DBRS Discontinues Ratings to Glacier 2011-2

DBRS Ratings Limited (“DBRS”) has discontinued the following ratings on the notes issued by Glacier Securities Limited Series 2011-2 due to repayment of the notes on 24 September 2014:

• Class A Re-Securitised Notes previously rated ‘AAA’ (sf) is now Disc-Repaid
• Class B Re-Securitised Notes previously rated ‘AA’ (high) (sf) is now Disc-Repaid
• Class C Re-Securitised Notes previously rated ‘AA’ (sf) is now Disc-Repaid
• Class D Re-Securitised Notes previously rated ‘A’ (sf) is now Disc-Repaid

Notes:
The principal methodology applicable is Master European Structured Finance Surveillance Methodology.

Other methodologies and criteria referenced in this transaction are listed at the end of this press release.

This can be found on www.dbrs.com at:
http://www.dbrs.com/about/methodologies

The sources of information used for this rating include the Notice of Redemption provided by the Issuer via the Irish Stock Exchange.

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

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

The last rating action on this transaction took place on 10 June 2014, when the ratings of the outstanding Class A Notes were confirmed and Class B, Class C and Class D Notes were upgraded.

Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com.

For further information on DBRS historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Initial Lead Analyst: Kali Sirugudi
Initial Rating Date: 8 November 2011
Initial Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Dylan Cissou
Rating Committee Chair: Diana Turner

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The rating methodologies and criteria used in the analysis of this transaction can be found at: http://www.dbrs.com/about/methodologies.