NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS DURING THE PERIOD NOVEMBER 6, 2012 THROUGH NOVEMBER 12, 2012:

Moody's has reviewed the following ABCP programs in conjunction with the proposed amendments. The amendments, in and of themselves and at this time, will not result in any rating impact on the respective programs. For the mentioned programs, Moody's believes that the amendments do not have an adverse effect on the credit quality of the securities such that the Moody's ratings are impacted. Moody's does not express an opinion as to whether the amendment could have other, non-credit-related effects.

THREE EUROPEAN ABCP PROGRAMS PARTICIPATE IN GBP 950 MILLION UK INSURANCE PREMIUM FINANCE TRANSACTION

Cancara Asset Securitisation Limited/Cancara Asset Securitisation LLC ("Cancara"), Regency Assets Ltd/Regency Markets No. 1 LLC ("Regency") and Antalis S.A./Antalis U.S. Funding Corp. ("Antalis") have participated in a GBP 950 million note facility backed by insurance premium finance loans and instalment finance loans originated chiefly in the UK and Ireland.

Cancara, a partially supported multi-seller ABCP conduit sponsored by Lloyds TSB Bank Plc ("LTSB" A2/Prime-1 /C-), purchased term notes and variable funding notes with an aggregate commitment of GBP 225 million as part of the transaction.

Regency, a partially supported, multiseller program sponsored by HSBC Bank plc ("HSBC", rated Aa3 /Prime-1/C), purchased term notes and variable funding notes with an aggregate commitment of GBP 175 million as part of the transaction.

Antalis, a partially supported, multiseller program sponsored by Société Générale ("SG", rated A2 /Prime-1/C-), purchased term notes and variable funding notes with an aggregate commitment of GBP 125 million as part of the transaction.

Two European banks are also committed to purchase notes in the transaction.

The seller is a UK-based third party insurance premium finance company. In its primary business, the seller agrees with brokers and insurers to provide obligors (the corporate or individual insured) with loans that finance the annual upfront payments of premiums due under insurance contracts, allowing the obligors to effectively pay the premiums in monthly instalments. In addition, the seller also provides obligors with loans to pay professional fees, school fees, membership fees and other service provider fees in monthly instalments. In most of its loans, the seller has recourse to the broker and/or insurer or service provider, in addition to the obligor. The claims arising under such rights of recourse are also transferred to the securitisation structure, together with the loans themselves.

The transaction documents limit the amount of assets originated in Ireland to 4% of the total portfolio and limit the amount of non-insurance assets to 15% of the total portfolio. The transaction-specific credit enhancement takes the form of overcollateralization, fixed at 12%. The transaction includes several early amortisation events linked to pool performance triggers, the required credit enhancement and the seller's performance under the transaction documents.

Cancara's commitment is fully supported by a liquidity facility provided by LTSB and Bank of Scotland (rated A2/Prime-1/D+), each providing 50% of the liquidity commitment. The liquidity facility is sized at 102% of the purchase limit and it has a liability-based borrowing base which ensures full and timely repayment of the associated face ABCP.

Cancara has approximately US$8.6 billion in purchase commitments. Cancara's programme-level credit enhancement was not increased with this transaction because the existing amount is already in excess of the required amount.

Regency's commitment is fully supported by a liquidity facility provided by HSBC. The liquidity facility is sized at 102% of the purchase limit and it has a liability-based borrowing base which ensures full and timely repayment of the associated face ABCP.

Regency's programme-level credit enhancement was not increased with this transaction since the transaction was fully-supported. Regency has approval to issue ABCP up to aggregate transaction limits of $10.0 billion and has $158 million in programme-level credit enhancement.

Antalis' commitment is partially supported by a liquidity facility provided by SG. The liquidity facility funds for non-defaulted assets and covers seller risks as well as any claims arising under the rights of recourse referred to above. If a transaction early amortisation event occurs, Antalis can no longer issue ABCP to fund the notes. For this transaction, Antalis' ABCP tenor is limited to 95 days.

Antalis' also increased its program-level credit enhancement by 6% of the purchase limit for this transaction. Currently, Antalis has approximately EUR 272 million in program-level credit enhancement and is authorised to issue approximately EUR 4.65 billion of ABCP.

The principal methodology used in these ratings was "Moody's Approach to Rating Asset-Backed Commercial Paper" published in May 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's monitors and analyzes ABCP programs on an ongoing basis. A detailed description of each program is published in the ABCP Program Review. Some ABCP programs have monthly updated performance information, which is published in the Performance Overviews. All publications are available on www.moodys.com.

Valerie Oliveri Associate Analyst Structured Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Everett Rutan Senior Vice President Structured Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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