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Portman Square 2023-NPL1 : 01 August 2023

Essentially a re-financing of the Portman Square 2021-NPL1 DAC transaction, where the issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising private residential and BTL mortgage loans secured over properties located in Ireland, England, Wales, Scotland and Northern Ireland.

The Mortgage Portfolio is comprised of Mortgage Loans originated by AIBMB, AIB, AIBF, EBS, EBSMF, Haven and AIB Group (UK) plc or an affiliate. All of the Mortgage Loans in the Mortgage Portfolio were originated from 12 December 1988 onwards and were owned and serviced by the relevant Originator for a number of years before being sold by the Originators.

All of the Mortgage Loans comprising the Mortgage Portfolio are currently, or have previously been, defaulted or non-performing mortgage loans, being mortgage loans where one or more interest or principal payment has not been made when due.

At the cut-off date the mortgage portfolio consisted of 3,069 loans, secured on 1,156 assets. The average current family balance is Eur187,775 and the largest current gross loan balance is Eur3.469mln. Amortisation type (by gross loan balance): Annuity – 98.67%, interest only – 1.33%. Restructured flag: No – 83.27%, Yes – 16.73%. Arrears: >90 days past due – 86.07%. The WA current LTV is 130.38% and the WA seasoning is 196.00 months.

EU & UK Risk Retention: Each EU/UK retention holder (Apollo European Principal Finance Fund III (Dollar A), L.P., Apollo European Principal Finance Fund III (Master Dollar B), L.P. and Apollo European Principal Finance Fund III (Master Euro B), L.P), as originators, will retain a material net economic interest, when aggregated with the material net economic interest retained by the other EU/UK retention holders, of not less than 5% in the securitisation.

US Risk Retention: The US Risk Retention holder (Panelview DAC) will undertake to retain an economic interest in the credit risk of the securitised assets for the purpose of compliance with the US Retention rules.

Compare/contrast: Portman Square 2021-NPL1 DAC