DISCLAIMER This document is provided for information purposes only. The information and analysis contained in this document were compiled or arrived from SAGA FY’23 Prelims – Credit Summary

FY’23 Credit Summary Credit risk Vanquis Operating Performance Income Summary Vanquis generated a loss in FY’23 of £6m, as they from Vanquis (VANQLN, PFGLN) FY’23 Credit Review Summary

Prelim FY’23 Credit Summary Metro Bank full year 2023 preliminary results. With the latest recapitalization by the key shareholder Jaime from Metro Bank Prelim FY’23 Credit Summary

Market position Ardagh Group (“Ardagh”) is among the major global metal can & glass manufacturers with exposure to stable end-markets. from Ardagh Group Credit Summary FY’23

Very (Shop Direct)  Q2’24 Summary Revenue of £2.15Bln similar to FY’22, just about defensible top line performance driven by an from Very (Shop Direct) Q2’24 Credit Update

Q3’24 Summary Robust top line performance from Iceland in the Q3’2024, with sales over £4.1Bln LTM. Inflation and high energy from Iceland Q3’24 (Dec’23) Credit Update

Key Operating Segments “Ford blue” two thirds of the sales come from traditional ICE cars, with a less stable outlook from Ford Q4’23 Credit Update & Outlook

Credit summary: Zenith is an interesting conundrum, it’s a B1/B+ rated bond with CCC-esque spreads, with huge off-balance sheet securitization from Zenith (ZEUSBD, XS2436885409)

Melrose Industries Credit Analysis Following demerger of GKN Autos – The Dowlais Group(based on the latest numbers from 1H’23)(Forecast numbers from Melrose Credit Review

Credit Summary, IPF: IPF is a consumer lending business, operating in Europe (mainly Eastern Europe), Mexico, and Australia. Notably, the from IPF, Quick Take

Credit Summary: Modulaire (MODULA 6 ⅛ 11/30/28 £259m SSNs XS2397447538, MODULA 4 ¾ 11/30/28 €750m SSNs XS2397447025, MODULA 6 ¾ from Modulaire Group (MODULA)

Operating Performance 1H’23 As of 1H’23, the Group saw its customer base grow by 4%, reaching 9.4m amidst a challenging from Admiral Insurance Group Credit Review 1H’23

Outlook for 2024 CPi In November 2023, the CPI rate dropped to 3.9%, the lowest since September 2021, down from from UK CPI Inflation and Interest Rates

Move of the year, XOVER: XOVER is 157 bps tighter year to date, the largest move in recent history bar from Credit Spreads In Review.

Operating Performance Total Asda group revenue up 2% to £6.3Bln. Ex -Fuel sales are up LfL 2.8% to £5.4Bln. Retail from ASDA Q3’23 Credit Update

Company Description Carnival Corporation & Carnival plc (CCL) runs the world’s largest cruise passenger fleet. CCL operates globally, with a from Carnival Cruises

It is possible that two byproducts of the bottleneck occur, one is a shortage of products available in the supply from The Panama Canal causing supply chain concerns as shipping lanes are bottlenecked

Intro The conclusion of the ECB’s targeted longer-term refinancing operations (TLTRO-III) is expected to mature throughout 2024. There’s a heightened from Bank liquidity and funding will have to be recalibrated in 2024, as the ECB’s Taregeted Long Term Refinancing Operations “TLTRO 3” conclude

Credit Summary: Punch (PUBLN, XS2357307664) is attempting to navigate to a successful refinancing ahead of it’s £600m SSN maturity in from Punch Taverns (PUBLN, XS2357307664) – Sailing close to the wind

Miller Homes Operating Results for Q3’23 Q3’23 revenues down 10% YoY to £240m, whilst LTM revenues down 3% to just from Miller Homes Short Form Credit Review Q3’23