Vantage Data Centers Germany Borrower Lux S.À.R.L: 09 June 2025

The principal source of payment of interest on the Notes and repayment of principal on the Notes will be amounts received by the Issuer from each PropCo. Each PropCo will fund payments of amounts to the Issuer pursuant to the Intercompany Transfer Arrangements or the Permitted Payments from its net operating income from the relevant Data Centre or, as the case may be, Data Centres and the related Tenant Leases.

The principal business of each PropCo consists of the ownership, leasing and operation of a Data Centre or, as the case may be, Data Centres. In general, the DC Managers manage the operational activities of the PropCos. The PropCos provide highly scalable, flexible and efficient wholesale data centre solutions in the facilities located at the Data Centres in support of large enterprise technology companies, software and cloud service providers and other internet companies.

As of the Cut-Off Date (a) the BER11 PropCo owns BER11 and BER12, which are located on a campus near Berlin, Germany; (b) the FRA11 PropCo owns FRA11, which is located on a campus near Frankfurt, Germany; and (c) the FRA12 PropCo owns FRA12, which is located on a campus near Frankfurt, Germany.

As of the Closing Date, all Tenant Leases that relate to the Data Centres are expected to have an aggregate Annualised Adjusted Base Rent of approximately €58.04 million and all Data Centres are expected to have an aggregate AANOI of approximately €43.7 million. The primary Tenants in the Data Centres are large enterprise technology companies, software and cloud service providers and other internet companies.

EU &UK Risk Retention: Vantage Valkyrie BidCo Sàrl (the Retention Holder) as originator will undertake to retain a material net economic interest of not less than 5% in the securitisation for the purposes of Article 6 of the EU Securitisation Regulation.

US Risk Retention: Vantage Valkyrie BidCo Sàrl (the US Risk Retention Sponsor) will undertake to retain an economic interest in the credit risk of the securitised assets for purposes of compliance with the US Risk Retention Rules through an eligible horizontal residual interest (an "EHRI") the aggregate fair value of which is at least 5% of the fair value of all of the "ABS interests" as determined under US GAAP as of the Closing Date.

Compare/contrast: Vantage Data Centers Jersey Borrower SPV Limited