Greenock Funding No.1, Plc

This deal will be the first visit by RBS to the RMBS market since their Arran transaction which closed
in June 2007, with this transaction being a pooling together of residential mortgage loans and buy-to
-let residential mortgage loans originated by National Westminster Home Loans Limited and The Royal
Bank of Scotland plc and secured over properties located in England, Wales and Scotland.

As at the cut-off date the portfolio consisted of 48,967 mortgage loans secured by a first- or second-
ranking charge over residential properties in Scotland, England, and Wales. Nat West provided 60.49%
of the loans, the rest by RBS. The average current loan balance is £72,252 (although the largest is
£4.521mln and 31 loans are greater than £1m), and 44.48% (by balance) of the loans are buy-to-let.

Approx 79.54% of the loans were granted for purchases, with the balance being for re-mortgage
purposes. Fixed-rate mortgages account for 38.06% of total balances, and discounted for 8.39%. The
pool is evenly split between interest-only and repayment mortgages, and self-certified borrowers
account for only 1.8% of total balance.

The portfolio has a WA current LTV of 63.95%, and WA seasoning of 5.6yrs. Geographical concen-
tration by balance: South East (inc London) 44.21%, North East 11.94%, and Scotland 11.63%.

Compare/contrast: Arran Residential Mortgage Funding No.3 PLC, Ludgate Funding 2008 - W1 Plc,
Mortgage Funding 2008-1 PLC.

Arran Residential Mortgage Funding No.3 PLCLudgate Funding 2008 - W1 Plc
Mortgage Funding 2008-1 PLC