On 21 June 2012, Moody's downgraded the long term senior unsecured rating of National Westminster Bank (the "Account Bank"), to A3 and its short term rating to P-2. This resulted in the loss of the requisite rating applicable to the Account Bank under the Bank Agreement. Upon the loss of the requisite rating , the remedial action available to the Trustee is the transfer of the Rental Receipts Account and the Issuer Transaction Account to another bank which complies with the requisite ratings. The requisite rating under the Bank Agreement is P-1.

The Proposal is not to transfer the above mentioned Accounts to another bank with the requisite ratings and to take no further actions at this time.

Moody's has assessed the Proposal described above, that Braodgate Financing Plc has decided to take as result of the downgrade of National Westminster Bank to A3, P-2. Moody's has assessed the probability and impact of the default of the Bank on the ability of the Issuer to meet its obligations under the transaction, including the impact of the loss of any cash held by the Bank should it default and any loss that may be incurred after that time due to any delay in redirecting payments to a new account or taking any other appropriate action. Moody's took into consideration i) the lack of an effective replacement trigger, ii) the level of concentrations of balloon payments, iii) the availability of the liquidity facility Standby Loan deposited in a bank with the Minimum Required Rating of P-1, iv) the time window (10 days) during which a majority of funds are held in the Rental Receipts Account prior to note payment date, v) the extra cash flow currently generated by the transaction and vi) the presence of GBP15 million Cash Reserve amount deposited on a bank account charged in favour of the Issuer at a bank with the requisite rating of P-1). Moody's notes that further downgrade action on National Westminster Bank could have negative implications for the senior ratings of the transaction.

The principal methodology used in this rating was Moody's Approach to Real Estate Analysis for CMBS in EMEA: Portfolio Analysis (MoRE Portfolio) published in April 2006. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

In assessing the proposal Moody's has also referred to the rating implementation guidance entitled "The Temporary Use of Cash in Structured Transactions: Eligible Investments Guidelines" December 9, 2008.

Moody's noted that on 2 July 2012, it released a Request for Comment, in which the rating agency has requested market feedback on potential changes to its rating implementation guidance for the temporary use of cash in structured finance transactions. If the revised rating implementation guidance is implemented as proposed, the rating of the Notes should not be negatively affected. Please refer to Moody's Request for Comment, entitled "The Temporary Use of Cash in Structured Finance Transactions: Eligible Investment and Bank Guidelines: Request for Comment" for futher details regarding the Implications of the proposed methodology changes on Moody's rating.

Moody's will continue to monitor the ratings. Any change in the ratings will be publicly disseminated by Moody's through appropriate media.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

Mirco Iacobucci Analyst Structured Finance Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Andrea M. Daniels Senior Vice President Structured Finance Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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