Langton Securities (2008-2) PLC

This will be the second securitisation of mortgage loans out of the Langton Securities residential
mortgage backed note programme, where the Notes are backed by a portfolio of prime UK resid-
ential mortgage loans originated by Alliance & Leicester plc.

At closing, the trust consists of approx Stg£7.86 bln of residential mortgage loans The weighted
average current LTV of the pool is 65.9%, and the average seasoning of loans in the pool is 26.6
mnths. The programme is in the form of a "capitalist" structure, in which each issuer has its own
reserve fund, only available to support notes issued by that specific issuer. Similarly, the principal
deficiency ledgers are at issuer level.


Compare/contrast: Langton Sec (2008-1), Holmes Master Issuer (2007-3).
Langton Securities (2008-1) PLCHolmes Master Issuer (2007-3)