Velocity 2026-1 PLC: 22 March 2026

A stand-alone transaction, where the Issuer will make payments on the Notes and the Residual Certificates from, among other things, payments of principal and revenue received from a portfolio comprising equipment hire-purchase and lease receivables relating to equipment located in England, Wales, Northern Ireland and Scotland originated and sold by Propel Finance No 1 Limited to the Issuer.

Propel is a Partner-led B2B, technology-enabled UK asset finance origination and financing platform for typically small and medium sized businesses, offering financing solutions across broad industry segments including transport & logistics, construction, materials handling, manufacturing, engineering, agriculture, retail & wholesale, and technology businesses. Propel is majority-owned by funds managed by Cabot Square Capital LLP.

At the cut-off date (31 January 2026) the pool consisted of 27,290 contracts, awarded to 23,325 obligors, where the average current principal balance is £11,266. Product Type: Hire Purchase – 48.61%, Finance Lease – 39.38%, Sale & HP Back – 11.98%. Equipment type: New – 80.28%, Used – 18.04%, other – 1.68%. Asset type: Hard – 56.45%, Soft – 43.55%. Collateral Type: Hosted telecoms – 18.68%, Telecoms Equipment – 11.12%, Heavy Commercial Vehicles – 10.38%. Obligor concentration: top 1 – 0.73%, top 5 – 2.86%, top 10 – 4.95%. The WA seasoning is 19.64 months. Regional concentration: South East – 13.90%, East – 13.33%, North West – 11.08% and the West Midlands – 10.06%.

UK & EU Risk Retention: On the Closing Date and until all of the Notes have been redeemed in full, Propel Finance No 1 Limited as originator (and the "Retention Holder") will retain a material net economic interest of not less than 5% in the securitisation as required by SECN 5 and Article 6 of Regulation (EU) 2017/2402 of the EU Securitisation Regulation. As at the Closing Date, the Retention will be satisfied by the Retention Holder subscribing for and thereafter holding an interest of no less than 5% of the nominal value of each Class of Collateralised Notes.

US Risk Retention: The transaction is not intended to involve the retention by a sponsor of at least 5% of the "credit risk" of the "securitized assets" for the purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934. Instead, for these purposes, the intention is to rely on an exemption for certain non-US transactions provided in Section 20 of the US Risk Retention Rules.

STS: As at the Closing Date, the Seller intends to notify the FCA that the transaction will meet the requirements of SECN 2.2.2R to 2.2.29R inclusive (the "UK STS Notification").

Compare/contrast: Hermitage 2025 plc, Temese Funding 2 plc (Refinancing)