DBRS Ratings Limited Rates BEST 2010 B.V.

DBRS Ratings Limited (DBRS) has today assigned a AAA (sf) rating to the Class A Notes, a AA (sf) rating to the Class B Notes, and a BBB (low) (sf) rating to the Class C Noted issued by BEST 2010 B.V. The rated notes, of €50.0 billion, are backed by a portfolio of first ranking, or as the case may be a first and sequentially lower ranking mortgage loans.

The final ratings are based upon review by DBRS of the following analytical considerations:

• Transaction structure, proposed ratings and form and sufficiency of available credit enhancement.

o Credit enhancement is in the form of subordination and a reserve funded through the net proceeds of the Class D notes. Credit enhancement levels are sufficient to support a AAA (sf) rating to the Class A notes, AA (sf) to the Class B notes and BBB (low) (sf) to the Class C notes. Class A has a current credit support of 7.0%, Class B has a current credit support of 4.0% and Class C has a current credit support of 1.0%.

o The transaction benefits from a liquidity facility to cover interest shortfalls in case the reserve account is not sufficient.

o Rabobank, as floating rate GIC provider, pays a certain guaranteed rate of interest on all funds standing to the credit of the GIC account and the liquidity facility stand-by drawing account.

o Rabobank acts as swap counterparty to mitigate from interest rate mismatches in the transaction.

• The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms in which they have invested. For this transaction, the rating addresses the payment of timely interest on a quarterly basis and principal by the legal final maturity date. Interest and principal payments on the notes will be made quarterly, generally on the 26th day of January, April, July and October in each year, with the first payment date occurring in January 2011.

• The transaction parties’ capabilities with regards to originations, underwriting and servicing and financial strength of Rabobank.

• Soundness of the legal structure and presence of legal opinions which address the true sale of the assets to the issuer and the consistency with the DBRS Legal Criteria for European Structured Finance Transactions.

DBRS credit analysis is performed on a loan-level basis and includes a probability of default and loss given default assessment, an originator- and servicer-specific historical performance review, a Dutch housing market and property price trend evaluation, and a cash flow simulation based on various stresses to prepayments, timing of defaults and recoveries and interest rates.

Note:
All figures are in Euros unless otherwise noted.

The principal methodologies applicable are Master European Residential Mortgage-Backed Securities Rating Methodology and the DBRS Legal Criteria for European Structured Finance Transactions, which can be found on our website under Methodologies.

The sources of information used for this rating include working papers and data on the Dutch economy and housing market. DBRS conducted an operational review on the origination and servicing practices of Rabobank. Rabobank provided loan-level data and historical performance of mortgage portfolio dating back to December 2004. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating concerns a newly issued financial instrument. This is the first DBRS rating on this financial instrument.

DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

For additional information on DBRS European ABS ratings, please refer to the linking document located below.