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Cars Alliance Auto Loans Germany (V) 2019-1: 31 May 2019

Cars Alliance Auto Loans Germany (V) 2019-1 is a French securitisation fund where the purpose of the Issuer is to (a) be exposed to credit and interest rate risks by acquiring Eligible Receivables and Ancillary Rights from RCI Banque S.A., Niederlassung Deutschland during the Revolving Period; and (b) finance and hedge in full such credit and interest rate risks by issuing the Notes and the Units on the Issue Date and entering into the Issuer Swap Agreement and the Issuer Stand-by Swap Agreement. Essentially the Notes will be backed by a pool of German auto loans receivables granted to retail clients for the purpose of purchasing new or used motor vehicles originated in Germany via the German branch of RCI Banque SA.

Eligibility criteria (includes): is governed by German law; is fully disbursed; each receivable is at a fixed rate of interest; amortises on a monthly basis via monthly instalments; is a German resident; is payable in Euros; is payable by direct debit; at least one Instalment has been paid in full by the relevant borrower.

At the cut-off date (30 April 2019) the portfolio consists of 97,220 auto loan contracts extended to 96,266 debtors, where the average outstanding net discounted principal balance per loan is Eur10,564. Vehicle type (by discounted balances): New cars 90.3%, used cars 9.7%. Contract type: Balloon 87.2%, Amortising 12.8%. The WA seasoning is 20.4 mnths. Regional concentration: Nordrhein-Westfalen 21.47%, Baden-Wurttemberg 16.48%, Bayern 10.88% and Niedersachsen 8.30%.

EU Risk Retention: The Seller, as “originator” for the purposes of Article 6(1) of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017, has undertaken that for so long as any Listed Note remains outstanding it will (i) retain on an ongoing basis a material net economic interest in the securitisation of not less than 5%, (ii) at all relevant times comply with the requirements of Article 7(l)(e)(iii) of the Securitisation Regulation by confirming in the investor reports the risk retention of the Seller as contemplated by Article 6(1) of the Securitisation Regulation, (iii) not change the manner in which it retains such material net economic interest, except to the extent permitted by the Securitisation Regulation and (iv) not sell, hedge or otherwise enter into any credit risk mitigation, short position or any other credit risk hedge with respect to its retained material net economic interest, except to the extent permitted by the Securitisation Regulation.

US Risk Retention: The issuance of the Notes has not been designed to comply with the U.S. Risk Retention Rules other than the exemption under Section _.20 of the U.S. Risk Retention Rules and no other steps have been taken by the Issuer, the Seller, the Joint Arrangers, the Joint Bookrunners, the Joint Lead Managers or any of their respective affiliates or any other party to accomplish such compliance.

STS: The securitisation transaction described in the Prospectus is intended to qualify as a STS securitisation within the meaning of Article 18 of the Securitisation Regulation.

Compare/contrast: Cars Alliance Auto Loans Germany (V) 2016-1, Volkswagen Car Lease No.28 Ltd, RevoCar 2019