Hermitage 2025 PLC: 26 June 2025

The third issue in the Hermitage series, where the Issuer will make payments on the Notes from, among other things, payments of principal and revenue received from a portfolio comprising equipment hire-purchase and lease receivables relating to equipment located in England, Wales and Scotland originated and sold by Haydock Finance Limited to the Issuer.

The Provisional Portfolio (as at 31 March 2025) comprises 5,562 Receivables contracts (4,503 obligors) with an aggregate Outstanding Principal Balance and accrued interest of £342.1mln. The Average Current Principal Balance is £61,502. Product Type: Hire Purchase – 92.34, Finance Lease – 7.66%. Obligor concentration: Top 1 – 0.89%, top 5 – 3.53%, top 20 – 8.48%. The WA seasoning is 5.43 months. Regional (obligor) concentration: Greater London – 16.04%, North West – 12.04%, South East – 13.06%, Scotland – 10.94% and the West Midlands – 10.82%.

UK & EU Risk Retention: On the Closing Date and until all of the Debt has been redeemed in full, Haydock Finance Limited, as originator (the Retention Holder), will retain a material net economic interest of not less than 5% in the securitisation as required by Article 6 of Regulation (EU) 2017/2402 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, and Article 6 of Regulation (EU) 2017/2402. As at the Closing Date, the Retention will be satisfied by the Retention Holder subscribing for and thereafter holding an interest in the Class F Notes.

US Risk Retention: The Seller does not intend to retain at least 5% of the “credit risk” of the “securitized assets” for purposes of compliance with the US Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

Compare/contrast: Hermitage 2024 plc, Temese 2