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Newday Partnership Funding 2020-1: 10 October 2020

As per previous transactions under the NewDay Partnership name, the deal is collateralised by a pool of UK co-branded credit card, store card and instalment credit receivables via NewDay Ltd. The Securitised Portfolio comprises Receivables existing and arising from accounts in the NewDay Group's co-brand credit card, store card and instalment credit business. The accounts within the Securitised Portfolio include, as at the 2020-1 Closing Date, those acquired from Santander UK and its affiliates in May 2013 and those subsequently originated or acquired by NewDay Ltd.

The NewDay Group is a major UK consumer credit business with specialist capabilities in near-prime lending and co-brand credit solutions. As at 30 June 2020, the NewDay Group operated approximately 4.5 million accounts with an aggregate balance of receivables of approximately £2,683 million.

As at the 30 June 2020 cut-off date, the portfolio consisted of 2,744,278 accounts: 310,561 with a Credit Balance and 1,234,971 with No Balance. The average balance is £327.58. Partner (by % of receivables): Debenhams 53.67%, Amazon 21.46%, Arcadia Group 12.28%, House of Fraser 6.39% and others 6.19%. Product (by % of receivables): Credit Card 88.24%, Store Card 11.78%, Instalment Card -0.03%.

EU Risk Retention: The Transferor, as originator of the securitisation, confirms that it will retain a material net economic interest in the securitisation of not less than 5% of the nominal value of the securitisation in accordance with Article 6 of the EU Securitisation Regulation, by way of a retention in accordance with Article 6(3)(b) of an originator's interest of not less than 5% of the nominal value of the securitised exposures (such retention being in the form of the Originator VFN Loan Note) .

US Risk Retention: The Transferor intends to satisfy the U.S. Credit Risk Retention Rules by maintaining, either directly or through a wholly-owned affiliate, a "seller's interest" in the Receivables equal to at least 5% of the aggregate unpaid principal balance of the outstanding notes of all series.

Volcker Rule: The Issuer is of the view that it is not, as of the date of the Prospectus and, immediately following the issuance of the Notes and the application of the proceeds thereof, it will not be, a "covered fund" as defined in the regulations adopted under Section 13 of the Bank Holding Company Act of 1956, as amended, commonly known as the "Volcker Rule".

Compare/contrast: NewDay Partnership 2017-1, NewDay Funding 2019-2, Delamare Card MTN Issuance, Gracechurch Card Programme Funding (2013) plc