IM Cajamar 5 Fondo De Titulizacion De Activos

This will be the fifth RMBS stand alone securitisation to be originated by Cajamar, following on
some one year after the IM Cajamar 4, FTA, which closed in September 2006, with both deals
being very similar in their collateral composition and structure.

The collateral pool consists of 9.755 first-ranking residential mortgage loans, all of which have
been originated by Cajamar. All loans are linked to the purchase of first homes. As expected
with strong regional franchise banks in Spain (Cajamar has a strong franchise in Murcia and
Andalusia) the pool does display a high geographical concentration, with the Andalusian region
accounting for 47.36% of the collateral in volume terms.

All loans have been advanced at floating rates of interest, with the average current loan size
being Eur116,711 with the oldest loan in the pool originated in Feb 1995. Average seasoning is
19.3mnths, with a current LTV of 64.9%.

Actual demand is difficult to assess in these troubled times, and comparisons don't tell the full
story. The AAA piece came at +20, whereas the previous deal came at +13. The last Spanish
prime RMBS to come to market TDA 29 (closed 27 July) also priced its long-dated AAA piece
at +20.


Compare/contrast: IM Cajamar 4, TDA 29
IM Cajamar 4TDA No 29