Kenrick No.2 plc

The second outing for the Kenrick name, with the original deal being launched in April 2012. Again, for this transaction, the
issuer will make payments on the notes from payments of principal and revenue received from a portfolio comprising mort-
gage loans originated by West Bromwich Building Society and secured over residential properties located in England and
Wales, and where each loan is governed by English law. The Issuer will acquire a 99.0% beneficial interest on the Closing
Date.

At the cut-off date (28 Feb 2013) the portfolio consisted of 5,833 loans with a current balance of £75,833 and the largest
loan in the pool is for £714,828. Eligibility criteria include: at least two monthly payments having been made; each Mortgage
Loan made no earlier than 1 March 1988 and no later than 28 February 2013; 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 56.40%, re-mortgage 43.60%. Repayment method: repayment 54.33%,
interest-only (including part and part) 45.67%. Payment method: direct debit 94.20%. Product type: Tracker Rate (including
Discounted Tracker Rate) 63.11%, Fixed Rate 22.42%, and Standard Variable Rate (including Discounted Variable Rate)
14.47%. The current LTV is 57.27% and WA seasoning is a high 101.26mnths. Regional concentration (by current balances):
West Midlands 37.05%, South East 14.16%, North West 9.51%, and Greater London 8.93%.


122a: The originator will retain a material net economic interest of at least 5% in the securitisation in accordance with Article
122a. As at the closing date, such interest will be comprised of an interest in the first loss tranche. Any change to the
manner in which such interest is held will be notified to investors.


Compare/contrast: Kenrick 1, Permanent Master Issuer 2013-1, Virgil Mortgage 1 Plc