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1 EMERALD MORTGAGES NO:5 D.A.C INVESTOR REPORT From: Month Ending: Interest Payments Date: EBS d.a.c 31 December January 218 Investor Contacts Mark Whelan Senior Manager EBS d.a.c mark.whelan@mail.ebs.ie Jonathan Lynch Collateral Management Specialist, EBS d.a.c jonathan.lynch@mail.ebs.ie Details of Notes Issued Original Rating Original Tranche Post Amendment Current Rating Post Amendment Post Amendment Final Class of Notes Reference Fitch / Moodys (Euro) Interest Rate Rating Fitch / Fitch / Moodys Tranche Interest rate Maturity Moodys (Euro) A Notes B Notes XS XS N/R / Aa1 N/R / Baa3 2,375,, 125,, 1 mth Euribor +.7% 1 mth Euribor % AA- / A1 N/R / N/R AAA/Aaa N/R / N/R 1,529,64, ,, Fixed 1.75% Fixed.25% Deal Information Issue Date First Distribution Date Deal Amendment Date Minimum Denominations Payments Frequency Interest Calculation (pre amendment) Interest Calculation (post amendment) 2 March May February 211 1, Monthly Actual / 36 Actual / Actual This Report Interest Period Start Date Interest Period End Date No of days in Interest Period Next Payments Date 15 December January February 218 Principal Payments on Notes Class of Notes Original % of Opening % of Amortisation Closing % of (Euro) Bonds (Euro) Bonds (Euro) (Euro) Bonds A Notes2 2,375,, 95.% 454,981, % (9,649,592.6) 445,331, % B Notes 125,, 5.% 125,, 21.55% 125,, 21.92% Total 2,5,, 1% 579,981, % (9,649,592.6) 57,331, % Interest Payments on Notes Class of Notes Reference Interest Rate Number of Days Interest Due (Euro) Interest Paid (Euro) Unpaid Interest Cumulative Unpaid A Notes XS Fixed 1.75% , ,575. B Notes XS Fixed.25% 31 26,5 26,5 Credit Enhancement and Liquidity Facilities at at at Drawings in Replenished / at Description Providor Closing (Euro) Amendment Start of Month Month (Euro) (Released) in Close of Month Required Deficit (Euro) Date (Euro) (Euro) Month (Euro) (Euro) (Euro) Class Z Loan 3 Reserve Fund 4 * EBS EBS 93,75, 358,33,7.94 3,189, ,33,7.94 2,126, ,33,7.94 2,126, ,126, Liquidity Reserve 5 Liquidity Facility 6 EBS EBS 5,, Swap Details Swap Provider EBS Moody s Rating Baa3/P-3 (at amendment date) Notional Start of Movement at IPD Notional a End (Euro) Period (Euro) (Euro) Mortgage Insurance Receipts MIG settlement #1 MIG settlement #2 MIG settlement #3 MIG settlement #4 MIG settlement #5 MIG settlement #6 MIG settlement #7 Less MIG funds on loans sold back to EBS Less applied funds Net Total 451, ,74.1 1,818, , , , ,51,9 (1,43,839.42) (1,213,462.8) 4,883, Monies received from an agreed settlement of mortgage indemnity insurance. These monies reside in the reserve account and will only be applied upon sale of a property or the redemption of a mortgage that was covered under the settlement. * Settlement amount was updated by the Serviver when further funds were supplied by Genworth. NOTES 1. Class A originally issued at Euribor +.7% but converted to fixed rate at 1.75% on February amendment date Amortisation of A Notes of 378,36m on February amendment date Class Z loan of 358.3m issued on February amendment date Reserve fund was reduced from 93.75m to 3.19m on February amendment date 211. It was further reduced to 2.13m in February 212 on transfer of the clearing account. 5. Liquidity reserve was cancelled on February amendment date Liquidity facility was cancelled on February amendment date SWAP terminated on February amendment date 211. Class A bonds converted to fixed rate coupon.

2 Revenue Analysis Revenue Receipts Principal receipts on True Loss & Deemed Loss Loans Interest on Bank Accounts Drawing from Reserve Fund Other Net Income Available Redemption Funds to Cover Revenue Deficiency Excess Redemption Funds Available Revenue Funds Euro 3,153, , ,56.5 3,867, Allocation of Available Funds Trustee Fees Paying Agent, Corporate Servicer, Account Bank + Other 3rd Party Prior Payments Servicer + Cash Manager Fees Class A Notes Interest Class A Principal Deficiency Ledgers Reserve Fund up to Required Amount Class B Principal Deficiency Ledgers (Class A notes outstanding) Class Z Principal Deficiency Sub-Ledger (Class A notes outstanding) Class B Note Interest Class B Principal Deficiency Ledgers (Class A notes redeemed) Class Z Loan Interest Class Z Principal Deficiency Ledger (Class A notes redeemed) Subordinated Loan Interest Subordinated Loan Principal Deferred Consideration Total Allocation Excess Retained Euro (4,535.36) (122,33.41) (663,575.) (645,896.55) (26,5) (77,76.55) (2,327,991.8) (3,867,427.95) () Principal Deficiency Ledger Class of Notes Opening Compromise Deemed Losses Actual Losses Settlements Total Losses Allocated this Allocated this Allocated this Allocated this Period Period* Period* Period* Class A Class B Z Loan 645, , Cumulative Cumulative Losses Cumulative Losses Total Credited this / Revenue Closing / Revenue Period Deficiency Deficiency Paid Allocated 645, ,85, ,85, Recoveries Class of Notes Principal Recovered from Mortgage Loans This Period Cumulative Class A Class B Z Loan 685, ,897,526.5 *Deemed Loss means in respect of a Mortgage Loan (without double counting): (i) the principal balance outstanding of such Mortgage Loan where the ratio between amounts due and unpaid by the scheduled interest and principal instalments for such Mortgage Loan exceeds an amount equal to the aggregate of 12 months of scheduled interest and principal instalments for such loan; (ii) if enforcement procedings are completed, the principal balance of such Mortgage Loan prior to the application of realisation proceeds; and (iii) any principal loss arising as a result of the exercise of set-off by a mortgage Borrower against the Seller in respect of any Mortgage Loan which has not been repurchased by the Seller. Available Principal Funds Principal Receipts Received Less Principal Receipts on Deemed Loss Loans Credit Class A, B + Z Principal Deficiency Ledger Other Net Income * Less Amount to pay a Revenue Deficiency Total Redemption Funds EUR 9,689,572.9 (685,877.39) 645, ,649,592.6 *Unapplied Cash is being applied to the Revenue and Principal waterfalls on a pro-rata basis by the Cash Manager from October 217 in order to avoid a negative balance on the Unapplied Ledger. Previous negative balances on the Unapplied Ledger resulted in overpayment of bond principal, which is now being corrected. Allocation of Available Funds Principal Class A Notes Principal Class B Notes (Class A notes redeemed) Principal Class Z Loan (Class A notes redeemed) Excess as Available Revenue Receipts Total Allocation of Principal Receipts EUR (9,649,592.6) (9,649,592.6) Arrears Summary Arrears Summary Number of % Number of Accounts Accounts % Not In Arrears 1,636 92% 1,39,881,463 89% In Arrears One Month or More 945 8% 125,232,734 11% Total 11,581 1% 1,165,114,196 1% Mortgage Portfolio Analysis: Properties Under Management Description No of Properties This Period Principal Amount Cumulative (Active Loans only) No of Properties Principal Amount Cumulative Active and Redeemed Loans) Number of Properties Property in Possession 4 682, ,113, Abandoned 25 5,551, Sold 1 92, ,, Note: From July 211 IPD onwards the 'properties under management' data is being reported on a property basis as opposed to an individual loan basis. Note: From August 214 IPD onwards the Voluntary Handback and Repossession data has been amalgamated under the Property in Possession heading.

3 Mortgage Portfolio Analysis Opening Mortgage Principle Compromise Settlements* Early Redemptions Scheduled Principal Payments Non-cash Adjustments, including Capitalisations** Principle Repurchase Closing Mortgage Principal At end of Month (Euro) Cumulative (Euro) 1,185,711,78. 2,5,, (2,338,331.15) (28,233,365.6) (4,533,849.14) (655,122,97.66) (5,5,11.12) (553,563,433.66) 561, ,991, (99,172,35.87) 1,173,9,724. 1,173,9,724. *From September 214 "Principal Losses" are replaced with "Compromise Settlements" and September opening balance and cumulative "Early Redemptions" have been adjusted accordingly. **In March 216 "Capitalisation Arrangements" was replaced with "Non-cash Adjustments, including Capitalisations" due to improvements in loan level reporting. The Opening Mortgage Principal for March 216 was restated. Mortgage Portfolio Analysis Previous Month Current Month Weighted average interest rate 3.1% 3.1% Annualised CPR (current month unscheduled Repayments annualised) Annualised CPR (current month Scheduled & Unscheduled Repayments annualised) 3.9% 9.92% 4.5% 9.96% Deal Participation Information Minimum Rating Current Rating Rating Satisfied Bank Account Provider BNP Paribas Fitch F1 and Moody's P-1 Fitch F1 and Moody's P-1 Yes Clearing Account Provider BNP Paribas Fitch F1 and Moody's P-1 Fitch F1 and Moody's P-1 Yes Servicer EBS d.a.c Fitch BBB- and Moody's Baa3 Fitch BB+ and Moody's Baa2 No** Cash Manager EBS d.a.c Fitch BBB- and Moody's Baa3 Fitch BB+ and Moody's Baa2 No*** Corporate Servicer EBS d.a.c ~ ~ ~ Back Up Cash Manager Deutsche Bank ~ Fitch F1 and Moody's P-2 ~ Back Up Mortgage Servicer Link Mortgage Services Limited ~ ~ ~ ** A back-up servicer, Crown Mortgage Services has been appointed. *** A back -up cash manager, Deutsche Bank, has been appointed. Deal Participation Information Note Trustee Security Trustee Paying Agent Listing Citicorp Trustee Company Ltd. Citicorp Trustee Company Ltd. Citibank Irish Stock Exchange

4 Stratification Tables Note: The losses recognised have not yet been reflected in the following stratification tables. Number of Repayments in Arrears Number of Payments Missed < 1 Payment 1, % 1,39,881, % 1 Payments % 16,561, % 2 Payments 55.47% 7,853,88.67% 3 to 6 Payments 78.67% 9,148,154.79% 6 to 9 Payments 42.36% 5,448,127.47% 9 to 12 Payments 4.35% 4,89,49.42% 12 to 15 Payments 38.33% 5,186,734.45% 15 to 18 Payments 32.28% 4,413,51.38% 18 to 21 Payments 26.22% 3,821,127.33% 21 to 24 Payments 27.23% 4,652,95.4% 24 to 27 Payments 24.21% 3,745,527.32% 27 to 3 Payments 19.16% 3,2,327.27% 3 to 33 Payments 16.14% 2,192,44.19% 33 to 36 Payments 2.17% 2,772,64.24% 36 to 39 Payments 12.1% 1,277,325.11% 39 to 42 Payments 15.13% 2,767,643.24% 42 to 45 Payments 15.13% 2,376,417.2% 45 to 48 Payments 14.12% 1,142,275.1% 48 to 6 Payments 58.5% 8,193,275.7% 6 to 72 Payments 59.51% 8,361,886.72% 72 to 84 Payments 71.61% 1,582,68.91% 84+ Payments % 16,644, % Total 11,581 1% 1,165,114,196 1% Number of in Arrears Number of in Arrears Repayments in Arrears - Last 6 in Arrears Value ( m) Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec Arrears Arrears** Arrears* Total Arrears Total Portfolio 1, , , , , , in Arrears Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec Arrears Arrears** Arrears* Total Arrears Total Portfolio 12,4 11,931 11,854 11,776 11,677 11,581 * 1+ Arrears includes loans in 3+ and 12+ Arrears ** 3+ Arrears includes loans in 12+ Arrears 3% % Arrears by Value 25.% % Arrears by Volume 25.% 2% 2% 15.% 15.% 1% 1% 5.% 5.% % % % 1+ Arrears % 3+ Arrears % 12+ Arrears % 1+ Arrears % 3+ Arrears % 12+ Arrears Cure Rates - Last 6 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Total Cases Any Arrears 1,165 1,173 1,21 1,164 1,135 1,199 Total Cured to Arrears % Cure Rate to Arrears 13.82% 14.7% 13.64% 16.32% 17.27% 13.1% Loan Size Loan Size < 5k 4, % 14,326, % 5k to 1k 2, % 158,93, % 1k to 2k 3, % 495,346, % 2k to 3k 1, % 321,1, % 3k to 4k % 61,381, % 4k to 5k 36.31% 15,812, % > 5k 14.12% 9,152,539.79% Total 11,581 1% 1,165,114,196 1% Weighted Average Loan Size 1,65.66

5 Millions Millions 5, 6 4,5 4, 5 3,5 3, 4 2,5 3 2, 1,5 2 1, 1 5 < 5k 5k to 1k 1k to 2k 2k to 3k 3k to 4k 4k to 5k > 5k Loan Size < 5k 5k to 1k 1k to 2k 2k to 3k 3k to 4k 4k to 5k > 5k Loan Size Original LTV Original LTV % to 25% % 6,627,364.57% 25% to 5% 1, % 68,727, % 5% to 55% % 21,51, % 55% to 6% % 23,285,378 2.% 6% to 65% % 29,153,29 2.5% 65% to 7% % 41,389, % 7% to 75% % 52,14, % 75% to 8% % 57,85, % 8% to 85% % 114,178, % 85% to 9% 2, % 262,86, % 9% to 95% 3, % 482,461, % 95% to 1% 6.5% 286,976.2% 1% to 15% % % 15% to 11% 1.1% 91,73.1% 11% to 115% 2.2% 128,81.1% 115% to 12% 1.1% 187,161.2% 12% to 125% 3.3% 931,319.8% 125% % 3,356,617.29% Total 11,581 1% 1,165,114,196 1% Weighted Average Original LTV 82.75% 3,5 3, 2,5 2, 1,5 1, Original Loan to Value Original Loan to Value *OLTV for top-up loans is calculated by combining the original loan amount and the top-up loan amount. This does not take into account any reduction in the original loan amount that occurred prior to the top-up approval. The OLTV on top-up loans is therefore shown here as higher than the true exposure at the time the top-up was approved. The true exposure on all loans, including top-ups, was 1% or less at loan approval. Indexed LTV Indexed LTV % to 25% 3, % 76,35, % 25% to 5% 2, % 144,526, % 5% to 55% % 4,63, % 55% to 6% % 51,799, % 6% to 65% % 58,767, % 65% to 7% % 72,182, % 7% to 75% % 84,983, % 75% to 8% % 83,646, % 8% to 85% % 9,12, % 85% to 9% % 89,411, % 9% to 95% % 9,754, % 95% to 1% % 68,658, % 1% to 15% % 67,434, % 15% to 11% % 45,582, % 11% to 12% % 49,235, % 12% to 13% % 18,13, % 13% to 14% 84.73% 13,487, % 14% to 15% 41.35% 8,214,93.71% 15% to 16% 28.24% 4,559,11.39% 16% to 17% 21.18% 3,84,23.33% 17% to 18% 1.9% 1,55,18.13% 18% to 19% 6.5% 1,212,5.1% 19% to 2% 1.1% 256,484.2% 2% to 21% % % 21%+ 7.6% 824,252.7% Total 11,581 1% 1,165,114,196 1% Weighted Average Indexed LTV 75.62% 3,5 16 3, 14 2,5 12 2, 1, , Indexed Loan to Value Indexed Loan to Value

6 Average Indexed LTV - Last 6 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Indexed LTV Average Indexed LTV Jan-9 Jun-9 Nov-9 Apr-1 Sep-1 Feb-11 Jul-11 Dec-11 May-12 Oct-12 Mar-13 Aug-13 Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Indexed LTV In December 211 the PTSB Index was replaced with the CSO Index Seasoning Seasoning to % 2,195,594.19% 24 to % 16,929, % 48 to % 634,816.5% 72 to 96 % % 96 to 12 % % 12 to 144 3, % 557,9, % 144 to 168 2, % 342,761, % , % 245,52, % Total 11,581 1% 1,165,114,196 1% Weighted Average Seasoning , 6 4,5 4, 5 3,5 3, 4 2,5 3 2, 1,5 2 1, 5 1 to to to to to 12 Seasoning 12 to to to to to to to 12 Seasoning 12 to to Property Area (County) County Carlow % 19,725, % Cavan % 12,56, % Clare % 27,814, % Cork % 76,249, % Donegal % 37,758, % Dublin 3, % 397,176, % Galway % 28,73, % Kerry % 35,27, % Kildare % 9,85, % Kilkenny % 17,67, % Laois % 16,658, % Leitrim 61.53% 4,358,19.37% Limerick % 52,265, % Longford 72.62% 5,582,442.48% Louth % 51,961, % Mayo % 15,84, % Meath 1, % 122,799, % Monaghan 76.66% 5,98,226.51% Offaly 18.93% 8,53,68.73% Roscommon 11.87% 7,63,946.65% Sligo % 1,435,572.9% Tipperary % 24,82, % Waterford % 19,687, % Westmeath % 15,748,6 1.35% Wexford % 2,168, % Wicklow % 4,479, % Total 11,581 1% 1,165,114,196 1%

7 Millions Property Area (County) PDH BTL County Carlow % 19,592, % % 133, % Cavan % 12,56, % % % Clare % 27,628, % % 185, % Cork % 76,35, % % 213, % Donegal % 37,413, % % 344, % Dublin 3, % 393,595,3 34.3% % 3,581, % Galway % 28,73, % % % Kerry % 35,179, % % 91, % Kildare % 89,814, % % 991, % Kilkenny % 17,67, % % % Laois % 16,658, % % 35 % Leitrim 61.53% 4,358,19.38% % % Limerick % 51,731, % % 533, % Longford 72.63% 5,582,442.48% % % Louth % 51,669, % % 292, % Mayo % 14,672, % % 411, % Meath 1,6 9.22% 122,226, % % 572,4 6.69% Monaghan 76.66% 5,98,226.51% % % Offaly 17.93% 8,452,917.73% % 5,151.59% Roscommon 99.86% 7,468,222.65% % 162, % Sligo % 1,398,435.9% % 37,136.43% Tipperary % 24,472, % % 33, % Waterford % 19,511, % % 175, % Westmeath % 15,729, % % 18,457.22% Wexford % 19,83, % % 365, % Wicklow % 4,48, % % 71,62.83% Total 11,497 1% 1,156,551,944 1% 84 1% 8,562,252 1% Property Area (County) Major County Dublin 3, % 397,176, % Cork % 76,249, % Galway % 28,73, % Limerick % 52,265, % Waterford % 19,687, % Other 6, % 591,663, % Total 11,581 1% 1,165,114,196 1% 7, 7 6, 6 5, 5 4, 4 3, 3 2, 2 1, 1 Dublin Cork Galway Limerick Waterford Other Region Dublin Cork Galway Limerick Waterford Other Region Property Area (Region) Region Dublin 3, % 397,176, % Rest of Leinster 4, % 41,39, % Munster 2, % 236,89, % Connaught / Ulster 1, % 121,89, % Total 11,581 1% 1,165,114,196 1% 4,5 45 4, 4 3,5 35 3, 3 2,5 25 2, 2 1,5 15 1, Dublin Rest of Leinster Munster Connaught / Ulster Region Dublin Rest of Leinster Munster Connaught / Ulster Region Interest Rate Interest Rate Type Fixed Rate % 128,714, % ECB Tracker Rate 1, % 25,677, % EBS Base Rate 8, % 766,4, % Other*** % 19,717, % Total 11,581 1% 1,165,114,196 1% Interest Rate Type Avg Interest Rate % Fixed Rate ECB Tracker Rate 1, EBS Base Rate 8, Other*** 297 *** Other refers to loans on zero interest rate. These loans are subject to this interest rate in accordance with the EBS Mortgage Arrears Resolution Strategy as it applies to "Split Loans". The entire mortgage debt of the non interest bearing portion of a "Split Loan" is recorded against the Principal Deficiency Ledger.

8 Millions Millions 9, 9 8, 8 7, 7 6, 6 5, 5 4, 4 3, 3 2, 2 1, 1 Fixed Rate ECB Tracker Rate EBS Base Rate Other*** Interest Rate Fixed Rate ECB Tracker Rate EBS Base Rate Other*** Interest Rate Remaining Years Remaining Years < Years 1.1% 28 % 1 to 5 Years 2, % 33,579, % 6 to 15 Years 3, % 248,349, % 16 to 2 Years 2, % 345,27, % 21 to 25 Years 2, % 46,383, % 26 to 3 Years % 67,565, % 3+ Years 59.51% 1,27,41.88% Total 11,581 1% 1,165,114,196 1% Weighted Average Remaining Years , 5 3,5 45 3, 2, , 25 1,5 2 1, < Years 1 to 5 Years 6 to 15 Years 16 to 2 Years 21 to 25 Years 26 to 3 Years 3+ Years Remaining Years < Years 1 to 5 Years 6 to 15 Years 16 to 2 Years 21 to 25 Years 26 to 3 Years 3+ Years Remaining Years Fixed Term Remaining Fixed Term Remaining to % 4,763, 31.67% 6 to % 24,514, % 12 to % 3,3, % 18 to % 9,5, % 24 to % 9,3, % 3 to % 16,282, % 36 to % 8,711, % 42 to % 4,626, % 48 to % 5,247, % % 7,6, % Total 994 1% 128,714,913 1% Weighted Fixed Term Remaining to 6 6 to to to to 3 3 to to 42 Fixed Term Remaining 42 to to to 6 6 to to to to 3 3 to to 42 Fixed Term Remaining 42 to to Principal Repayments Holiday Status Principal Repayments Holiday Status Y % 12,119,79 1.4% N 11, % 1,152,994, % Total 11,581 1% 1,165,114,196 1%

9 Principal Repayments Holiday Remaining Term Principal Repayments Holiday Remaining Term to % 4,322, % 3 to % 1,892, % 6 to % 49, % 9 to 12 % % 12 to 18 % % 18 to % 277, % 24 to % 149, % 3 to % 19,48.16% 36 to % 143, % 42 to % 149, % 48 to % 37,376.31% 54 to % 42,167.35% 6 to % 158, % 66 to 72 % % % 4,518, % Total 122 1% 12,119,79 1% Weighted Principal Repayments Holiday Remaining Term Interest Only Remaining to 3 3 to 6 6 to 9 9 to to to to 3 3 to to to to to 6 6 to to Interest Only Remaining Occupancy Status Occupancy Status Homeloan 11, % 1,156,551, % Retail BTL 84.73% 8,562,252.73% Commercial BTL % % Commercial % % Total 11,581 1% 1,165,114,196 1%

10 NOTES: 1. LIQUIDITY AND CREDIT SUPPORT (a) Reserve Fund (b) Available Revenue Receipts (c) Subordination of the Class B Note + Class Z Loan 2. PRIORITY OF Payments Revenue and principal Payments on Emerald Mortgages No5 Ltd follow through separate Payments waterfalls. (a) Revenue funds flow to noteholders according to the following pre-acceleration priority of Payments: 1. Satisfaction of Note & Security Trustee fees and expenses 2. Satisfaction of certain senior fees and expenses (Agent Bank, Corp. Services Provider + Account Bank etc.) 3. Satisfaction of Servicer + Cash Manager fees 4. Pay Interest due on Class A Notes 5. Credit Class A Principal Deficiency Ledger to eliminate any debit thereon 6. Credit General Reserve Ledger to required amount 7. Credit Class B Principal Deficiency Ledger (if Class A notes outstanding) to eliminate any debit thereon 8. Credit Class Z Principal Deficiency Ledger (if Class A notes outstanding) to clear the debt thereon 9. Pay Interest due on Class B Notes 1. Credit Class B Principal Deficiency Ledger (if Class A notes redeemed) to eliminate any debit thereon 11. Pay Interest due on Class Z Loan 12. Credit Class Z Principal Deficiency Ledger (if Class A notes redeemed) to clear the debt thereon 13. Pay Interest due on Subordinated Loans 14. Pay Subordinated Loan Principal 15. Pay Deferred Consideration due to Sellers 16. Excess (if any) back to Issuer (b) Pre-Acceleration Payments of Principal 1. Payments of Principal on Class A Notes 2. Payments of Principal on Class B Notes 3. Payments of Principal on Class Z Loan 4. Excess (if any) applied as Available Revenue Receipts 3. CONVERSION OF MORTGAGES The Seller (for itself and on behalf of the Issuer and Issuer Security Trustee) may (but shall not be obliged to) agree to any request by any relevant Mortgage Borrower(s) to convert a Mortgage forming part of the Mortgage Portfolio (or, in the case of a default by a Mortgage Borrower, may (for itself and on behalf of the Issuer and the Issuer Security Trustee) elect to convert such Mortgage) to any other type (or combination of types) of Mortgage (the relevant Mortgage after such Conversion being herein referred to as a Converted Mortgage Loan) provided that the following conditions are satisfied: (a) the Conversion of such Mortgage is effected by such means as would be adopted at the relevant time by EBS were such Conversion in respect of a mortgage advanced by it which is not a Mortgage for the purpose of ensuring the validity and priority of the Converted Mortgage Loan; (b) prior to each type or combination of types of Conversion being made available to Mortgage Borrower(s), the Rating Agencies having been notified of the inclusion of such Converted Mortgage Loans in the Mortgage Portfolio and such notification not having resulted in a downgrade of the then current rating of the Class A Bonds, provided that such notification is not required where the Converted Mortgage Loan is of a type or combination of types included in the Mortgage Portfolio at the Amendment Date or which has been notified to the Rating Agencies after the Amendment Date; (c) no Relevant Event has occurred which has not been cured within the permitted grace periods and which is continuing and no Issuer Enforcement Notice has been served; (d) no Issuer Event of Default is continuing; (e) the Cash Manager is not aware that the current ratings of the Bonds then outstanding would be downgraded, withdrawn or qualified as a result of the relevant Conversion remaining in or forming part of the Mortgage Portfolio; (f) each Mortgage Loan and its Related Security which is the subject of a Conversion complies at the date of such Conversion with the Mortgage Warranties (as if references in the Mortgage Warranties to the Mortgage Loan are to the Converted Mortgage Loan ); (g) the yield on the Conversion is greater than 2.5 per cent. per annum and subject to all applicable laws, rules and guidelines relating to the Mortgages and to EBS; (h) the current principal balance of Buy-to-Let Loans divided by the current principal balance of the Mortgage Loans in the Mortgage Portfolio (considering such Conversion) is not more than 1% above the current principal balance of Buy-to-Let Loans divided by the current principal balance of the Mortgage Loans in the Mortgage Portfolio as of the Amendment Date; and (i) the current principal balance of Mortgage Loans with an interest-only part divided by the current principal balance of the Mortgage Loans in the Mortgage Portfolio (considering such Conversion) is not more than 3% above the current principal balance of loans with an interest-only part divided by the current principal balance of the Mortgage Loans in the Mortgage Portfolio as of the Amendment Date].

26, ,485,475.00

26, ,485,475.00 EMERALD MORTGAGES NO:5 Limited INVESTOR REPORT From: Month Ending: Interest Payments Date: EBS Limited 31 August 215 15 September 215 Investor Contacts Mark Whelan Senior Manager EBS Limited 353 1 641