A: Registration: Reg S Only;
B: Registration: Reg S Only; Comments: Pre-placed;
C: Registration: Reg S Only; Comments: Pre-placed;
D: Registration: Reg S Only; Comments: Pre-placed;
E: Registration: Reg S Only; Comments: Pre-placed;
F: Registration: Reg S Only;
Risk Retention
Black Horse will retain a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(1) of the UK Securitisation Regulation (the "UK Retention Requirement") by retaining the first loss tranche so that the retention equals in total not less than 5 % of the nominal value of the securitised exposures in accordance with Article 6(3)(d) of the UK Securitisation Regulation