- (P) Aaa(sf) to Euro [154,000,000] Senior Class A1 Notes 2012 due 2044 - (P) Aaa(sf) to Euro [490,000,000] Senior Class A2 Notes 2012 due 2044 - (P) Aa1(sf) to Euro [18,200,000] Mezzanine Class B Notes 2012 due 2044 - (P) Aa2(sf) to Euro [16,100,000] Mezzanine Class C Notes 2012 due 2044 - (P) A2(sf) to Euro [14,000,000] Mezzanine Class D Notes 2012 due 2044- (P) Baa2(sf) to Euro [7,700,000] Junior Class E Notes 2012 due 2044

- Euro [10,500,000] Junior Subordinated Class F Notes are not rated by Moody's

The transaction represents the securitisation of Dutch prime mortgage loans backed by residential properties located in the Netherlands and originated by Amstelhuys N.V. (not rated). The portfolio will be serviced by Delta Lloyd Bank N.V. while part of the servicing tasks will be sub-delegated to Stater.

RATINGS RATIONALE

The ratings of the notes take into account the credit quality of the underlying mortgage loan pool, from which Moody's determined the MILAN Credit Enhancement and the portfolio expected loss.

The expected portfolio loss of 0.65% of current balance of the portfolio at closing and the MILAN required Credit Enhancement of 6.5% served as input parameters for Moody's cash flow model, which is based on a probabilistic lognormal distribution as described in the report "The Lognormal Method Applied to ABS Analysis", published in July 2000.

The key drivers for the MILAN Credit Enhancement number, which is in line with other prime Dutch RMBS transactions, are (i) the relatively high proportion of interest-only loans (55.6%), (ii) the weighted average seasoning of 4.2 years, which is higher than average, (iii) the above average borrower concentration (top 20 borrowers represent 1.8% of pool balance) and (iv) the availability of the NHG-guarantee for 30.2% of the loans in the pool which is higher than average.

The key drivers for the portfolio expected loss are (i) the performance of the seller's precedent transactions and the performance data that we have received on the seller's book (ii) benchmarking with comparable transactions in the Dutch market and (iii) the current economic conditions in the Netherlands in combination with historic loss data received from the seller. Given the historical performance of the Dutch RMBS market and the originator's precedent transactions (in which pools with similar risk characteristics have been securitised), Moody's believes the assumed expected loss is appropriate for this transaction. The large proportion of NHG guaranteed loans in the pool have reduced the overall expected loss.

Another key characteristic of this transaction is that approximately 15.5% of the portfolio is currently linked to life insurance policies (life mortgage loans) or might be linked to such products in the future, which are exposed to set-off risk in case an insurance company goes bankrupt. The seller has provided loan-by-loan insurance company counterparty data, whereby 92.5% of all life insurance-linked products are linked to insurance policies provided by Delta Lloyd Levensverzekering N.V., which is not rated by Moody's.

The transaction benefits from a non-amortising reserve account which will be fully funded at 1.5 per cent of the total class A, B, C, D and E notes outstanding at closing. The total credit enhancement for the most senior notes is 9.5%. Apart from the reserve account, the transaction benefits from an excess margin of 50 bps provided through the swap agreement. The swap counterparty is Rabobank International (Aa2/P-1).

Operational Risk Analysis: Moody's has analysed the potential operational risks associated with the servicing and cash management functions in the transaction. The named servicer in the transaction is Delta Lloyd (unrated). Delta Lloyd has sub delegated the loan administration to the sub servicer (Stater). The sub-servicer will continue to perform the servicing for a limited period of time in case the main servicer is no longer able to service the mortgage loan pool. The issuer and security trustee will use best efforts to appoint a substitute servicer. The role of cash manager in this transaction is performed by ATC Financial Services. No back up cash manager is appointed at closing.

The transaction has the benefit of two sources of liquidity; (i) a fully funded non amortising reserve account of 1.5% of the original rated notes balance and (ii) a liquidity facility which is 2% of the current outstanding balance of the rated notes which amortises to a floor of 1.5% of the original rated notes. In our view, the available liquidity in this transaction should be sufficient to cover three quarterly interest payments on the notes .

The Foreign Account Tax Compliance Act (FATCA), a US legislation, may impact the transaction. The regulations implementing the Act are still in draft form and Moody's is currently reviewing the potential impact of FATCA. Should this transaction become subject to US withholding tax under FATCA the rating of the Notes may be negatively impacted.

The V-Score for this transaction is Low/Medium, which is in line with the V-Score assigned for the Dutch RMBS sector, mainly due to the fact that it is a standard Dutch prime RMBS structure for which historical performance data on precedent transactions is available. Operational risks relating to the servicing arrangement given that the contractual servicer (Delta Lloyd Bank N.V.) is not rated by Moody's are another source of uncertainty. In addition, Stater Nederland N.V. was appointed at closing as sub-agent of Delta Lloyd Bank N.V. to perform loan administration. Furthermore, Stater is, subject to certain conditions, committed to step in as servicer in case of default of Delta Lloyd Bank for a limited period, which should enable the issuer and the security trustee to find and appoint a replacement servicer.

V Scores are a relative assessment of the quality of available credit information and of the degree of dependence on various assumptions used in determining the rating. High variability in key assumptions could expose a rating to more likelihood of rating changes. The V Score has been assigned according to the report "V Scores and Parameter Sensitivities in the Major EMEA RMBS Sectors" published in April 2009.

The principal methodology used in this rating was Moody's Approach to Rating RMBS in Europe, Middle East, and Africa published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

In rating this transaction, Moody's used ABSROM to model the cash flows and determine the loss for each tranche. The cash flow model evaluates all default scenarios that are then weighted considering the probabilities of the lognormal distribution assumed for the portfolio default rate. In each default scenario, the corresponding loss for each class of notes is calculated given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss or EL for each tranche is the sum product of (i) the probability of occurrence of each default scenario; and (ii) the loss derived from the cash flow model in each default scenario for each tranche." Wording for other widely used models is available.

As such, Moody's analysis encompasses the assessment of stressed scenarios.

The rating addresses the expected loss posed to investors by the legal final maturity of the notes. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal with respect to the notes by the legal final maturity. Moody's ratings only address the credit risk associated with the transaction. Other noncredit risks have not been addressed, but may have a significant effect on yield to investors.

Moody's issues provisional ratings in advance of the final sale of securities, but these ratings only represent Moody's preliminary credit opinion. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavour to assign definitive ratings to the Notes. A definitive rating may differ from a provisional rating. Moody's will disseminate the assignment of any definitive ratings through its Client Service Desk. Moody's will monitor this transaction on an ongoing basis. For updated monitoring information, please contact monitor.rmbs@moodys.com.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments in this transaction.

Further information on the representations and warranties and enforcement mechanisms available to investors are available on http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF307005.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Jeroen Robrecht Heijdeman Asst Vice President - Analyst Structured Finance Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Michelangelo Margaria VP - Senior Credit Officer Structured Finance Group Telephone:+39-02-9148-1100 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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