HILL FL 2025-1 B.V.: 23 October 2025

The fifth in the series, and as per the original deal (closed 18 May 2022) the ultimate source of funds for the payment of principal and interest on the Notes will be the right of the Issuer to receive (i) lease collections from a portfolio of financial car lease agreements between corporate lessees in the Netherlands and Hiltermann Lease BV and (ii) vehicle realisation proceeds from the associated vehicles.

At the cut-off date (30 September 2025) the pool consisted of 31,829 vehicle contracts, advanced to 30,340 lessee groups. The pool is highly granular, with the Lessee Group 1 accounting for just 0.1% ADB, the top 8 for 0.3% and the top 12 for 0.4%. Client Type: Retail – 100.0%. Vehicle Status: Used – 96.0%, new – 4.0%. The WA seasoning is 11.4 months.

EU & UK Risk Retention: Hiltermann Lease Groep Holding BV, as originator, has undertaken that, for as long as the Notes are outstanding, it will at all times retain a material net economic interest of not less than 5% in the transaction in accordance with Article 6 of the Securitisation Regulation. As at the Closing Date, such interest will be comprised of an interest in not less than 5% of the nominal value of each Class of Notes sold or transferred to investors.

US Risk Retention: The Seller and the Originator intend to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions that meet certain requirements.

STS: The transaction is intended to qualify as a STS securitisation within the meaning of Article 18 of Regulation (EU) 2017/2402.

Compare/contrast: HILL FL 2024-2, Bumper NL 2025-1 BV, Mila 2025-1 BV