Private Driver UK 2020-1: 08 April 2020

An issuance via the Driver UK Multi-Compartment S.A. 1bln GBP Programme for the Issuance of Asset Backed Notes.

Eligibility criteria (includes): that the purchase of the Receivables may not have the result that the Aggregate Discounted Receivables Balance of all Purchased Receivables exceeds the following concentration limits with respect to the percentage of Discounted Receivables Balance generated under Financing Contracts for used vehicles (concentration limit: 50.0%), and under Financing Contracts for non-VW group brand vehicles (concentration limit: 10.0%); that such Purchased Receivable is denominated and payable in Sterling; that no Purchased Receivable is overdue; that the related Financing Contracts have been entered into exclusively with Obligors which, if they are corporate entities, have their registered office in England, Scotland or Wales or, if they are individuals, have their place of residence in England, Scotland or Wales.

At the cut-off date (31 March 2020) the pool consisted of 41,045 financing contracts, where the average outstanding discounted receivables balance is £20,222 and the largest is for £434,972. Financial Product (by current discounted balances): PCP 92.94%, HP 7.06%. Distribution of New/used Vehicles: New 55.18%, Used 44.82%. Distribution by Customer Type: Retail 96.98%, Corporate 3.02%. The WA seasoning is 3.72 months.


EU Risk Retention: The Seller shall, whilst any of the Notes remain outstanding, retain for the life of such Notes a material net economic interest of not less than 5% with respect to the transaction in accordance with Article 6(3)(c) of the Securitisation Regulation and undertakes that it will not reduce, hedge or otherwise mitigate its credit exposure to the material net economic interest for the purposes of Article 6(1) of the Securitisation Regulation and Article 12 of the Commission Delegated Regulation (EU) 625/2014. As at the Closing Date, such interest will be comprised of an interest in randomly selected exposures equivalent to no less than 5% of the nominal amount of the securitised exposures.

US Risk Retention: The issuance of the Notes was not 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 Arranger, the Lead Manager or any of their Affiliates or any other party to accomplish such compliance.

STS: Pursuant to Article 27(1) of the Securitisation Regulation, the Seller intends to notify the European Securities Markets Authority that the transaction will meet the requirements of Articles 20 to 22 of the Securitisation Regulation (the "STS Notification").

Compare/contrast: Private Driver UK 2018-1, Dowson 2020-1 plc