Kinbane 2025-RPL 2 DAC: 26 October 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 Canal sub-portfolio, Irish Nationwide Building Society (including, Anglo Irish Bank, Irish Bank Resolution Corporation, Hill Samuel (Ireland) Ltd, Scottish Legal Trustee Ltd, Irish Industrial Building Society and Irish Mutual Building Society) and Springboard Mortgages Limited; (c) in respect of the Leaf sub-portfolio, Allied Irish Banks plc, AIB Mortgage Bank Unlimited Company, AIB Finance Limited, EBS DAC and Haven Mortgages Limited (d) in respect of the Phoenix sub-portfolio, Allied Irish Banks plc, AIB Mortgage Bank Unlimited Company, EBS DAC, Irish Nationwide Building Society (including Anglo Irish Bank, Irish Bank Resolution Company, Hill Samuel (Ireland) Ltd, Scottish Legal Trustee Ltd, Irish Industrial Building Society and Irish Mutual Building Society) and Springboard Mortgages Limited; (e) in respect of the Cannes sub-portfolio, Permanent TSB plc, Start 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 (i) the Bass Mortgage Loans and the Canal Mortgage Loans were beneficially owned by Primrose Residential 2022-1 DAC and (ii) the Leaf Mortgage Loans, the Phoenix Mortgage Loans and the Cannes Mortgage Loans were beneficially owned by Shamrock Residential 2023-1 DAC.

At the cut-off date (30 June 2025) the portfolio consisted of 3,696 loans. For a full breakdown by Portfolio Pool & Servicer, please see the relevant section in the Prospectus.

Highlights of total pool: Average current loan balance – Eur 48,012, largest loan balance – Eur 4,786,436; Borrower type: owner-occupied – 87.21%, BTL – 12.79%; Repayment type: repayment – 61.05%, interest-only loans – 28.06% and P&P loans – 10.89%; Interest rate type: floating for life – 86.38%, fixed rate loans – 13.62%; Arrears: MIA>1 – 37.84%, MIA>12 – 14.38%; WA indexed current LTV – 48.95%; WA original LTV – 76.52%; WA seasoning – 18.11 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 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 2025-RPL 1 DAC, Primrose Residential 2022-1, Shamrock Residential 2023-1 DAC