CIEL NO. 1 PLC : 06 July 2019

A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising mortgage loans sold by Paratus AMC Limited (the Seller) which were predominantly originated by Bluestone Mortgages Limited (formerly known as Basinghall Finance Limited and Basinghall Finance PLC), GMAC-RFC Limited (currently known as Paratus AMC Limited), by the Seller under the brand of Keystone and by Landbay Partners Limited and secured over residential properties located in England and Wales.

At the cut-off date (30 April 2019) the portfolio consisted of 1,091 variable rate mortgage loans, all of which were subject to a full, internal and external inspection:

Originator ...................... No.of Mortgages ............. Capital Balance (%)

BML ...................................1,052 ................................... 96.97%
GMAC-RFC ....................... ...36 ..................................... 2.48%
Landbay ................................. 2 ..................................... 0.52%
Paratus/Keystone ................ . 1 ...................................... 0.03%

The average capital balance per account is £165,195 and the largest loan is for £1,537,242. Repayment type (by current balances): interest only – 99.17%, repayment – 0.64%, and P&P – 0.19%. Loan purpose: re-mortgage – 51.67%, purchase – 48.33%. Occupancy type: BTL – 95.54%, owner-occupied – 4.46%. Income Verification: Verified – 98.04%. The WA CLTV is 82.79% (original LTV was 83.62%), the WA indexed LTV is 64.80% and the WA seasoning is 11.48 years. Regional concentration: Greater London – 37.10%, North West – 16.08%, Outer Metropolitan – 9.37% and Outer South East – 8.21%. Additional information: Arrears >=3 1.27%.

Significant Investor: The Seller will, on the Closing Date, purchase 100% of the Class Z1 Notes and 100% of the Class Z2 Notes and will hold 100% of the Residual Certificates.

EU Risk Retention: On the Closing Date and until all the Rated Notes have been redeemed in full, Paratus AMC Limited will retain a material net economic interest of not less than 5% in the securitisation as required by Article 6 of Regulation (EU) 2017/2402). As at the Closing Date, the Retention will be satisfied by the Retention Holder subscribing for and thereafter holding an interest in the first loss tranche, represented in this case by the retention by the Retention Holder of the Class Z1 Notes and the Class Z2 Notes, as required by Article 6(3)(d) of the Securitisation Regulation. The aggregate Principal Amount Outstanding of the Class Z1 Notes and the Class Z2 Notes as at the Closing Date is equal to at least 5 per cent of the nominal value of the securitised exposures.

US Risk Retention: The transaction is not intended to involve the retention by a sponsor for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, as amended, but rather it is intended to rely on an exemption provided for in Rule 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

Compare/contrast: RMAC No.2 plc, Twin Bridges 2019-1, Polaris 2019-1 plc