Gemini Securitization Corp., LLC (As Of May 2014)

ABCP Portfolio Data: Gemini Securitization Corp., LLC (As Of May 2014) Primary Credit Analyst: Thomas G Dunn, New York (1) 212-438-1623; thomas.dunn@standardandpoors.com Surveillance Credit Analyst: Marc S Perlman, New York (1) 212-438-3658; marc.perlman@standardandpoors.com WWW.STANDARDANDPOORS.COM/RATINGSDIRECT AUGUST 2, 2014 1

ABCP Portfolio Data: Gemini Securitization Corp., LLC (As Of May 2014) (Editor's Note: This article is being republished to reflect updated data.) The conduit administrator has provided portfolio data as part of Standard & Poor's Ratings Services' ABCP conduit surveillance process. The data for all ABCP programs is presented in a standardized format. For descriptions of abbreviated terms, please refer to the ABCP Table Definitions table at the end of this article. 1. Conduit Profile Description Conduit name Conduit type Support type* Initial rating date Sponsor Administrator Aggregate financing commitment (mil. $) ABCP outstandings (mil. $) Initial ABCP rating Current ABCP rating Portfolio data report date Date conduit report received by S&P Reported PWCE (mil. $) Conduit information Gemini Securitization Corp., LLC Multi-Seller Full 25-Nov-92 Deutsche Bank AG (New York branch) Deutsche Bank AG (New York branch) US$11,217 US$7,045 A-1+ A-1 (sf) May-14 22-Jul-14 US$547 *Represents whether the program is "fully credit enhanced" or "partially credit enhanced" 2. Conduit Overview May-2014 Apr-2014 Mar-2014 Feb-2014 Jan-2014 Dec-2013 No. of transactions 61 57 58 50 45 50 USCP (mil. $) 7,045 6,519 6,356 5,266 5,554 5,503 ECP (mil. $) 0 0 0 0 0 0 BT (mil. $) 0 0 0 0 0 0 Total ABCP outstandings (mil. $) 7,045 6,519 6,356 5,266 5,554 5,503 Aggregate financing commitment (mil. $) 11,217 10,425 10,274 8,789 8,199 8,153 Capacity utilization (%) 62.8 62.5 61.9 59.9 67.7 67.5 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT AUGUST 2, 2014 2

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3. Conduit-Level Credit Support May-2014 Apr-2014 Mar-2014 Feb-2014 Jan-2014 Dec-2013 ABCP outstanding (mil. $) 7,045 6,519 6,356 5,266 5,554 5,503 Reported PWCE (mil. $) 547 517 502 417 439 435 Reported PWCE support as % of ABCP outstanding 7.8 7.9 7.9 7.9 7.9 7.9 4. Rating-Dependent Support Provider As Of May 2014 The most recent list of rating-dependent support providers for this conduit can be found within the "Participants" tab under the "Conduit Profile" on Global Credit Portal 5. Collateral Concentration As Of May 2014 Collateral type Invested amount (mil. $) % of total invested amount Auto Loans 3,410 49.5 Cdo/Cbo/Clo 1,017 14.8 Student Loans 591 8.6 Floorplan 434 6.3 Rental Fleet 335 4.9 Timeshare Receivables 225 3.3 Telecommunications 200 2.9 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT AUGUST 2, 2014 4

5. Collateral Concentration As Of May 2014 (cont.) Middle Market Loans 191 2.8 Trade Receivables 167 2.4 Cash 160 2.3 Small Balance Commercial 136 2 Capital Call Lines 62 0.9 Auto Leases 51 0.7 Equipment Lease 40 0.6 Credit Card Receivables 26 0.4 Structure Settelment 1 0 Total 7,046 102.3 6. Portfolio Concentration Trends May-2014 Apr-2014 Mar-2014 Feb-2014 Jan-2014 Dec-2013 Total invested amount 7,046 6,516 6,356 5,267 5,554 5,504 Largest transaction invested amount (mil. $) 975 975 975 975 975 950 Largest transaction collateral type Auto Loans Auto Loans Auto Loans Auto Loans Auto Loans Auto Loans Largest transaction as % of total invested amount 14.2 15 15.4 18.5 17.6 17.3 Top three transactions as % of total invested amount 30.1 30.6 32.1 34.7 33.0 35.1 Top five transactions as % of total invested amount 40.1 40.8 42.4 46.2 44.1 45.3 7. Top Five Transactions By Invested Amount As Of May 2014 Collateral type Invested amount (mil. $) % of total invested amount Auto Loans 975 14.2 Auto Loans 661 9.6 Auto Loans 439 6.4 Student Loans 395 5.7 Auto Loans 291 4.2 Total 2,761 40.1 8. Portfolio Activity Year-To-Date 2014 Collateral type Financing limit (mil. $) Invested amount at entry date (mil. $) Entry/exit date Transactions entering Student Loans 750 353 Jan 2014 Cdo/Cbo/Clo 150 0 Feb 2014 Cdo/Cbo/Clo 60 0 Feb 2014 Cdo/Cbo/Clo 165 0 Feb 2014 Cdo/Cbo/Clo 50 0 Feb 2014 Cdo/Cbo/Clo 55 0 Feb 2014 Auto Loans 606 589 Mar 2014 Auto Loans 45 37 Mar 2014 Auto Loans 10 0 Mar 2014 Auto Loans 269 207 Mar 2014 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT AUGUST 2, 2014 5

8. Portfolio Activity Year-To-Date 2014 (cont.) Auto Loans 10 0 Mar 2014 Auto Loans 10 0 Mar 2014 Auto Loans 100 0 Mar 2014 Floorplan 425 226 Mar 2014 Cdo/Cbo/Clo 335 22 May 2014 Auto Loans 325 114 May 2014 Cdo/Cbo/Clo 100 0.33 May 2014 Auto Loans 10 2 May 2014 Cdo/Cbo/Clo 116 116 May 2014 Auto Loans 291 291 May 2014 Total 3,882 1,957 Transactions exiting Middle Market Loans 2 N/A Jan 2014 Student Loans 167 N/A Jan 2014 Student Loans 167 N/A Jan 2014 Student Loans 167 N/A Jan 2014 Credit Card Receivables 18 N/A Jan 2014 Equipment Lease 32 N/A Jan 2014 Servicer Advances 7 N/A Apr 2014 Cdo/Cbo/Clo 0 N/A May 2014 Cdo/Cbo/Clo 250 N/A May 2014 Total 808 N/A Net Change 3,073 N/A *The financing limit is the last recorded amount before exit. The outstanding amount is N/A. 9. Portfolio Composition As Of May 2014 Collateral type Entry date Financing limit (mil. $) Invested amount (mil. $) Utilization (Inv Amount/Fin Limit) (%) Aggregate credit support (%)* Auto Leases Apr 2013 150 51 34.1 27.3 Auto Loans Jun 2001 900 237 26.3 12.7 Auto Loans Dec 2010 217 217 100 50.2 Auto Loans Aug 2011 250 47 18.8 29.2 Auto Loans Mar 2013 175 46 26.5 15 Auto Loans Apr 2013 49 49 100 43.6 Auto Loans Apr 2013 150 28 18.8 8.2 Auto Loans Jun 2013 439 439 100 23.5 Auto Loans Oct 2013 1,000 975 97.5 18.7 Auto Loans Dec 2013 120 60 50.2 42.3 Auto Loans Dec 2013 30 16 54.3 42.3 Auto Loans Mar 2014 100 21 20.5 94 Auto Loans Mar 2014 661 661 100 22 Auto Loans Mar 2014 0 0 0 22 Auto Loans Mar 2014 0 0 0 22 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT AUGUST 2, 2014 6

9. Portfolio Composition As Of May 2014 (cont.) Auto Loans Mar 2014 269 207 76.7 22 Auto Loans Mar 2014 10 0 0 22 Auto Loans Mar 2014 10 0 0 22 Auto Loans May 2014 325 114 35 22 Auto Loans May 2014 10 2 20 54.9 Auto Loans May 2014 291 291 100 22 Capital Call Lines Jan 2013 90 62 69 40 Cash Aug 2013 160 0 Cdo/Cbo/Clo Jan 2012 200 180 90 69.1 Cdo/Cbo/Clo Jan 2012 0 Cdo/Cbo/Clo Nov 2012 100 69 69.4 47 Cdo/Cbo/Clo May 2013 150 100 66.7 42.5 Cdo/Cbo/Clo Jun 2013 126 117 92.5 24.9 Cdo/Cbo/Clo Nov 2013 200 191 95.5 20.3 Cdo/Cbo/Clo Jan 2012 0 0 0 100 Cdo/Cbo/Clo Jan 2012 6 6 100 87.4 Cdo/Cbo/Clo Dec 2013 36 18 50 39.7 Cdo/Cbo/Clo Dec 2013 9 6 61.1 39.7 Cdo/Cbo/Clo Feb 2014 60 40 66.7 Cdo/Cbo/Clo Feb 2014 0 Cdo/Cbo/Clo Feb 2014 200 101 50.3 Cdo/Cbo/Clo Feb 2014 250 38 15.2 Cdo/Cbo/Clo Feb 2014 55 13 23.3 45 Cdo/Cbo/Clo May 2014 116 116 100 Cdo/Cbo/Clo May 2014 335 22 6.7 Cdo/Cbo/Clo May 2014 100 0.33 0.3 Credit Card Receivables Feb 2011 500 0 0 0 Credit Card Receivables Oct 2012 200 0 0 17.5 Credit Card Receivables Aug 2013 75 26 34.9 15 Equipment Lease Dec 2013 40 40 100 52.9 Floorplan Mar 2006 100 100 100 25 Floorplan Apr 2007 100 89 89 37.8 Floorplan Mar 2014 425 245 57.6 32.6 Middle Market Loans Sep 2005 0 0 0 100 Middle Market Loans Sep 2005 66 66 100 73.3 Middle Market Loans May 2011 190 95 50 54.7 Middle Market Loans Oct 2012 60 30 50 42.2 Rental Fleet Sep 2009 50 17 33.3 47 Rental Fleet Nov 2013 284 273 96.3 22.9 Rental Fleet Nov 2013 66 45 67.7 24.2 Small Balance Commercial Oct 2012 200 136 67.8 6.9 Structure Settelment Oct 2013 50 1 2.6 7.1 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT AUGUST 2, 2014 7

9. Portfolio Composition As Of May 2014 (cont.) Student Loans Jun 2006 55 55 100 34.1 Student Loans Jun 2013 142 141 99.4 7.9 Student Loans Jan 2014 750 395 52.7 6.9 Telecommunications Dec 2013 200 200 100 Timeshare Receivables May 2013 225 225 100 22.6 Trade Receivables Jun 2010 250 167 66.9 65.5 *Includes internal and external credit support 10. ABCP Table Definitions Code ABCP BT ECP N/A PWCE USCP Definition Asset-backed commercial paper Billets de Tresorerie European commercial paper Not applicable Program-wide credit enhancement U.S. commercial paper WWW.STANDARDANDPOORS.COM/RATINGSDIRECT AUGUST 2, 2014 8

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