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Bavarian Sky France (French Auto Leases 3): 02 April 2018

The third Bavarian Sky auto lease transaction to be backed by a portfolio of auto lease receivables originated in France by BMW Finance SNC, together with the related vehicle buy back or sale receivables.

Eligibility Criteria (includes): all Lease Receivables are governed by the laws of France; the Receivables have monthly instalment payments; at least one Lease Instalment has been paid; are denominated in an amount payable in EUR; the Receivable is not overdue or in default on the first Cut-Off Date.

As at the pool closing date (28 February 2018), the portfolio comprised 20,628 lease agreements, where the Average Current Discounted Balance is Eur25,339. The largest lessees accounts for just 0.04% of aggregate discounted balances, and the top 20 for 0.46%. Client type (agreements - % discounted balance): private 14,827 – 69.09%; commercial 5,801 – 30.91%. Vehicle type: new – 89.15%, used - 10.85%. The WA Discounted RV as % of the Current Discounted Balance is 57.44% and the WA seasoning is 7.7 months. Regional distribution (by discounted balance): Ile de France 19.87%, Paris Bassin 16.36%, Mediterranean 14.87% and West 12.64%.

CRR 405: BMW Finance S.N.C., as Seller, will retain for the life of the transaction a material net economic interest of not less than 5% in the transaction in accordance with Article 405 of the Capital Requirements Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms or "CRR". BMW Finance S.N.C. undertakes, in its capacity as Subordinated Lender, to grant and keep outstanding the Subordinated Loan and not to sell and/or transfer and/or hedge the Subordinated Loan (whether in full or in part) until the earlier of the redemption of all the Notes in full and the Legal Final Maturity Date.

Compare/contrast: Bavarian Sky France (French Auto Leases 2), Bumper 10 Finance B.V, Driver France 3 FCT