Amount (Million) % of Assets

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1 Bumper 10 CREDIT OPINION New Issue LeasePlan France S.A.S. issues its 1st Public Auto Lease Transaction in France New Issue Capital structure Closing Date Exhibit 1 TABLE OF CONTENTS Capital structure Summary Credit strengths Credit challenges Key characteristics Asset description Asset analysis Securitisation structure description Securitisation structure analysis Methodology and monitoring Parameter sensitivities Modeling assumptions Appendix 1: Summary of originator's underwriting policies and procedures Appendix 2: Summary of servicer's collection procedures Moody's related publications Definitive Ratings Contacts Sebastian Schranz AVPAnalyst sebastian.schranz@moodys.com Dimitris Mytilinaios Associate Analyst dimitris.mytilinaios@moodys.com CLIENT SERVICES Americas Asia Pacific Japan EMEA Class A B C Total Portfolio Subordination(1) Reserve Fund(2) Total Credit Enhancement (3) Rating Amount (Million) % of Assets Legal Final Maturity Aaa (sf) EUR % Feb28 1mE+ 0.40% 26.0% 0.4% 26.4% Aa3(sf) EUR % Feb28 1mE+ 0.47% 19.8% 0.4% 20.2% NR EUR % Feb28 EUR % Coupon The ratings address the expected loss posed to investors by the legal final maturity. In Moody s opinion the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date. Moody s ratings address only the credit risks associated with the transaction. Other noncredit risks have not been addressed, but may have a significant effect on yield to investors. (1) At close. (2) As of initial pool balance. (3) No benefit attributed to excess spread. Source: Moody's Investors Service Summary Bumper 10 is a one year revolving cash securitisation of lease receivables extended by LeasePlan France S.A.S. ( LPFR ) to obligors located in France. The portfolio consists of leases extended to corporate and small & medium sized businesses, retail clients and public entities located in France. The servicer is LPFR. Our analysis focused, amongst other factors, on (i) an evaluation of the underlying portfolio of receivables; (ii) historical performance on defaults and recoveries from February 2013 to October 2017; (iii) the credit enhancement provided by subordination and reserve fund; (iv) the liquidity support available in the transaction by way of principal to pay interest, the reserve fund and excess spread, and (v) the legal and structural aspects of the transaction. Our cumulative default expectation for the asset pool is 3.0%, recovery rate is 45.0% and Aaa portfolio credit enhancement (PCE) is 15.0%. Our residual value risk credit enhancement (RV CE) at Aaa level is 14.3%; based on Aaa RV haircut of 38.5%.

2 At the time the rating was assigned, the model output for Class A would have been Aa2 even if the cumulative mean default probability (DP) had been as high as 3.5%, and the RV CE as high as 15.7% (all other factors being constant). Credit strengths» Originator experience LPFR (NR; 100% owned by LP Corporation N.V. ( LPCorp ; Baa1 Senior Unsecured; A3(cr)/P2(cr)) is an experienced originator for fleet lease products and has a top five market position in the French market.» Securitisation experience: The LeasePlan Group securitisation department built up securitisation experience in more than 10 previous lease securitisations in the Netherlands, Germany, and the UK. The same team has been working on this transactions with LPFR. Moody s has rated one German and three Dutch transactions which have performed generally in line with or better than expectations.» Manufacturer diversification: The portfolio of leases relates a diverse mix of vehicle brands and manufacturers reducing the idiosyncratic risk towards a single manufacturer. This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on for the most updated credit rating action information and rating history. 2

3 Credit challenges» Lease termination risk: The fleet leasing products have significant maintenance service components included. Although maintenance service fees are not securitised, there is a risk that lessees will look to cancel the lease contracts in case maintenance services are not provided, which could occur in the event of an originator insolvency and give rise to setoff risk. To mitigate this risk, a backup maintenance coordinator will be appointed by LPFR within 90 calendar days after loss of Baa3 of LPCorp. In addition, a backup maintenance coordinator facilitator is appointed. Furthermore, there will be a maintenance reserve in place at loss of Baa3 of LPCorp to cover for maintenance costs, enabling the continued provision of maintenance services under the lease contracts.» High degree of dependency on LPFR: LPFR is acting as originator, servicer, maintenance coordinator, residual value guarantor and realisation agent. To mitigate this risk a backup servicer facilitator and a backup maintenance coordinator facilitator are nominated at closing. A backup servicer, maintenance coordinator and realisation agent will be nominated within 90 days of loss of Baa3 of LPCorp (Baa1 Senior Unsecured; A3(cr)/P2(cr)).» Residual value (RV) risk: Lease contracts permit lessees to return their vehicle at the end of the lease in lieu of total payment. RV risk captures potential loss to the transaction from declines in market prices of used cars after vehicles are returned by the lessees and sold. RV receivables constitute 55.0% of the securitised portfolio. RV risk has been treated in Moody s quantitative analysis with a residual value haircut as further explained under Securitisation Structure Analysis.» Setoff risk: Refunds from open calculation contracts: Under open calculation contracts LPFR could be obliged to pay back cash if actual costs are lower than what was paid by the lessee. These adjustments are paid on an annual basis. Upon default of LPFR, lessees could potentially setoff these amounts. Maintenance services: Although maintenance service fees are not securitised setoff risk could arise upon default of LPFR. In this case maintenance services might stop being provided and lessees could potentially setoff the difference between the service component price under the contract and the costs lessees would incur to access the same service outside the contract. Recalculations: LPFR in its role as servicer will, from time to time in accordance with the servicing agreement, perform recalculations of the purchase price of a purchased vehicle and the associated lease receivables triggered by for example under or overmileage versus the agreed mileage. In the event that a lease agreement recalculation leads to LPFR owing amounts to the lessee, there is a risk of a setoff in a LPFR event of default.» Exposure to Diesel Cars: A significant share of the leases in the portfolio relate to Diesel vehicles. The public and political debate about the future of diesel engines has heated up in recent months due to new proposals restricting diesel cars in various metropolitan areas in Europe. As a consequence, diesel car registrations are continuing their negative trend and the residual value premium of diesel over petrol cars is declining, which puts pressure on residual values. Transaction cash flows can be impacted in two ways: (1) Banning diesel cars in urban areas can diminish cars attractiveness to its users, putting pressure on diesel car prices and subsequently reducing recoveries and residual value cash flows. Moody s is closely monitoring developments, but at this time believes that such risks are reflected in our rating assumptions, i.e. recovery rate and residual value haircuts. (2) Obligors whose cars are banned from residential or daily commuting areas could try to challenge finance contracts. Moody s views, at this time, the risk of customer setoff rights and/or early termination rights in case diesel cars are banned to be marginal, as long as there is no evidence that manufacturers have illegally manipulated emission levels. Even in this case, the risk would only materialise for investors if not remedied by the manufacturer or the seller under the transaction's representations and warranties. 3

4 Key characteristics The exhibit below describes the main asset characteristics of the securitised portfolio. WA and WAL stand for weighted average and weighted average life, respectively. Exhibit 2 Asset characteristics Seller/Originator: Servicer: Receivables: Total Amount: LeasePlan France S.A.S. ("LPFR"; NR; 100% owned by LeasePlan Corporation N.V. ( Unsecured; A3(cr)/P2(cr))) LPFR ; Baa1 Senior Leases granted to corporate, small & medium sized businesses, retail clients and public entities in France to finance mainly new vehicles EUR 653,000,000 Length of Revolving Period in years: 1 Number of Contracts: 40,817 Number of Lessees: Contract Amortization Type: Amortising + residual value cash flow Lessee Concentration: Top 1: 2.0%; Top 10: 17.1%; Top 20: 24.7% Type of Obligors in %: 75.7% corporate; 22.4% SME; 0.2% government;1.8% retail Type of Vehicles: 73.9% Car; 26.1% LCV Status of Vehicles: Used Cars 0.11%, New Cars 99.89% WA Remaining Term in years: 2.31 WA Seasoning in months: WAL of Portfolio in Years (excl. Prepayments): WA Portfolio Interest Rate: 3.40% Delinquency Status: 0.03% in arrears up to 365 days Cumulative Default Rate Observed: Whole book cumulative average vintage value between February 2013 and October 2017: 1.42% Lessee Delinquencies: Average monthly delinquencies between February 2013 and October 2017: 0.02% (6090 days) Recovery Rate Observed: Whole book cumulative average vintage value betweenfebruary 2013 and October 2017: 92.53% Cumulative Default Rate (modelled): 3.0% / lower than Peer Group in the EMEA Auto Lease ABS market Recovery Rate (modelled): 45.0% (stochastic) / in line with Peer Group in the EMEA Auto Lease ABS market Aaa PCE(modelled): 15.0% / in line with Peer Group in the EMEA Auto Lease ABS market (equals a coefficient of variation of 74.75%) Aaa RV Haircut: 38.5% / in line with Peer Group in the EMEA Auto Lease ABS market

5 The exhibit below shows the counterparties associated with the transaction. Exhibit 3 Securitisation structure characteristics Transaction Parties At Closing Issuer: Bumper 10 (NR) Backup Servicer: Backup Servicer Facilitator: Eurotitrisation Cash Manager: Société Générale (A1(cr)/P1(cr)) Backup Cash Manager: Calculation Agent: Custodian: Société Générale Swap Counterparty: ABN AMRO Bank N.V. (A1 Senior Unsecured; Aa3(cr)/P1(cr)) Issuer Account Bank: Société Générale (A2/P1 Bank Deposits) Collection Account Bank: Paying Agent: Société Générale Securities Services Management Company: Eurotitrisation Arranger: LeasePlan Corporation N.V. ("LPCorp") (Baa1 Senior Unsecured; A3(cr)/P2(cr)) Lead Managers: BNP Paribas; Société Générale Maintenance Coordinator: LPFR Backup Maintenance Coordinator Facilitator: Eurotitrisation RV Guarantee Provider: LPFR Reserves Funding Provider: LPCorp Subordinated Loan Provider: Liabilities, Credit Enhancement and Liquidity Annualized Excess Spread at Closing: Form of Liquidity: Approx. 3.83% (weighted average asset yield minus senior costs, swap rate and coupons on Class A and Class B notes) 1.65% annualized stressed excess spread at closing (as modelled) Amortising reserve fund representing 0.42% of the initial pool with a floor of EUR 2.0m Subordination of the notes Excess spread, partially amortising reserve fund, principal to pay interest mechanism Number of Interest Payments Covered by Liquidity: 4 months Interest Payments: Monthly in arrears on each payment date Principal Payments: Passthrough on each payment date Payment Dates: 27th calendar day of each month First payment date: 27 of March 2018 FixedFloating Interest rate swap Credit Enhancement/Reserves: Hedging Arrangements: 5

6 Asset description The securitised portfolio consists of fleet lease contracts extended to companies in France to finance passenger and light commercial vehicles. All contracts include a servicing package. These service packages may include maintenance and repair services, fuel cards, fleet administration, damage and accident management, roadside assistance, tire exchange and other client and driver services. Data and information on the portfolio set out in this report is based on the securitised portfolio (as described in the prospectus). Assets as of cutoff date POOL CHARACTERISTICS The portfolio balance of the portfolio amounts to EUR million, for a total of 40,817 leases. The portfolio is collateralised by 99.9% new cars and 0.1% used cars, whereby a large portion of vehicles relate to the Renault brand 23.9%. Portfolio cash flows result from fixed lease instalment cash flows (45.0%) and residual value cash flows at the end of the lease contract (55.0%). Two broad contract types will be securitised: closed calculation contracts 91.24% and open calculation contracts 8.76%. Closed calculation contracts allow the lessee to use the car and an agreed service package for a fixed price. The lessee will not receive any profit from lower actual service costs or if the vehicle sells at contract termination for a higher value than expected. Open calculation contracts include a possible refund component, if the actual cost of running the fleet is lower than the initially estimated costs. Maintenance service costs and actual vehicle sale proceeds are incorporated into the refund calculation at the end of a lease contract. Profits and losses from matured lease contracts will be accumulated on lessee fleet level and LPFR will refund these amounts to the lessee in case of a positive result at year end if certain conditions are met. The exhibit below summarizes additional information of the portfolio. Exhibit 4 Additional information on asset characteristics Average Discounted Lease Balance EUR 15,998 Number of Dealers Geographic Concentration 1st largest region HautsDeSeine (20.13%) 2nd largest region Paris (11.70%) 3rd largest region Yvelines (5.76%) Manufacturer Distribution Largest manufacturer Renault (23.92%) 2nd largest manufactuer Peugeot (18.54%) 3rd largest manufacturer Audi (10.87%) Lessee Concentration 6 Top 1 lessee concentration 2.00% Top 5 lessee concentration 9.87% Top 10 lessee concentration 17.13% Top 20 lessee concentration 24.73%

7 The exhibits below describe the distribution of the portfolio's outstanding balance and origination year. Exhibit 5 Exhibit 6 Portfolio breakdown by investment amount Portfolio breakdown by discounted balance % % 35.0% % 15.0% % 1 5.0% 5.0% 0 to 10, ,001 to 20, ,001 to 30, ,001 to 40, ,001 to 50, ,001 > 0 to 5, ,001 to 10, ,001 to 15, ,001 to 20, ,001 to 25, ,001 to 30, ,001 Source: LPFR Source: LPFR The exhibits below show the breakdown by remaining term in months and seasoning in months. Exhibit 7 Exhibit 8 Portfolio breakdown by remaining term Portfolio breakdown by seasoning 45.0% % % 35.0% % 25.0% % 15.0% % 5.0% 0.01 to to to to to Source: LPFR to to to to to Source: LPFR

8 The exhibits below show the portfolio breakdown by type of cashflow and by expected residual value. Exhibit 9 Exhibit 10 Portfolio breakdown by lease instalment and RV component Portfolio breakdown by expected residual value (discounted amount) % % % 1 Lease Receivables Source: LPFR 0 tot 2, RV Receivables 2,501 to 5, ,001 to 7, ,501 to 10, ,001 to 12, ,501 to 15, ,001 Source: LPFR The exhibits below show the breakdown by car manufacturer and type of vehicle. Exhibit 11 Exhibit 12 Portfolio breakdown by brand name Portfolio breakdown by vehicle type % % % 2 1 Car Source: LPFR 8 Light Commercial Vehicle (LCV) Source: LPFR

9 The exhibits below show the breakdown of the portfolio by contract type and by region. Exhibit 13 Exhibit 14 Portfolio breakdown by contract type Portfolio breakdown by region % % % % Operational Lease Closed Calculation Operational Lease Open Calculation Source: LPFR Source: LPFR The exhibit below show the portfolio breakdown by industry. Exhibit 15 Portfolio breakdown by industry 25.0% % 1 5.0% Source: LPFR 9

10 Eligibility criteria The key eligibility criteria are as follows:» Denominated and payable in euro;» Not in arrears for more than 31 calendar days and for an amount exceeding EUR 1,000 for corporates and public sector and EUR 50 for SMEs or Retail lessees ;» The lessee is not an employee, officer or an affiliate to the seller and does not form part of the LeasePlan Group;» Payable in monthly/quarterly/semiannual or annual lease instalments;» Lease agreements with an original term of no more than 90 months;» The initial purchase price of the lease vehicle does not exceed EUR 250,000 (excl. VAT);» The purchase price in respect of each leased vehicle has been paid in full to the relevant supplier and the leased vehicle has been registered;» Lease and RV receivables are assignable and free form any thirdparty rights;» At least one lease instalment has been paid;» The lessee has undertaken obligatory thirdparty liability insurance in respect of the vehicle or in cases where this is not required then the Seller has done so;» The related lease agreement is not defaulted;» The remaining maturity of the lease is not less than 1 month;» The underlying vehicle is a passenger vehicle or a LCV;» The lessee is located in metropolitan France;» the lease does not have a maturity date after September 2024 Originator and servicer In December 2017, we met with LPFR, a wholly owned subsidiary of LPCorp, Baa1/P2, A3(cr). LPFR acts as servicer in the Bumper 10 transaction. LPFR has a market share of 7.3% as per H in the French market for company car leases. LPFR was incorporated in 1978 and is a 100% owned subsidiary of LPC. It offers mainly operational leasing its clients. As at September 2017, LPFR services 119,004 fleet units and has 400 employees. Over the past the portfolio of total lease contracts increased from EUR 1,086 million in December 2014 to 1,282 million in September The products are mainly operating car leases to corporates and SME enterprises marketed through different channels, mainly via either direct channel and/or brokers and partnerships. In terms of arrears between 6190 days, the historical performance of LPFR's lease contracts lie at 0.03% with 90+ delinquencies peaking at 0.16%. The origination process requires a credit officer evaluation. The credit proposals are initiated by LPFR s commercial department and sent to the credit team. The credit team prepares a risk evaluation and subsequently a recommendation. For corporate and government clients a global credit risk management system is in place. For SME clients, a custom made decision scorecard is used. 10

11 A scoring system is in place to assess the borrower's credit risk, which considers amongst other things (i) credit bureau information; (ii) a household budget computation; (iii) the customer's debt history; and (iv) fraud information. The underwriting process is in line with the market standard. LPFR has a total number of 11 employees in the collection & recoveries team, with 4 of them on the SME/Retail team and 4 on the Corporate team. For the most part, customer service and collection employees have multiyears experience in the segment. Collection management is organised centrally from an internal collection centre. Collection procedures rely almost exclusively on direct debit or bank transfer. The collection process and early arrears management are highly automated. LPFR is subject to regular external audits by KPMG. The exhibit below summarizes the main characteristics of the originator's background. Exhibit 16 Originator profile, servicer profile and operating risks Date of Operations Review: December 2017 Originator Background: Rating: NR Ownership Structure: 100% owned by LeasePlan Corporation N.V. (Baa1 Senior Unsecured; A3(cr)/P2(cr)) Asset Size: EUR 1.2 bn % of Total Book Securitised (incl. this transaction): approx. 50% Transaction as % of Total Book: approx. 50% % of Transaction Retained: 20% Servicer Background: Rating: NR; 100% owned by LeasePlan Corporation N.V. (Baa1 Senior Unsecured; A3(cr)/P2(cr))) Regulated by: The parent LeasePlan Corporation N.V. is regulated by the Dutch Central Bank Total Number of Receivables Serviced: 119,000 Number of Staff: 392 FTE The originator provided us with performance data on its whole lease portfolio. Both default and recovery data span over a period between February 2013 to October Dynamic delinquency data have also been provided up to October In our view, the quantity and quality of data received is slightly lower compared to transactions that have achieved high investmentgrade ratings in this sector in other European countries. The weighted average original contractual term of the leases is about 3.5 years, with a maximum of 6 years. The exhibits below show cumulative defaults and cumulative recoveries since origination for LPFR's whole auto lease book. 11

12 Exhibit 17 Exhibit 18 Vintage default data (cumulative defaults) Vintage recovery data (cumulative recoveries) Q22013 Q22014 Q22015 Q22016 Q22017 Q32013 Q32014 Q32015 Q32016 Q32017 Q42013 Q42014 Q42015 Q42016 Q32013 Q32014 Q32015 Q32016 Q32017 Q42013 Q42014 Q42015 Q42016 Q12014 Q12015 Q12016 Q Cumulative recoveries 2.5% Cumulative defaults Q22013 Q22014 Q22015 Q22016 Q22017 Q12014 Q12015 Q12016 Q % 1.5% 1.0% 0.5% Months since default Months since origination Source: LPFR Source: LPFR Revolving period and replenishment criteria The structure includes a revolving period of one year, during which the seller has the option to sell additional portfolios on a monthly basis. The revolving period exposes note holders to credit risk. In addition to the eligibility criteria, the following replenishment criteria are in place to mitigate the increasing credit risk of the revolving portfolio:» Each of the 5 largest Lessees measured in relation to the respective contribution to the Aggregate Discounted Balance as at the immediately preceding CutOff Date each does not account for more than 2.0% of the Aggregate Discounted Balance;» Present Value of the Estimated Residual Value in respect of the Leased Vehicles to the extent not relating to a Defaulted Lease Agreement as at the immediately preceding CutOff Date does not account for more than 55.0% of the Aggregate Discounted Balance;» Aggregate Discounted Balance resulting from Lease Agreements in respect of which the Lessee is classified by the Servicer in a specific industry according to NACE Hierarchic Classification as at the immediately preceding CutOff Date does not account for more than 23.5% of the Aggregate Discounted Balance;» Aggregate Discounted Balance resulting from Lease Agreements with a Remaining Maturity of more than sixty (60) months as at the immediately preceding CutOff Date is not larger than 1.0% of the Aggregate Discounted Balance;» Aggregate Discounted Balance resulting from Lease Agreements in respect of which the Lessee is a Retail Lessee does not at the immediately preceding CutOff Date account for more than 2.0% of the Aggregate Discounted Balance;» Aggregate Discounted Balance resulting from Lease Agreements classified as SME Lease Agreements and Retail Lease Agreements as at the immediately preceding CutOff Date does not account for more than 35.0% of the Aggregate Discounted Balance;» Aggregate Discounted Balance resulting from Lease Agreements under which Lessees do not make monthly payments does not at the immediately preceding CutOff Date account for more than 5.0%. Asset analysis Primary asset analysis Our analysis of the credit quality of the assets includes an examination of the lease default distribution of the securitised pool, based on our assumptions and historical data. We apply a twostage approach to modeling transactions with RV risk. In the first step, which is described in this section, we model the expected loss on the notes due to defaults. In the second step, additional losses resulting from RV risk are modeled based on the RV haircuts applied at contract maturity. Clearly a contract that terminates before maturity due to default is no longer exposed to residual value risk. In order to avoid double counting, we determine the Survivor Index at 12

13 each rating level. This is the proportion of contracts that do not terminate early. The RV exposure is then adjusted by this factor (See Securitisation Structure Securitisation Structure Analysis Additional Structure Analysis for details on the RV approach). LEASES DEFAULT DISTRIBUTION The first step in the analysis was to define a default distribution of the pool of leases to be securitised. Because of the large number of leases, we used a continuous distribution to approximate the default distribution: the inverse normal distribution. The probability default distribution associates a probability with each potential future default scenario for the portfolio. This distribution has hence been applied to numerous default scenarios on the asset side to derive the level of losses on the Notes. Two main parameters determine the shape of the default distribution: the mean default and the portfolio credit enhancement ( PCE ). The expected default captures our expectations of performance considering the current economic outlook, while PCE captures the loss we expect the portfolio to suffer in the event of a severe recession scenario. We generally derive these parameters from the historical data; we may make adjustments based on further analytical elements such as performance trends, differences in portfolio composition or changes in servicing practices among others. 13

14 The exhibit below shows the inverse normal default distribution of the portfolio. Exhibit 19 Lease default probability distribution Scenario Probability 3.5% Scenario Probability 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0% 5% 10% 15% 20% 25% 30% 35% 40% Default Scenario Source: Moody s Investors Service DERIVATION OF LEASE DEFAULT RATE Portfolio expected defaults of 3.0% are lower than the EMEA Auto Lease ABS average and is based on Moody's assessment of the lifetime expectation for the pool. We primarily based our analysis on the historical cohort performance data that the originator provided for a portfolio that is representative of the securitised portfolio. We also evaluated (1) other European market trends, (2) benchmark lease transactions, and (3) other qualitative considerations. We stressed the results from the historical data analysis to account for (1) limited benchmarks in the French and Dutch auto market, (2) the expected outlook for the French economy in the medium term, and (3) the volatile European economic environment. We have complemented historical data analysis with a topdown approach. A base rating equivalent assumption for modeling purposes of Ba2 is applied which takes into account the macroeconomic environment as well as the originator s underwriting ability. The portfolio is then split into subpools based on the economic sector where the lessee is active: (1) Construction and Building (0.5 Notch); (2) Corporate Real Estate (1 Notch); (3) all other industries. Moody s further adjusted the assumptions to account for the size of the companies (+1 Notch for large companies, 1 Notch for micro and small enterprises). The size of the company was estimated based on fleet size. DERIVATION OF RECOVERY RATE EXPECTATION Portfolio expected recoveries of 45.0% (stochastic recoveries) are in line with the EMEA Auto Lease ABS average and is based on Moody's assessment of the average lifetime recovery rate expectation for the pool. We have made assumptions for recoveries on the basis of (1) historical recovery vintages received for this transaction; and (2) benchmarks from other European auto lease markets. DERIVATION OF PORTFOLIO CREDIT ENHANCEMENT (PCE) The PCE of 15.0% is in line with the EMEA Auto Lease ABS average. The PCE has been defined following analysis of the data variability, as well as by benchmarking this portfolio with past and similar transactions. Factors that affect the potential variability of a pool s credit losses are: (i) historical data variability, (ii) quantity, quality and relevance of historical performance data, (iii) originator and servicer quality, (iv) certain pool characteristics, such as asset concentration, and (v) certain structural features, such as revolving periods. For this portfolio, we especially considered the asset concentration by splitting the portfolio into 35 sectors of activity and assuming a fixed pairwise correlation parameter where the interindustry correlation was stressed to 5% using CDOROM. CDOROM employs a Monte Carlo simulation and calculates a default distribution taking into account lessee group exposures, industry concentrations and expected lessee group defaults derived from the topdown approach. 14

15 RESIDUAL VALUE RISK Residual value risk is a potential risk to the assets in the transaction. We address this risk by taking a haircut corresponding to the actual rating of the notes. (See Securitisation Structure Securitisation Structure Analysis Primary Analysis for additional information). COMMINGLING RISK LPFR collects all payments under the leases in this pool into a collection account under its name. Payments are made through direct debit or bank transfer. Commingling risk is mitigated by the fact that the Servicer will be replaced upon the occurrence of a Servicer Termination Event. SETOFF RISK The transaction is exposed to setoff risk in case LPFR has obligations towards the lessee from yearend refunds from open calculation contracts. In addition, recalculations could give rise to setoff risk. The lease recalculation is usually triggered by a vehicle usage above or below the contracted parameters leading to a change in the expected vehicle RV. Changes in the expected vehicle RV will lead to a recalculation of the installments. If the vehicle RV increases, then the lease installments reduce, and the lessee has overpaid, by the difference between the newly reduced installments and the installments paid until then. The originator will then fund the lessee directly, and reclaim such amounts junior to noteholders in the waterfall, since the issuer will now be in possession of a higher contractual RV, with lower lease installments, but it will have been overpaid relative to the securitised cashflows when the receivable was purchased, hence it owes the originator a balancing payment. Likewise, if the expected RV decreases, the lease installments increase. The lessee must make a balancing oneoff payment to the originator. The originator will funnel those payments to the Issuer so that it has not made a loss on such adjustment. Comparables PRIOR TRANSACTIONS This is the first public LeasePlan securitisation in France. The performance of LeasePlan's transactions in other European countries in this sector are within Moody s expectations. The exhibits below show the performance of precedent transactions originated by LeasePlan in different jurisdictions. Exhibit 20 Exhibit 21 Bumper deals defaults Bumper 7 Bumper deals 60 day delinquencies Bumper 6 Bumper 9 (NL) Finance B.V. Bumper 7 S.A. Bumper % Bumper 6 (NL) Finance B.V. 1.8% 0.80% 1.6% 60 day delinquency (%) Cumulative Defaults 0.70% 0.60% 0.50% 0.40% 0.30% 0.20% 0.10% 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% Months since closing Source: Moody's Investors Service, Moody's Performance Data Service, periodic investor/ servicer reports Months since Closing Source: Moody's Investors Service, Moody's Performance Data Service, periodic investor/ servicer reports TRANSACTIONS OF OTHER SELLER/SERVICERS There are only a few transactions available for benchmark purposes. Moody s compared historical performance to other French, Dutch and German Auto lease ABS (mainly exposure to small businesses and private individuals). Historical performance of delinquencies compares positively to French, German and Dutch Lease ABS. 15

16 Please note however that the performance shown can be affected by several factors, such as the seasoning of the securitised leases, the age of the transaction, poolspecific characteristics as well as the length of the revolving period. The exhibits below show the performance of EMEA auto loans and leases. Exhibit 22 Exhibit 23 EMEA auto loan and lease 60+ delinquencies EMEA auto loan and lease defaults France Germany Italy France Germany Italy Netherlands Nordic Spain Netherlands Nordic Spain UK Source: Moody's Investors Service, periodic investor/servicer reports 16 UK Source: Moody's Investors Service, periodic investor/servicer reports

17 The exhibit below shows a benchmark table including portfolio characteristics of comparable transactions in EMEA. Exhibit 24 Comparable transactions asset characteristics Deal Name Country Closing Date or Rating Review Date (dd/mm/yyyy) Currency of Rated Issuance Rated Notes Volume Originator/Servicer Bumper 9 NL VCL Master Netherlands Highway 2015I B.V. Bumper 6 NL France Netherlands Netherlands Netherlands Netherlands Germany 15/02/ /07/ /05/ /06/ /12/ /04/2016 Bumper 7 DE EUR EUR EUR EUR EUR EUR 524,000, ,000, ,550, ,000, ,000, ,100,000 Dutchlease Athlon Car LeasePlan B.V. and Lease Nederland N.V. Volkswagen Nederland B.V. Leasing B.V. No No LeasePlan Deutschland GmbH LeasePlan LeasePlan France S.A.S. Nederland N.V. Captive finance company? No No Longterm/Short term Rating NR NR NR NR NR NR 653,000, ,000, ,510, ,000, ,999, ,543,000 Securitised pool balance ("Total Pool") Average principal balance NR 15,998 20,605 18,371 16,941 20,797 WA loan to value ("LTV") 98.50% 98.50% Share of total pool >90% LTV 92.90% 10 Auto loan receivables % Auto lease receivables % RV receivables % % 45.93% 43.00% 46.09% 42.20% 58.00% Portion of bullet / balloon contracts % Portion of pure bullet / balloon payments % Corporate: 76% SME: 98% 87.38% at least 70% 89.22% 65.00% 3.80% Portion of (fully) amortising contracts % Method of payment Direct Debit (minimum payment) WA initial yield (Total Pool) 3.40% 2.2% 3.39% 3.39% Minimum yield for additional portfolios p.a. WAL of Total Pool initially (in years) WA original term (in years) WA seasoning (in years) WA remaining term (in years) ,817 33,972 13,854 41,320 34,380 36,580 No. of contracts No. of obligors Single obligor (group) concentration % 6,194 9,067 3,469 4,957 3, % 2.00% 0.36% 2.00% 2.00% 2.00% Top 5 obligor (group) concentration % 9.87% 9.25% 1 1 Top 10 obligor (group) concentration % 17.12% 14.64% 3.39% 15.40% 16.20% 13.40% Top 20 obligor (group) concentration % 24.73% 21.63% 6.18% 22.43% 24.40% 30.06% Volkswagen Private obligors % Name of largest manufacturer / brand 17 Bumper 10 Renault Volkswagen Volkswagen Volkswagen Volvo 2nd largest manufacturer / brand Peugeot Volvo Seat Renault Volkswagen Audi 3rd largest manufacturer / brand Audi Peugeot Audi Volvo Renault Ford Size % 1st largest manufacturer / brand 23.92% 15.36% 37.20% 12.44% 11.35% 21.30% 2nd largest manufacturer / brand 18.50% 10.54% 12.52% 11.10% 10.50% 16.20% 3rd largest manufacturer / brand 10.87% 10.16% 11.73% 11.00% 10.41% 15.90%

18 Exhibit 25 Deal Name New vehicles % Name of largest region Bumper 10 Bumper 9 NL VCL Master Netherlands Highway 2015I B.V. Bumper 6 NL 99.89% 94.63% 96.01% % 99.75% HautsdeSeine ZuidHolland ZuidHolland South Holland South Holland NordrheinWestfallen Hessen Bumper 7 DE Name of 2nd largest region Paris NoordHolland NoordHolland North Holland North Holland Name of 3rd largest region Yvelines NoordBrabant NoordBrabant NorthBrabant NorthBrabant Size % largest region 20.13% 24.28% 25.79% 25.41% 22.83% Size % 2nd largest region 11.70% 23.02% 16.64% 18.47% 22.09% 20.46% Size % 3rd largest region 5.76% 18.36% 16.02% 18.30% 16.49% BadenWurttemberg 29.87% Source: Exhibit 26 Comparable transactions asset assumptions Deal Name Bumper 10 Bumper 9 NL VCL Master Netherlands Highway 2015I B.V. Bumper 6 NL Bumper 7 DE Gross default / Net loss definition 3 months 3 months 3 months 3 months 3 months 3 months Type of default / loss distribution Inverse Normal Inverse Normal Lognormal Inverse Normal Inverse Normal Inverse Normal Model running on defaults/losses Defaults Default Definition captured by data? Period Covered by Vintage data (in years) Defaults Defaults Defaults Defaults Defaults Mean gross default/net loss rate initial pool 3.00% 3.00% 3.00% 3.50% 3.20% 3.75% Mean gross default/net loss rate replenished pool 3.00% 3.00% 4.25% Mean net loss rate (calculated or modelled) 1.65% 1.65% 1.65% 1.80% 1.76% 2.21% 74.75% 72.06% Default timing curve Sine (31448) Sine (31648) Sine (304274) Sine (32139) Sine (34060) Sine (41648) Mean recovery rate 45.00% (stochastic) Vector 45.00% (stochastic) Vector 45.00% 45.00% (stochastic) Vector 41% Vector 5 (stochastic) Vector 15.00% 14.00% % 15.20% 16% 2.50% first % first 18 months and months; % 7.5% thereafter thereafter 5.00% 2.5% first 18 months; 7.5 % thereafter 1.20% CoV (implied) Recovery lag (in months) Aaa PCE Prepayment Rate 5.00% during the 5.00% during the first 18 months, first 18 months, 1 1 thereafter thereafter Vector Stressed Fees modelled 1.03% 1.03% 1.00% 1.00% Assumed Portfolio Yield p.a. initial pool 5.00% 5.00% 4.50% 3.39% 5.00% 5.00% Assumed Portfolio Yield p.a. additional pool 5.00% 5.00% 4.50% 2.89% 5.00% 5.00% Index Rate assumed in 1st period RV risk modelled? 38.50% 35.50% 37.00% 37.00% % RV Haircut (Aaa (sf)) Source: LPFR, Moody's Investors Service ORIGINATOR/SERVICER QUALITY The main strengths of the servicer in this transaction are LPC's experience in various car leasing markets and LPFR's role as an integral part of a worldwide group. In addition, LPFR benefits from the good experience in securitisation at the group level. The main challenge to servicer quality stems from LPFR focus on the corporate and SME leasing market, which raises concentration risk in the transaction. Also, its parent, despite being a bank under supervision of the DNB, is less diversified than a large banking group. 18

19 Securitisation structure description The Issuer is a French securitisation mutual fund ( fonds commun de titrisation ) jointly established by Eurotitrisation acting as the management company to the issuer and Societe Generale acting as Custodian. The Issuer is governed by (i) the relevant provisions of the French Monetary and Financial Code applicable to French fonds communs de titrisation and (ii) the Issuer Regulations. Structural diagram Below is a structural diagram for the transaction, illustrating the relationship between the issuer, Bumper 10, and the other transaction parties. Exhibit 27 Transaction structure Source: LPFR Detailed description of the structure The transaction structure is a senior subordinated structure with a reserve fund. CREDIT ENHANCEMENT Credit enhancement in the transaction includes excess spread, a partially amortising cash reserve and subordination of the notes. ALLOCATION OF PAYMENTS/WATERFALL On each payment date, the issuer s available funds (i.e. collections and recoveries received from the lessees and dealers, the reserve fund, and during the revolving period amounts available for replenishments) will be applied in the following simplified order of priority: Senior expenses; 2. During amortisation period: LPFR incentive fees, if any, due until activation of its replacements in the roles of servicer, maintenance coordination agent and realisation agent. 3. Net Swap Payments 4. Class A interest 5. Class B interest

20 6. To credit the reserve fund up to the required amount; 7. During Revolving Period; Additional Portfolio Purchase Price payments 8. During the amortisation period: to amortise Class A notes up to the Class A required amount; 9. During the amortisation period: to amortise Class B notes up to the Class A required amount; 10. During amortisation period: Class C interest 11. Junior payments Allocation of payments/pdllike mechanism: The definition of the notes required amortisation amount ensures that excess spread and recoveries will be applied toward reducing defaults of the period and previous periods. CASH RESERVE» At close: 0.52% of Class A and B notes' balance;» Amortising with a floor at EUR 2.0 million;» The cash reserve will be available for liquidity during the life of the transaction and available to cover defaults at the end of the transaction;» The reserve fund will be replenished after the interest payment of the Class B notes using the available funds in the cash flow waterfall. INCENTIVE FEES In case of an insolvency of LPFR, the priority of payments provides for the payment of incentive fees to the administrator of the insolvent seller as long as the administrator continues to comply with the lease receivables purchase agreement and continues to service the lease contracts in line with the servicer s credit and collection policy. The fees would be paid by the available amounts of the issuer and rank senior to interest and principal payments on the notes. PERFORMANCE TRIGGERS The revolving period will stop and early amortization will be triggered if any of the following applies:» The cumulative default ratio is greater than 3.0%;» Total delinquencies of more than 60 days are greater than 0.4%;» If amounts credited to the transaction account are lower than the Principal amount outstanding on the notes plus the nominal Residual units amount;» Any defaults in the period cannot be covered with available funds;» The reserve fund is not funded up to its required level;» Servicer termination event; Realisation Agent termination event; Maintenance coordinator termination event;» No backupservicer, no backup maintenance coordinator, no backup realisation agent; appointed within 90 days from termination event;» LPFR event of default;» LPC fails to fund the Reserve Fund;» LPC ceases to have direct or indirect control of LPFR. 20

21 ORIGINATOR/SERVICER/CASH MANAGER RELATED TRIGGERS The appointment of the servicer is terminated if the following events occur:» Insolvency of the servicer;» Failure to perform material obligations that is not remedied within the grace period;» Failure to make payments due, if not remedied.» If it becomes unlawful under French law for the servicer to perform any material part of the services under the servicing agreement» Failure to remedy breached representation and warranties within 10 BD OTHER COUNTERPARTY RATING TRIGGERS The issuer account bank will be replaced if its ShortTerm Bank Deposit Rating falls below P1. DISCOUNTED PRINCIPAL BALANCE The issuer purchases all receivables at a discounted price which is different to its nominal amount. The net present value (the discounted balance) of each receivable will be calculated as the contractual interest and principal payments discounted at the discount rate of 5.00%. EXCESS SPREAD All assigned receivables will be purchased at a discount rate of 5.00%. Having deducted interest on rated notes, servicing costs and senior fees, the issued notes benefit from an estimated 3.% of excess spread. This represents the first layer of credit enhancement as well as a limited liquidity cushion to the transaction. Such excess spread will however vary depending on definitive costs, portfolio amortisation, prepayment rates and default levels as well as on a potential portfolio rate compression as the underlying lease contracts redeem/prepay. INTEREST RATE MISMATCH At closing, 100% of the pool balance comprises fixed rate leases. Together with the estimated residual value cash flows, the fixed leases are discounted at a single fixed rate of 5% at closing, thereby giving rise to interest rate mismatch given that the notes are floating liabilities. As a result, the issuer is subject to fixedfloating mismatch. To mitigate the fixedfloating rate mismatch, the issuer intends to enter into swap agreements, for the Class A and Class B Notes, with ABN AMRO Bank N.V. (A1 Senior Unsecured; Aa3(cr)/P1(cr)). Under the swap agreements: (i) the issuer will pay a fixed rate of 0.082% on the Class A and Class B Notes, (ii) the swap counterparty will pay 1month Euribor but floored at the initial weightedaverage margin of the Class A and B Notes multiplied by 1, (iii) the notional will be the current principal amount outstanding of the Class A and Class B Notes, (iv) the swap replacement and collateral posting triggers will be set at loss of A3 and A2 rating of the swap counterparty (credit risk assessment) respectively, and (v) the swap framework is ISDA. ASSET TRANSFER/TRUE SALE/BANKRUPTCY REMOTENESS The purchase of the lease asset portfolio is financed by the issuance of Class A, B and C Notes. The purchase is a true sale of the lease and residual value receivables under French law. The issuer is a special purpose vehicle incorporated under the laws of France. CASH MANAGER Societe Generale (A1(cr)/P1(cr)) acts as independent cash manager in the transaction. The cash manager's main responsibilities are making payments according to the waterfall and drawing on the cash reserve and other sources of liquidity. The cash manager will make cash flow calculations on each monthly payment date. Events that could lead to termination of the cash manager include insolvency and a failure to perform that the cash manager does not remedy within the grace period. There is no backup cash manager appointed at closing. REPLACEMENT OF THE SERVICER At closing, the transaction will appoint a backup servicer facilitator, Eurotitrisation (NR). The backup servicer facilitator will use reasonable commercial endeavours to find a backup servicer in case of a servicer insolvency or another servicer termination event. In 21

22 the event of servicer insolvency or another servicer termination event, the transaction will have available the principal to pay interest, the cash reserve and excess spread. Securitisation structure analysis Primary analysis We base our primary analysis of the transaction structure on the default distribution of the portfolio in order to derive our cash flow model. TRANCHING OF THE NOTES We used an inverse normal distribution to describe the default distribution of the portfolio. We used this distribution in the cash flow model to ultimately derive the level of losses on the notes under each default scenario. The chart below represents the default distribution (green line) that we used in modelling lessee defaults. Exhibit 28 Lease Default Probability Distribution including Tranche A losses and PDL as % of Initial Notes Amount Region3 Region4 Region5 Scenario Probability Scenario Probability Region6 Class A Loss Region7 PDL (% of Initial Notes) 3.5% 30% 3.0% 25% 2.5% 20% 2.0% 15% 1.5% 10% 1.0% Loss % egion2 5% 0.5% 0% 5% 10% 15% 20% 25% 30% 35% 0% 40% Default Scenario Source: Source: Moody s Investors Service We considered the allocation to each of the parties within the transaction of the cash flows that the collateral generates, and the extent to which the structural features of the transaction might themselves provide additional credit protection to investors, or alternatively act as a further source of risk in addition to the intrinsic risk of the lease assets. For example, we analysed the strength of early amortisation triggers. As a first step towards determining the theoretical rating of the notes, we used an expected loss methodology that reflects the probability of default for the notes multiplied by the severity of the loss expected for the notes. In order to allocate losses to the notes in accordance with their priority of payment and relative size, we used a cashflow model (ABSROM) that reproduces most of the dealspecific characteristics. We have already described above the main input parameters of the model. The result of weighting each severity of loss output (the result of inputting each default scenario into ABSROM) with the probability of occurrence, is both the expected loss for the notes as well as the expected average life. We then compare both values to Moody s Idealised Expected Loss table. Under a second step, we calculated losses from residual value risk under an Aaa scenario and incorporated those losses into the quantitative analysis. TIMING OF DEFAULTS We have tested different timings for the default curve to assess the robustness of the ratings. In the base case scenario, the timing of defaults curve assumed is sinus, with first default occurring with a threemonth lag (according to transaction definition), a peak at month 14 and last default at month