Albion No2 plc - Investor Report

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1 Albion No2 plc - Investor Report Investors (or other appropriate third parties) can register at to download further disclosures in accordance with the Bank of England Market Notice Detailed eligibility requirements for residential mortgage backed securities and covered bonds backed by residential mortgages dated 30th November The timing of publication of further disclosures will be as referenced in the Market Notice Report Date Reporting Period Payment Date Next Interest Date Accrual End Date: Notes Accrual Start Date: Notes Accrual Days: Notes Calculation Date Reporting Information 16-Nov Oct Oct Dec Dec Nov Sep days 12-Nov-15 Contact Details Contact Name Telephone Number Mailing Address Back-up Service Facilitator, Corporate Services Provider Dagmar.Moravkova@sfmeurope.com SFM Ltd 35 Great Helens, London, EC3A 6AP Account Bank, Interest Rate Swap Provider james.hayden.smith@hsbc.com HSBC 8 Canada Square London E14 5HQ Seller, Cash Manager, Servicer, Class Z VFN Holder structuredfunding@leedsbuildingsociety.co.uk Leeds Building Society 105 Albion Street Leeds LS1 5AS Security Trustee, Note Trustee raman.subberwal@db.com Deutsche Bank AG, Filiale London Global Transaction Banking 10 Bishops Square, E1 6EG London, United Kingdom Assets Previous Number of mortgage accounts in Pool 1,976 1,976 True Balance of mortgage accounts in Pool 136,989, ,971,946 Cash and Other Substitution Assets 0 0 Borrower deposits as a % of true balance of mortgage accounts in the pool Pool Changes Reason Number Value( ) Further Advances 1 25,000 Unscheduled Principal Payments 42 2,863,246 Repurchases Breaches to Warran es Product Switches Further Advances Term Extensions 0 0 Sum of unscheduled Principal received during period 2,838,246

2 Properties in Possession Number Balance ( ) Arrears Balance ( ) Properties in Possession (current) Repossessed (current period) Properties returned to borrower (current period) Sold (current period) Repossessed (programme to date) Properties returned to borrower (programme to date) Sold (programme to date) Net Losses Number Value of Losses Percentage of original pool balance Losses - current month Losses - to date Arrears Capitalisation Arrears Number Percentage of original pool balance Arrears capitalisation - current month Arrears capitalisation - to date 2, Collections Previous Unscheduled Principal Payments 2,863,246 4,843,992 Scheduled Principal Payments 158, ,857 Interest 485, ,960 Summary Statistics Seasoning Remaining Loan Size Indexed Original Arrears (months) Term Whole Interest Repayment Part & LTV (%) LTV (%) LTV(%) Balance (years) Pool Only Part Weighted Average , , , , Minimum , Maximum , , , , ,783 Performance Ratios Monthly 3 Month Average Monthly Figure Annualised Constant Prepayment Rate (CPR) 2.09% 2.80% 22.39% Principal Payment Rate (PPR) 2.21% 3.03% 23.52% Constant Default Rate (CDR) 0.00% 0.00% 0.00% Previous Constant Prepayment Rate (CPR) 3.46% 3.79% 34.46% Previous Principal Payment Rate (PPR) 3.60% 3.99% 35.59% Previous Constant Default Rate (CDR) 0.00% 0.00% 0.00% Mortgage Interest Rate LBS Existing Borrower With Effect From Standard Variable Rate % 01-Jun-10 Standard Variable Rate - Previous 5.49% 12-Jan-09 Base Mortgage Rate % 06-Mar-09 Base Mortgage Rate - Previous 1.00% 06-Feb-09

3 Key Events & Rating Agency Triggers Event Summary Reference Breached Consequence if Trigger Breached Asset Conditions Accs in Arrears > 3% of pool, WA OLTV > 75%, accs with OLTV>85% > 4%, accs with IO part > 35%, OLTV of any loan > 90% Prospectus p108 N Repurchase any loans subject to further advances or product switches Seller Insolvency Event Seller enters into insolvency Prospectus p60 N Perfection of title on the loans Cash Manager Trigger Seller Trigger (a) and (b) Cash Manager's long term ratings fall below Baa3 (Moody's) Prospectus p85 N Seller's ST Rating falls below P-2 (Moody's) or F-2 (Fitch) Prospectus p85 N Issuer shall require the Cash Manager to appoint a back up Cash Manager within 60 days Seller to provide a Solvency Certificate to Issuer and Security Trustee in accordance with terms of the MSA, and continue to provide one every 3 months Seller Trigger (c) and (d) Seller's LT rating falls below Baa3 (Moody's) or BBB- (Fitch) Prospectus p86 N Seller to deliver names and addresses of borrowers to the Issuer and Security Trustee along with a draft Notice of Assignment within 20 business days and an update monthly thereafter Seller Trigger (d), (e) and (f) Seller's LT rating falls below Baa2 (Moody's), BBB+ (Fitch) or ST rating falls below F2 (Fitch) Prospectus p86 N The Issuer will establish the Liquidity Reserve Fund Interest Rate Swap Provider Trigger Provider's ratings fall below P-1, A2 (or A1 if LT only) (Moody's), or below F1, A (Fitch) Prospectus p87 N Conduct action deemed necessary by the rating agencies to maintain current note rating, could include posting collateral, replacing the interest rate swap provider or procuring a guarantee from the provider Servicer Trigger (a) and (b) Account Bank Trigger (a) and (b) Servicer's LT rating falls below Baa3 (Moody's) or BBB- (Fitch) Prospectus p87 N Account Bank's ratings fall below P-1 (Moody's) or F1 and A (Fitch) Prospectus p88 N Back-up servicer facilitator along with Servicer to appoint a back-up servicer within 60 days Account Bank's appointment may be terminated and the accounts closed within 30 days by the Issuer, with the termination being effective on appointment of replacement Account Bank with written consent of Security Trustee Servicer Termination Event (a) and (b) Servicer Termination Event (c) Servicer defaults in the payment on the due date, or defaults in the performance or observance of any of its other covenants and obligations under the Servicing Agreement and it remains unremedied for 30 business days. Prospectus p89 N An insolvency event occurs in relation to the Servicer Prospectus p89 N Issuer may terminate the appointment of the Servicer Issuer may terminate the appointment of the Servicer

4 Key Party Ratings Party Long Term Rating Short Term Rating Role (S & P / Moodys / Fitch) (S & P / Moodys / Fitch) Deutsche Trustee Company Limited n/a/n/a/n/a n/a/n/a/n/a Security Trustee, Note Trustee HSBC Bank plc AA-/Aa2/AA- A-1+/P-1/F1+ Account Bank, Interest Rate Swap Provider Leeds Building Society n/a/a2/a- n/a/p-1/f1 Cash Manager, Service, Seller Structured Finance Management n/a/n/a/n/a n/a/n/a/n/a Back-up Servicer Facilitator Issuer ISIN (International Securities Number) Stock Exchange Listing Original Rating(s) Rating(s) Step-Up Date Legal Final Maturity Date Currency Reference Index Day Count Convention Coupon Reference Rate % Coupon % Margin above Coupon % Issuance Details Class A Notes Class Z Notes Albion No2 PLC Albion No2 PLC XS ISE AAA/Aaa / AAA/Aaa / 17-Dec Mar Mar-56 GBP GBP 3 mnth GBP LIBOR 3 mnth GBP LIBOR Modified Following Modified Following Previous Factor Factor Previous Original Previous Original Principal Amount Outstanding 117,864, ,864, ,000,000 35,869,700 35,869,700 35,869,700 Subordination % 26,086,878 26,086,878 26,086, Reserve Fund % 9,782,822 9,782,822 9,782, Total Credit Enhancement % 35,869,700 35,869,700 35,869, Latest Distribution 17-Sep-15 Total 17-Sep-15 Total Principal Payment 18,055, ,135, Interest Payment 487,556 6,110,706 51, ,330 Excess Spread % Retention Undertaking 5% 5% 5% 5% 5% 5%

5 Cashflows at last distribution Ledgers Principal Ledger Balance 8,123,550 Revenue Ledger Balance 1,127,404 General Reserve Required Amount 9,782,700 General Reserve Fund 9,782,700 Class A Principal Deficiency Ledger Balance 0 Class Z Principal Deficiency Ledger Balance 0 Liquidity Reserve Fund Required Amount 0 Liquidity Reserve Fund 0 Issuer Profit Ledger Balance 0 Revenue Receipts Principal Receipts (a) Interest 1,076,292 (a) Repayments 8,059,498 ERC Payments 42,944 (b) Enforcement Recoveries 0 (b) Enforcement Recoveries 0 (c) Insurance Proceeds 0 (c) Post-enforcement recoveries 0 (d) Repurchases 64,052 1,119,236 8,123,550 Available Revenue Receipts Available Principal Receipts (a) Revenue Receipts 1,119,236 (a)(i) Principal Receipts (excl. repurchases) 8,059,498 (b) GIC income 8,168 Less (c) Swap Receipts (A) Further Advances in period, excl IPD 0 (d) General Reserve Ledger 0 (B) Further Advances to be purchased 85,000 (e) Other Income 0 Plus (f)(d) from Principal PoP 0 (a)(ii) Repurchases 64,052 (g)(n) from Revenue PoP 0 (b) Liquidity Reserve Fund 0 (h) Reconciliation Amounts 0 (c) Excess Proceeds 0 Less (d) PDL reduction - A Notes 0 (i)(i) Insurance Premiums 17,594 (e) Z note drawing for Further Advances 0 (i)(ii) Repaid DDs 16,796 (f) Reconciliation Amounts 0 (i)(iii) Fee payments 38,828 Less ERC payments 42,944 (g) APR to cover Revenue Deficiency 0 (i)(iv) Third party payments 48 8,038,550 Plus (j) APR to cover Revenue Deficiency 0 (k) LRF drawings to cover Revenue Deficiency 0 1,011,194 Revenue Priority of Payments (Pre-Enforcement) Principal Priority of Payments (Pre-Enforcement) (a)(i) Fees - Note Trustee 0 (a) Credit Liquidity Reserve Fund 0 (a)(ii) Fees - Security Trustee 0 (b) Principal Repayment - A Notes 0 (b) Fees - Agent Bank 0 (c) Principal Repayment - Z Notes 0 (c)(i) Fees - Corporate Service Provider 0 (d) Excess to APR 0 (c)(ii) Fees - VFN Registrar 0 0 (c)(iii) Fees - Account Bank 0 (d) Third Party amounts 0 (e)(i) Fees - Servicer 0 (e)(ii) Fees - Cash Manager 0 (e)(iii) Fees - Back-up Servicer Facilitator 0 (f) Swap payments 0 (g) Interest - A Notes 0 (h) PDL A Notes 0 (i) Credit General Reserve Ledger 0 (j) PDL - Z Notes 0 (k) Interest 0 (l) Issuer Profit Amount 0 (m) Swap Excluded Amounts 0 (n) Excess following Determination Period 0 (o) Z Repayment Amount 0 (p) Deferred Consideration 0 (q) Excess to Issuer 0 0

6 Swap Details Notional Receive Receive Margin (%) Receive Rate (%) Received Pay Reference Pay Margin (%) Pay Rate (%) Paid Foreign Collateral Reference Rate Rate Exchange Posting Rate Interest Rate (Fixed) Swap 97,733,825 3M Libor GBP Fixed GBP n/a n/a Glossary of Terms Arrears General Reserve Required Amount Geographical Distribution Indexed Interest Payments Mortgage Account True Balance Leeds BS identifies a loan as being in arrears where an amount equal to or greater than a full month's contractual payment is past its due date. Arrears include fees and insurance premiums that are included in the arrears balance on which interest is charged. Months in Arrears is a simple multiplier of Arrears balance/normal instalment. If the Months in Arrears is less than one, zero is reported. Leeds BS recognise that arrears are typically caused by temporary changes in consumer circumstances, and therefore offer a range of forbearance and account management options to customers. Options include payment holidays, temporary conversion to interest only, term extension and arrears capitalisation. All account management / forbearance options are low in materiality. An amount equal to 9,782,700 (being an amount at least equal to 3% of the true balance of the portfolio as at the closing date) Mapped to Leeds BS internally derived geographic regions which may differ to the Nomenclature of Units for Territorial Statistics (NUTS) regions used in other reporting Indexation is applied quarterly on a regional basis to property valuations each January, April, July, October. Refer to payments made during the specified reporting period A mortgage account consists of one or more underlying loans all secured with equal priority by a first charge of the same property and thereby forming a single mortgage account As at the given date, the aggregate of: (a) the original principal amount advanced to the borrower and any further amount advanced, (b) any interest, fees or charges which has been capitalised and (c) any other amount (including accrued interest and arrears of interest) which is due or accrued (whether or not due) and which has not been paid and has not been capitalised.

7 Arrears Details Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio 1, % 133,059, % 2, % 326,086, % >0 - <= 1 month arrears % 3,190, % % % >1 - <= 2 month arrears % 192, % % % >2 - <= 3 month arrears % 64, % % % >3 month arrears % 482, % % % Arrears Breakdown (By Indexed LTV) Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio <= 75% 1, % 132,896, % 1, % 197,945, % >0 - <= 1 month arrears <= 75% % 3,190, % % % >1 - <= 2 month arrears <= 75% % 192, % % % >2 - <= 3 month arrears <= 75% % 64, % % % >3 month arrears <= 75% % 482, % % % > 75% % 163, % % 128,141, % >0 - <= 1 month arrears > 75% % % % % >1 - <= 2 month arrears > 75% % % % % >2 - <= 3 month arrears > 75% % % % % >3 month arrears > 75% % % % % Total 1, % 136,989, % 2, % 326,086, % LTV (Indexed) Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio >0 - <=30% % 10,109, % % 10,411, % >30 - <=35% % 4,437, % % 5,731, % >35 - <=40% % 5,070, % % 7,372, % >40 - <=45% % 5,558, % % 9,364, % >45 - <=50% % 9,251, % % 8,027, % >50 - <=55% % 24,330, % % 10,328, % >55 - <=60% % 28,692, % % 11,522, % >60 - <=65% % 37,990, % % 19,853, % >65 - <=70% % 10,574, % % 34,043, % >70 - <=75% % 810, % % 81,290, % >75 - <=80% % 163, % % 118,769, % >80 - <=85% % % % 9,371, % >85 - <=90% % % % % >90 - <=95% % % % % >95 - <=100% % % % % >100% % % % % Minimum Maximum Weighted Average LTV Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio >0 - <=30% % 6,359, % % 10,183, % >30 - <=35% % 2,895, % % 5,405, % >35 - <=40% % 3,548, % % 6,545, % >40 - <=45% % 3,964, % % 9,839, % >45 - <=50% % 3,186, % % 8,087, % >50 - <=55% % 5,832, % % 9,572, % >55 - <=60% % 7,266, % % 11,309, % >60 - <=65% % 10,620, % % 16,902, % >65 - <=70% % 23,161, % % 27,798, % >70 - <=75% % 46,028, % % 64,926, % >75 - <=80% % 22,109, % % 141,765, % >80 - <=85% % 2,015, % % 13,750, % >85 - <=90% % % % % >90 - <=95% % % % % >95 - <=100% % % % % >100% % % % % Minimum Maximum Weighted Average

8 Regional Distribution Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio East Anglia % 4,393, % % 9,677, % East Midlands % 7,556, % % 18,134, % Greater London % 20,932, % % 57,506, % Northern Ireland % % % % North East % 6,871, % % 12,679, % North West % 10,366, % % 23,513, % Scotland % 15,213, % % 34,971, % South East % 23,101, % % 59,805, % South West % 10,690, % % 27,125, % Wales % 4,286, % % 9,461, % West Midlands % 15,074, % % 30,383, % Yorkshire and Humber % 18,501, % % 42,826, % Other % % % % Occupancy Status Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio Owner Occupied 1, % 136,933, % 2, % 326,086, % Buy to let % 56, % % % Other % % % % Property Type (Residential) Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio Flat % 12,421, % % 37,777, % Semi-detached house % 39,130, % % 89,032, % Detached house % 39,264, % % 96,894, % Detached bungalow % 6,055, % % 14,145, % Semi-detached bungalow % 2,434, % % 5,561, % Terraced house % 35,507, % % 76,698, % Maisonette % 2,175, % % 5,977, % Other % % % % Repayment Type Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio Repayment 1, % 112,184, % 1, % 261,809, % Interest Only % 18,910, % % 50,630, % Part & Part % 5,893, % % 13,646, % Loan Purpose Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio Purchase 1, % 101,630, % 1, % 223,608, % Remortgage % 35,358, % % 102,478, % Employment Status Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio Employed 1, % 119,368, % 2, % 280,137, % Self Employed % 17,621, % % 45,949, % Other % % % % Seasoning in Months Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio >0 - <= % % 1, % 180,637, % >12 - <= % % % 84,958, % >18 - <= % % % 37,002, % >24 - <= % % % 5,218, % >30 - <= % 54,611, % % 7,389, % >36 - <= % 40,837, % % 2,669, % >42 - <= % 23,183, % % 906, % >48 - <= % 6,313, % % 1,430, % > % 12,043, % % 5,871, % Minimum Maximum Weighted Average

9 Balance Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio <=30k % 2,029, % % 1,732, % >30 - <=40k % 1,965, % % 3,358, % >40 - <=50k % 3,420, % % 4,083, % >50 - <=75k % 11,763, % % 21,821, % >75 - <=100k % 17,939, % % 37,757, % >100 - <=150k % 37,494, % % 81,519, % >150 - <=200k % 22,575, % % 58,396, % >200 - <=300k % 27,219, % % 64,307, % >300 - <=500k % 11,498, % % 46,298, % >500k % 1,081, % % 6,811, % Minimum 0 7,122 Maximum 575, ,388 Weighted Average 165, ,641 Interest Payment Type Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio Fixed 1, % 105,705, % 1, % 221,484, % Variable % 22,564, % % 4,012, % Discount % 6,828, % % 100,590, % Tracker % 1,890, % % % Tracker with Collar % % % % Capped % % % % Other % % % % *counted at largest part Certification Status Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio Self-Certification % % % % Income Verified 1, % 136,989, % 2, % 326,086, % Remaining Term (Years) Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio <= % 3,698, % % 5,067, % >5 - <= % 8,676, % % 17,563, % >10 - <= % 15,842, % % 29,228, % >15 - <= % 26,019, % % 52,331, % >20 - <= % 44,804, % % 127,439, % > % 37,947, % % 94,456, % Minimum Maximum Weighted Average Original Balances Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio <=30k % 950, % % 1,470, % >30 - <=40k % 1,151, % % 2,153, % >40 - <=50k % 2,297, % % 3,864, % >50 - <=75k % 10,222, % % 20,397, % >75 - <=100k % 16,059, % % 34,474, % >100 - <=150k % 36,674, % % 82,360, % >150 - <=200k % 23,915, % % 58,254, % >200 - <=300k % 29,420, % % 66,695, % >300 - <=500k % 15,213, % % 48,628, % >500k % 1,081, % % 7,789, % Minimum 9,000 9,000 Maximum 599, ,600 Weighted Average 179, ,349

10 Original LTV Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio >0 - <=30% % 4,090, % % 8,597, % >30 - <=35% % 2,183, % % 4,698, % >35 - <=40% % 2,678, % % 6,545, % >40 - <=45% % 2,534, % % 7,008, % >45 - <=50% % 4,796, % % 10,425, % >50 - <=55% % 2,739, % % 6,806, % >55 - <=60% % 3,863, % % 10,312, % >60 - <=65% % 3,871, % % 11,212, % >65 - <=70% % 6,733, % % 21,458, % >70 - <=75% % 25,234, % % 66,023, % >75 - <=80% % 68,224, % % 148,413, % >80 - <=85% % 9,397, % % 23,836, % >85 - <=90% % 641, % % 747, % >90 - <=95% % % % % >95 - <=100% % % % % >100% % % % % Minimum Maximum Weighted Average Interest Rate Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio >0 - <=1% % % % % >1 - <=2% % 1,208, % % 10,090, % >2 - <=3% % 16,449, % % 42,053, % >3 - <=4% % 65,463, % 1, % 214,260, % >4 - <=5% % 28,828, % % 50,639, % >5 - <=6% % 24,833, % % 8,888, % >6 - <=7% % 205, % % 154, % >7 - <=8% % % % % >8 - <=9% % % % % >9% % % % % Minimum Maximum Weighted Average Distribution of Fixed Rate Loans Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio > <=3.00% % 11,343, % % 25,247, % > <=4.00% % 64,671, % 1, % 142,502, % > <=5.00% % 27,393, % % 49,388, % > <=6.00% % 2,285, % % 4,254, % > <=7.00% % 65, % % 91, % > <=8.00% % % % % >8.00% % % % % Total % 105,758, % 1, % 221,484, % Minimum Maximum Weighted Average Year Fixed Rate Ends Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio % 5,037, % 1, % 144,218, % % 21,268, % % 12,479, % % 43,663, % % 34,757, % % 26,181, % % 24,695, % % 2,720, % % 136, % % 2,047, % % % > % 4,840, % % 5,195, % Total % 105,758, % 1, % 221,484, % Minimum Maximum Weighted Average Origination Channel Number of Accounts % of Portfolio Balance ( ) % of Portfolio Number of Accounts % of Portfolio Balance ( ) % of Portfolio Office / Branch Network % 22,005, % % 47,503, % Central / Direct % 8,503, % % 16,406, % Broker 1, % 98,889, % 1, % 234,676, % Internet % 7,590, % % 27,500, % Packager % % % %

Albion No. 2 plc - Investor Report

Albion No. 2 plc - Investor Report Investors (or other appropriate third parties) can register at www.bankofengland.co.uk/markets to download further disclosures in accordance with the Bank of England