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Green Apple 2018-1 NHG: 30 June 2018

The fourth deal in the Green Apple series. The Issuer will make payments on the Notes from, inter alia, payments of principal and interest received from a portfolio solely comprising of mortgage loans with the benefit of an NHG Guarantee originated by the Seller (Argenta Spaarbank NV) and secured over residential properties located in the Netherlands. Legal title of the Mortgage Receivables will be assigned by the Seller to the Issuer on the Closing Date.

The portfolio (as at 31 May 2018 cut-off) consists of 7,333 loans (8,331 loan parts), where the average principal balance per borrower is Eur152,358 and the largest is for Eur290,287. All the mortgage loans have the benefit of an NHG Guarantee and all are owner-occupied properties. Redemption type (by current balances): annuity 94.4%, and linear 5.6%. Interest rate type: fixed 99.2%, floating 0.8%.

The WA LTMV-CLTOMV is 89.67% (indexed 75.27%), the WA LTFV-CLTOFV is 105.42% (indexed 88.50%) and the WA seasoning is 2.97 years. Regional concentration: Zuid-Holland 22.0%, Noord-Holland 21.4%, Noord-Brabant 14.2% and Gelderland 10.2%.

CRR 405: The Seller has undertaken to retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation transaction as described in the Prospectus in accordance with Section 405 of the CRR, Section 51 of the AIFM Regulation and Section 254 of the Solvency II Regulation.

U.S. Retention undertaking: The Seller does not intend to retain at least 5 per cent of the credit risk of the securitised assets for purposes of compliance with the U.S. Risk Retention Rules, but rather intends to rely on a 'foreign safe harbour' exemption for non-U.S. transactions provided for in Section_. 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions that meet certain requirements.

Compare/contrast: Green Apple 2017-1 NHG, Green Storm 2018 BV, EDML 2018-1 B.V.