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FCT Noria 2018-1: 28 June 2018

The Issuer will make payments on the Notes from payments received in respect of a portfolio comprising fixed rate consumer loan receivables under or in connection with the Loan Agreements originated by the Seller. The portfolio is comprised of personal loan receivables, sales finance loan receivables and debt consolidation loan receivables.

In accordance with the Master Receivables Sale and Purchase Agreement, and subject to the satisfaction of certain conditions precedent, the Issuer shall purchase from the Seller additional receivables on each Purchase Date falling after the Issuer Establishment Date and until the Payment Date falling in June 2019.

The seller/originator BNP Paribas Personal Finance is the Group’s consumer credit specialist, with over 27 million active customers. It has also a residential mortgage lending business in a several countries. With more than 17,500 employees in approximately 30 countries, BNP Paribas Personal Finance ranks as the leading player in France and in Europe.

At the cut-off date (30 May 2018) the portfolio consists of 193,912 fixed-rate loans advanced to 181,171 borrowers, where the average outstanding balance is Eur8,251. At cut-off, none were in arrears. Loan type: personal loans – 57.89%, debt consolidation – 28.76%, and sales finance – 13.35%. The WA seasoning is 16.43 months. Regional concentration: Ile de France – 18.89%, Provence-AlpesCôte-d'Azur – 9.20% and Rhône-Alpes – 8.97%.

Significant investor: The Seller will purchase on the Closing Date: (i) 100% of the Class A Notes; (ii) 5% of the Class B Notes, the Class C Notes, the Class D Notes and Class E Notes, the Class F Notes and the Class G Notes in order to comply with the EU Risk Retention Requirements; and (iii) 100% of the Units.

EU Risk Retention: The Seller, as “originator” for the purposes of Article 405 paragraph (1) of Regulation (EU) No 575/2013 of the European Parliament and the Council of 26 June 2013, will retain on a consolidated basis a material net economic interest in the transaction which, in any event, shall not be less than 5%. As at the Closing Date such interest will take the form of the holding by the Seller and its Parent Institution of no less than 5% of the nominal value of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes and the Class G Notes.

US Risk Retention: The Seller, as the sponsor under the U.S. Risk Retention Rules, does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, as amended, but rather intends to rely on an exemption provided for in Section _.20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

Compare/contrast: FCT Noria 2015, FCT Ginkgo Sales Finance 2017-1