Kenrick No.1 plc

A return to the securitisation market by West Bromwich Building Society, which in July 2008 issued a RMBS/BTL
deal (Hawthorn Finance), and has also issued three CMBS transactions (Sandwell Commercial Finance 1,2, & 3).
For this transaction, the issuer will make payments on the notes from payments of principal and revenue received
from a portfolio comprising mortgage loans originated by West Bromwich Building Society and secured over resid-
ential properties located in England and Wales, and where each loan is governed by English law.

The portfolio consists of 4,633 loans with a current balance of £77,266 and the largest loan in the pool is for £668,979.
Eligibility criteria include: at least two monthly payments having been made; each Mortgage Loan made no earlier than
1 April 2001 and no later than 31 December 2009; no borrower has the right to make further drawings; no borrowers
have current rights of set-off; no amount of arrears of interest or principal on any mortgage loan has been outstanding
during the 36 months immediately preceding the closing date; no mortgage loan is a RTB Loan, an offset mortgage
loan or a buy-to-let mortgage loan.

Purpose of the loan (by current balances): purchase 52.39%, re-mortgage 42.81%, further advance 4.90%. Repayment
method: repayment 72.95%, interest-only (including part and part) 27.05%. Payment method: direct debit 98.29%.
Product type: Tracker Rate (including Discounted Tracker Rate) 47.91%, Fixed Rate 43.73%, and Standard Variable
Rate (including Discounted Variable Rate) 8.37%. The current LTV is 51.55% and WA seasoning is a high 72.59mnths.
Regional concentration (by current balances): West Midlands 39.97%, South East 14.82%, North West 9.63%, and
Greater London 8.47%.

West Bromwich Building Society will on the closing date purchase £111.5mln of the Class A notes . West Bromwich
Building Society will enter into a pre-agreed securities lending transaction with J.P. Morgan Securities Ltd in respect
of not less than £111.5mln of the “A” notes that West will purchase on the closing date.

Note, the originator will retain a material net economic interest of at least 5% in the securitisation in accordance with
Article 122a of Directive 2006/48/EC. As at the closing date, such interest will be comprised of an interest in the first
loss tranche.

Compare/contrast: Hawthorn Finance Ltd, Darrowby 2 RMBS, Leofric No 1 Plc