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Columbus Master Credit Cards (Programme): 09 April 2017

In the majority of cases, individuals holding a credit card are customers of the Carrefour group establishments (hypermarkets, supermarkets etc.) as it is normally in these establishments where the first contact between the customer and the seller is made, during which the seller collects the information it requires for checking purposes and to issue the credit card.

The receivables to be transferred to the fund and received thereafter on each purchase date during the life of the fund are credit card receivables arising from drawings made by the borrowers under the revolving credit facilities granted to such borrowers by the seller under the terms of the Credit Card Agreements. The Client Accounts associated with the Credit Card Agreements from which the receivables comprising the Audited Portfolio arise all have the same contractual conditions.

All Credit Card Agreements from which the receivables arise have been granted to borrowers which are individuals resident in Spain as of the signing date of the corresponding Credit Card Agreement. Furthermore, the borrowers under such receivables had their most recent billing address located in Spain as of the purchase date of such receivables.

The maximum aggregate nominal amount of all Note Series from time to time outstanding under the programme will not exceed Eur2bln.

CRR 404/405: The Seller, as an originator for the purposes of the CRR, the Regulation (EU) No. 231/2013 of the EU Directive 2011/61/EU on Alternative Investment Fund Managers and the Solvency II Regulation will retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation contemplated by the Programme Documents in accordance with Article 405 of the CRR, Article 51 of the AIFMR and Article 254 of the Solvency II Regulation. The Retention will comprise the Seller holding an interest in the first loss tranche represented in this case by Seller Interest Credit Facility, and any Class of Notes retained by the Seller as required by the text of each of paragraph (d) of Article 405(1) of the CRR, paragraph (d) of Article 51(1) of the AIFMR and paragraph (d) of Article 254(2) of the Solvency II Regulation.