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Harmony French Home Loans FCT 2020-1: 01 April 2020

On the Closing Date and pursuant to the terms of the Home Loan Receivables Transfer Agreement, the Issuer will purchase a portfolio of Home Loan Receivables from the Seller, Crédit Immobilier de France. The Crédit Immobilier de France was created as a specialised credit financial group to support individuals' access to property through state subsidised loans. CIF Group organised itself throughout the 20th century around non-profit Sociétés Anonymes de Crédit Immobilier (SACIs), which owned 23 affiliated Regional Financial Subsidiaries (RFS) as well as the Caisse Centrale du Crédit Immobilier de France - 3CIF and its Mortgage Credit company CIF Euromortgage.

At the cut-off date (29 February 2020) the pool consisted of 15,689 loans advanced to 10,064 borrowers, where the average principal outstanding balance of a loan is Eur45,038 and the largest is for Eur428,823. All loans were advanced on primary residences. The WA current LTV is 61.81% (original LTV was 96.90%) and the WA seasoning is 147 months. Regional distribution: Auvergne-RhôneAlpes – 19.68%, Nouvelle-Aquitaine – 14.77%, Ile de France – 11.72% and Occitanie – 11.62%.

EU risk Retention: The Seller, as “originator” for the purposes of Article 6(1) of the Securitisation Regulation, 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%, and (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. As at the Closing Date the Seller intends to retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation through the holding of all Class C Notes as required by paragraph (d) of Article 6(3) of the Securitisation Regulation.

US Risk Retention: The Seller does not intend to retain at least 5% of the credit risk of the Notes for the purposes of the U.S. Risk Retention Rules, 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: Harmony French Home Loans FCT 2019-1, FCT Credit Agricole Habitat 2020