Holmes Master Issuer (2008-1)

This will be the seventeenth issue under the Holmes brand name ( two deal as Holmes Funding, ten
transactions as Holmes Financing, and five as Holmes Master ), where the notes are backed by a
pool of prime UK residential mortgages originated by Abbey National plc (now part of the Santander
banking group).

The portfolio as at the reference date consisted of 693,463 mortgage accounts and having an aggr-
egate outstanding principal balance of approximately £67,699,587,826 as at that date. As at the ref-
erence date, approximately 55.8%. of the loans in the portfolio were repayment loans and approxim-
ately 35.78%. were interest-only loans. Approximately 9.33%. of the loans had an original loan-to-
value ratio of at least 90%. as at the reference date. Funding's share in the Trust Property will change
on the closing date of this transaction to approximately 79.64%.

The pool remains of good credit quality: the weighted average original LTV of the pool is approximately
65.17%, the average seasoning of the loans in the pool is 31.78 months.

Compare/contrast: Holmes Master 2007-3, Langton Securities 2008-2.


Holmes Master Issuer (2007-3)Langton Securities (2008-2) PLC