ARC Ratings, S.A. (ARC) has accorded public, final ratings to the credit protection provided by unexecuted, unfunded financial guarantees (the Senior Financial Guarantees) referencing an initial portfolio of commercial real estate (CRE) loans (the Initial Reference Portfolio) originated and managed by Lloyds Bank PLC (Lloyds) as follows: ‘AAA(sf)’ rating to Tranche 1A, ‘AAA(sf)’ rating to Tranche 1B, ‘AAA(sf)’ rating to Tranche 1C, ‘AA+(sf)’ to Tranche 2A, ‘AA+(sf)’ to Tranche 2B, ‘AA(sf)’ to Tranche 3A, ‘AA(sf)’ to Tranche 3B, ‘AA(sf)’ to Tranche 3C, ‘AA-(sf)’ to Tranche 4A, ‘AA-(sf)’ to Tranche 4B, ‘AA-(sf)’ to Tranche 4C, ‘A+(sf)’ to Tranche 5A, ‘A+(sf)’ to Tranche 5B, ‘A+(sf) to Tranche 5C, ‘A+(sf)’ to Tranche 5D, ‘A+(sf)’ to Tranche 5E, ‘A+(sf)’ to Tranche 5F, ‘A+(sf)’ to Tranche 5G, ‘A+(sf)’ to Tranche 5H, ‘A+(sf)’ to Tranche 5I, ‘A+(sf)’ to Tranche 5J, ‘A(sf)’ to Tranche 6A, ‘A(sf)’ to Tranche 6B, ‘A(sf)’ to Tranche 6C and ‘A-(sf)’ to Tranche 7A.