FRN Variable Rate Fix

LONDON--()--

26 November 2015

Issue: VCL MASTERS S.A

Series 2012-3 Class A Notes

XS0857705866

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

Date From: 25 November 2015

Date To: 29 December 2015

Record Date: 22 December 2015

Value Date: 29 December 2015

Benchmark Rate: -0.155%

Margin: 0.2%

Total Rate: 0.045%

Number of Days: 34

Day Count: Actual / 360

Interest Frequency: Monthly

Total Amount Due:

EUR 2,788.00

Interest Per 1K: EUR 0.0425

Pool Factor: 1

Short Name: VCL MASTERS S.A
Category Code: RC
Sequence Number: 515951
Time of Receipt (offset from UTC): 20160315T181522+0000

Contacts

HSBC Security Services

Contacts

HSBC Security Services