Quokka Finance p.l.c. -- Moody's determines no negative rating impact on Quokka Finance p.l.c. due to deed of undertaking

London, 17 August 2012 -- Moody's has determined that the execution of a deed of undertaking (the "Deed") by Barclays Bank PLC (the "Swap Counterparty") relating to its swap agreements (the Swap Agreements) with the borrowers in the Quokka Finance p.l.c. transaction (the "Issuer") will not, in and of itself and at this time, result in a downgrade or withdrawal of the current ratings of the notes (the "Notes") issued by the Issuer. Moody's opinion address only the credit impact of the Deed, and Moody's is not expressing any opinion as to whether the Deed has, or could have, other non-credit related effects that may have a detrimental impact on the interests of noteholders and/or counterparties.

On 21 June 2012, Moody's downgraded the long term senior unsecured rating of the Swap Counterparty to A2 from Aa3. This resulted in a "ratings event" under the swap agreements. The swap agreements contemplate several alternative remedial actions which the Swap Counterparty may take following a ratings event. The remedial actions are - by way of paraphrase - (a) transferring the swap agreement to a third party, (b) obtaining a guarantee, (c) posting collateral and (d) taking some other appropriate action.

On 15 August 2012, the Swap Counterparty executed the Deed. Pursuant to the Deed, the Swap Counterparty undertakes that if either its short-term rating is downgraded below P-1 or its long-term rating is downgraded below A2 then, within 30 business days of the occurrence of any such event, it will post collateral in favour of the Issuer or take some other remedial action. Moody's has determined that the execution of the Deed will not, in and of itself and at this time, result in a downgrade or withdrawal of the current ratings of the Notes, even if it constitutes a remedial action under (d) above.

Moody's has assessed the probability and impact of a default of the Swap Counterparty on the ability of the Issuer to meet its obligations under the transaction, including the impact of the loss of any benefit from the swap and any obligation the Issuer may have to make a termination payment.

The principal methodology used in this rating was Moody's Approach to Real Estate Analysis for CMBS in EMEA: Portfolio Analysis (MoRE Portfolio) published in April 2006. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Other methodologies and factors that may have been considered in the process of providing this opinion can be found at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab.

Factors identified in the Rating Implementation Guideline, "Framework for De-Linking Hedge Counterparty Risks from Global Structured Finance Cashflow Transactions" published in October 2010 were also taken into account in the rating analysis.

Moody's notes that on 2 July 2012 it released a Request for Comment in which the rating agency requested market feedback on potential changes to its rating implementation guidance for the hedge counterparty risk in structured finance transactions. If the revised rating implementation guidance is implemented as proposed, the rating of the Notes may be negatively affected. Please refer to Moody's Request for Comment, entitled " Approach to Assessing Linkage to Swap Counterparties in Structured Finance Cashflow Transactions" for further details regarding the implications of the proposed methodology changes on Moody's ratings.

Moody's will continue to monitor the ratings of the transaction. Any change in the ratings will be publicly disseminated by Moody's through appropriate media.

Ramzi KattanAsst 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 Oliver Moldenhauer Vice President - Senior Analyst Structured Finance Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 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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