....EUR26.25M Class B Senior Secured Floating Rate Notes due 2022, Upgraded to Aa1 (sf); previously on July 10, 2012 A1 (sf) Placed Under Review for Possible Upgrade

....EUR15.5M Class C1 Senior Secured Deferrable Floating Rate Notes due 2022, Upgraded to A2 (sf); previously on July 10, 2012 Baa2 (sf) Placed Under Review for Possible Upgrade

....EUR7M Class C2 Senior Secured Deferrable Fixed Rate Notes due 2022, Upgraded to A2 (sf); previously on July 10, 2012 Baa2 (sf) Placed Under Review for Possible Upgrade

....EUR20.65M Class D Senior Secured Deferrable Floating Rate Notes due 2022, Upgraded to Ba1 (sf); previously on July 10, 2012 Ba2 (sf) Placed Under Review for Possible Upgrade

....EUR11.25M Class E Senior Secured Deferrable Floating Rate Notes due 2022, Upgraded to B1 (sf); previously on July 10, 2012 B2 (sf) Placed Under Review for Possible Upgrade

....EUR10M Class O Combination Notes due 2022 (currently EUR 5.9M outstanding Rated Balance), Upgraded to Aaa (sf); previously on October 4, 2011 Upgraded to Aa3 (sf)

....EUR6M Class W Combination Notes due 2022 (currently EUR 4.1M outstanding Rated Balance), Upgraded to A1 (sf); previously on October 4, 2011 Upgraded to Baa2 (sf)

The ratings of the Combination Notes address the repayment of the Rated Balance on or before the legal final maturity. For Class W, the 'Rated Balance' is equal at any time to the principal amount of the Combination Note on the Issue Date increased by a Rated Coupon of 0.25% per annum respectively, accrued on the Rated Balance on the preceding payment date minus the aggregate of all payments made from the Issue Date to such date, either through interest or principal payments. For Class O, the 'Rated Balance' is equal at any time to the principal amount of the Combination Note on the Issue Date minus the aggregate of all payments made from the Issue Date to such date, either through interest or principal payments. The Rated Balance may not necessarily correspond to the outstanding notional amount reported by the trustee.

Leopard CLO IV B.V., issued in May 2006, is a Collateralised Loan Obligation ("CLO") backed by a portfolio of mostly high yield European loans. The portfolio is managed by M&G Investment Management Limited. The reinvestment period ended in February 2012. It is predominantly composed of senior secured loans.

RATINGS RATIONALE

According to Moody's, the rating actions taken on the notes reflect improvements of the transaction performance since the last rating action and a correction to the rating model Moody's used for this transaction. Moody's corrected the rating model and put the ratings of the above tranches on review for upgrade on 10 July, 2012.

Improvement in the credit quality is observed through a better average credit rating of the portfolio (as measured by the weighted average rating factor "WARF") and higher proportion of senior secured debt within the portfolio. In particular, as of the latest trustee report dated September 2012, the WARF is currently 2738 compared to 2813 in the August 2011 report. Reported senior secured debt increased from 83% to 89% between August 2011 and September 2012.

Moody's notes that the Class A notes have been paid down by approximately 8% or EUR 20.8 million since the rating action in October 2011. As of the latest trustee report dated September 28, 2012, the Class A/B, Class C, Class D and Class E overcollateralization ratios are reported at 126.50%, 116.70%, 108.95% and 105.15%, respectively, versus August 2011 levels of 126.89%, 117.71%, 110.39% and 106.77%, respectively, and all related overcollateralization tests are currently in compliance.

Due to the impact of revised and updated key assumptions referenced in "Moody's Approach to Rating Collateralized Loan Obligations" published in June 2011, key model inputs used by Moody's in its analysis, such as the portfolio par amount, WARF, diversity score, and weighted average recovery rate, may be different from the trustee's reported numbers. In its base case, Moody's analyzed the underlying collateral pool to have a performing par and principal proceeds balance of EUR 340 million, defaulted par of EUR 8 million, a weighted average default probability of 18.37% (consistent with a WARF of 2687, a weighted average recovery rate upon default of 46.32% for a Aaa liability target rating, a diversity score of 40 and a weighted average spread of 3.54%. The default probability is derived from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The average recovery rate to be realized on future defaults is based primarily on the seniority of the assets in the collateral pool. For a Aaa liability target rating, Moody's assumed that 90% of the portfolio exposed to senior secured corporate assets would recover 50% upon default, while the remainder non first-lien loan corporate assets would recover 10%. In each case, historical and market performance trends and collateral manager latitude for trading the collateral are also relevant factors. These default and recovery properties of the collateral pool are incorporated in cash flow model analysis where they are subject to stresses as a function of the target rating of each CLO liability being reviewed.

In the process of determining the final ratings, Moody's took into account the results of a number of sensitivity analyses:

1) Deterioration of credit quality to address the refinance and sovereign risks -- Approximately 19% of the obligors in the portfolio are rated B3 and below with their loans maturing between 2014 and 2016, which may create challenges for those obligors to refinance. Approximately 13% of the portfolio is exposed to obligors located in Ireland, Spain and Italy. Moody's considered a scenario where the WARF was increased to be 3153 by forcing the credit quality on 25% of such exposure to Ca. This scenario generated model outputs that were one to two notches lower than the base case results.

2) Lower Diversity Score and Weighted Average Recovery Rate Levels - Moody's also tested the sensitivity of the rated tranches to certain key parameters. Moody's modelled a lower diversity score of 38 and a lower weighted average recovery rate of 44%. This scenario generated model outputs that were zero to one notch lower than the base case results.

Moody's notes that this transaction is subject to a high level of macroeconomic uncertainty, which could negatively impact the ratings of the notes, as evidenced by 1) uncertainties of credit conditions in the general economy and 2) the large concentration of speculative-grade debt maturing between 2014 and 2016 which may create challenges for issuers to refinance. CLO notes' performance may also be impacted either positively or negatively by 1) the manager's investment strategy and behavior and 2) divergence in legal interpretation of CDO documentation by different transactional parties due to embedded ambiguities.

Sources of additional performance uncertainties are described below:

1) Portfolio Amortization: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio. Pace of amortisation could vary significantly subject to market conditions and this may have a significant impact on the notes' ratings. In particular, amortisation could accelerate as a consequence of high levels of prepayments in the loan market or collateral sales by the Collateral Manager or be delayed by rising loan amend-and-extent restructurings. Fast amortisation would usually benefit the ratings of the notes.

2) Moody's also notes that around 51% of the collateral pool consists of debt obligations whose credit quality has been assessed through Moody's credit estimates. Further information regarding specific risks and stresses associated with credit estimates are available in the report titled "Updated Approach to the Usage of Credit Estimates in Rated Transactions" published in October 2009.

3) Recovery of defaulted assets: Market value fluctuations in defaulted assets reported by the trustee and those assumed to be defaulted by Moody's may create volatility in the deal's overcollateralization levels. Further, the timing of recoveries and the manager's decision to work out versus sell defaulted assets create additional uncertainties. Moody's analyzed defaulted recoveries assuming the lower of the market price and the recovery rate in order to account for potential volatility in market prices. Realization of higher than expected recoveries would positively impact the ratings of the notes.

The principal methodology used in this rating was "Moody's Approach to Rating Collateralized Loan Obligations" published in June 2011. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's modeled the transaction using the Binomial Expansion Technique, as described in Section 2.3.2.1 of the "Moody's Approach to Rating Collateralized Loan Obligations" rating methodology published in June 2011.

The cash flow model used for this transaction, whose description can be found in the methodology listed above, is Moody's CDOEdge model.

This model was used to represent the cash flows and determine the loss for each tranche. The cash flow model evaluates all default scenarios that are then weighted considering the probabilities of the binomial distribution assumed for the portfolio default rate. In each default scenario, the corresponding loss for each class of notes is calculated given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss or EL for each tranche is the sum product of (i) the probability of occurrence of each default scenario; and (ii) the loss derived from the cash flow model in each default scenario for each tranche. As such, Moody's analysis encompasses the assessment of stressed scenarios.

In addition to the quantitative factors that are explicitly modeled, qualitative factors are part of the rating committee considerations. These qualitative factors include the structural protections in each transaction, the recent deal performance in the current market environment, the legal environment, specific documentation features, the collateral manager's track record, and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, may influence the final rating decision.

On 21 August 2012, Moody's released a Request for Comment seeking market feedback on proposed adjustments to its modelling assumptions. These adjustments are designed to account for the impact of rapid and significant country credit deterioration on structured finance transactions. If the adjusted approach is implemented as proposed, the rating of the notes affected by today rating action may be negatively affected. See "Approach to Assessing the Impact of a Rapid Country Credit Deterioration on Structured Finance Transactions", (http://www.moodys.com/research/Approach-to-Assessing-the-Impact-of-a-Rapid-Country-Credit--PBS_SF294880) for further details regarding the implications of the proposed methodology changes on Moody's ratings.

REGULATORY DISCLOSURES

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Qian Zhu Vice President - Senior Analyst Structured Finance Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Neelam S. Desai Senior Vice President Structured Finance Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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