FRN Variable Rate Fix

LONDON--()--

30 October 2014

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: 27 October 2014

Date To: 25 November 2014

Record Date: 20 November 2014

Value Date: 25 November 2014

Benchmark Rate: 0.011%

Margin: 0.3%

Total Rate: 0.311%

Number of Days: 29

Day Count: Actual / 360

Interest Frequency: Monthly

Total Amount Due:

EUR 14,831.24

Interest Per 1K: EUR 0.2505277

Pool Factor: 1

Short Name: VCL MASTERS S.A
Category Code: RC
Sequence Number: 439924
Time of Receipt (offset from UTC): 20141106T163145+0000

Contacts

HSBC Security Services

Contacts

HSBC Security Services