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Shamrock Residential 2021-1: 06 February 2021

A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and revenue on a portfolio comprising mortgage loans originated by Ulster Bank Ireland, Danske Bank A/S and Stepstone Mortgage Funding (each a "Nore Originating Lender") and Nua Mortgages Limited, Start Mortgages DAC, Bank of Scotland (Ireland) Limited and Permanent TSB plc (each a "Monaco Originating Lender") and secured over properties located in Ireland, the majority of which are residential properties. The beneficial interest in the Mortgage Portfolio will be purchased by the Issuer from the Seller on the Closing Date.

At the cut-off date (31 October 2020) the provisional pool consisted of 2,405 mortgage loans, where the average mortgage loan balance is Eur178,840 and largest current balance is Eur2.099mln. Originator (by no. of loans / % of current balance): Ulster Bank Ireland 838/38.73%, Permanent TSB 541/22.68%, Danske Bank 456/13.31%, Stepstone Mortgage Funding 335/11.68%, Bank of Scotland (Ireland) Limited 121/7.84%, Start 103/5.15% and Nua 11/0.61%.Property type: Residential – 98.61%, ND – 0.57%, Commercial – 0.44%, Land – 0.38%. Occupancy Type (by current balances): Owner occupied – 63.98%, BTL – 36.02%. Mortgage type: ND –33.49%, Investment Mortgage – 35.60%, Purchase – 17.55% and Re-mortgage – 12.93. Income Verification: Verified – 85.18%, ND – 11.68%, Self-certified – 3.14%. Months in arrears: >3.00 – 15.43%. Repayment Method (by current balances): Annuity – 77.51%, Interest only – 18.55% and P&P – 3.95%. Interest Rate Type: Floating – 93.11%, Fixed – 6.89%. The indexed CLTV is 70.48% (original LTV was 73.02%) and the WA seasoning is 13.22 years. Regional concentration: Dublin – 36.07%, Meath – 6.79% and Cork – 6.45%.

EU & UK Risk Retention: Morgan Stanley Principal Funding Inc. (the Retention Holder) will, as at the Closing Date and until the Final Maturity Date or the date on which the Notes (other than the Class X Notes) are redeemed in full, retain a material net economic interest of not less than 5% in the securitisation as required by (i) Article 6 of Regulation (EU) 2017/2402 and (ii) Article 6 of Regulation (EU) 2017/2402 as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018. As at the Closing Date, the EU Retention and the UK Retention will each be satisfied by the Retention Holder holding the economic interest in not less than 5% of the nominal value of each Class of Notes (other than the Class X Notes) sold or transferred to investors.

US Risk Retention: The Retention Holder intends to comply with the requirements of the U.S. Risk Retention Rules by acquiring on the Closing Date and retaining, either directly or through a majority-owned affiliate, the U.S. Risk Retained Interest in the form of an eligible vertical interest equal to not less than 5% of each Class of Notes issued by the Issuer on the Closing Date.

Compare/contrast: Shamrock Residential 2019-1, Strandhill RMBS DAC