> German Mittelstand Equipment Finance SA, Compartment 2. Monthly Investor Report

Transcription

1 > German Mittelstand Equipment Finance SA, Compartment 2 Monthly Investor Report January 2015

2 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 German Mittelstand Equipment Finance SA, Compartment 2 Deal name German Mittelstand Equipment Finance SA, Compartment 2 Issuer German Mittelstand Equipment Finance SA, acting in respect of its Compartment 2 Seller IKB Leasing GmbH Gertrudenstrasse Hamburg Germany Servicer IKB Leasing GmbH Gertrudenstrasse Hamburg Germany Reporting entity IKB Leasing GmbH Gertrudenstrasse Hamburg Germany Contact IKB Leasing GmbH Transaktion@ikb-leasing.de IKB Leasing. The entrepreneurial decision. 1

3 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 Contents 1/ Table of Contents Page / / 07 Portfolio and Funding Reports / Settlement 08 / Principal Deficiency Ledger 11 Credit Enhancement Waterfall (I), (II) & (III) 15 Outstanding Contracts (I) 16 Outstanding Contracts (II) an 17 Cover Contents Reporting Details Trigger (I) & (II) Involved Parties (I) & (II) Information regarding the Notes and the Partial Purchase Price Subordinated Loan (I) & (II) Collections 2/ Page Stratification Reports Information regarding the Lease Pool 18 Distribution by Product Type 19 Distribution by Rating System 20 Distribution by Lessee Rating 21 Distribution by Object Rating 22 / 23 Distribution by Lessee Rating and Object Rating 24 Distribution by Risk Coefficient (Lessee Rating * 1.5 plus Object Rating) 25 Distribution by Borrower Group Concentrations (Top 40) 26 Distribution by Federal State 27 Distribution by Lessee Zip Code (First Digit) 28 / 29 Distribution by NACE Industry Code (Top 20) 30 Distribution by Object Area 31 Distribution by Asset Category 32 Object used at time of origination 33 Distribution of Outstanding Nominal Balance (per Borrower Group) 34 Distribution of Outstanding Nominal Balance (per Contract) 35 Distribution by Purchase Price per contract 36 Distribution by Purchase Price per Object 37 Distribution by Direct Debit 38 Distribution by Payment Frequency 39 Distribution by Seasoning 40 Distribution by Remaining Term 41 Distribution by Original Term 42/43 Expected Amortisation Profile Schedule relating to Cut-Off Dates, Payment Dates, Collection Payment Dates, 44/45 Direct Payment Transfer Dates, Offer Dates and Reporting Dates 2

4 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 Reporting Details Initial Cut-Off Date/ Poolcut Initial Purchase Date Note Issuance Date Scheduled Redemption Date July 2022 Legal Redemption Date July 2024 Cut-Off Date Reporting Date Payment Date Period no. 6 Reporting Period from to Interest Period from Days accrued 28 Replenishment Period until completed No 3

5 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 Trigger (I) Trigger Current Limit Value Breach Lessee Limit 0.48% 0.50% No Maximum Self-Payer Trigger 7.94% 15.00% No Cumulative Default Event 0.35% 3.30% No Counterparty Rating Trigger: Initial Fitch Rating Event (minimum rating) A+/- A/- No Subsequent Fitch Rating Event (minimum rating) A+/- BBB-/- No Moody's Qualifying Collateral Trigger Rating (minimum rating) A3/- Baa2/- No Moody's Qualifying Transfer Trigger Rating (minimum rating) A3/- Baa2/- No Fitch required minimum rating of Account Bank A+/F1 A/F1 No Moody's required minimum rating of Account Bank -/P-1 -/P-1 No Fitch required minimum rating of Direct Debit A+/F1+ A/F1 No Collection Account Bank Moody's required minimum rating of Direct Debit A3/P-2 Baa2/P-2 No Collection Account Bank Financial Covenant Breach No Early Amortisation Events: 1. Cumulative Default Event or Servicer Termination Event during Replenishment Period 0.35% 3.30% No 2. Purchase Shortfall Event 1.06% 10.00% No 3. Liquidity Reserve Fund refill failure 2,900, ,900, No 4. Sum of the amounts to be allocated to items 16th and 17th of the Pre-Enforcement Order of Priority would be less than the Replenishment Available Amount 5. Seller or Servicer fails to make a payment due under Receivables Purchase Agreement or Servicing Agreement at the latest on the 5th Business Day after due date or within 10 Business Days after demand for payment 8,963, ,963, No No 4

6 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 Trigger (II) Trigger Current Limit Value Breach 6. Seller or Servicer fails within 10 Business Days upon becoming aware to perform its material obligations owed to the Issuer under the Receivables Purchase Agreement or Servicing Agreement 7. Seller is in breach of any of the covenants of the Seller under the Receivables Purchase Agreement or Seller or Servicer under the Servicing Agreement and breach is not remedied within (i) 10 Business Days upon becoming aware where such breach relates to a failure of payment or (ii) 10 Business Days upon becomming aware where such breach relates to a failure of performance 8. Seller fails to discharge its VAT liability with German fiscal authorities 9. Material adverse change in business or financial conditions of Seller or Servicer has occurred which materially affects its ability to perform its obligations under Receivables Purchase Agreement or Servicing Agreement No No No No 10. Delinquency Trigger Ratio 0.63% 3.00% No 11. Asset Category Trigger: Minimum Machinery Trigger 84.60% 75.00% No Maximum Other Equipment, IT & Office Equipment Trigger 8.51% 12.00% No Maximum Commercial Vehicles Trigger 5.47% 8.00% No 12. Minimum Count of Lessee Groups Trigger 6,498 4,000 No 13. Maximum NACE Industry Division Trigger Division N % 22.00% No Division N % 18.00% No Largest concentration of all other divisions 9.37% 10.00% No 14. Maximum Weighted Average Remaining Life Trigger No 15. Maximum Quarterly Payment Frequency Trigger 2.76% 9.00% No 16. Maximum Share of Contracts with Maintenance 15.00% 15.00% No Component Trigger 17. Maximum Self-Payer Trigger (during Replenishment Period) 7.94% 15.00% No 18. Minimum Weighted Average Leasing Interest Rate Trigger 5.42% 4.70% No 5

7 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 Involved Parties (I) Ratings (Long Term / Short Term / Outlook) Fitch Moody s S&P Seller, Servicer & Subordinated Loan Provider IKB Leasing GmbH not rated not rated not rated Gertrudenstraße Hamburg Germany Joint Arranger IKB Deutsche Industriebank Aktiengesellschaft not rated not rated not rated Wilhelm-Bötzkes-Straße Düsseldorf Germany Joint Arranger Landesbank Baden-Württemberg A+/F1+/negative A2/P-1/negative not rated Am Hauptbanhof Stuttgart Germany Agent BNP Paribas Securities Services S.C.A., A+/F1/stable A1/P-1/negative A+/A-1/negative acting through its Luxembourg Branch 33 rue de Gasperich, Howald -Hesperange 2085 Luxembourg Luxembourg Cash Administrator Wilmington Trust SP Services (Luxembourg) S.A. not rated not rated not rated Avenue du X Septembre 2550 Luxembourg Luxembourg Transaction Account Bank BNP Paribas Securities Services S.C.A., A+/F1/stable A1/P-1/negative A+/A-1/negative Zweigniederlassung Frankfurt am Main Europa-Allee Frankfurt am Main Germany Back-up Servicing Collection Account Bank BNP Paribas Fortis SA/NV, A+/F1/stable A1/P-1/negative A+/A-1/negative Niederlassung Deutschland Europa-Allee Frankfurt am Main Germany 6

8 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 Involved Parties (II) Ratings (Long Term / Short Term / Outlook) Fitch Moody s S&P Direct Debit Collection Account Bank Bayrische Landesbank A+/F1+/negative A3/P-2/negative not rated Brienner Strasse Munich Germany Interest Rate Swap Counterparty Deutsche Bank AG, London Branch A+/F1+/negative A3/P-2/negative A/A-1/negative 1 Great Winchester Street London EC2N 2DB United Kingdom Corporate Administrator Wilmington Trust SP Services (Luxembourg) S.A. not rated not rated not rated Avenue du X Septembre 2550 Luxembourg Luxembourg Back-Up Servicer BFS finance GmbH not rated not rated not rated Güterloher Str Verl Germany Security Trustee Wilmington Trust SP Services (Frankfurt) GmbH not rated not rated not rated Steinweg Frankfurt am Main Germany 7

9 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 Information regarding the Notes and the Partial Purchase Price Subordinated Loan (I) Information regarding the Notes and the Partial Purchase Price Subordinated Loan Tranche Class A Notes Class B Notes Class C Notes Partial Purchase Price Subordinated Loan Rating at Note Issuance Date (Fitch / Moody s) AAAsf/Aaa(sf) AAsf/Aa2(sf) Asf/A2(sf) not rated Current Rating (Fitch / Moody s) AAAsf/Aaa(sf) AAsf/Aa2(sf) Asf/A2(sf) not rated ISIN XS XS XS Scheduled Redemption Date July 2022 July 2022 July 2022 Legal Redemption Date July 2024 July 2024 July 2024 Spread/Margin 0.50% 1.00% 1.35% Fixed/Floating floating floating floating Day count convention Act/360 Act/360 Act/360 Initial Principal Balance at poolcut 196,000, ,000, ,300, ,130,

10 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 Information regarding the Notes and the Partial Purchase Price Subordinated Loan (II) Notes Balance Tranche Class A Notes Class B Notes Class C Notes Partial Purchase Price Subordinated Loan Current Principal Balance (bop) 196,000, ,000, ,300, ,130, Available Principal Distribution Amount Current Principal Balance (eop) 196,000, ,000, ,300, ,130, Initial Principal Balance at poolcut 196,000, ,000, ,300, ,130, Pool Factor % % % % Payments of Interest Tranche Class A Notes Class B Notes Class C Notes Partial Purchase Price Subordinated Loan Paid interest 80, , , , Unpaid interest of Reporting Period Cumulative unpaid interest Notes Balance (eop) Class A Notes Class B Notes Class C Notes Partial Purchase Price Subordinated Loan 9

11 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 Principal Deficiency Ledger Principal Deficiency Ledger (PDL) Class A Balance of PDL (bop) 0.00 Defaulted Receivables debited to PDL Amounts credited to PDL 0.00 Balance of PDL (eop) 0.00 Principal Deficiency Ledger (PDL) Class B Balance of PDL (bop) 0.00 Defaulted Receivables debited to PDL Amounts credited to PDL 0.00 Balance of PDL (eop) 0.00 Principal Deficiency Ledger (PDL) Class C Balance of PDL (bop) 0.00 Defaulted Receivables debited to PDL Amounts credited to PDL 0.00 Balance of PDL (eop) 0.00 Principal Deficiency Ledger (PDL) Partial Purchase Price Subordinated Loan Balance of PDL (bop) 0.00 Defaulted Receivables debited to PDL , Amounts credited to PDL 95, Balance of PDL (eop)

12 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 Credit Enhancement Liquidity Reserve Fund Liquidity Reserve Fund (bop) 2,900, Amounts debited to LRF 2,900, Amounts credited to LRF 2,900, Liquidity Reserve Fund (eop) 2,900, Commingling Reserve Fund Commingling Reserve Fund (bop) 2,900, Amounts debited to CRF (Commingling Shortfall Collections) 0.00 Amounts credited to CRF 0.00 Commingling Reserve Fund (eop) 2,900, Indemnity Reserve Fund Indemnity Reserve Fund (bop) 2,600, Amounts debited to IRF 0.00 Amounts credited to IRF 0.00 Indemnity Reserve Fund (eop) 2,600,

13 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 Waterfall (I) Purchase Shortfall Ledger Balance of Purchase Shortfall Ledger (bop) 550, Amounts debited to Purchase Shortfall Ledger 550, Amounts credited to Purchase Shortfall Ledger 2,783, Balance of Purchase Shortfall Ledger (eop) 2,783, Amortising Interest Rate Swap between SPV and Swap Counterparty Initial Principal 227,300, Underlying Principal for Reporting Period (bop) 227,300, Underlying Principal for Reporting Period (eop) 227,300, Paying Leg 102, Receiving Leg (EURIBOR %) 4, Net Swap Payments 97, Available Distribution Amount 1. Amount of Liquidity Reserve Fund 2,900, Amount drawn from Indemnity Reserve Fund Amount drawn from Commingling Reserve Fund regarding Interest Income Interest Collections (incl. Deemed Collections if Interest Income) 1,173, Collections on defaulted receivables debited to Principal Deficiency Ledger (Recoveries) Net amount paid by Interest Rate Swap Counterparty Taxes levied on the Purchaser reimbursed by the Seller Default interest on unpaid sums due by the Seller Any other amounts paid by the Seller Interest earned on any Account Amount of Purchase Shortfall Ledger 550, Net Replenishment amount During Replenishment period, any Collection (incl. Deemed collection) constituting Principal Income 8,317, Any amounts applied to reduce the Principal Deficiency on the Notes and the Partial Purchase Price Subordinated Loan 95, Returned direct debits Total 13,037,

14 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 Waterfall (II) Pre-Enforcement Order of Priority Available Distribution Amount 13,037, Replenishment Available Amount 8,963, Payment Remaining Amount 1. Corporation and trade tax of the Issuer ,037, Fees, costs, taxes, expenses due to the Security Trustee ,037, Fees, costs, taxes, expenses due to Data Trustee, Agent, Cash Administrator, Transaction or Back-up Servicing Collection Account Bank, establishment, liquidation or dissolution of Issuer, listing costs 4. Fees, costs, taxes, expenses due to Corporate Administrator or the Foundation, legal advisors or auditors of Issuer, Joint Lead Manager (cap ,00 EUR) 5. Fees, costs, taxes, expenses due to Servicer, Back-Up Servicer, substitute back-up servicer ,037, ,037, ,037, Net amount paid to the Interest Rate Swap Counterparty 97, ,939, Interest on Class A Notes 80, ,859, Fees, costs, taxes, expenses due to Corporate Administrator or the Foundation, legal advisors or auditors of Issuer, Joint Lead Manager not paid in Pos ,859, Interest on Class B Notes 10, ,848, Interest on Class C Notes 19, ,829, Credit to Liquidity Reserve 2,900, ,929, Principal Deficiency on Class A Notes ,929, Principal Deficiency on Class B Notes ,929, Principal Deficiency on Class C Notes ,929, Principal Deficiency on Partial Purchase Price Subordinated Loan 95, ,833, Aggregate Replenishment Purchase Price 6,180, ,653, During Replenishment Period Purchase Shortfall Amount 2,783, , Any tax credit, relief, remission or repayment due to the Seller Credit due to deemed collection to the Seller Credit due to any valid return of direct debit to the Seller , Prior to Cumulative Default Event Termination , payment to Interest Rate Swap Counterparty 20. Prior to Cumulative Default Event Interest 870, payable on the Subordinated Loans After the occurrence of a Cumulative Default Event: 21. After Replenishment Period: Remaining amount to Available Principal Distribution Amount 22. After full redemption of all Notes: Termination payment to Interest Rate Swap Counterparty

15 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 Waterfall (III) Available Principal Distribution Amount (after Replenishment Period) 1. Principal Collections (incl. Deemed Collections if Principal Income) Any monies from the Available Distribution Amount applied to reduce any Principal Deficiency Commingling Shortfall Collections regarding Principal Collections Position 21 of Pre-Enforcement Order of Priority 0.00 Total 0.00 Pre-Enforcement Principal Order of Priority (after Replenishment Period) Payment Remaining Amount 1. Principal on Class A Notes incl. costs, indemnities, other amounts Principal on Class B Notes incl. costs, indemnities, other amounts Principal on Class C Notes incl. costs, indemnities, other amounts Repayment of outstanding principal under the Subordinated Loans Unpaid principal amounts for the period due to Notes denominations of EUR 100,000: Balance of ledger for unpaid principal amounts (bop) 0.00 Amounts debited to ledger for unpaid principal amounts 0.00 Amounts credited to ledger for unpaid principal amounts 0.00 Balance of ledger for unpaid principal amounts (eop)

16 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 Outstanding Contracts (I) Outstanding Pool No. of Contracts Aggregate Outstanding Balance Initial Balance at Poolcut 10, ,886, at the Beginning of the Period 11, ,885, at the End of the Period 11, ,104, Aggregate Outstanding Nominal 261,430, ,879, ,646, Status of the contracts at the End of the Period Aggregate Aggregate No. of Outstanding Outstanding Contracts Balance Nominal Performing 11, % 274,989, % 251,368, % Delinquent % 8,115, % 7,278, % 5-29 days % 6,058, % 5,465, % days % 1,966, % 1,733, % days % 28, % 25, % days % 46, % 39, % days % 15, % 13, % days % % % 11, % 283,104, % 258,646, % No. of Contracts Default amount Cumulative defaults from inception , Cumulative recoveries from inception 21, Cumulated net loss from inception 901, Default amount Defaults during the current period 11 95, Recoveries during the current period Net loss during the current period 95, % of initial Balance 0.35% 0.01% 0.34% % of current Balance 0.04% 0.00% 0.04% 15

17 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 Outstanding Contracts (II) and Retention of material net economic interest Poolcut Minimum Remaining Term in months 5.53 Maximum Remaining Term in months Weighted average Remaining Term in months Weighted average Original Term in months Reporting Period excl. Defaults Retention of material net economic interest Current Limit Value Breach Current portion of the initial Aggregate Outstanding Nominal Amount of all Relevant Receivables as of the Note Issuance Date retained by the Seller: 13.06% 5.00% No 16

18 > GERMAN MITTELSTAND EQUIPMENT FINANCE SA, COMPARTMENT 2 Collections Collections (Principal + Interest) No. of Contracts Amount Percentage Scheduled Principal Collections 11,379 7,466, Scheduled Interest Collections 11,375 1,193, Actual Principal Collections 11,014 7,325, Actual Interest Collections 11,014 1,169, Information provided on repurchased assets Deemed Collections / Repurchased Receivables during the current Reporting Period 997, Principal , Interest 48 4, Deemed Collections / Repurchased Receivables from inception 8,484, Principal 226 8,435, Interest , Prepayments (without Deemed Collections) 98, Principal , Interest , Current prepayment rate 11.54% thereof Deemed Collections only 10.51% Prepayment rate since initial Cut-Off Date 15.91% thereof Deemed Collections only 15.04% Total Collections of the Period 9,491,

19 Distribution by Product Type Distribution by Product Type Poolcut End of Reporting Period Change No. of Contracts Initial Outstanding % of Total Product Type No. of Contracts Current Outstanding % of Total Change in % 7, ,060, Partial Amortisation 9, ,983, ,349 58,014, Hire Purchase 1,483 53,833, ,913, Terminable ,049, ,441, Full Amortisation 784 6,780, , ,430, Total 11, ,646,

20 Distribution by Rating System Distribution by Rating System Poolcut End of Reporting Period Change No. of Contracts Initial Outstanding % of Total Rating System No. of Contracts Current Outstanding % of Total Change in % 2, ,234, SME Rating (Mittelstandsrating) 3, ,248, , ,195, Small Batches (kleine Losgroesse) 8, ,397, Joint Liability (Haftungsverbund) without , ,430, Total 11, ,646,

21 Distribution by Lessee Rating Distribution by Lessee Rating Poolcut End of Reporting Period Change No. of Contracts Initial Outstanding % of Total Lessee Rating No. of Contracts Current Outstanding % of Total Change in % 277 7,762, ,114, ,214 33,243, ,587 35,365, ,881, ,215 27,820, ,378 78,169, ,907 76,931, ,754 55,185, ,017 54,065, ,496, ,201, ,119, ,706, ,536, ,776, ,034, ,665, , ,430, Total 11, ,646,

22 Distribution by Object Rating Distribution by Object Rating Poolcut End of Reporting Period Change No. of Objects Initial Outstanding % of Total Object Rating No. of Objects Current Outstanding % of Total Change in % 102 4,065, ,877, ,908, ,888, ,191 78,104, ,896 82,663, ,023 37,119, ,147 34,417, ,791 45,841, ,210 43,568, ,888 26,741, ,253 26,762, ,666 39,230, ,986 39,435, ,899, ,494, ,517, ,537, , ,430, Total 14, ,646,

23 Distribution by Lessee Rating and Object Rating Distribution by Lessee Rating and Object Rating Poolcut End of Reporting Period Change No. of Objects Initial Outstanding % of Total Lessee Rating Object Rating No. of Objects Current Outstanding % of Total Change in % 1 35, , , , ,401, ,964, , , ,458, ,525, , , , , , , , , , , ,995, ,567, ,840, ,405, ,580, ,326, ,201, ,686, ,964, ,065, ,559, ,427, ,338, ,246, , , , , ,362, ,171, ,552, ,227, ,371, ,151, ,691, ,684, ,726, ,790, ,842, ,133, , , , , ,160, ,335, ,229, ,945, ,001 22,462, ,149 23,464, ,834, ,741, ,366, ,140 13,397, ,647, ,735, ,889, ,082 12,204, ,117, ,444, ,461, ,651, ,149, ,562, ,850, ,877, ,572, ,965, ,763, ,915, ,757, ,188, ,722, ,985, ,996, ,023 9,876, ,935, ,263, , , , , ,953, ,888, ,207, ,548, ,058, ,188, ,024, ,428, ,815, ,859, ,787, ,428, , , , , , , ,570, ,

24 Distribution by Lessee Rating and Object Rating Distribution by Lessee Rating and Object Rating Poolcut End of Reporting Period Change No. of Objects Initial Outstanding % of Total Lessee Rating Object Rating No. of Objects Current Outstanding % of Total Change in % 159 5,083, ,513, ,695, ,671, ,067, ,838, , , ,035, ,000, , , , , , , ,404, , ,736, ,325, ,889, ,723, ,648, ,544, , , ,478, ,349, , , , , , , , ,245, ,247, ,250, ,244, ,025, ,625, ,273, ,132, , ,351, ,141, , , , , ,430, Total 14, ,646,

25 Distribution by Risk Coefficient (Lessee Rating * 1.5 plus Object Rating) Distribution by Risk Coefficient (Lessee Rating * 1.5 plus Object Rating) Poolcut End of Reporting Period Change No. of Objects Initial Outstanding % of Total Risk Coefficient (Lessee Rating * 1.5 plus Object Rating) No. of Objects Current Outstanding % of Total Change in % 1 35, , , , , , ,401, ,964, ,995, ,567, , ,159, ,840, ,405, ,821, ,697, ,741, ,661, ,160, ,158, ,430, ,631, ,811, ,587, ,243 25,427, ,480 26,530, ,978, ,921, ,617, ,428, ,519, ,936, ,074 17,657, ,225 16,531, ,972, ,438, ,471, ,822, ,940, ,835, ,079 18,193, ,190 17,663, ,267, ,964, ,547, ,601, ,013 13,168, ,083 12,960, ,013, ,836, ,916, ,347, ,677, ,152, ,387, ,529, ,928, ,024, ,279, ,025, , , ,126, ,725, ,478, ,349, ,230, , , , ,351, ,141, , , , , , , ,430, Total 14, ,646,

26 Distribution by Borrower Group Concentrations (Top 40) Distribution by Borrower Group Concentrations (Top 40) Poolcut No. of Contracts Initial Outstanding End of Reporting Period % of Total Borrower Group No. No. of Contracts Current Outstanding % of Total Borrower Group No. 20 1,306, ,251, ,278, ,210, ,244, ,165, ,235, ,147, ,219, ,146, ,129, ,136, ,063, ,118, ,041, ,101, ,039, ,057, ,014, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,751, Total ,315, Total 25

27 Distribution by Federal State Distribution by Federal State Poolcut End of Reporting Period Change No. of Contracts Initial Outstanding % of Total Federal State No. of Contracts Current Outstanding % of Total Change in % 1,695 47,988, Baden Wurttemberg 1,897 48,778, ,316 36,353, Bavaria 1,492 35,057, ,776, Berlin 221 3,577, ,634, Brandenburg 319 7,407, ,988, Bremen 149 2,021, ,425, Hamburg 391 7,740, ,181, Hessen 1,062 22,377, ,090 27,557, Lower Saxony 1,361 27,953, ,995, Mecklenburg-West Pomerania 219 4,211, ,247 51,492, North Rhine Westphalia 2,600 51,867, ,033, Rhineland Palatinate 480 9,577, ,904, Saarland 156 3,648, ,818, Saxony ,059, ,059, Saxony Anhalt 325 8,447, ,438, Schleswig-Holstein 418 8,557, ,781, Thuringia 293 7,362, , ,430, Total 11, ,646,

28 Distribution by Lessee Zip Code (First Digit) Distribution by Lessee Zip Code (First Digit) Poolcut End of Reporting Period Change No. of Contracts Initial Outstanding % of Total Zip Code Area No. of Contracts Current Outstanding % of Total Change in % ,471, ,201, ,302, ,159, ,175 28,474, ,434 28,408, ,299 34,976, ,475 33,484, ,292 26,404, ,561 28,230, ,095 28,910, ,261 27,577, ,006 24,676, ,304 25,864, ,438 41,213, ,617 42,112, ,316, ,826, ,684, ,781, , ,430, Total 11, ,646,

29 Distribution by NACE Industry Code (Top 20) Distribution by NACE Industry Code (Top 20) Poolcut End of Reporting Period No. of Initial Outstanding % of Contracts Total NACE Industry Code No. of Current Outstanding % of Contracts Total NACE Industry Code n25 - Manufacture of fabricated metal ,297, products, except machinery and equipment ,130, n25 - Manufacture of fabricated metal products, except machinery and equipment ,548, ,205 23,074, ,719, n28 - Manufacture of machineryand equipment n.e.c ,155, n46 - Wholesale trade, except of motor vehicles and motorcycles / Wholesale of mining, construction and civil engineering machinery 1,351 24,229, n47 - Retail trade, except of motor vehicles and motorcycles / Other retail sale of new goods in specialised stores ,285, n28 - Manufacture of machineryand equipment n.e.c. n46 - Wholesale trade, except of motor vehicles and motorcycles / Wholesale of mining, construction and civil engineering machinery n47 - Retail trade, except of motor vehicles and motorcycles / Other retail sale of new goods in specialised stores ,349, n22 - Manufacture of rubber and plastic products ,099, n22 - Manufacture of rubber and plastic products ,148, n52 - Warehousing and support activities for transportation ,056, n52 - Warehousing and support activities for transportation 178 8,547, n24 - Manufacture of basic metals 860 8,627, n45 - Wholesale and retail trade and repair of motor vehicles and motorcycles 330 7,565, n96 - Other personal service activities 192 7,931, n24 - Manufacture of basic metals n45 - Wholesale and retail trade and repair 760 7,173, of motor vehicles and motorcycles 360 7,562, n96 - Other personal service activities 461 6,918, n43 - Specialised construction activities 328 7,311, n29 - Manufacture of motor vehicles, trailers and semi-trailers 314 6,458, n10 - Manufacture of food products 431 7,024, n10 - Manufacture of food products 188 5,759, n20 - Manufacture of chemicals and chemical products 328 6,955, n20 - Manufacture of chemicals and chemical products 151 5,555, n29 - Manufacture of motor vehicles, trailers and semi-trailers 497 6,898, n43 - Specialised construction activities 195 5,443, n23 - Manufacture of other non-metallic mineral products 225 5,339, n23 - Manufacture of other non-metallic mineral products 133 5,114, n17 - Manufacture of paper and paper products 149 4,799, n17 - Manufacture of paper and paper products 249 4,709, n49 - Land transport and transport via pipelines 132 4,199, n26 - Manufacture of computer, electronic and optical products 28

30 Distribution by NACE Industry Code (Top 20) Distribution by NACE Industry Code (Top 20) Poolcut End of Reporting Period No. of Initial Outstanding % of Contracts Total NACE Industry Code No. of Current Outstanding % of Contracts Total NACE Industry Code 109 4,428, n26 - Manufacture of computer, electronic and optical products 416 4,075, n81 - Services to buildings and landscape activities 370 3,945, ,346, n81 - Services to buildings and landscape activities 262 3,941, n16 - Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials 92 3,709, ,156, n68 - Real estate activities 142 3,137, , ,262, Total 9, ,470, n49 - Land transport and transport via pipelines n18 - Printing and reproduction of recorded media n16 - Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials Total 29

31 Distribution by Object Area Distribution by Object Area Poolcut End of Reporting Period Change No. of Objects Initial Outstanding % of Total Object Area No. of Objects Current Outstanding % of Total Change in % 5,826 76,629, Industrial Trucks 7,500 85,626, ,983 26,650, Facilities 2,089 26,116, ,726, Power engineering 105 1,471, ,497, Vehicles ,612, ,898, Agriculture 728 8,190, , Forestry , , Aviation 7 218, ,523, Printing 100 5,602, ,685, Woodworking 496 7,799, ,472, Plastics ,432, ,649, Surface technology 42 2,303, ,195, Recycling/Waste disposal 208 1,979, ,042, Metal ,261, ,256, Textile , ,155, Cleaning 699 9,167, ,933, Food industry 130 5,314, ,914, Electrical engineering 210 3,283, ,087, Medical engineering 157 2,137, ,576, Packaging 68 2,558, , Paper/Cardboard 7 470, ,736, Construction 215 2,241, ,493, IT / TC 147 1,233, , ,430, Total 14, ,646,

32 Distribution by Asset Category Distribution by Asset Category Poolcut End of Reporting Period Change No. of Objects Initial Outstanding % of Total Asset Category No. of Objects Current Outstanding % of Total Change in % 365 4,552, Cars 373 3,672, ,816, Commercial Vehicles 1,006 14,138, , ,382, Machinery 11, ,813, ,316 21,679, Other Equipment, IT & Office Equipment 1,505 22,022, , ,430, Total 14, ,646,

33 Object used at time of origination? Object used at time of origination? Poolcut End of Reporting Period Change No. of Objects Initial Outstanding % of Total Object Status No. of Objects Current Outstanding % of Total Change in % 11, ,276, new 13, ,484, ,153, used ,162, no data , ,430, Total 14, ,646,

34 Distribution of Outstanding Nominal Balance (per Borrower Group) Distribution of Outstanding Nominal Balance (per Borrower Group) Poolcut End of Reporting Period Change No. of Contracts Initial Outstanding % of Total Outstanding Nominal Balance in EUR No. of Contracts Current Outstanding % of Total Change in % 2,516 11,876, < 10, ,993 13,117, ,986 26,396, , < 25, ,075 26,390, ,486 33,010, , < 50, ,630 34,411, ,258 40,694, , < 100, ,346 37,685, ,013 40,527, , < 200, ,209 40,890, ,486, , < 300, ,689, ,293, , < 400, ,387, ,214, , < 500, ,051, ,717, , < 600, ,872, ,707, , < 700, ,663, ,114, , < 800, ,673, ,103, , < 900, ,750, ,713, , < 1,000, ,727, ,158, ,000, < 1,100, ,057, ,129, ,100, < 1,200, ,815, ,284, >= 1,200, ,462, , ,430, Total 11, ,646,

35 Distribution of Outstanding Nominal Balance (per Contract) Distribution of Outstanding Nominal Balance (per Contract) Poolcut End of Reporting Period Change No. of Contracts Initial Outstanding % of Total Outstanding Nominal Balance in EUR No. of Contracts Current Outstanding % of Total Change in % 4,310 22,306, < 10, ,702 27,905, ,291 53,485, , < 25, ,696 59,573, ,385 47,716, , < 50, ,401 47,932, ,480, , < 100, ,572, ,960, , < 200, ,154, ,561, , < 300, ,679, ,941, , < 400, ,790, ,877, , < 500, ,351, ,569, , < 600, ,289, ,263, , < 700, ,845, ,037, , < 800, ,963, ,749, , < 900, ,592, ,881, , < 1,000, ,893, ,119, ,000, < 1,100, ,100, < 1,200, ,101, ,479, >= 1,200, , ,430, Total 11, ,646,

36 Distribution by Purchase Price per contract Distribution by Purchase Price per contract Poolcut End of Reporting Period Change No. of Contracts Initial Outstanding % of Total Purchase Price in EUR No. of Contracts Current Outstanding % of Total Change in % 2,472 9,224, < 10, ,887 9,673, ,828 27,957, , < 25, ,315 29,150, ,600 51,015, , < 50, ,184 55,315, ,272 49,273, , < 100, ,421 47,385, ,040, , < 200, ,855, ,524, , < 300, ,164, ,137, , < 400, ,304, ,011, , < 500, ,049, ,186, , < 600, ,854, ,842, , < 700, ,690, ,304, , < 800, ,738, ,276, , < 900, ,199, , < 1,000, ,221, ,000, < 1,100, ,964, ,647, ,100, < 1,200, ,420, , ,200, < 1,300, , ,300, < 1,400, ,612, ,400, < 1,500, ,309, ,500, < 1,600, ,063, ,600, < 1,700, , ,244, ,700, < 1,800, ,101, ,800, < 1,900, , ,900, < 2,000, , ,000, < 2,100, ,100, < 2,200, , ,200, < 2,300, ,366, ,300, < 2,400, ,235, ,400, < 2,500, ,500, < 2,600, ,600, < 2,700, ,700, < 2,800, ,800, < 2,900, ,900, < 3,000, ,000, < 3,100, ,100, < 3,200, ,829, ,200, < 3,300, , >= 3,300, , ,430, Total 11, ,646,

37 Distribution by Purchase Price per Object Distribution by Purchase Price per Object Poolcut End of Reporting Period Change No. of Objects Initial Outstanding % of Total Purchase Price in EUR No. of Objects Current Outstanding % of Total Change in % 4,326 13,839, < 10, ,137 14,757, ,333 32,751, , < 25, ,896 34,122, ,066 59,787, , < 50, ,692 63,377, ,200 45,813, , < 100, ,318 43,287, ,219, , < 200, ,660, ,081, , < 300, ,023, ,499, , < 400, ,986, ,033, , < 500, ,799, ,640, , < 600, ,305, ,459, , < 700, ,058, ,022, , < 800, ,643, , , < 900, ,895, , < 1,000, , ,000, < 1,100, , ,957, ,100, < 1,200, ,069, ,598, ,200, < 1,300, , ,300, < 1,400, ,597, ,400, < 1,500, ,373, ,500, < 1,600, , ,600, < 1,700, ,244, ,700, < 1,800, ,101, ,800, < 1,900, , ,900, < 2,000, , ,000, < 2,100, ,100, < 2,200, , ,200, < 2,300, , ,300, < 2,400, ,400, < 2,500, ,500, < 2,600, ,600, < 2,700, ,700, < 2,800, , ,800, < 2,900, , ,900, < 3,000, ,000, < 3,100, ,100, < 3,200, , ,200, < 3,300, >= 3,300, , ,430, Total 14, ,646,

38 Distribution by Direct Debit Distribution by Direct Debit Poolcut End of Reporting Period Change No. of Contracts Initial Outstanding % of Total Direct Debit No. of Contracts Current Outstanding % of Total Change in % 9, ,545, yes 10, ,106, ,885, no 1,378 20,540, , ,430, Total 11, ,646,