Fulvia SPV S.r.l: 01 August 2025

The principal source of payments of interest or Variable Return and repayment of principal on the Notes will be the proceeds of the Aggregate Portfolio and the other Securitisation Assets, where the Receivables comprised in each Portfolio arise from Loans disbursed by the Seller to the Borrowers (being individuals (persone fisiche) and individual entrepreneurs (ditte individuali)) for the purpose of purchasing Financed Vehicles.

The seller, Hyundai Capital Bank Europe GmbH, is a company incorporated under the laws of Germany. HCBE Italian branch operates exclusively in Italy as a captive financial company of Hyundai Motor Company Italy Srl and Kia Italia Srl. The customer base of HCBE Italian branch is mainly composed of dealers of the Hyundai and Kia brands and end customers who want to finance the purchase of a vehicle of the above-mentioned brands

Eligibility Criteria (includes): was originated in the ordinary course of business of the Seller pursuant to underwriting and management standards in respect of the acceptance of automobile and other vehicle loans that are no less stringent than those that the Seller applied at the time of origination to similar receivables that are not securitised; is denominated and payable in euro; has a fixed interest rate and is fully amortising through payment of constant monthly Instalments or a Balloon Instalment; arises from Loans which are granted for the purpose of financing the purchase of Financed Vehicles, including Balloon Loans.

The initial portfolio (at 10 July 2025) comprised of 49,741 fixed rate loans, advanced to 49,632 borrowers for the purchase of new vehicles. Borrower type: Consumer – 96.01%, Independent professional – 3.99%. Product type: Balloon – 72.73%, Standard – 27.27%. The WA seasoning is 20.6 months. Regional concentration: North – 53.03%, Centre – 25.45%, South and Islands – 21.52%.

EU & UK Risk Retention: The Seller has undertaken that, from the Closing Date, it will: (a) retain, on an ongoing basis, a material net economic interest of not less than 5% in the Securitisation, in accordance with option (c) of Article 6(3) of the EU Securitisation Regulation and SECN 5 (the FCA Retention Rules) and Article 6 of Chapter 2 together with Chapter 4 of the PRA Securitisation Rules.

US Risk Retention: The Securitisation will not involve risk retention by the Seller for the purposes of the final rules promulgated under Section 15G of the Securities Exchange Act of 1934 and the issuance of the Notes was not designed to comply with the US Risk Retention Rules.

STS: The Securitisation is intended to qualify as a simple, transparent and standardised (STS) securitisation within the meaning of Article 18 of Regulation (EU) no. 2402 of 12 December 2017.

Compare/contrast: Pony SA (German Auto Loans 2025-1), Auto ABS Italian Stella Loans 2025-1 Srl, Koromo Italy Srl (2025)