Greenock Funding No.2, Plc

This transaction follows on just 2 weeks after the closing of the initial Greenock transaction, and
mirrors the original transaction, with the originators again being National Westminster Home Loans
Limited and The Royal Bank of Scotland plc, and the portfolio being a mix of residential mortgage
loans and buy-to-let residential mortgage loans.

At the cut-off date (11 June 2008), the portfolio consisted of 129,919 loans wih an average loan
balance of £119,271 (the largest being £3.5mln). Some 62% of the loans have been sourced from
NWHL, and approx 11.27% of the loans are buy-to-let. The majority of the loans (58.89% by out-
standing) were for purchase purposes, with 58.60 of the loans being fixed rate, and 26.03%
tracker mortgages. Only 7.41% of the portfolio were discounted loans. Repayment mortgages acc-
ounted for 63.26% of outstanding balances.

The WA current LTV is 70.0%, with WA seasoning at 1.7yrs. Geographical concentrations (by out-
standing balance): South East (inc London) 38.15%, the North West 13.24%, Scotland 11.55%, and
the South West 8.04%.

The bonds, as in the earlier case, have all been retained.

Compare/contrast: Greenock 1, Langton Securities (2008-3) PLC, Ludgate Funding 2008 - W1
Greenock Funding No.1, PlcLangton Securities (2008-3) PLCLudgate Funding 2008 - W1 Plc