and, where the redemption follows the next following Interest Payment Date, such Interest Payment Date) shall be paid subject to the required withholding or deduction and the Issuer shall not be obliged to pay any additional amounts in respect thereof.

9.4 Mandatory Early Redemption

If a Loan becomes repayable:

(a) as a result of a Borrower Default; or

(b) following a Borrower ceasing to be a Registered Provider of Social Housing (other than if the Borrower regains its status as a Registered Provider of Social Housing within 180 days),

then (unless the Issuer has agreed with another Borrower to increase its Commitment by the relevant amount of the Loan to be prepaid not later than the date on which the relevant amount of Bonds would otherwise be redeemed), the Issuer shall redeem the Bonds in an aggregate principal amount equal to the principal amount of the relevant Loan at their principal amount, plus accrued interest to (but excluding) the date on which the Loan is repaid (the Loan Repayment Date), on the date which is two Business Days after the Loan Repayment Date.

9.5 Notice of Early Redemption

Notice of any early redemption in accordance with Condition 9.2 (Early Redemption), Condition 9.3 (Early Redemption for Tax Reasons) or Condition 9.4 (Mandatory Early Redemption) above shall be given by the Issuer to the Bond Trustee, the Paying Agents and the Bondholders, in accordance with Condition 15 (Notices), as promptly as practicable.

In the case of a partial redemption of Bonds, Bonds to be redeemed will be selected in such place as the Bond Trustee may approve and in such manner and at such time as the Bond Trustee may deem appropriate and fair. Notice of any such selection will be given by the Issuer to the Bondholders as promptly as practicable. Each notice will specify the date fixed for redemption, the early redemption amount and the aggregate principal amount of the Bonds to be redeemed, the serial numbers of the Bonds called for redemption, the serial numbers of Bonds previously called for redemption and not presented for payment and the aggregate principal amount of the Bonds which will be outstanding after the partial redemption.

9.6 Calculations

Each calculation, by or on behalf of the Issuer, for the purposes of this Condition 9 shall, in the absence of manifest error, be final and binding on all persons. If the Issuer does not at any time for any reason calculate amounts referred to in this Condition 9, such amounts may be calculated by the Bond Trustee, or an agent appointed (at the expense of the Issuer) by the Bond Trustee for this purpose, (without any liability accruing to the Bond Trustee as a result) based on information supplied to it by the Issuer and each such calculation shall be deemed to have been made by the Issuer.

9.7 Purchase of Bonds by a Borrower or other member of the Group

A Borrower or any other member of the Group may at any time purchase Bonds in the open market or otherwise at any price. Following any such purchase, such Borrower or such other member of the Group may (but is not obliged to) surrender the Bonds to the Issuer for cancellation. An amount equal to the principal amount of the Bonds being surrendered shall be deemed to be prepaid under the Loan Agreement specified by such Borrower or such other member of the Group (but, for the avoidance of doubt, without triggering a redemption under Condition 9.2 (Early Redemption)) or, to the extent that the relevant Loan is not then outstanding, an amount of the Undrawn Commitment of the relevant Borrower equal to the Outstanding Balance of the Bonds surrendered shall be deemed to be cancelled for the purposes of such Loan Agreement and an amount of Retained Proceeds equal to the Cancelled Retained Proceeds shall be paid by the Issuer to such Borrower or such other member of the Group, as applicable.

9.8 Purchase of Bonds by the Issuer

The Issuer shall purchase the Retained Bonds on the Issue Date and may at any time purchase Bonds in the open market or otherwise at any price.

9.9 Cancellation of purchased or redeemed Bonds

All Bonds redeemed by the Issuer pursuant to Condition 9.2 (Early Redemption), Condition 9.3 (Early Redemption for Tax Reasons) or Condition 9.4 (Mandatory Early Redemption) or surrendered to the Issuer for cancellation pursuant to Condition 9.7 (Purchase of Bonds by a Borrower or other member of the Group) shall be cancelled and may not be issued or resold.

The Issuer (a) may cancel any Retained Bonds held by it or on its behalf following a request by a Borrower, pursuant to a Loan Agreement, to cancel a corresponding amount of such Borrower's Undrawn Commitment; (b) shall cancel all Retained Bonds held by or on behalf of the Issuer (i) forthwith upon notice that the Bonds are to be redeemed (and, in any event, prior to such redemption) in accordance with Condition 9.3 (Early Redemption for Tax Reasons) or Condition 12 (Events of Default and Enforcement); and (ii) on the date falling three years after the Issue Date; (c) shall, forthwith upon notice that the Bonds are to be redeemed in full or in part in accordance with Condition 9.4 (Mandatory Early Redemption), cancel Retained Bonds held by or on behalf of the Issuer in an aggregate principal amount equal to the principal amount of the Undrawn Commitment (if any) of the relevant Borrower whose Loan has become repayable; and (d) may cancel any Bonds (other than Retained Bonds) held by it or on its behalf at any time at its discretion.

10. TAXATION

10.1 Payments without withholding

All payments of principal and interest in respect of the Bonds and Coupons by or on behalf of the Issuer shall be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (Taxes) imposed or levied by or on behalf of the Relevant Jurisdiction, unless such withholding or deduction is required by law in which case the relevant payment will be made subject to such withholding or deduction.

10.2 No obligation to pay additional amounts

Subject as follows, neither the Issuer, the Bond Trustee nor any Paying Agent shall be obliged to pay any additional amounts to the Bondholders or Couponholders as a result of any withholding or deduction made in accordance with Condition 10.1 (Payments without withholding).

Notwithstanding the foregoing, in the event that the Issuer would, on the next Interest Payment Date, be required to make a withholding or deduction in respect of tax (other than in respect of a Bondholder Specific Withholding), the Issuer may, provided that it has given notice to the Bond Trustee and the Bondholders, in accordance with Condition 15 (Notices), of its intention to do so prior to such Interest Payment Date, pay to Bondholders such additional amounts as may be necessary in order that the net amounts received by the Bondholders after such withholding or deduction will equal the amounts of principal and interest which would have been received in respect of the Bonds in the absence of such withholding or deduction. If at any time the Issuer intends to cease paying such additional amounts it may do so by giving notice to the Bondholders and the Bond Trustee of its intention to do so with effect from the next Interest Payment Date.

11. PRESCRIPTION

The Bonds and Coupons will become void unless presented for payment within a period of 10 years (in the case of principal) and five years (in the case of interest) after the Relevant Date therefor.

There shall not be included in any Coupon sheet issued on exchange of a Talon any Coupon the claim for payment in respect of which would be void pursuant to this Condition or Condition 8 (Payments) or any Talon which would be void pursuant to Condition 8 (Payments).

12. EVENTS OF DEFAULT AND ENFORCEMENT

12.1 Events of Default

The Bond Trustee at its discretion may, and if so requested in writing by the holders of at least one-fourth in principal amount of the Bonds then outstanding or if so directed by an Extraordinary Resolution shall (subject in each case to being secured and/or indemnified and/or pre-funded to its satisfaction), (but in the case of the happening of any of the events described in paragraphs 12.1(b), (c) (i) and (j) below, only if the Bond Trustee shall have certified in writing to the Issuer that such event is, in its opinion, materially prejudicial to the interests of the Bondholders), give notice in writing to the Issuer that the Bonds are, and the Bonds shall thereupon immediately become, due and repayable at their principal amount

together with accrued interest as provided in the Bond Trust Deed if any of the following events (each an Event of Default) shall occur:

(a) if default is made in the payment of any principal or interest due in respect of the Bonds or any of them and the default continues for a period of seven days in the case of principal and fourteen days in the case of interest; or

(b) if the Issuer fails to perform or observe any of its other obligations under, or in respect of, the Conditions or the Bond Trust Deed or if any representation given by the Issuer to the Bond Trustee in the Bond Trust Deed is found to be untrue, incorrect or misleading as at the time it was given and (except in any case where, in the opinion of the Bond Trustee, the failure or inaccuracy is incapable of remedy when no such continuation or notice as is hereinafter mentioned will be required) the failure or inaccuracy continues for the period of 30 days next following the service by the Bond Trustee on the Issuer of notice requiring the same to be remedied; or

(c) (A) any other present or future indebtedness of the Issuer for or in respect of moneys borrowed or raised becomes due and payable prior to its stated maturity by reason of any actual or potential default, event of default or the like (howsoever described), or (B) any such indebtedness is not paid when due or, as the case may be, within any originally applicable grace period, or (C) the Issuer fails to pay when due any amount payable by it under any present or future guarantee for, or indemnity in respect of, any moneys borrowed or raised provided that the aggregate amount of the relevant indebtedness, guarantees and indemnities in respect of which one or more of the events mentioned above in this paragraph (c) have occurred equals or exceeds £10,000,000 or its equivalent in other currencies (as reasonably determined by the Bond Trustee); or

(d) if any order is made by any competent court or resolution passed for the winding up or dissolution of the Issuer save for the purposes of reorganisation on terms previously approved in writing by the Bond Trustee or by an Extraordinary Resolution; or

(e) if the Issuer ceases or threatens to cease to carry on the whole or, in the opinion of the Bond Trustee, substantially all of its business, save for the purposes of reorganisation on terms previously approved in writing by the Bond Trustee or by an Extraordinary Resolution; or

(f) if the Issuer stops or threatens to stop payment of, or is unable to, or admits inability to, pay, its debts (or any class of its debts) as they fall due, or is deemed unable to pay its debts pursuant to or for the purposes of any applicable law, or is adjudicated or found bankrupt or insolvent; or

(g) if (A) proceedings are initiated against the Issuer under any applicable liquidation, insolvency, composition, reorganisation or other similar laws, or an application is made (or documents filed with a court) for the appointment of an administrative or other receiver, liquidator, manager, administrator or other similar official, or an administrative or other receiver, liquidator, manager, administrator or other similar official is appointed, in relation to the Issuer or, as the case may be, in relation to all or substantially all of the Issuer's undertaking or assets, or an encumbrancer takes possession of all or substantially all of the Issuer's undertaking or assets, or a distress, execution, attachment, sequestration or other process is levied, enforced upon, sued out or put in force against all or substantially all of the Issuer's undertaking or assets

and (B) in any such case (other than the appointment of an administrator) is not discharged within 14 days; or

(h) if the Issuer initiates or consents to judicial proceedings relating to itself under any applicable liquidation, insolvency, composition, reorganisation or other similar laws (including the obtaining of a moratorium); or

(i) if the Issuer makes a conveyance or assignment for the benefit of, or enters into any composition or other arrangement with, its creditors generally (or any class of its creditors) or any meeting is convened to consider a proposal for an arrangement or composition with its creditors generally (or any class of its creditors); or

(j) if it is or will become unlawful for the Issuer to perform or comply with any of its obligations under or in respect of the Bonds, the Bond Trust Deed or any Loan Agreement.

12.2 Enforcement

The Bond Trustee may at any time, at its discretion and without notice, take such proceedings and/or other steps or action (including lodging an appeal in any proceedings) against or in relation to the Issuer as it may think fit to enforce the provisions of the Bond Trust Deed, the Bonds, the Coupons and/or any of the other Transaction Documents or otherwise, but it shall not be bound to take any such proceedings or other steps or action unless (i) it shall have been so directed by an Extraordinary Resolution or so requested in writing by the holders of at least one-fourth in principal amount of the Bonds then outstanding and (ii) it shall have been secured and/or indemnified and/or pre-funded to its satisfaction.

The Bond Trustee may refrain from taking any action in any jurisdiction if the taking of such action in that jurisdiction would, in its opinion based upon legal advice in the relevant jurisdiction, be contrary to any law of that jurisdiction. Furthermore, the Bond Trustee may also refrain from taking such action if it would otherwise render it liable to any person in that jurisdiction or if, in its opinion based upon such legal advice, it would not have the power to do the relevant thing in that jurisdiction by virtue of any applicable law in that jurisdiction or if it is determined by any court or other competent authority in that jurisdiction that it does not have such power.

No Bondholder, Couponholder or any Secured Party (other than the Bond Trustee) shall be entitled (i) to take any steps or action against the Issuer to enforce the performance of any of the provisions of the Bond Trust Deed, the Bonds, the Coupons or any of the other Transaction Documents or (ii) to take any other action (including lodging an appeal in any proceedings) in respect of or concerning the Issuer, in each case unless the Bond Trustee, having become bound so to take any such steps, actions or proceedings, fails so to do within a reasonable period and the failure shall be continuing.

13. REPLACEMENT OF BONDS, COUPONS AND TALONS

Should any Bond, Coupon or Talon be lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the Principal Paying Agent (subject to all applicable laws and the requirements of the UK Listing Authority or the London Stock Exchange) upon payment by the claimant of such costs and expenses as may be incurred in connection therewith and on such terms as to evidence and indemnity as the Issuer may reasonably require. Mutilated or defaced Bonds, Coupons or Talons must be surrendered before replacements will be issued.

14. EXCHANGE OF TALONS

On and after the Interest Payment Date on which the final Coupon comprised in any Coupon sheet matures, the Talon (if any) forming part of such Coupon sheet may be surrendered at the specified office of the Principal Paying Agent or any other Paying Agent in exchange for a further Coupon sheet including (if such further Coupon sheet does not include Coupons to (and including) the final date for the payment of interest due in respect of the Bond to which it appertains) a further Talon, subject to the provisions of Condition 11 (Prescription).

15. NOTICES

All notices regarding the Bonds will be deemed to be validly given if published in a leading English language daily newspaper of general circulation in London. It is expected that any such publication in a newspaper will be made in the Financial Times in London. The Issuer shall also ensure that notices are duly published in a manner which complies with the rules and regulations of any stock exchange or other relevant authority on which the Bonds are for the time being listed or by which they have been admitted to trading. Any such notice will be deemed to have been given on the date of the first publication or, where required to be published in more than one newspaper, on the date of the first publication in all required newspapers. If, in the opinion of the Bond Trustee, publication as provided above is not practicable, a notice shall be validly given if published in another leading daily English language newspaper with general circulation in Europe.

Notices to be given by any Bondholder shall be in writing and given by lodging the same, together with the relative Bond or Bonds, with the Principal Paying Agent.

Couponholders shall be deemed for all purposes to have notice of the contents of any notice given to the holders of the Bonds in accordance with this Condition 15 (Notices).

16. SUBSTITUTION

The Bond Trust Deed contains provisions permitting the Bond Trustee, subject to any required amendment of the Bond Trust Deed, without the consent of the Bondholders or the Couponholders or any Secured Party, to agree with the Issuer to the substitution in place of the Issuer (or of any previous substitute under this Condition) as the principal debtor under the Bonds, the Coupons and the Bond Trust Deed of another company, industrial and provident society or other entity subject to:

(a) the Bond Trustee being satisfied that the interests of the Bondholders will not be materially prejudiced by the substitution; and

(b) certain other conditions set out in the Bond Trust Deed being complied with.

Any such substitution shall be notified to the Bondholders in accordance with Condition 15 (Notices) as soon as practicable thereafter.

17. MEETINGS OF BONDHOLDERS, MODIFICATION AND WAIVER

17.1 Meetings of Bondholders

The Bond Trust Deed contains provisions for convening meetings of the Bondholders to consider any matter affecting their interests, including the sanctioning by Extraordinary Resolution of a modification of the Bonds, the Coupons or any of the provisions of the Bond Trust Deed (as more particularly described in the Bond Trust Deed). Such a meeting may be

convened by the Issuer or the Bond Trustee and shall be convened by the Issuer if required in writing by Bondholders holding not less than ten per cent. in principal amount of the Bonds for the time being remaining outstanding (other than in respect of a meeting requested by Bondholders to discuss the financial position of the Issuer and the Group, which shall be requested in accordance with, and shall be subject to, Condition 6.2(c) (Information Covenants)). The quorum at any such meeting for passing an Extraordinary Resolution is one or more persons holding or representing in aggregate more than 50 per cent. in principal amount of the Bonds for the time being outstanding, or at any adjourned meeting one or more persons being or representing Bondholders whatever the principal amount of the Bonds so held or represented, except that at any meeting the business of which includes any matter defined in the Bond Trust Deed as a Basic Terms Modification, including, inter alia, modifying the date of maturity of the Bonds or any date for payment of interest thereon, reducing or cancelling the amount of principal or the rate of interest payable in respect of the Bonds or altering the currency of payment of the Bonds or the Coupons, the quorum shall be one or more persons holding or representing in aggregate not less than 75 per cent. in principal amount of the Bonds for the time being outstanding, or at any such adjourned meeting one or more persons holding or representing in aggregate not less than 25 per cent. in principal amount of the Bonds for the time being outstanding. The Bond Trust Deed provides that (i) a resolution passed at a meeting duly convened and held in accordance with the Bond Trust Deed by a majority consisting of not less than 75 per cent. of the votes cast on such resolution, (ii) a resolution in writing signed by or on behalf of the holders of not less than 75 per cent. in principal amount of the Bonds for the time being outstanding or (iii) consent given by way of electronic consents through the relevant clearing system(s) (in a form satisfactory to the Bond Trustee) by or on behalf of the holders of not less than 75 per cent. in principal amount of the Bonds for the time being outstanding, shall, in each case, be effective as an Extraordinary Resolution of the Bondholders. An Extraordinary Resolution passed by the Bondholders shall be binding on all the Bondholders, whether or not (in the case of Extraordinary Resolutions passed at any meeting) they are present at any meeting and whether or not they voted on the resolution, and on all Couponholders.

17.2 Modification, Waiver, Authorisation and Determination

The Bond Trustee may agree, without the consent of the Bondholders, Couponholders or any Secured Party, to any modification (except as stated in the Bond Trust Deed) of, or to the waiver or authorisation of any breach or proposed breach of, any of the provisions of the Bonds, the Bond Trust Deed, any Security Agreement or any other Transaction Document, or determine, without any such consent as aforesaid, that any Potential Event of Default or Event of Default shall not be treated as such, where, in any such case, it is not, in the opinion of the Bond Trustee, materially prejudicial to the interests of the Bondholders so to do or may agree, without any such consent as aforesaid, to any modification which, in the opinion of the Bond Trustee, is of a formal, minor or technical nature or to correct a manifest error or an error which is, in the opinion of the Bond Trustee, proven. Any such modification, waiver, authorisation or determination shall be binding on the Bondholders, the Couponholders and the Secured Parties and (unless the Bond Trustee otherwise agrees) shall be notified to the Bondholders in accordance with Condition 15 (Notices) as soon as practicable thereafter.

17.3 Bond Trustee to have regard to interests of Bondholders as a class

In connection with the exercise by it of any of its trusts, powers, authorities and discretions (including, without limitation, any modification, waiver, authorisation, determination or substitution), the Bond Trustee shall have regard to the general interests of the Bondholders (excluding the Issuer, for so long as it holds any Bonds) as a class (but shall not have regard to any interests arising from circumstances particular to individual Bondholders or

Couponholders whatever their number) and, in particular but without limitation, shall not have regard to the consequences of any such exercise for individual Bondholders or Couponholders (whatever their number) resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory or any political sub-division thereof and the Bond Trustee shall not be entitled to require, nor shall any Bondholder or Couponholder be entitled to claim, from the Issuer, the Bond Trustee or any other person any indemnification or payment in respect of any tax consequences of any such exercise upon individual Bondholders or Couponholders.

18. INDEMNIFICATION AND PROTECTION OF THE BOND TRUSTEE AND BOND TRUSTEE CONTRACTING WITH THE ISSUER

The Bond Trust Deed contains provisions for the indemnification of the Bond Trustee and for its relief from responsibility and liability towards the Issuer, the Bondholders and the Couponholders, including (i) provisions relieving it from taking action unless secured and/or indemnified and/or pre-funded to its satisfaction and (ii) provisions limiting or excluding its liability in certain circumstances. The Bond Trustee is exempted from any liability in respect of any loss, diminution in value or theft of all or any part of the Issuer Charged Property, from any obligation to insure all or any part of the Issuer Charged Property (including, in either such case, any documents evidencing, constituting or representing the same or transferring any rights, benefits and/or obligations thereunder), or to procure the same to be insured.

The Bond Trust Deed also contains provisions pursuant to which the Bond Trustee is entitled, inter alia, (a) to enter into or be interested in any contract or financial or other transaction or other arrangement with the Issuer and/or any other Transaction Party or any person or body corporate associated with the Issuer and/or any Transaction Party and (b) to accept or hold the trusteeship of any other trust deed constituting or securing any other securities issued by, or relating to, the Issuer and/or any Transaction Party or any such person or body corporate so associated or any other office of profit under the Issuer and/or any Transaction Party or any such person or body corporate so associated.

The Bond Trustee shall not be bound to take any step or action in connection with the Bond Trust Deed or the Bonds or obligations arising pursuant thereto or pursuant to the other Transaction Documents, where it is not satisfied that it is indemnified and/or secured and/or pre-funded against all its liabilities and costs incurred in connection with such step or action and may demand, prior to taking any such step or action, that there be paid to it in advance such sums as it considers (without prejudice to any further demand) shall be sufficient so as to indemnify it.

The Bond Trustee shall have no responsibility for the validity, sufficiency or enforceability of the Issuer Security. The Bond Trustee shall not be responsible for monitoring the compliance by any of the other Transaction Parties with their obligations under the Transaction Documents, neither shall the Bond Trustee be responsible for monitoring the compliance by the Borrowers or any of the other parties to the Security Agreements and the Security Trust Deed of their obligations under the Security Agreements, the Security Trust Deed or any other document.

19. FURTHER ISSUES

The Issuer shall be at liberty from time to time without the consent of the Bondholders or the Couponholders to create and issue further bonds having terms and conditions (and backed by the same assets) the same as the Bonds or the same in all respects save for the amount and date of the first payment of interest thereon and so that the same shall be consolidated and

form a single series with the outstanding Bonds. Any further bonds so created and issued shall be constituted by a trust deed supplemental to the Bond Trust Deed.

20. CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

No person shall have any right to enforce any term or condition of this Bond under the Contracts (Rights of Third Parties) Act 1999, but this does not affect any right or remedy of any person which exists or is available apart from that Act.

21. GOVERNING LAW

The Bond Trust Deed, the Loan Agreements, the Agency Agreement, the Account Agreement, the Bonds and the Coupons, and any non-contractual obligations or matters arising from or in connection with them, shall be governed by, and construed in accordance with, English law.

22. SUBMISSION TO JURISDICTION

The Issuer has, in the Bond Trust Deed, irrevocably agreed for the benefit of the Bond Trustee, the Bondholders and the Couponholders that the courts of England are to have exclusive jurisdiction to settle any disputes that may arise out of or in connection with the Bond Trust Deed, the Bonds or the Coupons (including a dispute relating to non-contractual obligations arising out of or in connection with the Bond Trust Deed, the Bonds or the Coupons) and accordingly has submitted to the exclusive jurisdiction of the English courts.

The Issuer has, in the Bond Trust Deed, waived any objection to the courts of England on the grounds that they are an inconvenient or inappropriate forum. The Bond Trustee, the Bondholders and the Couponholders may take any suit, action or proceeding arising out of or in connection with the Bond Trust Deed, the Bonds or the Coupons respectively (including any suit, action or proceedings relating to any non-contractual obligations arising out of or in connection with the Bond Trust Deed, the Bonds or the Coupons) (together referred to as Proceedings) against the Issuer in any other court of competent jurisdiction and concurrent Proceedings in any number of jurisdictions.

USE OF PROCEEDS

Subject as set out below, the net proceeds from the issue of the Bonds or, in the case of the Retained Bonds, the net proceeds of the sale of the Bonds to a third party (after deduction of expenses payable by the Issuer) will be advanced by the Issuer to one or more Borrowers pursuant to the Loan Agreements to be applied in the achievement of such Borrowers' charitable objects (including, for the avoidance of doubt, the repayment of any existing indebtedness of such Borrowers and any other amounts due and payable thereunder).

For so long as insufficient security has been granted (or procured to be granted) by the Borrowers in favour of the Issuer to permit the drawing of the Commitments in full or the Borrowers have not otherwise drawn any part of one or more of the Commitments, the Retained Proceeds shall be retained in the Initial Cash Security Account in accordance with the terms of the Account Agreement and the Custody Agreement (and may be invested in Permitted Investments). Any Retained Proceeds (and any net sale proceeds from a sale by the Issuer of Retained Bonds (less any Retained Bond Premium Amount)) shall be advanced to the Borrowers at a later date pursuant to the Loan Agreements to the extent that Properties of a corresponding value have been charged in favour of the Issuer. In addition, in the event that any losses are made in respect of any Retained Proceeds which have been invested in Permitted Investments, each drawing to be made by the Issuer to a Borrower pursuant to a Loan Agreement shall be advanced at a discount in an amount equal to the Actual Advance Amount (as defined in the Loan Agreements).

DESCRIPTION OF THE LOAN AGREEMENTS

The following description of the Loan Agreements consists of a summary of certain provisions of the Loan Agreements and is subject to the detailed provisions thereof. The Loan Agreements are not, however, incorporated by reference into, and therefore do not form part of, this Prospectus.

Definitions used in this section but not otherwise defined in this Prospectus have the meanings given to them in the Loan Agreements.

Facility

Subject to the provisions of the bond loan agreement (the Original Loan Agreement) dated on or around the Issue Date between the Issuer, the Original Borrower and the Security Trustee, the Issuer shall commit to make a loan to the Original Borrower in the principal amount of £150,000,000 (the Original Aragon Commitment and, together with any further commitments, the Aragon Commitment). The Loan, in respect of the Original Loan Agreement, is the principal amount of the Aragon Commitment that has been advanced to the Original Borrower or the outstanding balance thereof.

Upon the sale by the Issuer of Retained Bonds or the issue by the Issuer of any further Bonds pursuant to Condition 19 (Further Issues), the Issuer may commit (subject, with respect to sale proceeds of the Retained Bonds, to the Original Aragon Commitment being reduced accordingly by the Original Borrower) to making a loan to the Original Borrower and/or one or more other charitable Registered Providers of Social Housing of the Group (together, the Additional Borrowers and each an Additional Borrower and, together with the Original Borrower, the Borrowers) in a principal amount which reflects such sale or issue proceeds (each a Commitment and, together with the Aragon Commitment, the Commitments) pursuant to the Original Loan Agreement or one or more additional bond loan agreements (each an Additional Loan Agreement and, together with the Original Loan Agreement, the Loan Agreements). The Loan, in respect of each Additional Loan Agreement, is the principal amount of the Commitment that has been advanced to the relevant Additional Borrower or the outstanding balance thereof.

Each Commitment may be drawn in one or more drawings and the maximum principal amount of each drawing shall be an amount which corresponds to the Minimum Value of the Initial Properties and any Additional Properties which have, on or before the date of such drawing, been charged in favour of the Security Trustee, for the benefit of the Issuer, less the aggregate amount of all Commitments which have previously been drawn.

The initial drawing of the Original Aragon Commitment shall be advanced at a discount in an amount equal to the principal amount of such drawing multiplied by the Issue Price of the Bonds (and, for the avoidance of doubt, the difference between the principal amount of such drawing and the actual advance amount thereof shall be ignored in determining the amount of the Loan under the Original Loan Agreement and, inter alia, the calculation of interest, principal and premium payments payable in respect thereon).

No Commitment may be drawn until the relevant Borrower has satisfied the conditions set out in Clause 2(c) (Facility) of the Original Loan Agreement (or any such corresponding clause in any Additional Loan Agreement, as applicable) in respect of the first drawing in respect of a Loan Agreement, and the conditions set out in Clause 11.1 (Additional Properties) of the Original Loan Agreement (or any such corresponding clause in any Additional Loan Agreement, as applicable) in respect of any subsequent drawings of amounts of the relevant Commitment which exceed the Minimum Value of the Initial Properties. In addition, the Issuer and the Original Borrower have acknowledged (and each Additional Borrower will be required to acknowledge) that any drawing of a

Commitment shall be subject to the Security Trustee being satisfied that the value of the Issuer's Designated Security (based solely on the relevant confirmation from the Original Borrower and each Additional Borrower of the Minimum Value of the Properties forming part of the Issuer's Designated Security (which itself shall be evidenced by the relevant Valuation), which the Security Trustee is entitled to rely upon without further enquiry or investigation in respect thereof) is such that the Asset Cover Test is satisfied immediately following such drawing and, in respect of any part of a Commitment which is to be funded by the Issuer by a sale of Retained Bonds and/or an issue of further Bonds, the receipt by the Issuer of the net sale proceeds or issue proceeds thereof.

The Original Borrower has acknowledged (and each Additional Borrower will be required to acknowledge) that the Issuer may invest all or any part of the Retained Proceeds in Permitted Investments in accordance with the Custody Agreement and that, as a result of (i) any losses made by the Issuer in respect of such Permitted Investments and/or (ii) any issue or sale of Bonds by the Issuer made at a discount to the principal amount of such Bonds, the amount of Retained Proceeds held by the Issuer, at the time of any drawdown request, may be less than the Undrawn Commitment which is to be funded from such Retained Proceeds. Each drawing to be funded from the Retained Proceeds shall be advanced in an amount equal to the Actual Advance Amount (which may be a discount to the principal amount requested).

For this purpose, Actual Advance Amount means, in respect of each drawing funded from Retained Proceeds, the principal amount of such drawing multiplied by the result of dividing (i) the amount of Retained Proceeds held by the Issuer at the time of the drawdown request (for the avoidance of doubt, after taking into account any losses suffered by the Issuer as a result of investing in Permitted Investments but, for this purpose, excluding any Permitted Investment Profit) by (ii) the Undrawn Commitment which is to be funded from such Retained Proceeds.

For the avoidance of doubt:

(a) no Borrower shall be required to monitor the market value of any Permitted Investments;

(b) any difference between the principal amount of a drawing and the relevant Actual Advance Amount shall be ignored in determining the amount of the relevant Loan and, inter alia, the calculation of interest, principal and premium payments payable in respect thereon; and

(c) any income received by the Issuer in respect of Permitted Investments shall not be credited to the Initial Cash Security Account but shall instead be credited to the Transaction Account in accordance with the Account Agreement.

The Issuer and the Original Borrower have agreed (and each Additional Borrower shall agree) that:

(a) where the Issuer is required to sell any Permitted Investments to fund a drawing under a Loan Agreement and such sale results in a Permitted Investment Profit, the Issuer shall make a gift aid payment to a Charitable Group Member in an amount equal to the Permitted Investment Profit and, for the avoidance of doubt, such drawing shall be advanced at the Actual Advance Amount; and

(b) immediately prior to the end of each accounting period, to the extent that the Issuer would otherwise be required to recognise a profit for tax purposes in respect of its Permitted Investments and/or Retained Bonds as a result of the movement in the fair value recognised in its accounts of such Permitted Investments and/or Retained Bonds for that accounting period, the Issuer shall sell Permitted Investments in an aggregate amount equal to the Accounting Profit and shall, in the same accounting period, make a Gift Aid Payment to a Charitable Group Member in an amount equal to the Accounting Profit.

The Issuer and the Original Borrower have also agreed (and each Additional Borrower shall agree, to the extent that any Retained Bonds are held by the Issuer upon the date of its accession as a Borrower) that, upon a sale (if any) of the Retained Bonds by the Issuer:

(a) in the event that such sale produces a Retained Bond Premium Amount, the Issuer shall make a gift aid payment to a Charitable Group Member in an amount equal to the Retained Bond Premium Amount and, for the avoidance of doubt, where the Issuer is required to sell such Retained Bonds to directly fund a drawing under a Loan Agreement, such drawing shall be advanced at the Retained Bond Actual Advance Amount; and

(b) where the Issuer is required to sell any Retained Bonds to directly fund a drawing under a Loan Agreement and such sale is made at a discount to the principal amount of such Retained Bonds, such drawing shall be advanced at a discount in an amount equal to the Retained Bond Actual Advance Amount.

For this purpose, Retained Bond Actual Advance Amount means, in relation to each drawing under a Loan Agreement which is funded directly by a sale of Retained Bonds, the principal amount of such drawing multiplied by the result of dividing (i) the net proceeds of sale of such Retained Bonds (excluding, for this purpose, the Retained Bond Premium Amount) by (ii) the principal amount of such Retained Bonds.

For the avoidance of doubt:

(a) no Borrower shall be required to monitor the market value of any Retained Bonds; and

(b) any difference between the principal amount of a drawing and the relevant Retained Bond Actual Advance Amount shall be ignored in determining the amount of the relevant Loan and, inter alia, the calculation of interest, principal and premium payments payable in respect thereon.

The Original Borrower has agreed (and each Additional Borrower shall agree, to the extent that any Retained Bonds are held by the Issuer upon the date of its accession as a Borrower) that, where the Issuer is required to sell any Retained Bonds in order to fund a drawdown request, the Issuer's obligations to fund such drawdown will be subject to the ability of the Issuer to sell such Retained Bonds to a third party.

For so long as any Retained Bonds are held by or on behalf of the Issuer, a Borrower may request that an amount of its Commitment be cancelled (provided that such amount does not exceed the principal amount of Retained Bonds held by or on behalf of the Issuer at that time). As soon as practicable following any such request, the Issuer shall cancel Retained Bonds in a corresponding amount. Such cancellation of the relevant Commitment shall take effect upon the cancellation of such Retained Bonds.

Subject to the conditions precedent set out in Clause 4.2 of the Original Loan Agreement and any corresponding clause in any Additional Loan Agreement, the Issuer may make further commitments to each Borrower, each in an amount to be agreed between the Issuer, the relevant Borrower and the Security Trustee, following the issuance of further bonds pursuant to Condition 19 (Further Issues).

Purpose

The proceeds of each Loan may only be used by a Borrower in accordance with such Borrower's charitable objects, as permitted by its Rules including, for the avoidance of doubt, the repayment of any existing indebtedness of such Borrower and any other amounts due and payable thereunder.

Interest

Rate of Interest

Following its advance, each Loan will carry interest from (and including) the date of its initial advance at the rate of 4.625 per cent. per annum, payable in arrear by half yearly instalments on each Loan Payment Date (being four Business Days prior to each Interest Payment Date).

Interest Periods

Notwithstanding the fact that interest is payable on each Loan Payment Date, interest will accrue on each Loan from (and including) an Interest Payment Date (or, in the case of the first interest period of a Loan, the date of its initial advance) to (but excluding) the immediately following Interest Payment Date (each, a Loan Interest Period).

Commitment Fee

Each Borrower shall pay to the Issuer a commitment fee in respect of its Undrawn Commitment on each Loan Payment Date in an amount equal to, its pro rata share (based on the aggregate amount of all Undrawn Commitments of all Borrowers) of the aggregate of the interest payable by the Issuer under the Bonds on the following Interest Payment Date less (a) the aggregate of the interest received from the Borrowers under all Loan Agreements on such Loan Payment Date and (b) the interest otherwise received by the Issuer in respect of the Retained Proceeds in the relevant Loan Interest Period (including, but not limited to, any income received by the Issuer in respect of any Permitted Investments in which any Retained Proceeds are, for the time being, invested). The commitment fee shall accrue on a daily basis.

Repayment, Purchase and Prepayment

Repayment

Each Borrower must repay its Loan in full four Business Days prior to the Interest Payment Date in December 2043 (the Loan Maturity Date).

Bond Purchase Option

Each Borrower and any other member of the Group may at any time purchase Bonds on the London Stock Exchange, by tender (available to all Bondholders alike) or by private treaty at any price.

Following any such purchase, such Borrower or such other member of the Group may (but is not obliged to) surrender the Bonds to the Issuer to be cancelled. An amount of the outstanding balance of the relevant Loan equal to the principal amount of the Bonds surrendered shall be deemed to be prepaid (or, to the extent that no Loan is then outstanding, then an amount of the relevant Undrawn Commitment equal to the outstanding balance of the Bonds surrendered shall be deemed to be cancelled for the purposes of the relevant Loan Agreement and a corresponding portion of the Retained Proceeds shall be paid by the Issuer to the relevant Borrower or other member of the Group).

The Original Borrower has acknowledged (and each Additional Borrower shall acknowledge) that the terms of the Bond Trust Deed provide that any Bonds which are for the time being held by or on behalf of, inter alios, a Borrower or any other member of the Group as beneficial owner shall be deemed not to remain outstanding for the purpose of, inter alia, the right to attend and vote at any meeting of the Bondholders.

Optional Prepayment

Pursuant to Clause 5.3 (Optional Prepayment) of the Original Loan Agreement or the corresponding clause in any Additional Loan Agreement, as applicable, each Borrower may, at any time before the Loan Maturity Date, by giving not less than 45 nor more than 60 days' notice in writing to the Issuer and the Security Trustee, prepay the whole or (as the case may be) any part of the outstanding balance of its Loan, together with any interest accrued up to and including the date of prepayment and the relevant Prepayment Premium (being, for so long as any Bonds are outstanding, an amount equal to the excess of the amount notified to such Borrower by the Issuer as being the price determined under the Bond Trust Deed for the redemption of a corresponding principal amount of the Bonds over par and otherwise zero).

Mandatory Prepayment – Redemption of Bonds

If the Bonds become redeemable prior to the Maturity Date, other than as a result of a prepayment or termination of a Loan Agreement, each Borrower shall prepay, at least one Business Day prior to the relevant date of redemption of the Bonds, the outstanding balance of the Loan, together with accrued interest and accrued commitment fee thereon up to and including the date of redemption.

Mandatory Prepayment – Cancellation of Status

Pursuant to Clause 5.6 (Mandatory Prepayment – Cancellation of Status) of the Original Loan Agreement or the corresponding clause in any Additional Loan Agreement, as applicable, each Borrower shall promptly notify the Issuer and the Security Trustee if it ceases to be a Registered Provider of Social Housing. Within 180 days of such notification, such Borrower shall prepay the whole of the outstanding balance of its Loan, together with any interest and commitment fee accrued up to and including the date of prepayment, provided, however, that if such Borrower regains its status as a Registered Provider of Social Housing within such period of 180 days, it shall no longer be required to prepay its Loan in accordance with the above-mentioned Clause 5.6 (Mandatory Prepayment – Cancellation of Status) or such corresponding clause.

Redemption of Bonds – Further Payment in Respect of Retained Proceeds Par Amount

In the event that a Borrower elects to, or is otherwise required to, prepay the whole of the outstanding balance of its Loan and the Issuer is required to notify such Borrower of the price determined under the Conditions for the redemption of a corresponding principal amount of the Bonds, then the Issuer shall be entitled to also take account of the redemption of such principal amount of the Bonds (if no Commitment is put in place with another Borrower) that shall correspond to the Retained Proceeds Par Amount (being an amount equal to the Retained Proceeds including, where any Retained Proceeds are invested in Permitted Investments, the purchase price of the relevant Permitted Investments and ignoring, for these purposes, any increase or decrease in such Retained Proceeds as a result of gains or losses in respect of such Permitted Investments and/or any discount on a sale of Retained Bonds by the Issuer), and the price notified to such Borrower shall be increased accordingly.

Warranties and Covenants

Each Borrower will make various warranties and covenants pursuant to, in the case of the Original Borrower, Clause 8 (Warranties and Covenants by the Original Borrower) of the Original Loan Agreement and, in the case of any Additional Borrower, the corresponding clause in its Loan Agreement. These warranties and covenants include (or will include, as the case may be), inter alia, the following:

Information Covenants

Each Borrower must supply to the Issuer and the Security Trustee not later than 180 days after the end of each relevant financial year (i) a copy of the consolidated audited financial statements of the Group Parent for such financial year; and (ii) a certificate setting out, among other things, calculations in respect of the asset cover ratio substantially in the form set out in the Loan Agreement (the Compliance Certificate) signed by two Authorised Signatories of such Borrower.

Each Borrower must, following receipt of a notice from the Issuer stating that it intends to sell any Retained Bonds, supply to the Issuer and the Bond Trustee not later than three Business Days prior to the date of such sale, a certificate setting out, among other things, calculations in respect of the asset cover ratio substantially in the form set out in Schedule 3 to the Loan Agreement (the Retained Bond Compliance Certificate) signed by two Authorised Signatories of the Borrower confirming whether, immediately following such sale, the Borrower will be in compliance with the Asset Cover Test.

Negative Pledge

No Borrower shall create or allow to exist (and each Borrower shall procure that no Eligible Group Member creates or allows to exist) any Security Interest on any assets which are Security Assets, except as set out in, in the case of the Original Borrower, Clause 8.2(c)(ii) (General Covenants) of the Original Loan Agreement and, in the case of any Additional Borrower, the corresponding clause in its Loan Agreement, which includes (or will include, as the case may be) the Security Interests created pursuant to, inter alia, the Security Trust Deed and the Security Agreements and any Security Interests created with the prior written consent of the Issuer or by operation of law.

Charged Properties

Each Borrower shall obtain (and each Borrower shall procure that each Eligible Group Member obtains) any authorisation or licence required in order to enable the Security Trustee pursuant to the powers of enforcement conferred on it by the Security Documents to sell vacant Charged Properties and maintain insurances on and in relation to its Charged Properties.

Covenants

Each Borrower shall (and each Borrower shall procure that each Eligible Group Member shall), unless the Security Trustee otherwise agrees in writing, comply in all material respects with any covenants or restrictive covenants relating to a Charged Property which are binding on it.

Guarantee and Indemnity

Pursuant to Clause 9 (Guarantee and Indemnity) of the Original Loan Agreement or the corresponding clause in any Additional Loan Agreement, as applicable, each Borrower has (or will have) irrevocably and unconditionally:

Trustee and/or the Issuer, pay the Guaranteed Interest and Fee Amounts as is if it were the principal obligor;

(d) agreed to indemnify the Issuer immediately on demand against any loss or liability suffered by the Issuer if any obligation guaranteed by it is or becomes illegal or invalid.

Asset Cover Ratio

Pursuant to Clause 10 (Asset Cover Ratio) of the Original Loan Agreement or the corresponding clause in any Additional Loan Agreement, as applicable, each Borrower shall procure that at all times the sum of:

(a) the Minimum Value of the Properties forming part of the Issuer's Designated Security;

(b) the Retained Proceeds Par Amount; and

(c) the Charged Disposal Proceeds, will not be less than the Aggregate Funded Commitment, provided however, that from and including the Final Charging Date, the Retained Proceeds Par Amount shall be deemed to be zero for the purpose of determining the Borrowers' compliance with the Asset Cover Test.

Interpretation

For these purposes:

Additional Properties means any Properties (other than the Initial Properties) which have been charged in favour of the Security Trustee, for the benefit of the Issuer, for the purpose of providing underlying security for the Bonds;

Aggregate Funded Commitment means the aggregate amount of the Commitments under all Loan Agreements, less the aggregate principal amount of Retained Bonds held by or on behalf of the Issuer;

Designated Security means the assets, rights and property mortgaged or charged or assigned or the subject of any security created pursuant to any Security Agreement, the proceeds of which are allocated in the reduction of all moneys, liabilities and obligations owing by the Borrowers to the Issuer under the Loan Agreements;

Final Charging Date means the date falling six months after the Issue Date;

Initial Properties means the Properties which as at the Closing Date will have been charged in favour of the Security Trustee, for the benefit of the Issuer, and are set out in Schedule 9 (Initial Properties in Respect of the Original Aragon Commitment) to the Original Loan Agreement;

Minimum Value means:

 A B    100 105 115 

where:

A = the Value of the residential EUV-SH Charged Properties determined on the basis of EUV-SH; and

B = the Value of the residential MV-ST Charged Properties determined on the basis of MV-ST.

The Properties forming part of the Issuer's Designated Security shall each be treated as EUV-SH Charged Properties for the purpose of determining the Minimum Value unless and until a Value, determined on the basis of MV-ST, is given by a Valuer in respect of any such Property and the Valuer has confirmed that it has reviewed a Certificate of Title in respect of such Property certifying that it may be disposed of by the relevant Borrower or Eligible Group Member on an unfettered basis (meaning subject only to any existing tenancies disclosed in the Certificate of Title but not subject to any security interest, option or other encumbrance or to any restriction preventing or restricting its sale to, or use by, any person for residential use);

Property means all estates or interests of a Borrower or an Eligible Group Member in any freehold, heritable or leasehold property wheresoever situate now or in future belonging to it and all buildings, fixtures, fittings (other than tenants fixtures and fittings) and fixed plant and machinery from time to time thereon (and Properties shall be construed accordingly);

Retained Proceeds Par Amount means an amount equal to the Retained Proceeds at the time of calculation and, for this purpose, (a) where any Retained Proceeds are at that time invested in Permitted Investments, the amount of such Retained Proceeds shall be taken as the purchase price of the relevant Permitted Investments ignoring any gains or losses in respect of those Permitted Investments since the date of purchase and (b) where the source of any Retained Proceeds is the net sale proceeds of any Retained Bonds which were sold at a discount, the amount of such Retained Proceeds shall be taken as the principal amount of such Retained Bonds; and

Value means, at any time and in relation to the Charged Properties, the value of those properties as shown in the then latest Valuation Report or Desk Top Valuation on the basis of EUV-SH or, as the case may be, MV-ST (provided that if any Charged Property or part thereof is sold pursuant to a Right to Buy, the Value of the relevant Charged Property shall, for the purposes of this definition and with effect from the date of the relevant sale or release, be zero (if the entire relevant Charged Property has been sold) or (if only part of the relevant Charged Property has been sold) shall be the proportion of the value of the Charged Property which has not been sold pursuant to the relevant Right to Buy).

Substitution and Release of Charged Properties and Statutory Disposals

Substitution

At the request and expense of a Borrower or Eligible Group Member, the Security Trustee shall (subject to receiving instructions to do so and an amended Security Certificate from the Borrowers and the Issuer in accordance with the Security Trust Deed) release from the relevant Security Documents (and/or reallocate, if applicable) such of the Properties (the Released Properties) forming part of the Issuer's Designated Security and substitute for the Released Properties other Properties (each, a Substitute Property) as may be selected by such Borrower or Eligible Group Member, provided that such Borrower or Eligible Group Member satisfies the conditions precedent specified in the applicable Loan Agreement in relation to the Substitute Properties. Such conditions precedent include, inter alia, a completed Substitute Property Certificate certifying, inter alia, that the relevant Substitute Property is a residential property of a type and nature that is usually owned by Registered Providers of Social Housing, that, immediately following such release (and/or reallocation, if applicable) and substitution, the Asset Cover Test will not be breached as a result of the substitution of the relevant Charged Properties and that no Event of Default or Potential Event of Default has

occurred and is continuing, Valuation Reports in respect of each Substitute Property and a Certificate of Title in respect of the Substitute Properties.

Disposal Proceeds

Pending the acquisition of any proposed Substitute Property by the relevant Borrower or Eligible Group Member, such Borrower or Eligible Group Member may deposit the proceeds of disposal of the relevant Charged Properties which are released from charge under the relevant Security Documents into the Disposal Proceeds Account of the Issuer for the purpose of maintaining the Asset Cover Test (for the avoidance of doubt, no Borrower or Eligible Group Member shall be required to monitor the market value of any Permitted Investments). The Charged Disposal Proceeds may be withdrawn from the Disposal Proceeds Account (a) to be applied by the relevant Borrower or Eligible Group Member (provided, for the avoidance of doubt, that such Borrower or Eligible Group Member continues, at such time, to be a Registered Provider of Social Housing) in the acquisition of a Substitute Property or (b) to the extent that such withdrawal would not cause a breach of the Asset Cover Test.

Notwithstanding the above, any Borrower or Eligible Group Member may, at any time, deposit, or arrange for the deposit of, any other money into the Disposal Proceeds Account for the purposes of satisfying the Asset Cover Test.

The Original Borrower has acknowledged (and each Additional Borrower and Eligible Group Member will be required to acknowledge) that the money standing to the credit of the Disposal Proceeds Account shall be charged in favour of the Bond Trustee pursuant to the terms of the Bond Trust Deed.

The Original Borrower has also acknowledged (and each Additional Borrower and Eligible Group Member will be required to acknowledge) that the Issuer may invest all or any part of the Charged Disposal Proceeds in Permitted Investments in accordance with the Custody Agreement and that, as a result of any gains or losses made by the Issuer in respect of such Permitted Investments and any income received thereon (which shall, for the avoidance of doubt, be credited to the Disposal Proceeds Account), the amount of such Charged Disposal Proceeds may be greater or less than the amount deposited in the Disposal Proceeds Account by such Borrower or Eligible Group Member. The Original Borrower has acknowledged (and each Additional Borrower and Eligible Group Member will be required to acknowledge) that it shall not have any recourse to the Issuer in respect of any losses realised by the Issuer in respect of the Charged Disposal Proceeds as a result of investment in any Permitted Investments.

Following the redemption in full of the Bonds, the Issuer shall return any amount standing to the credit of the Disposal Proceeds Account to the relevant Borrowers and/or Eligible Group Members, to the extent that such balance has not otherwise been applied in accordance with the terms of the Bond Trust Deed.

Release and reallocation

At the request and expense of a Borrower or an Eligible Group Member, the Security Trustee shall release (subject to receiving instructions to do so and an amended Security Certificate from the Borrowers and the Issuer in accordance with the Security Trust Deed) from the relevant Security Documents (and/or reallocate, if applicable) such Properties forming part of the Issuer's Designated Security as may be selected by such Borrower or Eligible Group Member, provided that such Borrower or Eligible Group Member delivers to the Issuer and the Security Trustee a completed Property Release Certificate, certifying that, immediately following such release (and/or reallocation, if applicable), the Asset Cover Test will not be breached as a result of the release (and/or reallocation,

if applicable) of such part of the Issuer's Designated Security and that no Event of Default or Potential Event of Default has occurred and is continuing.

Statutory Disposals

Each Borrower and Eligible Group Member shall have the right to withdraw Property from the Issuer's Designated Security pursuant to any Statutory Disposal and the relevant Borrower or Eligible Group Member shall deliver to the Issuer and the Security Trustee, as soon as reasonably practicable after it has received notice of such Statutory Disposal, a completed Statutory Disposal Certificate, certifying that the relevant withdrawal relates to a Statutory Disposal.

Additional Properties

Pursuant to Clause 2 (Designation of Security Assets) of the Security Trust Deed (see "Additional Security" below), on or prior to creating a Security Agreement in respect of any Property for the benefit of the Issuer, the relevant Borrower or Eligible Group Member must, in respect of such security, provide the conditions precedent documents specified in the Security Trust Deed. In addition, pursuant to the Loan Agreement, the relevant Borrower or Eligible Group Member must provide a completed Additional Property Certificate (signed by the relevant Borrower or Eligible Group Member) confirming that, inter alia, the proposed Additional Properties are residential properties of a type and nature that are usually owned by Registered Providers of Social Housing, Valuation Reports in respect of each Additional Property and a Certificate of Title in respect of each tranche of Additional Properties charged.

Valuations

Full Valuations

Each Borrower shall deliver a Valuation Report to the Issuer and the Security Trustee at least once in every period of five calendar years in accordance with Clause 12.1 (Full Valuations) of the Original Loan Agreement or the corresponding clause in any Additional Loan Agreement, as applicable. The first Valuation Report must be delivered within 60 days of 31st March, 2018.

Desk Top Valuations

Each Borrower shall deliver to the Issuer and the Security Trustee a Desk Top Valuation (being a valuation prepared by a Valuer on a "desk-top" basis) in the period between 31st March and the date falling 120 days thereafter in each year other than a year in respect of which a Valuation Report is required to be delivered under Clause 12.1 (Full Valuations) of the Original Loan Agreement or the corresponding clause in any Additional Loan Agreement, as applicable. The first Desk Top Valuation must be delivered within 120 days of 31st March, 2015.

Loan Events of Default and Enforcement

Borrower Default

Each of the following (which is set out in more detail in Clause 14 (Borrower Default) of the Original Loan Agreement and will be set out in more detail in the corresponding clause in any Additional Loan Agreement) is a Borrower Default:

(a) Non-payment: The Borrower does not pay on the due date any amount payable by it under the Finance Documents in the manner required under the Finance Documents, unless the non- payment continues for a period of not more than seven days in the case of principal and not more than fourteen days in the case of interest.

(b) Breach of other obligations: The Borrower or any Eligible Group Member fails to perform or observe any of its obligations under the Finance Documents (other than as referred to in (a) above and (l) below) and (except in any case where, in the opinion of the Security Trustee, the failure is incapable of remedy when no such continuation or notice as is hereinafter mentioned will be required) the failure continues for the period of 30 days next following the service by the Security Trustee on the relevant Borrower or Eligible Group Member of notice requiring the same to be remedied.

(c) Other non-payment: (A) Any other present or future indebtedness of the Borrower or an Eligible Group Member for or in respect of moneys borrowed or raised becomes due and payable prior to its stated maturity by reason of any actual default, event of default or the like (howsoever described), or (B) any such indebtedness is not paid when due or, as the case may be, within any originally applicable grace period, or (C) the Borrower or any Eligible Group Member fails to pay when due any amount payable by it under any present or future guarantee for, or indemnity in respect of, any moneys borrowed or raised provided that the aggregate amount of the relevant indebtedness, guarantees and indemnities in respect of which one or more of the events mentioned in (A), (B) or (C) above in this paragraph (c) have occurred equals or exceeds £10,000,000 or its equivalent in other currencies (as reasonably determined by the Security Trustee) (and provided further, for the avoidance of doubt, that the amounts mentioned in (A), (B) or (C) above in this paragraph (c) shall exclude the amount of any Public Sector Subsidy except for any Public Sector Subsidy which is or becomes due and payable to the relevant grant-making body or organisation).

(d) Enforcement Event: An Enforcement Event occurs under a Finance Document.

(e) Winding-up: Any order is made by any competent court or resolution passed for the winding up or dissolution of the Borrower or any Eligible Group Member save for the purposes of a Permitted Reorganisation or a reorganisation on terms previously approved in writing by the Security Trustee.

(f) Cessation of Business: The Borrower or an Eligible Group Member ceases or threatens to cease to carry on the whole or, as determined by the Security Trustee, substantially the whole of its business, save for the purposes of a Permitted Reorganisation or a reorganisation on terms previously approved in writing by the Security Trustee.

(g) Failure or inability to pay debts: The Borrower or an Eligible Group Member stops or threatens to stop payment of, or is unable to, or admits inability to, pay, its debts (or any class of its debts) as they fall due, or is deemed unable to pay its debts pursuant to or for the purposes of any applicable law, or is adjudicated or found bankrupt or insolvent.

(h) Insolvency: Any of the insolvency related events occurs or proceedings against the Borrower or an Eligible Group Member are taken as referred to in Clause 14.9 (Insolvency) of the Original Loan Agreement or the corresponding clause in the relevant Additional Loan Agreement, as applicable, (which exclude, or will exclude, any Permitted Reorganisation or reorganisation on terms previously approved in writing by the Security Trustee).

(i) Insolvency Proceedings: The Borrower or an Eligible Group Member initiates or consents to the proceedings referred to in Clause 14.10 (Insolvency Proceedings) of the Original Loan Agreement or the corresponding clause in the relevant Additional Loan Agreement, as applicable, (which exclude, or will exclude, any Permitted Reorganisation or reorganisation on terms previously approved in writing by the Security Trustee).

(j) Arrangement with creditors: The Borrower or an Eligible Group Member makes a conveyance or assignment for the benefit of, or enters into any composition or other

arrangement with, its creditors generally (or any class of its creditors) or any meeting is convened to consider a proposal for an arrangement or composition with its creditors generally (or any class of its creditors) (which exclude any Permitted Reorganisation or reorganisation on terms previously approved in writing by the Security Trustee).

(k) Unlawfulness: It is or becomes unlawful for the Borrower or any Eligible Group Member to perform any of its obligations under the Finance Documents to which they are, respectively, a party.

(l) Breach of the Asset Cover Test: The Borrower fails to perform its obligations under Clause 10 (Asset Cover Ratio) of the Original Loan Agreement (or the corresponding clause in the relevant Additional Loan Agreement, as applicable) and (except in any case where, in the opinion of the Security Trustee, the failure is incapable of remedy when no such continuation or notice as is hereinafter mentioned will be required) the failure continues for the period of 60 days next following the service by the Security Trustee on the Borrower of notice requiring the same to be remedied.

For these purposes Permitted Reorganisation means any amalgamation, merger, consolidation or transfer of engagements (whether entering into or acceptance thereof) of the whole of any Borrower's or any Eligible Group Member's property (including, for the avoidance of doubt, any statutory procedure as provided for under the Industrial and Provident Societies Act 1965) made between such Borrower or such Eligible Group Member, as the case may be, (Party A) and any other entity (Party B) provided that (i) Party B is a Registered Provider of Social Housing and any new amalgamated entity to be created as a result thereof will be a Registered Provider of Social Housing; (ii) following any such amalgamation, merger, consolidation or transfer of engagements in respect of which the property of Party A (including, for the avoidance of doubt, any liabilities) shall become vested in Party B or a new amalgamated entity, Party B or such new amalgamated entity will thereafter be responsible for all the liabilities of Party A pursuant to the Industrial and Provident Societies Act 1965; and (iii) a certificate executed by two authorised signatories of Party A or Party B confirming the above is provided to the Bond Trustee.

Obligation to Notify the Issuer and the Security Trustee

Each Borrower shall notify the Issuer and the Security Trustee of any Borrower Default (and the steps, if any, being taken to remedy it) or potential Borrower Default in respect of its Loan Agreement promptly upon becoming aware of the same. The Issuer shall also notify the Security Trustee of any Borrower Default or potential Borrower Default promptly upon becoming aware of the same (unless the Issuer is aware that a notification has already been provided by the relevant Borrower) including, but not limited to, the non-payment by a Borrower of any amounts owing to the Issuer under its Loan Agreement on the due date for payment thereof.

Borrower Default Notice

Following the occurrence of a Borrower Default (but in the case of the happening of any of the events described in paragraphs (b) (Breach of other obligations), (c) (Other non-payment) (j) (Arrangement with creditors) and (k) (Unlawfulness) above, only if the Security Trustee shall have certified in writing to the Borrower that such event is, in its opinion, materially prejudicial to the interests of the Issuer), the Issuer may declare by notice to the relevant Borrower either:

(a) that the security for the relevant Loan has become, whereupon the security for the relevant Loan shall become, immediately enforceable (and the Issuer shall notify the Security Trustee of the same in accordance with the Security Trust Deed); and/or

(b) (irrespective of whether a notice to the effect set out in (a) shall have already been given) that the relevant Loan has become due and repayable, whereupon that Loan shall become immediately due and repayable at the outstanding balance thereof together with accrued interest, premium (if any) and any other amounts and the security therefor shall become immediately enforceable.

Enforcement

If the security constituted under any Security Documents for the benefit of the Issuer becomes enforceable as a result of the service of a notice pursuant to Clause 14.15 (Borrower Default Notice) of the Original Loan Agreement (or the corresponding clause in any Additional Loan Agreement), then the Security Trustee or any Receiver (where appropriate) shall hold the moneys arising from any sale, calling in, collection or conversion under, or otherwise arising from the exercise of, the powers of conversion contained in the Security Documents after the security has become enforceable upon trust to apply the same:

(a) first, in payment or retention of all costs, charges, expenses and liabilities incurred in or about the exercise of such powers or otherwise in accordance with the Security Documents and payments made by the Security Trustee, any Appointee or any Receiver in accordance with the Security Documents and of all remuneration payable to the Security Trustee, any Appointee or any Receiver in accordance with the Security Documents with interest thereon as provided in the Security Documents;

(b) second, in or towards payment to the Issuer of all interest then due and remaining unpaid on the relevant Loan and all commitment fees then due and remaining unpaid;

(c) third, in or towards payment to the Issuer of all principal and premium (if any) then due and remaining unpaid in respect of the relevant Loan; and

(d) fourth, in or towards payment to the Issuer of all other amounts then due and remaining unpaid under the relevant Loan Agreement.

Taxes

Each Borrower must make all payments to be made by it to the Issuer under, inter alia, its Loan Agreement, the Security Agreements and the Security Trust Deed, without any deduction or withholding for or on account of tax, unless a deduction or withholding is required by law.

If a deduction or withholding from any such payment is required by law to be made by a Borrower, the amount of the payment due from such Borrower shall be increased to an amount which (after making such deduction or withholding) leaves an amount equal to the payment which would have been due if no deduction or withholding had been required.

If, as a result of any actual or proposed change in tax law, the Issuer determines (in its reasonable commercial judgement) that it would on the next following Interest Payment Date be required to make a withholding or deduction in respect of payments to be made by the Issuer to the Bondholders pursuant to the Conditions (other than in respect of a Bondholder Specific Withholding), it shall notify each Borrower of the same. Each Borrower may (but, for the avoidance of doubt, shall not be obliged to), in its sole discretion, pay to the Issuer its pro rata share of such additional amounts as will enable the Issuer (after such withholding or deduction) to pay to the Bondholders the amounts of principal and interest which they would have received in respect of the Bonds in the absence of such withholding or deduction. Each Borrower shall continue to pay such additional amounts to the Issuer unless and until such Borrower delivers to the Issuer a notice stating that it shall cease to make such additional payments with effect from the next following Interest Payment Date.

In the event that one or more Borrowers does not choose to make such additional payments (or indicates that it intends to cease to make such additional payments), the remaining Borrowers may (but, for the avoidance of doubt, shall not be obliged to), in their sole discretion, pay to the Issuer such increased amount as will enable the Issuer (after such withholding or deduction) to pay to the Bondholders the amounts of principal and interest which they would have received in respect of the Bonds in the absence of such withholding or deduction. If the remaining Borrowers (either collectively or individually) do not choose to make such payments and as a result the Issuer will not have sufficient funds to pay the additional amounts in respect of the Bonds, the Issuer shall not opt to pay such additional amounts (or, having so opted, will notify the Bond Trustee and the Bondholders of its intention to cease paying such additional amounts) and the Bonds shall be redeemed in accordance with Condition 9.3 (Early Redemption for Tax Reasons), whereupon each Borrower shall be required to prepay the outstanding balance of its Loan, together with accrued interest and accrued commitment fee thereon up to and including the date of redemption.

Governing Law

Each Loan Agreement, and any non-contractual obligations or matters arising from or connected with it, are governed by and shall be construed in accordance with English law.

DESCRIPTION OF THE SECURITY AGREEMENTS AND THE SECURITY TRUST DEED

The Issuer's obligations in respect of the Bonds are secured pursuant to the Bond Trust Deed in favour of the Bond Trustee for the benefit of itself and the Bondholders and the other Secured Parties by the Issuer Security, which includes an assignment by way of security of the Issuer's rights, title and interest arising under the Security Agreements and the Security Trust Deed.

The following description of the Security Agreements and the Security Trust Deed consists of a summary of certain provisions of the Security Agreements and the Security Trust Deed and is qualified by reference to the detailed provisions thereof. The Security Agreements and the Security Trust Deed are not, however, incorporated by reference into, and therefore do not form part of, this Prospectus.

Definitions used in this section but not otherwise defined in this Prospectus have the meanings given to them in the Security Agreements and/or the Security Trust Deed.

SECURITY AGREEMENTS

The Original Borrower has, in relation to the Initial Properties, entered into a Security Agreement dated 4th December, 2013. The Borrowers shall, in relation to any additional properties to be charged as underlying security for the Bonds, enter into further Security Agreements substantially in the form set out in the Security Trust Deed.

Eligible Group Members

Any Borrower may procure that additional properties are charged as underlying security for the Bonds by an Eligible Group Member. Eligible Group Members include any member of the Group which is approved by each existing Obligor and which has acceded to the Security Trust Deed and has created (and which is subsisting) or will create security pursuant to a Security Agreement substantially in the form set out in the Security Trust Deed. Unless otherwise approved by the Security Trustee, each such Eligible Group Member must be (i) a member of the Group and (ii) a Registered Provider of Social Housing.

Fixed Legal Mortgage and Charge

Pursuant to the Security Agreements, the Original Borrower has charged (and the other Borrowers and Eligible Group Members will charge), as security for the payment and discharge of all Secured Liabilities in favour of the Security Trustee for the benefit of itself and, inter alios, the Issuer:

(a) by way of a first fixed legal mortgage all the property specified therein (the Mortgaged Property) together with all buildings and Fixtures, erections and structures thereon or in the course of construction thereon, the proceeds of sale of all or any part thereof and (so far as the same are capable of being mortgaged) the benefit of any covenants for title given or entered into by any predecessor in title of such Borrower or Eligible Group Member and any moneys paid or payable in respect of such covenants; and

(b) by way of first fixed charge:

(i) all fixed plant and machinery now or in the future owned by such Borrower or Eligible Group Member and its interest in any fixed plant and machinery in its possession which form part of or are operated by such Borrower or Eligible Group Member on the Mortgaged Property;

(ii) all benefits in respect of the Insurances and all claims and returns of premiums in respect of the Mortgaged Property;

(iii) the benefit of all present and future licences, consents and authorisations (statutory or otherwise) held in connection with its business so far as it relates to the Security Assets or the use of any of the Security Assets specified in (a) and (b)(i) above and the right to recover and receive all compensation which may at any time become payable to it in respect thereof; and

(iv) if and in so far as the legal mortgage set forth in (a) above or the assignments set forth in the section entitled "Assignment" below shall for any reason be ineffective as legal mortgages or assignments, the assets referred to therein.

Assignment

Pursuant to the Security Agreements, the Original Borrower has covenanted (and the other Borrowers and Eligible Group Members will covenant), as security for payment and discharge of the Secured Liabilities, to assign to the Security Trustee for the benefit of itself and, inter alios, the Issuer all of its rights, title and interest in and to:

(a) the personal agreements and covenants by the tenants, lessees, licensees or other parties under the Letting Documents and by all guarantors and all security held by such Borrower or Eligible Group Member in respect of the obligations of the tenants, lessees, licensees or other parties under the Letting Documents (including, without limiting the generality of the foregoing, all moneys due and owing to such Borrower or Eligible Group Member or which may become due and owing to such Borrower or Eligible Group Member at any time in the future in connection therewith);

(b) all agreements now or from time to time entered into or to be entered into to for the sale, letting or other disposal or realisation of the whole or any part of the Security Assets (including, without limiting the generality of the foregoing, all moneys due and owing to such Borrower or Eligible Group Member or which may become due and owing to such Borrower or Eligible Group Member at any time in the future in connection therewith);

(c) all agreements, contracts, deeds, licences, undertakings, guarantees, covenants, warranties, representations and other documents (including all documents entered into now or in the future so as to enable such Borrower or Eligible Group Member to perfect its rights under the Security Agreement or any such agreement, contract, deed, licence, undertaking, guarantee, covenant, warranty, representation or other documents) now or hereafter entered into by or given to such Borrower or Eligible Group Member in respect of the Mortgaged Properties and all claims, remedies, awards or judgments paid or payable to such Borrower or Eligible Group Member (including, without limitation, all liquidated and ascertained damages payable to such Borrower or Eligible Group Member under the above) in each case relating to the Mortgaged Properties;

(d) all licences held now or in the future in connection with the relevant Mortgaged Property and also the right to recover and receive all compensation which may at any time become payable to such Borrower or Eligible Group Member in relation to the relevant Mortgaged Property;

(e) all rights and claims to which such Borrower or Eligible Group Member is now or may hereafter become entitled in relation to any development, construction project, redevelopment, refurbishment, repair or improvement of or on the relevant Mortgaged Property;

(f) all guarantees, warranties, bonds and representations given or made now or hereafter by, and any rights or remedies against, all or any of the designers, builders, contractors, surveyors, valuers, professional advisers, sub-contractors, manufacturers, suppliers and installers of any Fixtures in respect of the relevant Mortgaged Property; and

(g) all rental income and disposal proceeds in each case relating to the relevant Mortgaged Property which has not been assigned as set forth in (a), (b) or (c) above and the right to make demand for and receive the same, provided always that, until an Enforcement Event has occurred and is outstanding (but subject to the terms of the Finance Documents), the Original Borrower (and any other Borrower or Eligible Group Member) shall be entitled to exercise all its rights and claims under or in connection with the agreements and covenants referred to in paragraphs (a) to (g) above.

Representations, Warranties and Undertakings

The Original Borrower makes (and each other Borrower and additional Eligible Group Member shall make) various representations in respect of the Mortgaged Property including as to ownership, planning permission, covenants and security interests. In addition, the Original Borrower undertakes (and each other Borrower and Eligible Group Member shall undertake) to, inter alia, repair, insure, pay or procure the payment of taxes in respect of and comply with all leases in respect of, the Mortgaged Property.

Enforcement of Security

Each Security Agreement provides, or will provide, that, at any time after an Enforcement Event has occurred and is continuing, the security created by or pursuant to such Security Agreement will be immediately enforceable and the Security Trustee may enforce all or any part of such security.

The Security Agreements further entitle, or shall entitle, the Security Trustee and, inter alios, the Issuer to be indemnified out of the Security Assets in respect of, inter alia, all liabilities and expenses properly incurred by them in the execution or purported execution in good faith of any of the powers, authorities or discretions vested in them pursuant to the Security Agreements.

Governing Law

The Security Agreements, and any non-contractual obligations or matters arising from or connected with them, are, or will be, governed by and construed in accordance with English law.

SECURITY TRUST DEED

The benefit of the security created by the Borrowers and the Eligible Group Members pursuant to the Security Agreements shall be held by the Security Trustee on trust for the benefit of itself and, inter alios, the Issuer on the terms of the Security Trust Deed.

The Security

Designation of Security Assets

The Security Trust Deed provides that the Security Trustee, the Borrowers and, in the case of the Loan Agreements, the Issuer shall schedule and agree the allocation of properties which shall comprise the Issuer's Designated Security in respect of the Loan Agreements. All properties which are not Designated Security shall form the Undesignated Security.

Additional Security

Pursuant to Clause 2.5 (Additional Charged Properties) of the Security Trust Deed, at the request and expense of a Borrower or Eligible Group Member, the Security Trustee shall accept any Property into charge as may be selected by a Borrower or Eligible Group Member provided that such Borrower or Eligible Group Member has delivered to the Security Trustee the documentation relating thereto as set out therein. Such documents must be in the form and substance satisfactory to the Security Trustee and the Issuer.

Release and Reallocation of Security

Pursuant to the terms of the Security Trust Deed, the Borrowers and the Issuer may agree to amend the Issuer's Designated Security by either removing Designated Security or by designating any Undesignated Security as the Issuer's Designated Security by, inter alia, delivering an amended Security Certificate signed by each Borrower and the Issuer to the Security Trustee.

At any time prior to the Security Trustee taking any steps to enforce the Undesignated Security, upon receiving instructions from the relevant Borrower or Eligible Group Member, the Security Trustee shall release the benefit of any encumbrance, rights or obligations held by it over the Undesignated Security provided that such Borrower or Eligible Group Member shall have paid to the Security Trustee, or provided for to the satisfaction of the Security Trustee, all Trustee Costs which relate to that Undesignated Security.

Any such release or reallocation will be subject to the requirements set out in the Loan Agreements (see "Description of the Loan Agreements" above).

Application of Proceeds

Upon the enforcement of, inter alia, all rights vested in the Security Trustee by virtue of, or pursuant to, its holding the interests conferred on it by the Security Documents, and after satisfying claims which at law rank in priority to sums owing under or in respect of any of the Relevant Documents, the Security Trustee shall apply all Proceeds and all money derived therefrom:

(a) in respect of Designated Security in the following order:

(i) first, in payment of all Relevant Trustee Costs;

(ii) second, in satisfaction when due of the Secured Liabilities (other than Relevant Trustee Costs) owed to the Relevant Beneficiary arising under or in connection with the Loan Agreement relating to such Designated Security in the order of priority set out therein;

(iii) third, to the extent not recovered under (i) above, in or towards payment of all Trustee Costs;

(iv) fourth, in satisfaction when due of the Secured Liabilities owed to each Other Beneficiary arising under or in connection with the Other Loan Agreements; and

(v) fifth, in payment of any surplus to the relevant Borrower or Eligible Group Member.

(b) Any moneys received by the Security Trustee or by any Receiver appointed by it pursuant to any Security Document in respect of any Undesignated Security (together with the Related Security Assets) shall be applied by the Security Trustee in the following order:

(i) first, to the extent not recovered under paragraph (a) above, in or towards payment of all Trustee Costs;

(ii) second, to the extent not recovered under paragraph (a) above, in or towards payment of the Secured Liabilities owed to each Beneficiary arising under or in connection with its respective Loan Agreement; and

(iii) third, in payment of any surplus to the relevant Borrower or Eligible Group Member.

Enforcement of Security

Pursuant to Clause 4.3 of the Security Trust Deed, the Security Trustee shall only be required to take action to enforce or protect the security in respect of the Loan Agreements if so instructed by the Issuer (and then only if it has been indemnified and/or secured and/or pre-funded to its satisfaction).

In respect of instructions given by the Issuer, the Issuer has assigned its rights under, inter alia, the Security Trust Deed and the Security Agreements to the Bond Trustee and, pursuant to Condition 6.3, has covenanted not to take any action or direct the Security Trustee to take any action pursuant thereto except with the prior consent of the Bond Trustee. The Bond Trustee may, but is not obliged to, seek the consent of the Bondholders in accordance with the Bond Trust Deed prior to giving any such consent.

In enforcing the Issuer Security (including the Issuer's rights, title and interests in the Security Trust Deed and the Security Agreements insofar as they relate to the Bonds) the Bond Trustee may act in its discretion. It is, however, required to take action, pursuant to Condition 12.2, where so directed by the requisite majority of the Bondholders provided, however, that it is secured and/or indemnified and/or pre-funded to its satisfaction.

Governing Law

The Security Trust Deed, and any non-contractual obligations or matters arising from or connected with it, are governed by and shall be construed in accordance with English law.

DESCRIPTION OF THE ACCOUNT AGREEMENT, THE CUSTODY AGREEMENT AND THE RETAINED BOND CUSTODY AGREEMENT

The Issuer has appointed Elavon Financial Services Limited, a limited liability company registered in Ireland with the Companies Registration Office (registered number 418442), with its registered office at Block E, Cherrywood Business Park, Loughlinstown, Dublin, Ireland acting through its UK Branch (registered number BR009373) from its offices at 5th Floor, 125 Old Broad Street, London EC2N 1AR, United Kingdom, as its Account Bank pursuant to the Account Agreement, its Custodian pursuant to the Custody Agreement and its Retained Bond Custodian pursuant to the Retained Bond Custody Agreement, in each case in relation to the issue of the Bonds.

U.S. Bank Global Corporate Trust Services, which is a trading name of Elavon Financial Services Limited (a U.S. Bancorp group company), is an integral part of the worldwide Corporate Trust business of U.S. Bank. U.S. Bank Global Corporate Trust Services in Europe conducts business primarily through the UK Branch of Elavon Financial Services Limited from its offices in London at 125 Old Broad Street, London EC2N 1AR, United Kingdom.

Elavon Financial Services Limited is a bank incorporated in Ireland and a wholly owned subsidiary of U.S. Bank National Association. Elavon Financial Services Limited is authorised by the Central Bank of Ireland and the activities of its U.K. Branch are also subject to the limited regulation of the U.K. Financial Conduct Authority.

U.S. Bank Global Corporate Trust Services in combination with U. S. Bank National Association, the legal entity through which the Corporate Trust Division conducts business in the United States, is one of the world’s largest providers of trustee services with more than $4 trillion in assets under administration in municipal, corporate, asset-backed and international bonds. The division provides a wide range of trust and agency services such as calculation/paying agent, collateral administration and document custody through its network of 48 U.S.-based offices, an Argentinean office and European offices in London and Dublin.

U.S. Bancorp (NYSE: USB), with $354 billion in assets as of 31st December, 2012, is the parent company of U.S. Bank and the fifth largest commercial bank in the United States. The Company operates 3,084 banking offices in 25 states and 5,065 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

The following description of the Account Agreement, the Custody Agreement and the Retained Bond Custody Agreement consists of a summary of certain provisions of the Account Agreement, the Custody Agreement and the Retained Bond Custody Agreement and is qualified by reference to the detailed provisions thereof. The Account Agreement, the Custody Agreement and the Retained Bond Custody Agreement are not, however, incorporated by reference into, and therefore do not form part of, this Prospectus.

Definitions used in this section but not otherwise defined in this Prospectus have the meanings given to them in the Account Agreement, the Custody Agreement and/or the Retained Bond Custody Agreement.

ACCOUNT AGREEMENT

Accounts

The Account Bank shall maintain three accounts for the Issuer in respect of the Bonds: the Transaction Account, the Initial Cash Security Account and the Disposal Proceeds Account.

Initial Deposits

Pursuant to the Account Agreement, the Issuer shall on the issue date of the Bonds:

(a) credit the Initial Cash Security Account with the Retained Proceeds to the extent that such amount is not invested directly in Permitted Investments which are deposited in the Initial Cash Security Custody Sub-Account; and

(b) credit the Transaction Account with the net issue proceeds of the Bonds less the Retained Proceeds to the extent that such amount is not paid directly to the Original Borrower pursuant to, and in accordance with, the Original Loan Agreement.

The Issuer shall, upon receipt, credit to the Disposal Proceeds Account all amounts received from a Borrower pursuant to Clause 11.3 (Disposal Proceeds) of the Original Loan Agreement (or the corresponding clause in the relevant Additional Loan Agreement, as applicable).

Retained Bond Deposits

Pursuant to the Account Agreement, the Issuer shall, upon the sale of any Retained Bonds:

(a) credit the Initial Cash Security Account with the net sale proceeds of such Retained Bonds (less any Retained Bond Premium Amount), to the extent that such amount is not paid directly to a Borrower pursuant to, and in accordance with, a Loan Agreement; and

(b) credit the Transaction Account with the Retained Bond Premium Amount (if any), pending application in accordance with the Conditions.

Future Deposits and Withdrawals

The Issuer has covenanted, pursuant to the Bond Trust Deed that:

(a) prior to the enforcement of the Issuer Security, payments from the Initial Cash Security Account shall only be made to fund:

(i) the Commitments pursuant to, and in accordance with the terms of, the Loan Agreements;

(ii) payment to a Borrower or an Eligible Group Member in respect of any Bonds surrendered for cancellation in accordance with the Loan Agreements;

(iii) the purchase of Permitted Investments pursuant to the Custody Agreement; or

(iv) redemptions of the Bonds in accordance with the Conditions;

(b) prior to the enforcement of the Issuer Security, payments from the Disposal Proceeds Account shall only be made to a Borrower pursuant to, and in accordance with the terms of, the relevant Loan Agreement or to purchase Permitted Investments in accordance with the Custody Agreement; and

(c) no payments from the Transaction Account will be made other than in accordance with the Conditions and the Issuer has undertaken to procure that amounts are paid into and out of the Transaction Account only in accordance with the Conditions, the Account Agreement and the Agency Agreement.

The Account Bank is under no obligation, and shall have no liability, to monitor compliance with the above covenants.

Interest

Any moneys standing to the credit of the Transaction Account, the Initial Cash Security Account and/or the Disposal Proceeds Account will earn interest at the rate(s) agreed from time to time between the Account Bank and the Issuer.

Pursuant to the Account Agreement, interest accrued on the Transaction Account and the Initial Cash Security Account shall be credited to the Transaction Account and interest accrued on the Disposal Proceeds Account shall be credited to the Disposal Proceeds Account.

Change of Account Bank

The appointment of the Account Bank may, with the prior written approval of the Bond Trustee, be terminated upon 45 days' written notice or forthwith at any time the Account Bank is adjudged bankrupt or insolvent. The appointment of the Account Bank shall also be terminated in the event that the short-term senior, unsecured and unguaranteed indebtedness rating of the Account Bank as assigned by Moody's falls below "P-1" or is withdrawn and there are amounts standing to the credit of the Initial Cash Security Account and/or the Disposal Proceeds Account (subject to the Issuer using all reasonable endeavours to secure the appointment of a replacement Account Bank within 30 days of notice to the Bond Trustee and Moody's of such termination)).

The Account Bank may resign its appointment upon giving at least 45 days' written notice (subject to the appointment of a replacement Account Bank).

Pursuant to the Account Agreement, the appointment of any replacement Account Bank shall be subject to the prior written approval of the Bond Trustee, be on substantially the same terms as the Account Agreement and be subject to the condition that it must have a short-term senior, unsecured and unguaranteed indebtedness rating from Moody's of no less than "P-1".

CUSTODY AGREEMENT

Custody Account

Pursuant to the Custody Agreement, the Custodian shall, subject to receipt of such documents as it may require, open, in the name of the Issuer, the Disposal Proceeds Custody Sub-Account and the Initial Cash Security Custody Sub-Account (the Custody Sub-Accounts) and the Disposal Proceeds Cash Sub-Account and the Initial Cash Security Cash Sub-Account (the Cash Sub-Accounts and, together with the Custody Sub-Accounts, the Custody Account).

Payments and Delivery

The Issuer has authorised the Custodian to make payments and delivery out of the Custody Account only for the purpose of any acquisition or sale of Permitted Investments or as provided below.

Pursuant to the Custody Agreement, unless otherwise instructed pursuant to Instructions to make a payment out of the proceeds of any Income in respect of Permitted Investments purchased by or on behalf of the Issuer in the settlement of an acquisition of other Permitted Investments on or prior to the date of receipt of such Permitted Investments (subject as provided below), the Issuer has agreed to give Instructions to the Custodian, forthwith upon receipt by the Custodian of any Income, to transfer:

(a) all Income credited to the Disposal Proceeds Cash Sub-Account to the Disposal Proceeds Account;

(b) all Income (including any amount representing Permitted Investment Profit (if any)) credited to the Initial Cash Security Cash Sub-Account (other than Income which represents redemption and/or sale proceeds less any Permitted Investment Profit (if any)) to the Transaction Account; and

(c) all Income credited to the Initial Cash Security Cash Sub-Account (other than those to be credited to the Transaction Account pursuant to (b) above) to the Initial Cash Security Account, subject, in each case, to the deduction by the Custodian of any sums on account of tax which in the reasonable opinion of the Custodian are required to be deducted or withheld or for which the Custodian is liable or accountable under the law or practice of any relevant revenue authority in any jurisdiction.

The Issuer has agreed that it shall not instruct the Custodian pursuant to Instructions to make a payment out of the proceeds of any Income standing to the credit of the Initial Cash Security Cash Sub-Account other than Income which represent redemption and/or sale proceeds (but excluding any amount representing Permitted Investment Profit (if any)) and that such amounts shall forthwith upon receipt be transferred to the Transaction Account in accordance with (b) above.

Change of Custodian

The appointment of the Custodian may be terminated by the Issuer or the Custodian upon 45 days' notice (subject to the appointment of a replacement Custodian, unless the Custodian shall terminate the Custody Agreement due to a change in applicable law or regulation to which the Custodian may be subject and such change causes the performance by the Custodian of its duties under the Custody Agreement to be in violation of such law or regulation, whereupon such resignation shall take effect immediately). The Issuer or the Custodian may terminate the Custody Agreement with immediate effect if the other party has committed a material breach or is in persistent breach of the terms of the Custody Agreement and has not remedied the specified breach which is capable of being remedied within 30 days of a noticed serviced on it specifying such breach or if an Insolvency Event has occurred in relation to the other party.. The appointment of the Custodian shall also be terminated in the event that the short-term senior, unsecured and unguaranteed indebtedness rating of the Custodian as assigned by Moody's falls below "P-1" or is withdrawn and there are Permitted Investments standing to the credit of the Custody Account (subject to the appointment of a replacement Custodian).

Pursuant to the Custody Agreement, the appointment of any replacement Custodian shall be subject to the prior written approval of the Bond Trustee, be on substantially the same terms as the Custody Agreement and be subject to the condition that it must have a short-term senior, unsecured and unguaranteed indebtedness rating from Moody's of no less than "P-1".

RETAINED BOND CUSTODY AGREEMENT

Retained Bond Custody Account

Pursuant to the Retained Bond Custody Agreement, the Retained Bond Custodian shall, subject to receipt of such documents as it may require, open, in the name of the Issuer, the Retained Bond Custody Sub-Account and the Retained Bond Cash Sub-Account (together with the Retained Bond Custody Sub-Account, the Retained Bond Custody Account).

Payments and Delivery

The Issuer has authorised the Retained Bond Custodian to make payments and delivery out of the Retained Bond Custody Account only as provided below.

Pursuant to the Retained Bond Custody Agreement, the Retained Bond Custodian shall not effect a transfer of any Retained Bonds except with the prior written consent of the Bond Trustee in the form of a Retained Bond Consent Letter which has been countersigned on behalf of the Bond Trustee.

Pursuant to the Retained Bond Custody Agreement, unless otherwise instructed pursuant to Instructions to make a payment out of any Sale Proceeds (other than any Retained Bond Premium Amount) to a Borrower in satisfaction of the Issuer's obligation to make an advance pursuant to a Loan Agreement, the Issuer shall give Instructions to the Retained Bond Custodian, forthwith upon receipt by the Retained Bond Custodian of any Sale Proceeds to transfer:

(a) all Sale Proceeds (other than any Retained Bond Premium Amount) to the Initial Cash Security Account; and

(b) all Retained Bond Premium Amounts to the Transaction Account, in each case, subject to the deduction by the Retained Bond Custodian of any sums on account of tax which in the reasonable opinion of the Custodian are required to be deducted or withheld or for which the Custodian is liable or accountable under the law or practice of any relevant revenue authority in any jurisdiction.

Payment Waiver

Notwithstanding any other provision of the Retained Bond Custody Agreement to the contrary and subject to the following paragraph, the Issuer has, pursuant to Clause 4.1 of the Retained Bond Custody Agreement, unconditionally and irrevocably:

(a) waived its rights to receive payments of interest, principal or otherwise in respect of the Retained Bonds and, for the avoidance of doubt, such waiver by the Issuer of such rights will continue to be effective following the occurrence of an Event of Default or Potential Event of Default (each as defined in the Bond Trust Deed);

(b) authorised the Retained Bond Custodian to disclose the waiver referred to in (a) above in respect of the Retained Bonds (and the Retained Bonds position with the Retained Bond Custodian) to the Principal Paying Agent and any applicable international clearing system for the Retained Bonds to ensure that the waiver of the right to receive payments of interest, principal or otherwise in respect of the Retained Bonds is effected; and

(c) directed the Retained Bond Custodian, in respect of each Retained Bond held by the Retained Bond Custodian on behalf of the Issuer in the Retained Bond Custody Sub-Account in definitive certificated form, (i) on each Interest Payment Date, to surrender the interest coupon for such Retained Bond corresponding to such Interest Payment Date to the Principal Paying Agent for cancellation, and (ii) to surrender the definitive certificate representing such Retained Bond to the Principal Paying Agent for cancellation on any date on which the Retained Bonds are to be redeemed.

The Retained Bond Custodian and the Issuer have each acknowledged and agreed that the waiver, authorisation and direction provided by the Issuer as described above are irrevocable except with the prior written consent of the Bond Trustee in the form of a Retained Bond Consent Letter which has been countersigned on behalf of the Bond Trustee.

Termination of Retained Bond Custody Agreement

Either of the Issuer or the Retained Bond Custodian may terminate the Retained Bond Custody Agreement by giving 45 days' notice to the other party.

Either of the Issuer or the Retained Bond Custodian may further terminate the Custody Agreement with immediate effect if the other party has committed a material breach or is in persistent breach of the terms of the Custody Agreement and has not remedied the specified breach which is capable of being remedied within 30 days of a noticed serviced on it specifying such breach or if an Insolvency Event has occurred in relation to the other party.

Pursuant to the Retained Bond Custody Agreement, the Issuer has covenanted for the benefit of the Bond Trustee that, in the event that the Retained Bond Custody Agreement is terminated, it shall appoint a successor custodian to hold the Retained Bonds on substantially the same terms as the Retained Bond Custody Agreement, in particular, but without limitation to, the payment waiver and transfer restrictions applicable to the Retained Bonds, as described above.

DESCRIPTION OF THE ISSUER

Incorporation and Status

Grand Union Group Funding plc (the Issuer) is a public limited company incorporated in England and Wales with registered number 8757850 on 1st November, 2013 under the Companies Act 2006.

The registered address of the Issuer is Martell House, University Way, Cranfield, Bedfordshire MK43 0TR. The telephone number of its registered address is 01525 844590. The Issuer has no subsidiaries.

Principal Activities of the Issuer

The Issuer has been established as a special purpose vehicle for the purpose of issuing asset backed securities, namely the Bonds, and incurring other indebtedness (including other secured indebtedness but subject to the covenant set out in Condition 6.1 (General Covenants)) and, in either case, lending the proceeds thereof to Borrowers to be applied in the achievement of such Borrowers' charitable objects.

Directors

The directors of the Issuer and their other principal activities are:

Name Other Principal Activities

Alan Humphreys Chief Executive of the Group Parent

Graham Lennox Director of Finance of the Group Parent

Mark Webster Chair of the Board of Management of the Group Parent

Richard Hughes Chair of the Board of the Original Borrower

Clive Williams Chair of the Board of SNH

Graham Saunders Board member of the Original Borrower Chair of the Audit Committee Co-opted member of the Group Parent Fellow of the Institute of Chartered Accountants and an ex- director of Keens Shay Keens Accountants

Nick Dimbleby Member of Board of Management of the Group Parent

The business address of each of the directors is Martell House, University Way, Cranfield, Bedfordshire MK43 0TR.

The secretary of the Issuer is Graham Lennox whose business address is Martell House, University Way, Cranfield, Bedfordshire MK43 0TR.

There are no potential conflicts of interest between any duties to the Issuer of the directors of the Issuer and their private interests and/or other duties. However, each of the directors of the Issuer is either a board member or employee of the Group Parent or the Original Borrower.

The Issuer has no employees but has available to it the treasury and business resources of the Group Parent to enable it to administer its business and perform its obligations.

The Issuer acts in conformity with its constitutional documents.

Share Capital and Major Shareholders

The entire issued share capital of the Issuer comprises 50,000 shares of £1 each, all of which are paid up to 25 pence. The Group Parent holds all of the shares of the Issuer directly.

The Group Parent exercises control over the Issuer through its full ownership of the Issuer and its holding of all the Issuer's shares.

Operations

Since the date of incorporation, the Issuer has not commenced operations and no financial statements have been made up as at the date of this Prospectus.

DESCRIPTION OF THE GROUP AND THE ORIGINAL BORROWER

THE GROUP

Incorporation and Status

Grand Union Housing Group Limited (the Group Parent) was incorporated on 17th March, 2008 and is registered in England and Wales with limited liability under the Industrial and Provident Societies Acts 1965-2003 (with registered number IP30388R) and is registered with the Regulator (with registered number L4518).

The registered office of the Group Parent is Martell House, University Way, Cranfield, Bedfordshire MK43 0TR. The telephone number of its registered address is 01525 844590.

Background and History

The Group Parent is the non-asset holding, non-charitable parent of the Group. In addition to the Issuer, it has three operational subsidiaries (including the Original Borrower) as shown in the diagram below:

I&PS denotes an Industrial and Provident Society

Aragon Housing Association Limited is the Original Borrower. See further "Aragon Housing Association Limited" below.

MacIntyre Housing Association Limited (MHA) joined the Group in 2000 and is a charitable housing association providing specialist housing for adults and young people with learning difficulties. MHA owns and manages around 580 bed-spaces.

South Northants Homes Limited (SNH) was formed on 17th March, 2008 through a large scale voluntary transfer from South Northamptonshire Council. It a charitable housing association and owns 2,840 properties in South Northamptonshire.

The Group operates predominantly across Central Bedfordshire, South Northamptonshire and Milton Keynes providing high quality affordable homes for people in housing need and a caring and responsive housing service. The vast majority of its (over 10,000) properties are for general needs housing.

Objectives and Strategy

The Group's vision is to be recognised for the excellent homes and services it provides and to be trusted, respected and valued by its customers, communities and partners.

Its motto is "Stronger Together" which reflects the strength of the Group and the importance of partnership working to achieve lasting success.

The Group's core values are:

 Integrity – it will deliver its promises and be clear about what it can and cannot do.

 Respect – it will respect its customers and everyone it works with.

 Quality – it will always aim to provide excellent services and products.

 Innovation – it will look for innovative solutions to resolve problems and deliver outcomes.

 Listen – it will listen to its customers and partners and shape services accordingly.

 Teamwork – it believes it can achieve far more by working together.

The Group is a development partner with the HCA and in 2011 was awarded a grant allocation of £3 million to develop 189 new housing units up to March 2015.

The Group has three borrowing entities. They are the Original Borrower, SNH and MHA. The first two of these have separate loan facilities which are used to maintain and develop the assets of those entities, MHA has a separate on-lending facility provided by the Original Borrower (limited to a maximum of £10 million).

Principal Activities

The principal activities of the Group Parent are developing the business strategy together with the provision of support services to all its subsidiaries covering such areas as finance, treasury, HR, development, IT, PR and marketing. The principal activities of the subsidiaries (other than the Issuer) are providing high quality homes and associated services to those in housing need.

The board of the Group Parent (the Board) governs the affairs of the Group which is regulated by the HCA for both financial viability and governance, for which it holds the highest ratings, V1 and G1 respectively.

Corporate Governance

The Group Parent has adopted the National Housing Federation's Excellence in Governance – Code for Members 2010 and complies in all material respects with the recommendations of the Code.

The Board is responsible for the Group's governance, managing the Original Borrower's affairs and determining overall strategy and direction. It has established a governance structure to obtain business assurance and manage risk with internal controls that are embedded in the management and governance of the organisation. All policies and compliance with the Group's Code of Governance are reviewed annually and compliance with the Regulatory Framework is reported twice yearly.

Specific responsibilities have been delegated to certain committees, which have their own approved terms of reference.

The Board retains responsibility for a defined range of issues including strategic, operational, financial and compliance issues including treasury strategy and new investment projects.

The Board has in place a framework of policies and procedures covering matters such as delegated authority, segregation of duties, accounting, treasury management, health and safety, data and asset protection and fraud prevention and detection.

The internal controls framework is designed to manage and mitigate, rather than eliminate risk, and can only provide the Board with reasonable, not absolute, assurance against material mis-statement or loss.

The Board membership of the Group Parent comprises two representatives of the Original Borrower, two representatives of SNH, one representative of MHA, three independent members and one co- opted member.

The Group has three committees:

 Audit Committee: The principle duties of the Audit Committee are to work with the internal and external auditors to ensure that the system of internal controls are operating effectively and to review and advise on the risk assessment process including the Group's risk management policy.

 Development Committee: The principle duties of the Development Committee are to review the Group development strategy and consider new business proposals prior to their consideration by the full Board. It also monitors progress in achieving development targets.

 Remuneration Committee: The principle duties of the Remuneration Committee are to consider and review the Group's remuneration policy and conditions of service. It also reviews the annual pay award to the executive management team.

Group Parent Board

The members of the Board and their principal activities outside the Group Parent, where these are significant with respect to the Group Parent, are as follows:

Name Principal Activities outside of the Group Parent

Mark Webster (Chair) Head of Housing & Project Finance at Nationwide Building Society Joined 2007

Nick Dimbleby Chair of MHA Joined 2008 Chartered Surveyor

Kerry Pollard Former CEO of a housing association and a previous Member of Joined 2007 Parliament for St Albans Board member of NACRO and the Birnbeck housing association

Harry Walker Vice Chair and Chair of the Development Committee Joined 2010 Board member of the Original Borrower Chartered Suveyor

Richard Hughes Chair of the Original Borrower Joined 2007 Director at Lloyds Bank, commercial division

Graham Smith Life President of SNH Joined 2010

Graham Saunders Board member of the Original Borrower Joined 2009 Chair of the Audit Committee Fellow of the Institute of Chartered Accountants and an ex-director of

Name Principal Activities outside of the Group Parent Keens Shay Keens Accountants

Carole Halfacre Assistant Director (Consultancy) of Housemark, a housing Joined 2013 consultancy firm

Brian Reynolds Board member of SNH and a tenant Joined 2013 Retired builder

Corporate Rating

The Group has been assigned a credit rating of "A2" by Moody's. Moody's is established in the European Union and is registered under Regulation (EC) No. 1060/2009 (as amended). As such Moody's is included in the list of credit rating agencies published by the European Securities and Markets Authority on its website in accordance with such Regulation.

ARAGON HOUSING ASSOCIATION LIMITED

Incorporation and Status

The Original Borrower was incorporated on 4th February, 1994 and is registered in England and Wales under the Industrial and Provident Societies Acts 1965-2003 (with registered number IP27816R) and is registered with the Regulator (with registered number L4048). It is also affiliated to the National Housing Federation. The Original Borrower is an exempt charity.

The registered office of the Original Borrower is Katherines House, Dunstable Street, Ampthill, Bedford MK45 2JP. The telephone number of its registered office is 0300 123 5544.

Background and History

The Original Borrower was originally formed through a large scale voluntary transfer from Mid Beds Council in 1994 and now has over 6,900 homes predominantly in Central Bedfordshire but it has also expanded into neighbouring local authority areas. It converted to a charitable housing association on 1st January, 2013.

Principal Activities of the Original Borrower

The Original Borrower's principal activities are the management and development of social housing for rent and shared ownership. It also offers support and advice to its residents through its Welfare Support and Money Advice Teams.

Board

The board members of the Original Borrower and their principal activities outside the Original Borrower, where these are significant with respect to the Original Borrower, are as follows:

Name Principal Activities outside the Original Borrower

Richard Hughes (Chair) Relationship director at Lloyds Bank with 25 years' experience of Joined 2002 social housing lending

Nigel Aldis Central Bedfordshire councillor Joined 2012

Name Principal Activities outside the Original Borrower

Ted Button Retired director of an international mining company and non- Joined 2002 executive director of Aston Student Villages

Tom Conway Vice-chair and tenant representative Joined 2003

Margaret Baker Talent and Development Manager for Royal Mail Logistics Joined 2000

Rita Drinkwater Chairman of the Social Care, Health and Housing Overview & Joined 2011 Scrutiny Committee for Central Bedforshire Council

Karen Hobbs Tenant representative Joined 2013

Graham Saunders Chair of the Audit Committee Joined 1995 Co-opted member of the Group Parent Fellow of the Institute of Chartered Accountants and an ex-director of Keens Shay Keens Accountants

Den Fensome Tenant representative Joined 2013

Elizabeth Sargeant OBE Ex-director of Adult Health and Social Care for Cambridge PCT Joined 2008

Harry Walker Senior consultant at EC Harris Joined 2010 Chartered surveyor

Brian Woodward Tenant representative Joined 1993

The business address of each of the above board members is Katherines House, Dunstable Street, Ampthill, Bedfordshire MK45 2JP.

There are no potential conflicts of interest between any duties to the Original Borrower of the board members of the Original Borrower and their private interests and/or duties.

The Executive Team and their principal activities outside the Original Borrower, where these are significant with respect to the Original Borrower, are as follows:

Name Principal Activities outside the Original Borrower

Alan Humphreys CIPFA Chief Executive

Graham Lennox CIPFA Director of Finance

Aileen Evans MBA MCIH Managing Director, the Original Borrower and MHA

Paul Calland BA MCIH Managing Director, SNH

The business address of each of the above Executive Team members is Martell House, University Way, Cranfield, Bedforshire MK43 0TR.

In addition to being the Chief Executive and Director of Finance of the Executive Team of the Original Borrower, Alan Humphreys (together with Graham Lennox) is also a director of the Issuer. There may be circumstances where their duties as such may conflict with their duties as members of the Executive Team of the Original Borrower, as a result of the Issuer being a lender to the Original Borrower under the Original Loan Agreement and a beneficiary of the security created by the Original Borrower under the Security Trust Deed and a Security Agreement.

There are no other potential conflicts of interest between any duties to the Original Borrower of the members of the Executive Team and their private interests and/or other duties.

Corporate Governance

The Regulator assesses and reports on standards of governance on a scale of G1 to G4. The Original Borrower is currently assessed as G1.

Share Capital and Major Shareholders

The Original Borrower has issued 20 shares of £1 each. Each member of the board of the Original Borrower (other than the council members, Nigel Aldis and Rita Drinkwater) holds one share. The council members do not hold individual shares in the Original Borrower, but collectively, the council members hold two shares. There are seven shares held by former members of the board with the final share in the Original Borrower being held by the Group Parent.

Recent Developments

There have been no recent events particular to the Original Borrower that are, to a material extent, relevant to the evaluation of the Original Borrower's solvency.

FINANCIAL STATEMENTS OF THE ORIGINAL BORROWER

The audited financial statements for the Original Borrower, including the reports of the auditors, for the financial years ended 31st March, 2012 and 31st March, 2013 are set out below.

VALUATION REPORT

The following valuation report (the Valuation Report) relates to the properties which will be charged in favour of the Issuer and the Security Trustee on the Closing Date (such Properties, the Initial Properties) and which will be allocated to secure the Bonds together with the Retained Proceeds (if any).

The Valuation Report was prepared by Savills Advisory Services Limited, Registered Chartered Surveyors, of 33 Margaret Street, London W1G 0JD (the Valuer). The Valuation Report is included in this Prospectus, in the form and context in which it is included, with the consent of the Valuer and the Valuer has authorised the contents of this section.

The Valuer does not have a material interest in the Issuer or the Original Borrower.

Summary of valuations

A summary of the values of the Initial Properties set out in the Valuation Report is set out below:

EUV-SH

Units No. Valued on EUV-SH basis

2,499 £127,105,000

182

Grand Union Group Funding plc Valuation of Housing Stock for Loan Security Purposes Relating to the Issue of £150,000,000 4.625 per cent. Secured Bonds due 2043 by Grand Union Group Funding plc

Dated 2nd December 2013

Savills Advisory Services Ltd 37 – 39 Perrymount Road Haywards Heath West Sussex RH16 3BN

2nd December 2013

To: Prudential Trustee Company Limited Laurence Pountney Hill Alistair Addison MRICS E: [email protected] London EC4R 0HH DL: +44 (0) 1444 446032 in its capacity as Security Trustee acting as trustee for and F: +44 (0) 1444 446041 on behalf of itself and the Beneficiaries as defined in the security trust deed to be dated 4th December 2013 between, 37-39 Perrymount Road Haywards Heath RH16 3BN inter alios, Prudential Trustee Company Limited T: +44 (0) 1444 446 040 as security trustee (the “Security Trustee”) savills.com and Grand Union Group Funding plc (as the same may be amended, novated, supplemented, varied or restated from time to time, the “Security Trust Deed”)

and: Prudential Trustee Company Limited Laurence Pountney Hill London EC4R 0HH (the “Bond Trustee”)

and: Banco Santander, S.A. Ciudad Grupo Santander 28660 Boadilla del Monte Madrid (as a “Joint Bookrunner”)

and: The Royal Bank of Scotland plc 135 Bishopsgate London EC2M 3UR (as a “Joint Bookrunner”)

and: Grand Union Group Funding plc Martell House University Way Cranfield Bedfordshire MK43 0TR

and: Aragon Housing Association Limited Katherines House Dunstable Street Ampthill Bedford MK45 2JP

Offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East.

Savills Advisory Services Limited. Chartered Surveyors. A subsidiary of Savills plc. Registered in England No. 6215875 Registered office: 33 Margaret Street, London W1G 0JD a

Dear Sirs

REPORTING COMPANY: SAVILLS ADVISORY SERVICES LIMITED

VALUATION OF HOUSING STOCK RELATING TO THE ISSUE OF £150,000,000 4.625 PER CENT. SECURED BONDS DUE 2043 (THE “BONDS”) BY GRAND UNION GROUP FUNDING PLC (THE “ISSUER”)

2499 UNITS OF ARAGON HOUSING ASSOCIATION LIMITED (THE “ORIGINAL BORROWER”) HOUSING STOCK (“THE PROPERTIES”)

1.0 INTRODUCTION

This Report is required in connection with the proposed issue by the Original Borrower of the Bonds. Further to instructions received from the Original Borrower in September 2013 to value the Properties in order to assess its level of security, we now have pleasure in reporting to the above addressees. In completing this exercise, we have: a) agreed a full set of property schedule data with the Original Borrower; b) discussed details as to our approach and methodology; and c) completed our own inspections, research and analysis. The above has enabled us to arrive at the valuation assumptions which we have adopted in the valuations and final reported figures herein. For the avoidance of doubt, we confirm that it would not be appropriate or possible to compare this valuation with any values appearing in the Original Borrower’s annual accounts. This Report has been prepared in accordance with the RICS Red Book (as defined herein). The valuations are prepared on this basis so that we can determine the value recoverable if the charges over the Properties which are the subject of this Report were enforced as at the date of this Report. The values for residential properties reported in the Original Borrower’s accounts are prepared for that purpose on the basis of Existing Use Value for Social Housing by reference to the entire stock of the organisation’s dwellings valued as a single lot, in contrast with the valuation in respect of this Report which only represents the value to a funder in possession of a portion of the stock. As such different assumptions would be applied. Disaggregated shares for individual dwellings derived from differently sized portfolios, and valued for different purposes, may vary, resulting in any comparisons being inaccurate.

1.1 BASIS OF VALUATION

The Existing Use Value for Social Housing of the Properties for loan security purposes. Our valuation will refer to this basis of value as “EUV-SH".

1.2 DEFINITIONS

Existing Use Value for Social Housing is defined by the RICS Red Book as:-

Existing use value for social housing (“EUV-SH”) is the estimated amount for which a property should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion – subject to the following special assumptions that the property will continue to be let by a body pursuant to delivery of a service for the existing use:

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(a) at the valuation date any regulatory body, in applying its criteria for approval, would not unreasonably fetter the vendor’s ability to dispose of the property to organisations intending to manage their housing stock in accordance with that regulatory body’s requirements;

(b) properties temporarily vacant pending re-letting would be valued, if there is a letting demand, on the basis that the prospective purchaser intends to re-let them, rather than with vacant possession; and

We confirm that there will be no material difference in the EUV-SH valuations between freehold and long leasehold interests and therefore we do not feel that separate summaries are required, this approach being compliant with the RICS Valuation Standards.

1.3 GENERAL ASSUMPTIONS AND CONDITIONS

All our valuations have been carried out on the basis of Savills’ General Assumptions set out in Appendix 3 of this Report.

1.4 DATE OF VALUATION

Our opinions of value are as at the date of this Report (the “Effective Date”), using the property data supplied to us. The importance of the date of valuation must be stressed as property values can change over a relatively short period of time.

1.5 PURPOSE OF VALUATION

This Report is required for security purposes in connection with the proposed issue by the Issuer of the Bonds.

This Report is issued for the benefit of the addressees and for the inclusion in the Prospectus for the Bonds to be issued by the Issuer and may only be used in connection with the transaction referred to in this Report and for the purposes of the Prospectus.

We hereby give consent to the publication of this Report within the Prospectus and accept responsibility for the information contained in this Report. To the best of our knowledge and belief (having taken all reasonable care to ensure that such is the case) the information given in this Report is in accordance with the facts and does not omit anything likely to affect the import of such information.

1.6 CONFLICTS OF INTEREST

We are external valuers and are not aware of any conflict of interest in respect of the Properties, the Issuer or the Original Borrower preventing us from providing you with an independent valuation of the Properties in accordance with the RICS Red Book.

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1.7 VALUER DETAILS AND INSPECTION

In accordance with the requirements of the RICS Red Book, we confirm that this Report has been prepared by Alistair Addison MRICS and countersigned by James Tillier FRICS (RICS Registered Valuers) who have relevant experience to report on this property type. Savills Advisory Services Limited carried out sample inspections of the stock during the period 24th to 28th October 2013.

Following inspection, market research and comparable sales and lettings evidence was compiled enabling us to build up a detailed knowledge of the locations concerned, the situation of the housing stock and marketability. We have considered the general condition of the stock, the level of fixtures and fittings and have derived our assumptions accordingly.

1.8 ENQUIRIES AND INFORMATION SOURCES

We have been provided with a schedule of the Properties by the Original Borrower detailing the addresses and current rents as set out in the property schedules incorporated in Appendix 1. The extent of the enquiries we have undertaken and the sources of the information we have relied upon for purposes of our valuation are stated in the relevant sections of our Report below.

We have also reviewed a copy of the collateral warranty dated 5th November 2001 between Mid Bedfordshire District Council and National Westminster Bank Plc and property confirmation letters dated on or about the date of this Report of Wright Hassall LLP (together the “Property Documents”) each in respect of the Properties and can confirm that our valuations fully reflect the disclosures contained therein.

We have assumed that where Property Documents were unavailable, in respect of a Property, that each such Property has good and marketable freehold or long leasehold title.

1.9 RICS COMPLIANCE

This Report has been prepared in accordance with RICS Valuation – Professional Standards, March 2012, Global and UK Edition (the “RICS Red Book”), in particular where relevant in accordance with the requirements of Valuations Standards VS6: Valuation Reports, UKVS1: Valuations for financial statements, UKVS1.13: Valuations for Registered Social Housing Providers, UKVS3: Valuations for Residential Property, UK Appendix 1: Accounting concepts and terms used in FRS 15 and SSAP19 and UK Appendix 13: Valuation of Registered Social Landlords’ housing stock for secured lending purposes.

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2.0 EXECUTIVE SUMMARY

Based on the schedule of properties provided by the Original Borrower and upon assumptions detailed in this Report, our opinions of value on the bases indicated as at the Effective Date of this Report are as follows:

Our opinion of value, in aggregate, of the 2,499 Properties to be charged by the Original Borrower on the basis of Existing Use Value for Social Housing, is;

£127,105,000

(One hundred and twenty seven million, one hundred and five thousand pounds)

A full stock schedule with apportioned values is included at Appendix 1.

3.0 THE PROPERTIES

3.1 Location

The Properties are situated in the Original Borrower’s principal areas of operation and the table below shows the distribution of the Properties by county and town, together with unit numbers.

Stock County Town Numbers Bedfordshire Arlesey 312 Beeston 27 Biggleswade 1058 Blunham 64 Broom 30 Everton 2 Moggerhanger 42 Potton 155 Sandy 551 Wrestlingworth 1 Bedfordshire Total 2242 Hertfordshire Stotfold/Hitchin 257 Hertfordshire Total 257 Grand Total 2499 Source: The Original Borrower

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3.2 Property Types

The portfolio comprises a total of 2,501 units owned by the Original Borrower. Houses and bungalows account for 86% of the Properties. A breakdown by property category is set out below:

Property Category Total General Needs House/Bungalow 1619 General Needs Flat 251 Sheltered House/Bungalow 517 Sheltered Flat 110 Rooms 2 Total 2499 Source: The Original Borrower

The Properties are all situated in reasonable residential areas and are within reach of facilities and amenities. Some locations have fewer local facilities and transport communications than others but it is considered there is demand for affordable housing within the developments. Full postal addresses are listed in the Appendix 1.

3.3 Bedroom Numbers

The Properties comprise the following bedroom sizes with three bedroom houses representing the majority at 47%.

Property Type Number Bedroom House Bungalow Flat Room Total s 0 2 2 1 327 173 500 2 306 288 183 777 3 1181 2 5 1188 4 30 30 6 1 1 2 Total 1518 617 362 2 2499 Source: The Original Borrower

3.4 Age of the Properties

The Properties were either transferred to the Original Borrower in 2001 when it acquired by transfer the housing stock and related assets of the former Mid Bedfordshire District Council, now Central Bedfordshire Council, under Section 32 and 43 of the Housing Act 1985 or have been built and acquired since then. The Properties comprise a mix of purpose built houses, bungalows, maisonettes and flats of a variety of ages but having been constricted principally in the inter war and post war periods.

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3.5 Construction and Condition

The majority of the Properties are considered to be of conventional construction for their age and type. Houses are mainly of solid brick, cavity brick or timber frame construction with roofs being mainly pitched and covered in slate or tile. Flats are mainly of cavity brick, metal or timber frame construction with roofs being pitched and covered in tile, or are flat and believed to have an asphalt or metal type covering. The majority of the Properties have modern plastic gutters and downpipes. There is however a number of non-traditional properties which were transferred from Central Bedfordshire Council and the table below indicates the non-traditional types together with their percentage as total of the whole stock.

Percent of Construction Type No. Units Stock Traditional 2254 90% Airey 36 1% Arrowhead 51 2% Crosswall 19 1% Ministry 9 0% Unity 94 4% Wimpey No Fines 36 1% Total 2499 100% Source: The Original Borrower

A high proportion of the Properties have double glazed windows of timber, metal or UPVC casement type. The majority of the Properties benefit from all mains services and gas fired central heating systems supplying radiators.

On the basis of external and sample internal inspections, maintenance of the Properties appeared generally to a satisfactory standard. We have also analysed stock condition data, projected repair costs and current expenditure, supplied by the Original Borrower.

It is understood from the Original Borrower that the majority of the Properties currently meet the Decent Homes standard as set out by the Communities and Local Government (“CLG”). Properties conform to Decent Homes standard if they are warm and weatherproof and have reasonably modern facilities.

Sample photographs of certain Properties can be found at Appendix 2.

4.0 ENVIRONMENTAL CONSIDERATIONS

We have valued the stock on the assumption that the Properties have not suffered any land contamination in the past, nor are they likely to become so contaminated in the foreseeable future. However, should it subsequently be established that contamination exists at the Property, or on any neighbouring land, then we may wish to review our valuation advice.

We have assumed there to be no adverse ground or soil conditions and that the load bearing qualities of the site are sufficient to support the building constructed thereon.

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5.0 TOWN PLANNING

We have not made specific planning enquiries for each site. We have assumed that that there are no pending planning applications or other planning issues or conditions that would adversely affect the valuation of the Properties.

The existence of all necessary Town Planning and Building Regulation approvals should be confirmed in respect of the Properties.

The existence of any remaining NHBC cover or similar building warranty where appropriate, should also be confirmed.

6.0 TENURE

6.1 Title

Our valuation reflects our opinion of value in aggregate of the freehold interests of the Properties owned by the Original Borrower and identified as the subject of this Report and scheduled at Appendix 1.

6.2 Tenancies

The Properties are understood to be subject to Assured, Fair Rent or Assured Shorthold tenancies. The Original Borrower’s tenancy agreements are assumed to be in a typical format however they have not been seen.

It is assumed that under the Assured and Assured Shorthold tenancy agreements, rents can be reviewed once a year to a market level. The tenant is also assumed to have the usual rights of appeal to the local Rent Assessment Committee.

Under typical Fair Rent tenancies the rent is reviewed every 2 years with reference to the Local Rent Officer.

7.0 THE PROPERTY MARKET OVERVIEW

7.1 General Summary

National Overview

Housing Market: Average house price inflation continues to increase increasing, led by the London market, although some regional averages (particularly in the north) remain unmoved. Transaction numbers are also increasing and mortgage lenders are lending increasing amounts of finance. First time buyers account for a relatively high proportion of mortgage lending; 44%, where 35-40% was previously typical.

Economy: Unemployment levels remain stable at around 2.5 million. UK GDP growth was 0.7% in the second quarter of 2013. Inflation levels remain above target but are fairly steady.

Housing Affordability

Halifax’s house price to earnings ratio has continued to increase; in August 2013 it was 4.63 (up from 4.40 one year previously).

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Transactions

HMRC data shows 102,880 residential property transactions in the UK in August 2013. The UK year to date total of 989,000 is 5.8% greater than the year to the end of August 2012, whilst the number of transactions in England has increased 13.8%.

Source: Homes and Communities Agency

The Nationwide House Price Index September 2013 reported;

• House price growth accelerated in September 2013 • UK house prices increased by 0.9% in September and were 5.0% higher than September 2012 • The typical UK home is now worth £172,127 • Southern regions of England, especially London, continue to record strongest rates of house price growth

Headlines Sep-13 Aug-13 Monthly Index* 341.4 338.4 Monthly Change* 0.90% 0.70% Annual Change 5.00% 3.50% Average Price £172,127 £170,514 Seasonally Adjusted*

7.2 Local Market

The subject Properties are in a range of locations and comprise a number of different property types; the general opinion received from local agents is that the market is currently showing some signs for optimism, with slightly increased levels of activity and indications of modest price increases, although this has not yet worked through to the lower end of the market, especially in remoter locations.

Overall, residential values have been generally static in the last twelve months with transaction levels still well below pre-crunch levels. Recent Government initiatives namely; Funding For Lending and Help to Buy appear to have led to increased activity in the general housing market. It remains to be seen whether these policies have a significant long term impact.

The rental market is expected to remain relatively buoyant, with additional demand therefore to be anticipated from investor purchasers for stock of this type and location.

8.0 EXISTING USE VALUE FOR SOCIAL HOUSING – VALUATION APPROACH

8.1 Valuation Methodology EUV-SH

EUV-SH assumes the property will be disposed of to another Registered Provider (“RP”). These organisations will calculate their bid according to their projected income and outgoings profile which they would estimate the properties would produce under their management. This basis assumes social or affordable rents will be charged in perpetuity and all vacant units will be relet.

Owing to the complex income and expenditure profile particular to RPs we consider that the appropriate method of valuation is to use a discounted cash flow (“DCF”). The DCF allows us to project rental income and expenditure over the term of the cash flow to arrive at an annual surplus or deficit, which is then discounted to a net present value.

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8.2 Rents and CPI

The Government has announced that from 2015/16 target rents will be allowed to increase at a maximum of CPI + 1% for the following 10 years. The current regime allows RPI + 0.5%. Assuming medium- to long-term rates for CPI and RPI at 2.0% and 2.5% respectively, it seems likely that the effect of this change will be generally neutral and have limited impact on rental growth, and our valuations, where current rents have converged with target, or are due to do so by 2015/16.

The situation in regard to current rents that have not yet converged is that the +/- £2 per week rent adjustment has not been extended beyond 2014/15. In the case of loan security valuations we continue to hold the view that a mortgagee-in-possession and successors-in-title would not be bound by the rent regulations and would therefore be able to continue to converge rents to target beyond 2014/15 if necessary. As is the case under current policy, individual housing associations would be able to approach the regulator if adherence to the new regulation would cause financial difficulties.

8.3 DCF Assumptions

DCF assumptions are derived from economic data or information received from the Original Borrower and have been adopted in our EUV-SH cash-flow as set out below:

DCF Variable Unit of Cost DCF Input Rental increases following convergence % over RPI/CPI per annum 0.5%/1% Voids and bad debts % of rent 2.5% Arrears (Year 1 only) % of rent 4% Relet Rate (Averaged across all stock) % of stock per annum 4.4% Management costs Per unit per annum £530 Maintenance costs including VAT Per unit per annum £840 Programmed Maintenance costs including VAT Per unit per annum £1,114 Management Cost Inflation % over RPI per annum 0.5% Repair Cost Inflation % over RPI per annum 0% long-term Maintenance Cost Inflation 0.5% long-term VAT 20% RPI 2.5% long-term CPI 2% long-term Discount rate Real per annum 5.5% Source: The Original Borrower / Savills

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8.4 Discount Rate

There is no hard and fast rule for determining the most appropriate rate to be adopted in a discounted cashflow. The discount rate is probably the most important variable in the model since it determines the net present value of future predicted income and expenditure flows for the property in question. Our role as valuers is to interpret the way in which potential purchasers of the stock would assess their bids. The market for this stock will be within the RP sector.

Effectively, the discount rate is representative of both the long term cost of borrowing for an acquiring organisation and the risks implicit in the property portfolio concerned. The current level of long term interest rates, and the overall cost of funds, must be reflected in our valuation. In addition to considering the cost of funds, we also need to make an allowance for the risk which attaches to our cashflow assumptions – some of which may be subject to a higher degree of risk than those generally made in the business plans. The margin for risk needs to be considered on a case-by- case basis, having regard to the nature of the stock.

Currently the yield on 30-year Gilts is around 3.5%. This is, in effect, the risk-free discount rate. Yields on Housing Association long-dated, rated and unrated bonds are typically around 4.5% - 5.0% (Source: Social Housing, August 2013). The latest public-rated issues from Saffron Housing Trust, Poplar Harca (July 2013) and Sanctuary (October 2013) have achieved “spreads” above their reference gilts of 1.12%, 1.5% and 0.78% respectively.

New business plans are being run at nominal interest rates of around 6.5% to 8.5% including margin and fees. The level of margin and fees allowed for is around 1.5%-2.5% on top of an assumed nominal interest rate of around 5%-6%. The supply or long term (25 or 30 year) funding had diminished and is only available from a handful of lenders. Shorter term funding (5–7 years), and funding with in-built options to re-price margins at a future date, are becoming more commonplace introducing a new level of re-financing risk to business plans.

Although interest rates generally, and short term rates in particular, are lower than we have seen for some time, the increase in lenders margins and other charges has resulted in overall long term funding costs being similar to those which have pertained over the past few years. At the current time we do not propose to alter the general range of the discount rates we are adopting. However they will be kept under close review.

Over the past three years our view has been that for good quality, generally non-problematical stock, a discount rate of 5% to 6.0% real is appropriate (over a long term inflation rate of 2.5%). The margin for risk implicit in this, over and above the cost of funds, is about 1% to 2%.

We have adopted discount rates of 5.5% real per annum.

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8.5 Comparison of Rents

We have relied on details of current and target rents as advised by the Original Borrower in carrying out this valuation. We have not carried out any validation or research into the target rents supplied.

On this basis, the average current rent across the stock to be charged is as set out below, together with the average (2013/14) target rent and Savills’ estimated average market rent. Rents are expressed on a 52 week year.

Current Target Market Property Category Rent Rent Rent General Needs House and Bungalow £97.80 £106.98 £157 General Needs Flats £82.13 £82.33 £120 Sheltered House and Bungalow £84.79 £87.21 £142 Sheltered Flats £76.37 £71.17 £104 Overall Average £92.62 £98.67 £147 Source: The Original Borrower / Savills

8.6 Affordable Rents and Local Housing Allowance

In November 2010 the Government issued a Consultation Paper - “Local Decisions: a fairer future for social housing”. This was followed in March 2011 by the “2011–2015 Affordable Homes Programme – Framework”. The documents propose, inter alia, the introduction of a new more flexible Affordable Rent tenancy. Tenancy terms for existing social tenants will remain unchanged, but a “proportion” of new tenants could be offered rents at up to 80% of the market rent.

The ability to charge the higher rents is linked to participation in new development on a “something for something” basis and reaching a Framework contract with the Homes and Communities Agency. The effects on the value of Social Rented property (in other words the point at which and extent to which the market would reflect any future potential to charge Affordable Rents) is difficult to judge.

At present we do not believe the value of Social Rented stock will have increased because the market has yet to mature. We are continuing to monitor the market but at present our valuations do not reflect any value which might be attributable to the potential to charge Affordable Rent.

9.0 WELFARE REFORM – ADDITIONAL COMMENTARY ON VOIDS, ARREARS & BAD DEBTS

April 2013 saw the remaining provisions of the Welfare Reform Act (changes in Housing Benefit entitlement, the under-occupation cap and the overall benefit cap) come into effect. Universal Credit and direct payment has now been introduced in some parts of the country.

These changes will have a significant impact on Registered Providers and their tenants. It is the general view across the sector that both void losses and bad debts will increase and that additional management time will need to be devoted to rent collection.

It is necessary to reflect the likely impact of the changes in our valuations and we have therefore assumed modest increases in arrears, void loss and written off debt in the future.

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10.0 VALUATIONS

Please note that the valuations set out below must only be read in conjunction with the rest of this report including all of the Appendices.

The valuations expressed below are also set out in the Executive Summary of this Report in Section 2 above.

10.1 The Properties

Existing Use Value for Social Housing

The aggregate EUV-SH of the 2,499 Properties subject to tenancies at the rents stated assuming vacant units, as they occur, are relet is;

£127,105,000

(One hundred and twenty seven million, one hundred and five thousand pounds)

11.0 LOTTING AND VALUE DISAGGREGATION

We have valued the Properties as a single lot. Within Appendix 1 we include individual EUV-SH figures against each of the properties listed. These figures are apportionments, directly related to the current rents passing. For this reason, the apportioned figures are not valuations of the individual units and should not be regarded as such.

12.0 SUITABILITY AS LOAN SECURITY

12.1 Funders’ Responsibility

It is usual for a valuer to be asked to express an opinion as to the suitability of a property as security for a loan, debenture, bond or mortgage. However, it is a matter for a funder to assess the risks involved and make its own assessment in fixing the terms of the loan, such as the percentage of value to be advanced, the provision for repayment of the capital, and the interest rate.

12.2 Property Specific Risks

In this Report we refer to all matters that are within our knowledge and which may assist you in your assessment of the risk.

12.3 Suitability as Security

We are of the opinion that the Properties do form adequate security for the Bonds. We would stress however that it is up to the addressees to assess the level of borrowing which the Properties support and to assess the risk not directly associated with the Properties themselves.

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We trust that this Report is acceptable for your purposes. Should you have any queries, please do not hesitate to contact us.

Yours faithfully Countersigned

Alistair Addison MRICS James Tillier FRICS Associate Director Director RICS Registered Valuer RICS Registered Valuer For and on behalf of Savills Advisory Services For and on behalf of Savills Advisory Services Limited Limited

Appendices

Appendix 1 Schedule of the Properties and Apportioned Values Appendix 2 Sample Photographs Appendix 3 General Assumptions, Definitions and Conditions

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Appendix 1 Schedule of Subject Properties and Apportioned Values

GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 10001 BD224132 20 Bury Mead Arlesey Arlesey Bedfordshire SG15 6UB Bungalow 1 £98.15 £98.15 ALL None £52,440 £52,440 EUV-SH 10002 BD224132 24 Bury Mead Arlesey Arlesey Bedfordshire SG15 6UB Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10003 BD224132 26 Bury Mead Arlesey Arlesey Bedfordshire SG15 6UB Bungalow 1 £73.55 £73.55 ALL None £40,390 £40,390 EUV-SH 10004 BD224132 28 Bury Mead Arlesey Arlesey Bedfordshire SG15 6UB Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10005 BD224132 30 Bury Mead Arlesey Arlesey Bedfordshire SG15 6UB Bungalow 1 £73.55 £82.57 ALL None £40,390 £40,390 EUV-SH 10006 BD224132 32 Bury Mead Arlesey Arlesey Bedfordshire SG15 6UB Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10007 BD224132 34 Bury Mead Arlesey Arlesey Bedfordshire SG15 6UB Bungalow 1 £73.55 £82.57 ALL None £40,390 £40,390 EUV-SH 10008 BD224132 36 Bury Mead Arlesey Arlesey Bedfordshire SG15 6UB Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10009 BD224132 38 Bury Mead Arlesey Arlesey Bedfordshire SG15 6UB Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10010 BD224132 5 Carters Close Arlesey Arlesey Bedfordshire SG15 6UH House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 10011 BD224132 8 Carters Close Arlesey Arlesey Bedfordshire SG15 6UH House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10012 BD224132 11 Carters Close Arlesey Arlesey Bedfordshire SG15 6UH House 2 £88.55 £98.15 ALL None £48,630 £48,630 EUV-SH 10013 BD224132 13 Carters Close Arlesey Arlesey Bedfordshire SG15 6UH House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10014 BD224132 1 Carters Walk Arlesey Arlesey Bedfordshire SG15 6XJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10015 BD224132 2 Carters Walk Arlesey Arlesey Bedfordshire SG15 6XJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10016 BD224132 3 Carters Walk Arlesey Arlesey Bedfordshire SG15 6XJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10017 BD224132 4 Carters Walk Arlesey Arlesey Bedfordshire SG15 6XJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10018 BD224132 7 Carters Walk Arlesey Arlesey Bedfordshire SG15 6XJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10019 BD224132 8 Carters Walk Arlesey Arlesey Bedfordshire SG15 6XJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10020 BD224132 9 Carters Walk Arlesey Arlesey Bedfordshire SG15 6XJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10021 BD224132 10 Carters Walk Arlesey Arlesey Bedfordshire SG15 6XJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10022 BD224132 11 Carters Walk Arlesey Arlesey Bedfordshire SG15 6XJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10023 BD224132 12 Carters Walk Arlesey Arlesey Bedfordshire SG15 6XJ Maisonette 6 £118.10 £118.77 ALL None £64,860 £64,860 EUV-SH 10025 BD224132 4 Carters Way Arlesey Arlesey Bedfordshire SG15 6UG House 2 £95.17 £97.68 ALL None £52,270 £52,270 EUV-SH 10026 BD224132 5 Carters Way Arlesey Arlesey Bedfordshire SG15 6UG House 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 10027 BD224132 9 Carters Way Arlesey Arlesey Bedfordshire SG15 6UG House 2 £88.15 £97.68 ALL None £48,410 £48,410 EUV-SH 10028 BD224132 10 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ House 2 £93.51 £98.15 ALL None £51,350 £51,350 EUV-SH 10029 BD224132 12 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ House 3 £112.78 £112.78 ALL None £61,940 £61,940 EUV-SH 10030 BD224132 17 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ House 2 £93.51 £98.15 ALL None £51,350 £51,350 EUV-SH 10031 BD224132 20 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ House 3 £112.78 £112.78 ALL None £61,940 £61,940 EUV-SH 10032 BD224132 26 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ House 2 £93.51 £97.68 ALL None £51,350 £51,350 EUV-SH 10033 BD224132 27 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ House 3 £95.17 £112.78 ALL None £52,270 £52,270 EUV-SH 10034 BD224132 32 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10071 BD224132 38 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10072 BD224132 40 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10073 BD224132 42 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10074 BD224132 43 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10075 BD224132 44 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10076 BD224132 45 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10077 BD224132 46 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10078 BD224132 47 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10079 BD224132 48 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10080 BD224132 49 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10081 BD224132 51 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10082 BD224132 52 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 10083 BD224132 53 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10084 BD224132 54 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10085 BD224132 55 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10086 BD224132 56 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10087 BD224132 57 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10088 BD224132 58 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10089 BD224132 59 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 10090 BD224132 60 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ House 3 £112.78 £112.78 ALL None £61,940 £61,940 EUV-SH 10091 BD224132 61 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 10092 BD224132 66 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ House 3 £112.78 £112.78 ALL None £61,940 £61,940 EUV-SH 10093 BD224132 72 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10094 BD224132 74 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10095 BD224132 76 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10096 BD224132 78 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10097 BD224132 80 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10098 BD224132 82 Carters Way Arlesey Arlesey Bedfordshire SG15 6UQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10099 BD223122 1 Cherry Tree CloseStation Road Arlesey Arlesey Bedfordshire SG15 6RQ Bungalow 1 £70.24 £82.57 ALL None £38,570 £38,570 EUV-SH 10100 BD223122 2 Cherry Tree CloseStation Road Arlesey Arlesey Bedfordshire SG15 6RQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10101 BD223122 3 Cherry Tree CloseStation Road Arlesey Arlesey Bedfordshire SG15 6RQ Bungalow 1 £70.24 £82.57 ALL None £38,570 £38,570 EUV-SH 10102 BD223122 4 Cherry Tree CloseStation Road Arlesey Arlesey Bedfordshire SG15 6RQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10103 BD223122 5 Cherry Tree CloseStation Road Arlesey Arlesey Bedfordshire SG15 6RQ Bungalow 1 £70.24 £82.57 ALL None £38,570 £38,570 EUV-SH 10104 BD223122 6 Cherry Tree CloseStation Road Arlesey Arlesey Bedfordshire SG15 6RQ Bungalow 1 £70.24 £82.57 ALL None £38,570 £38,570 EUV-SH 10105 BD223122 7 Cherry Tree CloseStation Road Arlesey Arlesey Bedfordshire SG15 6RQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10106 BD223122 8 Cherry Tree CloseStation Road Arlesey Arlesey Bedfordshire SG15 6RQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10107 BD223122 9 Cherry Tree CloseStation Road Arlesey Arlesey Bedfordshire SG15 6RQ Bungalow 1 £70.24 £82.57 ALL None £38,570 £38,570 EUV-SH 10108 BD223122 10 Cherry Tree CloseStation Road Arlesey Arlesey Bedfordshire SG15 6RQ Bungalow 1 £70.24 £82.57 ALL None £38,570 £38,570 EUV-SH 10109 BD224132 1 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10110 BD224132 5 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL House 2 £96.86 £98.15 ALL None £53,190 £53,190 EUV-SH 10111 BD224132 9 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10112 BD224205 12 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL House 3 £101.83 £110.34 ALL None £55,920 £55,920 EUV-SH 10114 BD224132 15 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10115 BD224205 18 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 10116 BD224205 20 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 10117 BD224132 21 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL House 2 £96.86 £98.15 ALL None £53,190 £53,190 EUV-SH 10118 BD224205 22 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 10119 BD224132 25 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10120 BD223043 26 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 10122 BD224132 29 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 10123 BD223043 30 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 10124 BD224132 31 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 10125 BD223043 32 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10126 BD223043 34 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 10127 BD224132 39 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10128 BD224132 41 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL Bungalow 1 £81.87 £82.57 ALL None £44,960 £44,960 EUV-SH 10129 BD224132 43 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL Bungalow 1 £81.87 £82.57 ALL None £44,960 £44,960 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 10130 BD224132 45 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10131 BD224132 47 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10132 BD224132 49 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10133 BD224132 51 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10134 BD224132 53 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL Bungalow 1 £81.87 £82.57 ALL None £44,960 £44,960 EUV-SH 10135 BD224132 55 Church Lane Arlesey Arlesey Bedfordshire SG15 6UL Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10136 BD224206 2 Coxs Way Arlesey Arlesey Bedfordshire SG15 6TF House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10137 BD224206 10 Coxs Way Arlesey Arlesey Bedfordshire SG15 6TF House 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10138 BD224206 18 Coxs Way Arlesey Arlesey Bedfordshire SG15 6TF House 2 £93.51 £98.15 ALL None £51,350 £51,350 EUV-SH 10139 BD224206 24 Coxs Way Arlesey Arlesey Bedfordshire SG15 6TF House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10140 BD224206 28 Coxs Way Arlesey Arlesey Bedfordshire SG15 6TF House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 10141 BD224206 30 Coxs Way Arlesey Arlesey Bedfordshire SG15 6TF House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 10150 BD224206 1 Everest Close Arlesey Arlesey Bedfordshire SG15 6TR House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 10175 BD224206 5 Everest Close Arlesey Arlesey Bedfordshire SG15 6TR Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10176 BD224206 6 Everest Close Arlesey Arlesey Bedfordshire SG15 6TR Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10177 BD224206 7 Everest Close Arlesey Arlesey Bedfordshire SG15 6TR Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10178 BD224206 8 Everest Close Arlesey Arlesey Bedfordshire SG15 6TR Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10179 BD224206 9 Everest Close Arlesey Arlesey Bedfordshire SG15 6TR Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10180 BD224206 10 Everest Close Arlesey Arlesey Bedfordshire SG15 6TR Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10181 BD224206 11 Everest Close Arlesey Arlesey Bedfordshire SG15 6TR Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10182 BD224206 12 Everest Close Arlesey Arlesey Bedfordshire SG15 6TR Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10183 BD224206 14 Everest Close Arlesey Arlesey Bedfordshire SG15 6TR Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10184 BD224206 16 Everest Close Arlesey Arlesey Bedfordshire SG15 6TR Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10185 BD223304 5 Glebe Avenue Arlesey Arlesey Bedfordshire SG15 6UP House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10186 BD223304 7 Glebe Avenue Arlesey Arlesey Bedfordshire SG15 6UP House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10188 BD223304 10 Glebe Avenue Arlesey Arlesey Bedfordshire SG15 6UP House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 10189 BD223304 15 Glebe Avenue Arlesey Arlesey Bedfordshire SG15 6UP House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10190 BD223304 20 Glebe Avenue Arlesey Arlesey Bedfordshire SG15 6UP House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 10191 BD223304 23 Glebe Avenue Arlesey Arlesey Bedfordshire SG15 6UP House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10192 BD224207 1 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10193 BD224207 3 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10194 BD224207 5 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10195 BD224207 7 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Bungalow 1 £76.88 £80.53 ALL None £42,220 £42,220 EUV-SH 10196 BD224207 9 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10197 BD224207 10 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10198 BD224207 11 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Bungalow 1 £76.88 £80.53 ALL None £42,220 £42,220 EUV-SH 10199 BD224207 12 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 10200 BD224207 13 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Bungalow 1 £76.88 £80.53 ALL None £42,220 £42,220 EUV-SH 10202 BD224207 15 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10203 BD224207 16 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10204 BD224207 17 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Bungalow 1 £76.88 £80.53 ALL None £42,220 £42,220 EUV-SH 10205 BD224207 18 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10206 BD224207 19 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10207 BD224207 20 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 10208 BD224207 23 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Bungalow 1 £76.88 £80.53 ALL None £42,220 £42,220 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 10209 BD224207 24 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10210 BD224207 25 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10221 BD224207 26 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10222 BD224207 27 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 10223 BD224207 29 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 10224 BD224207 31 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10225 BD224207 32 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10226 BD224207 33 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10227 BD224207 34 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10228 BD224207 35 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 10229 BD224207 38 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 10230 BD224207 39 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10231 BD224207 41 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10232 BD224207 42 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 10233 BD224207 44 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10234 BD224207 45 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 10235 BD224207 46 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10236 BD224207 47 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10237 BD224207 48 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 10238 BD224207 49 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP House 3 £106.47 £106.47 ALL None £58,470 £58,470 EUV-SH 10239 BD224207 50 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 10240 BD224207 53 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10241 BD224207 55 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10242 BD224207 56 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10243 BD224207 57 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10244 BD224207 58 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10245 BD224207 59 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 10246 BD224207 60 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 10247 BD224207 61 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP House 3 £98.50 £112.78 ALL None £54,090 £54,090 EUV-SH 10248 BD224207 64 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 10249 BD224207 66 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 10250 BD224207 68 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10251 BD224207 70 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10252 BD224207 80 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10253 BD224207 82 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10268 BD224207 84 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 10269 BD224207 86 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 10270 BD224207 88 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10271 BD224207 90 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10272 BD224207 96 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 10273 BD224207 98 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10274 BD224207 100 Gothic Way Arlesey Arlesey Bedfordshire SG15 6TP House 2 £88.55 £98.15 ALL None £48,630 £48,630 EUV-SH 10275 BD222540 88 High Street Arlesey Arlesey Bedfordshire SG15 6SN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10276 BD222540 92 High Street Arlesey Arlesey Bedfordshire SG15 6SN House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 10277 BD222540 108 High Street Arlesey Arlesey Bedfordshire SG15 6SN House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 10278 BD222540 116 High Street Arlesey Arlesey Bedfordshire SG15 6SN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10280 BD222540 124 High Street Arlesey Arlesey Bedfordshire SG15 6SN House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 10281 BD222540 126 High Street Arlesey Arlesey Bedfordshire SG15 6SN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10282 BD222540 131 High Street Arlesey Arlesey Bedfordshire SG15 6SX House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10283 BD222540 151 High Street Arlesey Arlesey Bedfordshire SG15 6SX House 2 £78.52 £98.15 ALL None £43,120 £43,120 EUV-SH 10284 BD224207 152 High Street Arlesey Arlesey Bedfordshire SG15 6TB Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10285 BD224207 154 High Street Arlesey Arlesey Bedfordshire SG15 6TB Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 10286 BD224206 11 Hillary Rise Arlesey Arlesey Bedfordshire SG15 6TL House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10287 BD224206 13 Hillary Rise Arlesey Arlesey Bedfordshire SG15 6TL House 2 £88.55 £98.15 ALL None £48,630 £48,630 EUV-SH 10288 BD224207 14 Hillary Rise Arlesey Arlesey Bedfordshire SG15 6TL House 3 £98.50 £110.34 ALL None £54,090 £54,090 EUV-SH 10289 BD224207 16 Hillary Rise Arlesey Arlesey Bedfordshire SG15 6TL House 3 £98.50 £110.34 ALL None £54,090 £54,090 EUV-SH 10290 BD224207 21 Hillary Rise Arlesey Arlesey Bedfordshire SG15 6TL House 3 £98.50 £110.34 ALL None £54,090 £54,090 EUV-SH 10291 BD224207 25 Hillary Rise Arlesey Arlesey Bedfordshire SG15 6TL House 3 £98.50 £110.34 ALL None £54,090 £54,090 EUV-SH 10292 BD224207 26 Hillary Rise Arlesey Arlesey Bedfordshire SG15 6TL House 3 £98.50 £110.34 ALL None £54,090 £54,090 EUV-SH 10293 BD224207 28 Hillary Rise Arlesey Arlesey Bedfordshire SG15 6TL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10294 BD224207 30 Hillary Rise Arlesey Arlesey Bedfordshire SG15 6TL House 3 £98.50 £110.34 ALL None £54,090 £54,090 EUV-SH 10295 BD224207 33 Hillary Rise Arlesey Arlesey Bedfordshire SG15 6TL House 3 £98.50 £110.34 ALL None £54,090 £54,090 EUV-SH 10296 BD224207 34 Hillary Rise Arlesey Arlesey Bedfordshire SG15 6TL House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 10297 BD224207 35 Hillary Rise Arlesey Arlesey Bedfordshire SG15 6TL House 3 £95.40 £110.34 ALL None £52,390 £52,390 EUV-SH 10298 BD224207 36 Hillary Rise Arlesey Arlesey Bedfordshire SG15 6TL House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 10299 BD224207 37 Hillary Rise Arlesey Arlesey Bedfordshire SG15 6TL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10300 BD224207 41 Hillary Rise Arlesey Arlesey Bedfordshire SG15 6TL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10307 BD223121 148 Hitchin Road Arlesey Arlesey Bedfordshire SG15 6SA House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH 10308 BD223121 154 Hitchin Road Arlesey Arlesey Bedfordshire SG15 6SD House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 10309 BD223121 194 Hitchin Road Arlesey Arlesey Bedfordshire SG15 6SD House 3 £91.85 £110.34 ALL None £50,440 £50,440 EUV-SH 10310 BD224205 15 House Lane Arlesey Arlesey Bedfordshire SG15 6XU House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 10311 BD102180 16 House Lane Arlesey Arlesey Bedfordshire SG15 6XU House 3 £88.55 £110.34 ALL None £48,630 £48,630 EUV-SH 10312 BD224205 17a House Lane Arlesey Arlesey Bedfordshire SG15 6XU House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10313 BD102180 18 House Lane Arlesey Arlesey Bedfordshire SG15 6XU House 3 £88.55 £110.34 ALL None £48,630 £48,630 EUV-SH 10314 BD224205 19b House Lane Arlesey Arlesey Bedfordshire SG15 6XU House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10338 BD102180 24 House Lane Arlesey Arlesey Bedfordshire SG15 6XU House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 10339 BD223043 25 House Lane Arlesey Arlesey Bedfordshire SG15 6XU House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10343 BD223043 33 House Lane Arlesey Arlesey Bedfordshire SG15 6XX House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 10344 BD223043 35 House Lane Arlesey Arlesey Bedfordshire SG15 6XX House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 10345 BD69772 42 House Lane Arlesey Arlesey Bedfordshire SG15 6XU House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 10346 BD69772 48 House Lane Arlesey Arlesey Bedfordshire SG15 6XU House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 10347 BD69772 50 House Lane Arlesey Arlesey Bedfordshire SG15 6XX House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 10348 BD69772 54 House Lane Arlesey Arlesey Bedfordshire SG15 6XX House 3 £91.85 £110.34 ALL None £50,440 £50,440 EUV-SH 10349 BD69772 56 House Lane Arlesey Arlesey Bedfordshire SG15 6XX House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 10350 BD223121 1 Jubilee Crescent Arlesey Arlesey Bedfordshire SG15 6SB House 2 £78.52 £98.15 ALL None £43,120 £43,120 EUV-SH 10351 BD223121 3 Jubilee Crescent Arlesey Arlesey Bedfordshire SG15 6SB House 2 £78.52 £98.15 ALL None £43,120 £43,120 EUV-SH 10352 BD223121 8 Jubilee Crescent Arlesey Arlesey Bedfordshire SG15 6SB House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH 10353 BD223121 19 Jubilee Crescent Arlesey Arlesey Bedfordshire SG15 6SB House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH 10354 BD223121 22 Jubilee Crescent Arlesey Arlesey Bedfordshire SG15 6SB House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10356 BD224206 1 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE House 3 £91.85 £110.34 ALL None £50,440 £50,440 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 10357 BD224206 5 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE House 3 £91.85 £110.34 ALL None £50,440 £50,440 EUV-SH 10358 BD224206 9 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10359 BD224206 14 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10360 BD224206 15 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 10361 BD224206 17 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE House 3 £91.85 £110.34 ALL None £50,440 £50,440 EUV-SH 10362 BD224206 18 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10363 BD224206 19 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE House 3 £91.85 £110.34 ALL None £50,440 £50,440 EUV-SH 10364 BD224206 20 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10365 BD224206 21 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10366 BD224206 22 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10367 BD224206 23 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 10368 BD224206 24 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10369 BD224206 25 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE Bungalow 2 £97.68 £94.74 ALL None £53,640 £53,640 EUV-SH 10370 BD224206 26 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10371 BD224206 28 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TQ Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10372 BD224206 29 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10373 BD224206 30 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TQ Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10374 BD224206 31 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TE Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10376 BD224206 36 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TQ House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 10377 BD224206 38 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TQ House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 10378 BD224206 39 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TQ House 6 £138.59 £145.76 ALL None £76,110 £76,110 EUV-SH 10379 BD224206 40 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TH House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10380 BD224206 41 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TQ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10381 BD224206 43 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TQ House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 10382 BD224206 51 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TQ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10383 BD224206 55 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TH House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 10384 BD224206 57 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TH House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 10385 BD224206 63 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TH House 2 £96.86 £98.15 ALL None £53,190 £53,190 EUV-SH 10386 BD224206 71 Lymans Road Arlesey Arlesey Bedfordshire SG15 6TH House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10388 BD224207 5 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TT House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 10389 BD224207 6 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TT House 3 £105.17 £110.34 ALL SOLAR £57,760 £57,760 EUV-SH 10390 BD224207 7 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TT House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 10391 BD224207 9 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TT House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 10392 BD224207 10 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TT House 3 £105.17 £110.34 ALL SOLAR £57,760 £57,760 EUV-SH 10393 BD224207 11 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TT House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 10394 BD224207 12 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TT House 3 £105.17 £110.34 ALL SOLAR £57,760 £57,760 EUV-SH 10395 BD224207 16 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TT House 3 £101.83 £110.34 ALL SOLAR £55,920 £55,920 EUV-SH 10396 BD224207 18 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TT House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 10397 BD224207 19 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TS House 2 £96.86 £98.15 ALL SOLAR £53,190 £53,190 EUV-SH 10398 BD224207 21 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TS House 2 £96.86 £98.15 ALL None £53,190 £53,190 EUV-SH 10399 BD224207 23 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TS House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 10400 BD224207 25 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TS House 2 £96.86 £98.15 ALL SOLAR £53,190 £53,190 EUV-SH 10401 BD224207 28 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TS House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 10402 BD224207 32 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TS House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 10403 BD224207 35 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TS House 2 £96.86 £98.15 ALL SOLAR £53,190 £53,190 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 10404 BD224207 37 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TS House 2 £96.86 £98.15 ALL SOLAR £53,190 £53,190 EUV-SH 10405 BD224207 39 Lynton Avenue Arlesey Arlesey Bedfordshire SG15 6TS House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 10406 BD224132 1 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 3 £98.50 £110.34 ALL None £54,090 £54,090 EUV-SH 10407 BD224132 3 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 10408 BD224132 4 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 2 £88.55 £96.69 ALL None £48,630 £48,630 EUV-SH 10409 BD224132 5 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 10410 BD224132 6 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 2 £88.55 £96.69 ALL None £48,630 £48,630 EUV-SH 10411 BD224132 7 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 3 £98.50 £110.34 ALL None £54,090 £54,090 EUV-SH 10412 BD224132 9 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10414 BD224132 14 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10415 BD101201 15 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10416 BD224132 16 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 2 £88.55 £96.69 ALL None £48,630 £48,630 EUV-SH 10417 BD224132 17 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 3 £98.50 £110.34 ALL None £54,090 £54,090 EUV-SH 10418 BD224132 18 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 2 £88.55 £98.15 ALL None £48,630 £48,630 EUV-SH 10419 BD112344 19 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 10420 BD224132 21 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 10421 BD224132 22 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 2 £88.55 £96.69 ALL None £48,630 £48,630 EUV-SH 10422 BD224132 23 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 3 £98.50 £107.46 ALL None £54,090 £54,090 EUV-SH 10423 BD224132 24 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 2 £88.55 £98.15 ALL None £48,630 £48,630 EUV-SH 10424 BD224132 25 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 3 £98.50 £110.34 ALL None £54,090 £54,090 EUV-SH 10425 BD224132 27 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10427 BD224132 29 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10429 BD224132 31 The Rally Arlesey Arlesey Bedfordshire SG15 6UJ House 3 £98.50 £110.34 ALL None £54,090 £54,090 EUV-SH 10464 BD223043 3 St Peters Avenue Arlesey Arlesey Bedfordshire SG15 6UR House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 10465 BD223043 4 St Peters Avenue Arlesey Arlesey Bedfordshire SG15 6UR House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10466 BD223043 7 St Peters Avenue Arlesey Arlesey Bedfordshire SG15 6UR House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 10467 BD223043 11 St Peters Avenue Arlesey Arlesey Bedfordshire SG15 6UR House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10468 BD223043 12 St Peters Avenue Arlesey Arlesey Bedfordshire SG15 6UR House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 10469 BD223043 13 St Peters Avenue Arlesey Arlesey Bedfordshire SG15 6UR House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10470 BD223043 15 St Peters Avenue Arlesey Arlesey Bedfordshire SG15 6UR House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 10471 BD223043 20 St Peters Avenue Arlesey Arlesey Bedfordshire SG15 6UR House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 10472 BD223043 21 St Peters Avenue Arlesey Arlesey Bedfordshire SG15 6UR House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 10473 BD223043 25 St Peters Avenue Arlesey Arlesey Bedfordshire SG15 6UR House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 10474 BD223043 33 St Peters Avenue Arlesey Arlesey Bedfordshire SG15 6UR House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 10475 BD223043 34 St Peters Avenue Arlesey Arlesey Bedfordshire SG15 6UR House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10476 BD223043 35 St Peters Avenue Arlesey Arlesey Bedfordshire SG15 6UR House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 10477 BD223043 37 St Peters Avenue Arlesey Arlesey Bedfordshire SG15 6UR House 3 £98.50 £110.34 ALL None £54,090 £54,090 EUV-SH 10478 BD223043 39 St Peters Avenue Arlesey Arlesey Bedfordshire SG15 6UR House 3 £98.50 £110.34 ALL None £54,090 £54,090 EUV-SH 10479 BD223122 4 West Drive Arlesey Arlesey Bedfordshire SG15 6RW House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10486 BD224200 2 Anne Street Biggleswade Biggleswade Bedfordshire SG18 0DD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10487 BD224200 4 Anne Street Biggleswade Biggleswade Bedfordshire SG18 0DD House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 10488 BD224200 6 Anne Street Biggleswade Biggleswade Bedfordshire SG18 0DD House 3 £101.83 £110.34 ALL None £55,920 £55,920 EUV-SH 10491 BD224200 12 Anne Street Biggleswade Biggleswade Bedfordshire SG18 0DD House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10492 BD224200 13 Anne Street Biggleswade Biggleswade Bedfordshire SG18 0DD House 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10493 BD224200 14 Anne Street Biggleswade Biggleswade Bedfordshire SG18 0DD House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 10494 BD224200 15 Anne Street Biggleswade Biggleswade Bedfordshire SG18 0DD House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10495 BD224200 18 Anne Street Biggleswade Biggleswade Bedfordshire SG18 0DD House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 10496 BD224200 19 Anne Street Biggleswade Biggleswade Bedfordshire SG18 0DD House 3 £103.51 £107.46 ALL None £56,850 £56,850 EUV-SH 10497 BD224200 20 Anne Street Biggleswade Biggleswade Bedfordshire SG18 0DD House 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10499 BD224200 22 Anne Street Biggleswade Biggleswade Bedfordshire SG18 0DD House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 10500 BD224200 23 Anne Street Biggleswade Biggleswade Bedfordshire SG18 0DD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10501 BD224200 29 Anne Street Biggleswade Biggleswade Bedfordshire SG18 0DD House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 10502 BD224200 32 Anne Street Biggleswade Biggleswade Bedfordshire SG18 0DD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10503 BD224200 36 Anne Street Biggleswade Biggleswade Bedfordshire SG18 0DD House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 10512 BD224059 2 Auckland Road Biggleswade Biggleswade Bedfordshire SG18 0DR House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 10514 BD224059 5 Auckland Road Biggleswade Biggleswade Bedfordshire SG18 0DR House 3 £85.20 £107.46 ALL None £46,790 £46,790 EUV-SH 10515 BD224059 11 Auckland Road Biggleswade Biggleswade Bedfordshire SG18 0DR House 3 £85.20 £107.46 ALL None £46,790 £46,790 EUV-SH 10517 BD224059 15 Auckland Road Biggleswade Biggleswade Bedfordshire SG18 0DR House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10518 BD224059 17 Auckland Road Biggleswade Biggleswade Bedfordshire SG18 0DR House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10519 BD224196 1 Back Street Biggleswade Biggleswade Bedfordshire SG18 8JA Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10520 BD224196 3 Back Street Biggleswade Biggleswade Bedfordshire SG18 8JA Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10521 BD224196 5 Back Street Biggleswade Biggleswade Bedfordshire SG18 8JA Bungalow 1 £71.89 £81.02 ALL None £39,480 £39,480 EUV-SH 10522 BD224196 7 Back Street Biggleswade Biggleswade Bedfordshire SG18 8JA Bungalow 1 £71.89 £81.02 ALL None £39,480 £39,480 EUV-SH 10523 BD224196 9 Back Street Biggleswade Biggleswade Bedfordshire SG18 8JA Bungalow 1 £71.89 £81.02 ALL None £39,480 £39,480 EUV-SH 10524 BD224196 11 Back Street Biggleswade Biggleswade Bedfordshire SG18 8JA Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10525 BD224196 12 Back Street Biggleswade Biggleswade Bedfordshire SG18 8JA Bungalow 1 £71.89 £82.57 ALL None £39,480 £39,480 EUV-SH 10526 BD224196 14 Back Street Biggleswade Biggleswade Bedfordshire SG18 8JA Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10527 BD224196 16 Back Street Biggleswade Biggleswade Bedfordshire SG18 8JA Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10528 BD223427 3 Banks Road Biggleswade Biggleswade Bedfordshire SG18 0DY House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 10529 BD223427 7 Banks Road Biggleswade Biggleswade Bedfordshire SG18 0DY House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 10530 BD223427 9 Banks Road Biggleswade Biggleswade Bedfordshire SG18 0DY House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 10531 BD223427 11 Banks Road Biggleswade Biggleswade Bedfordshire SG18 0DY House 3 £112.78 £112.78 ALL None £61,940 £61,940 EUV-SH 10532 BD223427 13 Banks Road Biggleswade Biggleswade Bedfordshire SG18 0DY House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 10534 BD224195 17 Broadmead Biggleswade Biggleswade Bedfordshire SG18 8LF House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 10535 BD224195 18 Broadmead Biggleswade Biggleswade Bedfordshire SG18 8LF House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 10536 BD224195 26 Broadmead Biggleswade Biggleswade Bedfordshire SG18 8LF House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 10537 BD223429 1 Churchill Court Biggleswade Biggleswade Bedfordshire SG18 0EH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10538 BD223429 2 Churchill Court Biggleswade Biggleswade Bedfordshire SG18 0EH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10539 BD223429 3 Churchill Court Biggleswade Biggleswade Bedfordshire SG18 0EH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10540 BD223429 4 Churchill Court Biggleswade Biggleswade Bedfordshire SG18 0EH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10541 BD223429 5 Churchill Court Biggleswade Biggleswade Bedfordshire SG18 0EH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 10557 BD224767 17 Copelands The Baulk Biggleswade Biggleswade Bedfordshire SG18 0PR Flat 3 £94.28 £94.28 ALL None £51,780 £51,780 EUV-SH 10588 BD224195 3 Coppice Mead Biggleswade Biggleswade Bedfordshire SG18 8LE House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10589 BD224195 5 Coppice Mead Biggleswade Biggleswade Bedfordshire SG18 8LE House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10591 BD224195 7 Coppice Mead Biggleswade Biggleswade Bedfordshire SG18 8LE House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 10592 BD224195 9 Coppice Mead Biggleswade Biggleswade Bedfordshire SG18 8LE House 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10593 BD224195 11 Coppice Mead Biggleswade Biggleswade Bedfordshire SG18 8LE House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10594 BD224195 18 Coppice Mead Biggleswade Biggleswade Bedfordshire SG18 8LE Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 10595 BD224195 19 Coppice Mead Biggleswade Biggleswade Bedfordshire SG18 8LE Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10596 BD224195 20 Coppice Mead Biggleswade Biggleswade Bedfordshire SG18 8LE Bungalow 2 £96.86 £98.15 ALL None £53,190 £53,190 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 10597 BD224195 21 Coppice Mead Biggleswade Biggleswade Bedfordshire SG18 8LE Bungalow 2 £96.86 £98.15 ALL None £53,190 £53,190 EUV-SH 10598 BD224195 22 Coppice Mead Biggleswade Biggleswade Bedfordshire SG18 8LE Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 10599 BD224196 1 The Dells Biggleswade Biggleswade Bedfordshire SG18 8LL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10600 BD224196 6 The Dells Biggleswade Biggleswade Bedfordshire SG18 8LL House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10601 BD224196 7 The Dells Biggleswade Biggleswade Bedfordshire SG18 8LL House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10602 BD224196 8 The Dells Biggleswade Biggleswade Bedfordshire SG18 8LL House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10603 BD224196 9 The Dells Biggleswade Biggleswade Bedfordshire SG18 8LL House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10604 BD224196 16 The Dells Biggleswade Biggleswade Bedfordshire SG18 8LL House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10605 BD224196 17 The Dells Biggleswade Biggleswade Bedfordshire SG18 8LL House 4 £110.14 £119.06 ALL None £60,490 £60,490 EUV-SH 10606 BD224196 18 The Dells Biggleswade Biggleswade Bedfordshire SG18 8LL House 4 £110.14 £119.06 ALL None £60,490 £60,490 EUV-SH 10607 BD224196 22 The Dells Biggleswade Biggleswade Bedfordshire SG18 8LL House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10608 BD224196 23 The Dells Biggleswade Biggleswade Bedfordshire SG18 8LL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10609 BD224196 24 The Dells Biggleswade Biggleswade Bedfordshire SG18 8LL House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10610 BD224196 25 The Dells Biggleswade Biggleswade Bedfordshire SG18 8LL House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10611 BD224196 6 Dells Lane Biggleswade Biggleswade Bedfordshire SG18 8LP House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10612 BD224196 16 Dells Lane Biggleswade Biggleswade Bedfordshire SG18 8LP House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10613 BD224196 18 Dells Lane Biggleswade Biggleswade Bedfordshire SG18 8LP House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10614 BD224196 20 Dells Lane Biggleswade Biggleswade Bedfordshire SG18 8LP House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10615 BD224196 22 Dells Lane Biggleswade Biggleswade Bedfordshire SG18 8LP House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10616 BD224196 28 Dells Lane Biggleswade Biggleswade Bedfordshire SG18 8LP House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10617 BD224195 33 Dells Lane Biggleswade Biggleswade Bedfordshire SG18 8LJ House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 10618 BD224195 37 Dells Lane Biggleswade Biggleswade Bedfordshire SG18 8LJ House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 10619 BD224195 41 Dells Lane Biggleswade Biggleswade Bedfordshire SG18 8LJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10620 BD224195 59 Dells Lane Biggleswade Biggleswade Bedfordshire SG18 8LH Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10622 BD224197 27 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10623 BD224197 29 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10624 BD224197 31 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10625 BD224197 33 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10627 BD224197 43 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10628 BD224197 45 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10629 BD224197 49 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10630 BD224197 51 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10631 BD224197 53 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10632 BD224197 55 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10633 BD224197 57 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HJ House 3 £71.89 £107.46 ALL None £39,480 £39,480 EUV-SH 10634 BD224197 59 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HJ House 3 £71.89 £107.46 ALL None £39,480 £39,480 EUV-SH 10635 BD224197 61 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HJ House 3 £69.81 £107.46 ALL None £38,340 £38,340 EUV-SH 10636 BD224197 63 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HJ House 3 £71.89 £107.46 ALL None £39,480 £39,480 EUV-SH 10637 BD224197 67 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10638 BD224197 69 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HJ House 3 £73.55 £110.34 ALL None £40,390 £40,390 EUV-SH 10639 BD224059 73 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HN House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 10640 BD224059 77 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HN House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 10641 BD224059 83 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HN House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 10642 BD224059 91 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HN House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 10643 BD223427 109 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 10644 BD223427 111 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 10645 BD223427 113 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £80.22 £98.15 ALL None £44,060 £44,060 EUV-SH 10646 BD223427 115 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10647 BD223427 117 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £80.22 £98.15 ALL None £44,060 £44,060 EUV-SH 10648 BD223427 119 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £80.22 £98.15 ALL None £44,060 £44,060 EUV-SH 10649 BD223427 121 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10650 BD223427 123 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £80.22 £98.15 ALL None £44,060 £44,060 EUV-SH 10651 BD223427 125 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10652 BD223427 127 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £80.22 £98.15 ALL None £44,060 £44,060 EUV-SH 10653 BD223427 129 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £80.22 £98.15 ALL None £44,060 £44,060 EUV-SH 10654 BD223427 131 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10655 BD223427 133 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £80.22 £98.15 ALL None £44,060 £44,060 EUV-SH 10656 BD223427 135 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10657 BD223427 141 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10658 BD223427 143 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £80.22 £98.15 ALL None £44,060 £44,060 EUV-SH 10659 BD223427 145 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £80.22 £98.15 ALL None £44,060 £44,060 EUV-SH 10660 BD223427 147 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £97.63 £98.15 ALL None £53,620 £53,620 EUV-SH 10661 BD223427 149 Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HW House 2 £80.22 £98.15 ALL None £44,060 £44,060 EUV-SH 10662 BD223427 152A Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HP Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10663 BD223427 152B Drove Road Biggleswade Biggleswade Bedfordshire SG18 0HP Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10664 BD224199 1 East Walk Biggleswade Biggleswade Bedfordshire SG18 0NU Bungalow 2 £73.55 £97.68 ALL None £40,390 £40,390 EUV-SH 10665 BD224199 2 East Walk Biggleswade Biggleswade Bedfordshire SG18 0NU Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10666 BD224199 3 East Walk Biggleswade Biggleswade Bedfordshire SG18 0NU Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 10667 BD224199 4 East Walk Biggleswade Biggleswade Bedfordshire SG18 0NU Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10668 BD224199 5 East Walk Biggleswade Biggleswade Bedfordshire SG18 0NU Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10669 BD224199 6 East Walk Biggleswade Biggleswade Bedfordshire SG18 0NU Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 10670 BD224199 7 East Walk Biggleswade Biggleswade Bedfordshire SG18 0NU Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10671 BD224199 8 East Walk Biggleswade Biggleswade Bedfordshire SG18 0NU Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 10672 BD224199 10 East Walk Biggleswade Biggleswade Bedfordshire SG18 0NU Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10673 BD223427 3 Edward Road Biggleswade Biggleswade Bedfordshire SG18 0DT House 2 £87.33 £98.15 ALL SOLAR £47,960 £47,960 EUV-SH 10675 BD224059 6 Edward Road Biggleswade Biggleswade Bedfordshire SG18 0DT House 3 £90.19 £110.34 ALL SOLAR £49,530 £49,530 EUV-SH 10676 BD224059 10 Edward Road Biggleswade Biggleswade Bedfordshire SG18 0DT House 3 £90.19 £110.34 ALL SOLAR £49,530 £49,530 EUV-SH 10677 BD223427 11 Edward Road Biggleswade Biggleswade Bedfordshire SG18 0DT House 2 £86.85 £98.15 ALL SOLAR £47,700 £47,700 EUV-SH 10678 BD224059 12 Edward Road Biggleswade Biggleswade Bedfordshire SG18 0DT House 3 £90.19 £110.34 ALL SOLAR £49,530 £49,530 EUV-SH 10680 BD224201 2 Elm Road Biggleswade Biggleswade Bedfordshire SG18 8JJ Bungalow 1 £71.89 £82.57 ALL None £39,480 £39,480 EUV-SH 10692 BD224201 4 Elm Road Biggleswade Biggleswade Bedfordshire SG18 8JJ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10693 BD224201 6 Elm Road Biggleswade Biggleswade Bedfordshire SG18 8JJ Bungalow 1 £75.22 £82.57 ALL None £41,310 £41,310 EUV-SH 10694 BD224201 8 Elm Road Biggleswade Biggleswade Bedfordshire SG18 8JJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10695 BD224201 9 Elm Road Biggleswade Biggleswade Bedfordshire SG18 8JJ House 3 £98.77 £110.34 ALL None £54,240 £54,240 EUV-SH 10696 BD224201 10 Elm Road Biggleswade Biggleswade Bedfordshire SG18 8JJ House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 10697 BD224201 11 Elm Road Biggleswade Biggleswade Bedfordshire SG18 8JJ House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 10698 BD224201 21 Elm Road Biggleswade Biggleswade Bedfordshire SG18 8JJ House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 10739 BD223429 10 Furzenhall Road Biggleswade Biggleswade Bedfordshire SG18 0ES Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10751 BD223429 12 Furzenhall Road Biggleswade Biggleswade Bedfordshire SG18 0ES Bungalow 1 £76.88 £81.02 ALL None £42,220 £42,220 EUV-SH 10752 BD223429 14 Furzenhall Road Biggleswade Biggleswade Bedfordshire SG18 0ES Bungalow 1 £76.88 £81.02 ALL None £42,220 £42,220 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 10753 BD223429 16 Furzenhall Road Biggleswade Biggleswade Bedfordshire SG18 0ES Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10754 BD223429 18 Furzenhall Road Biggleswade Biggleswade Bedfordshire SG18 0ES Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10755 BD223429 20 Furzenhall Road Biggleswade Biggleswade Bedfordshire SG18 0ES Bungalow 1 £76.88 £81.02 ALL None £42,220 £42,220 EUV-SH 10756 BD223429 22 Furzenhall Road Biggleswade Biggleswade Bedfordshire SG18 0ES Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10757 BD223429 24 Furzenhall Road Biggleswade Biggleswade Bedfordshire SG18 0ES Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10758 BD223429 26 Furzenhall Road Biggleswade Biggleswade Bedfordshire SG18 0ES Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10759 BD223429 28 Furzenhall Road Biggleswade Biggleswade Bedfordshire SG18 0ES Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10760 BD223429 30 Furzenhall Road Biggleswade Biggleswade Bedfordshire SG18 0ES Bungalow 1 £76.88 £81.02 ALL None £42,220 £42,220 EUV-SH 10761 BD223429 32 Furzenhall Road Biggleswade Biggleswade Bedfordshire SG18 0ES Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10762 BD224199 1 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PE Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10763 BD224199 3 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PE Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10764 BD224199 5 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PE Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10777 BD224199 7 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PB Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10778 BD224199 8 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PE House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10779 BD224199 9 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PB Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10780 BD224199 10 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PE House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 10781 BD224199 14 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PE House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10782 BD224199 15 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PB House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10783 BD224199 16 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PE House 3 £105.17 £107.46 ALL None £57,760 £57,760 EUV-SH 10784 BD115674 17 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0NT House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10785 BD224199 18 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PE House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 10786 BD224199 19 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0NT House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 10787 BD224199 21 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0NT House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 10788 BD224199 22 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PE Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 10789 BD224199 23 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0NT House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH 10790 BD224199 24 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PE Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 10791 BD224199 25 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0NT House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH 10792 BD224199 26 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PB Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10793 BD224199 27 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0NT House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 10794 BD224199 29 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0NT House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 10795 BD224199 30 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PB House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10796 BD224199 31 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0NT House 3 £96.86 £107.46 ALL None £53,190 £53,190 EUV-SH 10797 BD224199 32 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PB House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 10798 BD224199 34 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0PB House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 10800 BD224199 40 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0NT House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10801 BD224199 44 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0NT House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10802 BD224199 48 Glebe Road Biggleswade Biggleswade Bedfordshire SG18 0NT House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10803 BD224059 6 Havelock Road Biggleswade Biggleswade Bedfordshire SG18 0DB House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 10804 BD224059 16 Havelock Road Biggleswade Biggleswade Bedfordshire SG18 0DB House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 10805 BD224059 18 Havelock Road Biggleswade Biggleswade Bedfordshire SG18 0DB House 2 £83.55 £96.69 ALL None £45,880 £45,880 EUV-SH 10807 BD224059 24 Havelock Road Biggleswade Biggleswade Bedfordshire SG18 0DH House 2 £83.55 £96.69 ALL None £45,880 £45,880 EUV-SH 10808 BD224059 32 Havelock Road Biggleswade Biggleswade Bedfordshire SG18 0DH House 2 £83.55 £96.69 ALL None £45,880 £45,880 EUV-SH 10809 BD224198 43 Hitchmead Road Biggleswade Biggleswade Bedfordshire SG18 0NH Bungalow 2 £94.08 £98.15 ALL None £51,670 £51,670 EUV-SH 10810 BD224198 45 Hitchmead Road Biggleswade Biggleswade Bedfordshire SG18 0NL Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10811 BD224198 49 Hitchmead Road Biggleswade Biggleswade Bedfordshire SG18 0NL House 3 £106.82 £110.34 ALL SOLAR £58,660 £58,660 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 10812 BD224198 51 Hitchmead Road Biggleswade Biggleswade Bedfordshire SG18 0NL House 3 £106.82 £110.34 ALL SOLAR £58,660 £58,660 EUV-SH 10813 BD224198 59 Hitchmead Road Biggleswade Biggleswade Bedfordshire SG18 0NL House 3 £106.82 £110.34 ALL SOLAR £58,660 £58,660 EUV-SH 10814 BD116479 63 Hitchmead Road Biggleswade Biggleswade Bedfordshire SG18 0NL House 3 £108.49 £110.34 ALL SOLAR £59,580 £59,580 EUV-SH 10815 BD224198 65 Hitchmead Road Biggleswade Biggleswade Bedfordshire SG18 0NL House 3 £103.51 £110.34 ALL SOLAR £56,850 £56,850 EUV-SH 10816 BD224198 69 Hitchmead Road Biggleswade Biggleswade Bedfordshire SG18 0NL House 3 £103.51 £110.34 ALL SOLAR £56,850 £56,850 EUV-SH 10817 BD224198 71 Hitchmead Road Biggleswade Biggleswade Bedfordshire SG18 0NL House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 10818 BD224198 73 Hitchmead Road Biggleswade Biggleswade Bedfordshire SG18 0NL House 3 £103.51 £110.34 ALL SOLAR £56,850 £56,850 EUV-SH 10819 BD224198 75 Hitchmead Road Biggleswade Biggleswade Bedfordshire SG18 0NL Bungalow 1 £82.57 £82.57 ALL SOLAR £45,350 £45,350 EUV-SH 10820 BD224198 77 Hitchmead Road Biggleswade Biggleswade Bedfordshire SG18 0NL Bungalow 1 £81.02 £81.02 ALL SOLAR £44,490 £44,490 EUV-SH 10821 BD224198 79 Hitchmead Road Biggleswade Biggleswade Bedfordshire SG18 0NL Bungalow 1 £82.57 £82.57 ALL SOLAR £45,350 £45,350 EUV-SH 10822 BD223431 3 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10823 BD223431 4 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10824 BD223431 5 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10825 BD223431 6 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10826 BD223431 7 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10827 BD223431 8 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10828 BD223431 9 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA Bungalow 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10829 BD223431 10 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA Bungalow 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10830 BD223431 11 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA Bungalow 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10831 BD223431 13 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10832 BD223431 14 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10833 BD223431 15 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10834 BD223431 16 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10835 BD223431 17 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10836 BD223431 18 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 10837 BD223431 19 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10838 BD223431 22 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 10839 BD223431 24 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DA House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 10841 BD223431 28 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 10842 BD223431 29 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 10854 BD223431 31 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 10855 BD223431 32 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 10856 BD223431 33 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 10857 BD223431 34 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10858 BD223431 37 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10859 BD223431 38 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10860 BD223431 39 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10861 BD223431 40 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10862 BD223431 41 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10863 BD223431 46 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10864 BD223431 47 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10865 BD223431 48 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB Bungalow 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10866 BD223431 49 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10867 BD223431 50 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB Bungalow 1 £81.87 £82.57 ALL None £44,960 £44,960 EUV-SH 10868 BD223431 51 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 10869 BD223431 52 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10870 BD223431 53 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB Bungalow 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10871 BD223431 54 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10872 BD223431 55 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DB Bungalow 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10873 BD223431 57 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DD House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 10886 BD223431 61 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE Bungalow 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10887 BD223431 62 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 10888 BD223431 63 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE Bungalow 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10889 BD223431 64 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10890 BD223431 65 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10891 BD223431 66 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10892 BD223431 67 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10893 BD223431 68 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE Bungalow 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10894 BD223431 69 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 10895 BD223431 70 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10896 BD223431 75 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10897 BD223431 76 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10898 BD223431 77 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10899 BD223431 78 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10900 BD223431 79 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10902 BD223431 83 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 10903 BD223431 84 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 10904 BD223431 86 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10905 BD223431 88 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 10906 BD223431 89 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DE House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10907 BD223431 90 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10908 BD223431 95 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10909 BD223431 96 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10910 BD223431 97 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10911 BD223431 98 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10912 BD223431 99 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10913 BD223431 100 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10914 BD223431 101 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10915 BD223431 102 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10916 BD223431 103 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10917 BD223431 104 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10918 BD223431 105 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10919 BD223431 106 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10920 BD223431 107 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 10921 BD223431 108 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 10922 BD223431 109 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10923 BD223431 110 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10924 BD223431 111 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10925 BD223431 112 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 10926 BD223431 113 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 10927 BD223431 116 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10928 BD223431 117 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DF House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10929 BD223431 118 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DH House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10930 BD223431 120 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DH House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10931 BD223431 121 Holme Crescent Biggleswade Biggleswade Bedfordshire SG18 8DH House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 30876 BD223126 Room 2, 7 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NY Room 0 £74.23 £74.23 ALL None £40,770 £40,770 EUV-SH 30875 BD223126 Room 1, 7 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NY Room 0 £74.23 £74.23 ALL None £40,770 £40,770 EUV-SH 10932 BD223126 5 Kitelands Road Biggleswade Biggleswade Bedfordshire SG18 8NS House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10933 BD223126 9 Kitelands Road Biggleswade Biggleswade Bedfordshire SG18 8NT House 2 £90.19 £98.15 ALL None £49,530 £49,530 EUV-SH 10934 BD223126 13 Kitelands Road Biggleswade Biggleswade Bedfordshire SG18 8NT House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10935 BD223126 17 Kitelands Road Biggleswade Biggleswade Bedfordshire SG18 8NT House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 10936 BD223126 23 Kitelands Road Biggleswade Biggleswade Bedfordshire SG18 8NT House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10937 BD223423 2 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10938 BD223423 3 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10939 BD223423 4 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10940 BD223423 5 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £80.22 £98.15 ALL None £44,060 £44,060 EUV-SH 10941 BD223423 6 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £85.20 £98.15 ALL None £46,790 £46,790 EUV-SH 10942 BD223423 7 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £80.22 £98.15 ALL None £44,060 £44,060 EUV-SH 10943 BD223423 8 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10944 BD223423 9 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £80.22 £98.15 ALL None £44,060 £44,060 EUV-SH 10945 BD223423 11 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10946 BD223423 12 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £80.22 £98.15 ALL None £44,060 £44,060 EUV-SH 10947 BD223423 13 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10948 BD223423 14 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £80.22 £98.15 ALL None £44,060 £44,060 EUV-SH 10949 BD223423 15 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £83.55 £98.15 ALL None £45,880 £45,880 EUV-SH 10951 BD223423 17 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10953 BD223423 21 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10954 BD224199 23 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH 10955 BD117785 24 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 3 £106.82 £107.46 ALL None £58,660 £58,660 EUV-SH 10956 BD224199 26 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10958 BD224199 30 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 10959 BD90078 33 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH 10960 BD224199 34 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH 10961 BD224199 35 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10962 BD224199 37 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 10963 BD224199 38 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10965 BD224199 40 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 10966 BD224199 41 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £88.55 £98.15 ALL None £48,630 £48,630 EUV-SH 10967 BD224199 47 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10968 BD224199 48 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10969 BD224199 49 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 10970 BD115319 50 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 3 £96.86 £107.46 ALL None £53,190 £53,190 EUV-SH 10971 BD224199 51 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 10972 BD224199 55 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 10973 BD224199 63 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NX House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 10974 BD224198 66 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NY House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 10975 BD224199 69 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NY House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH 10976 BD224198 70 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NY House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 10977 BD224198 75 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NY House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10978 BD224198 77 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NY House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 10979 BD224198 79 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NY House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10981 BD224198 83 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NY House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10982 BD224198 85 Laburnham Road Biggleswade Biggleswade Bedfordshire SG18 0NY House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 10983 BD224059 1 Lawnside Biggleswade Biggleswade Bedfordshire SG18 0LX Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 10984 BD224059 2 Lawnside Biggleswade Biggleswade Bedfordshire SG18 0LX Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10985 BD224059 3 Lawnside Biggleswade Biggleswade Bedfordshire SG18 0LX Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 10986 BD224059 4 Lawnside Biggleswade Biggleswade Bedfordshire SG18 0LX Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10987 BD224059 5 Lawnside Biggleswade Biggleswade Bedfordshire SG18 0LX Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10988 BD224059 6 Lawnside Biggleswade Biggleswade Bedfordshire SG18 0LX Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10989 BD224059 7 Lawnside Biggleswade Biggleswade Bedfordshire SG18 0LX Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10990 BD224059 8 Lawnside Biggleswade Biggleswade Bedfordshire SG18 0LX Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10991 BD224059 9 Lawnside Biggleswade Biggleswade Bedfordshire SG18 0LX Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 10992 BD224059 10 Lawnside Biggleswade Biggleswade Bedfordshire SG18 0LX Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 10993 BD224059 11 Lawnside Biggleswade Biggleswade Bedfordshire SG18 0LX Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 10994 BD224059 13 Lawnside Biggleswade Biggleswade Bedfordshire SG18 0LX Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10995 BD224059 14 Lawnside Biggleswade Biggleswade Bedfordshire SG18 0LX Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 10996 BD224059 60 Lawrence Road Biggleswade Biggleswade Bedfordshire SG18 0LT House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 10998 BD224059 69 Lawrence Road Biggleswade Biggleswade Bedfordshire SG18 0LT House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 10999 BD224059 74 Lawrence Road Biggleswade Biggleswade Bedfordshire SG18 0LT House 3 £100.36 £110.34 ALL None £55,110 £55,110 EUV-SH 11000 BD224059 79 Lawrence Road Biggleswade Biggleswade Bedfordshire SG18 0LT House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH 11001 BD224059 81 Lawrence Road Biggleswade Biggleswade Bedfordshire SG18 0LT House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH 11002 BD224059 84 Lawrence Road Biggleswade Biggleswade Bedfordshire SG18 0LU House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11003 BD224059 86 Lawrence Road Biggleswade Biggleswade Bedfordshire SG18 0LU House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11004 BD224059 87 Lawrence Road Biggleswade Biggleswade Bedfordshire SG18 0LU House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11005 BD224059 93 Lawrence Road Biggleswade Biggleswade Bedfordshire SG18 0LU House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 11006 BD224059 94 Lawrence Road Biggleswade Biggleswade Bedfordshire SG18 0LU House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11007 BD224059 95 Lawrence Road Biggleswade Biggleswade Bedfordshire SG18 0LU House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 11008 BD224059 96 Lawrence Road Biggleswade Biggleswade Bedfordshire SG18 0LU House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11009 BD224059 98 Lawrence Road Biggleswade Biggleswade Bedfordshire SG18 0LU House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11010 BD223427 1 Lime Tree Walk Biggleswade Biggleswade Bedfordshire SG18 0DS House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11011 BD223427 2 Lime Tree Walk Biggleswade Biggleswade Bedfordshire SG18 0DS House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11012 BD223427 3 Lime Tree Walk Biggleswade Biggleswade Bedfordshire SG18 0DS House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11013 BD223427 6 Lime Tree Walk Biggleswade Biggleswade Bedfordshire SG18 0DS House 3 £86.85 £107.46 ALL None £47,700 £47,700 EUV-SH 11014 BD223427 9 Lime Tree Walk Biggleswade Biggleswade Bedfordshire SG18 0DS House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11015 BD223427 12 Lime Tree Walk Biggleswade Biggleswade Bedfordshire SG18 0DS House 3 £86.85 £107.46 ALL None £47,700 £47,700 EUV-SH 11016 BD223427 12A Lime Tree Walk Biggleswade Biggleswade Bedfordshire SG18 0DS House 3 £86.85 £107.46 ALL None £47,700 £47,700 EUV-SH 11018 BD223427 20 Lime Tree Walk Biggleswade Biggleswade Bedfordshire SG18 0DS House 3 £87.47 £110.34 ALL None £48,040 £48,040 EUV-SH 11019 BD223427 22 Lime Tree Walk Biggleswade Biggleswade Bedfordshire SG18 0DS House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 11020 BD223427 23 Lime Tree Walk Biggleswade Biggleswade Bedfordshire SG18 0DS House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 11021 BD223427 24 Lime Tree Walk Biggleswade Biggleswade Bedfordshire SG18 0DS House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 11022 BD223427 1 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DJ House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11023 BD224059 4 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11024 BD223427 5 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DJ House 2 £86.85 £98.15 ALL None £47,700 £47,700 EUV-SH 11025 BD224059 6 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DJ House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 11026 BD223427 7 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DJ House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 11027 BD224059 8 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DJ House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 11028 BD223427 9 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DJ House 2 £83.55 £96.69 ALL None £45,880 £45,880 EUV-SH 11029 BD224059 10 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DJ House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 11030 BD223427 11 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DJ House 2 £86.85 £98.15 ALL None £47,700 £47,700 EUV-SH 11031 BD224059 12 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DJ House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 11032 BD223427 13 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DJ House 2 £86.85 £96.69 ALL None £47,700 £47,700 EUV-SH 11033 BD224059 14 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DJ House 3 £90.19 £110.34 ALL None £49,530 £49,530 EUV-SH 11035 BD224059 20 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DJ House 2 £83.55 £96.69 ALL None £45,880 £45,880 EUV-SH 11036 BD224059 26 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DJ House 2 £83.55 £96.69 ALL None £45,880 £45,880 EUV-SH 11037 BD223427 27 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DJ House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11038 BD224059 28 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DJ House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 11040 BD224059 30 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DL House 2 £86.85 £98.15 ALL None £47,700 £47,700 EUV-SH 11041 BD224059 32 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DL House 2 £86.85 £98.15 ALL None £47,700 £47,700 EUV-SH 11042 BD224059 33 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DL House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 11043 BD224059 35 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DL House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 11044 BD224059 36 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DL House 2 £86.85 £98.15 ALL None £47,700 £47,700 EUV-SH 11045 BD224059 37 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DL House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 11046 BD224059 39 Lindsell Crescent Biggleswade Biggleswade Bedfordshire SG18 0DL House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 11047 BD224195 3 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11048 BD224195 4 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11049 BD224195 10 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 2 £90.19 £98.15 ALL None £49,530 £49,530 EUV-SH 11050 BD224195 12 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11051 BD224195 17 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 3 £106.82 £107.46 ALL None £58,660 £58,660 EUV-SH 11052 BD224195 18 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11053 BD224195 20 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 2 £90.19 £98.15 ALL None £49,530 £49,530 EUV-SH 11054 BD224195 21 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11055 BD224195 22 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11056 BD224195 26 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11057 BD224195 29 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11058 BD224195 30 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11059 BD224195 33 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11060 BD224195 34 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11061 BD224195 37 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11062 BD224195 38 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JP Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11063 BD224195 39 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11064 BD224195 40 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JP Bungalow 1 £78.52 £82.57 ALL None £43,120 £43,120 EUV-SH 11065 BD224195 42 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JP House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11066 BD224195 47 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 11067 BD224195 48A Mead End Biggleswade Biggleswade Bedfordshire SG18 8JP Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11068 BD224195 48B Mead End Biggleswade Biggleswade Bedfordshire SG18 8JP Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 11069 BD224195 48C Mead End Biggleswade Biggleswade Bedfordshire SG18 8JP Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11070 BD224195 48D Mead End Biggleswade Biggleswade Bedfordshire SG18 8JP Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11071 BD224195 49 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JN House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 11072 BD224195 61 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JP House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 11073 BD224201 65 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JP House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11074 BD223127 70 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JR Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11075 BD223127 72 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JR Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11076 BD223127 74 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JR Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11077 BD223127 76 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JU House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11078 BD223127 80 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JU House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11079 BD224201 83 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JR House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11080 BD224201 85 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JR House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11081 BD223127 86 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JU Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11082 BD223127 88 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JU Bungalow 1 £76.88 £82.57 ALL None £42,220 £42,220 EUV-SH 11083 BD223127 90 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JU Bungalow 1 £75.22 £82.57 ALL None £41,310 £41,310 EUV-SH 11084 BD223127 92 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JU Bungalow 1 £75.22 £82.57 ALL None £41,310 £41,310 EUV-SH 11085 BD224201 93 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JR House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11086 BD223127 94 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JU Bungalow 1 £76.88 £82.57 ALL None £42,220 £42,220 EUV-SH 11087 BD223127 96 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JU Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 11088 BD223127 97 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JR Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 11089 BD223127 99 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JR Bungalow 1 £76.88 £82.57 ALL None £42,220 £42,220 EUV-SH 11090 BD223127 101 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JR Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11091 BD223127 103 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JR Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11092 BD223127 105 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JR Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 11093 BD223127 108 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JU House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11095 BD223127 113 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JU House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11096 BD223127 123 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JU Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11097 BD223127 125 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JU Bungalow 2 £85.20 £98.15 ALL None £46,790 £46,790 EUV-SH 11098 BD223127 127 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JU Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11099 BD223127 129 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JU Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11100 BD223127 131 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JU Bungalow 2 £85.20 £98.15 ALL None £46,790 £46,790 EUV-SH 11101 BD223127 133 Mead End Biggleswade Biggleswade Bedfordshire SG18 8JU Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11114 BD223427 1 Newtown Court Biggleswade Biggleswade Bedfordshire SG18 0AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11115 BD223427 2 Newtown Court Biggleswade Biggleswade Bedfordshire SG18 0AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11116 BD223427 3 Newtown Court Biggleswade Biggleswade Bedfordshire SG18 0AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11117 BD223427 5 Newtown Court Biggleswade Biggleswade Bedfordshire SG18 0AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11118 BD223427 6 Newtown Court Biggleswade Biggleswade Bedfordshire SG18 0AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11119 BD223427 8 Newtown Court Biggleswade Biggleswade Bedfordshire SG18 0AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11120 BD223427 9 Newtown Court Biggleswade Biggleswade Bedfordshire SG18 0AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11121 BD223427 14 Newtown Court Biggleswade Biggleswade Bedfordshire SG18 0AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11122 BD223427 16 Newtown Court Biggleswade Biggleswade Bedfordshire SG18 0AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11123 BD223430 1 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11124 BD223430 2 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11125 BD223430 3 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11126 BD223430 4 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 11127 BD223430 5 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11128 BD223430 6 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11129 BD223430 7 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11130 BD223430 8 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11131 BD223430 9 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11132 BD223430 10 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11133 BD223430 11 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD House 3 £106.47 £106.47 ALL None £58,470 £58,470 EUV-SH 11134 BD223430 12 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11135 BD223430 13 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11137 BD223430 15 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11138 BD223430 17 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11139 BD223430 19 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11140 BD223430 21 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11141 BD223430 23 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11142 BD223430 25 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11143 BD223430 27 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11144 BD223430 29 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11145 BD223430 42 Northfields Biggleswade Biggleswade Bedfordshire SG18 0HD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11164 BD223127 1 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JS House 3 £105.17 £110.34 ALL SOLAR £57,760 £57,760 EUV-SH 11165 BD223127 2 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JS House 3 £103.51 £110.34 ALL SOLAR £56,850 £56,850 EUV-SH 11166 BD223127 7 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JS Bungalow 2 £85.20 £98.15 ALL None £46,790 £46,790 EUV-SH 11167 BD223127 9 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JS Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11168 BD223127 12 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JS Bungalow 2 £91.85 £98.15 ALL None £50,440 £50,440 EUV-SH 11194 BD223127 19 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JS House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11195 BD223127 24 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JS House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11196 BD223127 26 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JT House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11197 BD223127 27 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JS House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11198 BD223127 28 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JT House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11199 BD223127 30 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JT House 3 £103.51 £107.46 ALL None £56,850 £56,850 EUV-SH 11200 BD223127 31 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JS House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11203 BD223127 39 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JT House 3 £101.83 £107.46 ALL SOLAR £55,920 £55,920 EUV-SH 11204 BD223127 41 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JT House 3 £106.82 £110.34 ALL SOLAR £58,660 £58,660 EUV-SH 11205 BD223127 42 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JT House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11207 BD223127 46 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JT Bungalow 2 £91.85 £98.15 ALL None £50,440 £50,440 EUV-SH 11208 BD223127 47 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JT House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11209 BD223127 52 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JT House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11210 BD223127 56 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JT House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11211 BD223127 57 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JT House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11212 BD223127 61 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JT House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11213 BD223127 69 Oak Crescent Biggleswade Biggleswade Bedfordshire SG18 8JT House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11214 BD224201 3 Playfield Close Biggleswade Biggleswade Bedfordshire SG18 8JL House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11215 BD224201 5 Playfield Close Biggleswade Biggleswade Bedfordshire SG18 8JL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11216 BD224201 7 Playfield Close Biggleswade Biggleswade Bedfordshire SG18 8JL House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11217 BD224201 8 Playfield Close Biggleswade Biggleswade Bedfordshire SG18 8JL House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11218 BD224201 11 Playfield Close Biggleswade Biggleswade Bedfordshire SG18 8JL House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 11219 BD224201 12 Playfield Close Biggleswade Biggleswade Bedfordshire SG18 8JL House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11220 BD224201 13 Playfield Close Biggleswade Biggleswade Bedfordshire SG18 8JL House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11222 BD223427 8 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0DX House 3 £86.85 £107.46 ALL SOLAR £47,700 £47,700 EUV-SH 11223 BD223429 11 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0DU Flat 3 £92.61 £92.61 ALL None £50,860 £50,860 EUV-SH 11224 BD223427 12 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0DX House 3 £90.19 £110.34 ALL SOLAR £49,530 £49,530 EUV-SH 11225 BD223429 13 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0DU Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11226 BD223427 14 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0DX House 3 £90.19 £110.34 ALL SOLAR £49,530 £49,530 EUV-SH 11227 BD223429 15 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0DU Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11228 BD223427 16 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0DX House 3 £86.85 £107.46 ALL SOLAR £47,700 £47,700 EUV-SH 11229 BD223427 18 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0DX House 3 £86.85 £107.46 ALL SOLAR £47,700 £47,700 EUV-SH 11230 BD223427 20 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0DX House 3 £90.19 £110.34 ALL SOLAR £49,530 £49,530 EUV-SH 11231 BD223427 22 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0DX House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 11233 BD223427 28 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0DZ House 3 £107.46 £107.46 ALL SOLAR £59,010 £59,010 EUV-SH 11234 BD223429 31 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0DX Bungalow 1 £81.02 £81.02 ALL SOLAR £44,490 £44,490 EUV-SH 11235 BD223427 32 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0DZ House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 11236 BD223429 33 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0DX Bungalow 1 £81.02 £81.02 ALL SOLAR £44,490 £44,490 EUV-SH 11237 BD223427 42 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0EB House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11241 BD223427 50 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0EB Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11242 BD223427 52 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0EB Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11243 BD223427 54 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0EB Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11244 BD223427 56 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0EB Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11245 BD223427 58 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0EB House 3 £86.85 £110.34 ALL SOLAR £47,700 £47,700 EUV-SH 11246 BD223427 60 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0EB House 3 £86.85 £110.34 ALL SOLAR £47,700 £47,700 EUV-SH 11247 BD223427 62 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0EB House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 11248 BD223427 64 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0EB House 3 £86.85 £110.34 ALL SOLAR £47,700 £47,700 EUV-SH 11249 BD223427 68 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0EB House 4 £93.51 £117.71 ALL SOLAR £51,350 £51,350 EUV-SH 11250 BD223427 70 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0EB House 3 £86.85 £107.46 ALL SOLAR £47,700 £47,700 EUV-SH 11251 BD223427 74 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0EB House 2 £80.22 £98.15 ALL None £44,060 £44,060 EUV-SH 11253 BD223423 80 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0ED House 2 £90.19 £96.69 ALL SOLAR £49,530 £49,530 EUV-SH 11254 BD223423 82 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0ED House 2 £86.85 £96.69 ALL SOLAR £47,700 £47,700 EUV-SH 11255 BD223423 84 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0ED House 2 £96.69 £96.69 ALL SOLAR £53,100 £53,100 EUV-SH 11256 BD223423 86 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0ED House 2 £90.19 £96.69 ALL SOLAR £49,530 £49,530 EUV-SH 11258 BD223423 98 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0ED House 2 £96.69 £96.69 ALL SOLAR £53,100 £53,100 EUV-SH 11259 BD223423 100 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0ED House 2 £86.85 £96.69 ALL None £47,700 £47,700 EUV-SH 11260 BD223423 102 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0ED House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 11261 BD223423 1 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PF House 4 £103.51 £119.06 ALL None £56,850 £56,850 EUV-SH 11262 BD223423 3 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PF House 4 £103.51 £119.06 ALL None £56,850 £56,850 EUV-SH 11263 BD223423 4 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PF House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 11264 BD223423 5 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PF House 4 £119.06 £119.06 ALL None £65,390 £65,390 EUV-SH 11265 BD223423 8 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PF House 2 £93.51 £98.15 ALL None £51,350 £51,350 EUV-SH 11267 BD223423 10 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PF House 2 £93.51 £98.15 ALL None £51,350 £51,350 EUV-SH 11268 BD223423 13 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ House 2 £90.19 £98.15 ALL None £49,530 £49,530 EUV-SH 11269 BD223423 14 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PF House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11270 BD223423 16 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PF House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11271 BD223423 17 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ House 4 £119.06 £119.06 ALL None £65,390 £65,390 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 11272 BD223423 18 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PF House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11273 BD224199 19 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 11274 BD223423 20 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11275 BD223423 22 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 1 £68.56 £82.57 ALL None £37,650 £37,650 EUV-SH 11276 BD224199 23 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 11277 BD223423 24 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11278 BD224199 25 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 11279 BD223423 26 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11280 BD224199 27 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 11281 BD223423 28 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11282 BD223423 30 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 1 £68.56 £82.57 ALL None £37,650 £37,650 EUV-SH 11283 BD224199 31 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 11284 BD223423 32 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11285 BD224199 33 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 2 £71.89 £97.68 ALL None £39,480 £39,480 EUV-SH 11286 BD223423 34 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11287 BD224199 36 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 11288 BD224199 37 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 11289 BD224199 39 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 11290 BD224199 40 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 2 £94.88 £97.68 ALL None £52,110 £52,110 EUV-SH 11291 BD224198 41 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11292 BD224199 42 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 11293 BD224198 45 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PG House 3 £101.83 £110.34 ALL None £55,920 £55,920 EUV-SH 11294 BD224199 46 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 11295 BD224198 47 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PG House 3 £101.83 £110.34 ALL None £55,920 £55,920 EUV-SH 11296 BD224199 50 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PQ Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 11297 BD224198 52 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PG House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11299 BD224198 54 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11300 BD224198 55 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PG House 3 £101.83 £110.34 ALL None £55,920 £55,920 EUV-SH 11301 BD224198 57 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11302 BD224198 58 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PG House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11303 BD224198 59 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PG House 3 £101.83 £110.34 ALL None £55,920 £55,920 EUV-SH 11304 BD224198 63 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PG House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11305 BD224198 65 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0NJ House 3 £101.83 £110.34 ALL None £55,920 £55,920 EUV-SH 11307 BD224198 68 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0PG House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11308 BD224198 71 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0NJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11309 BD224198 73 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0NJ Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 11310 BD224198 76 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0NJ House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11311 BD224198 78 Rowan Crescent Biggleswade Biggleswade Bedfordshire SG18 0NJ House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11313 BD223126 1 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NY House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11335 BD223126 3 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NY House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11336 BD223126 6 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NY House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11341 BD223126 10 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NY House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11342 BD223126 11 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NY House 3 £105.17 £107.46 ALL None £57,760 £57,760 EUV-SH 11343 BD223126 16 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NY House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11344 BD223126 17 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NY House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 11345 BD223126 20 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NY House 2 £90.19 £96.69 ALL None £49,530 £49,530 EUV-SH 11346 BD223126 21 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NY House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11347 BD223126 23 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NY House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11348 BD223126 26 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11349 BD223126 27 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NY House 2 £84.42 £98.15 ALL None £46,360 £46,360 EUV-SH 11350 BD223126 30 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11351 BD223126 31 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NY House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11352 BD223126 34 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11353 BD223126 36 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11354 BD223126 40 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 2 £90.19 £98.15 ALL None £49,530 £49,530 EUV-SH 11355 BD223126 41 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11356 BD223126 42 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 11357 BD223126 43 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11358 BD223126 45 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 2 £90.19 £98.15 ALL None £49,530 £49,530 EUV-SH 11360 BD223126 47 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11364 BD223126 49 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11365 BD223126 50 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11366 BD223126 53 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11367 BD223126 54 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11368 BD223126 55 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11369 BD223126 56 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11370 BD223126 59 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11371 BD223126 61 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 2 £90.19 £98.15 ALL None £49,530 £49,530 EUV-SH 11373 BD223126 73 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 11374 BD223126 79 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £105.17 £110.34 ALL None £57,760 £57,760 EUV-SH 11376 BD223126 83 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11377 BD223126 85 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 2 £90.19 £98.15 ALL None £49,530 £49,530 EUV-SH 11379 BD223126 97 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 2 £90.19 £98.15 ALL None £49,530 £49,530 EUV-SH 11380 BD223126 105 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 2 £90.19 £98.15 ALL None £49,530 £49,530 EUV-SH 11381 BD223126 107 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11382 BD223126 109 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11383 BD223126 117 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11384 BD223126 119 The Rowlands Biggleswade Biggleswade Bedfordshire SG18 8NZ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11385 BD225112 1 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11386 BD225112 2 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11387 BD225112 3 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11388 BD225112 4 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11389 BD225112 5 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11390 BD225112 6 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11391 BD225112 7 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11392 BD225112 8 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11393 BD225112 9 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11394 BD225112 10 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11395 BD225112 11 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11396 BD225112 12 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 11397 BD225112 13 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11399 BD225112 15 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11400 BD225112 16 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11401 BD225112 17 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11402 BD225112 18 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11403 BD225112 19 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11404 BD225112 20 Shuttleworth Court Biggleswade Biggleswade Bedfordshire SG18 0QG Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11405 BD224199 2 South Walk Biggleswade Biggleswade Bedfordshire SG18 0PA Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 11406 BD224199 3 South Walk Biggleswade Biggleswade Bedfordshire SG18 0PA Bungalow 2 £75.22 £97.68 ALL None £41,310 £41,310 EUV-SH 11407 BD224199 4 South Walk Biggleswade Biggleswade Bedfordshire SG18 0PA Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 11408 BD224199 5 South Walk Biggleswade Biggleswade Bedfordshire SG18 0PA Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 11409 BD224199 6 South Walk Biggleswade Biggleswade Bedfordshire SG18 0PA Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 11410 BD224198 7 South Walk Biggleswade Biggleswade Bedfordshire SG18 0NR House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 11411 BD224198 8 South Walk Biggleswade Biggleswade Bedfordshire SG18 0NR House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11412 BD224198 9 South Walk Biggleswade Biggleswade Bedfordshire SG18 0NR House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 11423 BD223423 6 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0PL House 4 £103.51 £119.06 ALL None £56,850 £56,850 EUV-SH 11424 BD223423 8 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0PL House 4 £103.51 £119.06 ALL None £56,850 £56,850 EUV-SH 11425 BD223423 16 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 11427 BD223423 20 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 11428 BD223423 22 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11429 BD223423 24 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 11430 BD223423 26 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11431 BD223423 28 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 11432 BD223423 30 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11433 BD224199 34 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH 11434 BD224199 36 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH 11435 BD224199 44 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 11436 BD224199 46 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 11437 BD224199 48 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH 11438 BD224199 50 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 2 £88.55 £98.15 ALL None £48,630 £48,630 EUV-SH 11439 BD224199 52 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 2 £88.55 £98.15 ALL None £48,630 £48,630 EUV-SH 11440 BD224199 54 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH 11441 BD224199 59 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11442 BD224199 64 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NW House 3 £96.86 £110.34 ALL None £53,190 £53,190 EUV-SH 11443 BD224199 65 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NS House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11445 BD224199 69 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NW House 3 £106.82 £110.34 ALL None £58,660 £58,660 EUV-SH 11446 BD224198 70 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NW House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 11447 BD224198 72 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NW House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 11448 BD224199 73 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NW House 3 £103.51 £107.46 ALL None £56,850 £56,850 EUV-SH 11449 BD224198 74 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NW House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 11450 BD224198 76 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NW House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 11451 BD224198 78 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NW House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 11452 BD224198 80 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NW House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11453 BD224198 82 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NW House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11474 BD224198 88 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NN House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 11475 BD224198 89 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NN House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 11476 BD224198 90 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NN House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 11477 BD224198 92 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NN House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 11515 BD224198 101 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NN House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 11516 BD224198 111 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NN House 3 £101.83 £110.34 ALL None £55,920 £55,920 EUV-SH 11517 BD224198 121 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NN House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 11518 BD224198 131 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11519 BD224198 143 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11520 BD224198 145 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11521 BD224198 157 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11522 BD224198 165 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NN Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11523 BD224198 167 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NN Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11524 BD224198 169 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NN Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11525 BD224198 171 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NN Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11526 BD224198 173 Stratton Way Biggleswade Biggleswade Bedfordshire SG18 0NN Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11551 BD224198 4 Sutton Avenue Biggleswade Biggleswade Bedfordshire SG18 0NZ House 3 £105.17 £110.34 ALL SOLAR £57,760 £57,760 EUV-SH 11553 BD224198 9 Sutton Avenue Biggleswade Biggleswade Bedfordshire SG18 0NZ House 3 £106.82 £110.34 ALL SOLAR £58,660 £58,660 EUV-SH 11554 BD224198 11 Sutton Avenue Biggleswade Biggleswade Bedfordshire SG18 0NZ House 3 £106.82 £110.34 ALL SOLAR £58,660 £58,660 EUV-SH 11555 BD224198 13 Sutton Avenue Biggleswade Biggleswade Bedfordshire SG18 0NZ House 3 £106.82 £110.34 ALL SOLAR £58,660 £58,660 EUV-SH 11557 BD224198 18 Sutton Avenue Biggleswade Biggleswade Bedfordshire SG18 0NZ House 3 £103.51 £110.34 ALL SOLAR £56,850 £56,850 EUV-SH 11558 BD224198 20 Sutton Avenue Biggleswade Biggleswade Bedfordshire SG18 0NZ House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 11562 BD117529 24 Sutton Avenue Biggleswade Biggleswade Bedfordshire SG18 0NZ House 3 £103.51 £110.34 ALL None £56,850 £56,850 EUV-SH 11602 BD223430 8 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11603 BD223430 10 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11604 BD223430 16 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11605 BD223430 18 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11606 BD223430 42 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11607 BD223430 46 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11608 BD223430 48 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11609 BD223430 50 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11610 BD223430 52 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11611 BD223430 56 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT House 3 £101.83 £107.46 ALL None £55,920 £55,920 EUV-SH 11612 BD223430 62 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Bungalow 2 £91.40 £91.40 ALL None £50,190 £50,190 EUV-SH 11613 BD223430 64 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Bungalow 2 £90.19 £90.19 ALL None £49,530 £49,530 EUV-SH 11614 BD223430 66 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Bungalow 2 £90.19 £90.19 ALL None £49,530 £49,530 EUV-SH 11615 BD223430 68 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Bungalow 2 £90.19 £90.19 ALL None £49,530 £49,530 EUV-SH 11616 BD223430 70 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Bungalow 2 £91.40 £91.40 ALL None £50,190 £50,190 EUV-SH 11617 BD223430 78 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11618 BD223430 80 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11619 BD223430 82 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11620 BD223430 90 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11621 BD223430 92 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11622 BD223430 104 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11623 BD223430 106 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11624 BD223430 110 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 11625 BD223430 114 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11626 BD223430 116 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11627 BD223430 118 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11628 BD223430 120 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11629 BD223430 122 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11630 BD223430 124 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11631 BD223430 126 Urban Way Biggleswade Biggleswade Bedfordshire SG18 0HT Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11632 BD224199 1 West Walk Biggleswade Biggleswade Bedfordshire SG18 0PD Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 11633 BD224199 3 West Walk Biggleswade Biggleswade Bedfordshire SG18 0PD Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 11634 BD224199 4 West Walk Biggleswade Biggleswade Bedfordshire SG18 0PD Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 11635 BD224199 5 West Walk Biggleswade Biggleswade Bedfordshire SG18 0PD Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 11637 BD224199 7 West Walk Biggleswade Biggleswade Bedfordshire SG18 0PD Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 11638 BD224199 8 West Walk Biggleswade Biggleswade Bedfordshire SG18 0PD Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 11639 BD224199 9 West Walk Biggleswade Biggleswade Bedfordshire SG18 0PD Bungalow 2 £97.68 £97.68 ALL None £53,640 £53,640 EUV-SH 11640 BD224199 10 West Walk Biggleswade Biggleswade Bedfordshire SG18 0PD Bungalow 2 £70.24 £97.68 ALL None £38,570 £38,570 EUV-SH 11641 BD223429 2 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EU Maisonette 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11642 BD223429 4 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EU Maisonette 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11643 BD223429 6 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EU Maisonette 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11644 BD223429 8 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EU Maisonette 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11645 BD223429 11 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0ET Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11646 BD223429 13 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0ET Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11647 BD223429 14 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EU Maisonette 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11648 BD223429 15 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0ET Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11649 BD223429 16 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EU Maisonette 3 £92.61 £92.61 ALL None £50,860 £50,860 EUV-SH 11650 BD223429 17 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0ET Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11651 BD223429 18 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EX Maisonette 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11652 BD223429 19 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0ET Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11653 BD223429 20 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EX Maisonette 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11654 BD223429 21 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0ET House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11655 BD223429 22 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EX Maisonette 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11656 BD223429 24 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EX Maisonette 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11657 BD223429 28 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EX Maisonette 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11671 BD223429 30 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EX Maisonette 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11672 BD223429 32 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EX Maisonette 3 £92.61 £92.61 ALL None £50,860 £50,860 EUV-SH 11673 BD223429 34 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EY Maisonette 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11675 BD223429 36 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EY Maisonette 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11676 BD223429 39 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0ET House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11677 BD223429 44 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EY Maisonette 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11678 BD223429 48 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EY Maisonette 3 £92.61 £92.61 ALL None £50,860 £50,860 EUV-SH 11679 BD223430 55 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0HB House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11680 BD223430 59 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0HB House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11681 BD223430 61 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0HB House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11682 BD223429 64 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EZ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11683 BD223429 68 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EZ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11684 BD223430 71 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0HB House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 11685 BD223429 74 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EZ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11708 BD223429 92 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EZ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11709 BD223429 96 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EZ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11710 BD223429 100 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0EZ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11731 BD223429 120 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0HA House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11757 BD223429 130 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0HA House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11758 BD223429 132 Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0HA House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11759 BD223429 136A Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0HA Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11760 BD223429 136B Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0HA Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11761 BD223429 136C Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0HA Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11762 BD223429 136D Winston Crescent Biggleswade Biggleswade Bedfordshire SG18 0HA Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 11778 BD223435 1 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11779 BD223435 2 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 2 £68.55 £96.69 ALL None £37,650 £37,650 EUV-SH 11780 BD223435 3 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11781 BD223435 4 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 11782 BD223435 5 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11783 BD223435 6 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 2 £68.55 £96.69 ALL None £37,650 £37,650 EUV-SH 11784 BD223435 7 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £78.51 £81.02 ALL None £43,120 £43,120 EUV-SH 11785 BD223435 8 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 11786 BD223435 9 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 11787 BD223435 11 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 2 £90.18 £98.15 ALL None £49,520 £49,520 EUV-SH 11788 BD223435 11A The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 2 £91.84 £96.69 ALL None £50,440 £50,440 EUV-SH 11789 BD223435 15 The Avenue Blunham Blunham Bedfordshire MK44 3NY House 3 £100.18 £107.46 ALL None £55,020 £55,020 EUV-SH 11790 BD223435 17 The Avenue Blunham Blunham Bedfordshire MK44 3NY House 3 £98.48 £110.34 ALL None £54,080 £54,080 EUV-SH 11791 BD223435 22 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11802 BD223435 24 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £76.87 £82.57 ALL None £42,220 £42,220 EUV-SH 11803 BD223435 25 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 2 £91.84 £98.15 ALL None £50,440 £50,440 EUV-SH 11804 BD223435 26 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11805 BD223435 27 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11806 BD223435 28 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £78.51 £82.57 ALL None £43,120 £43,120 EUV-SH 11807 BD223435 30 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11808 BD223435 31 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 11809 BD223435 32 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11810 BD223435 33 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11811 BD223435 34 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11812 BD223435 35 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11813 BD223435 36 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11814 BD223435 37 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11815 BD223435 38 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £76.87 £82.57 ALL None £42,220 £42,220 EUV-SH 11816 BD223435 39 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11817 BD223435 40 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £78.51 £82.57 ALL None £43,120 £43,120 EUV-SH 11818 BD223435 41 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 11819 BD223435 43 The Avenue Blunham Blunham Bedfordshire MK44 3NY Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11820 BD223434 42 Barford Road Blunham Blunham Bedfordshire MK44 3ND House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 11821 BD223434 44 Barford Road Blunham Blunham Bedfordshire MK44 3ND House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 11822 BD223434 48 Barford Road Blunham Blunham Bedfordshire MK44 3ND House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11823 BD223434 56 Barford Road Blunham Blunham Bedfordshire MK44 3ND House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11824 BD224669 44 Park Lane Blunham Blunham Bedfordshire MK44 3NJ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11825 BD224669 46 Park Lane Blunham Blunham Bedfordshire MK44 3NJ Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 11826 BD224669 48 Park Lane Blunham Blunham Bedfordshire MK44 3NJ Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 11827 BD224669 50 Park Lane Blunham Blunham Bedfordshire MK44 3NJ Bungalow 2 £81.86 £98.15 ALL None £44,950 £44,950 EUV-SH 11828 BD223435 2 Park View Blunham Blunham Bedfordshire MK44 3PB House 2 £86.85 £98.15 ALL None £47,700 £47,700 EUV-SH 11829 BD223435 6 Park View Blunham Blunham Bedfordshire MK44 3PB House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11830 BD223435 8 Park View Blunham Blunham Bedfordshire MK44 3PB House 2 £86.85 £98.15 ALL None £47,700 £47,700 EUV-SH 11831 BD223435 12 Park View Blunham Blunham Bedfordshire MK44 3PB House 2 £83.54 £98.15 ALL None £45,880 £45,880 EUV-SH 11832 BD223435 16 Park View Blunham Blunham Bedfordshire MK44 3PB House 2 £86.85 £98.15 ALL None £47,700 £47,700 EUV-SH 11833 BD223435 22 Park View Blunham Blunham Bedfordshire MK44 3PB Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11834 BD223435 24 Park View Blunham Blunham Bedfordshire MK44 3PB Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11835 BD223435 26 Park View Blunham Blunham Bedfordshire MK44 3PB Bungalow 2 £86.85 £98.15 ALL None £47,700 £47,700 EUV-SH 11836 BD223435 28 Park View Blunham Blunham Bedfordshire MK44 3PB Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11837 BD223435 30 Park View Blunham Blunham Bedfordshire MK44 3PB Bungalow 2 £86.85 £98.15 ALL None £47,700 £47,700 EUV-SH 11838 BD223435 32 Park View Blunham Blunham Bedfordshire MK44 3PB Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11864 BD223435 11 Station Road Blunham Blunham Bedfordshire MK44 3NZ House 2 £86.85 £96.69 ALL None £47,700 £47,700 EUV-SH 11865 BD223435 21 Station Road Blunham Blunham Bedfordshire MK44 3NZ House 2 £86.85 £98.15 ALL None £47,700 £47,700 EUV-SH 11866 BD223435 28 Station Road Blunham Blunham Bedfordshire MK44 3NZ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11867 BD223435 38 Station Road Blunham Blunham Bedfordshire MK44 3NZ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11868 BD223435 42 Station Road Blunham Blunham Bedfordshire MK44 3NZ Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 11869 BD223435 44 Station Road Blunham Blunham Bedfordshire MK44 3NZ Bungalow 2 £68.55 £96.69 ALL None £37,650 £37,650 EUV-SH 11870 BD223435 46 Station Road Blunham Blunham Bedfordshire MK44 3NX Bungalow 2 £68.55 £96.69 ALL None £37,650 £37,650 EUV-SH 11871 BD223435 48 Station Road Blunham Blunham Bedfordshire MK44 3NX Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 11872 BD223436 64 Station Road Blunham Blunham Bedfordshire MK44 3NX House 3 £85.20 £110.34 ALL None £46,790 £46,790 EUV-SH 11874 BD223436 70 Station Road Blunham Blunham Bedfordshire MK44 3NX House 3 £85.20 £110.34 ALL None £46,790 £46,790 EUV-SH 11876 BD223436 76 Station Road Blunham Blunham Bedfordshire MK44 3NX House 2 £85.20 £98.15 ALL None £46,790 £46,790 EUV-SH 11877 BD223436 80 Station Road Blunham Blunham Bedfordshire MK44 3NX House 2 £73.55 £98.15 ALL None £40,390 £40,390 EUV-SH 11878 BD223436 82 Station Road Blunham Blunham Bedfordshire MK44 3NX House 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 11880 BD223439 2 Biggleswade Road Biggleswade Biggleswade Bedfordshire SG18 8RL House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 11881 BD223439 4 Biggleswade Road Biggleswade Biggleswade Bedfordshire SG18 8RL House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 11884 BD223439 14 Biggleswade Road Biggleswade Biggleswade Bedfordshire SG18 8RL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11885 BD223439 16 Biggleswade Road Biggleswade Biggleswade Bedfordshire SG18 8RL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11886 BD223441 12 Boot Lane Biggleswade Biggleswade Bedfordshire SG18 8RP House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 11887 BD223441 14 Boot Lane Biggleswade Biggleswade Bedfordshire SG18 8RP House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11888 BD223441 16 Boot Lane Biggleswade Biggleswade Bedfordshire SG18 8RP Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11889 BD223441 18 Boot Lane Biggleswade Biggleswade Bedfordshire SG18 8RP Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11890 BD223441 20 Boot Lane Biggleswade Biggleswade Bedfordshire SG18 8RP Bungalow 2 £90.18 £98.15 ALL None £49,520 £49,520 EUV-SH 11891 BD223441 22 Boot Lane Biggleswade Biggleswade Bedfordshire SG18 8RP Bungalow 2 £90.18 £98.15 ALL None £49,520 £49,520 EUV-SH 11892 BD223441 17 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 8RT House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11893 BD223441 19 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 8RT House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11894 BD223441 23 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 8RT House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11896 BD223441 25 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 8RT House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11897 BD223441 27 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 8RT House 3 £101.83 £110.34 ALL None £55,920 £55,920 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 11898 BD223440 13 Chapel Street Biggleswade Biggleswade Bedfordshire SG18 8RW Bungalow 2 £80.22 £96.69 ALL None £44,060 £44,060 EUV-SH 11899 BD223440 15 Chapel Street Biggleswade Biggleswade Bedfordshire SG18 8RW Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 11900 BD223440 17 Chapel Street Biggleswade Biggleswade Bedfordshire SG18 8RW Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 11901 BD223441 2 Greenfield Way Biggleswade Biggleswade Bedfordshire SG18 8RX House 3 £110.34 £107.02 ALL None £60,600 £60,600 EUV-SH 11902 BD223441 4 Greenfield Way Biggleswade Biggleswade Bedfordshire SG18 8RX House 3 £101.83 £110.34 ALL None £55,920 £55,920 EUV-SH 11904 BD223441 8 Greenfield Way Biggleswade Biggleswade Bedfordshire SG18 8RX House 3 £101.83 £110.34 ALL None £55,920 £55,920 EUV-SH 11905 BD223441 9 Greenfield Way Biggleswade Biggleswade Bedfordshire SG18 8RX House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11906 BD223441 14 Greenfield Way Biggleswade Biggleswade Bedfordshire SG18 8RX House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 11907 BD223441 15 Greenfield Way Biggleswade Biggleswade Bedfordshire SG18 8RX House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11908 BD223441 16 Greenfield Way Biggleswade Biggleswade Bedfordshire SG18 8RX House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11909 BD223441 17 Greenfield Way Biggleswade Biggleswade Bedfordshire SG18 8RX House 2 £90.18 £98.15 ALL None £49,520 £49,520 EUV-SH 11910 BD223441 18 Greenfield Way Biggleswade Biggleswade Bedfordshire SG18 8RX House 3 £98.48 £110.34 ALL None £54,080 £54,080 EUV-SH 11912 BD223440 14 High Street Biggleswade Biggleswade Bedfordshire SG18 8RN House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 11913 BD223440 16 High Street Biggleswade Biggleswade Bedfordshire SG18 8RN House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 11914 BD223440 20 High Street Biggleswade Biggleswade Bedfordshire SG18 8RN House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 11916 BD223440 24 High Street Biggleswade Biggleswade Bedfordshire SG18 8RN House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 11917 BD223440 26 High Street Biggleswade Biggleswade Bedfordshire SG18 8RN House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 11918 BD223441 3 Lees Close Biggleswade Biggleswade Bedfordshire SG18 8RU House 2 £90.18 £98.15 ALL SOLTHERM £49,520 £49,520 EUV-SH 11919 BD223441 8 Lees Close Biggleswade Biggleswade Bedfordshire SG18 8RU House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 11920 BD223441 12 Lees Close Biggleswade Biggleswade Bedfordshire SG18 8RU House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11921 BD223441 14 Lees Close Biggleswade Biggleswade Bedfordshire SG18 8RU House 3 £88.54 £110.34 ALL SOLTHERM £48,630 £48,630 EUV-SH 11922 BD223441 18 Lees Close Biggleswade Biggleswade Bedfordshire SG18 8RU House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 11923 BD223441 26 Lees Close Biggleswade Biggleswade Bedfordshire SG18 8RU House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 11934 BD223442 6 Potton Road Sandy Sandy Bedfordshire SG19 2LE House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11936 BD223442 16 Potton Road Sandy Sandy Bedfordshire SG19 2LE House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 11937 BD223442 22 Potton Road Sandy Sandy Bedfordshire SG19 2LE House 3 £78.51 £110.34 ALL None £43,120 £43,120 EUV-SH 11938 BD223443 4 Blacksmith CloseSandy Road Everton Everton Bedfordshire SG19 2JX Bungalow 2 £88.54 £98.15 ALL None £48,630 £48,630 EUV-SH 11939 BD223443 6 Blacksmith CloseSandy Road Everton Everton Bedfordshire SG19 2JX Bungalow 2 £88.54 £98.15 ALL None £48,630 £48,630 EUV-SH 11940 BD223443 10 Sandy Road Sandy Sandy Bedfordshire SG19 2JX House 2 £96.85 £98.15 ALL None £53,190 £53,190 EUV-SH 11941 BD223443 43 Sandy Road Sandy Sandy Bedfordshire SG19 2JU House 3 £78.51 £110.34 ALL None £43,120 £43,120 EUV-SH 11942 BD223443 45 Sandy Road Sandy Sandy Bedfordshire SG19 2JU House 2 £76.87 £98.15 ALL None £42,220 £42,220 EUV-SH 11943 BD223443 47 Sandy Road Sandy Sandy Bedfordshire SG19 2JU House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 11944 BD223443 51 Sandy Road Sandy Sandy Bedfordshire SG19 2JU House 2 £73.55 £98.15 ALL None £40,390 £40,390 EUV-SH 11945 BD223443 53 Sandy Road Sandy Sandy Bedfordshire SG19 2JU House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 11946 BD223443 54 Sandy Road Sandy Sandy Bedfordshire SG19 2JU House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 11947 BD223443 55 Sandy Road Sandy Sandy Bedfordshire SG19 2JU Bungalow 1 £65.24 £82.57 ALL None £35,830 £35,830 EUV-SH 11948 BD223443 57 Sandy Road Sandy Sandy Bedfordshire SG19 2JU Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 11949 BD223443 59 Sandy Road Sandy Sandy Bedfordshire SG19 2JU Bungalow 2 £76.87 £98.15 ALL None £42,220 £42,220 EUV-SH 11950 BD223443 61 Sandy Road Sandy Sandy Bedfordshire SG19 2JU Bungalow 2 £76.87 £98.15 ALL None £42,220 £42,220 EUV-SH 11962 BD223443 66 Sandy Road Sandy Sandy Bedfordshire SG19 2JU House 2 £85.20 £98.15 ALL None £46,790 £46,790 EUV-SH 11963 BD223443 74 Sandy Road Sandy Sandy Bedfordshire SG19 2JU House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 11964 BD223443 76 Sandy Road Sandy Sandy Bedfordshire SG19 2JU House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11965 BD223443 78 Sandy Road Sandy Sandy Bedfordshire SG19 2JU House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 11966 BD223449 5 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 11975 BD223449 6 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 11976 BD223449 7 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 11977 BD223449 8 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11978 BD223449 9 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 11979 BD223449 10 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11980 BD223449 11 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 11981 BD223449 12 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Bungalow 2 £91.40 £91.40 ALL None £50,190 £50,190 EUV-SH 11982 BD223449 13 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 11983 BD223449 14 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Bungalow 2 £91.40 £91.40 ALL None £50,190 £50,190 EUV-SH 11984 BD223449 16 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Bungalow 2 £91.40 £91.40 ALL None £50,190 £50,190 EUV-SH 11986 BD223449 18 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11987 BD223449 20 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11988 BD223449 22 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11989 BD223449 24 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 11990 BD223449 25 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 11991 BD223449 27 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 11992 BD223449 29 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 11993 BD223449 31 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Flat 1 £74.38 £74.38 ALL None £40,850 £40,850 EUV-SH 11994 BD223449 39 The Avenue Biggleswade Biggleswade Bedfordshire SG18 9PA Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 11995 BD223450 37 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 9PS House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 11996 BD223450 41 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 9PS House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 11997 BD223450 43 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 9PS House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 11998 BD223450 45 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 9PS House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 11999 BD223450 49 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 9PS House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 12000 BD223450 53 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 9PS House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 12001 BD223450 57 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 9PS House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 12002 BD223450 59 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 9PS House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12003 BD223450 67 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 9PS House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 12004 BD223450 69 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 9PS House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 12005 BD223450 75 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 9PL House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 12006 BD223450 77 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 9PL House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 12007 BD223450 79 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 9PL House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 12008 BD223448 23 Church Street Biggleswade Biggleswade Bedfordshire SG18 9QT House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 12009 BD223448 29 Church Street Biggleswade Biggleswade Bedfordshire SG18 9QT House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 12010 BD223448 37 Church Street Biggleswade Biggleswade Bedfordshire SG18 9QT House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 12011 BD223448 39 Church Street Biggleswade Biggleswade Bedfordshire SG18 9QT House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 12012 BD223448 41 Church Street Biggleswade Biggleswade Bedfordshire SG18 9QT House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 12013 BD223447 4 Denny Crescent Biggleswade Biggleswade Bedfordshire SG18 9QG House 2 £88.54 £96.69 ALL None £48,630 £48,630 EUV-SH 12014 BD223447 5 Denny Crescent Biggleswade Biggleswade Bedfordshire SG18 9QG House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12015 BD223447 8 Denny Crescent Biggleswade Biggleswade Bedfordshire SG18 9QG House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 12016 BD223447 9 Denny Crescent Biggleswade Biggleswade Bedfordshire SG18 9QG House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 12017 BD223447 10 Denny Crescent Biggleswade Biggleswade Bedfordshire SG18 9QG House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 12018 BD223447 12 Denny Crescent Biggleswade Biggleswade Bedfordshire SG18 9QG House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12019 BD223447 18 Denny Crescent Biggleswade Biggleswade Bedfordshire SG18 9QG House 2 £88.54 £96.69 ALL None £48,630 £48,630 EUV-SH 12020 BD223447 23 Denny Crescent Biggleswade Biggleswade Bedfordshire SG18 9QG House 2 £93.51 £98.15 ALL None £51,350 £51,350 EUV-SH 12021 BD223447 25 Denny Crescent Biggleswade Biggleswade Bedfordshire SG18 9QG Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 12022 BD223447 26 Denny Crescent Biggleswade Biggleswade Bedfordshire SG18 9QG House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 12023 BD223447 27 Denny Crescent Biggleswade Biggleswade Bedfordshire SG18 9QG Bungalow 2 £88.54 £98.15 ALL None £48,630 £48,630 EUV-SH 12024 BD223447 29 Denny Crescent Biggleswade Biggleswade Bedfordshire SG18 9QG Bungalow 2 £88.54 £98.15 ALL None £48,630 £48,630 EUV-SH 12026 BD223447 31 Denny Crescent Biggleswade Biggleswade Bedfordshire SG18 9QG Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12027 BD223447 38 Denny Crescent Biggleswade Biggleswade Bedfordshire SG18 9QG Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12028 BD223447 40 Denny Crescent Biggleswade Biggleswade Bedfordshire SG18 9QG Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12050 BD223447 13 East Road Biggleswade Biggleswade Bedfordshire SG18 9QJ House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 12051 BD223447 17 East Road Biggleswade Biggleswade Bedfordshire SG18 9QJ House 2 £96.85 £98.15 ALL None £53,190 £53,190 EUV-SH 12052 BD223447 27 East Road Biggleswade Biggleswade Bedfordshire SG18 9QJ House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 12053 BD223447 29 East Road Biggleswade Biggleswade Bedfordshire SG18 9QJ House 3 £109.66 £110.34 ALL None £60,220 £60,220 EUV-SH 12054 BD223447 31 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 3 £66.88 £110.34 ALL None £36,730 £36,730 EUV-SH 12055 BD223447 33 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12056 BD223447 35 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12057 BD223447 37 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 3 £66.88 £110.34 ALL None £36,730 £36,730 EUV-SH 12058 BD223447 39 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 2 £61.92 £98.15 ALL None £34,000 £34,000 EUV-SH 12059 BD223447 41 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 2 £60.24 £96.69 ALL None £33,080 £33,080 EUV-SH 12060 BD223447 45 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 2 £61.92 £98.15 ALL None £34,000 £34,000 EUV-SH 12061 BD223447 47 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12062 BD223447 51 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12063 BD223447 53 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 3 £66.88 £110.34 ALL None £36,730 £36,730 EUV-SH 12064 BD223447 55 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 12065 BD223447 57 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 12066 BD223447 59 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12067 BD223447 61 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 12068 BD223447 63 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 3 £68.55 £107.46 ALL None £37,650 £37,650 EUV-SH 12069 BD223447 65 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 3 £68.55 £107.46 ALL None £37,650 £37,650 EUV-SH 12070 BD223447 69 East Road Biggleswade Biggleswade Bedfordshire SG18 9QN House 3 £70.23 £110.34 ALL None £38,570 £38,570 EUV-SH 12071 BD223450 16 Flexmore Way Biggleswade Biggleswade Bedfordshire SG18 9PT House 4 £119.06 £119.06 ALL None £65,390 £65,390 EUV-SH 12072 BD223450 20 Flexmore Way Biggleswade Biggleswade Bedfordshire SG18 9PT House 4 £119.06 £119.06 ALL None £65,390 £65,390 EUV-SH 12074 BD223449 9 The LeysBiggleswade Biggleswade Bedfordshire SG18 9RS House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12075 BD223449 11 The LeysBiggleswade Biggleswade Bedfordshire SG18 9RS House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12076 BD223449 11A The LeysBiggleswade Biggleswade Bedfordshire SG18 9RS House 2 £78.51 £98.15 ALL None £43,120 £43,120 EUV-SH 12078 BD223449 2 Prospect Road Biggleswade Biggleswade Bedfordshire SG18 9NY Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12079 BD223449 4 Prospect Road Biggleswade Biggleswade Bedfordshire SG18 9NY Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12080 BD223449 9 Prospect Road Biggleswade Biggleswade Bedfordshire SG18 9NY House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12081 BD223449 11 Prospect Road Biggleswade Biggleswade Bedfordshire SG18 9NY House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 12082 BD223449 19 Prospect Road Biggleswade Biggleswade Bedfordshire SG18 9NY House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12084 BD223447 1 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QQ Bungalow 2 £80.22 £82.57 ALL SOLAR £44,060 £44,060 EUV-SH 12085 BD223447 3 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QQ Bungalow 2 £81.02 £81.02 ALL SOLAR £44,490 £44,490 EUV-SH 12086 BD223447 4 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QQ House 2 £95.17 £98.15 ALL None £52,270 £52,270 EUV-SH 12087 BD223447 5 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QQ Bungalow 2 £81.02 £81.02 ALL SOLAR £44,490 £44,490 EUV-SH 12088 BD223447 6 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QQ Bungalow 2 £81.02 £81.02 ALL SOLAR £44,490 £44,490 EUV-SH 12089 BD223447 7 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH Bungalow 2 £81.02 £81.02 ALL SOLAR £44,490 £44,490 EUV-SH 12090 BD223447 8 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QQ Bungalow 2 £81.02 £81.02 ALL SOLAR £44,490 £44,490 EUV-SH 12091 BD223447 9 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH Bungalow 1 £76.87 £81.02 ALL SOLAR £42,220 £42,220 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 12092 BD223447 10 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH House 3 £100.18 £110.34 ALL SOLAR £55,020 £55,020 EUV-SH 12093 BD223447 11 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH Bungalow 1 £76.87 £82.57 ALL SOLAR £42,220 £42,220 EUV-SH 12094 BD223447 12 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 12095 BD223447 13 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH Bungalow 1 £76.87 £82.57 ALL SOLAR £42,220 £42,220 EUV-SH 12096 BD223447 14 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 12097 BD223447 15 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH Bungalow 2 £82.57 £82.57 ALL SOLAR £45,350 £45,350 EUV-SH 12098 BD223447 18 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH House 3 £95.17 £110.34 ALL SOLAR £52,270 £52,270 EUV-SH 12099 BD223447 19 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 12100 BD223447 20 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH House 2 £88.54 £98.15 ALL SOLAR £48,630 £48,630 EUV-SH 12101 BD223447 23 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH House 2 £96.85 £98.15 ALL SOLAR £53,190 £53,190 EUV-SH 12102 BD223447 25 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH House 2 £96.85 £98.15 ALL SOLAR £53,190 £53,190 EUV-SH 12103 BD223447 26 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH Bungalow 2 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12104 BD223447 28 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH Bungalow 2 £82.57 £82.57 ALL SOLAR £45,350 £45,350 EUV-SH 12105 BD223447 30 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH Bungalow 2 £96.69 £96.69 ALL SOLAR £53,100 £53,100 EUV-SH 12106 BD223447 32 Queens Way Biggleswade Biggleswade Bedfordshire SG18 9QH Bungalow 1 £82.57 £82.57 ALL SOLAR £45,350 £45,350 EUV-SH 12118 BD224819 32 Station Road Biggleswade Biggleswade Bedfordshire SG18 9PE House 2 £78.51 £98.15 ALL None £43,120 £43,120 EUV-SH 12119 BD223449 36 Station Road Biggleswade Biggleswade Bedfordshire SG18 9PE House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12120 BD223449 38 Station Road Biggleswade Biggleswade Bedfordshire SG18 9PE House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12121 BD223449 40 Station Road Biggleswade Biggleswade Bedfordshire SG18 9PE House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12122 BD223449 46 Station Road Biggleswade Biggleswade Bedfordshire SG18 9PE House 2 £78.51 £98.15 ALL None £43,120 £43,120 EUV-SH 12123 BD223449 48 Station Road Biggleswade Biggleswade Bedfordshire SG18 9PE House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12124 BD223450 85 Station Road Biggleswade Biggleswade Bedfordshire SG18 9PQ House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 12125 BD223450 87 Station Road Biggleswade Biggleswade Bedfordshire SG18 9PQ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12126 BD223449 1 West View Biggleswade Biggleswade Bedfordshire SG18 9RT Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 12127 BD223449 2 West View Biggleswade Biggleswade Bedfordshire SG18 9RT Bungalow 2 £70.23 £98.15 ALL None £38,570 £38,570 EUV-SH 12128 BD223449 3 West View Biggleswade Biggleswade Bedfordshire SG18 9RT Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 12129 BD223449 4 West View Biggleswade Biggleswade Bedfordshire SG18 9RT Bungalow 2 £70.23 £98.15 ALL None £38,570 £38,570 EUV-SH 12130 BD223449 5 West View Biggleswade Biggleswade Bedfordshire SG18 9RT Bungalow 2 £70.23 £96.69 ALL None £38,570 £38,570 EUV-SH 12131 BD223449 12 Windsor Way Biggleswade Biggleswade Bedfordshire SG18 9NZ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12136 BD224152 8 Bedford Road Moggerhanger Moggerhanger Bedfordshire MK44 3RR House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 12137 BD224148 11 Bedford Road Moggerhanger Moggerhanger Bedfordshire MK44 3RG House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 12138 BD224152 12 Bedford Road Moggerhanger Moggerhanger Bedfordshire MK44 3RR House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 12139 BD224152 16 Bedford Road Moggerhanger Moggerhanger Bedfordshire MK44 3RR House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 12140 BD224148 19 Bedford Road Moggerhanger Moggerhanger Bedfordshire MK44 3RG House 3 £86.85 £110.34 ALL SOLAR £47,700 £47,700 EUV-SH 12142 BD224148 31 Bedford Road Moggerhanger Moggerhanger Bedfordshire MK44 3RG House 3 £98.48 £110.34 ALL SOLAR £54,080 £54,080 EUV-SH 12143 BD224148 35 Bedford Road Moggerhanger Moggerhanger Bedfordshire MK44 3RG House 3 £98.48 £110.34 ALL SOLAR £54,080 £54,080 EUV-SH 12144 BD224154 7A Blunham Road Moggerhanger Moggerhanger Bedfordshire MK44 3RD Bungalow 1 £68.55 £82.57 ALL None £37,650 £37,650 EUV-SH 12145 BD224154 9A Blunham Road Moggerhanger Moggerhanger Bedfordshire MK44 3RD Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12146 BD224154 11 Blunham Road Moggerhanger Moggerhanger Bedfordshire MK44 3RD House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12147 BD224154 13 Blunham Road Moggerhanger Moggerhanger Bedfordshire MK44 3RD House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12148 BD224154 15 Blunham Road Moggerhanger Moggerhanger Bedfordshire MK44 3RD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12149 BD224154 17 Blunham Road Moggerhanger Moggerhanger Bedfordshire MK44 3RD House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 12150 BD224154 21 Blunham Road Moggerhanger Moggerhanger Bedfordshire MK44 3RD House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 12151 BD224154 29 Blunham Road Moggerhanger Moggerhanger Bedfordshire MK44 3RD House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 12152 BD224154 1 The Crescent Moggerhanger Moggerhanger Bedfordshire MK44 3RE House 3 £103.50 £110.34 ALL None £56,840 £56,840 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 12153 BD224154 6 The Crescent Moggerhanger Moggerhanger Bedfordshire MK44 3RE House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12154 BD224154 7 The Crescent Moggerhanger Moggerhanger Bedfordshire MK44 3RE House 2 £91.84 £98.15 ALL None £50,440 £50,440 EUV-SH 12155 BD224154 8 The Crescent Moggerhanger Moggerhanger Bedfordshire MK44 3RE House 2 £91.84 £98.15 ALL None £50,440 £50,440 EUV-SH 12156 BD224154 9 The Crescent Moggerhanger Moggerhanger Bedfordshire MK44 3RE House 3 £103.50 £110.34 ALL SOLTHERM £56,840 £56,840 EUV-SH 12157 BD224148 1 Dynes Place Moggerhanger Moggerhanger Bedfordshire MK44 3RH House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12158 BD224148 4 Dynes Place Moggerhanger Moggerhanger Bedfordshire MK44 3RH House 2 £75.21 £98.15 ALL None £41,300 £41,300 EUV-SH 12159 BD224148 8 Dynes Place Moggerhanger Moggerhanger Bedfordshire MK44 3RH Bungalow 1 £74.17 £82.57 ALL SOLAR £40,740 £40,740 EUV-SH 12160 BD224148 9 Dynes Place Moggerhanger Moggerhanger Bedfordshire MK44 3RH Bungalow 1 £74.17 £82.57 ALL SOLAR £40,740 £40,740 EUV-SH 12161 BD224148 11 Dynes Place Moggerhanger Moggerhanger Bedfordshire MK44 3RH House 2 £91.84 £98.15 ALL SOLAR £50,440 £50,440 EUV-SH 12162 BD224148 12 Dynes Place Moggerhanger Moggerhanger Bedfordshire MK44 3RH House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 12163 BD224148 13 Dynes Place Moggerhanger Moggerhanger Bedfordshire MK44 3RH House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 12164 BD224154 1 Westway Moggerhanger Moggerhanger Bedfordshire MK44 3RF Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12165 BD224154 2 Westway Moggerhanger Moggerhanger Bedfordshire MK44 3RF Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12166 BD224154 3 Westway Moggerhanger Moggerhanger Bedfordshire MK44 3RF House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12167 BD224154 4 Westway Moggerhanger Moggerhanger Bedfordshire MK44 3RF Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12169 BD224154 6 Westway Moggerhanger Moggerhanger Bedfordshire MK44 3RF Bungalow 2 £81.86 £98.15 ALL None £44,950 £44,950 EUV-SH 12171 BD224154 8 Westway Moggerhanger Moggerhanger Bedfordshire MK44 3RF Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12172 BD224154 9 Westway Moggerhanger Moggerhanger Bedfordshire MK44 3RF House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12173 BD224154 10 Westway Moggerhanger Moggerhanger Bedfordshire MK44 3RF Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12174 BD224154 12 Westway Moggerhanger Moggerhanger Bedfordshire MK44 3RF Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12175 BD224154 13 Westway Moggerhanger Moggerhanger Bedfordshire MK44 3RF House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12176 BD224154 14 Westway Moggerhanger Moggerhanger Bedfordshire MK44 3RF Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12177 BD224154 16 Westway Moggerhanger Moggerhanger Bedfordshire MK44 3RF Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12178 BD224154 18 Westway Moggerhanger Moggerhanger Bedfordshire MK44 3RF Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12179 BD224154 20 Westway Moggerhanger Moggerhanger Bedfordshire MK44 3RF Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12180 BD224154 22 Westway Moggerhanger Moggerhanger Bedfordshire MK44 3RF Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12187 BD224149 66 Biggleswade Road Biggleswade Biggleswade Bedfordshire SG18 9BD House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 12188 BD224149 70 Biggleswade Road Biggleswade Biggleswade Bedfordshire SG18 9BD House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 12189 BD224149 78 Biggleswade Road Biggleswade Biggleswade Bedfordshire SG18 9BD House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 12190 BD224149 111 Biggleswade Road Biggleswade Biggleswade Bedfordshire SG18 9BH House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 12191 BD224149 115 Biggleswade Road Biggleswade Biggleswade Bedfordshire SG18 9BH House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12192 BD224149 119 Biggleswade Road Biggleswade Biggleswade Bedfordshire SG18 9BH House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12194 BD224149 131 Biggleswade Road Biggleswade Biggleswade Bedfordshire SG18 9BH House 4 £119.23 £119.06 ALL None £65,480 £65,480 EUV-SH 12196 BD224149 135 Biggleswade Road Biggleswade Biggleswade Bedfordshire SG18 9BD House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 12197 BD224149 143 Biggleswade Road Biggleswade Biggleswade Bedfordshire SG18 9BD House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 12198 BD224150 1 Hitchin Road Biggleswade Biggleswade Bedfordshire SG18 9BT House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12199 BD224150 5 Hitchin Road Biggleswade Biggleswade Bedfordshire SG18 9BT House 3 £83.54 £107.46 ALL None £45,880 £45,880 EUV-SH 12200 BD224150 7 Hitchin Road Biggleswade Biggleswade Bedfordshire SG18 9BT House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12202 BD224150 13 Hitchin Road Biggleswade Biggleswade Bedfordshire SG18 9BT House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 12203 BD224150 9 Manor Place Biggleswade Biggleswade Bedfordshire SG18 9DA House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 12204 BD224150 11 Manor Place Biggleswade Biggleswade Bedfordshire SG18 9DA House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 12205 BD224150 14 Manor Place Biggleswade Biggleswade Bedfordshire SG18 9DA House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 12206 BD224150 15 Manor Place Biggleswade Biggleswade Bedfordshire SG18 9DA House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 12207 BD224150 16 Manor Place Biggleswade Biggleswade Bedfordshire SG18 9DA House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 12209 BD224150 20 Manor Place Biggleswade Biggleswade Bedfordshire SG18 9DA House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 12211 BD224150 24 Manor Place Biggleswade Biggleswade Bedfordshire SG18 9DA House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 12212 BD224150 25 Manor Place Biggleswade Biggleswade Bedfordshire SG18 9DA House 3 £103.50 £110.34 ALL None £56,840 £56,840 EUV-SH 12213 BD224150 27 Manor Place Biggleswade Biggleswade Bedfordshire SG18 9DA House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12214 BD224150 28 Manor Place Biggleswade Biggleswade Bedfordshire SG18 9DA House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12215 BD224150 32 Manor Place Biggleswade Biggleswade Bedfordshire SG18 9DA House 3 £103.50 £110.34 ALL None £56,840 £56,840 EUV-SH 12216 BD224150 37 Manor Place Biggleswade Biggleswade Bedfordshire SG18 9DA House 3 £103.50 £110.34 ALL None £56,840 £56,840 EUV-SH 12217 BD224150 53 Manor Place Biggleswade Biggleswade Bedfordshire SG18 9DA House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12218 BD224150 55 Manor Place Biggleswade Biggleswade Bedfordshire SG18 9DA House 3 £103.50 £110.34 ALL None £56,840 £56,840 EUV-SH 12228 BD223445 21 Caldecote Road Biggleswade Biggleswade Bedfordshire SG18 9EH House 3 £101.83 £110.34 ALL None £55,920 £55,920 EUV-SH 12229 BD223445 26 Caldecote Road Biggleswade Biggleswade Bedfordshire SG18 9EH House 3 £86.68 £110.34 ALL None £47,600 £47,600 EUV-SH 12230 BD223445 32 Caldecote Road Biggleswade Biggleswade Bedfordshire SG18 9EH House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 12231 BD223445 34 Caldecote Road Biggleswade Biggleswade Bedfordshire SG18 9EH House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 12232 BD223445 36 Caldecote Road Biggleswade Biggleswade Bedfordshire SG18 9EH House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 12233 BD223445 45 Caldecote Road Biggleswade Biggleswade Bedfordshire SG18 9EH House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 12234 BD224149 2 Harvey Close Biggleswade Biggleswade Bedfordshire SG18 9BQ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12235 BD224149 5 Harvey Close Biggleswade Biggleswade Bedfordshire SG18 9BQ House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 12236 BD224149 7 Harvey Close Biggleswade Biggleswade Bedfordshire SG18 9BQ House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12237 BD224149 8 Harvey Close Biggleswade Biggleswade Bedfordshire SG18 9BQ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12238 BD224149 10 Harvey Close Biggleswade Biggleswade Bedfordshire SG18 9BQ House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12239 BD224149 17 Harvey Close Biggleswade Biggleswade Bedfordshire SG18 9BQ House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12240 BD224149 19 Harvey Close Biggleswade Biggleswade Bedfordshire SG18 9BQ House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12241 BD224149 21 Harvey Close Biggleswade Biggleswade Bedfordshire SG18 9BQ Bungalow 2 £83.54 £98.15 ALL None £45,880 £45,880 EUV-SH 12242 BD224149 23 Harvey Close Biggleswade Biggleswade Bedfordshire SG18 9BQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12243 BD224149 24 Harvey Close Biggleswade Biggleswade Bedfordshire SG18 9BQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12244 BD224149 25 Harvey Close Biggleswade Biggleswade Bedfordshire SG18 9BQ Bungalow 2 £83.54 £98.15 ALL None £45,880 £45,880 EUV-SH 12245 BD224149 26 Harvey Close Biggleswade Biggleswade Bedfordshire SG18 9BQ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12246 BD224149 27 Harvey Close Biggleswade Biggleswade Bedfordshire SG18 9BQ Bungalow 2 £83.54 £98.15 ALL None £45,880 £45,880 EUV-SH 12247 BD223446 14 Ickwell Road Biggleswade Biggleswade Bedfordshire SG18 9AB House 3 £85.20 £110.34 ALL None £46,790 £46,790 EUV-SH 12248 BD223446 16 Ickwell Road Biggleswade Biggleswade Bedfordshire SG18 9AB House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12249 BD223446 20 Ickwell Road Biggleswade Biggleswade Bedfordshire SG18 9AB House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12250 BD223446 26 Ickwell Road Biggleswade Biggleswade Bedfordshire SG18 9AB House 3 £105.16 £110.34 ALL None £57,750 £57,750 EUV-SH 12251 BD223446 51 Ickwell Road Biggleswade Biggleswade Bedfordshire SG18 9AB House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 12252 BD223446 53 Ickwell Road Biggleswade Biggleswade Bedfordshire SG18 9AB House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 12253 BD223446 61 Ickwell Road Biggleswade Biggleswade Bedfordshire SG18 9AB House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12254 BD224149 3 The Pastures Biggleswade Biggleswade Bedfordshire SG18 9BG House 3 £96.85 £110.34 ALL SOLAR £53,190 £53,190 EUV-SH 12255 BD224149 5 The Pastures Biggleswade Biggleswade Bedfordshire SG18 9BG House 3 £96.85 £110.34 ALL SOLAR £53,190 £53,190 EUV-SH 12256 BD224149 9 The Pastures Biggleswade Biggleswade Bedfordshire SG18 9BG House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 12257 BD224149 11 The Pastures Biggleswade Biggleswade Bedfordshire SG18 9BG House 2 £91.84 £98.15 ALL None £50,440 £50,440 EUV-SH 12258 BD224149 19 The Pastures Biggleswade Biggleswade Bedfordshire SG18 9BG House 2 £91.84 £98.15 ALL SOLAR £50,440 £50,440 EUV-SH 12259 BD224149 21 The Pastures Biggleswade Biggleswade Bedfordshire SG18 9BG House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 12260 BD224149 23 The Pastures Biggleswade Biggleswade Bedfordshire SG18 9BG House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 12261 BD224149 25 The Pastures Biggleswade Biggleswade Bedfordshire SG18 9BG House 2 £88.54 £98.15 ALL SOLAR £48,630 £48,630 EUV-SH 12262 BD224149 27 The Pastures Biggleswade Biggleswade Bedfordshire SG18 9BG House 2 £85.20 £98.15 ALL SOLAR £46,790 £46,790 EUV-SH 12263 BD224149 29 The Pastures Biggleswade Biggleswade Bedfordshire SG18 9BG House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 12264 BD224149 31 The Pastures Biggleswade Biggleswade Bedfordshire SG18 9BG House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 12265 BD224149 33 The Pastures Biggleswade Biggleswade Bedfordshire SG18 9BG House 3 £95.17 £110.34 ALL SOLAR £52,270 £52,270 EUV-SH 12266 BD224149 41 The Pastures Biggleswade Biggleswade Bedfordshire SG18 9BG House 3 £96.85 £110.34 ALL SOLAR £53,190 £53,190 EUV-SH 12267 BD224149 43 The Pastures Biggleswade Biggleswade Bedfordshire SG18 9BG House 3 £100.18 £110.34 ALL SOLAR £55,020 £55,020 EUV-SH 12282 BD223444 2 Thorncote Road Sandy Sandy Bedfordshire SG19 1PU House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 12283 BD223444 6 Thorncote Road Sandy Sandy Bedfordshire SG19 1PU House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12284 BD223444 8 Thorncote Road Sandy Sandy Bedfordshire SG19 1PU House 2 £90.18 £98.15 ALL None £49,520 £49,520 EUV-SH 12285 BD224155 3 Bellevue Close Potton Sandy Bedfordshire SG19 2DG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12287 BD224155 5 Bellevue Close Potton Sandy Bedfordshire SG19 2DG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12288 BD224155 6 Bellevue Close Potton Sandy Bedfordshire SG19 2DG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12289 BD224155 8 Bellevue Close Potton Sandy Bedfordshire SG19 2DG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12290 BD224155 10 Bellevue Close Potton Sandy Bedfordshire SG19 2DG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12291 BD224155 14 Bellevue Close Potton Sandy Bedfordshire SG19 2DG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12292 BD224155 15 Bellevue Close Potton Sandy Bedfordshire SG19 2DG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12293 BD224151 32 Bury Hill Potton Sandy Bedfordshire SG19 2RS House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12294 BD224151 36 Bury Hill Potton Sandy Bedfordshire SG19 2RS House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12295 BD224151 38 Bury Hill Potton Sandy Bedfordshire SG19 2RS House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12296 BD224151 40 Bury Hill Potton Sandy Bedfordshire SG19 2RS House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 12297 BD224151 44 Bury Hill Potton Sandy Bedfordshire SG19 2RS House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12298 BD224151 46 Bury Hill Potton Sandy Bedfordshire SG19 2RS House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12299 BD224151 60 Bury Hill Potton Sandy Bedfordshire SG19 2RS House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12300 BD224151 66 Bury Hill Potton Sandy Bedfordshire SG19 2RS House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 12301 BD224151 68 Bury Hill Potton Sandy Bedfordshire SG19 2RS House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12302 BD224151 74 Bury Hill Potton Sandy Bedfordshire SG19 2RS House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12303 BD224151 76 Bury Hill Potton Sandy Bedfordshire SG19 2RS House 3 £107.22 £110.34 ALL None £58,880 £58,880 EUV-SH 12304 BD224151 78 Bury Hill Potton Sandy Bedfordshire SG19 2RS House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 12333 BD224157 31 Everton Road Potton Sandy Bedfordshire SG19 2PB House 3 £88.54 £110.34 ALL SOLAR £48,630 £48,630 EUV-SH 12334 BD224157 33 Everton Road Potton Sandy Bedfordshire SG19 2PB House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 12335 BD224157 37 Everton Road Potton Sandy Bedfordshire SG19 2PB House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12336 BD224157 39 Everton Road Potton Sandy Bedfordshire SG19 2PB House 3 £88.54 £110.34 ALL SOLAR £48,630 £48,630 EUV-SH 12338 BD224157 49 Everton Road Potton Sandy Bedfordshire SG19 2PB House 3 £103.50 £110.34 ALL SOLAR £56,840 £56,840 EUV-SH 12339 BD224157 59 Everton Road Potton Sandy Bedfordshire SG19 2PB House 3 £83.54 £110.34 ALL SOLAR £45,880 £45,880 EUV-SH 12341 BD224157 63 Everton Road Potton Sandy Bedfordshire SG19 2PB House 3 £83.54 £110.34 ALL SOLAR £45,880 £45,880 EUV-SH 12342 BD224157 65 Everton Road Potton Sandy Bedfordshire SG19 2PB House 3 £83.54 £110.34 ALL SOLAR £45,880 £45,880 EUV-SH 12343 BD224157 67 Everton Road Potton Sandy Bedfordshire SG19 2PB House 3 £83.54 £110.34 ALL SOLAR £45,880 £45,880 EUV-SH 12344 BD224157 69 Everton Road Potton Sandy Bedfordshire SG19 2PB House 3 £83.54 £110.34 ALL SOLAR £45,880 £45,880 EUV-SH 30395 BD224156 19 Mill Lane Potton Sandy Bedfordshire SG19 2PG Bungalow 2 £98.96 £98.96 ALL None £54,350 £54,350 EUV-SH 12345 BD224156 1 Festival Road Potton Sandy Bedfordshire SG19 2QW Bungalow 2 £73.55 £82.57 ALL None £40,390 £40,390 EUV-SH 12346 BD224156 3 Festival Road Potton Sandy Bedfordshire SG19 2QW Bungalow 2 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12347 BD224156 5 Festival Road Potton Sandy Bedfordshire SG19 2QW Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 12348 BD224156 7 Festival Road Potton Sandy Bedfordshire SG19 2QW Bungalow 2 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12349 BD224156 9 Festival Road Potton Sandy Bedfordshire SG19 2QW Bungalow 2 £73.55 £82.57 ALL None £40,390 £40,390 EUV-SH 12350 BD224156 11 Festival Road Potton Sandy Bedfordshire SG19 2QW Bungalow 2 £73.55 £82.57 ALL None £40,390 £40,390 EUV-SH 12351 BD224155 14 Festival Road Potton Sandy Bedfordshire SG19 2QN House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 12352 BD224156 15 Festival Road Potton Sandy Bedfordshire SG19 2QW House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 12353 BD224155 16 Festival Road Potton Sandy Bedfordshire SG19 2QN House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 12354 BD224156 17 Festival Road Potton Sandy Bedfordshire SG19 2QW House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 12355 BD224156 19 Festival Road Potton Sandy Bedfordshire SG19 2QW House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 12356 BD224155 20 Festival Road Potton Sandy Bedfordshire SG19 2QN House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 12357 BD224155 22 Festival Road Potton Sandy Bedfordshire SG19 2QN House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 12358 BD224156 23 Festival Road Potton Sandy Bedfordshire SG19 2QW House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 12359 BD224155 24 Festival Road Potton Sandy Bedfordshire SG19 2QN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12360 BD224155 30 Festival Road Potton Sandy Bedfordshire SG19 2QN House 3 £105.16 £110.34 ALL None £57,750 £57,750 EUV-SH 12361 BD224155 34 Festival Road Potton Sandy Bedfordshire SG19 2QN House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 12363 BD224155 42 Festival Road Potton Sandy Bedfordshire SG19 2QN House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 12364 BD224155 44 Festival Road Potton Sandy Bedfordshire SG19 2QN House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 12365 BD224155 46 Festival Road Potton Sandy Bedfordshire SG19 2QN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12366 BD224156 54 Festival Road Potton Sandy Bedfordshire SG19 2QW House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 12382 BD224156 15 Mill Lane Potton Sandy Bedfordshire SG19 2PG Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12383 BD224156 17 Mill Lane Potton Sandy Bedfordshire SG19 2PG Bungalow 2 £68.55 £98.15 ALL None £37,650 £37,650 EUV-SH 12385 BD224156 21 Mill Lane Potton Sandy Bedfordshire SG19 2PG Bungalow 2 £68.55 £98.15 ALL None £37,650 £37,650 EUV-SH 12386 BD224156 23 Mill Lane Potton Sandy Bedfordshire SG19 2PG Bungalow 2 £68.55 £98.15 ALL None £37,650 £37,650 EUV-SH 12387 BD224156 25 Mill Lane Potton Sandy Bedfordshire SG19 2PG Bungalow 2 £68.55 £98.15 ALL None £37,650 £37,650 EUV-SH 12388 BD224156 27 Mill Lane Potton Sandy Bedfordshire SG19 2PG Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12389 BD224156 29 Mill Lane Potton Sandy Bedfordshire SG19 2PG Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12390 BD224156 31 Mill Lane Potton Sandy Bedfordshire SG19 2PG Bungalow 2 £68.55 £98.15 ALL None £37,650 £37,650 EUV-SH 12391 BD224156 33 Mill Lane Potton Sandy Bedfordshire SG19 2PG Bungalow 2 £68.55 £98.15 ALL None £37,650 £37,650 EUV-SH 12392 BD224155 2 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 2 £78.51 £84.63 ALL None £43,120 £43,120 EUV-SH 12393 BD224155 3 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12394 BD224155 4 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 2 £78.51 £84.63 ALL None £43,120 £43,120 EUV-SH 12395 BD224155 5 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12396 BD224155 5A Newtown Potton Sandy Bedfordshire SG19 2QH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12397 BD224155 6 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12398 BD224155 7 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12399 BD224155 8 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12400 BD224155 9 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12401 BD224155 10 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12402 BD224155 12 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12403 BD224155 14 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12404 BD224155 17 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12405 BD224155 18 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12406 BD224155 19 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12407 BD224155 20 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12408 BD224155 22 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12409 BD224155 24 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12410 BD224155 26 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12411 BD224155 28 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12412 BD224155 30 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 2 £78.51 £84.63 ALL None £43,120 £43,120 EUV-SH 12413 BD224155 32 Newtown Potton Sandy Bedfordshire SG19 2QH Flat 2 £78.51 £84.63 ALL None £43,120 £43,120 EUV-SH 12414 BD224156 34 Newtown Potton Sandy Bedfordshire SG19 2QJ House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12415 BD224156 36 Newtown Potton Sandy Bedfordshire SG19 2QJ House 2 £85.20 £98.15 ALL None £46,790 £46,790 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 12416 BD224156 41 Newtown Potton Sandy Bedfordshire SG19 2QJ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12417 BD224156 43 Newtown Potton Sandy Bedfordshire SG19 2QJ Bungalow 1 £66.88 £82.57 ALL None £36,730 £36,730 EUV-SH 12418 BD224156 46 Newtown Potton Sandy Bedfordshire SG19 2QJ House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 12419 BD224156 50 Newtown Potton Sandy Bedfordshire SG19 2QJ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12420 BD224156 51 Newtown Potton Sandy Bedfordshire SG19 2QJ House 2 £85.20 £98.15 ALL None £46,790 £46,790 EUV-SH 12421 BD224156 52 Newtown Potton Sandy Bedfordshire SG19 2QJ Bungalow 1 £66.88 £82.57 ALL None £36,730 £36,730 EUV-SH 12422 BD224156 54 Newtown Potton Sandy Bedfordshire SG19 2QJ Bungalow 2 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 12423 BD224156 56 Newtown Potton Sandy Bedfordshire SG19 2QJ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12424 BD224156 57 Newtown Potton Sandy Bedfordshire SG19 2QJ House 2 £88.54 £98.15 ALL None £48,630 £48,630 EUV-SH 12425 BD224156 58 Newtown Potton Sandy Bedfordshire SG19 2QJ House 2 £88.54 £98.15 ALL None £48,630 £48,630 EUV-SH 12426 BD224156 60 Newtown Potton Sandy Bedfordshire SG19 2QJ House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 12427 BD224156 62 Newtown Potton Sandy Bedfordshire SG19 2QJ House 2 £85.20 £98.15 ALL None £46,790 £46,790 EUV-SH 12429 BD224156 64 Newtown Potton Sandy Bedfordshire SG19 2QJ House 2 £88.54 £98.15 ALL None £48,630 £48,630 EUV-SH 12430 BD224156 65 Newtown Potton Sandy Bedfordshire SG19 2QJ House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 12431 BD224156 66 Newtown Potton Sandy Bedfordshire SG19 2QJ House 2 £88.54 £98.15 ALL None £48,630 £48,630 EUV-SH 12432 BD224156 67 Newtown Potton Sandy Bedfordshire SG19 2QJ House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12433 BD224156 68 Newtown Potton Sandy Bedfordshire SG19 2QJ House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 12434 BD224156 69 Newtown Potton Sandy Bedfordshire SG19 2QJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12435 BD224156 74 Newtown Potton Sandy Bedfordshire SG19 2QJ House 2 £91.84 £98.15 ALL None £50,440 £50,440 EUV-SH 12436 BD224156 75 Newtown Potton Sandy Bedfordshire SG19 2QJ House 2 £88.54 £98.15 ALL None £48,630 £48,630 EUV-SH 12437 BD224156 76 Newtown Potton Sandy Bedfordshire SG19 2QJ House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12470 BD224160 2 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12471 BD224160 3 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12472 BD224160 4 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12473 BD224160 5 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12474 BD224160 6 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12475 BD224160 7 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12476 BD224160 8 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12477 BD224160 9 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12478 BD224160 10 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12479 BD224160 11 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12480 BD224160 12 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12481 BD224160 13 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12482 BD224160 15 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12483 BD224160 16 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12484 BD224160 17 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12485 BD224160 18 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12486 BD224160 19 Oak Crescent Potton Sandy Bedfordshire SG19 2PX House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12487 BD224160 22 Oak Crescent Potton Sandy Bedfordshire SG19 2PY House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12488 BD224160 23 Oak Crescent Potton Sandy Bedfordshire SG19 2PY House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12489 BD224160 24 Oak Crescent Potton Sandy Bedfordshire SG19 2PY House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12491 BD224160 27 Oak Crescent Potton Sandy Bedfordshire SG19 2PY House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12492 BD224160 30 Oak Crescent Potton Sandy Bedfordshire SG19 2PY House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12493 BD224160 32 Oak Crescent Potton Sandy Bedfordshire SG19 2PY House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12494 BD224160 33 Oak Crescent Potton Sandy Bedfordshire SG19 2PY House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 12495 BD224160 35 Oak Crescent Potton Sandy Bedfordshire SG19 2PY House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12497 BD224160 37 Oak Crescent Potton Sandy Bedfordshire SG19 2PY House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12499 BD224160 40 Oak Crescent Potton Sandy Bedfordshire SG19 2PY House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12500 BD224160 42 Oak Crescent Potton Sandy Bedfordshire SG19 2PY House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12501 BD224160 43 Oak Crescent Potton Sandy Bedfordshire SG19 2PY House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12502 BD224160 44 Oak Crescent Potton Sandy Bedfordshire SG19 2PY House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12503 BD224161 2 Royston Street Potton Sandy Bedfordshire SG19 2LP Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12504 BD224161 6 Royston Street Potton Sandy Bedfordshire SG19 2LP Bungalow 1 £66.88 £82.57 ALL None £36,730 £36,730 EUV-SH 12505 BD224161 8 Royston Street Potton Sandy Bedfordshire SG19 2LP Bungalow 1 £66.88 £82.57 ALL None £36,730 £36,730 EUV-SH 12506 BD224161 10 Royston Street Potton Sandy Bedfordshire SG19 2LP Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12507 BD224161 10A Royston Street Potton Sandy Bedfordshire SG19 2LP Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12508 BD224161 12 Royston Street Potton Sandy Bedfordshire SG19 2LP Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12509 BD224161 14 Royston Street Potton Sandy Bedfordshire SG19 2LP Bungalow 1 £71.93 £82.57 ALL None £39,500 £39,500 EUV-SH 12510 BD224161 16 Royston Street Potton Sandy Bedfordshire SG19 2LP Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12511 BD224161 18 Royston Street Potton Sandy Bedfordshire SG19 2LP Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12512 BD224161 20 Royston Street Potton Sandy Bedfordshire SG19 2LP Bungalow 1 £66.88 £82.57 ALL None £36,730 £36,730 EUV-SH 12513 BD224161 22 Royston Street Potton Sandy Bedfordshire SG19 2LP Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 12514 BD224155 12 Sandy Road Potton Sandy Bedfordshire SG19 2QA House 3 £103.50 £110.34 ALL None £56,840 £56,840 EUV-SH 12515 BD224155 14 Sandy Road Potton Sandy Bedfordshire SG19 2QA House 3 £103.50 £110.34 ALL None £56,840 £56,840 EUV-SH 12516 BD224155 16 Sandy Road Potton Sandy Bedfordshire SG19 2QA House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12517 BD224155 18 Sandy Road Potton Sandy Bedfordshire SG19 2QA House 3 £103.50 £110.34 ALL None £56,840 £56,840 EUV-SH 12518 BD224155 22 Sandy Road Potton Sandy Bedfordshire SG19 2QA Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12596 BD223415 2 Sutton Road Potton Sandy Bedfordshire SG19 2DS House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12597 BD223415 4 Sutton Road Potton Sandy Bedfordshire SG19 2DS House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 12598 BD224170 2 Abbey Grove Sandy Sandy Bedfordshire SG19 1QP House 3 £110.22 £111.14 ALL None £60,530 £60,530 EUV-SH 12602 BD224170 8 Abbey Grove Sandy Sandy Bedfordshire SG19 1QP House 3 £103.54 £107.46 ALL None £56,860 £56,860 EUV-SH 12606 BD224170 12 Abbey Grove Sandy Sandy Bedfordshire SG19 1QP House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12608 BD224170 14 Abbey Grove Sandy Sandy Bedfordshire SG19 1QP House 4 £118.49 £118.49 ALL None £65,070 £65,070 EUV-SH 12612 BD224170 24 Abbey Grove Sandy Sandy Bedfordshire SG19 1QR House 3 £103.54 £107.46 ALL None £56,860 £56,860 EUV-SH 12614 BD224170 25 Abbey Grove Sandy Sandy Bedfordshire SG19 1QR House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12616 BD224170 28 Abbey Grove Sandy Sandy Bedfordshire SG19 1QR House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12625 BD224170 39 Abbey Grove Sandy Sandy Bedfordshire SG19 1QR House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12633 BD224170 51 Abbey Grove Sandy Sandy Bedfordshire SG19 1QR House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12634 BD224170 55 Abbey Grove Sandy Sandy Bedfordshire SG19 1QR House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12636 BD224170 61 Abbey Grove Sandy Sandy Bedfordshire SG19 1QR House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12638 BD224170 71 Abbey Grove Sandy Sandy Bedfordshire SG19 1QR House 3 £103.50 £110.34 ALL None £56,840 £56,840 EUV-SH 12640 BD224170 81 Abbey Grove Sandy Sandy Bedfordshire SG19 1QR House 3 £103.50 £110.34 ALL None £56,840 £56,840 EUV-SH 12650 BD223123 1 The Baulk Beeston Sandy Bedfordshire SG19 1NR House 3 £70.23 £110.34 ALL None £38,570 £38,570 EUV-SH 12652 BD223123 5 The Baulk Beeston Sandy Bedfordshire SG19 1NR House 3 £68.55 £107.46 ALL SOLAR £37,650 £37,650 EUV-SH 12653 BD223123 7 The Baulk Beeston Sandy Bedfordshire SG19 1NR House 3 £70.23 £107.46 ALL None £38,570 £38,570 EUV-SH 12654 BD223123 9 The Baulk Beeston Sandy Bedfordshire SG19 1NR House 3 £70.23 £107.46 ALL None £38,570 £38,570 EUV-SH 12655 BD223123 11 The Baulk Beeston Sandy Bedfordshire SG19 1NR House 3 £68.55 £107.46 ALL SOLAR £37,650 £37,650 EUV-SH 12656 BD223123 13 The Baulk Beeston Sandy Bedfordshire SG19 1NR House 3 £68.55 £107.46 ALL SOLAR £37,650 £37,650 EUV-SH 12657 BD223123 15 The Baulk Beeston Sandy Bedfordshire SG19 1NR House 3 £70.23 £110.34 ALL SOLAR £38,570 £38,570 EUV-SH 12696 BD224162 22 Cambridge Road Sandy Sandy Bedfordshire SG19 1JF House 3 £71.89 £110.34 ALL None £39,480 £39,480 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 12697 BD224162 24 Cambridge Road Sandy Sandy Bedfordshire SG19 1JF House 3 £70.23 £107.46 ALL None £38,570 £38,570 EUV-SH 12698 BD224162 26 Cambridge Road Sandy Sandy Bedfordshire SG19 1JF House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12699 BD224162 30 Cambridge Road Sandy Sandy Bedfordshire SG19 1JF House 3 £71.89 £110.34 ALL None £39,480 £39,480 EUV-SH 12700 BD224162 32 Cambridge Road Sandy Sandy Bedfordshire SG19 1JF House 3 £70.23 £107.46 ALL None £38,570 £38,570 EUV-SH 12701 BD224162 36 Cambridge Road Sandy Sandy Bedfordshire SG19 1JF House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12702 BD224162 40 Cambridge Road Sandy Sandy Bedfordshire SG19 1JF House 3 £70.23 £107.46 ALL None £38,570 £38,570 EUV-SH 12703 BD224162 42 Cambridge Road Sandy Sandy Bedfordshire SG19 1JF House 3 £70.23 £110.34 ALL None £38,570 £38,570 EUV-SH 12705 BD224162 48 Cambridge Road Sandy Sandy Bedfordshire SG19 1JF House 3 £70.23 £107.46 ALL None £38,570 £38,570 EUV-SH 12706 BD224162 50 Cambridge Road Sandy Sandy Bedfordshire SG19 1JF House 3 £70.23 £110.34 ALL None £38,570 £38,570 EUV-SH 12719 BD224167 3 Cauldwell Court Sandy Sandy Bedfordshire SG19 1DA House 3 £101.83 £110.34 ALL None £55,920 £55,920 EUV-SH 12720 BD224167 6 Cauldwell Court Sandy Sandy Bedfordshire SG19 1DA House 3 £111.14 £111.14 ALL None £61,030 £61,030 EUV-SH 12721 BD224167 10 Cauldwell Court Sandy Sandy Bedfordshire SG19 1DA House 3 £110.22 £111.14 ALL None £60,530 £60,530 EUV-SH 12723 BD224167 15 Cauldwell Court Sandy Sandy Bedfordshire SG19 1DA House 3 £103.50 £110.34 ALL None £56,840 £56,840 EUV-SH 12724 BD224167 17 Cauldwell Court Sandy Sandy Bedfordshire SG19 1DA House 4 £115.14 £119.06 ALL None £63,230 £63,230 EUV-SH 12725 BD224167 18 Cauldwell Court Sandy Sandy Bedfordshire SG19 1DA House 4 £115.14 £119.06 ALL None £63,230 £63,230 EUV-SH 12727 BD224162 3 Cherrycroft Sandy Sandy Bedfordshire SG19 1BD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12728 BD224162 5 Cherrycroft Sandy Sandy Bedfordshire SG19 1BD House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 12729 BD224162 6 Cherrycroft Sandy Sandy Bedfordshire SG19 1BD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12730 BD224162 7 Cherrycroft Sandy Sandy Bedfordshire SG19 1BD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12731 BD224162 11 Cherrycroft Sandy Sandy Bedfordshire SG19 1BD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12732 BD224162 14 Cherrycroft Sandy Sandy Bedfordshire SG19 1BD House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 12733 BD224162 16 Cherrycroft Sandy Sandy Bedfordshire SG19 1BD House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 12734 BD224166 19 Churchill Way Sandy Sandy Bedfordshire SG19 1LP Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12735 BD224166 21 Churchill Way Sandy Sandy Bedfordshire SG19 1LP Bungalow 2 £83.54 £98.15 ALL None £45,880 £45,880 EUV-SH 12736 BD224166 25 Churchill Way Sandy Sandy Bedfordshire SG19 1LP Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12781 BD223124 1A The Crescent Beeston Sandy Bedfordshire SG19 1PQ House 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 12782 BD223124 6 The Crescent Beeston Sandy Bedfordshire SG19 1PQ House 3 £106.81 £110.34 ALL SOLAR £58,660 £58,660 EUV-SH 12783 BD223124 7 The Crescent Beeston Sandy Bedfordshire SG19 1PQ House 3 £105.16 £110.34 ALL SOLAR £57,750 £57,750 EUV-SH 12784 BD223124 9 The Crescent Beeston Sandy Bedfordshire SG19 1PQ House 3 £108.49 £110.34 ALL SOLAR £59,580 £59,580 EUV-SH 12785 BD223124 12 The Crescent Beeston Sandy Bedfordshire SG19 1PQ House 3 £108.49 £110.34 ALL SOLAR £59,580 £59,580 EUV-SH 12786 BD223124 15 The Crescent Beeston Sandy Bedfordshire SG19 1PQ House 3 £105.16 £110.34 ALL SOLAR £57,750 £57,750 EUV-SH 12787 BD223124 16 The Crescent Beeston Sandy Bedfordshire SG19 1PQ House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 12788 BD223124 20 The Crescent Beeston Sandy Bedfordshire SG19 1PQ House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 12789 BD223124 22 The Crescent Beeston Sandy Bedfordshire SG19 1PQ House 3 £110.14 £110.34 ALL SOLAR £60,490 £60,490 EUV-SH 12800 BD224171 1 Dapifer Drive Sandy Sandy Bedfordshire SG19 1QJ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12801 BD224171 2 Dapifer Drive Sandy Sandy Bedfordshire SG19 1QJ House 3 £111.14 £111.14 ALL None £61,030 £61,030 EUV-SH 12802 BD224171 3 Dapifer Drive Sandy Sandy Bedfordshire SG19 1QJ Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 12803 BD224171 5 Dapifer Drive Sandy Sandy Bedfordshire SG19 1QJ Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 12807 BD224171 8 Dapifer Drive Sandy Sandy Bedfordshire SG19 1QJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12808 BD224171 10 Dapifer Drive Sandy Sandy Bedfordshire SG19 1QJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12809 BD224170 26 Dapifer Drive Sandy Sandy Bedfordshire SG19 1QJ House 4 £119.80 £119.80 ALL None £65,790 £65,790 EUV-SH 12810 BD224170 28 Dapifer Drive Sandy Sandy Bedfordshire SG19 1QJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12811 BD224170 34 Dapifer Drive Sandy Sandy Bedfordshire SG19 1QJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12812 BD224170 38 Dapifer Drive Sandy Sandy Bedfordshire SG19 1QJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12813 BD224170 42 Dapifer Drive Sandy Sandy Bedfordshire SG19 1QJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 12814 BD224170 50 Dapifer Drive Sandy Sandy Bedfordshire SG19 1QL House 4 £119.80 £119.80 ALL None £65,790 £65,790 EUV-SH 12815 BD224170 54 Dapifer Drive Sandy Sandy Bedfordshire SG19 1QL House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12825 BD224166 1 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12826 BD224166 2 East Road Sandy Sandy Bedfordshire SG19 1LH House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 12827 BD224166 3 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12828 BD224166 4 East Road Sandy Sandy Bedfordshire SG19 1LH House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 12829 BD224166 5 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12830 BD224166 7 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12831 BD224166 8 East Road Sandy Sandy Bedfordshire SG19 1LH House 3 £73.55 £110.34 ALL SOLAR £40,390 £40,390 EUV-SH 12832 BD224166 9 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12833 BD224166 10 East Road Sandy Sandy Bedfordshire SG19 1LH House 3 £68.55 £110.34 ALL SOLAR £37,650 £37,650 EUV-SH 12834 BD224166 11 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12835 BD224166 12 East Road Sandy Sandy Bedfordshire SG19 1LH House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 12836 BD224166 14 East Road Sandy Sandy Bedfordshire SG19 1LH House 3 £66.88 £110.34 ALL SOLAR £36,730 £36,730 EUV-SH 12837 BD224166 16 East Road Sandy Sandy Bedfordshire SG19 1LH House 4 £119.06 £119.06 ALL SOLAR £65,390 £65,390 EUV-SH 12838 BD224166 17 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12839 BD224166 18 East Road Sandy Sandy Bedfordshire SG19 1LH House 3 £110.34 £110.34 ALL SOLTHERM £60,600 £60,600 EUV-SH 12840 BD224166 20 East Road Sandy Sandy Bedfordshire SG19 1LH House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 12841 BD224166 21 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12842 BD224166 22 East Road Sandy Sandy Bedfordshire SG19 1LH House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 12843 BD224166 23 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12844 BD224166 25 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12845 BD224166 26 East Road Sandy Sandy Bedfordshire SG19 1LH House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 12846 BD224166 28 East Road Sandy Sandy Bedfordshire SG19 1LH House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 12847 BD224166 29 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12848 BD224166 31 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12849 BD224166 33 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12850 BD224166 35 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12851 BD224166 37 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12852 BD224166 39 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12853 BD224166 41 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12854 BD224166 45 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12856 BD224166 49 East Road Sandy Sandy Bedfordshire SG19 1LH Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 12864 BD224166 65 East Road Sandy Sandy Bedfordshire SG19 1LH House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12865 BD224163 4 Edgecumbe CourtPark Road Sandy Sandy Bedfordshire SG19 1JP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12866 BD224163 5 Edgecumbe CourtPark Road Sandy Sandy Bedfordshire SG19 1JP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12867 BD224163 6 Edgecumbe CourtPark Road Sandy Sandy Bedfordshire SG19 1JP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12868 BD224163 7 Edgecumbe CourtPark Road Sandy Sandy Bedfordshire SG19 1JP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12869 BD224163 9 Edgecumbe CourtPark Road Sandy Sandy Bedfordshire SG19 1JP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12882 BD224167 18 Engayne Avenue Sandy Sandy Bedfordshire SG19 1BN House 3 £106.90 £107.46 ALL None £58,710 £58,710 EUV-SH 12883 BD224167 20 Engayne Avenue Sandy Sandy Bedfordshire SG19 1BN House 3 £106.90 £107.46 ALL None £58,710 £58,710 EUV-SH 12884 BD224167 26 Engayne Avenue Sandy Sandy Bedfordshire SG19 1BN House 3 £95.17 £107.46 ALL None £52,270 £52,270 EUV-SH 12913 BD224170 6 Friars Walk Sandy Sandy Bedfordshire SG19 1QU House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12915 BD224170 9 Friars Walk Sandy Sandy Bedfordshire SG19 1QU House 3 £103.54 £107.46 ALL None £56,860 £56,860 EUV-SH 12917 BD224170 11 Friars Walk Sandy Sandy Bedfordshire SG19 1QU House 4 £117.71 £117.71 ALL None £64,640 £64,640 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 12918 BD224170 19 Friars Walk Sandy Sandy Bedfordshire SG19 1QU Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12919 BD224170 20 Friars Walk Sandy Sandy Bedfordshire SG19 1QU Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 12928 BD224170 25 Friars Walk Sandy Sandy Bedfordshire SG19 1QU House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 12930 BD224170 31 Friars Walk Sandy Sandy Bedfordshire SG19 1QU House 3 £111.14 £111.14 ALL None £61,030 £61,030 EUV-SH 12932 BD224170 32 Friars Walk Sandy Sandy Bedfordshire SG19 1QU House 3 £100.23 £111.14 ALL None £55,040 £55,040 EUV-SH 12934 BD224166 1 Glebe Close Sandy Sandy Bedfordshire SG19 1LW House 4 £119.06 £119.06 ALL None £65,390 £65,390 EUV-SH 12935 BD224166 4 Glebe Close Sandy Sandy Bedfordshire SG19 1LW House 4 £119.06 £119.06 ALL None £65,390 £65,390 EUV-SH 12936 BD224166 5 Glebe Close Sandy Sandy Bedfordshire SG19 1LW House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12937 BD224166 7 Glebe Close Sandy Sandy Bedfordshire SG19 1LW House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12959 BD224166 27 Glebe Road Sandy Sandy Bedfordshire SG19 1LN Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12960 BD224166 29 Glebe Road Sandy Sandy Bedfordshire SG19 1LN Bungalow 2 £83.54 £96.69 ALL None £45,880 £45,880 EUV-SH 12961 BD224166 31 Glebe Road Sandy Sandy Bedfordshire SG19 1LN Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12962 BD224166 33 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12963 BD224166 34 Glebe Road Sandy Sandy Bedfordshire SG19 1LN Bungalow 2 £83.54 £98.15 ALL None £45,880 £45,880 EUV-SH 12964 BD224166 35 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12965 BD224166 36 Glebe Road Sandy Sandy Bedfordshire SG19 1LN Bungalow 2 £83.54 £98.15 ALL None £45,880 £45,880 EUV-SH 12966 BD224166 37 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Bungalow 2 £83.54 £96.69 ALL None £45,880 £45,880 EUV-SH 12967 BD224166 38 Glebe Road Sandy Sandy Bedfordshire SG19 1LN Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12968 BD224166 39 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Bungalow 2 £83.54 £96.69 ALL None £45,880 £45,880 EUV-SH 12969 BD224166 40 Glebe Road Sandy Sandy Bedfordshire SG19 1LN Bungalow 2 £83.54 £98.15 ALL None £45,880 £45,880 EUV-SH 12970 BD224166 42 Glebe Road Sandy Sandy Bedfordshire SG19 1LN Bungalow 2 £83.54 £98.15 ALL None £45,880 £45,880 EUV-SH 12971 BD224166 43 Glebe Road Sandy Sandy Bedfordshire SG19 1LL House 3 £106.81 £110.34 ALL None £58,660 £58,660 EUV-SH 12972 BD224166 44 Glebe Road Sandy Sandy Bedfordshire SG19 1LN Bungalow 2 £83.54 £98.15 ALL None £45,880 £45,880 EUV-SH 12973 BD224166 45 Glebe Road Sandy Sandy Bedfordshire SG19 1LL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 12974 BD224166 46 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12975 BD224166 47 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12976 BD224166 48 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 12977 BD224166 50 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Bungalow 2 £90.18 £98.15 ALL None £49,520 £49,520 EUV-SH 12978 BD224166 51 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12979 BD224166 52 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Bungalow 2 £90.18 £98.15 ALL None £49,520 £49,520 EUV-SH 12980 BD224166 53 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12981 BD224166 55 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12982 BD224166 56 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Bungalow 2 £90.18 £98.15 ALL None £49,520 £49,520 EUV-SH 12983 BD224166 58 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Bungalow 2 £90.18 £98.15 ALL None £49,520 £49,520 EUV-SH 12984 BD224166 59 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12985 BD224166 60 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Bungalow 2 £90.18 £98.15 ALL None £49,520 £49,520 EUV-SH 12986 BD224166 61 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12987 BD224166 71 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12989 BD224166 75 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12990 BD224166 79 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12991 BD224166 81 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12992 BD224166 83 Glebe Road Sandy Sandy Bedfordshire SG19 1LL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 12993 BD223123 3 High Road Beeston Sandy Bedfordshire SG19 1NS House 3 £70.23 £110.34 ALL SOLAR £38,570 £38,570 EUV-SH 12994 BD223123 5 High Road Beeston Sandy Bedfordshire SG19 1NS House 3 £68.55 £107.46 ALL SOLAR £37,650 £37,650 EUV-SH 12995 BD223123 7 High Road Beeston Sandy Bedfordshire SG19 1NS House 3 £107.46 £107.46 ALL SOLAR £59,010 £59,010 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 12996 BD223123 9 High Road Beeston Sandy Bedfordshire SG19 1NS House 3 £70.23 £107.46 ALL SOLAR £38,570 £38,570 EUV-SH 12997 BD223123 11 High Road Beeston Sandy Bedfordshire SG19 1NS House 3 £68.55 £107.46 ALL SOLAR £37,650 £37,650 EUV-SH 12999 BD223124 22 High Road Beeston Sandy Bedfordshire SG19 1PA House 3 £105.16 £110.34 ALL None £57,750 £57,750 EUV-SH 13000 BD224162 81 High Street Sandy Sandy Bedfordshire SG19 1AL Studio Flat 1 £81.95 £81.95 ALL None £45,010 £45,010 EUV-SH 13001 BD224162 83 High Street Sandy Sandy Bedfordshire SG19 1AL Studio Flat 1 £81.95 £81.95 ALL None £45,010 £45,010 EUV-SH 13002 BD224162 85 High Street Sandy Sandy Bedfordshire SG19 1AL Studio Flat 1 £81.95 £81.95 ALL None £45,010 £45,010 EUV-SH 13003 BD224162 87 High Street Sandy Sandy Bedfordshire SG19 1AL Studio Flat 1 £81.95 £81.95 ALL None £45,010 £45,010 EUV-SH 13004 BD224162 89 High Street Sandy Sandy Bedfordshire SG19 1AL Studio Flat 1 £81.95 £81.95 ALL None £45,010 £45,010 EUV-SH 13005 BD224162 91 High Street Sandy Sandy Bedfordshire SG19 1AL Studio Flat 1 £81.95 £81.95 ALL None £45,010 £45,010 EUV-SH 13006 BD224162 93 High Street Sandy Sandy Bedfordshire SG19 1AL Studio Flat 1 £81.95 £81.95 ALL None £45,010 £45,010 EUV-SH 13022 BD224167 3 Kingsley Court Sandy Sandy Bedfordshire SG19 1EB House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13023 BD224167 6 Kingsley Court Sandy Sandy Bedfordshire SG19 1EB House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13025 BD224167 10 Kingsley Court Sandy Sandy Bedfordshire SG19 1EB Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 13026 BD224167 11 Kingsley Court Sandy Sandy Bedfordshire SG19 1EB House 3 £103.50 £110.34 ALL None £56,840 £56,840 EUV-SH 13027 BD224167 16 Kingsley Court Sandy Sandy Bedfordshire SG19 1EB House 3 £95.17 £107.46 ALL None £52,270 £52,270 EUV-SH 13028 BD224167 17 Kingsley Court Sandy Sandy Bedfordshire SG19 1EB House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 13029 BD224167 21 Kingsley Court Sandy Sandy Bedfordshire SG19 1EB House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13030 BD224167 23 Kingsley Court Sandy Sandy Bedfordshire SG19 1EB House 3 £106.90 £107.46 ALL None £58,710 £58,710 EUV-SH 13031 BD224167 24 Kingsley Court Sandy Sandy Bedfordshire SG19 1EB House 3 £106.90 £107.46 ALL None £58,710 £58,710 EUV-SH 13032 BD224167 25 Kingsley Court Sandy Sandy Bedfordshire SG19 1EB House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13047 BD224166 25 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13048 BD224166 27 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13049 BD224166 29 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13050 BD224166 31 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13051 BD224166 33 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13052 BD224166 34 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 13053 BD224166 35 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 13054 Bd224167 37 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 13055 BD224166 38 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13056 Bd224167 41 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 13057 BD224166 42 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13058 BD224166 46 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13059 BD224166 48 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13060 BD224166 50 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13061 BD224166 52 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 13062 BD224166 54 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13086 BD224167 2 Midland Road Sandy Sandy Bedfordshire SG19 1EE House 4 £119.80 £119.80 ALL None £65,790 £65,790 EUV-SH 13088 BD224167 4 Midland Road Sandy Sandy Bedfordshire SG19 1EE House 4 £118.49 £118.49 ALL None £65,070 £65,070 EUV-SH 13090 BD224167 6 Midland Road Sandy Sandy Bedfordshire SG19 1EE House 4 £118.49 £118.49 ALL None £65,070 £65,070 EUV-SH 13092 BD224167 8 Midland Road Sandy Sandy Bedfordshire SG19 1EE House 4 £118.49 £118.49 ALL None £65,070 £65,070 EUV-SH 13094 BD224167 10 Midland Road Sandy Sandy Bedfordshire SG19 1EE House 4 £118.49 £118.49 ALL None £65,070 £65,070 EUV-SH 13096 BD224167 12 Midland Road Sandy Sandy Bedfordshire SG19 1EE House 4 £118.49 £118.49 ALL None £65,070 £65,070 EUV-SH 13098 BD224167 14 Midland Road Sandy Sandy Bedfordshire SG19 1EE House 4 £118.49 £118.49 ALL None £65,070 £65,070 EUV-SH 13100 BD224167 16 Midland Road Sandy Sandy Bedfordshire SG19 1EE House 4 £118.49 £118.49 ALL None £65,070 £65,070 EUV-SH 13106 BD224167 20 Midland Road Sandy Sandy Bedfordshire SG19 1EE House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 13108 BD224167 30 Midland Road Sandy Sandy Bedfordshire SG19 1EE House 3 £100.18 £107.46 ALL None £55,020 £55,020 EUV-SH 13109 BD224167 34 Midland Road Sandy Sandy Bedfordshire SG19 1EE House 3 £100.18 £107.46 ALL None £55,020 £55,020 EUV-SH 13110 BD224167 36 Midland Road Sandy Sandy Bedfordshire SG19 1EE House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13124 BD224167 52 Midland Road Sandy Sandy Bedfordshire SG19 1EF House 3 £100.18 £107.46 ALL None £55,020 £55,020 EUV-SH 13125 BD224167 60 Midland Road Sandy Sandy Bedfordshire SG19 1EF House 3 £106.90 £107.46 ALL None £58,710 £58,710 EUV-SH 13140 BD224171 7 Newton Way Sandy Sandy Bedfordshire SG19 1QX House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13142 BD224171 11 Newton Way Sandy Sandy Bedfordshire SG19 1QX House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13144 BD224171 25 Newton Way Sandy Sandy Bedfordshire SG19 1QX House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13146 BD224171 33 Newton Way Sandy Sandy Bedfordshire SG19 1QX House 3 £103.54 £107.46 ALL None £56,860 £56,860 EUV-SH 13148 BD224171 37 Newton Way Sandy Sandy Bedfordshire SG19 1QX House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13150 BD223125 2 Orchard Road Beeston Sandy Bedfordshire SG19 1PJ House 3 £96.85 £110.34 ALL None £53,190 £53,190 EUV-SH 13151 BD223125 9 Orchard Road Beeston Sandy Bedfordshire SG19 1PJ House 3 £96.85 £110.34 ALL None £53,190 £53,190 EUV-SH 13153 BD223125 12 Orchard Road Beeston Sandy Bedfordshire SG19 1PJ House 3 £93.51 £107.46 ALL None £51,350 £51,350 EUV-SH 13154 BD223125 16 Orchard Road Beeston Sandy Bedfordshire SG19 1PJ House 3 £96.85 £110.34 ALL None £53,190 £53,190 EUV-SH 13155 BD223125 19 Orchard Road Beeston Sandy Bedfordshire SG19 1PJ House 3 £96.85 £110.34 ALL None £53,190 £53,190 EUV-SH 13156 BD224162 4 Peels Place Sandy Sandy Bedfordshire SG19 1BE Bungalow 2 £83.54 £98.15 ALL None £45,880 £45,880 EUV-SH 13157 BD224162 5 Peels Place Sandy Sandy Bedfordshire SG19 1BE Bungalow 2 £83.54 £98.15 ALL None £45,880 £45,880 EUV-SH 13158 BD224162 7 Peels Place Sandy Sandy Bedfordshire SG19 1BE Bungalow 2 £83.54 £98.15 ALL None £45,880 £45,880 EUV-SH 13159 BD224162 8 Peels Place Sandy Sandy Bedfordshire SG19 1BE Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13160 BD224162 9 Peels Place Sandy Sandy Bedfordshire SG19 1BE Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13161 BD224162 12 Peels Place Sandy Sandy Bedfordshire SG19 1BE House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 13162 BD224162 19 Peels Place Sandy Sandy Bedfordshire SG19 1BE House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 13163 BD224162 20 Peels Place Sandy Sandy Bedfordshire SG19 1BE House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 13164 BD224164 1 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £85.20 £110.34 ALL None £46,790 £46,790 EUV-SH 13165 BD224164 2 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £85.20 £110.34 ALL None £46,790 £46,790 EUV-SH 13166 BD224164 3 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13168 BD224164 9 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £85.20 £110.34 ALL None £46,790 £46,790 EUV-SH 13169 BD224164 12 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £81.86 £110.34 ALL None £44,950 £44,950 EUV-SH 13170 BD224164 16 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £85.20 £110.34 ALL None £46,790 £46,790 EUV-SH 13171 BD224164 17 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £85.20 £110.34 ALL None £46,790 £46,790 EUV-SH 13172 BD224164 18 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13173 BD224164 19 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 13174 BD224164 21 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13175 BD224164 22 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £85.20 £110.34 ALL None £46,790 £46,790 EUV-SH 13176 BD224164 23 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13177 BD224164 24 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 13178 BD224164 27 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 13179 BD224164 29 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 13180 BD224164 31 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13181 BD224164 33 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 13182 BD224164 34 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £80.22 £107.46 ALL None £44,060 £44,060 EUV-SH 13183 BD224164 35 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 13185 BD224164 38 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13186 BD224164 39 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13187 BD224164 41 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 13188 BD224164 45 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 13189 BD224164 46 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 13190 BD224164 49 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 13191 BD224164 51 Queens Road Sandy Sandy Bedfordshire SG19 1HD House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 13222 BD223165 53 St Neots Road Sandy Sandy Bedfordshire SG19 1LE House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13223 BD223165 57 St Neots Road Sandy Sandy Bedfordshire SG19 1LE House 3 £71.89 £110.34 ALL None £39,480 £39,480 EUV-SH 13224 BD223165 61 St Neots Road Sandy Sandy Bedfordshire SG19 1LE House 3 £78.51 £110.34 ALL None £43,120 £43,120 EUV-SH 13225 BD223165 63 St Neots Road Sandy Sandy Bedfordshire SG19 1LE House 3 £78.51 £110.34 ALL None £43,120 £43,120 EUV-SH 13226 BD224166 104 St Neots Road Sandy Sandy Bedfordshire SG19 1LQ House 3 £68.55 £110.34 ALL None £37,650 £37,650 EUV-SH 13228 BD225414 110 St Neots Road Sandy Sandy Bedfordshire SG19 1LQ House 3 £66.88 £107.46 ALL None £36,730 £36,730 EUV-SH 13229 BD224162 1 St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 13230 BD224162 1B St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13231 BD224162 2 St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 13232 BD224162 2A St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13233 BD224162 4 St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 13234 BD224162 5 St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13235 BD224162 6 St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 13236 BD224162 7 St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 13237 BD224162 8 St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13238 BD224162 9 St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 13239 BD224162 10 St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 13240 BD224162 11 St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13241 BD224162 12 St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13242 BD224162 13 St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13243 BD224162 16 St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13244 BD224162 17 St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 13245 BD224162 21 St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13246 BD224162 24 St Swithuns Way Sandy Sandy Bedfordshire SG19 1BG House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 13281 BD224164 1 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13282 BD224164 2 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13283 BD224164 5 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13284 BD224164 6 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13285 BD224164 7 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13286 BD224164 10 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13287 BD224164 11 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13289 BD224164 14 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13290 BD224164 15 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13291 BD224164 16 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13292 BD224164 17 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13293 BD224164 18 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13294 BD224164 19 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13295 BD224164 23 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13298 BD224164 28 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13299 BD224164 31 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13300 BD224164 33 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 13301 BD224164 34 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13302 BD224164 35 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13303 BD224164 36 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13304 BD224164 39 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13306 BD224164 41 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13307 BD224164 42 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13308 BD224164 44 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13309 BD224164 45 Sandford Rise Sandy Sandy Bedfordshire SG19 1ED Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13310 BD224171 1 Sandon Close Sandy Sandy Bedfordshire SG19 1QT House 3 £111.14 £111.14 ALL None £61,030 £61,030 EUV-SH 13312 BD224171 3 Sandon Close Sandy Sandy Bedfordshire SG19 1QT House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13317 BD224171 10 Sandon Close Sandy Sandy Bedfordshire SG19 1QT House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13320 BD224171 14 Sandon Close Sandy Sandy Bedfordshire SG19 1QT Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13321 BD224171 15 Sandon Close Sandy Sandy Bedfordshire SG19 1QT Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13330 BD224164 5 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13331 BD224164 6 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13332 BD224164 7 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 13333 BD224164 8 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 13334 BD224164 10 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 13335 BD224164 11 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £85.20 £107.46 ALL None £46,790 £46,790 EUV-SH 13336 BD224164 14 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 13337 BD224164 15 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13338 BD224164 16 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £86.85 £107.46 ALL None £47,700 £47,700 EUV-SH 13339 BD224164 20 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 13340 BD224164 21 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13341 BD224164 22 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13342 BD224164 23 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 13344 BD224164 26 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13345 BD224164 27 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13346 BD224164 28 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £88.54 £107.46 ALL None £48,630 £48,630 EUV-SH 13347 BD224164 29 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13348 BD224164 31 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 13349 BD224164 32 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13350 BD224164 35 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 13351 BD224164 36 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 13353 BD224164 42 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £85.20 £110.34 ALL None £46,790 £46,790 EUV-SH 13354 BD224164 44 South Road Sandy Sandy Bedfordshire SG19 1HE House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 13356 BD224164 1 Spring Grove Sandy Sandy Bedfordshire SG19 1EU House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13362 BD224164 2 Spring Grove Sandy Sandy Bedfordshire SG19 1EU House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13363 BD224164 6 Spring Grove Sandy Sandy Bedfordshire SG19 1EU House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13364 BD224164 14 Spring Grove Sandy Sandy Bedfordshire SG19 1EU House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13365 BD224164 15 Spring Grove Sandy Sandy Bedfordshire SG19 1EU House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13366 BD224164 21 Spring Grove Sandy Sandy Bedfordshire SG19 1EU Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13367 BD224164 22 Spring Grove Sandy Sandy Bedfordshire SG19 1EU Bungalow 2 £76.87 £96.69 ALL None £42,220 £42,220 EUV-SH 13368 BD224164 23 Spring Grove Sandy Sandy Bedfordshire SG19 1EU Bungalow 2 £76.87 £96.69 ALL None £42,220 £42,220 EUV-SH 13369 BD224164 24 Spring Grove Sandy Sandy Bedfordshire SG19 1EU Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 13380 BD224162 1 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13381 BD224162 2 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13382 BD224162 3 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 13383 BD224162 4 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 13384 BD224162 5 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £74.37 £80.53 ALL None £40,840 £40,840 EUV-SH 13385 BD224162 6 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £71.89 £80.53 ALL None £39,480 £39,480 EUV-SH 13386 BD224162 7 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 13387 BD224162 8 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £71.89 £80.53 ALL None £39,480 £39,480 EUV-SH 13388 BD224162 9 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13389 BD224162 10 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £80.22 £80.53 ALL None £44,060 £44,060 EUV-SH 13390 BD224162 11 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £80.22 £80.53 ALL None £44,060 £44,060 EUV-SH 13391 BD224162 12 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 2 £80.53 £98.15 ALL None £44,220 £44,220 EUV-SH 13392 BD224162 13 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £74.37 £80.53 ALL None £40,840 £40,840 EUV-SH 13393 BD224162 14 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £68.55 £80.53 ALL None £37,650 £37,650 EUV-SH 13394 BD224162 15 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 13395 BD224162 16 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 13396 BD224162 17 Stonecroft Sandy Sandy Bedfordshire SG19 1BB House 3 £106.47 £106.47 ALL None £58,470 £58,470 EUV-SH 13400 BD224162 18 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 13401 BD224162 19 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £80.22 £80.53 ALL None £44,060 £44,060 EUV-SH 13402 BD224162 20 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 13403 BD224162 21 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 13404 BD224162 22 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £80.22 £80.53 ALL None £44,060 £44,060 EUV-SH 13405 BD224162 23 Stonecroft Sandy Sandy Bedfordshire SG19 1BB Bungalow 1 £80.53 £80.53 ALL None £44,220 £44,220 EUV-SH 13456 BD224165 1 Westfield Gardens Sandy Sandy Bedfordshire SG19 1HF Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 13479 BD224165 2 Westfield Gardens Sandy Sandy Bedfordshire SG19 1HF Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 13480 BD224165 3 Westfield Gardens Sandy Sandy Bedfordshire SG19 1HF Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 13481 BD224165 4 Westfield Gardens Sandy Sandy Bedfordshire SG19 1HF Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 13482 BD224165 13 Westfield Gardens Sandy Sandy Bedfordshire SG19 1HF House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13483 BD224165 15 Westfield Gardens Sandy Sandy Bedfordshire SG19 1HF House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13484 BD224165 20 Westfield Gardens Sandy Sandy Bedfordshire SG19 1HF Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 13485 BD224165 21 Westfield Gardens Sandy Sandy Bedfordshire SG19 1HF Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 13486 BD224165 22 Westfield Gardens Sandy Sandy Bedfordshire SG19 1HF Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 13487 BD224165 23 Westfield Gardens Sandy Sandy Bedfordshire SG19 1HF Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 13490 BD224165 2 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 13491 BD224165 3 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £70.23 £110.34 ALL SOLAR £38,570 £38,570 EUV-SH 13492 BD224165 5 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £70.23 £110.34 ALL None £38,570 £38,570 EUV-SH 13493 BD224165 7 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £75.21 £110.34 ALL SOLAR £41,300 £41,300 EUV-SH 13495 BD224165 10 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 13496 BD224165 12 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 13497 BD224165 16 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £91.84 £110.34 ALL SOLAR £50,440 £50,440 EUV-SH 13498 BD224165 17 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £67.74 £110.34 ALL SOLAR £37,200 £37,200 EUV-SH 13499 BD224165 18 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 13500 BD224165 19 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £76.87 £110.34 ALL SOLAR £42,220 £42,220 EUV-SH 13501 BD224165 21 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 13502 BD224165 23 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £71.89 £110.34 ALL SOLAR £39,480 £39,480 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 13504 BD224165 27 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £91.84 £110.34 ALL SOLAR £50,440 £50,440 EUV-SH 13505 BD224165 28 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13506 BD224165 29 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £91.84 £110.34 ALL SOLAR £50,440 £50,440 EUV-SH 13507 BD224165 33 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 13508 BD224165 35 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £91.84 £110.34 ALL SOLAR £50,440 £50,440 EUV-SH 13509 BD224165 37 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £91.84 £110.34 ALL SOLAR £50,440 £50,440 EUV-SH 13510 BD224165 38 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £96.85 £110.34 ALL None £53,190 £53,190 EUV-SH 13511 BD224165 39 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 13512 BD224165 41 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 13514 BD224165 46 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 13516 BD224165 48 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £78.51 £110.34 ALL None £43,120 £43,120 EUV-SH 13518 BD224165 50 West Road Sandy Sandy Bedfordshire SG19 1HB House 3 £87.32 £110.34 ALL None £47,960 £47,960 EUV-SH 13520 BD224165 52 West Road Sandy Sandy Bedfordshire SG19 1HB Bungalow 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 13522 BD224165 54 West Road Sandy Sandy Bedfordshire SG19 1HB Bungalow 2 £80.22 £98.15 ALL SOLAR £44,060 £44,060 EUV-SH 13524 BD224165 56 West Road Sandy Sandy Bedfordshire SG19 1HB Bungalow 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 13526 BD224165 58 West Road Sandy Sandy Bedfordshire SG19 1HB Bungalow 2 £98.15 £98.15 ALL SOLAR £53,900 £53,900 EUV-SH 13572 BD224167 2 Winchester Road Sandy Sandy Bedfordshire SG19 1DG House 3 £108.55 £111.14 ALL None £59,610 £59,610 EUV-SH 13575 BD224167 6 Winchester Road Sandy Sandy Bedfordshire SG19 1DG House 3 £106.90 £107.46 ALL None £58,710 £58,710 EUV-SH 13577 BD224167 8 Winchester Road Sandy Sandy Bedfordshire SG19 1DG House 3 £106.90 £107.46 ALL None £58,710 £58,710 EUV-SH 13580 BD224167 14 Winchester Road Sandy Sandy Bedfordshire SG19 1DG House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13583 BD224167 18 Winchester Road Sandy Sandy Bedfordshire SG19 1DG House 3 £106.90 £107.46 ALL None £58,710 £58,710 EUV-SH 13591 BD224167 34 Winchester Road Sandy Sandy Bedfordshire SG19 1DG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 13592 BD224167 36 Winchester Road Sandy Sandy Bedfordshire SG19 1DG Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 13593 BD224167 40 Winchester Road Sandy Sandy Bedfordshire SG19 1DG House 3 £106.90 £111.14 ALL None £58,710 £58,710 EUV-SH 13595 BD224167 42 Winchester Road Sandy Sandy Bedfordshire SG19 1DG House 3 £106.90 £107.46 ALL None £58,710 £58,710 EUV-SH 13596 BD224167 44 Winchester Road Sandy Sandy Bedfordshire SG19 1DG House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13597 BD224167 46 Winchester Road Sandy Sandy Bedfordshire SG19 1DG House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13599 BD224167 52 Winchester Road Sandy Sandy Bedfordshire SG19 1DG House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13601 BD224167 54 Winchester Road Sandy Sandy Bedfordshire SG19 1DG House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13603 BD224167 58 Winchester Road Sandy Sandy Bedfordshire SG19 1DQ House 3 £106.90 £107.46 ALL None £58,710 £58,710 EUV-SH 13618 BD224167 84 Winchester Road Sandy Sandy Bedfordshire SG19 1DQ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13619 BD224167 86 Winchester Road Sandy Sandy Bedfordshire SG19 1DP House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13623 BD224167 96 Winchester Road Sandy Sandy Bedfordshire SG19 1DP House 3 £100.18 £107.46 ALL None £55,020 £55,020 EUV-SH 13626 BD224167 100 Winchester Road Sandy Sandy Bedfordshire SG19 1DP House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13628 BD224167 102 Winchester Road Sandy Sandy Bedfordshire SG19 1DP House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13630 BD224167 104 Winchester Road Sandy Sandy Bedfordshire SG19 1DP House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 13633 BD224167 108 Winchester Road Sandy Sandy Bedfordshire SG19 1DP House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13637 BD224167 116 Winchester Road Sandy Sandy Bedfordshire SG19 1DP House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13640 BD224167 124 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Bungalow 1 £81.86 £82.57 ALL None £44,950 £44,950 EUV-SH 13641 BD224167 126 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 13642 BD224167 128 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 13643 BD224167 130 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 13644 BD224167 132 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 13645 BD224167 134 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 13646 BD224167 136 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Bungalow 1 £81.86 £82.57 ALL None £44,950 £44,950 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 13647 BD224167 138 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 13648 BD224167 140 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 13649 BD224167 142 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 13651 BD224167 150 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13652 BD224167 152 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 13653 BD224167 154 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 13654 BD224167 156 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 13655 BD224167 158 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 13656 BD224167 160 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 13657 BD224167 162 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 13658 BD224167 164 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 13659 BD224167 166 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 13660 BD224167 168 Winchester Road Sandy Sandy Bedfordshire SG19 1RQ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 13680 BD224171 2C Windsor Way Sandy Sandy Bedfordshire SG19 1JL Bungalow 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13681 BD224171 3A Windsor Way Sandy Sandy Bedfordshire SG19 1JL Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13682 BD224171 4 Windsor Way Sandy Sandy Bedfordshire SG19 1JL Bungalow 2 £83.54 £96.69 ALL None £45,880 £45,880 EUV-SH 13683 BD224171 5 Windsor Way Sandy Sandy Bedfordshire SG19 1JL Bungalow 2 £86.85 £96.69 ALL None £47,700 £47,700 EUV-SH 13684 BD224171 5A Windsor Way Sandy Sandy Bedfordshire SG19 1JL Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 13685 BD224171 6 Windsor Way Sandy Sandy Bedfordshire SG19 1JL Bungalow 2 £83.54 £96.69 ALL None £45,880 £45,880 EUV-SH 13686 BD224171 7 Windsor Way Sandy Sandy Bedfordshire SG19 1JL Bungalow 2 £90.18 £98.15 ALL None £49,520 £49,520 EUV-SH 13687 BD224171 11 Windsor Way Sandy Sandy Bedfordshire SG19 1JL House 3 £106.81 £110.34 ALL None £58,660 £58,660 EUV-SH 13688 BD224171 17 Windsor Way Sandy Sandy Bedfordshire SG19 1JL House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13690 BD224171 20 Windsor Way Sandy Sandy Bedfordshire SG19 1JL House 3 £106.81 £110.34 ALL None £58,660 £58,660 EUV-SH 13691 BD224171 26 Windsor Way Sandy Sandy Bedfordshire SG19 1JL House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13692 BD224171 30 Windsor Way Sandy Sandy Bedfordshire SG19 1JL House 3 £106.81 £110.34 ALL None £58,660 £58,660 EUV-SH 13693 BD224171 33 Windsor Way Sandy Sandy Bedfordshire SG19 1JL Bungalow 2 £88.54 £98.15 ALL None £48,630 £48,630 EUV-SH 13694 BD224171 35 Windsor Way Sandy Sandy Bedfordshire SG19 1JL Bungalow 2 £83.54 £96.69 ALL None £45,880 £45,880 EUV-SH 13695 BD224171 36 Windsor Way Sandy Sandy Bedfordshire SG19 1JL House 3 £106.81 £110.34 ALL None £58,660 £58,660 EUV-SH 13696 BD224171 37 Windsor Way Sandy Sandy Bedfordshire SG19 1JL Bungalow 2 £61.92 £96.69 ALL None £34,000 £34,000 EUV-SH 13697 BD224171 38 Windsor Way Sandy Sandy Bedfordshire SG19 1JL House 3 £106.81 £110.34 ALL None £58,660 £58,660 EUV-SH 13698 BD224171 39 Windsor Way Sandy Sandy Bedfordshire SG19 1JL Bungalow 2 £86.85 £98.15 ALL None £47,700 £47,700 EUV-SH 13699 BD224171 42 Windsor Way Sandy Sandy Bedfordshire SG19 1JL Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13700 BD224171 44 Windsor Way Sandy Sandy Bedfordshire SG19 1JL Bungalow 2 £83.54 £96.69 ALL None £45,880 £45,880 EUV-SH 13701 BD224171 46 Windsor Way Sandy Sandy Bedfordshire SG19 1JL Bungalow 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 13702 BD224171 48 Windsor Way Sandy Sandy Bedfordshire SG19 1JL Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13703 BD224170 2 Wynnefield Walk Sandy Sandy Bedfordshire SG19 1QS House 3 £111.14 £111.14 ALL None £61,030 £61,030 EUV-SH 13705 BD224170 4 Wynnefield Walk Sandy Sandy Bedfordshire SG19 1QS House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13707 BD224170 7 Wynnefield Walk Sandy Sandy Bedfordshire SG19 1QS House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 13708 BD224170 9 Wynnefield Walk Sandy Sandy Bedfordshire SG19 1QS House 3 £103.50 £107.46 ALL None £56,840 £56,840 EUV-SH 13710 BD224170 16 Wynnefield Walk Sandy Sandy Bedfordshire SG19 1QS House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13719 BD224170 17 Wynnefield Walk Sandy Sandy Bedfordshire SG19 1QS Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13721 BD224170 18 Wynnefield Walk Sandy Sandy Bedfordshire SG19 1QS Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13723 BD223437 2 Bancroft Avenue Broom Biggleswade Bedfordshire SG18 9NB House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13724 BD223437 4 Bancroft Avenue Broom Biggleswade Bedfordshire SG18 9NB House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 13725 BD223437 5 Bancroft Avenue Broom Biggleswade Bedfordshire SG18 9NB House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 13726 BD223437 7 Bancroft Avenue Broom Biggleswade Bedfordshire SG18 9NB House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 13727 BD223437 8 Bancroft Avenue Broom Biggleswade Bedfordshire SG18 9NB House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 13728 BD223437 12 Bancroft Avenue Broom Biggleswade Bedfordshire SG18 9NB House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 13729 BD223437 15 Bancroft Avenue Broom Biggleswade Bedfordshire SG18 9NB House 3 £95.17 £107.46 ALL None £52,270 £52,270 EUV-SH 13730 BD223437 19 Bancroft Avenue Broom Biggleswade Bedfordshire SG18 9NB House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13731 BD223437 22 Bancroft Avenue Broom Biggleswade Bedfordshire SG18 9NB House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 13733 BD223437 29 Bancroft Avenue Broom Biggleswade Bedfordshire SG18 9NB House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13734 BD223437 30 Bancroft Avenue Broom Biggleswade Bedfordshire SG18 9NB House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13735 BD223437 7 High Street Broom Biggleswade Bedfordshire SG18 9NA Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13736 BD223437 9 High Street Broom Biggleswade Bedfordshire SG18 9NA Bungalow 2 £90.18 £98.15 ALL None £49,520 £49,520 EUV-SH 13737 BD223438 87 High Street Broom Biggleswade Bedfordshire SG18 9NA Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 13738 BD223438 89 High Street Broom Biggleswade Bedfordshire SG18 9NA Bungalow 1 £76.87 £82.57 ALL None £42,220 £42,220 EUV-SH 13739 BD223438 1 Kings Road Broom Biggleswade Bedfordshire SG18 9NL Bungalow 1 £70.23 £82.57 ALL None £38,570 £38,570 EUV-SH 13740 BD223438 2 Kings Road Broom Biggleswade Bedfordshire SG18 9NL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13741 BD223438 3 Kings Road Broom Biggleswade Bedfordshire SG18 9NL Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 13742 BD223438 4 Kings Road Broom Biggleswade Bedfordshire SG18 9NL House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 13743 BD223438 5 Kings Road Broom Biggleswade Bedfordshire SG18 9NL Bungalow 1 £70.23 £82.57 ALL None £38,570 £38,570 EUV-SH 13744 BD223438 6 Kings Road Broom Biggleswade Bedfordshire SG18 9NL House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 13745 BD223438 7 Kings Road Broom Biggleswade Bedfordshire SG18 9NL Bungalow 1 £70.23 £82.57 ALL None £38,570 £38,570 EUV-SH 13746 BD223438 8 Kings Road Broom Biggleswade Bedfordshire SG18 9NL House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 13747 BD223438 11 Kings Road Broom Biggleswade Bedfordshire SG18 9NL House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 13748 BD223438 12 Kings Road Broom Biggleswade Bedfordshire SG18 9NL House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13749 BD223438 13 Kings Road Broom Biggleswade Bedfordshire SG18 9NL House 2 £88.54 £98.15 ALL None £48,630 £48,630 EUV-SH 13750 BD223438 14 Kings Road Broom Biggleswade Bedfordshire SG18 9NL House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13751 BD223438 15 Kings Road Broom Biggleswade Bedfordshire SG18 9NL House 2 £88.54 £98.15 ALL None £48,630 £48,630 EUV-SH 13760 BD223438 21 Kings Road Broom Biggleswade Bedfordshire SG18 9NL House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 13761 BD223438 23 Kings Road Broom Biggleswade Bedfordshire SG18 9NL House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13762 BD224172 3 The Crescent Biggleswade Biggleswade Bedfordshire SG18 9JF House 3 £110.34 £110.34 ALL SOLTHERM £60,600 £60,600 EUV-SH 13763 BD224172 4 The Crescent Biggleswade Biggleswade Bedfordshire SG18 9JF House 3 £85.20 £110.34 ALL SOLTHERM £46,790 £46,790 EUV-SH 13764 BD224172 5 The Crescent Biggleswade Biggleswade Bedfordshire SG18 9JF House 3 £85.20 £110.34 ALL SOLTHERM £46,790 £46,790 EUV-SH 13765 BD224172 7 The Crescent Biggleswade Biggleswade Bedfordshire SG18 9JF House 3 £85.20 £110.34 ALL SOLTHERM £46,790 £46,790 EUV-SH 13766 BD224172 8 The Crescent Biggleswade Biggleswade Bedfordshire SG18 9JF House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13767 BD224172 11 The Crescent Biggleswade Biggleswade Bedfordshire SG18 9JF House 3 £110.34 £110.34 ALL SOLTHERM £60,600 £60,600 EUV-SH 13768 BD224172 12 The Crescent Biggleswade Biggleswade Bedfordshire SG18 9JF House 3 £110.34 £110.34 ALL SOLTHERM £60,600 £60,600 EUV-SH 13769 BD224172 13 The Crescent Biggleswade Biggleswade Bedfordshire SG18 9JF House 3 £93.51 £110.34 ALL SOLTHERM £51,350 £51,350 EUV-SH 13771 BD224172 17 The Crescent Biggleswade Biggleswade Bedfordshire SG18 9JF House 3 £98.48 £110.34 ALL None £54,080 £54,080 EUV-SH 13772 BD224172 19 The Crescent Biggleswade Biggleswade Bedfordshire SG18 9JF House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 13773 BD224172 20 The Crescent Biggleswade Biggleswade Bedfordshire SG18 9JF House 3 £98.48 £110.34 ALL None £54,080 £54,080 EUV-SH 13774 BD224172 23 The Crescent Biggleswade Biggleswade Bedfordshire SG18 9JF House 3 £98.48 £110.34 ALL None £54,080 £54,080 EUV-SH 13775 BD224172 25 The Crescent Biggleswade Biggleswade Bedfordshire SG18 9JF House 3 £98.48 £110.34 ALL None £54,080 £54,080 EUV-SH 13776 BD224172 26 The Crescent Biggleswade Biggleswade Bedfordshire SG18 9JF House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13777 BD224173 2 Stanford Road Biggleswade Biggleswade Bedfordshire SG18 9HX House 3 £110.34 £110.34 ALL SOLAR £60,600 £60,600 EUV-SH 13778 BD224173 8 Stanford Road Biggleswade Biggleswade Bedfordshire SG18 9HX House 3 £100.18 £110.34 ALL SOLAR £55,020 £55,020 EUV-SH 13779 BD224173 24 Stanford Road Biggleswade Biggleswade Bedfordshire SG18 9HX House 3 £85.20 £110.34 ALL None £46,790 £46,790 EUV-SH 13780 BD224173 42 Stanford Road Biggleswade Biggleswade Bedfordshire SG18 9HX House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 13782 BD224173 46 Stanford Road Biggleswade Biggleswade Bedfordshire SG18 9HX House 3 £85.20 £110.34 ALL None £46,790 £46,790 EUV-SH 13783 BD223862 16 Arlesey Road Stotfold Hitchin Hertfordshire SG5 4HB House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 13791 BD224176 32 The Avenue Stotfold Hitchin Hertfordshire SG5 4LY House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13792 BD224176 33 The Avenue Stotfold Hitchin Hertfordshire SG5 4LY House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13793 BD224176 34 The Avenue Stotfold Hitchin Hertfordshire SG5 4LY House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 13794 BD224176 37 The Avenue Stotfold Hitchin Hertfordshire SG5 4LY House 3 £96.85 £107.46 ALL None £53,190 £53,190 EUV-SH 13795 BD224176 38 The Avenue Stotfold Hitchin Hertfordshire SG5 4LY House 3 £96.85 £110.34 ALL None £53,190 £53,190 EUV-SH 13796 BD224176 40 The Avenue Stotfold Hitchin Hertfordshire SG5 4LY House 3 £96.85 £110.34 ALL None £53,190 £53,190 EUV-SH 13797 BD224176 45 The Avenue Stotfold Hitchin Hertfordshire SG5 4LY House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13798 BD224176 46 The Avenue Stotfold Hitchin Hertfordshire SG5 4LY House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 13799 BD224176 47 The Avenue Stotfold Hitchin Hertfordshire SG5 4LY House 3 £107.46 £107.46 ALL None £59,010 £59,010 EUV-SH 13800 BD224176 51 The Avenue Stotfold Hitchin Hertfordshire SG5 4LY House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13815 BD224175 41 Brook Street Stotfold Hitchin Hertfordshire SG5 4LA Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 13816 BD224175 43 Brook Street Stotfold Hitchin Hertfordshire SG5 4LA Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 13817 BD224175 43A Brook Street Stotfold Hitchin Hertfordshire SG5 4LA Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13818 BD224175 45 Brook Street Stotfold Hitchin Hertfordshire SG5 4LA Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13819 BD224175 45A Brook Street Stotfold Hitchin Hertfordshire SG5 4LA Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13820 BD224176 1 Spencer HouseChurch Road Stotfold Hitchin Bedfordshire SG5 4LU Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13821 BD224176 2 Spencer HouseChurch Road Stotfold Hitchin Bedfordshire SG5 4LU Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13822 BD224176 5 Spencer HouseChurch Road Stotfold Hitchin Bedfordshire SG5 4LU Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13823 BD224176 6 Spencer HouseChurch Road Stotfold Hitchin Bedfordshire SG5 4LU Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13824 BD224176 14 Church Road Stotfold Hitchin Hertfordshire SG5 4LZ House 3 £103.50 £110.34 ALL None £56,840 £56,840 EUV-SH 30099 BD224178 35 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 2 £88.86 £88.86 ALL None £48,800 £48,800 EUV-SH 30100 BD224178 38 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 2 £88.86 £88.86 ALL None £48,800 £48,800 EUV-SH 30101 BD224178 39Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 2 £88.86 £88.86 ALL None £48,800 £48,800 EUV-SH 30102 BD224178 36 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 2 £88.86 £88.86 ALL None £48,800 £48,800 EUV-SH 30103 BD224178 40 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 2 £88.86 £88.86 ALL None £48,800 £48,800 EUV-SH 30104 BD224178 41 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 2 £88.86 £88.86 ALL None £48,800 £48,800 EUV-SH 30105 BD224178 37 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 2 £88.86 £88.86 ALL None £48,800 £48,800 EUV-SH 30106 BD224178 42 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 2 £88.86 £88.86 ALL None £48,800 £48,800 EUV-SH 30107 BD224182 43 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 2 £88.86 £88.86 ALL None £48,800 £48,800 EUV-SH 13825 BD224178 41 Common Road Stotfold Hitchin Hertfordshire SG5 4DF House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13826 BD224178 43 Common Road Stotfold Hitchin Hertfordshire SG5 4DF House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13827 BD224175 2 Hallworth Drive Stotfold Hitchin Hertfordshire SG5 4HR House 3 £112.78 £112.78 ALL None £61,940 £61,940 EUV-SH 30080 BD224174 24A Hyde Avenue Hitchin Hitchin Hertfordshire SG5 4JB Flat 2 £88.86 £88.86 ALL None £48,800 £48,800 EUV-SH 30081 BD224174 24B Hyde Avenue Hitchin Hitchin Hertfordshire SG5 4JB Flat 2 £88.86 £88.86 ALL None £48,800 £48,800 EUV-SH 30082 BD224174 24C Hyde Avenue Hitchin Hitchin Hertfordshire SG5 4JB Flat 2 £88.86 £88.86 ALL None £48,800 £48,800 EUV-SH 30083 BD224174 24D Hyde Avenue Hitchin Hitchin Hertfordshire SG5 4JB Flat 2 £88.86 £88.86 ALL None £48,800 £48,800 EUV-SH 13867 BD224174 7 Highbush Road Stotfold Hitchin Hertfordshire SG5 4JA House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13868 BD224174 9 Highbush Road Stotfold Hitchin Hertfordshire SG5 4JA House 2 £96.85 £98.15 ALL None £53,190 £53,190 EUV-SH 13869 BD224174 10 Highbush Road Stotfold Hitchin Hertfordshire SG5 4JA House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 13870 BD224174 11 Highbush Road Stotfold Hitchin Hertfordshire SG5 4JA House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13871 BD224174 13 Highbush Road Stotfold Hitchin Hertfordshire SG5 4JA House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 13872 BD224174 14 Highbush Road Stotfold Hitchin Hertfordshire SG5 4JA House 3 £105.16 £110.34 ALL None £57,750 £57,750 EUV-SH 13873 BD224174 21 Highbush Road Stotfold Hitchin Hertfordshire SG5 4JA House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 13874 BD224174 30 Highbush Road Stotfold Hitchin Hertfordshire SG5 4JA House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13875 BD224174 34 Highbush Road Stotfold Hitchin Hertfordshire SG5 4JA House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 13876 BD224174 35 Highbush Road Stotfold Hitchin Hertfordshire SG5 4JA House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13877 BD224174 37 Highbush Road Stotfold Hitchin Hertfordshire SG5 4JA House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13878 BD224174 42 Highbush Road Stotfold Hitchin Hertfordshire SG5 4JA House 3 £105.16 £110.34 ALL None £57,750 £57,750 EUV-SH 13879 BD224174 44 Highbush Road Stotfold Hitchin Hertfordshire SG5 4JA House 3 £105.16 £110.34 ALL None £57,750 £57,750 EUV-SH 13880 BD224174 51 Highbush Road Stotfold Hitchin Hertfordshire SG5 4JA House 3 £105.16 £110.34 ALL None £57,750 £57,750 EUV-SH 13907 BD224175 6 Hitchin Road Stotfold Hitchin Hertfordshire SG5 4HP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13908 BD224175 6A Hitchin Road Stotfold Hitchin Hertfordshire SG5 4HP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13909 BD224175 6B Hitchin Road Stotfold Hitchin Hertfordshire SG5 4HP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13910 BD224175 8 Hitchin Road Stotfold Hitchin Hertfordshire SG5 4HP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13911 BD224175 8A Hitchin Road Stotfold Hitchin Hertfordshire SG5 4HP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13912 BD224175 8B Hitchin Road Stotfold Hitchin Hertfordshire SG5 4HP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13913 BD224175 10 Hitchin Road Stotfold Hitchin Hertfordshire SG5 4HP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13914 BD224175 10A Hitchin Road Stotfold Hitchin Hertfordshire SG5 4HP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13915 BD224175 14 Hitchin Road Stotfold Hitchin Hertfordshire SG5 4HP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13917 BD224175 18A Hitchin Road Stotfold Hitchin Hertfordshire SG5 4HP Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 13918 BD224174 1 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JB House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13919 BD224174 3 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JB House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13920 BD224174 6 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JB House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 13921 BD224174 8 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JB House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13922 BD224174 9 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13923 BD224174 17 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 13924 BD224174 18 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JB House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13926 BD224174 22 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JB House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13927 BD224174 23 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 3 £103.50 £110.34 ALL None £56,840 £56,840 EUV-SH 13928 BD224174 24 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JB House 2 £96.85 £98.15 ALL None £53,190 £53,190 EUV-SH 13929 BD224174 25 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 2 £93.51 £98.15 ALL None £51,350 £51,350 EUV-SH 13930 BD224174 27 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 13931 BD224174 29 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13932 BD224174 30 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 2 £93.51 £98.15 ALL None £51,350 £51,350 EUV-SH 13933 BD224174 31 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13934 BD224174 33 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 13936 BD224174 36 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 13937 BD224174 38 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 13938 BD224174 39 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13939 BD224174 42 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 2 £93.51 £98.15 ALL None £51,350 £51,350 EUV-SH 13940 BD224174 45 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 2 £93.51 £98.15 ALL None £51,350 £51,350 EUV-SH 13941 BD224174 47 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 13942 BD224174 50 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 3 £103.50 £110.34 ALL None £56,840 £56,840 EUV-SH 13943 BD224174 52 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13944 BD224174 53 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 13945 BD224174 54 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13946 BD224174 56 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 13947 BD224174 58 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 13948 BD224174 60 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 13949 BD224174 66 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 2 £96.69 £96.69 ALL None £53,100 £53,100 EUV-SH 13950 BD224174 70 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 2 £96.85 £98.15 ALL None £53,190 £53,190 EUV-SH 13951 BD224174 76 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 2 £96.85 £98.15 ALL None £53,190 £53,190 EUV-SH 13952 BD224174 88 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13953 BD224174 90 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 13954 BD224174 92 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 2 £93.51 £98.15 ALL None £51,350 £51,350 EUV-SH 13955 BD224174 94 Hyde Avenue Stotfold Hitchin Hertfordshire SG5 4JD House 3 £100.18 £110.34 ALL None £55,020 £55,020 EUV-SH 13983 BD224114 3 Kingsway Stotfold Hitchin Hertfordshire SG5 4EL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13984 BD224114 5 Kingsway Stotfold Hitchin Hertfordshire SG5 4EL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13985 BD224114 8 Kingsway Stotfold Hitchin Hertfordshire SG5 4EL House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13986 BD224114 13 Kingsway Stotfold Hitchin Hertfordshire SG5 4EL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13988 BD224114 19 Kingsway Stotfold Hitchin Hertfordshire SG5 4EL House 3 £107.93 £110.34 ALL None £59,270 £59,270 EUV-SH 13989 BD224114 24 Kingsway Stotfold Hitchin Hertfordshire SG5 4EL House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13990 BD224114 26 Kingsway Stotfold Hitchin Hertfordshire SG5 4EL Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 13991 BD224114 28 Kingsway Stotfold Hitchin Hertfordshire SG5 4EL Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 13992 BD224114 29 Kingsway Stotfold Hitchin Hertfordshire SG5 4EL Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 13993 BD224114 31 Kingsway Stotfold Hitchin Hertfordshire SG5 4EL Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 13994 BD224174 8 Pix Road Stotfold Hitchin Hertfordshire SG5 4HZ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13995 BD224174 10 Pix Road Stotfold Hitchin Hertfordshire SG5 4HZ Bungalow 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13996 BD224178 1 Princes Street Stotfold Hitchin Hertfordshire SG5 4EP House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 13997 BD224178 4 Princes Street Stotfold Hitchin Hertfordshire SG5 4EP House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13998 BD224178 6 Princes Street Stotfold Hitchin Hertfordshire SG5 4EP House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 13999 BD224178 8 Princes Street Stotfold Hitchin Hertfordshire SG5 4EP House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 14000 BD224178 9 Princes Street Stotfold Hitchin Hertfordshire SG5 4EP House 3 £108.49 £110.34 ALL None £59,580 £59,580 EUV-SH 14001 BD224178 10 Princes Street Stotfold Hitchin Hertfordshire SG5 4EP House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 14002 BD224178 11 Princes Street Stotfold Hitchin Hertfordshire SG5 4EP House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 14003 BD224178 22 Princes Street Stotfold Hitchin Hertfordshire SG5 4EP House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 14030 BD224178 1 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14032 BD224178 6 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14033 BD224178 7 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14034 BD224178 8 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14035 BD224178 10 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14036 BD224178 20 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14037 BD224178 21 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 14058 BD224178 22 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 14059 BD224178 23 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 14060 BD224178 24 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 14061 BD224178 25 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 14062 BD224178 26 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 14063 BD224178 27 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 14064 BD224178 28 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 14066 BD224178 30 Regent Court Stotfold Hitchin Hertfordshire SG5 4AJ Flat 1 £74.35 £74.35 ALL None £40,830 £40,830 EUV-SH 14067 BD224177 33 Regent Street Stotfold Hitchin Hertfordshire SG5 4EA House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14068 BD224177 35 Regent Street Stotfold Hitchin Hertfordshire SG5 4EA House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 14069 BD224177 37 Regent Street Stotfold Hitchin Hertfordshire SG5 4EA House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14070 BD224177 39 Regent Street Stotfold Hitchin Hertfordshire SG5 4EA House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14071 BD224177 41 Regent Street Stotfold Hitchin Hertfordshire SG5 4EA House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14072 BD224177 43 Regent Street Stotfold Hitchin Hertfordshire SG5 4EA House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14073 BD224177 47 Regent Street Stotfold Hitchin Hertfordshire SG5 4EA House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14074 BD224177 49 Regent Street Stotfold Hitchin Hertfordshire SG5 4EA House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14075 BD224177 51 Regent Street Stotfold Hitchin Hertfordshire SG5 4EA House 3 £96.85 £110.34 ALL None £53,190 £53,190 EUV-SH 14076 BD224177 53 Regent Street Stotfold Hitchin Hertfordshire SG5 4EA House 3 £96.85 £110.34 ALL None £53,190 £53,190 EUV-SH 14077 BD224177 59 Regent Street Stotfold Hitchin Hertfordshire SG5 4EA House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14078 BD224177 63 Regent Street Stotfold Hitchin Hertfordshire SG5 4DX House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14079 BD224177 67 Regent Street Stotfold Hitchin Hertfordshire SG5 4DX House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14080 BD224114 69 Regent Street Stotfold Hitchin Hertfordshire SG5 4DX House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14081 BD224114 79 Regent Street Stotfold Hitchin Hertfordshire SG5 4DX House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14082 BD224114 81 Regent Street Stotfold Hitchin Hertfordshire SG5 4DZ House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14084 BD224114 87 Regent Street Stotfold Hitchin Hertfordshire SG5 4DZ House 3 £96.85 £110.34 ALL None £53,190 £53,190 EUV-SH 14085 BD224114 89 Regent Street Stotfold Hitchin Hertfordshire SG5 4DZ House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14086 BD224179 61 Rooktree Lane Stotfold Hitchin Hertfordshire SG5 4DL Bungalow 3 £112.78 £112.78 ALL None £61,940 £61,940 EUV-SH 14087 BD224175 4 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14088 BD224175 6 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14089 BD224175 9 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14090 BD224175 10 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14091 BD224175 11 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14092 BD224175 12 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14093 BD224175 13 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14095 BD224175 17 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14096 BD224175 18 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14097 BD224175 20 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14098 BD224175 21 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14099 BD224175 22 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14100 BD224175 23 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14101 BD224175 24 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14102 BD224177 1 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14103 BD224177 2 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14104 BD224177 5 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14105 BD224177 6 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14106 BD224177 8 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14107 BD224177 10 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 2 £96.85 £98.15 ALL None £53,190 £53,190 EUV-SH 14108 BD224177 12 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 2 £96.85 £98.15 ALL None £53,190 £53,190 EUV-SH 14109 BD224177 14 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 4 £115.14 £119.06 ALL None £63,230 £63,230 EUV-SH 14110 BD224177 16 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14111 BD224177 17 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14112 BD224177 19 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14113 BD224177 20 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 14114 BD224177 21 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14115 BD224177 23 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 14116 BD224177 24 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 14117 BD224177 25 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 14118 BD224177 29 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £106.81 £110.34 ALL None £58,660 £58,660 EUV-SH 14119 BD224177 35 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14120 BD224177 36 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 14121 BD224177 40 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £106.81 £110.34 ALL None £58,660 £58,660 EUV-SH 14122 BD224177 42 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 14123 BD224177 44 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EG House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 14124 BD224114 49 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14125 BD224114 54 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14126 BD224114 66 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 14127 BD224114 68 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 14128 BD224114 70 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Bungalow 1 £80.22 £80.09 ALL None £44,060 £44,060 EUV-SH 14129 BD224114 72 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 14130 BD224114 74 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 14131 BD224114 76 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 14132 BD224114 77 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 14133 BD224114 78 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 14134 BD224114 80 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 14135 BD224114 82 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 14136 BD224114 84 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 14137 BD224114 86 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Flat 2 £81.86 £84.63 ALL None £44,950 £44,950 EUV-SH 14138 BD224114 90 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14139 BD224114 92 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Flat 2 £81.86 £84.63 ALL None £44,950 £44,950 EUV-SH 14140 BD224114 94 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14141 BD224114 96 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14143 BD224114 102 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Flat 2 £81.86 £84.63 ALL None £44,950 £44,950 EUV-SH 14144 BD224114 104 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14145 BD224114 108 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14146 BD224114 110 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Flat 2 £81.86 £84.63 ALL None £44,950 £44,950 EUV-SH 14147 BD224114 112 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Flat 2 £81.86 £84.63 ALL None £44,950 £44,950 EUV-SH 14148 BD224114 114 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14149 BD224114 118 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14180 BD223862 2 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 14181 BD223862 5 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14182 BD223862 10 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 14184 BD223862 19 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 14185 BD223862 20 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 14186 BD223862 22 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 14187 BD223862 25 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 14188 BD223862 26 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 14190 BD223862 28 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 14191 BD223862 29 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14192 BD223862 30 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 14193 BD223862 35 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 14194 BD223862 37 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 14195 BD223862 38 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14196 BD223862 39 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 14197 BD223862 40 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 14198 BD224177 41 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 2 £81.86 £98.15 ALL None £44,950 £44,950 EUV-SH 14199 BD224177 45 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14200 BD224177 46 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EJ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14201 BD224177 49 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EH House 2 £81.86 £98.15 ALL None £44,950 £44,950 EUV-SH 14202 BD224114 50 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EJ Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 14203 BD224114 52 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EJ Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 14204 BD224114 54 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EJ Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 14205 BD224114 56 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EN Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 14206 BD224177 57 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EJ House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 14207 BD224114 58 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EN Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 14208 BD224177 59 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EJ House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 14211 BD224178 81 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EN Flat 2 £81.86 £84.63 ALL None £44,950 £44,950 EUV-SH 14212 BD224178 82 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EW House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14214 BD224178 85 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EN Flat 2 £81.86 £84.63 ALL None £44,950 £44,950 EUV-SH 14215 BD224178 86 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EW House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 14216 BD224178 90 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EW House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 14217 BD224178 93 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EN Flat 2 £81.86 £84.63 ALL None £44,950 £44,950 EUV-SH 14218 BD224178 95 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EN Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14220 BD224178 107 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EN Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14221 BD224178 119 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EW Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14222 BD224178 123 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EW Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14223 BD224178 125 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EW Flat 2 £81.86 £84.63 ALL None £44,950 £44,950 EUV-SH 14224 BD224178 127 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EW Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14225 BD224178 129 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EW House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 14226 BD224178 141 Vaughan Road Stotfold Hitchin Hertfordshire SG5 4EW House 3 £110.14 £110.34 ALL None £60,490 £60,490 EUV-SH 14238 BD224181 42 High Street Sandy Sandy Bedfordshire SG19 2NE House 3 £98.48 £110.34 ALL SOLTHERM £54,080 £54,080 EUV-SH 14239 BD1356 45 High Street Sandy Sandy Bedfordshire SG19 2NF House 3 £98.48 £107.46 ALL None £54,080 £54,080 EUV-SH 14240 BD1356 47 High Street Sandy Sandy Bedfordshire SG19 2NF House 3 £93.51 £107.46 ALL SOLTHERM £51,350 £51,350 EUV-SH 14241 BD224181 48 High Street Sandy Sandy Bedfordshire SG19 2NE House 3 £105.16 £110.34 ALL SOLTHERM £57,750 £57,750 EUV-SH 14242 BD1356 49 High Street Sandy Sandy Bedfordshire SG19 2NF House 2 £81.86 £98.15 ALL None £44,950 £44,950 EUV-SH 14243 BD1356 51 High Street Sandy Sandy Bedfordshire SG19 2NF House 2 £81.86 £98.15 ALL None £44,950 £44,950 EUV-SH 14244 BD224181 52 High Street Sandy Sandy Bedfordshire SG19 2NE House 3 £98.48 £110.34 ALL None £54,080 £54,080 EUV-SH 14245 BD1356 55 High Street Sandy Sandy Bedfordshire SG19 2NF Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 14246 BD224181 56 High Street Sandy Sandy Bedfordshire SG19 2NE House 3 £98.48 £110.34 ALL None £54,080 £54,080 EUV-SH 14247 BD1356 57 High Street Sandy Sandy Bedfordshire SG19 2NF Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 14248 BD1356 59 High Street Sandy Sandy Bedfordshire SG19 2NF Bungalow 1 £65.24 £82.57 ALL None £35,830 £35,830 EUV-SH 14249 BD1356 61 High Street Sandy Sandy Bedfordshire SG19 2NF Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 14250 BD1356 65 High Street Sandy Sandy Bedfordshire SG19 2NF House 3 £93.51 £110.34 ALL None £51,350 £51,350 EUV-SH 14251 BD224180 3 Sutton Cross Roads Sandy Sandy Bedfordshire SG19 2LZ House 2 £66.88 £98.15 ALL None £36,730 £36,730 EUV-SH 14252 BD224180 9 Sutton Cross Roads Sandy Sandy Bedfordshire SG19 2LZ House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 14253 BD224180 11 Sutton Cross Roads Sandy Sandy Bedfordshire SG19 2LZ House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 14254 BD224180 13 Sutton Cross Roads Sandy Sandy Bedfordshire SG19 2LZ House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14255 BD224180 15 Sutton Cross Roads Sandy Sandy Bedfordshire SG19 2LZ House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 14256 BD224180 17 Sutton Cross Roads Sandy Sandy Bedfordshire SG19 2LZ House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 14257 BD224180 23 Sutton Cross Roads Sandy Sandy Bedfordshire SG19 2LZ House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 14258 BD224180 25 Sutton Cross Roads Sandy Sandy Bedfordshire SG19 2LZ House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 14259 BD224180 27 Sutton Cross Roads Sandy Sandy Bedfordshire SG19 2LZ House 3 £110.34 £110.34 ALL SOLTHERM £60,600 £60,600 EUV-SH 14260 BD224180 29 Sutton Cross Roads Sandy Sandy Bedfordshire SG19 2LZ House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 14261 BD224182 4 Church Street Sandy Sandy Bedfordshire SG19 2AN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14262 BD224182 6 Church Street Sandy Sandy Bedfordshire SG19 2AN House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 14263 BD224182 10 Church Street Sandy Sandy Bedfordshire SG19 2AN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14264 BD224182 14 Church Street Sandy Sandy Bedfordshire SG19 2AN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14265 BD224182 16 Church Street Sandy Sandy Bedfordshire SG19 2AN House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14266 BD224182 22 Church Street Sandy Sandy Bedfordshire SG19 2AN House 3 £83.54 £110.34 ALL None £45,880 £45,880 EUV-SH 14267 BD224184 1 The Close Station Road Sandy Sandy Bedfordshire SG19 2BL House 3 £98.48 £110.34 ALL None £54,080 £54,080 EUV-SH 14268 BD224184 3 The Close Station Road Sandy Sandy Bedfordshire SG19 2BL House 3 £98.48 £110.34 ALL None £54,080 £54,080 EUV-SH 14269 BD224183 23 Station Road Sandy Sandy Bedfordshire SG19 2AU Bungalow 1 £80.22 £82.57 ALL None £44,060 £44,060 EUV-SH 14270 BD224183 25 Station Road Sandy Sandy Bedfordshire SG19 2AU Bungalow 1 £76.87 £81.02 ALL None £42,220 £42,220 EUV-SH 14271 BD224183 27 Station Road Sandy Sandy Bedfordshire SG19 2AU Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 14272 BD224183 29 Station Road Sandy Sandy Bedfordshire SG19 2AU Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 14273 BD224183 31 Station Road Sandy Sandy Bedfordshire SG19 2AU Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 14274 BD224184 64 Station Road Sandy Sandy Bedfordshire SG19 2AX Bungalow 2 £78.51 £98.15 ALL None £43,120 £43,120 EUV-SH 14275 BD224184 66 Station Road Sandy Sandy Bedfordshire SG19 2AX Bungalow 2 £75.21 £96.69 ALL None £41,300 £41,300 EUV-SH 14276 BD224184 68 Station Road Sandy Sandy Bedfordshire SG19 2AX Bungalow 2 £75.21 £96.69 ALL None £41,300 £41,300 EUV-SH 14277 BD224184 70 Station Road Sandy Sandy Bedfordshire SG19 2AX House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 14278 BD224184 74 Station Road Sandy Sandy Bedfordshire SG19 2AX House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 14279 BD224184 78 Station Road Sandy Sandy Bedfordshire SG19 2AX House 2 £81.86 £98.15 ALL None £44,950 £44,950 EUV-SH 14280 BD224184 80 Station Road Sandy Sandy Bedfordshire SG19 2AX House 3 £91.84 £110.34 ALL None £50,440 £50,440 EUV-SH 14281 BD224184 82 Station Road Sandy Sandy Bedfordshire SG19 2AX House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14282 BD224184 84 Station Road Sandy Sandy Bedfordshire SG19 2AX House 3 £95.17 £110.34 ALL None £52,270 £52,270 EUV-SH 14283 BD224184 86 Station Road Sandy Sandy Bedfordshire SG19 2AX House 3 £98.48 £110.34 ALL None £54,080 £54,080 EUV-SH 14284 BD224184 94 Station Road Sandy Sandy Bedfordshire SG19 2AY House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14285 BD224184 98 Station Road Sandy Sandy Bedfordshire SG19 2AY House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 14286 BD224184 100 Station Road Sandy Sandy Bedfordshire SG19 2AY House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 14287 BD224184 102 Station Road Sandy Sandy Bedfordshire SG19 2AY House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 14288 BD224184 104 Station Road Sandy Sandy Bedfordshire SG19 2AY House 3 £81.86 £110.34 ALL None £44,950 £44,950 EUV-SH 14289 BD224184 105 Station Road Sandy Sandy Bedfordshire SG19 2AY House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 14290 BD224184 106 Station Road Sandy Sandy Bedfordshire SG19 2AY House 3 £81.86 £110.34 ALL None £44,950 £44,950 EUV-SH 14291 BD224184 110 Station Road Sandy Sandy Bedfordshire SG19 2AY House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 14292 BD224184 112 Station Road Sandy Sandy Bedfordshire SG19 2AY House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14293 BD224184 114 Station Road Sandy Sandy Bedfordshire SG19 2AY House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 14294 BD224184 116 Station Road Sandy Sandy Bedfordshire SG19 2AY House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 14296 BD224185 145 Station Road Sandy Sandy Bedfordshire SG19 2AY House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14297 BD224185 153 Station Road Sandy Sandy Bedfordshire SG19 2AY House 3 £98.48 £110.34 ALL None £54,080 £54,080 EUV-SH 14298 BD224185 155 Station Road Sandy Sandy Bedfordshire SG19 2AY House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14303 BD224188 11 Alexander Road Sandy Sandy Bedfordshire SG19 2EL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Target Rent Current (If % Apportioned Actual Property Title Property No. of Rent Per Basis of Address 1 Address 2 Town County Post Code applicable) Retained PV Panels EUV-SH Lending Ref Number Type Beds Week (52 Lending Per Week Equity Valuation Valuation weeks) (52 weeks) 14304 BD224188 12 Alexander Road Sandy Sandy Bedfordshire SG19 2EL House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14305 BD224188 14 Alexander Road Sandy Sandy Bedfordshire SG19 2EL House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 14307 BD224188 17 Alexander Road Sandy Sandy Bedfordshire SG19 2EL House 3 £88.54 £110.34 ALL None £48,630 £48,630 EUV-SH 14308 BD224187 13 Church Lane Sandy Sandy Bedfordshire SG19 2EU House 2 £98.15 £98.15 ALL None £53,900 £53,900 EUV-SH 14309 BD224187 20 Church Lane Sandy Sandy Bedfordshire SG19 2EU House 3 £105.16 £110.34 ALL None £57,750 £57,750 EUV-SH 14310 BD224187 26 Church Lane Sandy Sandy Bedfordshire SG19 2EU House 3 £105.16 £110.34 ALL None £57,750 £57,750 EUV-SH 14311 BD224186 7 Eyeworth Road Sandy Sandy Bedfordshire SG19 2HG House 3 £90.18 £110.34 ALL None £49,520 £49,520 EUV-SH 14312 BD224186 11 Eyeworth Road Sandy Sandy Bedfordshire SG19 2HG House 3 £86.85 £110.34 ALL None £47,700 £47,700 EUV-SH 14313 BD224186 17 Eyeworth Road Sandy Sandy Bedfordshire SG19 2HG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14314 BD224186 19 Eyeworth Road Sandy Sandy Bedfordshire SG19 2HG House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14315 BD224187 Merchiston 58 High Street Wrestlingworth Sandy Bedfordshire SG19 2EP House 2 £75.21 £98.15 ALL None £41,300 £41,300 EUV-SH 14316 BD224187 60 High Street Sandy Sandy Bedfordshire SG19 2EP House 2 £75.21 £98.15 ALL None £41,300 £41,300 EUV-SH 14317 BD224187 64 High Street Sandy Sandy Bedfordshire SG19 2EP House 2 £75.21 £98.15 ALL None £41,300 £41,300 EUV-SH 14318 BD224188 14 Victoria Close Sandy Sandy Bedfordshire SG19 2EF Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 14319 BD224188 16 Victoria Close Sandy Sandy Bedfordshire SG19 2EF Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 14320 BD224188 18 Victoria Close Sandy Sandy Bedfordshire SG19 2EF Bungalow 1 £81.02 £81.02 ALL None £44,490 £44,490 EUV-SH 14321 BD224188 20 Victoria Close Sandy Sandy Bedfordshire SG19 2EF Bungalow 1 £81.02 £81.02 ALL SOLAR £44,490 £44,490 EUV-SH 14322 BD224188 22 Victoria Close Sandy Sandy Bedfordshire SG19 2EF Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 14342 BD223122 16 Albert Road Arlesey Arlesey Bedfordshire SG15 6RJ House 2 £152.55 £152.55 ALL None £83,780 £83,780 EUV-SH 14343 BD223122 18 Albert Road Arlesey Arlesey Bedfordshire SG15 6RJ House 2 £152.55 £152.55 ALL None £83,780 £83,780 EUV-SH 14351 BD223423 96 Potton Road Biggleswade Biggleswade Bedfordshire SG18 0ED House 2 £90.18 £98.15 ALL SOLAR £49,520 £49,520 EUV-SH 14357 BD223450 61 Cambridge Road Biggleswade Biggleswade Bedfordshire SG18 9PS House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14363 BD224151 80 Bury Hill Potton Sandy Bedfordshire SG19 2RS House 3 £110.34 £110.34 ALL None £60,600 £60,600 EUV-SH 14364 BD224161 4 Royston Street Potton Sandy Bedfordshire SG19 2LP Bungalow 1 £82.57 £82.57 ALL None £45,350 £45,350 EUV-SH 14369 BD224167 39 Longfield Road Sandy Sandy Bedfordshire SG19 1LJ House 3 £93.79 £110.34 ALL None £51,510 £51,510 EUV-SH 14375 BD224175 1 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14376 BD224175 5 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14377 BD224175 7 St Olives Stotfold Hitchin Hertfordshire SG5 4HL Flat 2 £84.63 £84.63 ALL None £46,480 £46,480 EUV-SH 14382 BD223122 20 Albert Road Arlesey Arlesey Bedfordshire SG15 6RJ House 2 £142.24 £142.24 ALL None £78,110 £78,110 EUV-SH 14441 BD224114 41 Trinity Road Stotfold Hitchin Hertfordshire SG5 4EQ House 3 £111.14 £111.14 ALL None £61,030 £61,030 EUV-SH 14444 BD224767 1 CopelandsThe Baulk Biggleswade Biggleswade Bedfordshire SG18 0PR Flat 1 £78.10 £75.75 ALL None £42,890 £42,890 EUV-SH 14445 BD224767 2 CopelandsThe Baulk Biggleswade Biggleswade Bedfordshire SG18 0PR Flat 1 £78.10 £78.10 ALL None £42,890 £42,890 EUV-SH 14446 BD224767 15 CopelandsThe Baulk Biggleswade Biggleswade Bedfordshire SG18 0PR Flat 1 £78.10 £78.10 ALL None £42,890 £42,890 EUV-SH 14447 BD224767 16 CopelandsThe Baulk Biggleswade Biggleswade Bedfordshire SG18 0PR Flat 1 £78.10 £78.10 ALL None £42,890 £42,890 EUV-SH 14448 BD224767 18 CopelandsThe Baulk Biggleswade Biggleswade Bedfordshire SG18 0PR Flat 1 £78.10 £78.10 ALL None £42,890 £42,890 EUV-SH 14449 BD224767 3 Copelands Biggleswade Biggleswade Bedfordshire SG18 0PR Flat 1 £78.10 £78.10 ALL None £42,890 £42,890 EUV-SH 14450 BD224767 4 Copelands Biggleswade Biggleswade Bedfordshire SG18 0PR Flat 1 £78.10 £78.10 ALL None £42,890 £42,890 EUV-SH 14451 BD224767 19 Copelands Biggleswade Biggleswade Bedfordshire SG18 0PR Flat 1 £78.10 £78.10 ALL None £42,890 £42,890 EUV-SH 14452 BD224767 5 Copelands Biggleswade Biggleswade Bedfordshire SG18 0PR Flat 1 £78.10 £78.10 ALL None £42,890 £42,890 EUV-SH 14453 BD224767 6 Copelands Biggleswade Biggleswade Bedfordshire SG18 0PR Flat 1 £78.10 £78.10 ALL None £42,890 £42,890 EUV-SH 14454 BD224767 7 Copelands Biggleswade Biggleswade Bedfordshire SG18 0PR Flat 1 £78.10 £78.10 ALL None £42,890 £42,890 EUV-SH 14455 BD224767 20 Copelands Biggleswade Biggleswade Bedfordshire SG18 0PR Flat 1 £78.10 £78.10 ALL None £42,890 £42,890 EUV-SH 14456 BD224767 21 Copelands Biggleswade Biggleswade Bedfordshire SG18 0PR Flat 1 £78.10 £78.10 ALL None £42,890 £42,890 EUV-SH 14457 BD224767 22 Copelands Biggleswade Biggleswade Bedfordshire SG18 0PR Flat 1 £78.10 £78.10 ALL None £42,890 £42,890 EUV-SH 14458 BD224767 8 CopelandsThe Baulk Biggleswade Biggleswade Bedfordshire SG18 0PR Flat 1 £78.10 £78.10 ALL None £42,890 £42,890 EUV-SH GRAND UNION GROUP FUNDING plc

SCHEDULE OF PROPERTIES

Appendix 2 Sample Photographs

GRAND UNION GROUP FUNDING PLC

Sample Photographs

Queens Road, Sandy Sandford Rise, Sandy

East Road, Sandy Engayne Avenue, Sandy

Grand Union Group Funding plc Page 1 of 7

Glebe Road Biggleswade Trinity Road, Stotfold

Hyde Avenue, Stotfold Regent Court, Stotfold

Grand Union Group Funding plc Page 2 of 7

Harvey Close, Upper Caldecote The Pastures, Upper Caldecote

Winchester Road Sandy The Avenue, Blunham

Grand Union Group Funding plc Page 3 of 7

Station Road, Blunham Carters Way, Arlesey

Carters Way Arlesey Newtown, Potton

Grand Union Group Funding plc Page 4 of 7

Newtown, Potton Bury Mead, Arlesey

Drove Road Biggleswade The Rally, Arlesey

Grand Union Group Funding plc Page 5 of 7

East Road, Langford The Avenue, Langford

Shuttleworth Court, Biggleswade Laburnham Road, Biggleswade

Grand Union Group Funding plc Page 6 of 7

Holme Crescent, Biggleswade Anne Street, Biggleswade

Church Lane, Arlesey Gothic Way, Arlesey

Grand Union Group Funding plc Page 7 of 7

Appendix 3 General Assumptions, Definitions and Conditions

GENERAL ASSUMPTIONS, NOTIFICATIONS, DEFINITIONS & BASES OF VALUATION

1.0 General Assumptions & Notifications

1.1 Unless it is made apparent by an express statement to the contrary in this Report, we have made the following general assumptions and we will have been under no duty to have verified these:-

1.1.1 The information supplied to us and summarised in this Report is substantially complete and correct.

1.1.2 The properties are not subject to any unusual or onerous conditions or restrictions, encumbrances or outgoings and that good title can be shown free of any mortgages or charges.

1.1.3 The properties and their value are unaffected by any matters which will be revealed by a local search (or their national equivalent) and replies to the usual enquiries, or by a statutory notice and that neither the property nor its condition, nor its use, nor its intended use, is or will be unlawful.

1.1.4 Planning consent and statutory approvals for the properties and for their current use, including any extensions or alterations, have been obtained.

1.1.5 Any interpretations of the law we may have made are presumed to be correct although we would recommend that any such interpretations are checked by solicitors.

1.1.6 We have not carried out a structural survey nor tested the services. We have therefore assumed that both the parts that we have inspected and those that we were unable to inspect have no material defects which would cause us to alter our valuation.

1.1.7 In the construction or alteration of the properties no use was made of any deleterious or potentially dangerous materials or techniques.

1.1.8 The properties are connected to mains services which are available on normal terms and that the sewers, mains services and the roads giving access to the properties have been adopted.

1.1.9 In the case of a new property, the construction of which has not been completed, the construction will be satisfactorily complete. Furthermore, for any newly constructed property, the builder is a registered member of the NHBC or equivalent and has registered the subject property in accordance with the scheme concerned.

1.1.10 Unless otherwise instructed any development value has been excluded from our valuation(s).

1.1.11 Our valuation does not include any value attributable to the existence of furnishings, removable fittings, free-standing furniture or sales incentives.

1.1.12 The properties are not subject to land contamination, flooding risk, unstable ground conditions or any other environmental risks. We have not carried out any related tests nor made any other investigations relating to these environmental factors and we have not assessed the likelihood of their potential relevance. (We recommend these risks are investigated by suitable professionals prior to relying upon our valuations).

1.1.13 We have not made any allowance for Capital Gains Tax, VAT or other taxation liabilities that might arise upon a sale of the property.

1.1.14 It is for the lender to assess the risk involved and to make their own assessment and fix the terms of the loan, such as the percentage of value to be advanced, the provision for repayment of capital and the interest rate.

1.1.15 The tenants are capable of meeting their obligations and that there are no arrears of rent or undisclosed breaches of covenant.

1.1.16 The highest bidder would account for increasing rents (where applicable) to the maximum possible amount and/or maximising their investment return (in financial terms).

1.1.17 In the case of a site or development property - there are no adverse site conditions, that it is not adversely affected by the Town and Country Planning (Assessment of Environment Effects) Regulations 1988, that the ground does not contain any archaeological remains, nor that there are any other matters that would cause us to make any allowance for exceptional delay, site or construction costs in our valuation.

1.1.18 Where grants (from the private or public sector) have been given and/or pledged to purchase, build and/or refurbish the subject property, we have assumed that these grants append to title and/or would not have to be repaid by the purchaser.

1.1.19 Unless otherwise stated, we provide our valuations exclusive of purchase costs (e.g. legals, stamp duty, introductory fees etc).

1.1.20 Unless otherwise stated, we provide our opinions of value (for all valuation bases) on an individual property and/or aggregate property basis (i.e. with no discount for bulk sales).

1.1.21 Our opinions of value do not take into account any potential reduction in value or restrictions on disposal which may result from the service of a notice under the Leasehold Reform Housing and Urban Development Act 1993.

1.1.22 Should you require a formal Building Reinstatement Cost Assessment for insurance purposes, prepared by a member of our Building Consultancy Department, based on a detailed inspection for such purposes, we would be pleased to make the necessary arrangements.

1.1.23 Where we have provided valuation projections, these are purely indicative as we are not able or permitted to state what values will be in the future. As such, these indications should not be formally relied upon.

1.1.24 The value of a property portfolio, sold as a single portfolio, may not be the same as the aggregate value of constituent parts. Where we have qualified our valuation basis with the words 'as a single portfolio', we have provided a value reflecting a sale of the property as a single portfolio. Where we have qualified using the words 'aggregate', we have provided the aggregate total of the property's constituent units/parts.

1.1.25 The value of a property subject to tenancies may not be the same as the value of a property with vacant possession.

2.0 Definitions

2.1 Assumption

A supposition taken to be true. It involves facts, conditions or situations affecting the subject of, or approach to, a valuation that, by agreement, need not be verified by the member as part of the valuation process.

2.2 External Valuer

A valuer who, together with any associates, has no material links with the client company or the subject of the assignment.

2.3 Independent Valuer

A valuer who meets the specific requirements of independence, prescribed by law or regulation, for particular valuation tasks in certain States.

2.4 Likely Realisation Price Subject To Marketing Constraints And Forced Sales (formerly Estimated Restricted Realisation Price).

2.4.1 If a property cannot be freely or adequately presented to the market, the price is likely to be adversely affected.

2.4.2 If such a constraint can be identified it is normally possible to assess its impact on value but the value reported would not, by definition, be Market Value (see Bases of Valuation).

2.4.3 In these instances, the price will reflect the vendor’s particular circumstances and the figure reported will be an assessment of Worth (see below).

2.4.4 Examples of Marketing Constraints would be where the property is to some extent controlled by a third party and that party’s co-operation in a sale can not be guaranteed or a sale which has to be completed without proper marketing.

2.5 Restricted Information

2.5.1 Where a valuer is requested to undertake a valuation on the basis of restricted information the nature of the restriction must be agreed, and the possible valuation implications of the restriction confirmed in writing to the client, before the valuation is reported.

2.5.2 Examples of restricted information would include a “drive by” or “desktop” valuation.

2.6 Special Assumption

An assumption that either:

a) requires the valuation to be based on facts that differ materially from those that exist at the date of valuation; or

b) is one that a prospective purchaser (excluding a purchaser with special interest) could not reasonably be expected to make at the date of valuation, having regard to prevailing market circumstances.

2.7 Valuation

A member’s opinion of the value of a specified interest or interests in a property, at the date of valuation, given in writing.

2.8 Worth (Or Investment Value).

The assessment of value of property to a particular investor, or class of investors, for identified investment objectives. In this context an investor includes an owner- occupier. Worth is not a Basis of Valuation.

3.0 Bases of Valuation

3.1 Our valuation is carried out in accordance with the 8th Edition of Royal Institution of Chartered Surveyors Valuation – Professional Standards (“Red Book”) with effect from 30 March 2012 which states:-

3.1.1 Existing Use Value for Social Housing (EUV -SH) means:-

Existing use value for social housing (EUV-SH) is the estimated amount for which a property should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion - subject to the following special assumptions that the property will continue to be let by a body pursuant to delivery of a service for the existing use:

a. at the valuation date any regulatory body in applying its criteria for approval, would not unreasonably fetter the vendor’s ability to dispose of the property to organisations intending to manage their housing stock in accordance with that regulatory body’s requirements; b. properties temporarily vacant pending re-letting would be valued, if there is a letting demand, on the basis that the prospective purchaser intends to re-let them, rather than with vacant possession; and c. any subsequent sale would be subject to all of the above special assumptions.

3.1.2 Market Value (MV) means:-

‘The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.’

N.B. An opinion of Market Value may be required assuming vacant possession and/or subject to existing tenancies. Within our reports we differentiate in this regard by using the terminology - Market Value (vacant possession) and/or Market Value- Subject to Tenancies, (“MV-STT”).

3.1.3 Market Rent (MR) means:-

‘The estimated amount for which a property would be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.’

3.1.4 Existing Use Value (EUV) means:-

‘The estimated amount for which an asset should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had acted knowledgeably, prudently and without compulsion - assuming that the buyer is granted vacant possession of all parts of the asset required by the business, and disregarding potential alternative uses and any other characteristics of the asset that would cause its market value to differ from that needed to replace the remaining service potential at least cost.’

3.2 Where we have provided a Reinstatement Cost Assessment, the following standard conditions have applied:-

(a) The estimate will be based solely on the inspection of the property (and/or layout plans) undertaken in connection with the preparation of open market valuations.

(b) The estimate will not constitute a formal Building Reinstatement Cost Assessment, and must not be relied upon as such.

(c) The estimate will be given as a guide for the construction of an identical building, constructed of modern materials.

(d) The estimate will be given on a day one basis and, therefore, we recommend that appropriate allowance is made for any increase in building costs which may arise during the period of insurance or during any period of rebuilding and any period necessary for design and obtaining necessary consents prior to such rebuilding.

(e) No allowance will be made for any additional costs that may have to be incurred during reconstruction to meet current requirements of Local Authorities, Building Inspectors, Statutory Undertakers, Mortgagees, Landlords and Freeholders nor for any matters of a consequential nature, e.g. fire prevention and thermal insulation.

(f) No allowance will be made within our estimate for any costs involved in handling and/or dealing with dangerous or hazardous materials or situations remaining on or originating from the premises in the event of any incident.

(g) The estimate will allow only for normal foundations and will exclude piling or other generally unusual or abnormal foundations.

(h) No allowance will be made for the capital costs of reinstatement of external mains water, electricity, gas, telephone services, drains, sewers, pipes and other external works such as roads, paths and paved areas, walls, fences, gates and landscaping.

(i) The estimate will include normal water, electricity and gas installations as appropriate.

(j) The estimate will exclude furnishings, floor coverings, light fittings, furniture, wall coverings, false ceilings, all other occupiers fixtures and fittings, telephone installations and specialist service installations.

(k) No allowance will be made for the incidence of Value Added Tax.

(l) We will not undertake a structural survey and, in the absence of detailed drawings or specifications, assumptions will have to be made as to the construction of the buildings.

(m) The estimate will be prepared on a full reinstatement basis, inclusive of professional fees, demolition costs, site clearance etc but will make no allowance for any loss of rent or rental void incurred unless stated otherwise.

3.3 Depreciated Replacement Cost (DRC)

3.3.1 DRC is based on an estimate of the Market Value for the existing use of the land, plus the current gross replacement (reproduction) costs of the improvements, less allowances for physical deteriorations and all relevant forms of obsolescence and optimisation.

JC/ADVS/CJS 30/03/2012

COUNCIL WARRANTIES

The properties which will be charged pursuant to the Security Documents and allocated, on the Closing Date, for the benefit of the Bondholders, to secure the Bonds (such properties, the Initial Properties) together with the Charged Cash (if any) consist of a total of 2,499 units all of which were acquired by the Original Borrower pursuant to a large scale voluntary transfer of council properties sold by Mid Bedfordshire District Council (the Council) on 5th November, 2001 (the LSVT).

Pursuant to the sale agreement of the same date entered into with the Council, warranties in relation to the Initial Properties were granted by the Council to the Original Borrower (the Original Borrower Warranty). In addition, the Council granted a separate collateral warranty (the Collateral Warranty) at the time of the LSVT in favour of National Westminster Bank Plc (NatWest) in its capacity as security agent for the lenders pursuant to a loan agreement dated 3rd October, 1994 made between the Original Borrower (previously known as Mid Beds Housing Association Limited), NatWest as arranger, the financial institutions named therein as original lenders, NatWest as agent and NatWest as overdraft bank, as amended, restated, novated or supplemented from time to time (the Original NatWest Loan Agreement).

The Original Borrower has, pursuant to the Security Agreement dated 4th December, 2013, assigned its rights, title and interest under the Original Borrower Warranty in favour of the Security Trustee for the benefit of itself, the Bondholders and the other Secured Parties.

By a deed of assignment dated 13th March, 2006 NatWest, in its capacity as facility agent and security agent for certain lenders under the Original NatWest Loan Agreement, assigned the Collateral Warranty to The Royal Bank of Scotland plc (RBS) acting as agent for NatWest, in its capacity as security agent for certain finance parties under a facility agreement dated 13th March, 2006.

By a deed of assignment dated 4th December, 2013 (the Deed of Assignment), RBS acting as agent for NatWest assigned the Collateral Warranty to the Security Trustee for the benefit of itself, the Bondholders and the other Secured Parties. The Deed of Assignment requires RBS to serve notice of the Deed of Assignment on the Council.

The Collateral Warranty continues for a term of 45 years from 5th November, 2001 and the liability of the Council thereunder is not capped.

The Original Borrower Warranty continues for a term of 18 years from 5th November, 2001. The liability of the Council under some of the warranties within the Original Borrower Warranty is capped by reference, inter alia, to losses in rent and/or the original purchase price.

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TAXATION

United Kingdom Taxation

The following applies only to persons who are the beneficial owners of Bonds and is a summary of the Issuer's understanding of current United Kingdom law and published HM Revenue & Customs practice relating to certain aspects of United Kingdom taxation as at the date of this Prospectus. Some aspects do not apply to certain classes of person (such as dealers and persons connected with the Issuer) to whom special rules may apply. The United Kingdom tax treatment of prospective Bondholders depends on their individual circumstances and may be subject to change at any time in the future, possibly with retrospective effect. This is not intended to constitute a complete analysis of all tax consequences relating to the ownership of the Bonds and it is not intended to be, nor should it be considered to be, legal or tax advice. Prospective Bondholders who may be subject to tax in a jurisdiction other than the United Kingdom or who may be unsure as to their tax position should seek their own professional advice.

A. Interest on the Bonds

1. Payment of interest on the Bonds

Payments of interest by the Issuer on the Bonds may be made without deduction of or withholding on account of United Kingdom income tax provided that the Bonds continue to be listed on a "recognised stock exchange" within the meaning of section 1005 of the Income Tax Act 2007. The London Stock Exchange is a recognised stock exchange for these purposes. Securities will be treated as listed on the London Stock Exchange if they are included in the Official List (within the meaning of and in accordance with the provisions of Part 6 of the Financial Services and Markets Act 2000) and admitted to trading on the London Stock Exchange. Provided, therefore, that the Bonds remain so listed, interest on the Bonds will be payable without withholding or deduction on account of United Kingdom tax.

Interest on the Bonds may also be paid without withholding or deduction on account of United Kingdom tax where interest on the Bonds is paid by a company and, at the time the payment is made, the Issuer reasonably believes (and any person by or through whom interest on the Bonds is paid reasonably believes) that the beneficial owner is within the charge to United Kingdom corporation tax as regards the payment of interest, provided that HM Revenue & Customs (HMRC) has not given a direction (in circumstances where it has reasonable grounds to believe that it is likely that the above exemption is not available in respect of such payment of interest at the time the payment is made) that the interest should be paid under deduction of tax.

In other cases, an amount must generally be withheld from payments of interest on the Bonds on account of United Kingdom income tax at the basic rate (currently 20 per cent.). However, where an applicable double tax treaty provides for a lower rate of withholding tax (or for no tax to be withheld) in relation to a Bondholder, HMRC can issue a notice to the Issuer to pay interest to the Bondholder without deduction of tax (or for interest to be paid with tax deducted at the rate provided for in the relevant double tax treaty).

HMRC has powers, in certain circumstances, to obtain information about: payments derived from securities (whether income or capital); certain payments of interest; and securities transactions.

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The persons from whom HMRC can obtain information include: a person who receives (or is entitled to receive) a payment derived from securities; a person who makes such a payment (received from, or paid on behalf of, another person); a person by or through whom interest is paid or credited; a person who effects or is a party to securities transactions (which includes an issue of securities) on behalf of others; registrars or administrators in respect of securities transactions; and each registered or inscribed holder of securities.

The information HMRC can obtain includes: details of the beneficial owner of securities; details of the person for whom the securities are held, or the person to whom the payment is to be made (and, if more than one, their respective interests); information and documents relating to securities transactions; and, in relation to interest paid or credited on money received or retained in the United Kingdom, the identity of the security under which interest is paid. HMRC is generally not able to obtain information (under its power relating solely to interest) about a payment of interest to (or a receipt for) a person that is not an individual. This limitation does not apply to HMRC's power to obtain information about payments derived from securities.

In certain circumstances the information which HMRC has obtained using these powers may be exchanged with tax authorities in other jurisdictions.

2. EU Savings Directive

Under EC Council Directive 2003/48/EC (the Directive) on the taxation of savings income, Member States are required to provide to the tax authorities of another Member State details of payments of interest (or similar income) paid by a person within its jurisdiction to an individual resident in that other Member State or to certain limited types of entities established in that other Member State. However, for a transitional period, Luxembourg and Austria are instead required (unless during that period they elect otherwise) to operate a withholding system in relation to such payments (the ending of such transitional period being dependent upon the conclusion of certain other agreements relating to information exchange with certain other countries). A number of non-EU countries and territories including Switzerland have adopted similar measures (a withholding system in the case of Switzerland). In April 2013, the Luxembourg Government announced its intention to abolish the withholding system with effect from 1st January, 2015, in favour of automatic information exchange under the Directive.

The European Commission has proposed certain amendments to the Directive, which may, if implemented, amend or broaden the scope of the requirements described above.

If a payment were to be made or collected through a Member State which has opted for a withholding system and an amount of, or in respect of, tax were to be withheld from that payment, neither the Issuer nor any paying agent nor any other person would be obliged to pay additional amounts to the holder of the Bonds or to otherwise compensate the holder of the Bonds for the reduction in the amounts that they will receive as a result of the imposition of such withholding tax.

3. Further United Kingdom Income Tax Issues

Interest on the Bonds constitutes United Kingdom source income for tax purposes and, as such, may be subject to income tax by direct assessment even where paid without withholding.

However, interest with a United Kingdom source received without deduction or withholding on account of United Kingdom tax will not be chargeable to United Kingdom tax in the hands

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of a Bondholder (other than certain trustees) who is not resident for tax purposes in the United Kingdom unless that Bondholder carries on a trade, profession or vocation in the United Kingdom through a United Kingdom branch or agency in connection with which the interest is received or to which the Bonds are attributable (and where that Bondholder is a company, unless that Bondholder carries on a trade in the United Kingdom through a permanent establishment in connection with which the interest is received or to which the Bonds are attributable). There are exemptions for interest received by certain categories of agent (such as some brokers and investment managers). The provisions of an applicable double taxation treaty may also be relevant for such Bondholders.

B. United Kingdom Corporation Tax Payers

4. In general, Bondholders which are within the charge to United Kingdom corporation tax will be charged to tax as income on all returns, profits or gains on, and fluctuations in value of, the Bonds (whether attributable to currency fluctuations or otherwise) broadly in accordance with their statutory accounting treatment.

C. Other United Kingdom Tax Payers

5. Taxation of Chargeable Gains

The Bonds will constitute "qualifying corporate bonds" within the meaning of section 117 of the Taxation of Chargeable Gains Act 1992. Accordingly, a disposal by a Bondholder of a Bond will not give rise to a chargeable gain or an allowable loss for the purposes of the UK taxation of chargeable gains.

6. Accrued Income Scheme

On a disposal of Bonds by a Bondholder, any interest which has accrued since the last interest payment date may be chargeable to tax as income under the rules of the accrued income scheme as set out in Part 12 of the Income Tax Act 2007, if that Bondholder is resident in the United Kingdom or carries on a trade in the United Kingdom through a branch or agency to which the Bonds are attributable.

7. Taxation of Discount

HMRC's published practice is that securities having similar terms of early redemption as the Bonds are not treated by HMRC as "deeply discounted securities" and accordingly the Bonds should not be treated as "deeply discounted securities" for the purposes of Chapter 8 of Part 4 of the Income Tax (Trading and Other Income) Act 2005.

D. Stamp Duty and Stamp Duty Reserve Tax (SDRT)

8. No United Kingdom stamp duty or SDRT is payable on the issue of the Bonds or on a transfer by delivery of the Bonds.

E. The Proposed Financial Transactions Tax (FTT)

The European Commission has published a proposal for a Directive for a common FTT in Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia (the participating Member States).

273

The proposed FTT has very broad scope and could, if introduced in its current form, apply to certain dealings in the Bonds (including secondary market transactions) in certain circumstances.

Under current proposals the FTT could apply in certain circumstances to persons both within and outside of the participating Member States. Generally, it would apply to certain dealings in the Bonds where at least one party is a financial institution, and at least one party is established in a participating Member State. A financial institution may be, or be deemed to be, "established" in a participating Member State in a broad range of circumstances, including (a) by transacting with a person established in a participating Member State or (b) where the financial instrument which is subject to the dealings is issued in a participating Member State.

The FTT proposal remains subject to negotiation between the participating Member States and is the subject of legal challenge. It may therefore be altered prior to any implementation, the timing of which remains unclear. Additional Member States of the European Union may decide to participate. Prospective holders of the Bonds are advised to seek their own professional advice in relation to the FTT.

274

SUBSCRIPTION AND SALE

The Joint Bookrunners have, in a subscription agreement (the Subscription Agreement) dated 2nd December, 2013, jointly and severally agreed to subscribe or procure subscribers for the Bonds (other than the Retained Bonds) at the issue price of 99.422 per cent. of the principal amount of the Bonds (other than the Retained Bonds), less a combined selling and underwriting commission. The Issuer shall also reimburse the Joint Bookrunners in respect of certain of their expenses. In addition, the Issuer has agreed to indemnify each of the Joint Bookrunners against certain liabilities incurred in connection with the issue of the Bonds. The Subscription Agreement may be terminated in certain circumstances prior to payment to the Issuer.

United States

The Bonds have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the Securities Act.

The Bonds are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United States or its possessions or to a United States person, except in certain transactions permitted by U.S. tax regulations. Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code of 1986 and regulations thereunder.

Each of the Joint Bookrunners has represented and agreed that, except as permitted by the Subscription Agreement, it will not offer, sell or deliver Bonds (a) as part of its distribution at any time or (b) otherwise until 40 days after the later of the commencement of the offering and the Closing Date within the United States or to, or for the account or benefit of, U.S. persons.

In addition, until 40 days after the commencement of the offering of the Bonds, an offer or sale of Bonds within the United States by any dealer that is not participating in the offering may violate the registration requirements of the Securities Act.

Terms used above have the meanings given to them by Regulation S under the Securities Act.

United Kingdom

Each of the Joint Bookrunners has represented and agreed that:

(a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (the FSMA)) received by it in connection with the issue or sale of any Bonds in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer or the Original Borrower; and

(b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Bonds in, from or otherwise involving the United Kingdom.

General

Each of the Joint Bookrunners has agreed that it will, to the best of its knowledge and belief, comply with all applicable securities laws and regulations in force in any jurisdiction in which it purchases, offers, sells or delivers Bonds or possesses or distributes this Prospectus and will obtain any consent, approval or permission which is, to the best of its knowledge and belief, required by it for the

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purchase, offer, sale or delivery by it of Bonds under the laws and regulations in force in any jurisdiction to which it is subject or in which it makes such purchases, offers, sales or deliveries.

None of the Issuer, the Original Borrower, the Bond Trustee or the Joint Bookrunners represents that Bonds may at any time lawfully be sold in compliance with any applicable registration or other requirements in any jurisdiction, or pursuant to any exemption available thereunder, or assumes any responsibility for facilitating such sale.

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GENERAL INFORMATION

Authorisation

The issue of the Bonds has been approved by a resolution of the board of directors of the Issuer dated 19th November, 2013.

Listing of Bonds

It is expected that the official listing of the Bonds will be granted on or about 4th December, 2013 subject only to the issue of the Temporary Global Bond. Application has been made to the UK Listing Authority for the Bonds to be admitted to the Official List and to the London Stock Exchange for the Bonds to be admitted to trading on the London Stock Exchange's regulated market.

The Issuer estimates that the total expenses related to the admission to trading will be £12,635. The Original Borrower shall pay to the Issuer, inter alia, an amount equal to such expenses in accordance with Clause 19 (Expenses) of the Original Loan Agreement.

Documents Available

For the period of 12 months following the date of this Prospectus, copies of the following documents will, when published, be available for inspection from the registered office of the Issuer and from the specified office of the Paying Agent for the time being in London:

(a) the constitutional documents of the Issuer and each Borrower;

(b) the audited financial statements, including the reports of the auditors, of the Original Borrower in respect of the financial years ended 31st March, 2012 and 31st March, 2013;

(c) the most recently published audited annual financial statements (if any) of the Issuer, each Additional Borrower and each Eligible Group Member and the most recently published unaudited interim financial statements (if any) of the Issuer, each Borrower and each Eligible Group Member, in each case together with any audit or review reports prepared in connection therewith;

(d) the Bond Trust Deed, the Agency Agreement, the Account Agreement, the Custody Agreement, the Retained Bond Custody Agreement, the Loan Agreements, the Security Trust Deed and the Security Agreements;

(e) the Valuation Report;

(f) a copy of this Prospectus; and

(g) any future offering circulars, prospectuses and information memoranda and any other documents incorporated therein by reference.

Clearing Systems

The Bonds have been accepted for clearance through Euroclear and Clearstream, Luxembourg. The ISIN and the Common Code for the Bonds are XS0996528617 and 099652861, respectively.

The address of Euroclear is Euroclear Bank S.A./N.V., 1 Boulevard du Roi Albert II, B-1210 Brussels and the address of Clearstream, Luxembourg is Clearstream Banking, 42 Avenue JF Kennedy, L-1855 Luxembourg.

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Characteristics of underlying assets

The Original Loan Agreement has, and each Additional Loan Agreement will have, characteristics that demonstrate the capacity to produce funds to service any payments due and payable on the Bonds.

Material or Significant Change

There has been no material adverse change in the financial position or prospects of the Issuer since 1st November, 2013, being the date of its incorporation.

There has been no significant change in the financial or trading position of the Original Borrower since 31st March, 2013 and there has been no material adverse change in the prospects of the Original Borrower since 31st March, 2013.

There has been no significant change in the financial or trading position of the Group since 31st March, 2013 and there has been no material adverse change in the prospects of the Group since 31st March, 2013.

Litigation

There are no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Issuer is aware) since the date of its incorporation which may have, or have had in the recent past, significant effects on the Issuer's financial position or profitability.

There are no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Original Borrower is aware) in the 12 months preceding the date of this Prospectus which may have, or have had in the recent past, significant effects on the Original Borrower's financial position or profitability.

There are no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Issuer or the Original Borrower are aware) in the 12 months preceding the date of this Prospectus which may have, or have had in the recent past, significant effects on any other member of the Group's financial position or profitability.

Auditors

The auditors of the Issuer are Mazars LLP, Chartered Accountants & Registered Auditors. As at the date of this Prospectus no financial statements have been prepared in respect of the Issuer. The auditors of the Issuer have no material interest in the Issuer.

The auditors of the Original Borrower are Mazars LLP, Chartered Accountants & Registered Auditors, who have audited the Original Borrower's accounts, without qualification, in accordance with generally accepted accounting principles in the United Kingdom for each of the two financial years ended on 31st March, 2012 and 31st March, 2013. The auditors of the Original Borrower have no material interest in the Original Borrower.

Post-issuance information

The Issuer does not intend to provide any post-issuance information in relation to the Bonds, the Issuer Security or the Underlying Security, other than as required pursuant to Condition 6.2 (Information Covenants).

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Joint Bookrunners transacting with the Issuer or the Original Borrower

The Joint Bookrunners and their affiliates may in the future engage in investment banking and/or commercial banking transactions with, and may perform services for, the Issuer and/or the Original Borrower and their respective affiliates in the ordinary course of business.

Yield

Indication of the yield on the Bonds: 4.661 per cent. (semi annual). The yield is calculated at the Issue Date on the basis of the Issue Price. It is not an indication of future yield.

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ISSUER

Grand Union Group Funding plc Martell House, University Way Cranfield Bedfordshire MK43 0TR

BOND TRUSTEE AND SECURITY TRUSTEE

Prudential Trustee Company Limited Laurence Pountney Hill London EC4R 0HH

PRINCIPAL PAYING AGENT, ACCOUNT BANK, CUSTODIAN AND RETAINED BOND CUSTODIAN

Elavon Financial Services Limited Fifth Floor 125 Old Broad Street London EC2N 1AR

JOINT BOOKRUNNERS

Banco Santander, S.A. The Royal Bank of Scotland plc Ciudad Grupo Santander 135 Bishopsgate Avda de Cantabria s/n London EC2M 3UR 28660 Boadilla del Monte Madrid

LEGAL ADVISERS

To the Joint Bookrunners, the Bond Trustee and the Security Trustee as to English law

Allen & Overy LLP One Bishops Square London E1 6AD

To the Issuer and the Original Borrower as to English law

Trowers & Hamlins LLP Wright Hassall LLP 3 Bunhill Row Olympus Avenue London EC1Y 8YZ Leamington Spa Warwickshire CV34 6B

AUDITORS

To the Issuer and the Original Borrower

Mazars LLP 45 Church Street Birmingham B3 2RT

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