Press Release

DBRS Rates Dolphin Master Issuer, Series 2010-4

RMBS

September 29, 2010

DBRS, Inc. (DBRS) has today rated the Series 2010-4 notes issued by Dolphin Master Issuer B.V. (Dolphin). The proceeds of the Series 2010-4 notes are used to fully redeem Classes A, B, C, and D from Series 2007-2 and 0-2007-3. The ratings of AAA (sf), AA (sf), A (sf) and BBB (sf) have been assigned to the Class A, Class B, Class C and Class D notes, respectively.

Dolphin is a EUR100 billion, fully revolving continuous-issuance programme backed by standard prime Dutch mortgages originated by subsidiaries of ABN AMRO Bank N.V. ABN AMRO Bank N.V. is a public limited liability company incorporated under Dutch law on April 9, 2009.

DBRS has also today confirmed the ratings of the Series 2007-1, Series 0-2008-1, Series 0-2009-2, 2010-1, and 2010-2 notes issued by Dolphin upon the issuance of the Series 2010-4 notes. The ratings of Classes A, B, C and D from Series 2007-2 and 0-2007-3 have been discontinued.

Note:
All figures are in Euros unless otherwise noted.

The applicable methodology is Master European Residential Mortgage-Backed Securities Rating Methodology, which can be found on our website under Methodologies.

The full report providing additional analytical detail is available by clicking on the link below or by contacting us at info@dbrs.com.

Ratings

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
29-Sep-10	Series 2007-1, Class A	AAA (sf)	--	Confirmed	UK U
29-Sep-10	Series 2008-1, Class A	AAA (sf)	--	Confirmed	UK U
29-Sep-10	Series 2009-2, Class A	AAA (sf)	--	Confirmed	UK U
29-Sep-10	Series 2010-1, Class A1	AAA (sf)	--	Confirmed	UK U
29-Sep-10	Series 2010-1, Class A2	AAA (sf)	--	Confirmed	UK U
29-Sep-10	Series 2010-1, Class A3	AAA (sf)	--	Confirmed	UK U
29-Sep-10	Series 2010-1, Class A4	AAA (sf)	--	Confirmed	UK U
29-Sep-10	Series 2010-2, Class A1	AAA (sf)	--	Confirmed	UK U
29-Sep-10	Series 2010-2, Class A2	AAA (sf)	--	Confirmed	UK U
29-Sep-10	Series 2010-4, Class A	AAA (sf)	--	New Rating	UK U
29-Sep-10	Series 2007-1, Class B	AA (sf)	--	Confirmed	UK U
29-Sep-10	Series 2008-1, Class B	AA (sf)	--	Confirmed	UK U
29-Sep-10	Series 2009-2, Class B	AA (sf)	--	Confirmed	UK U
29-Sep-10	Series 2010-1, Class B	AA (sf)	--	Confirmed	UK U
29-Sep-10	Series 2010-4, Class B	AA (sf)	--	New Rating	UK U
29-Sep-10	Series 2007-1, Class C	A (sf)	--	Confirmed	UK U
29-Sep-10	Series 2008-1, Class C	A (sf)	--	Confirmed	UK U
29-Sep-10	Series 2009-2, Class C	A (sf)	--	Confirmed	UK U
29-Sep-10	Series 2010-1, Class C	A (sf)	--	Confirmed	UK U
29-Sep-10	Series 2010-4, Class C	A (sf)	--	New Rating	UK U
29-Sep-10	Series 2007-1, Class D	BBB (sf)	--	Confirmed	UK U
29-Sep-10	Series 2008-1, Class D	BBB (sf)	--	Confirmed	UK U
29-Sep-10	Series 2009-2, Class D	BBB (sf)	--	Confirmed	UK U
29-Sep-10	Series 2010-1, Class D	BBB (sf)	--	Confirmed	UK U
29-Sep-10	Series 2010-4, Class D	BBB (sf)	--	New Rating	UK U
29-Sep-10	Series 2007-2, Class A	Discontinued	--	Disc.-Repaid	UK
29-Sep-10	Series 2007-2, Class B	Discontinued	--	Disc.-Repaid	UK
29-Sep-10	Series 2007-2, Class C	Discontinued	--	Disc.-Repaid	UK
29-Sep-10	Series 2007-2, Class D	Discontinued	--	Disc.-Repaid	UK
29-Sep-10	Series 2007-3, Class A	Discontinued	--	Disc.-Repaid	UK
29-Sep-10	Series 2007-3, Class B	Discontinued	--	Disc.-Repaid	UK
29-Sep-10	Series 2007-3, Class C	Discontinued	--	Disc.-Repaid	UK
29-Sep-10	Series 2007-3, Class D	Discontinued	--	Disc.-Repaid	UK

Dolphin Master Issuer B.V.

Series 2007-1, Class A

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2008-1, Class A

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2009-2, Class A

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2010-1, Class A1

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2010-1, Class A2

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2010-1, Class A3

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2010-1, Class A4

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2010-2, Class A1

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2010-2, Class A2

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2010-4, Class A

Date Issued:Sep 29, 2010
Rating Action:New Rating
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2007-1, Class B

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2008-1, Class B

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2009-2, Class B

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2010-1, Class B

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2010-4, Class B

Date Issued:Sep 29, 2010
Rating Action:New Rating
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2007-1, Class C

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2008-1, Class C

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2009-2, Class C

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2010-1, Class C

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2010-4, Class C

Date Issued:Sep 29, 2010
Rating Action:New Rating
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2007-1, Class D

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2008-1, Class D

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2009-2, Class D

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2010-1, Class D

Date Issued:Sep 29, 2010
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2010-4, Class D

Date Issued:Sep 29, 2010
Rating Action:New Rating
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:UKU

Series 2007-2, Class A

Date Issued:Sep 29, 2010
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:UK

Series 2007-2, Class B

Date Issued:Sep 29, 2010
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:UK

Series 2007-2, Class C

Date Issued:Sep 29, 2010
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:UK

Series 2007-2, Class D

Date Issued:Sep 29, 2010
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:UK

Series 2007-3, Class A

Date Issued:Sep 29, 2010
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:UK

Series 2007-3, Class B

Date Issued:Sep 29, 2010
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:UK

Series 2007-3, Class C

Date Issued:Sep 29, 2010
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:UK

Series 2007-3, Class D

Date Issued:Sep 29, 2010
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:UK

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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