# EDGAR Filing Document

**Accession Number:** 0001743948
**File Stem:** 0000929638-25-002271
**Filing Date:** 2025-6
**Character Count:** 25159
**Document Hash:** 0087b797624237fc32dd5af59ef1b18e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000929638-25-002271.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0000929638-25-002271

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250620

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Credit card

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NewDay Funding Transferor Ltd
- **CENTRAL INDEX KEY:** 0001743948

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-03990
- **FILM NUMBER:** 251061048

**BUSINESS ADDRESS:**
- **STREET 1:** 7 HANDYSIDE STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** N1C 4DA
- **BUSINESS PHONE:** 00442071608800

**MAIL ADDRESS:**
- **STREET 1:** 7 HANDYSIDE STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** N1C 4DA
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NewDay Funding Transferor Ltd
- **CENTRAL INDEX KEY:** 0001743948

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 7 HANDYSIDE STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** N1C 4DA
- **BUSINESS PHONE:** 00442071608800

**MAIL ADDRESS:**
- **STREET 1:** 7 HANDYSIDE STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** N1C 4DA
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NewDay Funding Transferor Ltd
- **CENTRAL INDEX KEY:** 0001743948

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-03990

**BUSINESS ADDRESS:**
- **STREET 1:** 7 HANDYSIDE STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** N1C 4DA
- **BUSINESS PHONE:** 00442071608800

**MAIL ADDRESS:**
- **STREET 1:** 7 HANDYSIDE STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** N1C 4DA

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM ABS-15G

#### ASSET-BACKED SECURITIZER

#### REPORT PURSUANT TO SECTION 15G OF

#### THE SECURITIES EXCHANGE ACT OF 1934

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

___ Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period ______________ to ______________.

Date of Report (Date of earliest event reported): ______________<br>Commission File Number of securitizer: &nbsp;&nbsp;&nbsp;&nbsp; ______________<br>Central Index Key Number of securitizer:&nbsp;&nbsp;&nbsp;&nbsp; ______________<br>

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name and telephone number, including area code, of the person to

contact in connection with this filing.

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) [ ]

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [ ]

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) [ ]

_<u>X</u>_ Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: 0001743948

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NewDay Funding Master Issuer plc&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): ___________

Central Index Key Number of underwriter (if applicable): ____________

<u><u>&nbsp;&nbsp;&nbsp;&nbsp;</u></u> <u><u><u>&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Graham Stanford, +44 7974 218944</u><u><u>&nbsp;&nbsp;&nbsp;&nbsp;</u></u> <u><u><u>&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></u> <br> Name and telephone number, including area code, of the person to

contact in connection with this filing.

------

#### INFORMATION TO BE INCLUDED IN THE REPORT

---

| | |
|:---|:---|
| **Item 2.01.** | **<u>Findings and Conclusions of a Third Party Due Diligence Report Obtained By the Issuer</u>** |

---

Attached as Exhibit 99.1 hereto is an asset agreed-upon procedures report of Deloitte LLP dated June 20, 2025.

------

#### SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: June 20, 2025

---

| | |
|:---|:---|
| NEWDAY FUNDING TRANSFEROR LTD | NEWDAY FUNDING TRANSFEROR LTD |
| (Securitizer and Depositor) | (Securitizer and Depositor) |
| By:  | <u>/s/ Graham Stanford&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Name: Graham Stanford |
|  | Title: Director of Treasury Markets |

---

------

#### EXHIBIT INDEX
<u>Exhibit Number</u>

99.1 Asset Agreed-Upon Procedures Report of Deloitte LLP dated June 20, 2025.

## Exhibit 99.1

**Exhibit 99.1**<br>

---

| | |
|:---|:---|
| ![](deloitte_logo.jpg) | Deloitte LLP 2 New Street Square<br> London<br> EC4A 3BZ<br>Phone:+44 (0)20 7936 3000<br> Fax +44 (0)20 7583 1198<br> www.deloitte.co.uk<br>|

---

Independent Accountant's Report on Applying Asset Agreed Upon Procedures

The Board of Directors of

#### NewDay Funding Master Issuer PLC
10<sup>th</sup> Floor, 5 Churchill Place

London

E14 5HU

United Kingdom

(the "**Issuer**")

The Board of Directors of

#### NewDay Funding Transferor Ltd
7 Handyside Street

London

N1C 4DA

United Kingdom

(the "**Transferor**")

#### NewDay Cards Ltd
7 Handyside Street

London

N1C 4DA

United Kingdom

("**NewDay Cards**", the "**Co-Arranger**")

#### Citigroup Global Markets Limited
Citigroup Centre

33 Canada Square, Canary Wharf

London

E14 5LB

("**Citi**")

**MUFG Securities EMEA Plc**<br> 25 Ropemaker Street

London

EC2Y 9AJ

("**MUFG**", and together with **Citi**, the "**Arrangers**")

**BNP Paribas**<br> 16 boulevard des Italiens

Paris

75009

("**BNPP**")

#### HSBC Bank plc
8 Canada Square

London

E14 5HQ

Deloitte LLP is a limited liability partnership registered in England and Wales with registered number OC303675 and its registered office at 1 New Street Square, London, EC4A 3HQ, United Kingdom.

Deloitte LLP is the United Kingdom affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"). DTTL and each of its member firms are legally separate and independent entities. DTTL and Deloitte NSE LLP do not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms.

<br>© 2025 Deloitte LLP. All rights reserved.

------

#### <br>
("**HSBC**")

**J.P. Morgan Securities plc**<br> 25 Bank Street

Canary Wharf

London

E14 5JP

("**JPM**")

#### Standard Chartered Bank
1 Basinghall Avenue

London

EC2V 5DD

("**Standard Chartered**", and together with **Citi**, **MUFG**, **BNPP**, **HSBC** and **JPM**, the "**Joint Lead Managers**" and "**Dealers**")

and the other Dealers (as defined in the Engagement Letter)

20 June 2025

Dear Sirs/Madams,

#### PROPOSED ISSUE BY NEWDAY FUNDING MASTER ISSUER PLC OF SERIES 2025-2 OF CREDIT CARD RECEIVABLES-BACKED FLOATING AND/OR FIXED RATE SECURITIES (the "Issue")
We have performed the procedures enumerated below on certain credit card receivables (the "Loan Pool"), which were agreed to by the Issuer, the Transferor, the Co-Arranger, the Arrangers, the Joint Lead Managers, the Dealers and the other Dealers (as defined in the Engagement Letter). The procedures were performed to assist you in evaluating the validity of certain characteristics of the Loan Pool. This agreed upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The appropriateness of these procedures is solely the responsibility of the Issuer, the Transferor, the Co-Arranger, the Arrangers, the Joint Lead Managers and the Dealers. Consequently, we make no representation regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

This report (the "Asset Agreed Upon Procedures Report") is addressed to the Board of Directors of the Issuer, the Board of Directors of the Transferor, the Co-Arranger, the Arrangers, the Joint Lead Managers and the Dealers identified in the Engagement Letter who have agreed to participate in the proposed Issue.

These procedures were established with the Issuer and the Transferor, and the appropriateness of the procedures is solely the responsibility of the Issuer, the Transferor, the Co-Arranger, the Arrangers, the Joint Lead Managers and the Dealers as discussed above. The Issuer and the Transferor shall be solely responsible for providing accurate and complete information requested by Deloitte necessary to perform the procedures. Deloitte has no responsibility for the accuracy or completeness of the information provided by or on behalf of the Issuer and the Transferor, even if Deloitte had reason to know or should have known of such inaccuracy or incompleteness.

The procedures that we performed and our findings are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Scope of our work and factual findings** 

The procedures performed were as defined in Appendix 3 of the Engagement Letter (the "Agreed Upon Procedures").

The Transferor provided us with a data file 'OB_FINAL_OUTPUT_AUP_List_31Mar2025.csv' (the "First Pool Run") containing an account number for each of the 1,602,261 credit card receivables in the Loan Pool*.*

------

#### <br>

A random sample of 459 loans was selected from the First Pool Run using the sampling approach below (the "Sample").

The Transferor then provided us with the data file 'DT_ob_2025_sample_479.xlsx' containing information for each loan in the Sample (the "Sample Pool") as at 31 March 2025 (the "Cut-off Date").

We have carried out the Agreed Upon Procedures on the Sample Pool during the period 14 to 24 April 2025.

#### The sampling approach

Sampling confidence is the probability that the actual errors, within a total population, are contained within the range of an estimate. Precision is the range of that estimate. The precision limit is the estimated maximum predicted number of errors within the total population. Sampling confidence and precision are stated in percentages.

Attribute sampling is a method of assessing the rate of occurrences of a specified attribute in a population and requires agreed upon procedures in relation to certain characteristics of a random sample of individual loans. In this case the Agreed Upon Procedures related to the documentation and procedures that support the Sample Pool contained in the First Pool Run.

Our method of calculating attribute sample sizes is based on the binomial probability distribution.

Statistical tests can only provide estimates of the error.

The procedures we have undertaken, set out in paragraphs 2.1 to 2.11 under the pool agreed upon procedures section below, have been limited to confirming that the selected attribute from the First Pool Run information relating to the Sample Pool agreed to the original loan documentation or copies thereof provided to us in the loan file. We are entitled to assume that the loan documentation is correct and we have not sought to independently verify this information. The loan documentation used in these Agreed upon Procedures was the Credit Agreement, Experian screenshot, NewServe and Vision, the primary systems of record (together, the "System").

#### Objectives

On the assumption that the information in the First Pool Run is a complete and accurate representation of the Loan Pool, the sample sizes chosen were designed with the objective of us being able to state that there is a 99% confidence that not more than 1% of the population of the First Pool Run contained an error in the relevant attribute. Where errors were found in the Sample Pool, we have re-calculated the percentage errors that there might be in the First Pool Run and noted the revised percentage below. It is for you to ensure you understand this basis of reporting and to determine whether the errors are acceptable to you and for the purposes of the Issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Pool agreed upon procedures** 

For each loan in the Sample Pool, we carried out the following agreed upon procedures and have given a confidence and precision percentage for each procedure.

For the purposes of this report, the failure of a single attribute is termed an error. We report our findings, which are the factual results of the agreed upon procedures performed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Primary Cardholder's Name

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 For each loan in the Sample Pool, we confirmed whether the primary cardholder's full name shown in the Sample Pool substantially agreed to the primary cardholder's full name on the Credit Agreement or the Experian screenshot. Substantially
 agreed is defined as being able to identify the name where minor spelling errors or reversals of initials had occurred. We found that the primary cardholder's full name substantially agreed to the Credit Agreement or the Experian screenshot,
 with no exception.

As a result of the procedure performed there is a 99% confidence that not more than 1% of the First Pool Run contained errors.<br>

------

#### <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 For each loan in the Sample Pool, we confirmed whether the primary cardholder's full name shown in the Sample Pool substantially agreed to the primary cardholder's full name on the System. Substantially agreed is defined as being able to
 identify the name where minor spelling errors or reversals of initials had occurred. We found that the primary cardholder's full name substantially agreed to the System, with no exception.

As a result of the procedure performed there is a 99% confidence that not more than 1% of the First Pool Run contained errors.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Postcode

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 For each loan in the Sample Pool, we confirmed whether the primary cardholder's postcode shown in the Sample Pool agreed to the postcode on the System. We found that the primary cardholder's postcode agreed to the System, with no
 exception.

As a result of the procedure performed there is a 99% confidence that not more than 1% of the First Pool Run contained errors.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 For each loan in the Sample Pool, we confirmed whether the primary cardholder's postcode shown in the Sample Pool agreed to the postcode on the Credit Agreement or the Experian screenshot. We found that the primary cardholder's postcode
 agreed to the Credit Agreement or the Experian screenshot, with no exception.

As a result of the procedure performed there is a 99% confidence that not more than 1% of the First Pool Run contained errors.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Aged over 18

For each loan in the Sample Pool, we confirmed whether the primary cardholder's age was greater than 18 years old on the account opened date by calculating the difference between the date of birth shown on the Experian screenshot and the account opened date. We found that the primary cardholder was aged over 18 years on the account opened date, with no exception.<br>

As a result of the procedure performed there is a 99% confidence that not more than 1% of the First Pool Run contained errors.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Account Number

<br> For each loan in the Sample Pool, we confirmed whether the account number shown in the Sample Pool agreed to the account number on the System. We found that the account number agreed to the System, with no exception.

As a result of the procedure performed there is a 99% confidence that not more than 1% of the First Pool Run contained errors.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Account Opened Date

<br> For each loan in the Sample Pool, we confirmed whether the account opened date shown in the Sample Pool agreed to the account opened date on the System. We found that the account opened date agreed to the System, with no exception.

As a result of the procedure performed there is a 99% confidence that not more than 1% of the First Pool Run contained errors.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Purchase Interest Rate (Retail APR)

------

For each loan in the Sample Pool, we confirmed whether the primary cardholder's card purchase interest rate shown in the Sample Pool agreed to the purchase interest rate on the System, to within 0.055%. We found that the purchase interest rate agreed to the System, to within 0.055%, with no exception.<br>

As a result of the procedure performed there is a 99% confidence that not more than 1% of the First Pool Run contained errors.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Cash APR

For each loan in the Sample Pool, we confirmed whether the primary cardholder's card cash APR shown in the Sample Pool agreed to the cash APR on the System, to within 0.055%. In instances of frozen accounts where there has never been a cash withdrawal, we confirmed whether the cash APR shown in the Sample Pool agreed to the purchase APR shown on the System. We found that the cash APR agreed to the System, to within 0.055%, with no exception.<br>

As a result of the procedure performed there is a 99% confidence that not more than 1% of the First Pool Run contained errors.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Credit Limit

For each loan in the Sample Pool, we confirmed whether the primary cardholder's credit limit shown in the Sample Pool agreed to the credit limit on the System, rounded to within £1. We found that the credit limit agreed to the System, rounded to within £1, with no exception.<br>

As a result of the procedure performed there is a 99% confidence that not more than 1% of the First Pool Run contained errors.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 Balance

<br> For each loan in the Sample Pool, we confirmed whether the card balance as at the Cut-off Date shown in the Sample Pool agreed to the current balance shown on the System. We found that the card balance as at the Cut-off Date, agreed to the System, with no exception.

As a result of the procedure performed there is a 99% confidence that not more than 1% of the First Pool Run contained errors.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 Arrears

For each loan in the Sample Pool, we confirmed whether the number of cycles in arrears as at the Cut-off Date shown in the Sample Pool, agreed to the number of cycles in arrears on the System. We found that the number of cycles in arrears as at the Cut-off Date agreed to the System, with no exception.<br>

As a result of the procedure performed there is a 99% confidence that not more than 1% of the First Pool Run contained errors.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 Brand

<br> For each loan in the Sample Pool, we confirmed whether the brand (Aqua, BIP, Fluid, Marbles, Opus) shown in the Sample Pool, agreed to the brand on the System. We found that the brand agreed to the System, with no exception.

------

As a result of the procedure performed there is a 99% confidence that not more than 1% of the First Pool Run contained errors.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Eligibility criteria** 

The management of the Transferor provided the data file 'OwnBrands_ESMA_NRT_Data_Full_31Mar2025.csv' (the "Eligibility Data File") containing data in respect of the Loan Pool as at 31 March 2025. For the avoidance of doubt, we have not independently verified the data in the Eligibility Data File. We used the Eligibility Data File to confirm whether certain eligibility criteria (as listed below which the Transferor has identified as required to be met for the purpose of the Issue) had been met.

These procedures performed were as follows:

<br> • the originator of each account was NewDay Funding Transferor Ltd

<br> • each account is payable in pounds sterling

We confirmed that each loan in the Eligibility Data File agreed to the above criteria, with no exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Scope of this Asset Agreed Upon Procedures Report** 

The scope of our work in preparing this Asset Agreed Upon Procedures Report was limited solely to those procedures set out above. We were not engaged to and did not conduct an audit the objective of which would be the expression of an opinion on the matters subject to the procedures described above. Accordingly, we do not express any opinion or overall conclusion on the procedures we have performed. You are responsible for determining whether the scope of our work specified is sufficient for your purposes and we make no representation regarding the appropriateness of these procedures for your purposes. If we were to perform additional procedures, other matters might come to our attention that would be reported to you.

This Asset Agreed Upon Procedures Report should not be taken to supplant any other enquiries and procedures that may be necessary to satisfy the requirements of the recipients of this Asset Agreed Upon Procedures Report.

This Asset Agreed Upon Procedures Report has been prepared for use in connection with the offering of securities inside of the United States and in accordance with United States attestation standards established by the American Institute of Certified Public Accountants and not in accordance with United Kingdom or other professional standards. This Asset Agreed Upon Procedures Report is only intended to be relied on in connection with any obligations or responsibilities in connection with the Issue that you may have under any legislation, regulations and/or rule of law under United States federal or state securities law. We accept no responsibility to, and deny any liability to, any person or in any way arising from or in connection with the use of this Asset Agreed Upon Procedures Report in connection with any offering of securities outside the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Use of this Asset Agreed Upon Procedures Report** 

Subject to the terms specified in in our Engagement Letter dated 10 June 2025, this Asset Agreed Upon Procedures Report is provided solely for the private information and use of the Issuer, the Transferor, the Co-Arranger, the Arrangers, the Joint Lead Managers and the Dealers and is not intended to be and should not be used by anyone other than the Issuer, the Transferor, the Co-Arranger, the Arrangers, the Joint Lead Managers and the Dealers. This Agreed Upon Procedures Report should not be included in any publicly filed or publicly available document nor should this Agreed Upon Procedures Report, the services performed hereunder, or Deloitte's engagement hereunder be referred to in any publicly filed or publicly available document, in each case, except under the terms specified in our Engagement Letter. For the avoidance of doubt, the Co-Arranger, the Arrangers, the Joint Lead Managers and the Dealers are being provided with the Asset Agreed Upon Procedures Report in their capacity as addressees and not the engaging party.

If you have any questions or would like to discuss the content of this Asset Agreed Upon Procedures Report please do not hesitate to contact Louise Gill on 0113 292 1299.

------

Yours truly,

![](deloitte_signature.jpg)

#### Deloitte LLP

#### <br>