New York, March 30, 2015 -- Moody's Investors Service has determined that the entry by Sandstone CDO Ltd., (the "Issuer") into a supplement dated as of March 30, 2015 to the existing Indenture by and among the Issuer, Sandstone CDO Corp. as Co-Issuer and Deutsche Bank Trust Company Americas as Trustee dated as of June 4, 2004 (the "Supplemental Indenture No. 1") and performance of the activities contemplated therein will not in and of themselves and at this time result in the withdrawal, reduction or other adverse action with respect to any current rating by Moody's (including any shadow, private or confidential rating) of any Class of Notes issued by the Issuer. Moody's does not express an opinion as to whether Supplemental Indenture No. 1 could have non-credit-related effects.

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