Mercurio Mortgage Finance 2008-4

Although designated the 2008-4 issue, the deal actually closed on 20 Jan 2009, so should effectively be
the 2009-1 deal in the series.

The transaction sees a securitisation (like the three previous transactions) of residential mortgage loans
originated via Barclays Bank PLC, Italian branch. All loans in the pool meet the following criteria: the mort-
gage loans denominated in euro; the mortgage loans have been entered into exclusively with Banca Wool-
wich or Barclays Bank PLC; all mortgage loans have been completely advanced; the mortgage loans have
been granted to natural persons; all the relevant debtors are resident and domiciled in the Republic of Italy;
the mortgage loans were originated between 1 January 1996 (inclusive) and 31 December 2007 (inclusive);
the mortgage loans are secured by mortgages on real estate assets located in Italy.

The portfolio consists of 25,238 loans with a current average loan size of Eur71,694 and the largest current
loan is Eur2.634mln. Purpose of loan (by current balance): purchase 79.49%, re-structuring 11.08%, comp-
letion of work 3.71%, and re-mortgage 2.40%. The vast majority (91.75% by current balance) have been
granted via the “French Method” of repayment – see offering circular for full explanation.

The current LTV is 49.59% (original LTV 59.77%). WA seasoning is an impressive 58mnths. Regional conc-
entration (by current balance): Lazio 40.79%, Campania 39.14%, and Sardegna 8.27%.

Compare/contrast: Mercurio 2008-3, Berica 7 Residential MBS S.r.l, BPL Mortgages (2008) S.r.l
Mercurio Mortgage Finance 2008-3 Berica 7 Residential MBS S.r.l BPL Mortgages (2008) S.r.l