NOTICE TO NOTEHOLDERS
PERMANENT MASTER ISSUER PLC
35 Great St. Helen's
London
EC3A 6AP
(the Master Issuer)
NOTICE OF EXERCISE OF ARREARS REPURCHASE OPTION
2010-1 Series 2 Class A1 £200,000,000 Residential Mortgage Backed Notes due 2042 (Reg S ISIN: XS0484703359) (the 2010-1 Series 2 Class A1 Notes)
2010-1 Series 2 Class A2 €750,000,000 Residential Mortgage Backed Notes due 2042 (Reg S ISIN: XS0484703516) (the 2010-1 Series 2 Class A2 Notes)
2010-1 Series 3 Class A £600,000,000 Residential Mortgage Backed Notes due 2042 (Reg S ISIN: XS0484703433) (the 2010-1 Series 3 Class A Notes)
2010-2 Series 2 Class A $750,000,000 Residential Mortgage Backed Notes due 2042 (Reg S ISIN: XS0520953950) (the 2010-2 Series 2 Class A Notes)
2010-2 Series 3 Class A $750,000,000 Residential Mortgage Backed Notes due 2042 (Reg S ISIN: XS0520954255) (the 2010-2 Series 3 Class A Notes)
2010-2 Series 4 Class A $750,000,000 Residential Mortgage Backed Notes due 2042 (Reg S ISIN: XS0520954412) (the 2010-2 Series 4 Class A Notes)
2011-1 Series 2 Class A1 €200,000,000 Residential Mortgage Backed Notes due 2042 (Reg S ISIN: XS0617235790; Rule 144A ISIN: XS0617235873) (the 2011-1 Series 2 Class A1 Notes)
2011-1 Series 2 Class A2 £200,000,000 Residential Mortgage Backed Notes due 2042 (Reg S ISIN: XS0617235956) (the 2011-1 Series 2 Class A2 Notes)
2011-1 Series 2 Class A3 £500,000,000 Residential Mortgage Backed Notes due 2042
(Reg S ISIN: XS0617236251) (the 2011-1 Series 2 Class A3 Notes)
2011-2 Series 1 Class A3 $1,050,000,000 Residential Mortgage Backed Notes due 2042 (Reg S ISIN: XS0700166720; Rule 144A ISIN: US71419GAU40; CUSIP: 71419GAU4) (the 2011-2 Series 1 Class A3 Notes)
2011-2 Series 2 Class A £750,000,000 Residential Mortgage Backed Notes due 2042 (Reg S ISIN: XS0700016750) (the 2011-2 Series 2 Class A Notes)
2011-2 Series 3 Class A £500,000,000 Residential Mortgage Backed Notes due 2042
(Reg S ISIN: XS0700016834) (the 2011-2 Series 3 Class A Notes, together with the 2010-1 Series 2 Class A1 Notes, the 2010-1 Series 2 Class A2 Notes, the 2010-1 Series 3 Class A Notes, the 2010-2 Series 2 Class A Notes, the 2010-2 Series 3 Class A Notes, the 2010-2 Series 4 Class A Notes, the 2011-1 Series 2 Class A1 Notes, the 2011-1 Series 2 Class A2 Notes, the 2011-1 Series 2 Class A3 Notes, the 2011-2 Series 1 Class A3 Notes, the 2011-2 Series 2 Class A Notes, the Notes and the holders thereof, the Noteholders)
each issued by the Master Issuer
constituted by a Master Issuer Trust Deed dated 17 October 2006 as amended, restated and supplemented from time to time (the Master Issuer Trust Deed) between the Master Issuer
and The Bank of New York Mellon as trustee for the Noteholders (the Note Trustee)
27 January 2015
Following the passing of the Extraordinary Resolution (as defined in the Notice of Meeting to Noteholders dated 12 November 2014) by Noteholders on 4 December 2014 and subsequent implementation of the Extraordinary Resolution on 11 December 2014, notice is hereby given by the Master Issuer to the Noteholders that on 21 January 2015 Bank of Scotland plc (the Seller) exercised its option under the Mortgage Sale Agreement to offer to the Mortgages Trustee to repurchase Loans in arrears (the "Arrears Repurchase Option"). A Loan is in "arrears" for this purpose if amounts equal to three or more Monthly Payments in respect of such Loan have become due and remain unpaid by the relevant Borrower. The Mortgages Trustee duly accepted the offer on 23 January 2015. The amount of Loans in arrears repurchased pursuant to the Arrears Repurchase Option will be notified to the Servicer for inclusion in the next monthly investor report, which will be available via http://www.lloydsbankinggroup.com/Investors/debt-investors/securitisation/permanent/.
Terms otherwise not defined in this notice shall have the meaning given to them in the amended & restated master definitions and construction schedule dated 11 December 2014 (the Master Definitions and Construction Schedule).
For further information please contact:
Bank of Scotland plc
Group Corporate Treasury
10 Gresham Street
London
EC2V 7AE
Attention: Gavin Parker, Head of Securitisation & Collateral, Group Corporate Treasury
By: Permanent Master Issuer plc