Merrion Square Residential 2026-1 DAC: 28 October 2026

A standalone securitisation of a portfolio of predominantly Irish residential mortgage loans, together with commercial, agricultural and other mortgage loans, through Merrion Square Residential 2026-1 DAC. The Issuer will make payments on the Debt from, among other things, payments of principal and revenue received from a portfolio of mortgage loans originated by various Irish lenders and acquired from Coll Residential DAC (the Seller). The mortgage loans are secured predominantly over residential, commercial and agricultural properties located in Ireland, with one mortgage loan secured over a property in England.

As at the provisional portfolio cut-off date (30 June 2026), the portfolio consisted of 4,724 mortgage loans with an aggregate current balance of €635.16 million. The average current loan balance was €134,454. Mortgage Loan Type (by current balance): residential – 90.72%, commercial and partially commercial – 3.48%, agricultural – 4.17% and miscellaneous – 1.64%. Interest Rate Type (by current balance): variable rate – 37.09%, ECB tracker – 36.12%, Euribor tracker – 14.25% and fixed rate – 12.54%. Interest-only mortgage loans accounted for 15.64% of the portfolio by current balance, while part-and-part mortgage loans represented 6.51%. The weighted average original LTV was 74.83%, the weighted average indexed current LTV was 46.29% and the weighted average seasoning was 18.73 years. The weighted average remaining term to maturity was 13.48 years, with a weighted average interest rate of 3.76%. Regional Distribution (by current balance): Dublin – 28.93%, Cork – 7.99%, Meath – 7.60%, Kildare – 5.87% and Galway – 4.64%.

EU & UK Risk Retention: Morgan Stanley Principal Funding, Inc., as originator and Retention Holder, will retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation in accordance with Article 6 of the EU Securitisation Regulation and the applicable UK FCA Risk Retention Rules, including UK SECN 5.2.1R. The retention will be satisfied through a vertical interest, representing at least 5% of the nominal value of each Class of Debt sold or transferred to investors, excluding the Class X Notes and Class Y Notes, in accordance with Article 6(3)(a) of the EU Securitisation Regulation and UK SECN 5.2.8R(1)(a). In respect of the Class A Debt, the Retention Holder will hold Class A Notes representing at least 5% of the aggregate notional amount of the Class A Debt. The interest will be maintained from the Closing Date until the Final Maturity Date or until the relevant Debt has been redeemed in full.

US Risk Retention: Morgan Stanley Principal Funding, Inc., as sponsor, is subject to the US credit risk retention requirements under Section 15G of the Securities Exchange Act of 1934 and the applicable US Risk Retention Rules. The Retention Holder intends to satisfy these requirements by acquiring and retaining, directly or through a majority-owned affiliate, an eligible vertical interest of not less than 5% of each Class of Debt issued by the Issuer on the Closing Date. In respect of the Class A Debt, the Retention Holder will hold Class A Notes representing at least 5% of the aggregate notional amount of the Class A Debt.

STS: The transaction is not intended to be designated as a Simple, Transparent and Standardised (STS) securitisation under either the EU Securitisation Regulation or the UK STS Rules.