The credit ratings shown are preliminary. Final ratings will be issued on receipt and satisfactory review of all final transaction documentation. Accordingly, the preliminary ratings should not be construed as evidence of final ratings. If Standard&Poor's Ratings Services does not receive final documentation within a reasonable timeframe, or if documentation departs from materials reviewed, we reserve the right to withdraw or change the ratings. This report does not constitute a recommendation to buy, hold, or sell securities. Subsequent information may result in the assignment of final credit ratings that differ from the preliminary ratings. Newly-formed special-purpose U.K.-based vehicle UPP Bond 1 Issuer PLC (the issuer) intends to issue the proposed £261 million senior secured fixed rate notes due
