Bavarian Sky France (French Auto Leases 2): 17 December 2016

The second Bavarian Sky auto lease transaction to be backed by a portfolio of auto lease receivables originated in France by BMW Finance SNC, together with the related vehicle buy back or sale receivables.

Eligibility Criteria (includes): all Lease Receivables are governed by the laws of France; the Receivables have monthly instalment payments; at least one Lease Instalment has been paid; are denominated in an amount payable in EUR; the Receivable is not overdue or in default on the first Cut-Off Date.

As at the pool closing date (30 November 2016), the portfolio comprised 21,867 lease agreements, where the Average Current Discounted Balance is Eur23,756. The largest lessees accounts for just 0.04% of aggregate discounted balances, and the top 20 for 0.42%. Client type (agreements - % discounted balance): private 16,014 – 69.39%; commercial 5,853 – 30.61%. Vehicle type: new – 89.58%, used - 10.42%. The WA seasoning is 9.6 months. Regional distribution (by discounted balance): Ile de France 20.14%, Paris Bassin 15.93%, Mediterranean 14.73% and West 12.79% .

CRR 405: BMW Finance S.N.C., as Seller, will retain for the life of the transaction a material net economic interest of not less than 5% in the transaction in accordance with Article 405 of the Capital Requirements Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms or "CRR".

Compare/contrast: Bavarian Sky France (French Auto Leases 1), Driver France 2, Titrisocram Compartment 2015-1