FRN Variable Rate Fix

LONDON--()--

25 February 2015

Issue: VCL MASTERS S.A

Series 2012-1 Class A Notes

XS0857704976

Pursuant to our appointment as Agent for the above stated issue, please be advised of the following interest rate determination:

Date From: 25 February 2015

Date To: 25 March 2015

Record Date: 20 March 2015

Value Date: 25 March 2015

Benchmark Rate: 0.001%

Margin: 0.3%

Total Rate: 0.301%

Number of Days: 28

Day Count: Actual / 360

Interest Frequency: Monthly

Total Amount Due:

EUR 20,508.13

Interest Per 1K: EUR 0.23411107

Pool Factor: 1

Category Code: RC
Sequence Number: 459244
Time of Receipt (offset from UTC): 20150331T162238+0100

Contacts

HSBC Security Services

Contacts

HSBC Security Services