Equity Release Funding (No.4) PLC Investor Announcement (4563Y)

TIDM68VY

RNS Number : 4563Y

Equity Release Funding (No.4) PLC

03 March 2017

3 March 2017

Equity Release Funding (No.4) PLC

(the "Issuer")

   Re:         GBP125,000,000 Class A1 Mortgage Backed Floating Rate Notes due 2039 (XS0197423188)

GBP215,000,000 Class A2 Mortgage Backed Floating Rate Notes due 2039 (XS0197423345)

GBP61,000,000 Class B Mortgage Backed Floating Rate Notes due 2049 (XS0197423774)

GBP16,500,000 Class C Mortgage Backed Deferrable Interest Floating Rate Notes due 2049 (XS0197424236)

GBP1,000,000 Class D Mortgage Backed Deferrable Interest Floating Rate Notes due 2049 (XS0197424400)

The Issuer has become accustomed to issuing quarterly Investor Reports in respect of the periods to 30 January, 30 April, 30 July and 30 October respectively.

An error has been identified in the financial reporting process used to generate the Loan to Values (LTVs) in those Investor Reports for the Loans in the Issuer's Portfolio. Property information that feeds into all LTVs in the Investor Reports has been found to be incorrect. Upon identification of the error an investigation was undertaken and the process used to generate the LTVs was reviewed, corrected and tested to ensure this issue was fully resolved.

The LTV reflects the current loan balance compared to the original property value. The Indexed LTV reflects the current loan balance compared to the indexed (using Halifax annual House Price Index) value of the property. The latest Investor Report was issued on 13 February 2017 in respect of the Period 30 January 2017. The weighted average indexed LTV and indexed LTV that was given in the Investor Report as 66.3% and 42.2%. Following investigation these should have read 68.5% and 43.6%.

The next Investor Report will provide corrected information for all the erroneous LTVs issued on 13 February 2017. We confirm that we expect to issue the next Investor Report on or before 13 March 2017 in respect of the period to 30 January 2017.

This announcement has been shared with Credit Rating Agencies that provide ratings for the Issuer's Portfolio.

This notice is given by:

Equity Release Funding (No.4) PLC

3 March 2017

This information is provided by RNS

The company news service from the London Stock Exchange

END

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