Vehis Auto Leasing 2025 DAC: 04 July 2025

The obligations of the Issuer under the Notes and other obligations will be backed by a portfolio of auto lease receivables purchased by the Issuer from Vehis Finanse Sp Z O O.

Vehis Finanse Sp Z O O was established in 2019. Vehis's head office is located at Katowice, Poland. Vehis has 35 branches throughout Poland. Its business activities include offering products related to the leasing of motor vehicles. The Vehis Group operates exclusively on the Polish market. It does not operate on the Russian or Belarusian markets.

At the cut-off date (21 May 2025) the portfolio consisted of 11,987 Lease Agreements, with 9,619 Lessees. The Average Remaining Principal Balance – PLN113,415. Car type: new – 78.65%, used – 21.53%. The WA seasoning is 9.6 mnths. Borrower Industry: Wholesale and Retail Trade Repair Of Motor Vehicles And Motorcycles – 16.05%, Construction – 15.20% and Transportation And Storage – 11.55%.

EU & UK Risk Retention: Whilst any of the Notes remain outstanding, the Seller, in its capacity as originator, will retain for the life of the transaction a material net economic interest of not less than 5% with respect to the transaction in accordance with (i) Article 6(3)(d) of the EU Securitisation Regulation and (ii) SECN 5 (the "UK Retention Rules". As at the Closing Date, the Retention Requirements will be complied with by the Seller's interest in the Class Z Notes.

US Risk Retention: The issuance of the Notes was not designed to comply with the US Risk Retention Rules other than the exemption under Section 20 of the US Risk Retention Rules.

Compare/contrast: Bavarian Sky SA (Comp German Auto Leases 9), Silver Arrow SA Compartment UK 2025-1