Originators: Ministero delle Attività Produttive Ministero dell Istruzione, dell Università e della Ricerca. Securitisation of Research Loans

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1 Originators: Ministero delle Attività Produttive Ministero dell Istruzione, dell Università e della Ricerca Securitisation of Research Loans Società di Cartolarizzazione Italiana Crediti a responsabilità limitata S.C.I.C. a r.l. Investors Report Class A1 300,000,000 Research Loan Asset-Backed Floating Rate Notes due 2008* Class A2 979,000,000 Research Loan Asset-Backed Floating Rate Notes due 2023 Interest Payment Date: 22 th September 2006 *Class redeemed in full on 22nd March 2006

2 Index 1. The Notes..... page 3 2. The Portfolio... page 7 3. Application of funds... page Glossary of Terms page Contacts page 19 In reviewing this information please refer to the important qualifications set forth in the Disclaimer page 21 1

3 Introduction The Performing Outstanding Portfolio as at 31 st August 2006 is equal to Euro 1,064,709, against an Initial Portfolio of Euro 1,536,586, plus Euro 23,467,984 receivables purchased from the MIUR on 21 st December The total Collections (excluding recoveries) up to the 31 st August 2006 amount to Euro 546,971, COLLECTIONS POOL MAP MIUR 01/08/2004 incl. - 28/02/2005 incl , , ,62 01/03/2005 incl. - 31/08/2005 incl , , ,48 01/09/2005 incl. - 28/02/2006 incl , , ,15 01/03/2006 incl. - 31/08/2006 incl , , ,94 TOTAL , , ,19 The balance of the Collection Account as the Determination Date falling on 14 th September 2006, before the application of the relevant Priority of Payments at the Interest Payment Date falling on 22 nd September 2006, amounts to Euro 139,450, The Pool Factor on the Outstanding Portfolio as at the end of the Reporting Period is equal to 67,82%. POOL FACTOR ON THE OUTSTANDING PORTFOLIO POOL MAP MIUR Rep. Period 01/08/2004 incl. - 28/02/2005 incl. 91,78% 92,67% 90,77% Rep. Period 01/03/2005 incl. - 31/08/2005 incl. 84,14% 86,86% 81,06% Rep. Period 01/09/2005 incl. - 28/02/2006 incl. 75,28% 79,13% 70,94% Rep. Period 01/03/2006 incl. - 31/08/2006 incl. 67,82% 73,74% 61,16% 2

4 1.. The Notes 3

5 1. The Notes Issuer: Società di Cartolarizzazione Italiana Crediti a responsabilità limitata S.C.I.C. a r.l. Issue Date: 30th September 2004 Arrangers/Joint Lead Managers: Banca IMI S.p.A., Dresdner Bank AG and Lehman Brothers International (Europe) The Notes: CLASS A1 NOTES CLASS A2 NOTES Issue Amount 300,000, ,000,000 Currency Euro Euro Expected Maturity March 2006 September 2010 Final Maturity Date 22 September September 2023 Listing LSE - MTS LSE - MTS Common Code ISIN Code IT IT Clearing Montetitoli Montetitoli Principal Payments Soft Bullet Amortising Indexation 6M Euribor 6M Euribor Spread over 6M Euribor 0,03% 0,13% Interest Calculation Actual/360 Actual/360 Rating by Fitch, Moody's, S&P AAA, Aaa, AAA AAA, Aaa, AAA 4

6 1. The Notes (continued) Underlying Assets for the Notes: The Portfolio: Servicer: Corporate Services Provider: Representative of the Noteholders: Transaction Administrator: Hedging Counterparties: Swap Guarantor: A portfolio of soft-rate loans (finanziamenti agevolati) originated by MAP and MIUR Soft-rate loans deriving from FIT (Fondo speciale rotativo per l Innovazione Tecnologica) and granted by MAP*; Soft-rate loans granted by MIUR* out of the FAR (Fondo Agevolazioni alla Ricerca) and out of FSRA (Fondo Speciale per la Ricerca Applicata). Ministero delle Attività Produttive ( MAP )* Ministero dell Istruzione, dell Università e della Ricerca ( MIUR )* KPMG Fides Fiduciaria S.p.A. Securitisation Services S.p.A. Securitisation Services S.p.A. Banca IMI and Lehman Brothers Special Financing Inc. Lehman Brothers Holdings Inc Cash Manager, Agent Bank and Principal Paying Agent: Italian Paying Agent and Transaction Account Bank: Luxembourg Paying Agent: Collection Account Bank: Citibank N.A., London Branch Citibank N.A., Milan Branch Kredietbank S.A., Luxembourgeoise Tesoreria Centrale dello Stato *Pursuant to decreto-legge 18 maggio 2006, n. 181 of the Italian Law, the name of the relevant ministries has been changed in MSE (Ministero dello Sviluppo Economico) for the MAP, and MUR (Ministero dell Università e della Ricerca) for the MIUR 5

7 1. The Notes (continued) CLASS A1* - ISIN CODE IT CLASS A1 EUR 300,000,000 Research Loan Asset-Backed Floating Rate Notes due 2008 *Class redeemed in full on 22nd March 2006 Expected Principal Due Accrual Rate Accrual Period Accrued Interest Interest Payments Principal Payments 30/09/2004 incl. - 22/03/2005 excl. 22/03/2005-2,223% , ,00-1, /03/2005 incl. - 22/09/2005 excl. 22/09/2005-2,216% , ,00-1, /09/2005 incl. - 22/03/2006 excl. 22/03/ ,00 2,195% , , ,00 0,0000 Amounts in Euro Interest Period Payment Date Amounts Accrued Payments Pool Factor CLASS A2 - ISIN CODE IT CLASS A2 EUR 979,000,000 Research Loan Asset-Backed Floating Rate Notes due 2023 Expected Principal Due Accrual Rate Accrual Period Accrued Interest Interest Payments Principal Payments 30/09/2004 incl. - 22/03/2005 excl. 22/03/2005-2,323% , ,00-1, /03/2005 incl. - 22/09/2005 excl. 22/09/2005-2,316% , ,00-1, /09/2005 incl. - 22/03/2006 excl. 22/03/2006-2,295% , , ,02 0, /03/2006 incl. - 22/09/2006 excl. 22/09/2006-3,014% , , ,12 0,8196 Amounts in Euro Interest Period Payment Date Amounts Accrued Payments Pool Factor 6

8 2.. The Portfolio 7

9 2. The Portfolio Information about Collections POOL MAP MIUR Amounts collected in relation to instalments due in the Reporting Period , , ,63 - Default Interests , , ,58 - Interests , , ,32 - Principal , , ,73 Amounts collected in the Reporting Period in relation to instalments past due , , ,61 - Default Interests , , ,32 - Interests , , ,62 - Principal , , ,67 Amounts in relations to instalments due in the Reporting Period, but not yet transferred to the Collection Account , , ,29 - Default Interests 425,57-425,57 - Interests , , ,26 - Principal , , ,46 Amounts in relations to instalments due in previous Reporting Periods, but not yet transferred to the Collection Account , , ,76 - Default Interests 1.086, ,30 - Interests , , ,55 - Principal , , ,91 Amounts collected in the Reporting Period and transferred to the Collection Account, but not yet reconciled 73,63 7,27 66,36 Partial or total Prepayments , , ,29 - Interest , ,06 - Principal , , ,23 - not yet transferred to the Collection Account AMOUNTS COLLECTED DURING THE REPORTING PERIOD , , ,94 AMOUNTS COLLECTED DURING THE REPORTING PERIOD AND TRANSFERRED TO THE COLLECTION ACCOUNT , , ,89 Source of information: the Servicer Reports dated 29/09/2006 provided by the Servicers 8

10 2. The Portfolio (continued) Collections Balance Part A - Reconciliation of the Collections Collections and prepayments transferred to the Collection Account in the Reporting Period (items 7a) + 7b) + 7e) + 9 of the Servicers' Reports): , pertaining to the previous Reporting Period ,93 + Undue amounts transferred to the Collection Account (item 20(c) of the Servicers' Reports) ,26 + Other amounts collected and transferred to the Collection Account (item 20(e) of the Servicers' Reports) - + Interests accrued on the accounts of the "Banche Convenzionate" and transferred to the Coll. Acc. (item 16 of the Servicers' Reports) ,00 + Amounts transferred with reference to collections of preceding Reporting Periods (item 20(b) of the Servicers' Reports) ,19 + Undue amounts not transferred to the Collection Account in relation to preceding Reporting Periods (item 20(d) of the Servicers' Reports) ,94 - Non performing loans recovered during the Reporting Period (item 30 of the Servicers' Reports) ,65 + Amounts transferred from the end of the Reporting Period to the Determination Date falling on 14th September , amounts pertaining to the Reporting Period (item 20a) of the Servicers' Reports) ,83 - Commissions taxes and minor roundings 1,67 - Collections transferred to the Collection Account from 1st March 2006 to 14th September 2006: ,96 - not considered in the Payment Report of September 2006 (collections from 9th to 14th September 2006) , already considered in the Payment Report of March 2006 (collections from 1st to 6th March 2006) ,56 - Total collections transferred from the Collection Account to the Payment Account (item (a) of the Payment Report) ,95 Interests accrued on the Collection Account during the Reporting Period ,12 + Amount transferred from the Collection Account to the Payment Account in relation to the Payment Date of 22nd September ,07 Part B - Collection Account Balance Initial Balance of the Collection Account as at 14th March ,38 Collections transferred from 1st March 2006 to 14th September , transferred form 1st to 14th March ,48 - Amount transferred to the Payment Account in relation to the Payment Date of 22nd March ,46 - Interests accrued on the Collection Account during the Reporting Period ,12 + Final Balance of the Collection Account as at 14th September ,52 9

11 2. The Portfolio (continued) Outstanding Portfolio Performing Loans OUTSTANDING PORTFOLIO - PERFORMING POOL MAP MIUR Performing at the beginning of the Period , , ,01 - Principal - not yet due , , ,19 - Principal - due and not paid , , ,01 - Interest - due and not paid , , ,73 - Default Interest , , ,08 Performing at the end of the Reporting Period , , ,88 - Principal - not yet due , , ,45 - Principal - due and not paid , , ,69 - Interest - due and not paid , , ,33 - Default Interest , , ,41 Amounts in Euro POOL MAP MIUR Instalments due in the Reporting Period , , ,15 - Principal , , ,07 - Interest , , ,08 Instalments in arrears in the Reporting Period , , ,48 - Principal , , ,53 - Interest , , ,95 Amounts in Euro 10

12 2. The Portfolio (continued) The Portfolio performance Performing Loans POOL MAP MIUR Principal - due and not paid at the end of the Reporting Period , , ,69 not paid for more than 30 days , , ,69 Outstanding principal in relation to the instalments due and not paid for more than 30 days (current instalment excluded) , , ,93 Instalments due and not paid (principal only) days in arrears , , ,57 Outstanding principal in relation to instalments days in arrears , , ,04 Instalments due and not paid (principal only) days in arrears , , ,27 Outstanding principal in relation to instalments days in arrears , , ,38 Instalments due and not paid (principal only) days in arrears , ,31 - Outstanding principal in relation to instalments days in arrears , ,31 - Instalments due and not paid (principal only) - more than 180 days in arrears , , ,85 Outstanding principal in relation to instalments more than 180 days in arrears , ,23 - Amounts in Euro 11

13 2. The Portfolio (continued) Outstanding Portfolio Non Performing Loans OUTSTANDING PORTFOLIO - NON PERFORMING 12 POOL MAP MIUR Non Performing at the beginning of the Reporting Period , , ,01 - Principal - not yet due , , ,27 - Principal - due and not paid , , ,02 - Interest - due and not paid , , ,05 - Default Interest , , ,67 Defaulted in the Reporting Period , , ,32 - Principal - not yet due , , ,68 - Principal - due and not paid , , ,98 - Interest - due and not paid , , ,32 - Default Interest , , ,34 Recoveries in the Reporting Period , ,65 - Principal - not yet due Principal - due and not paid , ,83 - Interest - due and not paid 7.557, ,05 - Default Interest , ,77 Written offs in the Reporting Period Principal - not yet due Principal - due and not paid Interest - due and not paid Default Interest Non Performing at the end of the Reporting Period , , ,68 - Principal - not yet due , , ,95 - Principal - due and not paid , , ,17 - Interest - due and not paid , , ,32 - Default Interest , , ,24 Total defaulted principal gross of the recoveries from the Cut-Off Date , , ,10 Source of Information: the Servicer Reports dated 29/09/2006 provided by the Servicers

14 3. Application of funds 13

15 3. Application of funds Issuer Available Funds Issuer Available Funds (a) all amounts received into the Collection Account in relation to the Receivables from (and including) the immediately preceding Determination Date to (but excluding) the Determination Date on which the Issuer Available Funds are being calculated, or, in respect of the first Determination Date, from (and including) the Issue Date to (but excluding) the first Determination Date; (b) all monies received since the immediately preceding Payment Date or to the Issuer on or before the immediately following Payment Date in the amount certified to the Issuer and the Cash Manager by the Hedging Counterparty (although not yet actually received) under the Hedging Agreements or the Swap Guarantee; Amounts in Euro , ,02 (c) all amounts standing to the credit of the Payment Account, the Expenses Account and the Collection Account (including, for the avoidance of doubt, in relation to the Payment Date in March 2005, all amounts standing to the credit of the Collection account which had previously been recorded in the Initial Purchase Price Reserve and not otherwise due and utilised to pay the Initial Purchase Price relating to the Other Receivables) as at such Determination date (including, for the avoidance of doubt, in relation to a calculation of Issuer Available Funds for the purposes of application thereof in accordance with the Post-Event Priority of Payments, any monies received by the Issuer upon a disposal of the Portfolio or upon any financing following service of a Trigger Notice or upon a redemption of the Notes in accordance with Condition 8.3 (Redeption for Taxation or Legal Reasons) or Condition 8.4 (Redemption upon exercise of Clean-up Call)); (d) all amounts received since the immediately preceding Payment Date or due and payable to the Issuer from the Originators or from any other party to the transaction pursuant to the Transaction Documents on or before the immediately following Payment Date in the amounts certified to the Issuer and the Cash Manager by the Originators or any such other party (although not yet actually received), excluding monies in relation to the Receivables as set out in (a) above and monies in relation to the Hedging Agreements and the Swap Guarantee as set out in (b) above; (e) all amounts of interest accrued due and paid (if any) on amounts standing to the credit of the Payment Account, the Expenses Account and the Collection Account , ,91 TOTAL ISSUER AVAILABLE FUNDS ,71 Source of information: the Payments Report dated 19/09/2006 provided by the Cash Manager 14

16 3. Application of funds (continued) Application of the Issuer Available Funds Pre-Event Priority of Payments Issuer Available Funds ,71 Application of the Issuer Available Funds pursuant to the Pre-Event Priority of Payments Expenses, Retention Amount replenishment, fees and expenses (first, second, and third item of the Pre Event Priority of Payments ) Amounts in Euro ,67 Swap Payments (fourth item of the Pre Event Priority of Payments ) ,92 Pro rata and pari passu, interest due on Class A1 and Class A2 (fifth item of the Pre Event Priority of Payments ) From and including the Payment Date in March 2006 pro rata and pari passu, repayment of principal on the Class A1 Notes until repayment in full thereof (sixth item of the Pre Event Priority of Payments ) Following the redemption in full of Class A1 Notes, pro rata and pari passu, repayment of principal on Class A2 Notes until redemption in full thereof (seventh item of Pre Event Priority of Payments ) Whilst there is any Principal Amount Outstanding in respect of any Notes, to pay any excess to the Collection Account as Accumulation Amount (eighth item of the Pre Event Priority of Payments ) Pro rata and pari passu, Subordinated Termination Payments, if any, under the SWAP (nineth item of the Pre Event Priority of Payments ) Pro rata and pari passu, payments to the Originators as DPP and other amounts due under the RPA (tenth and eleventh item of the Pre Event Priority of Payments ) , , Source of information: the Payments Report dated 19/09/2006 provided by the Cash Manager TOTAL OF THE APPLICATION OF FUNDS ,71 15

17 3. Application of funds (continued) Summary of the Issuer Available Funds application from the beginning of the deal Interest Period Issuer Available Funds Expenses SWAP Payment Amounts Accrued Interest on the Notes Principal on the Notes Other Payments Residual transferred to the Collection Account 30/09/2004 incl. - 22/03/2005 excl. 22/03/ , , , ,67 22/03/2005 incl. - 22/09/2005 excl. 22/09/ , , , ,01 22/09/2005 incl. - 22/03/2006 excl. 22/03/ , , , , /03/2006 incl. - 22/09/2006 excl. 22/09/ , , , , Amounts in Euro 16

18 4. Glossary of Terms 17

19 4. Glossary of Terms Glossary of Terms ACCUMULATION AMOUNT: means any Issuer Available Funds remaining after the payment in full of items (i) to (vii) in the PreEvent Priority of Payments on any Payment Date on which there is Principal Amount Outstanding on any Notes BUSINESS DAY: means any day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer System (TARGET) (or any successor thereto) is open and a day (other than a Saturday or Sunday) on which banks are open for general business in London, Milan and Rome DETERMINATION DATE: means in relation to a Payment Date the day falling 5 Business Days prior to such Payment Date EXPENSES RETENTION AMOUNT: means an amount not exceeding EUR 50,000 on the Issue Date and on each Payment Date thereafter, to be funded initially out of the net proceeds of the issue of the Notes and subsequently from the Issuer Available Funds, which will be credited to the Ecpenses Account, in order to fund the payment of certain amounts required to be paid by the Issuer during Interest Periods until service of a Trigger Notice INTEREST PERIOD: means each period from (and including) a Payment Date to (but excluding) the next following Payment Date, provided that the first Interest Period (the Initial Interest Period ) in respect of the Notes shall be from (and including) the Issue Date to (but excluding) the Payment Date falling in March PAYMENT DATE: 22 nd of March and September in each year, provided that, if such is not a Business Day, the immediately succeeding Business Day, unless that immediately succeeding Business Day falls in the next calendar month, in which case, the first preceding day which is a Business Day. PRINCIPAL AMOUNT OUTSTANDING: means in relation to any Note on any Date, the principal amount of that Note upon issue less the aggregate amount of all principal payments in respect of that Note that have been paid prior to such date. REPORTING DATE: the last Business Day of March and September of each year, the first Reporting Date being in March REPORTING PERIOD: means each period of each year which commences (i) on (and includes) the first day of March and ends on the last day of the immediately following August (included) or (ii) on the first day of September (included) and ends on the last day of the immediately following February (inclusive), as the case may be. 18

20 5.. Contacts 19

21 5. Contacts Contacts Joint Lead Managers: Banca IMI S.p.A.: Luca Morelli Lehman Brothers International (Europe): Andrea Feliciani Dresdner Bank AG: Fulvia Neri Ministero dell Economia e delle Finanze: Adriano Rossi adriano.rossi@tesoro.it Francesco Cilloni francesco.cilloni@tesoro.it Tiziana Mazzarocchi tiziana.mazzarocchi@tesoro.it Transaction Administrator: Francesco Miniero f_miniero@finint.it Odda Bertorelli o_bertorelli@finint.it This Investor Report is freely available on the website of the Transaction Administrator currently at 20

22 Disclaimer This Investor Report has been prepared by Securitisation Services and is based on: The Payments Report dated 19/09/2006 provided by Citibank, N.A., London Branch as Cash Manager The Servicer Report dated 29/09/2006 provided by MAP and MIUR as Servicers The information contained into the statements of account of the Issuer (i) Collection Account provided by Tesoreria Centrale dello Stato as Collection Account Bank and (ii) Payment Account and Expenses Account provided by Citibank, N.A., Milan Branch as Transaction Bank; Other information related to the Portfolio provided by MAP and MIUR as Servicers; The applicable Rate of Interest and the Interest Amount payable for the Notes on the relevant Interest Payment Date provided by Citibank, N.A., London Branch as Agent Bank; Other information according to the Transaction Documents provided by the Ministry of Economy and Finance and the Joint Lead Managers. Terms and expressions used in this Investor Report have the same meanings given to them in the Transaction Documents. 21

Quadrivio RMBS 2011 S.r.l.

To: Quadrivio RMBS 2011 S.r.l. Representative of the Noteholders Hedging Counterparties Rating Agencies Arrangers DPP Holders Quadrivio RMBS 2011 S.r.l. Securitisation of Mortgages originated by: Credito