Permanent Master Issuer 2008-2

This will be the fourth transaction through Permanent Master Issuer plc. The master issuer will
be used repeatedly and may issue further sets of notes under different issues. The master
trust property consists of mortgage loans originated by Halifax plc and mortgage loans origin-
ated by Bank of Scotland Plc.

Notes on the Master Trust: the programme allows for the substitution of the trust property with
the assignment of new loans to the mortgages trust; BOS is obliged to repurchase from the trust
all loans subject to a further advance. Loans subject to product switches will be retained in the
trust subject to certain conditions being met; Junior classes may be repaid prior to senior classes.

After closing, the total issue from the trust is expected to be the equivalent of GBP59.2bln and the
outstanding note balance is expected to be approximately GBP40.3bln.


Compare/contrast: Permanent Master Issuer (Mortgage Note Prog), Holmes Master Issuer (2008-1),
Lothian Mortgages Master Issuer Plc (2007-1).
Permanent Master Issuer (Mortgage Note Prog)Holmes Master Issuer (2008-1)
Lothian Mortgages Master Issuer Plc (2007-1)