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Weser Funding S.A. Compartment No. 1: 12 May 2017

The exclusive purpose of Weser Funding S.A. is to enter into several securitisation transactions, each via a separate compartment (Compartment) within the meaning of the Luxembourg Securitisation Law. The Compartment No. 1 Notes will be funding the first securitisation transaction.

The Compartment No. 1 Notes are backed by a portfolio of loan receivables. The obligations of the Issuer under the Compartment No. 1 Notes will be secured by first-ranking security interests granted to Stichting Security Trustee Weser acting in a fiduciary capacity for, inter alia, the Compartment No. 1 Noteholders.

The seller, Bremer Kreditbank Aktiengesellschaft is a fully licensed bank and was founded as a loan society in 1863. Following acquisition of the share majority by the Belgian bank Kredietbank NV, in 1982, the name was changed in 1990 to Kreditbank-Bankverein AG. Then, as a result of the merger of Bremer Kreditbank Aktiengesellschaft with CERA-Bank and ABB-Versicherungen, an insurance company, in 1998, the bank was renamed KBC Bank Deutschland AG in 1999. It now operates under the BKB brand name. As of 31 December 2015, BKB Bank had a balance sheet total of approximately Eur1.9bln and an equity of approximately Eur255mln.

As at the cut-off date (28 April 2017) the portfolio consisted of 641 contract types: Loans 554 – 69.5571% by balance; revolving credit facilities with due date 60 – 19.7179%; revolving credit facilities 21 – 10.2750% and other loans 6 – 0.45%. Amortisation Type: bullet – 80.3788%, amortising – 19.6212%. Geographical Distribution: Germany – 98.8494%, France – 0.5278%, Netherlands – 0.3728% and Poland – 0.2500%.

Significant Investor: The Seller is the sole holder of the Subordinated Notes, which amount to at least 22.5% of the Aggregate Loan Balance.

CRR 405: The Seller will retain for the life of Transaction 1 a material net economic interest of not less than 5% in Transaction 1 in accordance with Article 405 of Regulation 2013/575/EU. As of the Issue Date, such interest will be comprised of the retention of the first loss tranche and other tranches having the same or a more severe risk profile than those transferred or sold to investors and not maturing any earlier than those transferred or sold to investors, so that the retention equals in total no less than 5 % of the nominal value of the securitised exposure.

Compare/contrast: abc SME Lease Germany (Compartment 3), Geldilux TS 2015 SA