ResLoc IT S.r.l

The principal source of payment of interest and repayment of principal on the notes will be from
collections made in respect of a portfolio of claims and connected rights arising from mortgage
loans originated by Credito Fondiario S.p.A. – FONSPA BANK and classified as performing (save
for a limited number of loans classified as non-performing, whose aggregate amount does not
exceed 2% of the portfolio at the cut-off date) and secured over certain properties in Italy.

Since its establishment in 1898, under the name of Credito Fondiario Sardo, Fonspa has operated
in medium-long term funding operations and in the granting of mortgage loans to individuals, com-
panies and public entities. In 1966 the name changed to Credito Fondiario S.p.A and from 2000 to
June 2006 Fonspa was a wholly-owned direct subsidiary of MS Fonspa Holding BV which is an
indirect subsidiary of The Morgan Stanley Real Estate Funds – MSREF III International Finance B.V,
a real estate investment fund exclusively managed by Morgan Stanley.

MSREF acquired the bank with the intention to focus Fonspa’s activities as a prime “servicer” with-
in the meaning of the Securitisation Law. Following its acquisition by MSREF, Fonspa has been re-
organized to become a stand-alone servicing platform for performing and non-performing loans in
Italy. In 2006, Morgan Stanley purchased Fonspa from MSREF to leverage off its existing infra-
structure and turn it into its dedicated residential mortgage Italian spoke.

Characteristics of the loans in the portfolio (include); are granted as “mortgage loans” (mutui fondiari);
are denominated in euro; have been granted in relation to real estate assets located in Italy; are grant-
ed to private individuals; have been advanced in full by Fonspa; provide for payment of principal and
/or interest on a monthly or semi-annual basis.

The portfolio consists of 2,110 loans advanced to 2,104 borrowers, with an average current out-
standing balance of Eur139,348. The largest current loan is for Eur1.971mln, representing 0.67% of
total current balances. There are just 20 loans of Eur500,000 or greater in the pool, representing
5.22% of total current balances. Interest rate type (by current balances): fixed 54.86%, floating
45.14%. Loan purpose (by current balances): purchase 44.19%, re-mortgage 37.27%, renovation
2.39%, cash take-out 2.08%, and others 14.06%.

The WA current LTV is 62.71% (original LTV 64.36%) and seasoning is 17.34mnths. Regional con-
centration (by current balances): Lazio 53.97%, Lombardia 12.70%, and Puglia 7.87%.

Compare/contrast: Popolare Bari Mortgages S.r.l, Alta Padovana Finance S.r.l,
Popolare Bari Mortgages S.r.lAlta Padovana Finance S.r.l