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Dowson 2021-1 plc: 26 April 2021

The third public securitisation from Oodle, where the Issuer will make payments on the Notes and the Residual Certificates from a portfolio comprising receivables in connection with HP Agreements originated by Oodle Financial Services Limited with borrowers, and which will be purchased by the Issuer on the Closing Date. The HP Agreements provide for equal monthly payments over the term of the agreement (with the exception of the first and last payment, which may include certain fees). The Portfolio will not include PCP Contracts.

At the cut-off date the portfolio will consist of 33,990 fully amortising HP loans, where the average loan balance is £8,645 and the largest is £49,659. All loans were granted to individuals. Vehicle type (by current balances): used – 99.2%, new – 0.8%. The WA seasoning is 10.31 months. Regional concentration: North West – 15.2%, the West Midlands – 11.6%, the South East - 11.5% and London – 10.4%.

Significant investor: Oodle will, on the Closing Date, acquire 100% of the Residual Certificates.

EU & UK Risk Retention: On the Closing Date and while any of the Notes remain outstanding, Oodle will, as an originator for the purposes of the UK Securitisation Regulation and the EU Securitisation Regulation, retain a material net economic interest of not less than 5% in the securitisation as required by Article 6(1) of the UK Securitisation Regulation and Article 5(1)(d) of the EU Securitisation Regulation, which will comprise Oodle holding no less than a material net economic interest of at least 5% of the nominal value of each of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes.

US Risk Retention: The Seller, as the sponsor under the U.S. Risk Retention Rules, does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the U.S. Securities Exchange Act of 1934, 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: Dowson 2020-1, Bumper UK 2021-1