Italfinance RMBS S.r.l

Previous Italfinance transactions, via the Italfinance Securitisation Vehicle S.r.l have been
securitizations of lease contracts, but on this occasion the underlaying assets are residen-
tial mortgage loans originated by Banca Italease S.p.A

Banca Italease was created and developed principally to provide financial leasing services
to businesses and public entities, subsequently extended also to retail clients. In 1995, Banca
Italease obtained the Bank of Italy's authorization to carry out banking activity. With its new
status as a bank, Banca Italease kept its original mission of leasing company of the mutual
banks and continued to carry out its core business in the leasing sector: for the first time in
Italy, a leasing company became a credit institution specialized in a single business.

Portfolio criteria eligibility includes: all mortgages denominated in Euros; all governed by Italian
law; at least one instalment has been paid, all mortgage loans guaranteed by first economic
mortgage priority or first legal mortgage priority; all loans totally disbursed; all obligors were
resident in Italy when loan was approved; all real-estate is located in Italy; no residual amount
is greater than Eur1mln.

At the cut-off date (3 Nov 08), the portfolio consisted of 3,881 loans (to 3,869 borrowers)
with an average current balance of Eur124,736. The majority of the loans were granted at
fixed rates (80.94%), and balance being a variety of flexible or variable rate loans. The top
borrower represents 0.20% of the pool, the top 10 1.51%, and the top 50 5.11%. Only 14
loans have a greater current balance than Eur500,000.

The WA current LTV is 60.47% and 163 loans fall into the 95-100% LTV region (representing
4.87% of current balances). WA seasoning is 12.13mnths. Regional concentration: South Italy
45.0%, Central 38.6%, Northern 16.4%.

Compare/contrast: ItalFinance Securitisation Vehicle 2 2008-1-A, Adriano Finance S.r.l.
Guercino Solutions S.r.l
Italfinance Securitisation Vehicle 2 2008-1-A Adriano Finance S.r.l Guercino Solutions S.r.l