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Leone Arancio RMBS S.R.L. (2023): 17 September 2023

The principal source of payment of interest and repayment of principal on the Notes will be the collections and recoveries made in respect of monetary claims and connected rights arising out of residential mortgage loan agreements entered into by ING Bank NV Milan Branch, in the course of its business, and purchased by the Issuer from the Originator on 1 September 2023 and, on a revolving basis, the further purchase of Subsequent Portfolios from the Originator.

ING Italy started its business by introducing a Savings Account product - the first savings account to be offered in the country - and, in 2004, the subsidiary started launching mortgage products.

Eligibility criteria (includes): Mortgage Loans that were granted in accordance with the laws and regulations concerning credito fondiario; Mortgage Loans that did not provide at the time of disbursement for any subsidy or other benefit in relation to principal or interest; that have been granted to individuals; that are secured by a Mortgage created over Real Estate Assets in accordance with applicable Italian laws and regulations and are located in the Republic of Italy; that are fully disbursed and in relation to which there is no obligation or possibility to make additional disbursements; Loans for which at least a Principal Instalment has been duly paid; Loans that did not have any Unpaid Instalment; are governed by Italian law; Loans originated exclusively by ING.

At the initial cut-off date (31 May 2023) the portfolio consisted of 68,598 loans (advanced to 68,598 borrowers) where the average principal balance per borrower is Eur94,581. Product type (by current balances): floating –79.55%, fixed – 20.45%. The current WA LTMV is 53.29% (original WA LTMV was 66.93%) and the WA seasoning is 61.16 months. Regional concentration: Northern Italy – 45.97%, Southern – 27.63% and Central – 26.41%.

EU Risk Retention: ING Bank NV Milan Branch, in its capacity as originator pursuant to the EU Securitisation Regulation, will retain on an on-going basis a material net economic interest of not less than 5% in the Securitisation, in accordance with option (a) of Article 6(3) of the EU Securitisation Regulation.

STS: The Securitisation is intended to qualify as a simple, transparent and standardised securitisation within the meaning of Article 18 of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017.

Compare/contrast: Leone Arancio RMBS SRL (2018), Centro Delle Alpi SME SRL