Ronda RMBS 2025: 15 November 2025

The Issuer will make payments on the Notes and the VRR Loan from payments of principal and revenue received under the FT Jerez Bonds, which are uni-tranche Spanish law-governed bonds issued by FT Jerez and backed by, inter alia, payments of principal and revenue received from a portfolio comprising mortgage transfer certificates issued by Banco Santander SA, representing the economic rights under certain mortgage loan agreements secured by a mortgage predominantly over residential properties and granted to individuals and corporates financing (a) the acquisition of residential properties in Spain constituting the main or secondary residences of Debtors or (b) debt financings secured by mortgages.

The Mortgage Loans in the Portfolio underlying the Mortgage Certificates were originated by Banco Santander SA, Banco Popular Español SA, Banco Español de Credito SA, Banco Pastor SA, Banco de Andalucía SA, Banco de Galicia SA, Banco de Castilla SA, Banco Central Hispanoamericano SA, Banco de Vasconia SA, Banco de Credito Balear SA, Banco Banif SA and Banco de Vitoria SA (jointly, the "Original Lenders"). Hereinafter, Banco Santander SA as the successor of the Original Lenders will be referred to as the "Originator".

As at the Portfolio Cut-Off Date, the Provisional Portfolio comprised 4,637 Mortgage Certificates, where the Avg Outstanding Balance (Individual) is Eur91,131. Participant Type: individual – 99.2%, SME – 0.8%. Amortization Type: French – 95.9%, Balloon – 2.1%, other – 2.00%. Interest Type: variable – 93.8%, fixed – 4.7%, other – 1.5%. Additional information: Currently in grace – 8.21%, restructured in past 5 years – 31.67%, restructured in past 2 years – 10.80%. The WA seasoning is 14.81 years. Regional concentration: Andalucía – 22.40%, Cataluña – 17.19%, Madrid – 16.29% and Galicia – 8.11%.

EU & UK Risk Retention: The Retention Holder will retain, on an ongoing basis, as an originator within the meaning of the UK Securitisation Framework and the EU Securitisation Regulation, a material net economic interest of at least 5% in the securitisation. As at the Closing Date such interest will be satisfied by the Retention Holder funding the VRR Loan, which has a principal value equal to at least 5% of the aggregate principal amount of the Notes.

US Risk Retention: Goldman Sachs International, as "sponsor" of the "securitization transaction" for purposes of the US Risk Retention Rules, shall comply with the requirements of the US Risk Retention Rules by the Retention Holder (its majority-owned affiliate) acquiring on the Closing Date and retaining for the requisite period the VRR Loan, which has a principal value equal to at least 5% of the aggregate principal amount of the Notes.

STS: The Notes are not intended to be designated as a UK STS securitisation or a EU STS securitisation for the purposes of the UK Securitisation Framework or the EU Securitisation Regulation.

Compare/contrast: Miravet 2025-1 DAC, PRPM Fundido 2025-1 DAC