Kion Mortgage Finance Plc

The fifth originator of Greek RMBS, NovaBank joins the list with the seventh deal to come out of
Greece since the inaugural deal from Aspis Bank in Nov03. (docs for all previous Greek RMBS deals
also available on EuroABS, also Investor Reports for the Themelion series).

NovaBank was formed in Sept 2000 as a joint venture between Millennium bcp and Interamerican
Hellenic Life Insurance Company, and became a 100% subsiduary of Millennium in April05. It curr-
ently has 131 branches spread throughout Greece. Its Greek mortgage market share is around 3%.

The underlaying collateral consists of 11,167 residential mortage loans, of which over 90% are
floating rate. All loans have been originated By NovaBank, with all loans paying interest and
principle on a monthly basis. Average seasoning is over 2yrs, with a low original LTV of 57.34%,
which is consistent with previous Greek RMBS transactions (Byzantium LTV 56.7%, Lithos 53%,
Themelion I 55%).

The deal was well received, pricing on the lows of 15-16/hi-20s to 30bps/ 55-60 guidance across
the capital structure. At 3mE+15bps, the 4.8yr AAA offers a 1bp pick up to the equivalent print
for Grifonas Finance, the most recent Greek domestic RMBS launched Jul06.


Compare/contrast: Byzantium, Grifonas, Lithos, Themelion,