# EDGAR Filing Document

**Accession Number:** 0002109149
**File Stem:** 0001104659-26-075577
**Filing Date:** 2026-6
**Character Count:** 89428
**Document Hash:** 9201ea9509b25f7bf5737109c893e215
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-075577.hdr.sgml**: 20260618

**ACCESSION NUMBER**: 0001104659-26-075577

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

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20260618

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

**FILED AS OF DATE**: 20260618

**DATE AS OF CHANGE**: 20260618

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Residential mortgages - Reverse Mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kasper 1 L.P.
- **CENTRAL INDEX KEY:** 0002109149

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-08557
- **FILM NUMBER:** 261101527

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS, SUITE 7500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 415-315-3620

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS, SUITE 7500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kasper 1 L.P.
- **CENTRAL INDEX KEY:** 0002109149

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS, SUITE 7500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 415-315-3620

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS, SUITE 7500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kasper 1 L.P.
- **CENTRAL INDEX KEY:** 0002109149

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS, SUITE 7500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 415-315-3620

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS, SUITE 7500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**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)**

**Commission File Number of securitizer:**

**Central Index Key Number of securitizer:**

**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) ◻

⌧ **Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)**

**Central Index Key Number of depositor: 0002109149**

**Sunshine Mortgage Funding 1 PLC**

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

**Central Index Key Number of issuing entity (if applicable): Not applicable**

**Central Index Key Number of underwriter (if applicable): Not applicable**

**Olivia Jin, +44 (7789) 448528**

**Name and telephone number, including area code, of the person to contact in connection with this filing**

**PART II: FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS**

**Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer**

Attached as Exhibit 99.1 hereto is the Independent Accountants' Agreed-Upon Procedures Report, dated June 8, 2026, and the Variation Independent Accountants' Agreed-Upon Procedures Report, dated June 8, 2026, with respect to certain agreed-upon procedures performed by a third-party due diligence provider.

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.

Date: June 8, 2026

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| | |
|:---|:---|
| **KASPER 1 L.P.,** | **KASPER 1 L.P.,** |
| (securitizer) | (securitizer) |
| **by its general partner, Kasper 1 GP LLC** | **by its general partner, Kasper 1 GP LLC** |
| By: | /s/ Avi Korn |
| Name: | Avi Korn |
| Title: | Authorized Signatory |

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EXHIBIT INDEX

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|:---|:---|
| **Exhibit**<br>**Number** | <br>**Description** |
| [Exhibit 99.1](tm2616045d3_ex99-1.htm) | [Independent Accountants' Agreed-Upon Procedures Report, dated June 8, 2026, and the Variation Independent Accountants' Agreed-Upon Procedures Report, dated June 8, 2026.](tm2616045d3_ex99-1.htm) |

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## Exhibit 99.1

**Exhibit 99.1**

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers LLP, 7 More London Riverside, London, SE1 2RT T: +44 (0) 2075 835 000, F: +44 (0) 2072 127 500, www.pwc.co.uk PricewaterhouseCoopers LLP is a limited liability partnership registered in England with registered number OC303525. The registered oƯice of PricewaterhouseCoopers LLP is 1 Embankment Place, London WC2N 6RH. PricewaterhouseCoopers LLP is authorised and regulated by the Financial Conduct Authority for designated investment business. PRIVATE AND CONFIDENTIAL The Directors Phoenix Life Limited (the "Seller") 10 Brindleyplace Birmingham B1 2JB United Kingdom The Directors Kasper 1 L.P. ("Kasper 1") 152928 Canada Inc. 199 Bay Street, Suite 5300 Toronto, Ontario M5L 1B9 The Directors Sunshine Mortgage Funding 1 Plc (the "Issuer") C/O Tmf Group 13th Floor One Angel Court London, EC2R 7HJ United Kingdom Deutsche Bank AG London Branch (the "Arranger" and the "Lead Manager") 21 Moorfields London EC2Y 9DB United Kingdom and the Other Managers (as defined below) 08 June 2026 Dear Ladies and Gentlemen Agreed upon procedures in respect of the issuance of Mortgage-Backed Securities (the "Securitisation"). Purpose of this AUP report This AUP report is produced in accordance with the terms of our agreement dated 22 January 2026 (the "agreement"). This AUP report is addressed to the addressees solely to assist them in performing the due diligence procedures that they believe appropriate to undertake, or procure to be undertaken, as part of the Securitisation and may not be suitable for another purpose. Your Responsibilities You are responsible for determining that the scope of the services is sufficient for your purposes (and the purposes of any other intended recipients of the AUP report and have confirmed that the procedures described herein are appropriate for the purpose for which of the services were engaged.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is the responsibility of the Seller to take all reasonable care to ensure that any data provided to us has been properly extracted from the computer systems of the Seller and for the creation and maintenance of all accounting records supporting that data. It is the responsibility of the Seller to respond to the due diligence enquiries of Kasper 1, Arranger and the Lead Manager concerning the Seller's origination and servicing procedures and systems as appropriate, the characteristics of the asset pool and the extent of disclosure anticipated in any prospectus relating to the Securitisation to enable the Arranger, Kasper 1 and the Lead Manager to determine whether the scope of the services is sufficient for their purposes, and to evaluate the findings of those procedures in the context of the other due diligence enquiries they undertake. Our Responsibilities Our work was performed in accordance with the International Standard on Related Services (ISRS) 4400 (Revised) 'Agreed-Upon Procedures Engagements.' We have complied with the ethical requirements in the Code of Ethics issued by the Institute of Chartered Accountants of England and Wales. We have also complied with the independence requirements of the Financial Reporting Council's Ethical Standard. An agreed-upon procedures engagement involves performing the procedures that have been agreed with you, and reporting the findings, which are the factual results of the agreed-upon procedures performed. We make no representation regarding the appropriateness of the agreed-upon procedures. We have applied International Standard on Quality Management (UK) 1 'Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements', and accordingly, we design, implement and operate a system of quality management including policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Procedures and Findings We set out in Appendix 1 the procedures we have performed, as agreed with you, together with our findings. Our procedures, as stated in our agreement, did not constitute an audit or assurance engagement made in accordance with generally accepted auditing or assurance standards, the objective of which would be the expression of assurance. We do not express such assurance. Had we performed additional procedures, or had we performed an audit or assurance engagement, other matters might have come to our attention that we would have reported to you. The findings do not include a description of the accounting systems or the processes for generating and maintaining the documents examined and other accounting records, nor does the AUP report include an evaluation of the findings. That is solely the responsibility of the intended users of the AUP report. The Seller or Kasper 1 may include a copy of this AUP report in the bible of transaction documents of the Securitisation prepared for the Issuer. You may also disclose the AUP report directly to rating agencies, provided that it is clearly understood by such rating agencies that they enjoy receipt for information purposes only, that they do not acquire any rights against PwC and that such AUP report will be accompanied by letters to this effect in a form to be agreed between the rating agency and ourselves. The procedures in this AUP report have not been undertaken in contemplation of the professional standards of the US American Institute of Certified Public Accountants or the Public Company Accounting Oversight Board and accordingly the AUP report is not designed to be relied upon in connection with any obligations or responsibilities that you may have under any legislation, regulations and/or rule of law in the United States. The AUP report may be used by a manager on the Securitisation to establish a due diligence defence under Section 11 of the United States Securities Act 1933, as  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amended, or a defence analogous to the due diligence defence available under such section. However, we express no view as to the effectiveness of such use of the AUP report. You may disclose the AUP report directly to rating agencies, provided that (i) it is clearly understood by such rating agencies that they enjoy receipt for information purposes only, (ii) they do not acquire any rights against PwC and (iii) they will be required to sign letters to this effect in a form to be agreed between the rating agency and ourselves. Where required, you may also include a copy of the AUP report on a password-protected website created and maintained in accordance with the Securities Exchange Act 1934, but we accept no duty of care or liability to any rating agency or other party that obtains access to our AUP report whether via that website or otherwise. Additionally, the Arranger, Lead Manager or the Issuer may file a copy of the AUP report on the U.S. Securities and Exchange Commission's Electronic Data Gathering, Analysis, and Retrieval ("EDGAR") database, but we accept no duty of care or liability to any parties that obtain access to our AUP report whether via EDGAR or otherwise. The AUP report is solely intended for the use and benefit of those parties that instructed us as to the procedures to be performed since others, unaware of the reasons for each of the procedures, may misinterpret the results, and we accept no duty of care or liability to any other party that obtains access to our AUP report. We will not be responsible for any actions taken by a rating agency or any other party other than those specified above as a result of receiving a copy of the AUP report. This AUP report is solely for your use in connection with the purpose specified above and as set out in our agreement. No part of this AUP report is to be copied or distributed to any other party except as permitted under the terms of our agreement. We do not accept any liability or responsibility to any third party. Yours faithfully, PricewaterhouseCoopers LLP Chartered Accountants London 08 June 2026  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix 1 to the AUP report Procedures performed in relation to a sample of Mortgage Loans 1. We were provided with a data file by the Arranger on 13 October 2025 entitled "Project Sorrento - pool tape (Aug-2025).xlsx" (the "Extraction File") detailing account numbers for the provisional portfolio of equity release mortgages "Mortgage Loans" as at 31 August 2025 (the "Cut-Off Date"), totalling 7132 accounts with a total current balance of £665,967,156.33 as at the Cut-Off Date. We have been informed that the pool of Mortgage Loans represents the Securitisation pool as at the Cut-Off Date. We selected a random sample of 444 Mortgage Loans (the "Initial Selected Sample") from the Extraction File. The size of the total sample was based on statistical sampling techniques using the following criteria: 99% confidence level; 0% expected error rate; 1% maximum error rate. 2. You have agreed the sample size of 444 accounts as being sufficient and appropriate for the purposes of this engagement. 3. In addition, we selected a reserve sample of 25 Mortgage Loans (the "Reserve Sample") from the Extraction File, to be used to replace any Mortgage Loans in the Initial Selected Sample which had been redeemed between the Cut-Off Date and the date of our testing. During our testing zero Mortgage Loans from the Reserve Sample were used to replace redeemed Mortgage Loans. Therefore, the 444 Mortgage Loans from the Initial Selected Sample represent the "Selected Sample". 4. The Mortgage Loan System referenced to in each case refers to Phoebus, (the "Mortgage System") of BCM mortgage servicer. 5. The term "Mortgage File" in each case refers to electronic (pdf) versions of including, amongst other things, the signed application form, initial and, if applicable, mortgage commencement letter ("Completion or Welcome Letter"). 6. The term "Valuation Report" refers to the Valuation report in relation to a particular account provided to us by the Originator. 7. The term "Offer Letter" refers to a Mortgage Loan Offer letter or other similar documents prepared by the relevant Originator which is addressed to the borrower(s). 8. When confirming the existence of electronic signatures on the Mortgage File or the Valuation Report we agreed that there was a name shown or a scanned signature in the signature box of the agreement. We performed no procedures to verify the integrity of the electronic signature. 9. For test 9(a) and 9(b), Lead Manager informed us that the interest rate per the Extraction File needs to be recalculated for performing the interest rate tests along with providing us with a file 'Project Sorrento - pool tape (Aug-2025)-shared with PwC.xlsx' (the "Extraction File 2") on 4 November 2025. For Mortgage Loans that were originated by Hodge, which are the loans with prefix on 'mortgageRef' of 'M' and that have 'Lump Sum' as the 'productType' the interest rate must be recalculated as the weighted average interest rate which is weighted by the outstanding balance for that month for Mortgage Loans with multiple parts. For Mortgage Loans that were originated by Hodge and that have 'Drawdown' as the 'productType', no change to be made to the 'fixedRate' per the Extraction File. For the Mortgage Loans that were not originated by Hodge, if the value against 'REST_TYPE' field of the Mortgage Loan per tab 'Phoenix Portfolio File v2b-X1 2' of the Extraction File 2 is 'M' or 'O', no change to be made to the 'fixedRate' per the Extraction File, but if not, the 'fixedRate' per the Extraction File has to be annualised by using the formula (1+'fixedRate'/12)12-1).  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. With respect to the agreed upon procedures in relation to the Selected Sample, we report to you below the factual findings resulting from our work: Test Description of Agreed-Upon Procedures Results 1(a). Customer Ref Agreed the 'customerRef' data field of the Extraction File to the Mortgage System. No exceptions noted. 2(a). Mortgage Ref Agreed the 'mortgageRef' data field of the Extraction File to the Offer Letter. Management has informed us that the Offer Letter is not available for 10 Mortgage Loans. As such we have not performed test 2(a) for 10 Mortgage Loans. Please refer Appendix 2 for further details. Furthermore, Management has informed us that the Offer Letter for the Mortgage Loans that were originated by Northen Rock do not show the Mortgage reference. As such we have not performed test 2(a) for 233 Mortgage Loans. No exceptions noted. 2(b). Mortgage Ref Agreed the 'mortgageRef' data field of the Extraction File to the Mortgage System. No exceptions noted. 3(a). Origination Date Agreed the 'originationDate' in the data field of the Extraction File to the Mortgage System. 1 exception noted. Please see Appendix 2 for further details. 3(b). Origination Date Agreed the 'originationDate' in the data field of the Extraction File to the Mortgage File. Management has informed us that the Mortgage File is not available for 4 Mortgage Loans. As such we have not performed test 3(b) for 4 Mortgage Loans. 9 exceptions noted. Please see Appendix 2 for further details. 4(a). Initial Loan Amount Agreed the 'Initial Loan Amount' data field of the Extraction File to the Mortgage System. No exceptions noted.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Test Description of Agreed-Upon Procedures Results 4(b). Initial Loan Amount Agreed the 'Initial Loan Amount' data field of the Extraction File to the Offer Letter. For the purpose of above test, a tolerance of +/- £1,000 has been applied. Management has informed us that the Mortgage File is not available for 13 Mortgage Loans. As such we have not performed test 4(b) for 13 Mortgage Loans. 41 exceptions noted. Please see Appendix 2 for further details. 5. Increment Origination Date Agreed the 'incrementOriginationDate' data field of the Extraction File to the Mortgage System. No exceptions noted. 6. Outstanding Loan Balance Agreed the 'outstandingLoanBalance' data field of the Extraction File to the Mortgage System. No exceptions noted. 7(a). Interest rate Agreed the 'fixedRate' data field of the Extraction File to the Mortgage System. No exceptions noted. 7(b). Interest rate Agreed the 'fixedRate' data field of the Extraction File to the Offer Letter. For the purpose of above test, a tolerance of +/- 1% has been applied. Management has informed us that the Offer Letter is not available for 13 Mortgage Loans. As such we have not performed test 7(b) for 13 Mortgage Loans. 3 exceptions noted. Please see Appendix 2 for further details. 8. Borrower 1 Name Agreed the name of borrower 1 as per the Mortgage System to the Offer Letter. For the avoidance of doubt, where only the initial of the first name or surname has been stated in the Offer letter, we have verified that the initial as per the Offer letter matches to the initial as per the Mortgage System. Management has informed us that the Offer Letter is not available for 10 Mortgage Loans. As such we have not performed test 8 for 10 Mortgage Loans. Management has informed us that test 8 is not applicable for 59 samples where the field 'dob1' per the Extraction File had no value. As such we have not performed test 8 for these 59 Mortgage Loans. 1 exception noted. Please see Appendix 2 for further details. |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Test Description of Agreed-Upon Procedures Results 9(a). Borrower 1 DOB Agreed the 'dob1' data field of the Extraction File to the Mortgage System. Management has informed us that test 9(a) is not applicable for 59 samples where the field 'dob1' per the Extraction File had no value. As such we have not performed test 9(a) for these 59 Mortgage Loans. 2 exceptions noted. Please see Appendix 2 for further details. 9(b). Borrower 1 DOB Agreed the 'dob1' data field of the Extraction File to the Mortgage File for the mortgage. Management has informed us that the Mortgage File is not available for 11 Mortgage Loans. As such we have not performed test 9(b) for 11 Mortgage Loans. Management has informed us that test 9(b) is not applicable for 59 samples where the field 'dob1' per the Extraction File had no value. As such we have not performed test 9(b) for these 59 Mortgage Loans. 6 exceptions noted. Please see Appendix 2 for further details. 10(a). Borrower 1 Sex Agreed the 'sex1' data field of the Extraction File to the Mortgage System. Management has informed us that test 10(a) is not applicable for 59 samples where the field 'sex1' per the Extraction File had no value. As such we have not performed test 10(a) for these 59 Mortgage Loans. 1 exception noted. Please see Appendix 2 for further details. 10(b). Borrower 1 Sex Agreed the 'sex1' data field of the Extraction File to the Mortgage File for the mortgage. Management has informed us that the Mortgage File is not available for 11 Mortgage Loans. As such we have not performed test 10(b) for 11 Mortgage Loans. Furthermore, Management has informed us that test 10(b) us not applicable for 59 samples where the field 'sex1' per the Extraction File had no value. As such we have not performed test 10(b) for these 59 Mortgage Loans. 2 exceptions noted. Please see Appendix 2 for further details.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Test Description of Agreed-Upon Procedures Results 11. Borrower 1 Inactive Agreed the 'inactive1' data field of the Extraction File to the Mortgage System. Management has informed us that test 11 is not applicable for 59 samples where the field 'inactive1' per the Extraction File had no value. As such we have not performed test 11 for these 59 Mortgage Loans. 4 exceptions noted. Please see Appendix 2 for further details. 12. Borrower 2 Name Agreed the name of borrower 2 as per the Mortgage System to the Offer Letter. For the avoidance of doubt, where only the initial of the first name or surname has been stated in the Offer Letter, we have verified that the initial as per the Offer Letter matches to the initial as per the Mortgage System. Management has informed us that the Offer Letter is not available for 4 Mortgage Loans. As such we have not performed test 12 for 4 Mortgage Loans. Please see Appendix 2 for further details. Furthermore, Management has informed us that test 12 is not applicable for 199 samples where the field 'dob2' per the Extraction File had no value. As such we have not performed test 12 for these 199 Mortgage Loans. No exceptions noted. 13(a). Borrower 2 DOB Agreed the 'dob2' data field of the Extraction File to the Mortgage System. Management has informed us that test 13(a) is not applicable for 199 samples where the field 'dob2' per the Extraction File had no value. As such we have not performed test 13(a) for these 199 Mortgage Loans. No exceptions noted. 13(b). Borrower 2 DOB Agreed the 'dob2' data field of the Extraction File to the Mortgage File for the mortgage. Management has informed us that the Mortgage File is not available for 5 Mortgage Loans. As such we have not performed test 13(b) for 5 Mortgage Loans. Furthermore, Management has informed us that test 13(b) is not applicable for 199 samples where the field 'dob2' per the Extraction File had no value. As such we have not performed test 13(b) for these 199 Mortgage Loans. 4 exceptions noted. Please see Appendix 2 for further details. 14(a). Borrower 2 Sex Agreed the 'sex2' data field of the Extraction File to the Mortgage System. Management has informed us that test 14(a) is not applicable for 199 samples where the field 'sex2' per the Extraction File had no value. As such we  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Test Description of Agreed-Upon Procedures Results have not performed test 14(a) for these 199 Mortgage Loans. No exceptions noted. 14(b). Borrower 2 Sex Agreed the 'sex2' data field of the Extraction File to the Mortgage File for the mortgage. Management has informed us that the Mortgage File is not available for 5 Mortgage Loans. As such we have not performed test 14(b) for 5 Mortgage Loans. Please refer Appendix 2 for further details. Furthermore, Management has informed us that test 14(b) is not applicable for 199 samples where the field 'sex2' per the Extraction File had no value. As such we have not performed test 14(b) for these 199 Mortgage Loans. No exceptions noted. 15. Borrower 2 Inactive Agreed the 'inactive2' data field of the Extraction File to the Mortgage System. Management has informed us that test 15 is not applicable for 199 samples where the field 'inactive2' per the Extraction File had no value. As such we have not performed test 15 for these 199 Mortgage Loans. 2 exceptions noted. Please see Appendix 2 for further details. 16. DOD/LTC Agreed the 'dodltc' data field of the Extraction File to the Mortgage System. 1 exception noted. Please see Appendix 2 for further details. 17. Address/Region Agreed the address as per the Mortgage System to the Offer Letter. Management has informed us that the Mortgage File is not available for 13 Mortgage Loans. As such we have not performed test 17 for 13 Mortgage Loans. Please refer Appendix 2 for further details. No exceptions noted. 18. Latest Property Value Agreed the 'Latest Full Valuation' data field of the Extraction File to the Valuation Report. Management has informed us that the Valuation Report is not available for 22 Mortgage Loans. As such we have not performed test 18 for 22 Mortgage Loans.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Test Description of Agreed-Upon Procedures Results 12 exceptions noted. Please see Appendix 2 for further details. 19. Latest Valuation Date Agreed the 'Latest Full Valuation Date' data field of the Extraction File to the Valuation Report. For the purpose of this test, a tolerance of +/- 6 months has been used. Management has informed us that the Valuation Report is not available for 22 Mortgage Loans. As such we have not performed test 19 for 22 Mortgage Loans. 12 exceptions noted. Please see Appendix 2 for further details. 20. Equity Protection Percentage Agreed the 'PROT_EQ_PERC' data field of the Extraction File to the Mortgage System. No exceptions noted. 21. Equity Protection Percentage Agreed the 'PROT_EQ_PERC' data field of the Extraction File to the Offer Letter. For the purpose of this test, we have agreed the value for equity protection percentage as 0 if there is no mention of equity protection in the Offer Letter. Management has informed us that the Offer Letter is not available for 13 Mortgage Loans. As such we have not performed test 21 for 13 Mortgage Loans. Please refer Appendix 2 for further details. No exceptions noted. 22. Application form Agreed that the application made by borrowers for the Mortgage Loan is signed. Management has informed us that the application form is not available for 13 Mortgage Loans. As such we have not performed test 22 for 13 Mortgage Loans. 1 exception noted. Please see Appendix 2 for further details. |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix 2 to the AUP report Detailed Exceptions Listing Test 2(a): Mortgage Reference to Offer Letter Sl No. customerRef As per Extraction File Management comment 1 10091722 51950L-03637 The Offer Letter is not available. 2 6070010007 M4788 3 6066370006 M4400 4 6108880005 M13268 5 10095016 53150A-00545 6 10091481 51950L-00152 7 10070503 18950A-05541 8 6126800004 M15339 9 6106500004 M13000 10 10087733 18950Y-09623 Test 3(a): Origination date to Mortgage System Sl No. customerRef As per Extraction File As per Mortgage system Management comment 1 10075434 3/8/2001 30/03/2001 This is a typographical error on the Mortgage System. Test 3(b): Origination date to Mortgage File Sl No. customerRef As per Extraction File As per Mortgage file Management comments 1 6072790009 9/22/2006 21/09/2006 This is a typographical error on the Mortgage System. 2 6122190000 6/24/2009 6/23/2009 3 6085020002 2/28/2007 23/02/2007 4 10075434 3/8/2001 30/03/2001 5 6125090001 9/3/2009 9/2/2009 6 6072790004 9/22/2006 9/21/2006 7 6095980008 8/22/2007 8/21/2007 8 6076880002 10/11/2006 12/10/2006 9 6180650000 6/19/2015 6/23/2015 10 6080850013 3/12/2007 - The Mortgage File is not available. The Mortgage File is not available. 11 10095016 11/9/2004 - 12 10099213 3/30/2005 - 13 10091103 3/27/2003 -  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Test 4(b): Loan amount to Offer Letter Sl No. customerRef As per Extraction File As per Offer Letter Management comments 1 10083888 1 35,000 The £1 amount is the data BCM received when the loan was originally boarded. They have not been asked to correct these by current or previous portfolio owners. 2 10087563 1 42,500 3 10070220 1 7,700 4 10084050 1 13,563 5 10089451 1 10,910 6 10105912 1 4,460 7 10093800 1 10,600 8 10075350 1 10,300 9 10080593 1 12,000 10 10082373 1 22,500 11 10075434 1 24,300 12 10081261 1 20,000 13 10096159 1 30,000 14 10102135 1 25,000 15 10080716 1 14,400 16 10083287 1 80,000 17 10099585 1 20,000 18 10081126 1 30,000 19 10105438 1 11,626 20 10076262 1 10,000 21 10085592 1 12,000 22 10100103 1 3,279 23 10104273 1 34,000 24 10082082 1 10,000 25 10092253 1 14,000 26 10091103 1 10,000 27 10088501 1 30,000 28 10097177 1 12,000 29 10071358 1 30,000 30 10073030 1 20,000 31 10098348 1 32,000 32 10097549 1 56,700 33 10098091 1 30,000 34 10095082 1 36,000 35 10091994 1 22,000 36 10088455 1 55,000 |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 10084253 1 17,000 38 10088942 1 17,752 39 10092933 1 17,500 40 10100348 35,000 36,496 The Difference of the Initial loan amount between the offer letter and the extraction file is due to the Mortgage loan origination costs. 41 10071093 65,000 - The Difference of the Initial loan amount between the offer letter and the extraction file is due to a revised off letter that the management cannot find. 42 10091722 1 - The Offer Letter was not available for testing. 43 10098028 40,000 - 44 6070010007 10,000 - 45 6066370006 5,000 - 46 10103730 17,545 - 47 6108880005 2,000 - 48 10095016 17,000 - 49 10074092 13,400 - 50 10091481 21,187 - 51 10070503 22,500 - 52 6126800004 10,000 - 53 6106500004 2,500 - 54 10087733 7,000 - Test 7(b): Interest rate to Offer Letter Sl No. customerRef As per Extraction File As per offer letter Management comments 1 10087563 5.99% 7.59% There are revised offer letters, but Management is unable to find these offer letters. 2 10088501 5.89% 7.28% 3 10098091 7.79% 6.69% 4 10091722 6.29% - Offer Letter was not available. 5 10098028 7.99% - 6 6070010007 6.99% - 7 6066370006 6.30% -  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 10103730 5.89% - 9 6108880005 6.78% - 10 10095016 6.99% - 11 10074092 7.59% - 12 10091481 7.30% - 13 10070503 7.19% - 14 6126800004 6.30% - 15 6106500004 6.99% - 16 10087733 6.79% - Test 8: Borrower 1 name- Mortgage System to Offer Letter Sl No. customerRef As per Mortgage system As per offer letter Management comments 1 10098801 L\*n W\*y L\*e W\*y This is a typographical error on the Mortgage System. 2 10091722 A\*y B\*e - Offer Letter was not available. 3 10098028 W\*m R\*n F\*n - 4 6070010007 S\*a M\*y L\*h - 5 6066370006 R\*y N\*s C\*s F\*r - 6 10103730 R\*a A\*w R\*y - 7 6108880005 P\*y B - 8 10074092 D\*y P\*a S\*l - 9 6126800004 M\*t V\*t - 10 6106500004 A\*e J\*t K\*g - 11 10087733 S\*h T\*t - Test 9(a): Date of birth of borrower 1 to Mortgage System Sl No. customerRef As per Extraction File As per Mortgage System Management comment 1 6083100004 5\*34 No such borrower per mortgage system. Borrower died and was removed from Mortgage System in October 2025. 2 6072790004 5\*37 5\*37 This is a typographical error on the Mortgage System. |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Test 9(b): Date of birth of borrower 1 to Mortgage File Sl No. customerRef As per Extraction File As per mortgage file Management Comments 1 6072790009 5\*37 5\*37 This is a typographical error on the Mortgage System. 2 6066370006 10\*36 12\*36 This is a typographical error on the Mortgage System. 3 6067620002 10\*30 7\*30 4 6066370001 10\*36 12\*36 5 10104176 7\*30 7\*30 This is a typographical error on the Mortgage System. 6 6072790004 5\*37 5\*37 This is a typographical error on the Mortgage System. 7 10102271 7\*37 - Mortgage File was not available. 8 10096374 6\*37 - 9 10100678 12\*37 - 10 6080850013 6\*35 - 11 10102138 5\*31 - 12 6118860002 9\*48 - 13 10101591 8\*42 - 14 10104669 9\*40 - 15 6080850002 6\*35 - 16 10102857 7\*46 - 17 6108880016 8\*25 - Test 10(a): Sex of borrower 1 to Mortgage System Sl No. customerRef As per Extraction File As per the mortgage system Management Comments 1 6083100004 M There is no borrower 1 per system. Borrower died and was removed from Mortgage System in October 2025. Test 10(b): Sex of borrower 1 to Mortgage File Sl No. customerRef As per Extraction File As per mortgage file Management Comments 1 10085460 F M Borrower positions transposed in the Extraction File, compared to the application form tested. 2 6082110010 F Salutation not marked in the application form. Application form does not have a field for sex.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 10102271 F - Mortgage file was not available. 4 10096374 M - 5 10100678 F - 6 6080850013 F - 7 10102138 F - 8 6118860002 M - 9 10101591 F - 10 10104669 M - 11 6080850002 F - 12 10102857 F - 13 6108880016 F - Test 11: Borrower 1 is inactive to Mortgage System Sl No. customerRef As per Extraction File As per Mortgage System Management comments 1 6061170004 FALSE 18\*20 is date of death of borrower Death certificate was received in September 2025, and date of death was added then. As extraction file produced for end of August, would have shown borrower as active. 2 6116570000 FALSE 19\*25 is the date of death of borrower Notification of borrower death received in October 2025, so at the time of the data extraction in August, the borrower would have shown as active. 3 6083100004 TRUE No borrower 2 per system, Borrower was removed from account on 29/09/25 as borrower died and property held in joint tenants. 4 10073015 FALSE 22\*25 is date of death of borrower Notification of death received in September 2025, so would have shown as active at the time of the data extraction. Test 12: Borrower 2 name to Offer Letter Sl No. customerRef Management comment 1 10091722 Offer Letter was not available. 2 6066370006 3 10091481 4 10070503 |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Test 13(b): Date of birth of borrower 2 to Mortgage File Sl No. customerRef As per Extraction File As per Mortgage File Management Comments 1 10092806 20\*38 02\*38 This is a typographical error on the mortgage system. 2 10071991 27\*31 23\*31 This is a typographical error on the mortgage system. 3 10091666 24\*37 24\*38 This is a typographical error on the mortgage system. 4 10089533 09\*42 09\*43 This is a typographical error on the mortgage system. 5 10096374 11\*37 - The Mortgage File was not available. 6 6096730032 3\*41 - 7 6118860002 6\*25 - 8 6096730009 3\*41 - 9 10104669 1\*45 - Test 14(b): Sex of borrower 2 to Mortgage File Sl No. customerRef As per Extraction File As per Mortgage File Management Comments 1 10096374 F - The Mortgage File was not available. 2 6096730032 F - 3 6118860002 F - 4 6096730009 F - 5 10104669 F - Test 15: Borrower 2 is inactive to the Mortgage System Sl No. customerRef As per Extraction File As per Mortgage System Management Comments 1 10096374 FALSE Borrower has died on 25\*24. 10096374 – the customer's death is recorded as 25\*24, and because the other borrower has also passed away, the account is in the redemption process – eviction date is set for 10/12/2025. 10095016 – The customer passed away on 25\*21. As there is a surviving borrower on the account, no further action is being taken on this account at this time. 2 10095016 FALSE Date of death is 25\*21.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Test 16: Dodltc to Mortgage System Sl No. customerRef As per Extraction File As per mortgage system Management Comments 1 10095016 - 25\*21 This is a joint account, with Mr passing away on 25\*21. As there is a surviving borrower, Mrs, there is not a DODLTC for the account so the account is not within the redemption process. Test 17: Address to Offer Letter Sl No. customerRef Management Comments 1 10091722 The Offer Letter was not available. 2 10098028 3 6070010007 4 6066370006 5 10103730 6 6108880005 7 10095016 8 10074092 9 10091481 10 10070503 11 6126800004 12 6106500004 13 10087733 Test 18: Latest property value to Valuation Report Sl No. customerRef As per Extraction File As per testing Management comments 1 10091722 130,000 90,000 There are revised valuation reports, but Management is unable to find these valuation reports. 2 10105912 265,000 245,000 3 6083100004 210,000 220,000 4 10086968 175,000 180,000 5 10106205 174,950 1,750,000 6 6106480001 175,000 170,000 7 10100382 350,000 650,000 8 6114730004 227,500 235,000 Projected market value per valuation report is stated in the Extraction File instead of market value per valuation report. 9 6140940001 165,000 175,000 10 6114730007 227,500 235,000  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 6125210007 165,000 175,000 12 10095826 1,650,000 165,000 This is a typographical error on the mortgage system. 13 10083888 650,000 - Valuation report was not available. 14 6080850013 380,000 - 15 10103730 88,000 - 16 6096730032 725,000 - 17 6118860002 225,000 - 18 10088501 164,000 - 19 10097177 300,000 - 20 10087073 60,000 - 21 6096730009 725,000 - 22 10085583 128,000 - 23 10097804 107,500 - 24 10098091 350,000 - 25 6080850002 380,000 - 26 10074092 150,000 - 27 10097922 200,000 - 28 10087256 142,881 - 29 10095636 180,000 - 30 10101749 125,000 - 31 10070503 195,000 - 32 10087733 135,000 - 33 10089062 150,000 - 34 10093800 190,000 - Test 19: Latest valuation date to Valuation Report Sl No. customerRef As per Extraction File As per valuation report Management comments 1 10091722 12/4/2006 12/11/2003 There are revised valuation reports, but management is unable to find these valuation reports. 2 10089451 5/3/2006 10/12/2005 3 10105912 1/8/2008 23/01/07 4 10090615 4/14/2005 7/8/2004 5 10076871 10/1/2010 6/28/2007 6 10087160 9/7/2005 12/31/2004 7 10088711 12/15/2004 30/04/2004 8 10098172 10/20/2006 9/26/2005 This is a typographical error on the mortgage system. 9 6086480007 1/25/2007 1/25/2006 The report date is 1/25/07, so it appears the date of inspection being 25/01/06 is a typographical error. There is no evidence in the  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;documents that a valuer was instructed a year before the borrowers applied for the mortgage on 18/07/07. 10 10076262 2/20/2008 13/02/2003 It appears the original lender used the completion date for the valuation date. 11 10082553 10/26/2006 16/03/2004 It appears the original lender used the completion date for the valuation date. 12 10100348 8/13/2008 4/7/2005 It appears the original lender used the completion date for the valuation date. 13 10083888 10/17/2008 - Valuation report was not available. 14 6080850013 11/2/2006 - 15 10103730 7/7/2008 - 16 6096730032 6/26/2007 - 17 6118860002 10/21/2008 - 18 10088501 6/12/2006 - 19 10097177 2/12/2007 - 20 10087073 2/1/2000 - 21 6096730009 6/26/2007 - 22 10085583 4/26/2004 - 23 10097804 7/20/2006 - 24 10098091 12/18/2007 - 25 6080850002 11/2/2006 - 26 10074092 5/29/2008 - 27 10097922 1/16/2007 - 28 10087256 12/21/2004 - 29 10095636 3/7/2006 - 30 10101749 6/15/2006 - 31 10070503 11/23/2006 - 32 10087733 2/18/2008 - 33 10089062 3/14/2005 - 34 10093800 11/9/2006 - Test 21: Equity Protection Percentage to Offer Letter Sl No. customerRef As per Extraction File As per Offer Letter Management comments 1 10091722 0% - Offer Letter was not available. 2 10098028 0% 3 6070010007 0% 4 6066370006 0% |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 10103730 0% 6 6108880005 0% 7 10095016 0% 8 10074092 0% 9 10091481 0% 10 10070503 0% 11 6126800004 0% 12 6106500004 0% 13 10087733 0% Test 22: Application form is signed Sl No. customerRef As per testing Management Comment 1 10072835 Application form is not signed. Not all pages from the application form have been scanned, including the declaration page where a customer would normally sign. However, the Mortgage Deed has been executed by the customers, and a scanned copy is on file. 2 10102271 - Application form was not available. 3 10096374 - 4 10100678 - 5 6080850013 - 6 6096730032 - 7 10102138 - 8 6118860002 - 9 10101591 - 10 6096730009 - 11 10104669 - 12 6080850002 - 13 10102857 - 14 6108880016 -  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix 3 to the AUP report Engagement letter dated 22 January 2026  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers LLP, 7 More London Riverside, London, SE1 2RT T: +44 (0) 2075 835 000, F: +44 (0) 2072 127 500, www.pwc.co.uk PricewaterhouseCoopers LLP is a limited liability partnership registered in England with registered number OC303525. The registered office of PricewaterhouseCoopers LLP is 1 Embankment Place, London WC2N 6RH. PricewaterhouseCoopers LLP is authorised and regulated by the Financial Conduct Authority for designated investment business. PRIVATE AND CONFIDENTIAL The Directors Phoenix Life Limited (the "Seller") 10 Brindleyplace Birmingham B1 2JB United Kingdom The Directors Kasper 1 L.P. ("Kasper 1") 152928 Canada Inc. 199 Bay Street, Suite 5300 Toronto, Ontario M5L 1B9 The Directors Sunshine Mortgage Funding 1 Plc (the "Issuer") C/O Tmf Group 13th Floor One Angel Court London, EC2R 7HJ United Kingdom Deutsche Bank AG London Branch (the "Arranger" and the "Lead Manager") 21 Moorfields London EC2Y 9DB United Kingdom and the Other Managers (as defined below) 08 June 2026 Dear Ladies and Gentlemen Agreed upon procedures in respect of the issuance of Mortgage-Backed Securities (the "Securitisation"). Purpose of this AUP report This AUP report is produced in accordance with the terms of our original agreement dated 22 January 2026 as varied by the variation agreement dated 02 June 2026 (the "agreement"). This AUP report is addressed to the addressees solely to assist them in performing the due diligence procedures that they believe appropriate to undertake, or procure to be undertaken, as part of the Securitisation and may not be suitable for another purpose.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 Your Responsibilities You are responsible for determining that the scope of the services is sufficient for your purposes (and the purposes of any other intended recipients of the AUP report) and have confirmed that the procedures described herein are appropriate for the purpose for which of the services were engaged. It is the responsibility of the Seller to take all reasonable care to ensure that any data provided to us has been properly extracted from the computer systems of the Seller and for the creation and maintenance of all accounting records supporting that data. It is the responsibility of the Seller to respond to the due diligence enquiries of Kasper 1, Issuer, Arranger and the Lead Manager concerning the Seller's origination and servicing procedures and systems as appropriate, the characteristics of the asset pool and the extent of disclosure anticipated in any prospectus relating to the Securitisation to enable the Arranger, Kasper 1, the issuer and the Lead Manager to determine whether the scope of the services is sufficient for their purposes, and to evaluate the findings of those procedures in the context of the other due diligence enquiries they undertake. Our Responsibilities Our work was performed in accordance with the International Standard on Related Services (ISRS) 4400 (Revised) 'Agreed-Upon Procedures Engagements.' We have complied with the ethical requirements in the Code of Ethics issued by the Institute of Chartered Accountants of England and Wales. We have also complied with the independence requirements of the Financial Reporting Council's Ethical Standard. An agreed-upon procedures engagement involves performing the procedures that have been agreed with you, and reporting the findings, which are the factual results of the agreed-upon procedures performed. We make no representation regarding the appropriateness of the agreed-upon procedures. We have applied International Standard on Quality Management (UK) 1 'Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements', and accordingly, we design, implement and operate a system of quality management including policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Procedures and Findings We set out in Appendix 1, Appendix 2, Appendix 3, Appendix 4, Appendix 5 and Appendix 6 the procedures we have performed, as agreed with you, together with our findings. Our procedures, as stated in our agreement, did not constitute an audit or assurance engagement made in accordance with generally accepted auditing or assurance standards, the objective of which would be the expression of assurance. We do not express such assurance. Had we performed additional procedures, or had we performed an audit or assurance engagement, other matters might have come to our attention that we would have reported to you. The findings do not include a description of the accounting systems or the processes for generating and maintaining the documents examined and other accounting records, nor does the AUP report include an evaluation of the findings. That is solely the responsibility of the intended users of the AUP report.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 The Seller or Kasper 1 may include a copy of this AUP report in the bible of transaction documents of the Securitisation prepared for the Issuer. You may also disclose the AUP report directly to rating agencies, provided that it is clearly understood by such rating agencies that they enjoy receipt for information purposes only, that they do not acquire any rights against PwC and that such AUP report will be accompanied by letters to this effect in a form to be agreed between the rating agency and ourselves. The procedures in this AUP report have not been undertaken in contemplation of the professional standards of the US American Institute of Certified Public Accountants or the Public Company Accounting Oversight Board and accordingly the AUP report is not designed to be relied upon in connection with any obligations or responsibilities that you may have under any legislation, regulations and/or rule of law in the United States. The AUP report may be used by a manager on the Securitisation to establish a due diligence defence under Section 11 of the United States Securities Act 1933, as amended, or a defence analogous to the due diligence defence available under such section. However, we express no view as to the effectiveness of such use of the AUP report. You may disclose the AUP report directly to rating agencies, provided that (i) it is clearly understood by such rating agencies that they enjoy receipt for information purposes only, (ii) they do not acquire any rights against PwC and (iii) they will be required to sign letters to this effect in a form to be agreed between the rating agency and ourselves. Where required, you may also include a copy of the AUP report on a password-protected website created and maintained in accordance with the Securities Exchange Act 1934, but we accept no duty of care or liability to any rating agency or other party that obtains access to our AUP report whether via that website or otherwise. Additionally, the Arranger, Lead Manager or the Issuer may file a copy of the AUP report on the U.S. Securities and Exchange Commission's Electronic Data Gathering, Analysis, and Retrieval ("EDGAR") database, but we accept no duty of care or liability to any parties that obtain access to our AUP report whether via EDGAR or otherwise. The AUP report is solely intended for the use and benefit of the Seller, Kasper 1 and any other parties that instructed us as to the procedures to be performed since others, unaware of the reasons for each of the procedures, may misinterpret the results, and we accept no duty of care or liability to any other party that obtains access to our AUP report. We will not be responsible for any actions taken by a rating agency or any other party other than those specified above as a result of receiving a copy of the AUP report. This AUP report is solely for your use in connection with the purpose specified above and as set out in our agreement. No part of this AUP report is to be copied or distributed to any other party except as permitted under the terms of our agreement. We do not accept any liability or responsibility to any third party. Yours faithfully, PricewaterhouseCoopers LLP Chartered Accountants London 08 June 2026  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 Appendix 1 to the AUP report Procedures performed in relation to a sample of Mortgage Loans for Q1 2026 1. We were provided with a data file by the Arranger on 14 May 2026 entitled "Q126 data tape v1.xlsx" (the "Extraction File 1") detailing account numbers for the provisional portfolio of equity release mortgages "Mortgage Loans 1" as at 31 March 2026 (the "Q1 2026 Cut-Off Date"), totalling 6533 accounts with a total current balance of £623,701,351.67 as at the Q1 2026 Cut-Off Date. We have been informed that the pool of Mortgage Loans 1 represents the Securitisation pool as at the Q1 2026 Cut-Off Date. We selected a random sample of 443 Mortgage Loans 1 (the"Initial Selected Sample 1") from the Extraction File 1. The size of the total sample was based on statistical sampling techniques using the following criteria: 99% confidence level; 0% expected error rate; 1% maximum error rate. 2. You have agreed the sample size of 443 accounts as being sufficient and appropriate for the purposes of this engagement. 3. In addition, we selected a reserve sample of 10 Mortgage Loans 1 (the "Reserve Sample 1") from the Extraction File 1, to be used to replace any Mortgage Loans 1 in the Initial Selected Sample 1 which had been redeemed between the Q1 2026 Cut-Off Date and the date of our testing. During our testing 4 Mortgage Loans 1 from the Reserve Sample 1 were used to replace redeemed Mortgage Loans 1. These 4 replaced 4 of the original sample, and the resulting 443 Mortgage Loans 1 represent the "Selected Sample 1" for the purposes of this Appendix. 4. The mortgage loan system referenced to in each case refers to Phoebus, (the "Mortgage System") of BCM, the mortgage servicer. 5. With respect to the agreed upon procedures in relation to the Selected Sample 1, we report to you below the factual findings resulting from our work: Test Description of Agreed-Upon Procedures Results 1. Borrower 1 DOB Agreed the 'dob1' data field of the Extraction File 1 to the Mortgage System. Management has informed us that test 1 is not applicable for 63 samples where the field 'dob1' per the Extraction File 1 had no value. As such we have not performed test 1) for these 63 Mortgage Loans 1. 1 exception noted. Loan ID As per Extractio n File 1 As per Mortgage system Management comment 10104878 26\*37 Only one borrower (Borrower 2) per system Mrs died and was removed from the account on 13/05/2026. 2. Borrower 2 DOB Agreed the 'dob2' data field of the Extraction File 1 to the Mortgage System. Management has informed us that test 2 is not applicable for 192 samples where the field 'dob2' per the Extraction File 1 had no value. As such we have not performed test 2) for these 192 Mortgage Loans 1.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 Test Description of Agreed-Upon Procedures Results 1 exception noted. Loan ID As per Extractio n File 1 As per Mortgage system Management comment 610765000 6 01\*38 Only one borrower (Borrower 1) per system Mrs died and was removed from the account in 2017. 3. DOD/LTC Agreed the 'dodltc' data field of the Extraction File 1 to the Mortgage System. 9 exceptions noted. Loan ID As per Extractio n File 1 As per Mortgage system Management comment 10099220 Blank Date of death 22\*26 The death certificate was received on 18/05/26 and system updated. 10090701 Blank Date of death 24\*26 The death certificate was received on 10/04/26 and system updated. 10070218 Blank Date of death 24\*26 The death certificate was received on 10/04/26 and system updated. 10080140 Blank Date of death 07\*25 The death certificate was received on 11/05/26 and system updated. 10070220 Blank Date of death 24\*26 The death certificate was received on 10/04/26 and system updated. 610572000 6 Blank Date of death 29\*26 Death certificate received 16/04/26, so death registered after data tape cut off. 10103870 Blank Date of death 25\*26 Deceased but no Death Certificate so can't formally update the System. 610572000 0 Blank Date of death 29\*26 Death certificate received 16/04/26, so death registered after data tape cut off. 10089350 Blank Date of LTC 05\*26 The date our borrower entered Long Term Care was not confirmed by the borrowers third party until April 2026,  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 Test Description of Agreed-Upon Procedures Results presume this is why not showing in the Q1 data tape. 4. Borrower 1 Inactive Agreed the 'inactive1' data field of the Extraction File 1 to the Mortgage System. Management has informed us that test 4) is not applicable for 63 samples where the field 'inactive1' per the Extraction File 1 had no value. As such we have not performed test 4) for these 63 Mortgage Loans 1. 9 exceptions noted Loan ID As per Extraction File 1 As per Mortgage system Management comment 1009922 0 FALSE Date of death per system is 22\*26 The death certificate was received on 18/05/26 and system updated. 10070218 FALSE Date of death per system is 24\*26 The death certificate was received on 10/04/26 and system updated. 10090572 FALSE Date of death per system 01\*26 The death certificate was received on 18/05/26 and system updated. 1008902 3 FALSE Date of death per system 02\*2026 We've received notification on 19/05/26 that the borrower has died, but awaiting death certificate - so data file will not show a DOD. 1009973 0 FALSE Date of death per system 28\*25 The death certificate was received on 23/04/26 and system updated. 1007022 0 FALSE Date of death per system 24\*26 The death certificate was received on 10/04/26 and system updated. 10103870 FALSE Date of death per system 25\*26 Borrower is marked as 'deceased - notified', we are awaiting the death certificate which I believe results in the death not showing in the data file. 6125600 000 FALSE Date of death per Borrower is marked as 'deceased - |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 Test Description of Agreed-Upon Procedures Results system 01\*22 notified', we are awaiting the death certificate which I believe results in the death not showing in the data file. 10104878 FALSE No second borrower per system Mrs died and was removed from the account on 13/05/2026. 5. Borrower 2 Inactive Agreed the 'inactive2' data field of the Extraction File 1 to the Mortgage System. Management has informed us that test 5) is not applicable for 192 samples where the field 'inactive2' per the Extraction File 1 had no value. As such we have not performed test 5) for these 192 Mortgage Loans 1. 8 exceptions noted. Loan ID As per Extractio n File 1 As per Mortgage system Management comment 10090701 FALSE Date of death per system is 24\*26 The death certificate was received on 10/04/26 and system updated. 10080140 FALSE Date of death per system is 2\*18 We have not received the death certificate for this borrower, so their status is 'deceased - notified', and I believe doesn't then appear in the data tape. If/when we receive the death certificate, the status would be updated to 'deceased - verified' and then would appear in the data tape. 10097564 FALSE Date of death per system 11\*26 Borrower is marked as 'deceased - notified', we are awaiting the death certificate which I believe results in the death not showing in the data file. 610572000 6 FALSE Date of death per system 29\*26 Death certificate received 16/04/26, so death registered after data tape cut off. 10089651 FALSE Date of death per Borrower is marked as 'deceased - notified',  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 Test Description of Agreed-Upon Procedures Results system 27\*26 we are awaiting the death certificate which I believe results in the death not showing in the data file. 10103124 FALSE Date of death per system 13\*26 Borrower is marked as 'deceased - notified', we are awaiting the death certificate which I believe results in the death not showing in the data file. 610572000 0 FALSE Date of death per system 29\*26 Death certificate received 16/04/26, so death registered after data tape cut off. 610765000 6 TRUE No second borrower per system Mrs died and was removed from the account in 2017. 6. Borrower 1 Sex Agreed the 'sex1' data field of the Extraction File 1 to the Mortgage System. Management has informed us that test 6) is not applicable for 63 samples where the field 'sex1' per the Extraction File 1 had no value. As such we have not performed test 6) for these 63 Mortgage Loans 1. 1 exception noted. Loan ID As per Extraction File 1 As per Mortgage system Management comment 10104878 F Only one borrower (Borrower 2) per system Mrs died and was removed from the account on 13/05/2026. 7. Borrower 2 Sex Agreed the 'sex2' data field of the Extraction File 1 to the Mortgage System. Management has informed us that test 7) is not applicable for 192 samples where the field 'sex2' per the Extraction File 1 had no value. As such we have not performed test 7) for these 192 Mortgage Loans 1. 1 exception noted. Loan ID As per Extractio n File 1 As per Mortgage system Management comment 610765000 6 F Only one borrower (Borrower 1) per system Mrs died and was removed from the account in 2017. 8. Outstanding Loan Balance Agreed the 'outstandingLoanBalance' data No exceptions noted.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 Test Description of Agreed-Upon Procedures Results field of the Extraction File 1 to the Mortgage System. 9. Total Outstanding Loan Balance Agreed the 'totalOLB' data field of the Extraction File 1 to the Mortgage System. No exceptions noted. 10. Interest rate Agreed the 'totalfixedRate' data field of the Extraction File 1 to the Mortgage System. If loans were part of a consolidated loan, the weighted average interest rate was calculated. If the Rest Type per the Mortgage System was M (Monthly), no conversion was applied. If the Rest Type per the Mortgage System was A (Annual), a conversion was applied with the following formula: 𝐹𝑖𝑥𝑒𝑑 𝑅𝑎𝑡𝑒 = ൬(1 + 𝐼ோ஺்ா) ଵ ଵଶ - 1൰ × 12 No exceptions noted.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img032.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 Appendix 2 to the AUP report Procedures performed in relation to a sample of Mortgage Loans Q1 2026 1. We were provided with a data file by the Arranger on 14 May 2026 entitled "Q126 data tape v1.xlsx" (the "Extraction File 1b") detailing account numbers for the provisional portfolio of equity release mortgages "Mortgage Loans 1b" as at 31 March 2026 (the "Q1 2026 Cut-Off Date (Appendix 2)"), totalling 6533 accounts with a total current balance of £623,701,351.67 as at the Q1 2026 Cut-Off Date (Appendix 2). We have been informed that the pool of Mortgage Loans 1b represents the Securitisation pool as at the Q1 2026 Cut-Off Date (Appendix 2). We selected a random sample of 443 Mortgage Loans 1b (the"Selected Sample 1b") from the Extraction File 1b. The size of the total sample was based on statistical sampling techniques using the following criteria: 99% confidence level; 0% expected error rate; 1% maximum error rate. 2. You have agreed the sample size of 443 accounts as being sufficient and appropriate for the purposes of this engagement. 3. The Q1 2026 Mortgage Point File referenced to in each case refers to the data file entitled "DataTape and source MPF (with mapping) – Q126_v3.xlsx" (the "Q1 2026 Mortgage Point File") provided on the 22 May 2026 by the Arranger. 4. With respect to the agreed upon procedures in relation to the Selected Sample 1b, we report to you below the factual findings resulting from our work: Test Description of Agreed-Upon Procedures Results 1a). Region Agreed the 'Region' data field of the Extraction File 1b to the Q1 2026 Model Point File. No exceptions noted. 2a). House Price Agreed the 'housePrice' data field of the Extraction File 1b to the Q1 2026 Model Point File. Management has informed us to use figures rounded to the nearest whole number for the purpose of this test. No exceptions noted 3a). Fixed Interest Rate Agreed the 'fixedRate' data field of the Extraction File 1b to the Q1 2026 Model Point File. No exceptions noted.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img033.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 Test Description of Agreed-Upon Procedures Results 4a). LTV Agreed the 'LTV' data field of the Extraction File 1b to the Q1 2026 Model Point File. Management has informed us to use figures rounded to the nearest whole number for the purpose of this test. No exceptions noted. |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img034.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 Appendix 3 to the AUP report Procedures performed in relation to a sample of Mortgage Loans for Q4 2025 1. We were provided with a data file by the Arranger on 28 April 2026 entitled "DataTape Q425_v5.3_extra_fields Updated AVMs final.xlsx" (the "Extraction File 2") detailing account numbers for the provisional portfolio of equity release mortgages "Mortgage Loans 2" as at 31 December 2025 (the "Q4 2025 Cut-Off Date"), totalling 6742 accounts with a total current balance of £631,001,176.63 as at the Q4 2025 Cut-Off Date. We have been informed that the pool of Mortgage Loans 2 represents the Securitisation pool as at the Q4 2025 Cut-Off Date. We selected a random sample of 443 Mortgage Loans 2 (the "Initial Selected Sample 2") from the Extraction File 2. The size of the total sample was based on statistical sampling techniques using the following criteria: 99% confidence level; 0% expected error rate; 1% maximum error rate. 2. You have agreed the sample size of 443 accounts as being sufficient and appropriate for the purposes of this engagement. 3. In addition, we selected a reserve sample of 10 Mortgage Loans 2 (the "Reserve Sample 2") from the Extraction File 2, to be used to replace any Mortgage Loans 2 in the Initial Selected Sample 2 which had been redeemed between the Q4 2025 Cut-Off Date and the date of our testing. During our testing zero Mortgage Loans 2 from the Reserve Sample 2 were used to replace redeemed Mortgage Loans 2. Therefore, the 443 Mortgage Loans 2 from the Initial Selected Sample 2 represent the "Selected Sample 2". 4. The mortgage loan system referenced to in each case refers to Phoebus, (the "Mortgage System") of BCM, the mortgage servicer. 5. The AVM report referenced in test 11 refers to the data file entitled "2.56 2.50 Stock List Template Puffin Portfolio HC – Processed.xlsx" (the "AVM report with property type") provided on the 28 April 2026 by the Arranger. 6. With respect to the agreed upon procedures in relation to the Selected Sample 2, we report to you below the factual findings resulting from our work: Test Description of Agreed-Upon Procedures Results 1. Borrower 1 DOB Agreed the 'dob1' data field of the Extraction File 2 to the Mortgage System. Management has informed us that test 1 is not applicable for 68 samples where the field 'dob1' per the Extraction File 2 had no value. As such we have not performed test 1) for these 68 Mortgage Loans 2. 1 exception noted. Loan ID As per Extractio n File 2 As per Mortgage system Management comment 618236000 2 26\*47 Only one borrower (Borrower 2) per system Deceased borrower was removed from account as Joint Tenants |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img035.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 Test Description of Agreed-Upon Procedures Results 2. Borrower 2 DOB Agreed the 'dob2' data field of the Extraction File 2 to the Mortgage System. Management has informed us that test 2 is not applicable for 194 samples where the field 'dob2' per the Extraction File 2 had no value. As such we have not performed test 2) for these 194 Mortgage Loans 2. No exception noted. 3. DOD/LTC Agreed the 'dodltc' data field of the Extraction File 2 to the Mortgage System. 6 exceptions noted. Loan ID As per Extractio n File 2 As per Mortgage system Management comment 10096188 Blank Date of death 31\*25 The account was originally in joint names, borrower 2 was removed from the account when he died in 2016. 612374000 3 Blank Date of death 30\*25 Deceased but no Death Certificate so can't formally update the System. 612374000 2 Blank Date of death 30\*25 Deceased but no Death Certificate so can't formally update the System. 612374000 5 Blank Date of death 30\*25 Deceased but no Death Certificate so can't formally update the System. 615293000 0 Blank Date of death 11\*25 Deceased but no Death Certificate so can't formally update the System. 612374000 6 Blank Date of death 30\*25 Deceased but no Death Certificate so can't formally update the System. 4. Borrower 1 Inactive Agreed the 'inactive1' data field of the Extraction File 2 to the Mortgage System. Management has informed us that test 4) is not applicable for 69 samples where the field 'inactive1' per the Extraction File 2 had no value. As such we have not performed test 4) for these 69 Mortgage Loans 2. 12 exceptions noted Loan ID As per Extraction File 2 As per Mortgage system Management comment |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img036.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 Test Description of Agreed-Upon Procedures Results 61237400 03 FALSE Date of death 30\*25 Notification of death was after the cut-off date 1007848 4 FALSE Date of death 17\*25 Deceased but no Death Certificate so can't formally update 10101303 FALSE Date of death 16\*20 Deceased but no Death Certificate so can't formally update 61237400 02 FALSE Date of death 30\*25 Notification of death was after the cut-off date 6182360 002 TRUE Only one borrower (Borrower 2) per system Deceased borrower was removed from account as Joint Tenants 61237400 05 FALSE Date of death 30\*25 Notification of death was after the cut-off date 10103262 FALSE Date of death 10\*25 Notification of death was after the cut-off date 10095231 FALSE Date of death 16\*25 Deceased borrower was removed from account as Joint Tenants 61152800 01 FALSE Date of death 17\*25 Notification of death was after the cut-off date 61529300 00 FALSE Date of death 11\*25 Deceased but no Death Certificate so can't formally update 1008979 2 FALSE Date of death 10\*25 Notification of death was after the cut-off date 61237400 06 FALSE Date of death 30\*25 Notification of death was after the cut-off date 5. Borrower 2 Inactive Agreed the 'inactive2' data field of the Extraction File 2 to the Mortgage System. Management has informed us that test 5) is not applicable for 194 samples where the field 'inactive2' per the Extraction File 2 had no value. As such we have not performed test 5) for these 194 Mortgage Loans 2. 2 exceptions noted. Loan ID As per Extractio n File 2 As per Mortgage system Management comment 10096188 FALSE Date of death 31\*25 The account was originally in joint names, borrower 2 was  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img037.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 Test Description of Agreed-Upon Procedures Results removed from the account when he died in 2016. 10098778 FALSE Date of death 25\*25 Deceased but no Death Certificate so can't formally update 6. Borrower 1 Sex Agreed the 'sex1' data field of the Extraction File 2 to the Mortgage System. Management has informed us that test 6) is not applicable for 69 samples where the field 'sex1' per the Extraction File 2 had no value. As such we have not performed test 6) for these 69 Mortgage Loans 2. 1 exception noted. Loan ID As per Extraction File 2 As per Mortgage system Management comment 6182360 002 M Only one borrower (Borrower 2) per system Deceased borrower was removed from account as Joint Tenants 7. Borrower 2 Sex Agreed the 'sex2' data field of the Extraction File 2 to the Mortgage System. Management has informed us that test 7) is not applicable for 194 samples where the field 'sex2' per the Extraction File 2 had no value. As such we have not performed test 7) for these 194 Mortgage Loans 2. No exceptions noted. 8. Outstanding Loan Balance Agreed the 'outstandingLoanBalance' data field of the Extraction File 2 to the Mortgage System. 1 exception noted. Loan ID As per Extractio n File 2 As per Mortgage system Management comment 10219573 £56,497. 67 £55,537.67 Data tape is probably looking at the capital balance, as that was £56,496.67 at 31/12/25. 9. Total Outstanding Loan Balance Agreed the 'totalOLB' data field of the Extraction File 2 to the Mortgage System. 1 exception noted. Loan ID As per Extractio n File 2 As per Mortgage system Management comment 10219573 £56,497. 67 £55,537.67 Data tape is probably looking at the capital balance, as that was  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img038.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 Test Description of Agreed-Upon Procedures Results £56,496.67 at 31/12/25. 10. Interest rate Agreed the 'totalfixedRate' data field of the Extraction File 2 to the Mortgage System. If loans were part of a consolidated loan, the weighted average interest rate was calculated. If the Rest Type per the Mortgage System was M (Monthly), no conversion was applied. If the Rest Type per the Mortgage System was A (Annual), a conversion was applied with the following formula: 𝐹𝑖𝑥𝑒𝑑 𝑅𝑎𝑡𝑒 = ൬(1 + 𝐼ோ஺்ா) ଵ ଵଶ - 1൰ × 12 No exceptions noted. 11. Property Type Agreed the 'Property Type' data field of the Extraction File 2 to AVM report with property type. No exceptions noted 12. AVM Valuation Agreed the 'AVM_RM' data field of the Extraction File 2 to the Mortgage System. No exceptions noted.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img039.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 Appendix 4 to the AUP report Procedures performed in relation to a sample of Mortgage Loans Q3 & Q4 2025 1. We were provided with a data file by the Arranger on 28 April 2026 entitled "DataTape Q425_v5.3_extra_fields Updated AVMs final.xlsx" (the "Extraction File 2b") detailing account numbers for the provisional portfolio of equity release mortgages "Mortgage Loans 3" as at 31 December 2025 (the "Q4 2025 Cut-Off Date (Appendix 4)"), totalling 6742 accounts with a total current balance of £631,001,176.63 as at the Q4 2025 Cut-Off Date (Appendix 4). We have been informed that the pool of Mortgage Loans 3 represents the Securitisation pool as at the Q4 2025 Cut-Off Date (Appendix 4). We selected a random sample of 443 Mortgage Loans 3 (the "Initial Selected Sample 2b") from the Extraction File 2b. The size of the total sample was based on statistical sampling techniques using the following criteria: 99% confidence level; 0% expected error rate; 1% maximum error rate. 2. You have agreed the sample size of 443 accounts as being sufficient and appropriate for the purposes of this engagement. 3. The Q4 2025 Mortgage Point File referenced to in each case refers to the data file entitled "DataTape and source MPF (with mapping) – Q425" (the "Q4 2025 Mortgage Point File") provided on the 26 March 2026 by the Arranger. 4. We were provided with a data file by the Arranger on 26 March 2026 entitled "DataTape_Q325_Final_v3_extra_fields" (the "Extraction File 3") detailing account numbers for the provisional portfolio of equity release mortgages "Mortgage Loans 4" as at 3o September 2025 (the "Q3 2025 Cut-Off Date"), totalling 6943 accounts with a total current balance of £642,795,752.88 as at the Q3 2025 Cut-Off Date. We have been informed that the pool of Mortgage Loans 4 represents the Securitisation pool as at the Q3 2025 Cut-Off Date. We selected a random sample of 444 Mortgage Loans 4 (the "Initial Selected Sample 3") from the Extraction File 3. The size of the total sample was based on statistical sampling techniques using the following criteria: 99% confidence level; 0% expected error rate; 1% maximum error rate. 5. You have agreed the sample size of 444 accounts as being sufficient and appropriate for the purposes of this engagement. 6. The Q3 2025 Mortgage Point File referenced to in each case refers to the data file entitled "DataTape and source MPF (with mapping) – Q325" (the "Q3 2025 Mortgage Point File") provided on the 26 March 2026 by the Arranger. 7. The Initial Selected Sample 2b and Initial Selected Sample 3, together represent "the Selected Sample 3". 8. With respect to the agreed upon procedures in relation to the Selected Sample 3, we report to you below the factual findings resulting from our work:  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img040.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 Test Description of Agreed-Upon Procedures Results 1a). Region Agreed the 'Region' data field of the Extraction File 2b to the Q4 2025 Model Point File. No exceptions noted. 1b). Region Agreed the 'Region' data field of the Extraction File 3 to the Q3 2025 Model Point File. No exceptions noted. 2a). House Price Agreed the 'housePrice' data field of the Extraction File 2b to the Q4 2025 Model Point File. Management has informed us to use figures rounded to the nearest whole number for the purpose of this test. 1 exception noted Loan ID As per Extractio n File 2b As per Q4 2025 Model Point File Management comment 100855 14 251845 251844 This is a rounding difference 2b). House Price Agreed the 'housePrice' data field of the Extraction File 3 to the Q3 2025 Model Point File. Management has informed us to use figures rounded to the nearest whole number for the purpose of this test. No exceptions noted. 3a). Fixed Interest Rate Agreed the 'fixedRate' data field of the Extraction File 2b to the Q4 2025 Model Point File. No exceptions noted. 3b). Fixed Interest Rate Agreed the 'fixedRate' data field of the Extraction File 3 to the Q3 2025 Model Point File. No exceptions noted. 4a). LTV Agreed the 'LTV' data field of the Extraction File 2b to the Q4 2025 Model Point File. Management has informed us to use figures rounded to the nearest whole number for the purpose of this test. No exceptions noted. |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img041.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 Test Description of Agreed-Upon Procedures Results 4b). LTV Agreed the 'LTV' data field of the Extraction File 3 to the Q3 2025 Model Point File. Management has informed us to use figures rounded to the nearest whole number for the purpose of this test. No exceptions noted. |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img042.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 Appendix 5 to the AUP report Procedures performed in relation to the current balance of Mortgage Loans samples for Q4 2025. 1. We were provided with a data file by the Arranger on 26 March 2026 entitled "1.183 Phoenix_YE_Balances 20260306.xlsx" (the "Extraction File 4") detailing account numbers for the provisional portfolio of equity release mortgages "Mortgage Loans 5" as at 31 December 2025 (the "Q4 2025 Cut-Off Date (Appendix 5)"), totalling 16,638 accounts with a total current balance of £648,464,359 as at the Q4 2025 Cut-Off Date (Appendix 5). We have been informed that the pool of Mortgage Loans 5 represents the historical data detailing historical year-end outstanding balances until Q4 2025 Cut-Off Date (Appendix 5) for a portfolio of equity release mortgages "Mortgage Loans 5" onboarded on BCM mortgage servicer system as at the Q4 2025 Cut-Off Date (Appendix 5). We selected a random sample of 59 Mortgage Loans 5 (the "Initial Selected Sample 4") from the Extraction File 4. The size of the total sample was based on statistical sampling techniques using the following criteria: 95% confidence level; 0% expected error rate; 5% maximum error rate. 2. You have agreed the sample size of 59 accounts as being sufficient and appropriate for the purposes of this engagement. 3. The Initial Selected Sample 4 represents the Selected Sample 4. With respect to the agreed upon procedures in relation to the Selected Sample 4 4. The mortgage loan system referenced to in each case refers to Phoebus, (the "Mortgage System") of BCM, the mortgage servicer. 5. With respect to the agreed upon procedures in relation to the Selected Sample 4, we report to you below the factual findings resulting from our work: Test Description of Agreed-Upon Procedures Results 1 Current balance Agreed the '2025' current balance data field of the Extraction File 4 to the Mortgage System. No exception noted  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img043.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 Appendix 6 to the AUP report Procedures performed in relation to a sample of historical redemption data of Mortgage Loans. 1. We were provided with a data file by the Arranger on 26 March 2026 entitled "1.196 Phoenix_Redemption_Transactions_v0c (2).xlsx" (the "Extraction File 5") extracted as at 23 March 2026 (the "Extraction Date"). The file represents the historical redemptions observed on the loans that were onboarded by BCM mortgage servicer on their systems. You have informed us that the sample of 191 mortgage loans "Mortgage Loans 6" determined by filtering the Historical data File for July 2025 in "Transaction Date" (column N) and "Cash" in "Transaction Class Description" (column Q) was sufficient ("Selected Sample 5"). 2. The mortgage loan system referenced to in each case refers to Phoebus, (the "Mortgage System") of BCM, the mortgage servicer. 3. The bank statements referenced in procedure 5 refers to the bank statements received from BCM mortgage servicer (the "Bank statement"). 4. With respect to the agreed upon procedures in relation to the Selected Sample 5, we report to you below the factual findings resulting from our work: Tes t Description of Agreed-Upon Procedures Results 1. Redemption Date Agreed the 'Redemption Date' data field of the Extraction File 5 to the Mortgage System. Management has informed us that test 1 is not applicable for 53 samples where the field 'Redemption date' per the Extraction File 5 had no value. As such we have not performed test 1 for these 53 Mortgage Loans 6. No exception noted 2 DOD/LTC Agreed the 'DOD/LTC' data field of the Extraction File 5 to the Mortgage System. 1 exception noted Loan ID As per Extracti on File 5 As per Mortgage system Management comment 10101082 0 Death Admin Death was recorded on 30/03/2026, after the data cut date of 23/03/26. 3. Borrower 1 DOB Agreed the 'Borrower 1 DOB data field of the Extraction File 5 to the Mortgage System. Management has informed us that test 3 is not applicable for 1 sample where the field 'Borrower 1 DOB' per the Extraction File 5 had no value. As such we have not performed test 3 for this 1 Mortgage Loan 6. 1 exception noted  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img044.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 Tes t Description of Agreed-Upon Procedures Results Loan ID As per Extracti on File 5 As per Mortgage system Management comment 10101082 0 28\*26 Death was recorded on 30/03/2026, after the data cut date of 23/03/26. 4. Borrower 2 DOB Agreed the 'Borrower 2 DOB' data field of the Extraction File 5 to the Mortgage System. Management has informed us that test 4 is not applicable for 121 samples where the field 'Borrower 2 DOB' per the Extraction File 5 had no value. As such we have not performed test 4 for these 121 Mortgage Loans 6. No exception noted 5. Transaction Value Agreed the 'Transaction Value' data field of the Extraction File 5 to the Bank statement. No exception noted 6. Balance Before Redemption Agreed the 'Balance Before Redemption' data field of the Extraction File 5 to the Mortgage System. Management has informed us that test 6 is not applicable for 58 samples where the field 'Balance Before Redemption' per the Extraction File 5 had no value. As such we have not performed test 6 for these 58 Mortgage Loans 6. 5 exceptions noted Loan ID As per Extracti on File 5 As per Mortgage system Management comment 10105922 42356.1 3 209770 It appears the redemption was run a day after the funds were received, so the data file figure is including the redemption funds. 10105922 42356.1 3 209770 10222788 0 80,389.20 The system has the redemption date as 07/08/2025, so the Balance Before Redemption calculation is correct as there was a nil balance the day before that date. Will need to update the redemption date so the balance before redemption calculates correctly. |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img045.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 Tes t Description of Agreed-Upon Procedures Results 10222789 0 7,777.03 The system has the redemption date as 07/08/2025, so the Balance Before Redemption calculation is correct as there was a nil balance the day before that date. Will need to update the redemption date so the balance before redemption calculates correctly. 10222789 0 7,777.03 7 Inception date Agreed the 'Inception date' data field of the Extraction File 5 to the Mortgage System. No exceptions noted  |

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| &nbsp;&nbsp;![GRAPHIC](tm2616045d3_ex99-1img046.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 Appendix 7 to the AUP report Engagement letter dated 22 January 2026 as varied on 02 June 2026  |

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