ItalFinance Securitisation Vehicle 2 2008-1

For this Italfinance transaction, again the collateral portfolio comprises of receivables derived from
vehicle, equipment and real estate lease contracts, with approximately 58.9% of the collateral port-
folio of auto, equipment and real estate leasing receivables having been originated by Banca Italease
and approximately 41.1% by Mercantile Leasing and Italease Network, which are 100% owned by
Banca Italease.

Mercantile Leasing S.p.A. (incorporated in 1981) is active in financial leasing, with a particular focus
on leasing ships, and approx 16% of Mercantile’s overall leasing portfolio as of 30 September 2005
was ship-related.

Italease Network, (est in 1999), is active in the financial and operating leasing business for all classes
of assets, both real and personal property. It also offers the Group's financial and insurance products.

The collateral pool consists of 17,375 contracts extended to 13,461 obligors for an overall principal
amount outstanding of Eur1.04bln. Of note, is that 13 of these contracts are in default (total Outstand-
ing amount of Eur385,918.18). Primarily, the contracts have been entered into with small and medium
size private businesses, law firms, medical professionals and other individual entrepreneurs.

All of the lease contracts are so called “net leases” which require the relevant lessee to maintain the
relevant asset in good working order or condition and to bear all other costs of operating and maintain-
ing the asset. Eligibility criteria: all are denominated in Euros; are governed by Italian law; all real estate
assets located in Italy; it is not a real estate property under construction. The average original amount
per Lease Contract is Euro110,946.63, with average outstanding of Eur60,024.


Compare/contrast: ItalFinance Securitisation Vehicle 2 2007-1, IM Grupo Banco Popular Leasing 1.
ItalFinance Securitisation Vehicle 2 2007-1IM Grupo Banco Popular Leasing 1, FTdA