Sunrise Srl 2007

The second issuance off the Consumer Loan Note Programme which was set up in June06 (pdf available
on EuroABS)which has a life of 10 years, with this particular issue comprising of five pools of consumer
loans: new vehicle loans, used vehicle loans, personal loans, special-purpose loans, and furniture loans.
There will also be a five-year revolving period.

The originator, Agos, headquarted in Milan has as its core business the origination of consumer loans and
credit cards. It is currently, 51%-owned by Sofinco, the consumer finance arm of France's Crédit Agricole.
The remaining 49% is owned by Intesa Sanpaolo SpA. At present, Agos has 128 branches, approx 2,800
shops within the banks, and 33,000 shop points. With its 8.2% market share at 2006 year-end, the company
is the 3rd largest by annual production in consumer finance in Italy.

The provisional pool: New Vehicles (41% of total pool, 119,222 contracts, average size Eur5,180, seasoning
21.3mnths); Personal Loans (37%, 90,074 contracts, size Eur6,159, seasoning 17.7mnths); Used Vehicles
(20%, 64,664 contracts, size Eur4,637, seasoning 18.7mnths); Furniture Loans (1.6%, 16,974 contracts, size
Eur1,431, seasoning 30.4mnths); Special purpose loans (0.2%, 5,782 contracts, size Eur546, seasoning
25.5mnths). Geographically, the pool is distributed: Northern Italy (47.4%), Southern Italy (29.4%), &
Central Italy (23.2%).

The class A and C notes priced at the tight end of guidance of 15-16/70-75bps, whilst the single-A (B tranche)
notes hit their guidance of 40a. The +15bps print on the AAA tranche saw it 2x subscribed and pricing 1bp
wider than the Golden Bar 4 2007-1 transaction which came in January at +14bps, albeit for a shorter average
life (4.75yrs).


Compare/contrast: Sunrise Srl (2006), Chapel 2007 B.V, Golden Bar 4 2007-1, TDA Pastor Consumo 1