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Alba 11 SPV S.r.l.: 27 June 2020

As in previous ALBA transactions, the principal source of funds available to the issuer for the payment of interest and the repayment of principal on the notes will be collections received in respect of a pool of monetary claims and other connected rights arising out of lease contracts entered into between Alba Leasing SpA as lessor, and the lessees.

The criteria of the initial portfolio (includes): denominated in Euro; are entered into by Alba Leasing in its role of lessor; provide for the payment of the relevant instalments on a monthly, two-monthly, quarterly or semi-annual basis; are governed by Italian law; the debtor is domiciled in Italy; debtors have duly and timely paid all the instalments or there are no instalments due and unpaid for more than 30 days from the relevant due date.

The Lease Contracts have been entered into by Alba Leasing SpA primarily with small and medium-sized private businesses and other individual entrepreneurs. The Portfolio comprises Receivables deriving from Lease Contracts of the following assets:

(a) Pool 1: vehicles, motor-vehicles, cars, light lorries, commercial vehicles, industrial vehicles or other motorised vehicles excluding aircrafts;

(b) Pool 2: instrumental assets (e.g. machineries, equipment and/or plants);

(c) Pool 3: instrumental commercial real estate properties (including industrial facilities, shops, warehouse, supermarket and artisan workshops); and

(d) Pool 4: ships, vessels, airplanes or trains

The initial portfolio consists of 14,680 lease contracts (advanced to 9,830 lessees / 9,455 groups). The top lessee group accounts for 0.58% of current balances, the top 10 for 4.64% and the top 20 for 7.72%. Principal outstanding balance per pool: Pool 1 – 20.16%; Pool 2 – 56.56%; Pool 3 – 22.31% and Pool 4 – 0.97%. Interest rate type (by balances): floating – 94.66%; fixed – 5.34%. The WA current LTV is 68.83% (where applicable) and the WA seasoning is 1.34 years.

EU Risk Retention: Alba Leasing, in its capacity as Originator, will retain at the origination and maintain on an ongoing basis a material net economic interest of at least 5% in the securitisation in order to comply with the retention requirement in accordance with option (1)(d) of Article 405 of Regulation (EU) No. 575/2013, option (1)(d) of Article 51 of the Commission Delegated Regulation (EU) No. 231/2013 and option 2(d) of Article 254 of the Commission Delegated Regulation (EU) No. 35/2015, as the same may be amended from time to time.

STS: The Securitisation described in the Prospectus meets the requirements for qualifying as an STS securitisation within the meaning of Article 18 of the Regulation (EU) No. 2402/2017 of the European Parliament. The Originator will notify ESMA on the Issue Date that the Securitisation meets the STS Requirements in accordance with Article 27 of the Securitisation Regulation.

Compare/contrast: Alba 10, Alba 11 WH S.r.l. (Redeemed), Multi Lease (2018) AS S.r.l