Kinbane 2025-RPL 1 DAC: 26 April 2025

A stand-alone transaction where the Issuer will make payments on the Notes from, among other things, payments of principal and revenue on a portfolio of mortgage loans secured over properties located in Ireland, the majority of which are residential properties.

The mortgage loans were originated by (a) in respect of the Bass sub-portfolio, Permanent TSB plc; (b) in respect of the Prodigal sub-portfolio, GE Capital Woodchester Homes Ltd and Leeds Building Society; (c) in respect of the Peacock sub-portfolio, ACC Bank plc (Ireland) (subsequently renamed ACC Loan Management Limited), Bank of Scotland (Ireland) Limited, KBC Bank Ireland PLC, Irish Nationwide Building Society, Allied Irish Bank plc, EBS Building Society, Haven Mortgages Limited and Danske Bank A/S and (d) in respect of the Cannes sub-portfolio, Permanent TSB plc, Start Mortgages DAC, Nua Mortgages DAC and Bank of Scotland (Ireland) Limited.

The beneficial title in the Mortgage Portfolio will be purchased by the Issuer from the Seller on the Closing Date. Prior to the Seller's acquisition of the Mortgage Portfolio, the Mortgage Portfolio was owned beneficially by Shamrock Residential 2022-2 DAC.

At the cut-off date (30 November 2024) the portfolio consisted of 2.832 loans. For a full breakdown by Portfolio Pool & Servicer, please see the relevant section in the Prospectus.

Highlights of total pool: owner-occupied – 83.59%, BTL – 16.41%; Average current loan balance – Eur151,905, largest loan balance – Eur3.309mln; Annuity – 58.74%, Interest-only loans – 31.91%, P&P loans – 9.36%; Variable/tracker loans – 90.37%; Fixed rate loans – 9.63%; MIA>1 – 36.07%, MIA>3 – 28.99%, MIA>12 – 19.87%; WA indexed current LTV – 55.96%; WA original LTV – 74.04%. WA seasoning – 17.41 years.

UK & EU Risk Retention: Morgan Stanley Principal Funding Inc (the "Retention Holder") will undertake that from the Closing Date until the Final Maturity Date or the date on which the Notes (other than the Class X Notes) are redeemed in full, it will retain on an ongoing basis, as an originator, a material net economic interest of not less than 5% in the securitisation.

US Risk Retention: The Retention Holder intends to comply with the requirements of the US Risk Retention Rules by acquiring on the Closing Date and retaining, either directly or through a majority-owned affiliate, the US 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.

STS: The Notes are not intended to be designated as a EU STS securitisation or a UK STS securitisation for the purpose of the EU Securitisation Regulation or the UK Securitisation Regulation.

Compare/contrast: Kinbane 2024-RPL 2 DAC, Shamrock Residential 2022-2